21.07.2016
STRATEC Biomedical AG DE000STRA555
DGAP-News: STRATEC - Results for 1st Half of 2016 and new Financial Guidance
DGAP-News: STRATEC Biomedical AG / Key word(s): Half Year Results/Interim
Report
STRATEC - Results for 1st Half of 2016 and new Financial Guidance
21.07.2016 / 07:45
The issuer is solely responsible for the content of this announcement.
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STRATEC - Results for 1st Half of 2016 and new Financial Guidance
- Two major company acquisitions successfully completed
- Substantial sales growth
- 6M/2016 at EUR 78.0 million (+11.5%; 6M/2015: EUR 70.0 million)
- Q2/2016 (organic) +2.6% to EUR 36.3 million (Q2/2015: EUR 35.5
million)
- Positive development in EBIT margin
- 6M/2016 at 16.2%* (-95 basis points; 6M/2015: 17.1%)
- Q2/2016 (organic) at 17.5% (Q2/2015: 17.3%)
- Financial forecast for the 2016 and 2017 financial years
- 2016 sales: EUR 175 million to EUR 182 million
- 2017 sales: EUR 205 million to EUR 220 million
- Earnings per share at EUR 0.87** in 6M/2016 (+4.8%; 6M/2015: EUR 0.83)
Birkenfeld, July 21, 2016
STRATEC Biomedical AG, Birkenfeld, Germany (Frankfurt: SBS; Prime Standard,
TecDAX) today announced its financial results for the period from January
1, 2016 to June 30, 2016 with the publication of its interim report as of
June 30, 2016.
Key figures (EUR 01.01.- 01.01.- Change
000s) 06.30.2016 06.30.2015
Sales 78,032 70,012 +11.5%
EBIT* 12,616 11,986 +5.3%
EBIT margin (%)* 16.2 17.1 -95 bps
Consolidated net 10,312 9,807 +5.8%
income**
Earnings per share 0.87 0.83 +4.8%
(EUR) **
bps = basis points
* 2016 figure adjusted to exclude non-recurring items for transaction
activities
** 2016 figure additionally adjusted to exclude financing expenses and tax
expenses in connection with the acquisition of the Diatron Group and non-
recurring items arising from the external tax audit for the assessment
periods from 2009 to 2013.
STRATEC announced the acquisition of two companies - Diatron and Sony DADC
BioSciences (now STRATEC Consumables), - in March and June respectively of
the current financial year. These transactions have been successfully
completed and work has begun on integrating the new units into the STRATEC
Group's activities and structures.
At STRATEC, the first six months of 2016 were characterized by a strong
performance in the second quarter and the announcements of both
acquisitions. The following comments on the Group's results refer to the
figures adjusted to exclude the one-off items relating to the acquisitions.
Financial performance
Half-year sales at STRATEC AG grew by 11.5% to EUR 78.0 million. Diatron
contributed time-apportioned sales of EUR 10.5 million in the period from
April 1 to June 30, 2016. Following a gradual start in the first quarter,
the second quarter brought a more notable increase in the systems
delivered, especially those established at STRATEC's partners. The call-up
figures in Asia reported in the first quarter by one customer have now
stabilized at the level seen in the first three months. Organic second-
quarter sales (excluding sales at acquired companies) grew year-on-year by
2.5% to EUR 36.3 million.
Six-month EBIT rose 5.3% to EUR 12.6 million. Due to the benefits of scale
taking effect once again in the second quarter, the Group achieved an
organic EBIT margin of 17.5%. The EBIT margin for the first half of 2016
came to 16.2%. The non-recurring items excluded for comparison include
transaction and integration expenses of EUR 1.2 million and write-downs of
EUR 1.5 million recognized upon the purchase price allocation for the
Diatron Group.
In addition, the second quarter of 2016 saw the recognition of non-
recurring items, amounting to EUR 1.4 million, arising from the near
complete external tax audit for the periods from 2009 to 2013. Excluding
this item, consolidated net income for the first half amounted to EUR 10.3
million and was a 5.1% increase on the previous year's equivalent figure.
As a result, earnings per share rose by 5.3% to EUR 0.87 (previous year:
EUR 0.83).
Following the distribution in June of EUR 8.9 million in dividends,
outflows of around EUR 97 million for two company acquisitions, and the
commencement of EUR 68 million in short-term loans, cash and cash
equivalents came to EUR 22.4 million at the reporting date on June 30,
2016.
The equity ratio of STRATEC AG amounted to 53.2% as of June 30, 2016. The
bridge financing taken up for the acquisitions is to be converted before
the end of the year into medium to long-term financing facilities.
Financial forecast
For the 2016 financial year as a whole, STRATEC expects its sales -
following the time-apportioned consolidation of Diatron and STRATEC
Consumables - to increase to between EUR 175 million and EUR 182 million,
with an EBIT margin (excluding acquisition and integration expenses) of
16.0% to 17.5%. In the 2017 financial year, the two companies acquired will
be consolidated in the STRATEC Group for the first time for a full
reporting period. Excluding further acquisitions, sales are expected to
rise to between EUR 205 million and EUR 220 million, with a slight increase
in the EBIT margin compared with 2016.
