DGAP-News: SMARTRAC N.V. Reports Fiscal Year 2012 Results:
(firmenpresse) - DGAP-News: SMARTRAC N.V. / Key word(s): Final Results
SMARTRAC N.V. Reports Fiscal Year 2012 Results:
21.03.2013 / 07:30
---------------------------------------------------------------------
SMARTRAC Reports Fiscal Year 2012 Results:
- Revenues 2012: EUR 255.5 million, representing an increase of 52
percent compared to EUR 167.6 million generated in fiscal year 2011
- EBITDA 2012: EUR 23.4 million compared to EUR 15.2 million in 2011,
profitability at 9 percent EBITDA margin
- Balance sheet 2012: Total equity increased to EUR 168 million compared
to EUR 139 million in 2011, equity ratio at 51 percent (2011: 53
percent)
- Outlook 2013: Group sales expected to come close to the EUR 300 million
mark in 2013, improvement of EBITDA profitability targeted
- Christian Uhl, Co-Chairman of the Management Board&CFO: 'The 2012
fiscal year has been another year of growth for SMARTRAC. In 2013, we
intend to further improve our cost structure and to further expand our
market share and leadership position in the global RFID industry.'
Amsterdam, March 21, 2013 - SMARTRAC N.V., the leading developer,
manufacturer and supplier of RFID transponders and inlays, today announces
financial figures for the fiscal year 2012. The company further increased
its revenues and reported total sales of EUR 255.5 million in the fiscal
year 2012 compared to sales of EUR 167.6 million in 2011. EBITDA for 2012
amounted to EUR 23.4 million in 2012 compared to EBITDA of EUR 15.2 million
in 2011. EBITDA for 2012, as per definition, excludes exceptional items.
Net profit for the period, including non-controlling interests, amounted to
EUR 5 million in 2012 compared to net loss of EUR 42 million in 2011.
SMARTRAC Financial Figures at a Glance:
Key Data Consolidated 12 Consolidated 12 months ChangeBusiness Development 2012
In Thousands of EUR months ended ended December 31, 2011 in %
December 31, 2012
Consolidated Income
Statement
Revenues 255,530 167,604 52
EBITDA 23,426 15,213 54
Net profit after tax 4,973 (41,554) n.a.
Financial Position
and Liquidity
Net cash provided 15,972 6,326 152
by operating
activities
Working capital 48,981 27,629 77
Capital expenditure 28,773 19,105 51
Total Assets 329,238 264,080 25
Operating Figures
Basic earnings per 0.26 (2.54) n.a.
share (EUR)
Operating cash flow 0.830.39 113
per share (EUR)
Equity ratio (%) 51.0 52.6 (3.0)
Headcount (at 3,635 3,676 (1)
month's end)
SMARTRAC started the business year with the burden of the flood disaster in
Thailand, the positive momentum of the acquisitions conducted at the end of
2011, and the commitment to further improve its excellence. Over the course
of the year, integration of the former KSW Microtec AG, Dalton Group, and
Neology were completed, while integration of the former UPM RFID has been
finalized end of January 2013. Along with the integration, joint product
and technology roadmaps were developed and the company started leveraging
synergies resulting from the acquisitions.
From an overall perspective, business development in 2012 was characterized
by stable demand for high-security inlays, e-Covers and card inlays as well
as a very favorable growth in the retail and apparel tracking business.
SMARTRAC also introduced several new products for use in access control,
animal identification, automated fare collection, cable tagging, item-level
tagging, high-security documents, and NFC applications to the market which
generated significant customer interest.
Business by Segments 2012
Revenues in the Security Segment (Business Units eID and CTA) increased by
22 percent and amounted to EUR 143 million in 2012 compared to EUR 117
million in 2011. Revenues in the Industry Segment (Business Units Industry&Logistics and ePI, Neology and Dalton) increased by 124 percent to EUR
112 million in 2012 compared to EUR 50 million in 2011. Growth mainly
resulted from stable demand for card inlays and PRELAM(R) products, the
significant increase of sales in the ePI business (including the business
of former UPM RFID), and the contribution of the new business unit Dalton&Neology.
