Tecan records solid business performance in first half of 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Maintained operating profit margin at high level of 11.5% (H1 2008: 12.6%); operating profit of CHF 21.1 million. (H1 2008: CHF 23.1 million)* Net profit margin of 9.4% (H1 2008: 10.4%); net profit of CHF 17.2 million (H1 2008: CHF 19.0 million)* Sales of CHF 182.6 million approximately at last year's level (H1 2008: CHF 183.6 million)* Increased order entry of CHF 192.4 million (H1 2008: CHF 186.9 million)* All business segments recorded an operating profit* Strong cash flow from operating activities* Healthy balance sheet; equity ratio increased to 51.9% (December 31, 2008: 48.9%)Männedorf, Switzerland, August 13, 2009 - Despite the difficulteconomic environment, the Tecan Group (SIX Swiss Exchange: TECN)recorded a solid business performance in the first half of 2009. Theoperating profit margin was maintained at a high level of 11.5% (H12008: 12.6%), even with additional substantial investments ininnovation projects and further expansion of the distributioncapabilities and infrastructure. In the first six months of 2009,Tecan achieved an operating profit of CHF 21.1 million (H1 2008: CHF23.1 million). Net profit reached CHF 17.2 million (H1 2008: CHF 19.0million), with a net profit margin of 9.4% of sales (H1 2008: 10.4%).Earnings per share were CHF 1.66 (H1 2008: CHF 1.71).With CHF 182.6 million, sales reached approximately last year's level(H1 2008: CHF 183.6 million). Sales came in 0.5% and 0.8% below lastyear's level in Swiss francs and local currencies respectively. Orderentry increased by 2.9% to CHF 192.4 million (H1 2008: CHF 186.9million) or by 2.5% in local currencies.Thomas Bachmann, CEO of Tecan, says: "We are satisfied that we haveperformed well in a tough economic environment and outperformed themarket relevant to our business. We responded flexibly to thechallenges from various end-user markets. Once again we demonstratedstrong earnings with a considerable cash flow from operatingactivities. Our healthy financial position enables us to makeadditional investments in innovation and infrastructure projects andto enter new markets, which is our strategy for longer-termprofitable growth. Over the year as a whole, we expect sales toeither remain stable or to fall by up to five per cent from theprevious year when measured in local currencies."Regional and product-specific developmentsTecan's sales grew by 7.3% in North America. Expressed in localcurrencies, sales remained at the prior-year level. All customersegments contributed to sales, although they did not yet include anyprojects under government programs to stimulate the US economy. Tecanrecorded a significant increase in order entry in North America. InEurope, sales in Swiss francs declined by 7.4% and were 2.1% belowlast year's level when measured in local currencies. Businessperformance was mixed across the various European countries. Businessserving the pharmaceutical industry was negatively impacted by theongoing structural changes in the sector and the impact of theeconomic crisis. In Asia, sales rose 8.6% in Swiss francs and 6.2% inlocal currencies. Tecan's strategically important worldwide OEMbusiness accounted for 28.3% of total sales in the first half of theyear (H1 2008: 29.3%). Tecan posted double-digit sales growth forconsumables and the service business whose share of total salesincreased to 33.9% (H1 2008: 30.2%).Information by business segmentComponents & DetectionAt CHF 48.3 million, sales in the Components & Detection businesssegment were 1.1% above last year's level (H1 2008: CHF 47.8 million)but 1.1% lower in local currency terms. Demand declined from a numberof major components customers due to the economic crisis. New OEMcontracts accounted for a greater proportion of sales of detectiondevices. Order entry for the first half of the year increasedsignificantly compared with the same period last year. Due to a moreefficient cost structure and higher proportion of service business,the Components & Detection business segment increased its operatingprofit margin from 8.7% to 10.5% of sales year-on-year. Operatingprofit was CHF 5.5 million, 21.3% up on the first half of 2008 (H12008: CHF 4.5 million).Liquid Handling & RoboticsLiquid Handling & Robotics, Tecan's largest business segment,generated sales of CHF 114.9 million in the first half of 2009. Saleswere 6.2% and 5.6% below last year's level in Swiss francs and localcurrencies respectively (H1 2008: CHF 122.5 million). In particular,the end-user business serving the pharmaceutical industry in Europeand the diagnostics business in China recorded substantial declines.The OEM business in the Liquid Handling & Robotics segment fell shortof the previous year, but this should balance out again over the yearas