Alphaform AG: Final Figures Financial Year 2010
(firmenpresse) - Alphaform AG / Key word(s): Enterprise/
Alphaform AG: Final Figures Financial Year 2010
DGAP-Media / 28.03.2011 / 15:51
Press release
Final Figures Financial Year 2010:
Repositioning of Alphaform begins to pay off
Revenues top the EUR 20 million mark
EBITDA again positive at EUR 0.8 million
Alphaform expecting another positive result in 2011
Feldkirchen, 28 March 2011- Alphaform AG - a specialist in additive
manufacturing and a leading company in the area of orthopaedic implants and
instruments - raised consolidated revenues in the 2010 financial year by
almost 7 per cent, from EUR 19.4 million to EUR 20.7 million. The result
before taxes (operating result) was up from EUR -3.8 million to EUR -1.3
million. Without the write-downs resulting from the acquisition of the
MediMet and the extraordinary expenses incurred for the start-up of the new
Feldkirchen production facility, the consolidated net result for 2010 would
have been positive.
At the start of the year Alphaform's business was strongly impacted by the
general financial crisis. The economic recovery that increasingly gained
momentum in the course of the year led to an increasing order intake by the
end of the year. The EBITDA climbed by EUR 2.2 million from EUR -1.4
million in 2009 to EUR 0.8 million in 2010; the fourth quarter 2010 alone
accounted for EUR 0.4 million of this improvement. The positive trend in
the reporting year was maintained in the first months of this year.
Balanced business portfolio after repositioning
Alphaform initiated a strategic repositioning programme in Spring 2008
whereby its activities in the traditional prototyping business were
extended by new ones in medical technology. To this end a specialist
manufacturer of implants, MediMet GmbH, was acquired. After 2009 when the
medical technology business was still suffering from the difficult economic
environment and a declining trend for commodity prices, in 2010 the
division benefited not only from the general economic recovery but also
exploited synergies with the new Alphaform manufacturing facility in
Eschenlohe. The result was revenues growth exceeding 20 per cent. With
Alphaform's new positioning, the medical engineering business area accounts
for about 40% of revenues and has thus become a second pillar of the
company. Alphaform anticipates that this share will continue to grow in the
coming year.
The traditional Alphaform business of prototype making with additive
manufacturing techniques (prototyping), which severely declined as a result
of the economic crisis, picked up with increasing momentum in the course of
the year. German car makers in the premium segment, which are so important
for Alphaform, were especially hard hit by the crisis and therefore also
recovered particularly rapidly. In the fourth quarter, incoming orders for
prototyping received by Alphaform again reached the 2008 level.
Cash flow and result per share still negative
Net cash from operating activities in the 2010 financial year was EUR -0.2
million compared with EUR -0.8 million in the 2009 financial year.
Depreciation and amortisation for property, plant&equipment fell slightly
(from EUR 1.4 million in 2009 to EUR 1.3 million in 2010) as did provisions
for depreciation and amortisation of intangible assets from the sale of
MediMet that have now be exercised in full (from EUR 0.9 million in 2009 to
EUR 0.8 million in 2010). The investments in property, plant&equipment
increased from EUR 0.8 million in 2009 to EUR 1.8 million. Overall cash
flow from investment activities was down from EUR -5.7 million in 2009 to
EUR -1.2 million
in 2010. In the 2010 financial year, bank loans of EUR 0.3 million were
taken out, compared with EUR 5.3 million in 2009. Cash flow from investment
activities fell correspondingly from EUR 4.1 million in 2009 to EUR -0.4
million in 2010. Current cash and cash equivalents as per 31 December 2010
fell from the previous year amount of EUR 2.8 million to EUR 1.0 million.
Additional paid-in capital of EUR 11.3 million remained unchanged compared
to a year earlier. The equity ratio fell from 57.8 per cent as per 31
December 2009 to 56.7 per cent at the end of 2010.