EBITDA in the Security Segment amounted to EUR 15 million in 2012 compared
to EBITDA of EUR 13 million a year ago. This represents an increase of 13
percent. The EBITDA margin of 10 percent (2011: 11 percent) was burdened by
higher administration costs mainly due to the acquisitions conducted at the
end of 2011.
The Industry Segment reported EBITDA of EUR 10 million in 2012 compared to
EBITDA of EUR 3 million reported in 2011. The EBITDA margin further
increased from 5 percent in 2011 to 9 percent in 2012.
Overall, SMARTRAC will continue to improve excellence and driving down
costs in 2013.
Financial Position and Liquidity 2012
As of December 31, 2012, total assets on the consolidated balance sheet
amounted to EUR 329 million, representing an increase of 25 percent
compared to the previous year's figure of EUR 264 million. This increase
was predominantly related to the inclusion of the former UPM RFID as well
as investments in property, plant, and equipment, mainly to rebuild the
production site in Thailand after the flood.
Group equity amounted to EUR 168 million as of December 31, 2012, compared
to EUR 139 million as of December 31, 2011. The increase in group equity
mainly results from the proceeds from the capital increase conducted on
March 31, 2012, in relation to the acquisition of the former UPM RFID.
Based on the increased profit, the retained earnings increased from EUR 13
million in 2011 to EUR 18 million in 2012. As of December 31, 2012,
SMARTRAC held no treasury stock. The equity ratio decreased slightly from
53 percent at the end of 2011 to 51 percent as of December 31, 2012.
Net cash provided by operating activities amounted to EUR 16 million in
2012, compared to EUR 6 million in the previous year, due to a higher net
profit.
Net cash used in investing activities decreased from EUR 59 million in 2011
to EUR 36 million as of December 31, 2012. Net cash used in investing
activities in 2012 mainly related to investments in property, plant, and
equipment used for the reconstruction in Thailand and acquisitions
performed. In 2011, net cash used in investing activities mainly related to
the acquisitions conducted at the end of 2011.
Net cash provided by financing activities amounted to EUR 26 million in
2012, compared to net cash provided by financing activities of EUR 25
million in 2011. In 2011, SMARTRAC received net proceeds from the issuance
of share capital. In 2012, the cash inflow mainly resulted from proceeds of
secured loans. SMARTRAC signed a EUR 100 million term and revolving
facilities agreement in the second quarter of 2012, replacing the
syndicated EUR 65 million term and multicurrency revolving facilities
agreement concluded in 2009.
In total, cash and cash equivalents and bank overdrafts as of December 31,
2012, increased to EUR 28 million (2011: EUR 22 million).
As of December 31, 2012, SMARTRAC employed a total workforce of 3,635
people compared to 3,676 employees at the end of 2011.
Squeeze-out and Delisting
On July 20, 2012, the Management Board of SMARTRAC N.V. was informed that
OEP Technologie B.V. decided to initiate squeeze-out proceedings against
all minority shareholders in SMARTRAC N.V. in order to have their shares in
SMARTRAC N.V. transferred to OEP Technologie B.V., pursuant to Article
2.92a of the Dutch Civil Code. The Management Board of SMARTRAC N.V. was
also informed that OEP Technologie B.V. intended to request the Enterprise
Chamber of the Amsterdam Court of Appeal to order the minority shareholders
to transfer their shares and to set the price of the shares to be
transferred at EUR 11.00 per share.
On September 12, 2012, the SMARTRAC Management Board resolved to apply for
a delisting of the company's shares from the Frankfurt Stock Exchange
(Prime Standard) and to propose to the general meeting a change of the
company's articles of association subject to the approval of the delisting.
At the Extraordinary General Meeting of shareholders held on October 29,
2012, the proposed changes of the company's Articles of Association were
approved with 99.9 percent of the votes cast.