a whole. Sales from end-user business in the US and Japan, on theother hand, were higher this year than they were for the same periodlast year. The consumables business and service unit also performedwell. Order entry was slightly down from the first half of 2008. Dueto lower sales and the aforementioned additional investments toimplement the growth strategy, the operating profit margin was lowerthan in the same period last year reaching 16.4% of sales (H1 2008:21.8%). Operating profit was CHF 19.0 million (H1 2008: CHF 26.9million).Sample ManagementSales in the Sample Management business segment rose by 45.4% fromCHF 13.3 million to CHF 19.4 million in the first six months of 2009.This equates to an increase of 42.9% in local currencies whichresulted primarily from the orders for large automated storagesystems that were signed in the second half of 2008. Order entry inthe first half of 2009 was significantly above the low level seenduring the same period last year. Following an operating loss of CHF4.0 million in the same period last year, Sample Management was againprofitable during the first half of 2009 (CHF 0.3 million). Effortsto reduce costs and enhance processes to cope with the continuedchallenging market situation for large storage systems are ongoing.Healthy balance sheet - high equity ratioThe equity ratio increased and reached 51.9% as of June 30, 2009(December 31, 2008: 48.9%). Net liquidity (cash and cash equivalentsminus bank liabilities and loans) also rose, to stand at CHF 39.1million as of the balance sheet date (December 31, 2008: CHF 33.7million). Thus, Tecan has continued to strengthen a very healthybalance sheet. The reduction in share capital through thecancellation of 696,788 registered shares (5.8% of the sharecapital), approved at the Annual General Meeting, will be carried outin the near future. Tecan had acquired these shares as part of ashare buyback program. The company's share capital will then stand atCHF 1,138,603.20, divided into 11,386,032 registered shares with anominal value of CHF 0.10 each.OutlookTecan expects the company to continue to only be moderately impactedby the economic crisis. It remains hard to predict market trends overthe medium term, however the experiences from the first half of theyear enable the company to make a more precise full-year analysis.Tecan now expects sales for 2009 to either remain stable or fall byup to five per cent from the previous year when measured in localcurrencies. Assuming sales remain stable in local currencies, Tecancontinues to expect an operating profit margin of 13 to 14% whenincluding the additional projects for implementing the growthstrategy. If sales in local currencies fall 5% below last year'slevel, the company anticipates an operating profit margin of 11.5 to12.5%.WebcastA conference call discussing the results for the first half of 2009will take place today at 10:00 am (CET). The event will also berelayed by live audio webcast, which interested parties can access atwww.tecan.com. A link to the webcast will be provided immediatelyprior to the event.Dial-in numbers:Participants from Europe: +41 91 610 5600 or +44 207 107 0611 (UK)Participants from US: +1 866 291 4166Participants should if possible dial in 10 minutes before the startof the event.About TecanTecan (www.tecan.com) is a leading global provider of laboratoryinstruments and solutions for the biopharma, forensic and diagnosticindustries. The company specializes in the development, productionand distribution of automation solutions for laboratories in the lifesciences sector. With its subsidiary REMP (www.remp.com), Tecan isthe market leader in automated laboratory storage and logisticssystems. Its clients include pharmaceutical and biotechnologycompanies, university research departments and diagnosticlaboratories. Founded in Switzerland in 1980, the company hasmanufacturing, research and development sites in both North Americaand Europe and maintains a sales and service network in 52 countries.In 2008, Tecan generated sales of CHF 396 million (USD 366.7 million;EUR 250.7 million). Registered shares of Tecan Group are traded onthe SWX Swiss Exchange (TK: TECN/Reuters: TECZn.S/Swiss securitynumber: 1210019). TECZn.S / Valor: 1210019).For further information:Tecan GroupDr. Rudolf Eugster Martin BrändleChief Financial Officer Head of Corporate Communications & Investor Relationsinvestor(at)tecan.com Tel. +41 (0) 44 922 84 30www.tecan.com Fax +41 (0) 44 922 88 89http://hugin.info/100384/R/1334327/316666.pdfhttp://hugin.info/100384/R/1334327/316667.pdf --- End of Message ---Tecan Group AGSeestrasse 103 Männedorf SwitzerlandISIN: CH0012100191; Index: SBIOM, SLIFE, SMCI, SPI, SPIEX;Listed: Main Market in SIX Swiss Exchange;
Datum: 13.08.2009 - 07:00 Uhr
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