STRATEC posts record sales for 2011
• Sales at € 116.6 million (+14.3%; previous year: € 102.0m)
• EBIT at € 21.8 million (+24.1%; previous year: € 17.6m)
• Consolidated net income at € 16.3 million * (+25.3%; previous year: € 13.0m)
• Earnings per share at € 1.41 * (+23.7%; previous year: € 1.14)
• Current guidance confirmed – new forecast to be specified at the latest by
the Annual General Meeting on May 16, 2012
• Proposed dividend increase to € 0.55 per share (+10.0%; previous year: € 0.50)
• Accounting to be converted to cost of sales method in 2012
Birkenfeld, March 28, 2012
STRATEC Biomedical AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime Standard, TecDAX) today announced its definitive results for the financial year ending on December 31, 2011 with the publication of its 2011 Annual Report. These figures, prepared in line with International Financial Reporting Standards (IFRS), have been audited and granted an unqualified audit opinion.
Key Figures (€ thousand)
Consolidated net income *
Earnings per share (€) *
EBIT margin (%)
* adjusted for one-off item of € 1.1 million due to routine external tax audit for 2005 to 2008 financial years. On an unadjusted basis, consolidated net income amounts to € 15.3 million and earnings per share to € 1.32.
STRATEC generated sales of € 116.6 million in the 2011 financial year, thus setting a further new record. This sales growth was driven by a rise in the number of newly supplied analyzer systems to 2,319, as well as by higher sales with maintenance and replacement parts. This was achieved even though not all of the market launches and follow up launches originally planned by STRATEC’s customers for 2011 actually took place. The sales performance was within our previously announced 2011 guidance range of € 114 million to € 123 million.
As expected, the share of sales generated with replacement parts and consumables increased to around 23.5% of total sales. Together with efficiency enhancements in terms of logistics and production, this led the EBIT margin to improve to 18.7% (prev. year: 17.3%).
At € 16.3 million, consolidated net income adjusted for a one-off tax back payment of € 1.1 million due to a routine external tax audit for the 2005 to 2008 financial years was 25.3% up on the previous year’s figure of € 13.0 million. Earnings per share therefore amounted to € 1.41 (unadj.: € 1.32; prev. year: € 1.14).
Outlook and guidance
All indicators and forecasts, as well as our current business performance, allow us to forecast further substantial growth in our underlying business in 2012 and to confirm our current guidance for the years 2011 to 2013. Our ability to issue specific forecasts for this year is currently restricted by external factors, such as market approval by the authorities, the dates of further market launches, analyzer system generation changes, macroeconomic market influences, further consolidation in the IVD market, and planned production ramp-ups for new systems. We plan to specify a breakdown of our guidance for the years 2012 to 2014 in greater detail at the latest by the Annual General meeting on May 16, 2012.
At the Supervisory Board meeting on Monday, March 19, 2012, it was decided to propose a 10.0% higher dividend of € 0.55 per share for the 2011 financial year for approval by the Annual General Meeting due to be held on May 16, 2012. Here, the Board of Management and Supervisory Board believed it important to allow shareholders to participate in the company’s positive performance with a further increase in the dividend, while also maintaining a good balance between employees’ interests, shareholders’ interests and factors relevant to the company’s external and organic growth.
Development in staff totals
The workforce of the STRATEC Group has grown further and, including temporary employees, totaled 503 employees as of December 31, 2011 (previous year: 440). 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 one quarter of around 50 employees in temporary employment were converted into permanent employment contracts.
The company acquired two major new development orders in 2011.These involve an analyzer system for an existing partner that is expected to be launched onto the market in 2013, and a development and supply agreement with Quanterix including a minimum acceptance volume, plus options for STRATEC to acquire shares in Quanterix.
It is planned to convert the company’s accounting in the current 2012 financial year from the total cost method used to date to the cost of sales method. This move is specifically intended to facilitate better international comparability. This change will not have any impact on STRATEC’s revenue or earnings figures.
2011 Annual Report
The 2010 Annual Report of STRATEC Biomedical AG can be found of the company’s internet site at www.stratec.com > Investor Relations > IR News > Financial Reports.
The interim report as of March 31, 2012 will be published on April 25, 2012.
The Annual General Meeting of STRATEC Biomedical AG will be held in Pforzheim on Wednesday, May 16, 2012. 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 (www.stratec.com) 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, 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 a constituent of the Deutsche Börse TecDAX.
Further information can be obtained from:
STRATEC Biomedical AG
André Loy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Phone: +49 7082 7916 190
Fax: +49 7082 7916 999