Quarterly Report • Oct 26, 2011
Quarterly Report
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Interim Report as of SEPTEMBER 30, 2011
STRATEC DEVELOPS AND MANUFACTURES FULLY AUTOMATED ANALYZER SYSTEMS BASED ON ITS OWN PATENTED TECHNOLOGIES FOR ITS PARTNERS IN THE FIELDS OF CLINICAL DIAGNOSTICS AND BIOTECHNOLOGY. STRATEC'S PARTNERS ARE MOSTLY GLOBAL PLAYERS OPERATING IN THE IN-VITRO DIAGNOSTICS INDUSTRY. THESE COMPANIES MARKET STRATEC'S SYSTEMS UNDER THEIR OWN NAMES, IN GENERAL TOGETHER WITH THEIR OWN REAGENTS, AS SYSTEM SOLUTIONS TO LABORATORIES, BLOOD BANKS, AND RESEARCH INSTITUTES AROUND THE WORLD.
| 03 | AT A GLANCE / KEY GROUP FIGURES AT A GLANCE |
|---|---|
| 04 | FOREWORD BY THE BOARD OF MANAGEMENT |
| 05 | INTERIM GROUP MANAGEMENT REPORT |
| 09 | CONSOLIDATED BALANCE SHEET as of September 30, 2011 |
| 11 | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the Period from July 1 to September 30, 2011 |
| 12 | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the Period from January 1 to September 30, 2011 |
| 13 | STATEMENT OF CHANGES IN GROUP SHAREHOLDERS' EQUITY for the Period from January 1 to September 30, 2011 |
| 15 | CONSOLIDATED CASH FLOW STATEMENT for the Period from January 1 to September 30, 2011 |
| 16 | NOTES TO THE GROUP INTERIM REPORT for the Period from January 1 to September 30, 2011 |
| 18 | ADDITIONAL INFORMATION |
Sales of 1 80.2 million in 9M/2011 (+15.9%; 9M/2010: 1 69.2 million)
Increased EBIT margin of 18.8% in 9M/2011 (9M/2010: 18.5%)
One-off tax charge of 1 1.6 million resulting from routine tax audit for FYs 2005 to 2008
Consolidated net income* of 1 11.4 million in 9M/2011 (+17.4%; 9M/2010: 1 9.8 million)
Earnings per share* of 1 0.99 in 9M/2011 (+16.5%; 9M/2010: 1 0.85)
2011 financial guidance reaffirmed (sales of 1 114 million to 1 123 million/EBIT margin > 18.5%)
Development and supply agreement with Quanterix Corp., USA
| in u thousands | 01.01. -09.30.2011 01.01. - 09.30.2010 | Change | |
|---|---|---|---|
| Sales | 80,155 | 69,149 | + 15.9% |
| Overall performance | 85,871 | 76,419 | + 12.4% |
| EBIT DA |
17,636 | 14,977 | + 17.8% |
| EBIT | 15,065 | 12,793 | + 17.8% |
| Consolidated net income | 9,840 | 9,746 | + 1.0% |
| Earnings per share (1) | 0.85 | 0.85 | + 0.0% |
| EBIT margin (%) |
18.8% | 18.5% | - |
| Consolidated net income* | 11,438 | 9,746 | + 17.4 % |
| Earnings per share (1)* | 0.99 | 0.85 | + 16.5 % |
| in u thousands | 09.30.2011 | 12.31.2010 | Change |
| Shareholders' equity | 77,333 | 71,879 | + 7.6% |
| Total assets | 112,620 | 98,836 | + 13.9% |
| Equity ratio (%) | 68.7% | 72.7% | - |
| No. of employees (absolute) |
484 | 440 | + 10.0% |
* adjusted for the one-off item resulting from a routine tax audit for the financial years 2005 to 2008
STRATEC continued to deliver solid growth during the third quarter. By the end of the first nine months of 2011, the Group's sales amounted to 1 80.2 million, up 15.9% on the previous year's period. The current year's figures therefore confirm the level of sales growth announced by the company for 2011 as a whole, namely of increasing sales to between 1 114 million and 1 123 million (corridor). The Group boosted its EBIT by 17.8% to 1 15.1 million. Accordingly, the EBIT margin reached 18.8%, exceeding the target of at least 18.5% set for 2011. These business results were driven both by pleasing sales with established systems, as well as by the new systems launched by our customers over the past twelve months.