On November 30, 2012, SMARTRAC N.V. was informed about the decision of the
Frankfurt Stock Exchange regarding its request for a delisting of the
company's shares from the Frankfurt Stock Exchange (Prime Standard). On the
company's request, the Frankfurt Stock Exchange decided to revoke the
listing of the ordinary bearer shares, ISIN NL0000186633, on the regulated
market. The Frankfurt Stock Exchange also informed SMARTRAC N.V. that the
revocation will become effective at the end of the day on May 28, 2013.
The overall development of the SMARTRAC share in 2012 was characterized by
the low free float and the resulting low trading volumes in SMARTRAC
shares.
Changes in the Management Board
Dr. Christian Fischer resigned from his position as Chairman of the
Management Board and Chief Executive Officer effective September 3, 2012.
He left SMARTRAC on December 31, 2012, and handed over responsibility to
Christian Uhl and Nigel Sealey. Christian Uhl joined SMARTRAC in May 2006
and Nigel Sealey has been working for SMARTRAC since April 1, 2012, thus
providing continuity in the management board.
Christian Uhl was appointed Director A of SMARTRAC N.V. on October 29,
2012, and as Co-Chairman of the Management Board of the company on December
5, 2012. Nigel Sealey was appointed as Director A of SMARTRAC N.V. and as
Co-Chairman of the Management Board on January 22, 2013.
The appointment of Christian Uhl and Nigel Sealey as Co-Chairmen of
SMARTRAC N.V. acknowledges the complementarity of their professional
experiences and skills. In their new role, they will specifically
concentrate on accelerating profitable revenue growth and the
implementation of action plans focused on the operational and
administrative cost structure of the company.
Business Outlook
The SMARTRAC Management intends to further grow the business steadily and
robustly and to creating value for employees, shareholders, customers,
business partners, and additional stakeholders of the company.
For the 2013 fiscal year, the SMARTRAC Management Board is confident that
it will be able to achieve growth and improve the company's profitability.
SMARTRAC Group sales are expected to come close to the EUR 300 million mark
in 2013.
From a strategic perspective, the Management Board will pursue the target
to optimize structures and processes in order to further improve overall
efficiency of the Company and profitability of the Group.
'2012 has been another successful year in our company history despite the
various challenges we faced,' said Christian Uhl, Co-Chairman of the
Management Board and CFO. 'Based on our technology leadership, the broad
product range, and our clear focus on customer needs, we are confident that
we will be able to further grow in 2013 together with our customers and
business partners.'
The SMARTRAC 2012 Annual Report has been published today and is available
for download on the company's website at www.smartrac-group.com. The 2012
financial statements will be presented to the Annual General Meeting of
Shareholders in Amsterdam on June 18, 2013, for adoption. KPMG ACCOUNTANTS
N.V. issued an unqualified auditor's report in relation to the financial
statements 2012.
About SMARTRAC:
SMARTRAC is the leading developer, manufacturer, and supplier of RFID
transponders and inlays. The company produces both ready-made and
customized transponders and inlays used in access control, animal
identification, automated fare collection, border control, RFID-based car
immobilizers, contactless payment cards, electronic product identification,
industry, libraries and media management, laundry, logistics, mobile and
smart media (NFC), public transport, retail, and many more.
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 approximately 3,600 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&Marketing
SMARTRAC N.V.
Phone: +31 20 30 50 157
Email: tanja.moehler(at)smartrac-group.com
Internet: www.smartrac-group.com
Twitter: www.twitter.com/SMARTRAC_NV
Forward-looking statements:
All forward-looking statements contained in this press release 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
---------------------------------------------------------------------
21.03.2013 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
---------------------------------------------------------------------
204678 21.03.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.03.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 241593
Anzahl Zeichen: 5505
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 186 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: SMARTRAC N.V. Reports Fiscal Year 2012 Results:"
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).
