STRATEC Biomedical AG / Key word(s): Quarter Results/Interim Report
STRATEC reports substantial growth in first three months of 2014
STRATEC Biomedical AG, Birkenfeld, Germany (Frankfurt: SBS; Prime Standard, TecDAX) today announced its results for the period from January 1, 2014 to March 31, 2014 upon the publication of its Interim Report as of March 31, 2014.
* The accounting methods used in the consolidated financial statements were amended in line with IAS 8 in the 2013 financial year. Reference is made in this respect to the information in the Annual Report 2013 in Section A of the notes to the consolidated financial statements.
** 2014 figure adjusted to exclude a one-off item resulting from the recognition of a liability for the remaining years covered by the residual term of the employment contract for a retired member of the Board of Management. Unadjusted EBIT amounts to EUR 4.4 million, the corresponding EBIT margin amounts to 12.7%, consolidated net income to EUR 3.7 million and earnings per share to EUR 0.31. The effective amount of the liability due may differ at the time of payment.
In the first quarter of 2014 EBIT amounted to EUR 5.3 million with an EBIT margin of 15.5%. This further improvement in the EBIT margin - by 90 basis points compared with the first quarter of 2013 - was mainly driven by benefits from economy of scale and by positive developments in the gross margin on high volume systems. Group consolidated net income for the period was EUR 4.4 million and earnings per share was EUR 0.37. This corresponds to year-on-year growth of 20.8% and 19.4% respectively. These figures have been adjusted to exclude a one-off item resulting from the recognition of a liability for the remaining years covered by the residual term of the employment contract for a retired member of the Board of Management. Including this exceptional item, unadjusted EBIT amounted to EUR 4.4 million, consolidated net income was EUR 3.7 million and earnings per share was EUR 0.31.
Development in personnel
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 depository banks in good time ahead of the Annual General Meeting.
Project development, outlook and financial forecast
For 2014, STRATEC continues to expect substantial sales growth compared with the 2013 financial year, accompanied by a slight increase in the EBIT margin. The medium-term financial forecast for the years through to 2017 provides for average annual sales growth of 8% to 12% based on the volume of sales generated in the 2013 financial year.
The service parts business division has continued to develop stably.
No effects have yet been observed in connection with current developments in the Ukraine crisis and, to date, our partners have reported a very low level impact.
Conversion in accounting methods
Among other factors, these voluntary amendments also involved converting the accounting method used to recognize projects, a measure resulting from a recommendation made by the German Financial Reporting Enforcement Panel (DPR) and whose implementation was completed at the end of 2013.
Interim Report as of March 31, 2014
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|