DGAP-News: SMARTRAC Reports 6 Percent Revenue Growth for the First nine Months of 2011
(firmenpresse) - DGAP-News: SMARTRAC N.V. / Key word(s): Quarter Results
SMARTRAC Reports 6 Percent Revenue Growth for the First nine Months of
2011
08.11.2011 / 07:24
---------------------------------------------------------------------
- Revenue 9M 2011: EUR 138.8 million, increase of 6 percent on the EUR
130.9 million generated in the same period of 2010
- EBITDA 9M 2011: EUR 14.6 million, compared with EUR 15.7 million in the
first nine months of 2010, profitability at 11 percent EBITDA margin
- Dr. Christian Fischer, CEO: 'We have continued our positive business
development in the third quarter of 2011 and achieved decided
improvements on the second quarter of the year. Due to the current
high-water situation in Thailand we will, however, not be able to keep
capitalizing on the initiated measures aimed at the further improvement
of processes and structures in the short term.'
Amsterdam, November 8, 2011 - SMARTRAC N.V., a leading developer,
manufacturer, and supplier of RFID transponders, announced its financial
figures today for the nine-month period ended September 30, 2011.
The currently experienced moderate demand in the worldwide RFID industry
continued unabated during the third quarter of 2011. In the light of the
slower market development, the company returned to a steadier pace of
operations and was able to focus its attention on strategic projects. In
addition to targeted investments, the company continued working on the
setup and optimization of structures and processes within the Group. A
restructuring program initiated at SMARTRAC's core production facilities in
Thailand at the beginning of the third quarter achieved first encouraging
successes in August and September 2011. Expansion of volume production in
SMARTRAC's tickets and labels business in Malaysia developed very well and
resulted in pleasing output numbers and promising customer acceptance.
Group Revenue:
SMARTRAC maintained its positive business development in the third quarter
of 2011 and achieved anticipated improvements on the second quarter of the
year. In total, the company generated revenue of EUR 44.9 million in the
three-month period from July to September 2011.
From January to September 2011, SMARTRAC increased revenue by 6 percent and
generated Group Revenue of EUR 138.8 million for the first nine months
2011, compared with revenue of EUR 130.9 million a year ago. Growth mainly
resulted from the successful ramp-up of volume production for new e-ID
projects, the favorable development of the tickets and labels business, as
well as from constant growth in the Business Unit Industry&Logistics.
Security Segment Revenue (Business Units Cards and eID) amounted to EUR
100.4 million in the first nine months of 2011, representing an increase of
2 percent compared with revenue of EUR 98.2 million in the same period of
2010. The Security Segment accounted for 72 percent of total Group revenue
from January to September 2011, compared with 75 percent a year ago.
Industry Segment Revenue (Business Units Industry&Logistics and Tickets&Labels) accounted for EUR 37.4 million in the first nine months of 2011,
representing an increase of 17 percent compared with revenue of EUR 31.9
million in the same period of 2010. Industry Segment revenue for January to
September 2011 represented 27 percent of the Group's total revenue,
compared with 24 percent ayear ago.
Overview of SMARTRAC's Key Financial Figures:
Key dataGroup EBITDA:
in thousands Consolidated 9 months Consolidated 9 months Change
of EUR ended September 30, ended September 30, in %
2011 2010
Consolidated income
statement
Revenue 138,799 130,928 6.0
EBITDA 14,557 15,656 (7.0)
Profit for the period 1,429 5,926 (75.9)
Financial position and
liquidity
Net cash flow provided 2,394 2,798 (14.4)
by operating
activities
Working capital 53,731 40,810 31.7
Capital expenditure 12,597 12,092 4.2
Total Assets 247,281 222,865 11.0
Operating Figures
Basic earnings per 0.09 0.40 (77.5)
share (EUR)
Operating cash flow 0.15 0.19 (21.1)
per share (EUR)
Equity ratio (%) 65.5 60 10.1
Headcount (at month's 3,275 3,435 (4.7)
end)
Although the underutilization of the company's card inlay production
capacity had burdened the Group's profitability in the first six months of
the year, the initiated measures have already started to translate into
success in the third quarter of 2011. As a result, EBITDA in the third
quarter of 2011 was improved on the second quarter of 2011, as was the
EBITDA margin for the period from July to September 2011.
For the nine-month period ended September 30, 2011, Group EBITDA decreased
from EUR 15.7 million in 2010 to EUR 14.6 million in 2011. The EBITDA
margin for the first nine months of 2011 accounted for 11 percent, compared
with 12 percent a year ago. EBITDA for the first nine months of 2011
excluded extraordinary costs for the restructuring program conducted in
Thailand in July and August 2011.
EBITDA in the company's Security Segment in the first nine months of 2011
declined by 7 percent, from EUR 13.4 million in 2010 to EUR 12.5 million in
2011. The Industry Segment reported EBITDA of EUR 2.4 million in the period
from January to September 2011, compared with EBITDA of EUR 2.1 million a
year ago, representing an increase of 14 percent.
