STRATEC publishes 2012 Annual Report

STRATEC Biomedical AG / Key word(s): Final Results

18.04.2013 / 07:35

STRATEC publishes 2012 Annual Report

- Sales at EUR 122.4 million (+5.0%; previous year: EUR 116.6m)

- EBIT at EUR 17.6 million (-19.3%; previous year: EUR 21.8m)

- More than 2,600 analyzer systems shipped (+12.2%)

- Earnings per share at EUR 1.19 (-9.8%; previous year: EUR 1.32)

- Equity ratio at 75.5%

- Reporting based on cost of sales method for first time

- Proposed dividend of EUR 0.50 per share (previous year: EUR 0.55)

- Update in company forecast for 2013 and 2014 planned for H1/2013

Birkenfeld, April 18, 2013

STRATEC Biomedical AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime Standard, TecDAX) today announced its final results for the financial year ending on December 31, 2012 with the publication of its 2012 Annual Report. These figures, prepared in line with International Financial Reporting Standards (IFRS), have been audited and granted an unqualified audit opinion.

Key figures (EUR 000s) 01.01.- 12.31.2012 01.01.- 12.31.2011 Change
Sales 122,424 116,558 +5.0%
EBIT 17,618 21,844 -19.3%
Consolidated net income 13,973 15,282 -8.6%
Earnings per share (EUR) 1.19 1.32 -9.8%
EBIT margin (%) 14.4 18.7 --

Business and financial performance
The STRATEC Group continued to grow in the past financial year, boosting the number of analyzer systems supplied from 2,319 in the previous year to 2,602. As a result, the Group's sales rose to EUR 122.4 million, up 5.0% on the 2011 financial year. This growth was mainly driven by persistently high demand for established systems, as well for the systems launched onto the market in the past 24 months. These factors made up for the slight decline in the share of sales generated with service and spare parts, and for development payments that are dependent on the respective project stage and thus can be lumpy over time. Having witnessed an unexpectedly marked reduction in the third quarter of 2012, sales from service and spare parts began to show signs of recovery in the fourth quarter and have slightly improved since then. These sales accounted for around 20.5% of total sales in 2012 as a whole, compared with 23.4% in the previous year. This is one of the main reasons for the reduction in the EBIT margin to 14.4%.

The volume of sales from development services, whose recognition depends on the respective project stage, was relatively weak compared with the previous year. This stands in sharp contrast to the number and size of development projects that have been initiated and which will contribute to the company's further growth from 2015 onwards.

Sales and the EBIT margin were within the ranges communicated in the most recent company forecast for 2012 (sales: EUR 120 million to EUR 125 million; EBIT: 14% to 16%).

At EUR 14.0 million, consolidated net income fell 8.6% short of the previous year's figure of EUR 15.3 million. Earnings per share amounted to EUR 1.19 (previous year: EUR 1.32).

Outlook and guidance
Given our current business performance, and accounting for the latest indicators and forecasts, we expect to generate further growth accompanied by slightly higher profitability in the current 2013 financial year. Based on a recovering contribution of service parts and its high degree of related sensitivities to overall earnings as well as the favorable development of Q1/2013 business, we plan to publish an updated company forecast for the current financial year at the latest by the end of the first half of 2013.

Dividend proposal
At the Supervisory Board meeting on April 8, 2013, it was decided to propose a dividend of EUR 0.50 per share for the 2012 financial year for approval by the Annual General Meeting due to be held on June 6, 2013. Here, we are maintaining our dividend policy of basing the amount distributed on our current cash flow situation and future financing needs.

Development in staff totals
The workforce of the STRATEC Group has grown further and, including temporary employees, totaled 527 employees as of December 31, 2012 (previous year: 503). This year-on-year growth in the number of employees was mainly attributable to the group-wide expansion in development capacities. Over the past 15 months, the contracts of around a quarter of the employees in temporary employment were converted into permanent employment contracts.

Other events
The 2012 financial year saw important follow-up approvals granted in key markets for two analyzer system families that were launched by our customers in 2011. Two further systems were presented by our customers at the end of 2012. These will be supplied in significant quantities for the first time in 2013. STRATEC's customers are planning further market approvals for the current year. These should then contribute significantly towards further sales growth from the coming year onwards.

The IFRS annual financial statements for 2012 have been prepared for the first time using the cost of sales method. Conversion from the total cost method previously used is intended to enhance international comparability of the financial statements with peer group companies. Here, items have in some cases been reclassified from development to sales-related expenses, a modification chiefly due to activities in the context of new project development work.

Furthermore, 2013 will also see a conversion in the method used to value projects. This conversion results from the adoption of a non-mandatory recommendation made by the German Financial Reporting Enforcement Panel (DPR) the implementation of which will be completed during the course of 2013. Further details can be found in the current Annual Report.

2012 Annual Report
The 2012 Annual Report of STRATEC Biomedical AG can be found of the company's internet site at > Investor Relations > IR News > Financial Reports.

Forthcoming dates
The interim report as of March 31, 2013 will be published on May 7, 2013.

The Annual General Meeting of STRATEC Biomedical AG will be held in Pforzheim on Thursday, June 6, 2013. The invitation to the Annual General Meeting will be forwarded to STRATEC shareholders via their depositing banks in good time ahead of the Annual General Meeting.

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: DE0007289001) 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.

Further information can be obtained from:
STRATEC Biomedical AG
André Loy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Tel: +49 7082 7916-190
Fax: +49 7082 7916-999

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