In mid-August 2011 we concluded a development and supply agreement with the US company Quanterix, under which the two companies will jointly develop and manufacture a fully automated analyzer system to automate Quanterix' technology (single molecule array technology) both in the field of life sciences and for in-vitro diagnostics (IVD). Quanterix expects the market launch of the life sciences system to take place in 2013. The marketing of an IVD platform is scheduled for 2014.
On September 29, 2011, we held our first Analysts' Day at our company headquarters in Birkenfeld. The warm reception granted to this event underlines the great interest in companies with business models offering long-term planning reliability and clear growth strategies.
As part of a nationwide, cross-sector competition, the Munich Strategy Group (MSG) acting together with the daily newspaper "Die Welt" recently identified Germany's most successful medium-sized companies. STRATEC performed excellently in this contest, reaching fifth position from among around 1,600 companies with sales in the category 1 15 million to 1 350 million. Only those companies that are market leaders in their specific sectors and that have proven track records of superb results over a longer period were singled out in this competition. The ranking is based on two equally weighted criteria, namely sales growth and profitability over the period from 2005 to 2010. Further details can be found on our homepage at www.stratec.com > News.
Birkenfeld, October 2011
The Board of Management of STRATEC Biomedical AG
Marcus Wolfinger Dr. Robert Siegle Bernd M. Steidle
While sales rose to 1 80.2 million in the first nine months of the 2011 financial year, up 15.9% on the previous year's figure (1 69.1 million), the Group increased its overall performance by 12.4% to 1 85.9 million (previous year: 1 76.4 million). The cost of materials, by contrast, only rose by 8.9% over the same period from 1 37.5 million to 1 40.8 million.
Due in particular to the increase in development activities, as well as to the further expansion in production capacities and the acquisition of STRATEC Biomedical USA, Inc. in July of the previous year (increase in personnel expenses from July 1, 2010), personnel expenses rose from 1 18.1 million to 1 21.2 million. Given this base effect, we do not expect personnel expenses to increase to any significant extent in the coming quarters.
Other operating expenses increased from 1 6.5 million to 1 7.1 million. Here too, it should be noted that STRATEC Biomedical USA, Inc. has only been included in the consolidated figures since July 1, 2010. Depreciation and amortization rose to 1 2.6 million. The outcome of a routine tax audit led to the identification of a one-off additional tax charge of 1 1.6 million for previous years (previous year: 1 0.0 million), one whose implications will also result in opposing, smaller items in future.
STRATEC thus generated consolidated net income of 1 9.8 million in the period under report (previous year: 1 9.7 million), corresponding to earnings per share of 1 0.85 (previous year: 1 0.85).
Excluding the one-off item resulting from the routine tax audit, consolidated net income amounts to 1 11.4 million, corresponding to earnings per share of 1 0.99.
Due to the launch of serial production on three development projects, inventories rose from 1 35.2 million to 1 42.8 million. Total receivables and other assets increased from 1 22.7 million to 1 27.5 million, while cash and cash equivalents rose from 1 13.2 million to 1 14.2 million in the period under report.
The equity ratio amounts to 68.7%. The increase in non-current financial liabilities to 1 9.5 million was due to the taking up of low-interest innovation loans. The rise in accounts payable was driven by higher procurement volumes for raw materials and supplies. Miscellaneous current liabilities and provisions include an amount of around 1 10.1 million for prepayments received for development services and an amount of 1 1.6 million for a tax charge for previous years.
The inflow of funds from operating activities amounted to 1 5.8 million (previous year: 1 0.1 million). The STRATEC Group invested 1 2.1 million in the first nine months of the 2011 financial year (previous year: 1 6.8 million), of which 1 2.0 million in property, plant and equipment (previous year: 1 6.2 million, especially buildings).
Three years down the line from the Lehman crisis, in its latest economic outlook the International Monetary Fund (IMF) once again sees the global economy entering a dangerous period. The report expresses alarm at the debt crisis in the euro area and the threat of a global economic downturn. The IMF forecasts that the pace of economic growth will slow in 2011 and 2012, but does not expect to see any recession.
The IMF has cut its forecast for global economic growth, which it now estimates at 4.0% in 2011. That represents a downward revision of 0.3 percentage points compared with its previous forecast. The IMF also expects to see growth of 4.0% in 2012 (previously: 4.5%).
