aap Consolidated Annual Financial Statements 2009: Profitable growth achieved
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aap Implantate AG / aap Consolidated Annual Financial Statements 2009: Profitable growth achieved processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
2009: Sales EUR 33.1 million, EBITDA EUR 6.6 million, Net profit EUR 1.9 million
In the financial year 2009, aap Implantate AG, a medical technology company
listed in the Prime Standard Segment on the Frankfurt stock exchange, achieved
successfully the strategic goal of profitable growth. With a 4% increase in
sales to EUR 33.1 million (previous year: EUR 31.9 million) aap was able to
improve its EBITDA by 78% to EUR 6.6 million (previous year: EUR 3.7 million).
aap´s group total sales consist of product sales of biomaterials and implants
distributed under own label and manufactured for OEM partners of EUR 28.6
million and of project sales and outlicensing of EUR 4.5 million. The realized
project revenues are not to be considered as one-time effects, but form the base
for future growth due to the remaining exclusive manufacturing position of aap.
aap realised an EBIT of EUR 3.6 million (previous year: EUR -4,6 million), net
profit amounts to EUR 1.9 million (previous year: EUR -5,2 million).
With total assets of EUR 62.7 million (previous year: EUR 67.0 million) the
equity ratio of aap is 71%. Without taking into account goodwill, capitalised
development costs and other intangible assets, the equity ratio is 41% (previous
year: 29%).
In the fiscal year 2009 aap reached important milestones in its strategic
realignment to the Ortho, Trauma and Spine lines of business. With the
establishment of corporate center of excellences aap optimized its cost and
organizational structure. The total number of employees as at the end of the
fiscal year 2009 decreased by 23% to 242 (December 31, 2008: 315). After the
transfer of dental sales to an exclusive distributor, closing of the Düsseldorf
site, focusing of R&D activities on the three core lines of business and the
divestment of the Analytics division in December 2009, aap increased its agility
and flexibility and making its business model more transparent and attractive
for investors. In the fiscal year 2009 aap also achieved its strategic targets
for capital management: a debt coverage ratio of < 3 and an interest coverage
ratio of > 6. By negotiating more favorable payment terms with major OEM
partners aap achieved a further improvement of its liquidity situation.
+-------------------------+------------+------------+----------------+
| In EUR million | 2009 | 2008 | Change on year |
+-------------------------+------------+------------+----------------+
| Sales | 33.1 | 31.9 | + 4% |
+-------------------------+------------+------------+----------------+
| EBITDA | 6.6 | 3.7* | + 78% |
+-------------------------+------------+------------+----------------+
| EBIT | 3.6 | -4.6* | > 100% |
+-------------------------+------------+------------+----------------+
| Net Profit | 1.9 | -5.2* | > 100% |
+-------------------------+------------+------------+----------------+
| Total Equity (ratio) | 44.7 (71%) | 41.3 (62%) | + 8% |
+-------------------------+------------+------------+----------------+
| Debt Coverage Ratio | 1.2 | 3.6 | - 67% |
+-------------------------+------------+------------+----------------+
| Interest Coverage Ratio | 7.7 | 4.0 | + 93% |
+-------------------------+------------+------------+----------------+
| Total Assets | 62.7 | 67.0 | - 6% |
+-------------------------+------------+------------+----------------+
| Employees | 242 | 315 | - 23% |
+-------------------------+------------+------------+----------------+
* Figures of the financial year 2008 contain one-time effects of EUR 6.3
million, amongst others, due to extraordinary depreciation of intangible assets
as well as restructuring expenses. Without taking into account these one-time
effects the corresponding figures 2008 would be read as follows: EBITDA EUR 4.9
million, EBIT EUR 1.7 million, EBT EUR 0.8 million and profit EUR 0.6 million.
In the fiscal year 2010 aap continues to focus on customers, costs and cash as
well as further reduction of working capital and finally, delivering another
year of profitable growth. Our goal is to take aap forward with our own product
brands as well as IP protected technologies in order to transform the company
from a generics manufacturer to an innovative leading medical device company.
For 2010 the Management Board anticipates sales growth at product level of at
least 15%, from the restated sales revenue of around EUR 26 million (excluding
Analytics) in 2009 to at least EUR 30 million in 2010. Our growth drivers are:
anatomical angle-stable plates system (sliding and locking screw fixation),
anatomical knee system, collagen products, bone cement and cementing techniques.
In addition to the product sales, aap is planning in the current fiscal year to
sign two semi-exclusive license agreements for development projects with partner
companies. The financial target is to generate a positive EBIT out of product
sales in 2010.
The complete annual financial statements of aap Implantate AG are available for
download at www.aap.de. The first quarterly report is scheduled to be published
on May 12, 2010.
[HUG#1399624]
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aap Implantate AG
Lorenzweg 5 Berlin Germany
WKN: 506660;ISIN: DE0005066609;Index:CDAX,Prime All Share;TECH All Share;
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