Again in 2010 a negative result of EUR-0.26 per share was posted, following
EUR -0.71 in 2009. The share price reflected the operational recovery of
the business and climbed from EUR 1.40 on 31 December 2009 to EUR 1.60 at
the end of 2010. As was the case in the 2009 financial year, no dividend is
planned for 2010. At the Annual General Meeting to be held in Munich on 9
June 2011 the Management Board with the agreement of the Supervisory Board
will propose a loss carryforward.
Return to profitability expected in 2011
Alphaform is expecting another considerable positive consolidated result,
assuming that the general economic conditions and order book remain at
least constant. It is likely that all business areas will make roughly
equal contributions to profitability. No further goodwill write-downs are
due in 2011, resulting in a lower charge on the balance sheet of EUR 0.84
million. In addition the validation for series production runs in medical
technology that was successfully conducted in Autumn 2010 will enable the
prompt completion of order backlogs of around EUR 1 million. Furthermore on
the automotive side, Alphaform is expecting positive impulses from the
intensified development activities of the German car industry; in medical
technology it was possible to win some new customers in the previous year
and their orders will go into production in the course of 2011.
Key performance indicators of the Alphaform Group
In million EUR Final Figures Financial Year
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2009 2010 Change
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Revenues EUR 19.4 million EUR 20.7 million 6.8 %
EBITDA EUR -1.4 million EUR 0.8 million 153.1 %
Operating results EUR -3.8 million EUR -1.3 million 65.0 %
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Result after taxes EUR -3.8 million EUR -1.4 million 63.5 %
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Earnings per share EUR -0.71 EUR -0.26 63.5 %
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Equity ratio
at 31 Dec 57.8 % 56.7 %
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Group headcount
as at 31 Dec 199 227 14.1 %
Staff costs were down by EUR 0.3 million from EUR 9.2 million in 2009 to
EUR 8.9 million in 2010
About Alphaform
Alphaform AG, headquartered in Feldkirchen near Munich, is a manufacturer
of complex components and products produced in smaller batches, founded in
1996. Alphaform is one of the European market leaders in prototyping, the
manufacture of pre-production prototypes, especially for the automotive and
capital goods industries. The company has a leading position throughout
Europe in the manufacture of orthopaedic implants and instruments. The
Alphaform share is traded on the Frankfurt Stock Exchange under the
abbreviation ATF and is listed in the Prime Standard Segment.
The core competence of Alphaform lies in the provision of comprehensive
application expertise with regard to processes and materials for the
additive manufacture of complex prototypes, tools, single components and
small series of plastics and metals. The focus of the company's work lies
in orthopaedic and medical technology, automotive, as well as aviation and
aerospace. There are Alphaform subsidiaries in Germany, Finland, Sweden and
the UK.
About additive manufacturing
Additive manufacturing is automatic shift manufacturing of plastic and
metal parts, directly from CAD files and without casting moulds or press
moulds. Also known as rapid or direct manufacturing, 3D printing or
e-manufacturing, additive manufacturing is seen globally as a growth field.
For some years, additive manufacturing methods have enabled rapid tooling
and rapid prototyping. Because universities and plant builders are
continually developing new manufacturing methods and machinery, as well as
new materials, tool-free production will enable more cost effective batch
manufacturing and more customised products in future. Many very
sophisticated metal and plastic parts are only possible thanks to the new
manufacturing options that rapid manufacturing offers. Rapid manufacturing
is deployed above all in medical technology, aerospace and the automotive
industry.
Contact:
Dr. Gordon Guth
CFO
ALPHAFORM AG
Kapellenstraße 10
85622 Feldkirchen
Tel.: +49 89 905002 83
Fax: +49 89 9050021083
e-mail: gguth(at)alphaform.de
Internet: www.alphaform.de
End of Media Release
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Language: English
Company: Alphaform AG
Kapellenstraße 10
85622 Feldkirchen
Deutschland
Phone: +49 (0)89 905002 - 0
Fax: +49 (0)89 905002 - 90
E-mail: ir(at)alphaform.de
Internet: www.alphaform.de
ISIN: DE0005487953
WKN: 548795
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP-Media
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117222 28.03.2011
Datum: 28.03.2011 - 15:51 Uhr
Sprache: Deutsch
News-ID 33605
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