For the euro area, the IMF has forecast economic growth of 1.6% in 2011 and 1.1% in 2012, thus reducing the forecasts issued in June 2011 by 0.4 and 0.6 percentage points respectively.
According to the IMF, Germany will not manage to achieve the level of growth previously hoped for. Growth here is now expected to amount to 2.7% in 2011 (reduction by 0.5 percentage points) and 1.3% in 2012 (reduction by 0.7 percentage points).
The IMF has reduced its forecasts for the USA even more sharply. Accordingly, the US economy is now only expected to grow by 1.5% in 2011 (reduction by 1.0 percentage points) and by 1.8% in 2012 (reduction by 0.9 percentage points).
Global demographic developments represent one of the most serious challenges facing the world. The dynamic growth in the world's population, together with an unprecedented increase in the elderly share of the population and the sharp rise in the number of people with access to medical care, represent key factors which will shape the 21st century. This situation is accompanied by scientific and technological progress, which is opening up ever new possibilities in the fields of medicine, research, diagnostics and life science.
These developments will lead not only to an increase in the numbers of medical tests to be performed, but will also result in new, unique opportunities for which STRATEC is optimally positioned with its automation solutions and on which it will continue to focus its strategy and operations.
In view of the factors outlined above, global economic risks, such as the recent recession, only have a very limited impact on STRATEC's business performance and business model. Moreover, long-term supply agreements with our customers and the fact that the work performed is invoiced almost exclusively in euros further minimize the implications of the crisis for STRATEC.
Based on the latest forecasts and on current information published by our customers, in May 2011 STRATEC released a more specific sales forecast for the 2011 financial year.
Accordingly, STRATEC expects to generate sales in a range of 1114 million to 1123 million (previously 1110 million to 1123 million) with an EBIT margin of at least 18.5% in 2011. Medium-term expectations for the period from 2011 to 2013 remain unaffected by current developments. Accordingly, STRATEC continues to expect to achieve average sales growth (CAGR) of at least 17.0% over these three financial years with an EBIT margin of at least 18.5% in 2011, and at least 19.0% in 2012 and 2013. Achievement or any potential exceeding of the upper end of the sales corridor of 1123 million in 2011 is dependent on the timing of the planned pending market launches of new systems and their approval in the relevant markets.
All in all, STRATEC can report a positive business performance for the first three quarters of 2011. Given the large number of projects making positive progress, the subdued statements made by various market players in the healthcare and diagnostics industry have so far not been reflected in STRATEC's sales performance. With regard to our customers' purchase planning, there are still no indications that government savings and fiscal policy measures in the euro and dollar regions will have any material implications for our company. STRATEC's business model remains largely independent of macroeconomic factors. Fluctuations in the market, such as volatile test volumes, a development reported in particular in the USA, have so far not been reflected in the talks we have held with customers about new and follow-up projects.
Now that the overall economic situation has recovered following the international economic crisis and the resultant economic downturn, all industrial sectors are nevertheless still confronted with a low level of budgeting reliability, not least on account of the immense debt accumulated by some countries and the resultant potential implications (debt crisis). This situation continues to harbor risks for STRATEC's customers and suppliers, as a result of which STRATEC also faces economic risks. The ongoing difficult economic climate also means that STRATEC continues to face increased market risk.
Apart from this, since the assessment of the situation of the company provided on February 22, 2011 upon the compilation of the Annual Report for the 2010 financial year, no new information has arisen which could lead to any change in our assessment of the expected development of the company.
We analyze and evaluate the risks facing the company and its business environment within the framework of our risk management system, which has been established as an early warning risk identification system. Furthermore, this system also includes a compliance system to ensure compliance with the relevant legal and industry-specific requirements.
STRATEC's business activities basically focus on sustainability and responsible behavior. In future, the company will document this in a sustainability report.
