DGAP-News: SMARTRAC N.V.: SMARTRAC reports on first quarter results 2010
(firmenpresse) - SMARTRAC N.V. / Quarter Results
10.05.2010 07:29
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SMARTRAC reports on first quarter results 2010: Growth of 25 percent in
sales and 43 percent EBITDA with profitability at 14 percent EBITDA margin
- Sales Q1 2010: EUR 36.8 million, representing an increase of 25 percent
on the EUR 29.4 million generated in Q1 2009
- EBITDA Q1 2010: EUR 5.0 million, representing an increase of 43 percent
compared to EUR 3.5 million in Q1 2009, profitability at 14 percent
EBITDA margin
- Outlook 2010: Management is optimistic for the further development of
the financial year 2010
- Dr. Christian Fischer, CEO: 'The SMARTRAC Group showed an encouraging
start in the financial year 2010. We delivered growth in all our
business units and experienced significantly improved order activity in
combination with enhancing visibility.'
Amsterdam, May 10, 2010 - The TecDAX listed company SMARTRAC N.V. today
announces financial figures for the first quarter 2010. SMARTRAC delivered
on growth and made a successful start into the business year 2010. SMARTRAC
reported an increase of 25 percent in sales from EUR 29.4 million in Q1
2009 to EUR 36.8 million in Q1 2010. SMARTRAC observed a significantly
improved order activity by its customers which resulted in enhancing
visibility and a decreasing volatility in the utilization of SMARTRAC's
global production network. All business units contributed to sales growth.
EBITDA increased by 43 percent from EUR 3.5 million to EUR 5.0 million in
Q1 2010. This increase is mainly attributable to a more balanced sales
allocation within the quarter and the already anticipated progress in the
result of the production facility in the United States. Nevertheless, the
results related to SMARTRAC's operations in Malaysia and one-off cost of
the technology transfer in the first quarter still burdened the company's
profitability. Profit for the period amounted to EUR 2.6 million, 64
percent increased compared to EUR 1.6 million a year ago.
SMARTRAC financial figures at a glance:
Key dataGroup revenues
In thousands Consolidated 3 months Consolidated 3 months Change
of euro ended 31 March 2010 ended 31 March 2009 in %
Consolidated income
statement
Revenues 36,781 29,369 25
EBITDA 5,024 3,526 43
Profit for the period 2,598 1,584 64
Financial position and
liquidity
Net cash flow used by (742) (293) (153)
operating activities
Working capital 36,539 27,612 32
Capital expenditure 3,272 2,561 28
Total Assets 212,233 175,485 21
Operating figures
Basic earnings per 0.18 0.12 50
share (euro)
Operating cash flow (0.05) (0.02) (150)
per share (euro)
Equity ratio (%) 61 57 6
Headcount (at month's 3,056 2,604 17
end)
The SMARTRAC Group generated revenues of EUR 36.8 million in the first
quarter 2010. This represented an increase of 25 percent from the previous
year figure of EUR 29.4 million. All business units contributed to sales
growth.
Revenue in SMARTRAC's Security segment (Business Units Cards and eID)
amounted to EUR 26.8 million, which is equivalent to a growth of 18 percent
compared to sales of EUR 22.8 million in 2009. The increase in deliveries
to global e-Passport projects in the Business Unit eID and the strong
demand in e-Payment within the Business Unit Cards have contributed to the
growth. In Q1 2010 the Security Segment accounted for 73 percent of total
Group revenue compared to 78 percent a year ago.
Revenue in the Industry segment (Business Units Industry&Logistics and
Tickets&Labels) amounted to EUR 9.8 million in Q1 2010 representing an
increase of 53 percent compared to sales of EUR 6.4 million in Q1 2009. The
increase was mainly attributable to a significant recovery in the
automotive business compared to last year's low and the accelerated growth
in the non-automotive business of the Business Unit Industry&Logistics.
The 2010 sales represented a 27 percent share in the overall sales of the
company compared to 22 percent a year ago.
Group EBITDA
The Group EBITDA of EUR 5.0 million represented a growth of 43 percent
compared to EUR 3.5 million a year ago. The EBITDA margin improved from 12
percent in Q1 2009 to 14 percent in Q1 2010. A more balanced utilization of
SMARTRAC's global production network and an improved utilization and
financial performance of the U.S. production facility were the main drivers
of this positive development.
The Security segment reached an EBITDA of EUR 4.8 million. This represents
an increase of 11 percent compared to EBITDA of EUR 4.4 million a year ago.
The Industry segment reported an EBITDA of EUR 0.7 million in Q1 2010
compared to an EBITDA of EUR 0.05 million recorded in the same period of
2009. The strong performance of the Business Unit Industry&Logistics
supported the EBITDA margin of the Industry segment, but ramp-up costs for
the production facility in Malaysia and one-off costs still negatively
affected the profitability.
Profit for the period
At EUR 2.6 million, profit for the period increased by 64 percent on the
previous year's EUR 1.6 million. The total comprehensive income for the
period including translation effects of foreign currencies amounted to EUR
3.8 million in Q1 2010 and EUR 1.5 million, respectively.
Financial position
Accounting for EUR 212.2 million on March 31, 2010, total assets increased
by 2 percent on the year-end figure 2009 of EUR 208.3 million. The
consolidated interim balance sheet showed equity of EUR 128.7 million,
representing a 3 percent increase compared to EUR 124.6 million as of
December 31, 2009.
With an equity ratio of 61 percent and net debt of EUR 15.5 million,
SMARTRAC reported a solid financial basis for profitable growth in the
future.
Net cash used in operating activities in the first quarter of 2010 amounted
to EUR 0.7 million compared to net cash used of EUR 0.3 million a year ago.
The increased net profit in the first quarter 2010 was set off by an
increase in working capital.
Business outlook
Given the encouraging start in the first quarter, the currently significant
improving visibility into the second quarter and the inherent growth
perspectives for the RFID industry in general, the Management is optimistic
for the further development of the financial year 2010. SMARTRAC is looking
forward to turning opportunities into business, growth and profitability.
'Order intake and visibility remain strong at the beginning of the second
quarter to indicate favorable capacity utilization in the coming months,'
said Dr. Christian Fischer. 'Our unique position in the RFID market and the
broad and diversified product portfolio provide further growth
opportunities.'
The SMARTRAC Q1 Interim Report has been published today and is available
for download on the company's website at www.smartrac-group.com.
About SMARTRAC N.V.
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 readymade 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. Since December 2008 SMARTRAC has been a member of the TecDAX,
Germany's leading share index for companies in the technology sector. The
company currently employs some 3,000 employees and maintains a global
research and development, production and sales network.
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.
Andreas Schwarzwälder
Investor Relations
Tel: +31 20 30 50 156
Email: andreas.schwarzwaelder(at)smartrac-group.com
Tanja Möhler
Corporate Communications
Tel: +31 20 30 50 157
Email: tanja.moehler(at)smartrac-group.com
10.05.2010 07:29 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: SMARTRAC N.V.
Strawinskylaan 851
1077 XX Amsterdam
Niederlande
Phone: +31 20 30 50 156
Fax: +31 20 30 50 155
E-mail: investor.relations(at)smartrac-group.com
Internet: www.smartrac-group.com
ISIN: NL0000186633
WKN: A0JEHN
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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