STRATEC Biomedical AG / Key word(s): Final Results
STRATEC announces record sales and consolidated net income in 2013
- Sales at EUR 128.0 million (+4.3%; previous year: EUR 122.7m)
Birkenfeld, April 29, 2014
STRATEC Biomedical AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime Standard, TecDAX) today announced the final audited results of the STRATEC Group for the financial year ending on December 31, 2013 with the publication of its 2013 Annual Report. These figures, prepared in line with International Financial Reporting Standards (IFRS), have been granted an unqualified audit opinion.
Despite some uncertainties within the diagnostics industry concerning spending cuts in healthcare systems worldwide, STRATEC's business performance with its partners performed positively in 2013. The volatilities in service parts sales in the second half of 2012 in particular were no longer seen to the same extent in the 2013 financial year. The company's growth in 2013 was driven by systems already established on the market and the renewed strength of the service parts business. By contrast, the systems launched recently onto the market have not yet made a significant contribution to our sales growth.
Ongoing validity of financial forecast issued in July 2013 and outlook
For subsequent years through to 2017, STRATEC continues to expect annual average sales growth of 8% to 12% based on the level of sales generated in the 2013 financial year.
The trend seen in the diagnostics industry in recent years, in which due to economic, technical and timing (time-to-market) considerations our existing and potential customers are increasingly focusing on their core businesses - reagents development and marketing tests and processes - has continued in the recent past. Due not least to the large number of projects in development or negotiation, we can confirm the increasing need to outsource instrumentation development and production to external partners such as STRATEC. We view the contract termination in 2013 as a one-off event that, based on the statements made by the customer in question, is unrelated to STRATEC or to market developments.
Despite larger-scale investments in further development projects, our company in Romania, and the development of our company in China, rising earnings and optimizations in our working capital management mean that our liquidity level will slightly exceed the level seen in 2013.
STRATEC expects to generate substantial sales growth in 2014 compared with 2013. This should be accompanied by a slight increase in the EBIT margin.
Development in personnel
Ongoing demand for STRATEC's analyzer systems and, on that basis, for its development work will make it necessary to increase the workforce in future, particularly in the development division.
Conversion in accounting methods
Among other factors, the voluntary amendments also account for the conversion of the accounting method used to recognize projects, a measure whose implementation resulted from a recommendation made by the German Financial Reporting Enforcement Panel (DPR) and was concluded at the end of 2013. A separate presentation of the most important key figures for the 2013 financial year and for the previous year excluding the effects of this conversion can be found on our website at www.stratec.com/financial_reports.
2013 Annual Report
The Annual General Meeting of STRATEC Biomedical AG will be held in Pforzheim on June 18, 2014. 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.
Further information can be obtained from:
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|Company:||STRATEC Biomedical AG|
|Phone:||+49 (0)7082 7916 0|
|Fax:||+49 (0)7082 7916 999|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart|
|End of News||DGAP News-Service|