Apart from the factors outlined in the "Report on forecasts and other statements concerning the company's expected development", we do not see any changes compared with the risks and opportunities identified in the Group Management Report for the 2010 financial year dated February 22, 2011. Reference is made to the "Risk Report" section within the 2010 Group Management Report for details concerning our risk management system and our company's specific opportunity and risk profile.
as of September 30, 2011 of STRATEC Biomedical AG
| in u thousands ASSETS |
09.30.2011 | 12.31.2010 |
|---|---|---|
| NON-CURRENT ASSETS | ||
| Goodwill | 4,336 | 4,480 |
| Other intangible assets | 5,676 | 5,678 |
| Property, plant and equipment | 17,083 | 16,358 |
| Interests in associates | 346 | 342 |
| Deferred tax assets | 427 | 333 |
| 27,868 | 27,191 | |
| CURRENT ASSETS | ||
| Raw materials and supplies | 10,660 | 7,731 |
| Unfinished products, unfinished services | 31,201 | 26,838 |
| Finished products and goods | 937 | 589 |
| Prepayments made | 0 | 3 |
| Trade receivables | 18,897 | 15,817 |
| Future receivables from construction contracts | 6,340 | 5,629 |
| Receivables from associates | 115 | 103 |
| Other receivables and other assets | 2,137 | 1,187 |
| Securities | 295 | 526 |
| Cash and cash equivalents | 14,170 | 13,222 |
| 84,752 | 71,645 | |
| TOTA L ASSETS |
112,620 | 98,836 |
| ' EQUITY AND DEBT in u thousands SHARE HOLDERS |
09.30.2011 | 12.31.2010 |
|---|---|---|
| SHAREHOLDERS' EQUITY | ||
| Share capital | 11,672 | 11,569 |
| Capital reserve | 15,139 | 13,915 |
| Revenue reserves | 40,246 | 32,985 |
| Consolidated net income | 9,840 | 13,039 |
| Other equity | 436 | 371 |
| 77,333 | 71,879 | |
| DEBT | ||
| Non-current debt | ||
| Non-current financial liabilities | 9,455 | 7,420 |
| Pension provisions | 321 | 321 |
| Deferred taxes | 1,818 | 2,055 |
| 11,594 | 9,796 | |
| Current debt | ||
| Current financial liabilities | 582 | 588 |
| Trade payables | 5,429 | 2,842 |
| Liabilities to associates | 388 | 88 |
| Other current liabilities | 15,048 | 10,952 |
| Current provisions | 1,788 | 1,496 |
| Income tax liabilities | 458 | 1,195 |
| 23,693 | 17,161 | |
| TOTA L SHARE HOLDERS ' EQUITY AND DEBT |
112,620 | 98,836 |
for the Period from July 1 to September 30, 2011 of STRATEC Biomedical AG
| in u thousands | 07.01.-09.30.2011 | 07.01.-09.30.2010 | |
|---|---|---|---|
| Sales | 31,764 | 26.117 | |
| Change in volume of finished and | |||
| unfinished products and unfinished services | -959 | 1,223 | |
| Other own work capitalized | 422 | 365 | |
| Overall performance | 31,227 | 27,705 | |
| Other operating income | 648 | 242 | |
| Cost of raw materials and supplies | 14,800 | 13,201 | |
| Cost of purchased services | 539 | 373 | |
| Personnel expenses | 7,157 | 6,500 | |
| Other operating expenses | 2,470 | 2,270 | |
| EBITDA | 6,909 | 5,603 | |
| Amortization of intangible assets and depreciation of property, plant and equipment |
899 | 767 | |
| EBIT | 6,010 | 4,836 | |
| Net financial expenses | -191 | -52 | |
| Operating result (EBT) | 5,819 | 4,784 | |
| Current tax expenses | 1,328 | 1,325 | |
| Deferred tax expenses (previous year: tax income) | 103 | 339 | |
| Tax charge for previous years* | 1,598 | 0 | |
| Consolidated net income | 2,790 | 3,798 | |
| Income and expenses recognized directly in equity (after taxes) | |||
| Currency translation of foreign financial statements | 419 | -98 | |
| Comprehensive income | 3,209 | 3,700 | |
| Earnings per share in v | 0.24 | 0.33 | |
| Number of shares used as basis | 11,647,143 | 11,490,217 | |
| Earnings per share, diluted, in v | 0.24 | 0.33 | |
| Number of shares used as basis, diluted | 11,705,207 | 11,637,953 | |
| Consolidated net income** | 4.388 | 3.798 | |
| Earnings per share in v ** |
0.38 | 0.33 |
* one-off tax charge resulting from a routine tax audit for the financial years 2005 to 2008
** adjusted for the one-off item resulting from a routine tax audit for the financial years 2005 to 2008
| in u thousands | 01.01.-09.30.2011 | 01.01.-09.30.2010 | |
|---|---|---|---|
