aap annual financial statements for 2011: 6% sales growth at product level with strong EBITDA/EBIT increase; successful launch of the LOQTEQ® system
(Thomson Reuters ONE) -
aap Implantate AG /
aap annual financial statements for 2011: 6% sales growth at product level with
strong EBITDA/EBIT increase; successful launch of the LOQTEQ® system
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
2011 sales EUR 29.2 million, EBITDA EUR 4.1 million
aap Implantate AG (XETRA: AAQ.DE), a global medical device company focused on
innovative trauma products and biomaterials for the orthopaedic market, achieved
the following results in the financial year 2011:
* 6% sales growth at product level
* Increased EBITDA at product level by 46% (2011: EUR 4.1 million; 2010: EUR
2.8 million)
* 68% improvement in cash EBIT[1] at product level from EUR -2.2 million to
EUR -0.7 million
* Successful national and international launch of the innovative LOQTEQ®
system
* Business development in the US market with sales totalling EUR 3.3 million
(+77%), with bone cement as the growth driver
* Signed a bone cement development contract with a world-leading orthopaedics
company
* Established a research & development center of excellence for bone cement
and cementing technique in Dieburg
* Improved ICR to 6.8 and of DCR to 1.7
In the financial year 2011, aap achieved EUR 29.2 million in total sales, up
from EUR 28.4 million in the previous year (+3%). 2011 sales consisted solely of
product sales, which include aap's biomaterials and implants that are sold
directly by the Company and to the Company's OEM partners. 2010 sales included
EUR 27.5 million of product sales and EUR 0.9 million in sales from project and
out-licensing businesses. Product sales increased 6% in financial year 2011
compared to financial year 2010.
EBITDA increased from EUR 3.4 million to EUR 4.1 million (+21%) and EBIT from
EUR 0.7 million to EUR 1.2 million (+71%). Like-for-like 2010 EBITDA at product
level was EUR 2.8 million after adjusting for product sales and like-for-like
2010 EBIT at product level was EUR 0.1 million. Adjusted for project sales,
EBITDA at product level increased by 46% (2011: EUR 4.1 million) and adjusted
EBIT improved from EUR 0.1 million to EUR 1.2 million.
aap's equity ratio on a balance sheet total of EUR 66.2 million (previous year:
EUR 63.6 million) was 73%. At the end of the financial year 2011, the employee
numbers increased by 4% from 256 to 266.
With a 6% sales growth at product level the Company fell slightly short of its
10% target. Cash EBIT showed a considerable improvement - a 68% increase from
EUR -2.2 million to EUR -0.7 million -, but the Company was unable to reach its
target of breaking even. Debt (< 3) and interest coverage (> 6) ratio targets
were achieved (DCR 1.7, ICR 6.8).
+-------------------------------+------------+------------+--------+
| In EUR million | 2011 | 2010 | Change |
+-------------------------------+------------+------------+--------+
| Sales | 29.2 | 28.4 | 3% |
+-------------------------------+------------+------------+--------+
| Product sales (adjusted)* | 29.2 | 27.5 | 6% |
+-------------------------------+------------+------------+--------+
| EBITDA | 4.1 | 3.4 | 21% |
+-------------------------------+------------+------------+--------+
| EBITDA (adjusted)* | 4.1 | 2.8 | 46% |
+-------------------------------+------------+------------+--------+
| EBIT | 1.2 | 0.7 | 71% |
+-------------------------------+------------+------------+--------+
| EBIT (adjusted)* | 1.2 | 0.1 | >100% |
+-------------------------------+------------+------------+--------+
| Cash-EBIT (adjusted)* | -0.7 | -2.2 | 68% |
+-------------------------------+------------+------------+--------+
| Result after tax | 0.4 | 0.1 | >100% |
+-------------------------------+------------+------------+--------+
| Equity (ratio) | 48.4 (73%) | 44.9 (70%) | 8% |
+-------------------------------+------------+------------+--------+
| Debt coverage ratio (DCR) | 1.7 | 2.7 | n. a. |
+-------------------------------+------------+------------+--------+
| Interest coverage ratio (ICR) | 6.8 | 6.1 | n. a. |
+-------------------------------+------------+------------+--------+
| Balance sheet total | 66.2 | 63.6 | 4% |
+-------------------------------+------------+------------+--------+
| Employees | 266 | 256 | 4% |
+-------------------------------+------------+------------+--------+
*2010: Figures exclude effects of project business
2012 Outlook
In the financial year 2012, aap will continue to focus on profitable sales
growth of its full line of innovative trauma and biomaterials solutions for the
orthopaedic market. The main driver of sales growth in 2012 is expected to be
the Trauma division, led by the recently introduced LOQTEQ® product family. The
Company expects to receive United State Food and Drug Administration (FDA)
clearance for the LOQTEQ(TM) product family during 2012. In addition, the
Company expects further sales growth to be generated in the bone cement and
cementing technique division through more license and supply business.
For the financial year 2012, the Management Board defined the following goals:
* Profitable growth with a 10% sales increase
* Realization of a positive cash EBIT
* Improving the Freshness Index by introducing new products and selling
existing products on new markets
* Reducing the relative share of operating working capital in product sales by
10%
aap Implantate AG's full consolidated financial statements for 2011 are
available for download at www.aap.de. The Company's Q1 2012 report is scheduled
for publication on May 15, 2012.
This release contains forward-looking statements based on current experience,
estimates and projections of the management board and currently available
information. They are not guarantees of future performance. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation, development
or performance of the company and the estimates given here. Many factors could
cause the actual results, performance or achievements of aap to be materially
different from those that may be expressed or implied by such statements. These
factors include those discussed in aap's public reports. Forward-looking
statements therefore speak only as of the date they are made. aap does not
assume any obligation to update the forward-looking statements contained in this
release or to conform them to future events or developments.
______________________________________________________
aap Implantate AG (ISIN DE0005066609)
- Prime Standard/Regulated Market - All German stock markets -
aap is a global medical device company headquartered in Berlin, Germany that
develops, manufactures and markets innovative biomaterials and implants that are
used in orthopedic procedures. The Company's products, which include a full line
of plating systems, cannulated screws and bone cement products, are primarily
used in the orthopedic specialty areas of trauma and spine repair. The Company's
products are sold through its direct sales force, distribution partners and
license agreements with OEM partners. aap's stock is listed in the Prime
Standard segment of the Frankfurt Stock Exchange. For more information, please
visit www.aap.de.
For inquiries please contact:
aap Implantate AG, Marc Heydrich, Investor Relations, Lorenzweg 5, 12099 Berlin,
Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9290, m.heydrich(at)aap.de
--------------------------------------------------------------------------------
[1] EBIT excluding capitalised in-house products and services and depreciation
thereof
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: aap Implantate AG via Thomson Reuters ONE
[HUG#1598540]
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Datum: 30.03.2012 - 10:13 Uhr
Sprache: Deutsch
News-ID 130297
Anzahl Zeichen: 9677
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Kategorie:
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