Cryo-Save Group N.V.: Restructuring projects completed; cost saving programs started to repel economic turmoil in Southern Europe
(Thomson Reuters ONE) -
Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading
international stem cell storage company and the largest family stem cell bank in
Europe, has published its financial results for the six months ended 30 June
2012.
The first half of 2012 has been impacted by the economic crisis in Europe, as
well as non-recurring restructuring expenses amounting to ?2.0 million. The
continued economic turmoil in Southern Europe, particularly in Spain, along with
the termination due to non-compliance of a contract with a large Italian
distributor, which started its own processing and storage facility during the
second quarter of 2012, impacted volume, revenue and result significantly. Most
other European countries showed improved or stable results during the first half
of the year, whilst India and South-Africa achieved higher storage numbers.
Mainly due to the cessation of Cryo-Lip(®) activities and the closure of France,
increased (non-recurring) expenses were reported in the first half of 2012.
These costs related to the termination of contracts with several employees and
suppliers, impairment of the debt free French building which is now held for
sale, and a provision for the termination of contracts with distributors.
Lower revenue and higher operating expenses resulted in an operating result of
-?2.8 million (1HY 2011: ?2.0 million). The previously announced costs saving
programs have been implemented, which resulted in non-recurring expenses of ?2.0
million for the first half. The underlying operating result was -?0.8 million.
The full impact of the restructuring and cost saving programs will start to come
through in the second half of 2012. The total number of employees, denominated
in full time equivalents, decreased from 282 at the end of December 2011 to 257
at 30 June 2012.
The Group had a solid cash position of ?6.1 million as at 30 June 2012.
Due to the economic crisis, the total European market for stem cell storage
shrank by more than 10% during the first half of 2012, mainly caused by Spain
and Italy. The Spanish market has stabilised during the second quarter of 2012
and the Group's Italian subsidiary has also seen improved performance. Cryo-Save
has been able to secure its market share and remains the largest stem cell bank
in Europe.
The Group continues to focus on further strengthening its market leadership in
Europe, on growing the market for stem cell storage and restoring its financial
performance.
Arnoud van Tulder, Chief Executive officer, commented:
"As previously reported, we anticipated a tough first six months of 2012,
affecting the Company's top and bottom line results.
"Restructuring and cost saving programs have been implemented and will bear
fruit in the second half of 2012, and we expect to report a significantly higher
EBITDA for the second half of 2012.
"We are confident that the action steps taken and the focussed approach to
enhance the stem cell market in combination with our market leading position
will allow Cryo-Save to emerge stronger going forward."
Click here for full press release in PFD:
http://hugin.info/143308/R/1634989/525101.pdf
1HY 2012 Interim results presentation:
http://hugin.info/143308/R/1634989/525102.pdf
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Source: Cryo-Save Group N.V. via Thomson Reuters ONE
[HUG#1634989]
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Datum: 21.08.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 176062
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