DGAP-News: SMARTRAC Reports First Quarter 2011 Results and Confirms its Targets for 2011
ID: 34003
(firmenpresse) - DGAP-News: SMARTRAC N.V. / Key word(s): Quarter Results
SMARTRAC Reports First Quarter 2011 Results and Confirms its Targets
for 2011
10.05.2011 / 07:35
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PRESS RELEASE
SMARTRAC Reports First Quarter 2011 Results and Confirms its Targets for
2011
- Sales Q1-2011: EUR 49.0 million, representing an increase of 33 percent
on the EUR 36.8 million generated in Q1-2010
- EBITDA Q1-2011: EUR 5.2 million, representing an increase of 4 percent
compared to EUR 5.0 million in Q1-2010, profitability at 11 percent
EBITDA margin
- Outlook 2011: Management confirms target to increase group sales to EUR
200 million in 2011
- Dr. Christian Fischer, CEO: 'The SMARTRAC Group continued its positive
business development in the first quarter of 2011. Besides sales growth
of 33 percent, we further progressed in our growth strategy and
strengthened the basis for future success.'
Amsterdam, May 10, 2011 - SMARTRAC N.V., a leading developer, manufacturer
and supplier of RFID transponders, announces financial figures for the
first quarter of 2011 today. SMARTRAC continued its positive business
development and increased its revenues in the first three months of 2011.
SMARTRAC reported an increase of 33 percent in total sales from EUR 36.8
million in Q1-2010 to EUR 49.0 million in Q1-2011. Solid revenue expansion
in the company's eID, Cards and Industry&Logistics business units
contributed to the sales growth. EBITDA increased by 4 percent from EUR 5.0
million in the first three months of 2010 to EUR 5.2 million in the first
three months 2011. Profit for the period amounted to EUR 0.6 million, a
decrease of 78 percent compared to EUR 2.6 million a year ago. The decrease
in profit is mainly due to the negative development of the financial
results in the first quarter of 2011 which is for the most part
attributable to conversion effects based on an unfavorable development of
the underlying currencies.
SMARTRAC Financial Figures at a Glance:
Key dataGroup Revenues:
In thousands Consolidated 3 months Consolidated 3 months Change
of EUR ended 31 March 2011 ended 31 March 2010 in %
Consolidated income
statement
Revenues 48,962 36,781 33.1
EBITDA 5,216 5,024 3.8
Profit for the period 568 2,598 (78.1)
Financial position and
liquidity
Net cash flow used in (961) (742) 29.5
operating activities
Working capital 48,997 36,539 34.1
Capital expenditure 4,305 3,272 31.6
Total Assets 245,510 212,233 15.7
Operating figures
Basic earnings per 0.03 0.18 (83.3)
share (euro)
Operating cash flow (0.06) (0.05) 20
per share (euro)
Equity ratio (%) 65.6 60.7 8.1
Headcount (at month's 3,555 3,056 16.3
end)
The SMARTRAC Group generated revenues of EUR 49.0 million in the first
quarter of 2011, representing an increase of 33 percent from the previous
year's figure of EUR 36.8 million.
Revenue in SMARTRAC's Security Segment (Business Units Cards and eID)
amounted to EUR 37.3 million, which is equivalent to growth of 39 percent
compared to sales of EUR 26.8 million in 2010. The increase resulted from
supply of business with existing customers as well as demand resulting from
new project wins. In Q1-2011 the Security Segment accounted for 76 percent
of total Group revenue compared to 73 percent a year ago.
Revenue in the Industry Segment (Business Units Industry&Logistics and
Tickets&Labels) increased by 18 percent in the first three months of 2011
to EUR 11.6 million compared to EUR 9.8 million in 2010. The increase was
mainly attributable to stable demand in the automotive business and the
accelerated growth in the non-automotive business of the Business Unit
Industry&Logistics. The Q1-2011 sales of the Industry Segment represented
a 24 percent share of the overall sales of the company compared to 27
percent a year ago.
Group EBITDA:
The Group EBITDA from January to March of EUR 5.2 million represented
growth of 4 percent compared to EUR 5.0 million a year ago. The EBITDA
margin for the period under review accounted for 11 percent compared to 14
percent a year ago. This decrease is mainly attributable to the ongoing
change in the product mix, the continued high level of microchip sourcing,
costs related to the ramp-up of operations in Malaysia, as well as to a
certain increase in commodity prices.
The Security Segment reached an EBITDA of EUR 4.9 million compared to
EBITDA of EUR 4.8 million a year ago.
The Industry segment reported an EBITDA of EUR 0.6 million in the first
quarter of 2011 compared to an EBITDA of EUR 0.7 million in the same period
of 2010.
Profit for the period:
Profit for the first quarter decreased by 78 percent from EUR 2.6 million
in 2010 to EUR 0.6 million in 2011. The decrease in profit is mainly due to
the negative development of the financial results in the first quarter of
2011 which is for the most part attributable to conversion effects based on
an unfavorable development of the underlying currencies.
Financial Position:
Total assets amounted to EUR 245.5 million as of March 31, 2011, compared
to EUR 248.5 million at year-end 2010. The decline in total assets was
predominantly related to the decrease in cash and cash equivalents. Cash
and cash equivalents decreased by 15 percent from EUR 49.6 million to EUR
42.3 million, which is mainly attributable to cash flow used in investing
activities.
The Q1-2011 consolidated interim balance sheet showed equity of EUR 161.1
million compared to EUR 161.6 million as of December 31, 2010. The equity
ratio increased from 65 percent at year-end to 66 percent as of March 31,
2011.
Cash used in operating activities amounted to EUR 0.3 million in the first
three months of 2011, equaling the EUR 0.3 million used in the same period
of the previous year. Taking into account interest payments and receipts as
well as payments and repayments for income taxes, the net cash used by
operating activities in the first three months of 2011 amounted to EUR 1.0
million compared to net cash used by operating activities of EUR 0.7
million in 2010.
Net cash used in investing activities amounted to EUR 6.0 million as of
March 31, 2011, compared to net cash of EUR 3.4 million used in the same
period of 2010. This development in 2011 is mostly a result of the ongoing
investment program.
Business Outlook:
Based on the solid start into 2011 and the inherent growth potential of the
RFID industry in general, SMARTRAC confirms its target to increase Group
sales to EUR 200 million in 2011.
'Based on the investments in capacity and new technologies we have made in
the past months, we are well prepared to satisfy demand from our long-lived
customers while at the same time serving new projects,' said Dr. Christian
Fischer.
The SMARTRAC Q1-2011 Interim Report has been 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 bandwidth of applications in all current frequency
standards. The company produces ready-made as well as 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 transport 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 3,500 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
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Language: English
Company: SMARTRAC N.V.
Strawinskylaan 851
1077 XX Amsterdam
Niederlande
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
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Datum: 10.05.2011 - 07:35 Uhr
Sprache: Deutsch
News-ID 34003
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