STRATEC Biomedical AG / Key word(s): Half Year Results/Interim Report
STRATEC accelerates growth in first half of 2014
STRATEC Biomedical AG, Birkenfeld, Germany (Frankfurt: SBS; Prime Standard, TecDAX) today announced its results for the period from January 1, 2014 to June 30, 2014 upon the publication of its Interim Report as of June 30, 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 recognition in the first quarter of expenses for the remaining years of the term of a management board contract for a retired member of the Board of Management. Unadjusted EBIT amounts to EUR 10.3 million, the corresponding EBIT margin amounts to 14.9%, consolidated net income to EUR 8.9 million and earnings per share to EUR 0.76. The effective amount of the liability due may differ at the time of payment.
Part of the substantial increase in second-quarter sales in percentage terms is also due to the basis effect in regards to the backlog in deliveries due to flood damages in the second quarter of 2013.
EBIT for the first six months of 2014 amounted to EUR 11.2 million, corresponding to an EBIT margin of 16.3%. This further improvement in the EBIT margin - by 260 base points compared with the first six months of 2013 - was mainly driven by the positive development in the gross margin for high-volume systems and by growth in the volume of such systems sold. The margin also benefited from the ongoing slightly positive development in turnover with service parts. At EUR 9.6 million, consolidated net income was up 47.3%, and thus substantially ahead of the previous year's figure of EUR 6.5 million. The company generated earnings per share of EUR 0.82 (+46.4%). These figures have been adjusted to exclude a one-off item resulting from recognition in the first quarter of expenses for the remaining years of the term of a management board contract for a retired member of the Board of Management. On an unadjusted basis, EBIT amounted to EUR 10.3 million, consolidated net income to EUR 8.9 million, and earnings per share to EUR 0.76.
Development in personnel
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 division continued to develop stably at a slightly higher level than in 2013.
The company has not yet witnessed any implications from current events in connection with the Ukraine crisis and sanctions against Russia. Our partners, who generally market our systems with their own reagents, have currently reported only a very low level of impact.
Annual General Meeting
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 June 30, 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|