| Sales | 80,155 | 69,149 | |
| Increase in volume of finished and unfinished products and unfinished services |
4,554 | 6,691 | |
| Other own work capitalized | 1,162 | 579 | |
| Overall performance | 85,871 | 76,419 | |
| Other operating income | 899 | 554 | |
| Cost of raw materials and supplies | 39,470 | 36,264 | |
| Cost of purchased services | 1,298 | 1,189 | |
| Personnel expenses | 21,230 | 18,075 | |
| Other operating expenses | 7,136 | 6,468 | |
| EBITDA | 17,636 | 14,977 | |
| Amortization of intangible assets and depreciation of property, plant and equipment |
2,571 | 2,184 | |
| EBIT | 15,065 | 12,793 | |
| Net financial expenses | -356 | -12 | |
| Operating result (EBT) | 14,709 | 12,781 | |
| Current tax expenses | 3,592 | 3,332 | |
| Deferred tax income | 321 | 297 | |
| Tax charge for previous years * | 1,598 | 0 | |
| Consolidated net income | 9,840 | 9,746 | |
| Income and expenses recognized directly in equity (after taxes) | |||
| Currency translation of foreign financial statements | -140 | 1,030 | |
| Comprehensive income | 9,700 | 10,776 | |
| Earnings per share in v | 0.85 | 0.85 | |
| Number of shares used as basis | 11,600,546 | 11,446,079 | |
| Earnings per share, diluted, in v | 0.84 | 0.84 | |
| Number of shares used as basis, diluted | 11,706,526 | 11,608,080 | |
| Consolidated net income** | 11,438 | 9,746 | |
| Earnings per share in v ** |
0.99 | 0.85 |
* one-off tax charge resulting from a routine tax audit for the financial years 2005 to 2008
** adjusted for the one-off item resulting from a routine tax audit for the financial years 2005 to 2008
for the Period from January 1 to September 30, 2011 of STRATEC Biomedical AG
| Share capital | Capital reserve | Retained earnings |
Free revenue reserves |
|---|---|---|---|
| 11,446 | 11,167 | 18,893 | 7,540 |
| 37 | 795 | ||
| 154 | |||
| 3,000 | |||
| 3,552 | |||
| 448 | |||
| 11,483 | 12,564 | 22,445 | 10,540 |
| Januar Y – SEPTEMBER 2011 |
Revenue reserves | ||||
|---|---|---|---|---|---|
| in u thousands | Share capital | Capital reserve | Retained earnings |
Free revenue reserves |
|
| Balance at 12.31.2010 | 11,569 | 13,915 | 22,445 | 10,540 | |
| Dividend payment | |||||
| Issue of subscription shares from stock option plans, less costs of capital issue after taxes |
103 | 1,252 | |||
| Allocations due to stock option plans | 120 | ||||
| Issue of treasury stock to employees | -148 | ||||
| Allocation to free revenue reserves | 3,000 | ||||
| Profit carried forward | 4,261 | ||||
| Comprehensive income | |||||
| Balance at 09.30.2011 | 11,672 | 15,139 | 26,706 | 13,540 | |
| Other equity | |||
|---|---|---|---|
| Group equity | Currency translation |
Treasury stock | Consolidated net income |
| 59,287 | -435 | -998 | 11,674 |
| -5,122 | -5,122 | ||
| 832 | |||
| 154 | |||
| 0 | -3,000 | ||
| 0 | -3,552 | ||
| 1,034 | 586 | ||
| 10,776 | 1,030 | 9,746 | |
| 66,961 | 595 | -412 | 9,746 |
| Other equity | |||
|---|---|---|---|
| Group equity | Currency translation |
Treasury stock | Consolidated net income |
| 71,879 | 788 | -417 | 13,039 |
| -5,778 | -5,778 | ||
| 1,355 | |||
| 120 | |||
| 57 | 205 | ||
| 0 | -3,000 | ||
| 0 | -4,261 | ||
| 9,700 | -140 | 9,840 | |
| 77,333 | 648 | -212 | 9,840 |
for the Period from January 1 to September 30, 2011 of STRATEC Biomedical AG
| in u thousands | 01.01.-09.30.2011 | 01.01.-09.30.2010 |
|---|---|---|
| Consolidated net income | 9,840 | 9,746 |
| Depreciation and amortization | 2,571 | 2,184 |
| Current income tax expenses | 3,592 | 3,333 |
| Income taxes paid less income taxes received | -4,132 | -3,199 |
| Financial income | -121 | -163 |
| Financial expenses | 477 | 175 |
| Interest paid | -246 | -174 |
| Interest received | 91 | 63 |
| Other non-cash expenses | 556 | 362 |
| Other non-cash income | -1,162 | -99 |
| Cash flow | 11,466 | 12,228 |
| Change in deferred taxes through profit or loss | -321 | -297 |
| Profit on disposals of non-current assets | -121 | 0 |
| Increase in inventories, trade receivables and other assets | -12,490 | -15,350 |
| Increase in trade payables and other liabilities | 7,275 | 3,559 |