According to its most recent financial forecast, STRATEC expects its
average annual sales growth, excluding newly acquired companies, to amount
to around 6% in 2016 and 2017.
Acquisitions of Diatron and Sony DADC BioSciences
With its acquisitions in the first half of the year, STRATEC has
implemented a core part of the strategic objectives set out in the previous
year. The activities and products at the OEM specialists now acquired cover
interesting growth segments within STRATEC's relevant target markets. The
expansion and additions to the product range will enable STRATEC to extend
its in-house range of services, while also significantly reducing risks for
its partners. In addition, STRATEC expects to benefit from synergies in
terms of development and production within the newly created STRATEC Group
and from higher volumes of regularly recurring sales components.
The acquisition of Diatron, announced on March 23, 2016, has extended
STRATEC's technology portfolio to include hematology and clinical chemistry
for use in both human and veterinary diagnostics. Based in Budapest,
Hungary, Diatron focuses in particular on low throughput and point-of-care
solutions. This provides STRATEC with substantial new technology and
expertise when it comes to producing smaller systems and modules. The
Diatron Group has been included in STRATEC's scope of consolidation since
April 1, 2016.
This acquisition was followed on June 8, 2016 by the announcement of the
takeover of Sony DADC BioSciences in Anif, near Salzburg, Austria. This
company unit, which will be consolidated from July 1, 2016 onwards and is
now known as STRATEC Consumables, specializes in the development and
production of smart consumables. These product solutions, which complement
each other ideally, have already been used in joint development projects
with various customers.
Annual General Meeting and dividend proposal
Shareholders attending the Annual General Meeting on June 9, 2016 approved
all of the proposals submitted by the management. Alongside other measures,
shareholders approved the eleventh consecutive increase in the dividend to
EUR 0.75 per share with dividend entitlement.
Development in personnel
Including temporary employees and trainees, the total number of employees
at the STRATEC Group rose by 49.8% from 562 on the previous year's
reporting date to 842. This total includes 236 employees at the Diatron
Group.
Projects and other developments
STRATEC is in numerous advanced-stage talks on future projects whilst also
working to achieve important milestones on existing projects. Work on
developing new platforms is progressing, as are numerous system
developments at our partners. These will contribute to STRATEC's further
growth from 2017 onwards. Individual partners communicate their plans
concerning market launches in their own press releases and capital market
publications. The market launch of Aquila, the new hematology analyzer
system at Diatron, is already being prepared with a range of jointly agreed
activities. This should contribute to sales from the fourth quarter
onwards.
The new premises in Switzerland were occupied in the first half of 2016 and
the new building in Romania is expected to be completed in the third
quarter of 2016. STRATEC is also examining further measures to optimize
locations with the aim of adjusting the company's future structures in line
with its expected growth.
Interim report as of June 30, 2016
Further details can be found in the Interim Report as of June 30, 2016,
which has been published today on the company's homepage at
www.stratec.com/financial_reports.
About STRATEC
Die STRATEC Biomedical AG (www.stratec.com) projektiert, entwickelt und
produziert vollautomatische Analysensysteme für Partner aus der klinischen
Diagnostik und Biotechnologie. Darüber hinaus bietet das Unternehmen
Probenvorbereitungslösungen, integrierte Laborsoftware sowie komplexe
Verbrauchsmaterialien für diagnostische und medizinische Anwendungen an.
Dabei wird die gesamte Wertschöpfungskette von der Entwicklung über das
Design und die Produktion bis zur Qualitätssicherung abgedeckt.
Die Partner vermarkten die Systeme, Software und Verbrauchsmaterialien
weltweit als Systemlösungen, in der Regel gemeinsam mit ihren Reagenzien,
an Laboratorien, Blutbanken und Forschungseinrichtungen. STRATEC entwickelt
seine Produkte mit eigenen patentgeschützten Technologien.
Die Aktien der Gesellschaft (ISIN: DE000STRA555) werden im Marktsegment
Prime Standard an der Frankfurter Wertpapierbörse gehandelt und gehören dem
Auswahlindex TecDAX der Deutschen Börse an.
Further information can be obtained from:
STRATEC Biomedical AG
Sandra Eberle, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Germany
Tel: +49 7082 7916-197
Fax: +49 7082 7916-999
[email protected]
www.stratec.com
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21.07.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: STRATEC Biomedical AG
Gewerbestr. 37
75217 Birkenfeld
Germany
Phone: +49 (0)7082 7916 0
Fax: +49 (0)7082 7916 999
E-mail: [email protected]
Internet: www.stratec.com
ISIN: DE000STRA555
WKN: STRA55
Indices: TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange; Terminbörse EUREX
End of News DGAP News Service
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484541 21.07.2016
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