Cryo-Save Group N.V.: 2012 results impacted by non-recurring impairments, restructuring costs and the implementation of cost saving programs
(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 year ended 31 December 2012.
The results during 2012 have been impacted by the economic headwind, especially
in Southern Europe and by the effect of certain non-recurring costs as a result
of restructuring and implementation of cost saving programs, which amounted to
?16.2 million, of which ?15.1 million were non-cash. This negatively affected
the 2012 financial results.
Group revenue decreased with ?5.1 million to ?36.8 million, largely due to
declining volumes in Southern Europe, predominantly Spain and Italy. Price
increases and enhanced services only partly offset the negative effect of the
volume decline.
Gross profit decreased to ?23.8 million (2011: ?27.9 million). The gross profit
margin decreased with 1.9 percentage point to 64.7%, among others due to
increased demand for higher reimbursements of the collection of the umbilical
cord blood and cord tissue in the hospitals, cost increases related to the
transport of the samples to the processing and storage facilities and price
increases concerning consumables related to the processing of the samples.
Severance costs and costs related to termination of contracts with service
providers and distributors amounted to ? 1.1 million. Cryo-Save reduced its
headcount with 18 people, approximately 6% of the total headcount. The group
also impaired a large portion of its goodwill (? 14.0 million) and the debt free
building in Lyon, France which is now held for sale (?1.1 million). Underlying
operating expenses slightly increased with ?0.3 million. During the first half
of 2012, the operating expenses increased with almost ?1 million compared to the
first half of 2011. As a result of restructuring and cost saving programs, the
Group has been able to lower its underlying operating expenses with ?1.1 million
from ?11.5 million during the first half of 2012 to ?10.4 million during the
second half of 2012.
Cryo-Save is now focusing on restoring its market penetration in Southern Europe
and improving its market share. Further cost savings programmes are being
implemented.
Cryo-Save's strategic direction for 2013 will be focussing on a turnaround to
regain profitable growth. In order to accomplish this, the focus will be on
current markets and current services. In these markets Cryo-Save will aim to
grow the penetration of its services whilst capturing further market share.
As at 31 December 2012, Cryo-Save had a solid cash position of ?7.1 million (31
December 2011: ?7.0 million).
Arnoud van Tulder, Chief Executive officer, commented:
"We do regret to announce these results for the financial year 2012. We are
facing the consequence of the economic downturn, which lasts longer than
foreseen, especially in countries such as Spain and Italy. This required the
Group to take far-reaching restructuring measures.
"We are confident that the action taken and the focused strategic approach to
regain profitable growth will allow Cryo-Save to improve its results."
Click here FY2012 press release :
http://hugin.info/143308/R/1686053/552591.pdf
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Source: Cryo-Save Group N.V. via Thomson Reuters ONE
[HUG#1686053]
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Datum: 19.03.2013 - 07:01 Uhr
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News-ID 240587
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