| Inflow of funds from operating activities | 5,809 | 140 |
| Incoming payments from disposals of non-current assets | ||
| Property, plant and equipment | 152 | 14 |
| Outgoing payments for investments in non-current assets | ||
| Intangible assets | -155 | -260 |
| Property, plant and equipment | -1,965 | -1,740 |
| Prepayments made/assets under construction | -136 | -4,456 |
| Outgoing payment for acquisition of consolidated companies plus overdraft facilities thereby acquired |
0 | -321 |
| Outflow of funds for investment activities | -2,104 | -6,763 |
| Incoming payments from taking up of financial liabilities | 2,515 | 2,500 |
| Outgoing payments for repayment of financial liabilities | -529 | -1,301 |
| Incoming payments from issues of shares for employee stock option programs |
1,355 | 833 |
| Dividend payment | -5,778 | -5,122 |
| Outflow of funds for financing activities | -2,437 | -3,090 |
| Cash-effective change in cash and cash equivalents | 1,268 | -9,713 |
| Cash and cash equivalents at beginning of period | 13,222 | 21,187 |
| Change in cash and cash equivalents due to changes in exchange rates | -320 | 187 |
| Cash and cash equivalents at end of period | 14,170 | 11,661 |
for the Period from January 1 to September 30, 2011 of STRATEC Biomedical AG
The consolidated financial statements of STRATEC AG as of December 31, 2010, were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU valid at the balance sheet date. In the interim report as of September 30, 2011, which has been prepared on the basis of International Accounting Standard (IAS) 34 "Interim Financial Reporting", application has been made of the same accounting methods as in the consolidated financial statements for the 2010 financial year. Application has also been made of all interpretations of the International Financial Reporting Interpretations Committee (IFRIC) with binding effect as of September 30, 2011.
There were no indications of any potential impairment in goodwill at the balance sheet date.
The company's interim reports are neither audited, nor subject to an audit review, by the group auditor, WirtschaftsTreuhand GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Stuttgart.
Reference is made to the consolidated financial statements of STRATEC AG as of December 31, 2010 with regard to further information concerning the individual accounting and valuation methods applied.
The Group's currency is the euro. Unless otherwise indicated, all amounts have been stated in thousand euros (1 thousand).
The breakdown of sales by geographical region represents the distribution of the STRATEC Group's products. As the customers of the STRATEC Group generally supply their country outlets and customers from their own central distribution centers, however, this breakdown of sales does not represent the geographical distribution of the final operating locations of the STRATEC Group's analyzer systems.
There have been no changes in the segmentation of the Group's results compared with the consolidated financial statements as of December 31, 2010.
Sales can be broken down by geographical regions (customer locations) as follows:
| in u thousands | Germany | EU | Other | Total |
|---|---|---|---|---|
| 14,547 | 44,197 | 21,411 | 80,155 | |
| January - September 2011 | 18.2% | 55.1% | 26.7% | 100.0% |
| in u thousands | Germany | EU | Other | Total |
| 12,776 | 43,076 | 13,297 | 69,149 | |
| January - September 2010 | 18.5% | 62.3% | 19.2% | 100.0% |
The expenses relating to research and project management, and to development services not fulfilling the capitalization criteria set out in IAS 38, amounted to 1 4.3 million in the first nine months of the 2011 financial year (previous year: 1 4.7 million). These have been reported, mainly as personnel expenses, in the company's consolidated statement of comprehensive income. Moreover, procurement volumes of around 1 0.7 million (previous year: 1 0.8 million) were incurred during the period under report in connection with materials used in research and development. These have been included in the cost of materials item.