Profit for the Period:
Profit for the nine-month period decreased by 76 percent, from EUR 5.9
million in 2010 to EUR 1.4 million in 2011. This is mainly attributable to
a negative development in the financial result during the first nine months
of 2011, which resulted for the most part from conversion effects due to
the unfavorable development of the underlying currencies.
Financial Position:
As of September 30, 2011, total assets amounted to EUR 247.3 million,
compared with EUR 248.5 million as of December 31, 2010. SMARTRAC's Group
equity amounted to EUR 161.9 million in the period under review, as
compared with EUR 161.6 million as of December 31, 2010.
Cash provided by operating activities totaled to EUR 4.6 million for the
first nine months of 2011, compared with cash provided of EUR 5.4 million
for the same period in the previous year. This development mainly results
from the lower net profit as compared with the same period of 2010 and the
increase in working capital in the first nine months of 2011. Taking into
account interest payments and receipts as well as payments and net payments
for income taxes, net cash provided by operating activities in the first
nine months of 2011 amounted to EUR 2.4 million, compared with net cash
provided by operating activities of EUR 2.8 million in 2010.
Net cash used in investing activities amounted to EUR 32.2 million as of
September 30, 2011, compared with net cash used of EUR 13.5 million for the
same period in 2010. This is mainly a result of the investment made by
SMARTRAC Investment B.V. in RFID Technologie B.V. in the course of the
second quarter of 2011. In addition, EUR 1.3 million was invested in
jointly controlled entities.
Net cash generated by financing activities amounted to EUR 6.9 million
compared with net cash used of EUR 0.2 million in the first nine months of
2010. The financing activities from January to September 2011 are related
to proceeds from interest-bearing loans and borrowings and secured loans.
Business Outlook:
SMARTRAC continued its positive business development in the first nine
months of 2011. The initiated strategic projects, including the
restructuring program in Thailand, have achieved first encouraging
successes. Due to the current flooding in Thailand, however, the company
will not be able to benefit from the improvements nor will the company be
able to continue with the measures which have already been initiated to
improve processes and structures in the short term.
Currently, the water level in the industrial park and in the ground floors
of the company's production facilities is falling slowly but steadily. At
present, the full extent of damage can, however, not be foreseen and will
only be assessable once the facilities are waterless. Although the current
situation at the core production facilities in Thailand is severe, the
company will spare no effort to support customers in this challenging
situation as well as possible.
'We are currently facing a challenging situation. But our company and our
team are strong enough to meet this challenge. We expect to be able to
restart production in Thailand in the course of January 2012. Based on
current planning, we assume that from a Group perspective full production
capacity of our global manufacturing network will be re-established in the
course of January 2012 as well,' said Dr. Christian Fischer.
The SMARTRAC Interim Report for the nine-month period ended September 30,
2011 was published today and is available for download on the company's
website at www.smartrac-group.com.
About SMARTRAC:
SMARTRAC is a leading developer, manufacturer, and supplier of RFID
components for a broad range of applications in all current frequency
standards. The company produces both ready-made and customized transponders
for public transport, access control, RFID-based car immobilizers, animal
identification, libraries, industry, and logistics.
SMARTRAC is the global market leader in high-quality RFID inlays for
electronic passports (e-passports) and contactless credit cards (e-payment)
as well as for RFID transponders for public transportation applications.
SMARTRAC was founded in 2000, went public in July 2006, and trades as a
stock corporation under Dutch law with its registered headquarters in
Amsterdam. The company currently employs some 3,300 employees and maintains
a global research and development, production, and sales network.
If you have any questions, please contact:
Tanja Moehler
Head of Corporate Communications
SMARTRAC N.V.
Phone: +31 20 30 50 157
Email: tanja.moehler(at)smartrac-group.com
Internet: www.smartrac-group.com
Forward-looking statements:
To the extent that this press release contains forward-looking statements,
such statements are based on assumptions, planning and forecasts at the
time of publication of this press release. Forward-looking statements
always involve uncertainties. Business and economic risks and developments,
the conduct of competitors, political decisions and other factors may cause
the actual results to be materially different from the assumptions,
planning and forecasts at the time of publication of this press release.
Therefore, SMARTRAC N.V. does not assume any responsibility relating to
forward-looking statements contained in this press release. Furthermore,
SMARTRAC N.V. does not assume any obligation to update the forward-looking
statements contained in this press release.
End of Corporate News
---------------------------------------------------------------------
08.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: SMARTRAC N.V.
Strawinskylaan 851
1077 XX Amsterdam
Netherlands
Phone: +31 20 30 50 157
Fax: +31 20 30 50 155
E-mail: investor.relations(at)smartrac-group.com
Internet: www.smartrac-group.com
ISIN: NL0000186633
WKN: A0JEHN
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
145119 08.11.2011
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2011 - 07:24 Uhr
Sprache: Deutsch
News-ID 84886
Anzahl Zeichen: 15399
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 180 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: SMARTRAC Reports 6 Percent Revenue Growth for the First nine Months of 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
SMARTRAC N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