The development in shareholders' equity at the STRATEC Group has been presented in the statement of changes in group shareholders' equity on Pages 13 and 14.
The number of ordinary shares with a nominal value of 1 1.00 each issued by STRATEC AG as of September 30, 2011, amounts to 11,671,795. These are all bearer shares.
As a one-off bonus payment, employees at STRATEC Biomedical AG received a total of 6,425 STRATEC shares from the company's holdings of treasury stock in February and April 2011. Furthermore, a total of 9,457 treasury stock were issued to employees in March 2011 to service stock options exercised by the respective employees within the employee stock option program.
STRATEC AG owned a total of 12,223 treasury stock at the interim balance sheet date. This corresponds to a prorated amount of 1 12,223.00 of the company's share capital and to a 0.11% share of its equity.
| Board of Management/ Managing Directors |
Employees | Total | |
|---|---|---|---|
| Outstanding on 12.31.2010 | 154,500 | 50,964 | 205,464 |
| Issued | 45,000 | 2,800 | 47,800 |
| Exercised | 97,500 | 6,684 | 104,184 |
| Lapsed | 0 | 1,280 | 1,280 |
Members of the Board of Management/ Managing Directors and employees held the following numbers of subscription rights (share option rights) at the interim balance sheet date:
A total of 1,800 and 45,000 stock option rights were granted to company employees and to members of the Board of Management respectively on the basis of option agreements dated February 1, 2011, March 21, 2011 and September 28, 2011.
Outstanding on 09.30.2011 102,000 45,800 147,800
Members of the Board of Management and employees exercised 97,500 and 6,684 stock option rights respectively in the first nine months of 2011. A total of 9,457 treasury stock shares were issued and 102,769 shares created from conditional capital to service these stock option rights.
Furthermore, 1,280 stock option rights lapsed during the period under report.
Including temporary employees the STRATEC Group had a total workforce of 484 employees as of September 30, 2011 (previous year: 440).
No events of particular significance with material implications for the business performance of our Group have occurred since the interim balance sheet date.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
October 26, 2011 Interim Report as of September 30, 2011
Furthermore, based on current planning, STRATEC will also be taking part in the following capital market conferences in 2011:
November 2011 WestLB Deutschland Conference, Frankfurt am Main, Germany Berenberg Bank European Conference, London, UK
Partially incomplete/subject to amendment
STRATEC Biomedical AG designs and manufactures fully automated analyzer systems for its partners in the fields of clinical diagnostics and biotechnology. These partners market such systems, in general together with their own reagents, as system solutions to laboratories, blood banks and research institutes around the world. The company develops its products on the basis of its own patented technologies.
Shares in the company (ISIN: DE 0007289001) are traded in the Prime Standard segment of the Frankfurt Stock Exchange and are listed in the TecDAX select index of the German Stock Exchange.
The STRATEC Group consists of the publicly listed parent company STRATEC Biomedical AG and of subsidiaries and second-tier subsidiaries in Germany, the USA, the UK, Switzerland and Romania.
Further information about STRATEC is available on the internet at www.stratec.com.
STRATEC Biomedical AG Gewerbestr. 37 75217 Birkenfeld Germany
Phone: +49 7082 7916-0 Fax: +49 7082 7916-999 [email protected] www.stratec.com
Andreas Künzel Phone: +49 7082 7916-185 Fax: +49 7082 7916-999 [email protected]
Andre Loy Phone: +49 7082 7916-190 Fax: +49 7082 7916-999 [email protected]
Forward-looking statements involve risks: This interim report contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected. It is not planned to update these forward-looking statements.
This interim report contains various disclosures from an economic point of view that are required by the relevant international financial reporting standards (IFRS). These disclosure should be regarded as a supplement, rather than as a substitute for the notes to be disclosed under IFRS.
Discrepancies may arise throughout this interim report on account of mathematical rounding up or down in the course of addition.
This interim report is also available in German.
Gewerbestr. 37 75217 Birkenfeld Germany
Phone: +49 7082 7916-0 Fax: +49 7082 7916-999
[email protected] www.stratec.com
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