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Analytik Jena AG. (8/8/13). "Press Release: Analytik Jena after Nine Months with Revenue Increase and Earnings Below Expectations". Jena.

Region Region Japan
Organisations Organisation Analytik Jena AG
  Group Endress+Hauser (Group)
  Organisation 2 Analytik Jena Japan Co., Ltd.
  Group Endress+Hauser (Group)
Products Product analytical instrument
  Product 2 LIFE SCIENCES
  Index term 2 UVP–Analytik Jena: investment, 201304 acquisition €na 100% of UVP LLC + wholly-owned sub Ultra-Violet Products Ltd
Person Person Berka, Klaus (Analytik Jena 200702 Chairman Executive Board)
     


> Group revenue increased by 4.1 %, Life Science business advances

> Earnings in Analytical Instrumentation and Life Science business units impaired especially by business in Japan

> Executive Board resolves measures for reorganization of the Japanese subsidiary

> Increase of operating cash flow to EUR 4.5 m


Analytik Jena AG (Prime Standard: AJA, ISIN: DE0005213508) recorded a largely stable sales development in the core business in a difficult market environment after nine months. The Company generated Group revenues of EUR 71.3 m (previous year: EUR 68.4 m) and thus an increase of 4.1 % in the reporting period. Overall earnings were considerably below expectations and were partially affected by extraordinary effects. Operating profits (EBIT) were EUR 2.3 m (previous year: EUR 4.4 m) at the end of the period and thus 48.6 % less than in the previous year.

"Sales and earnings development of Analytik Jena was especially influenced by the disappointing operational business in Japan. Further impacts on earnings are due to additional amortization from the acquisition of the new subsidiary UVP and the closing of a Berlin location", Klaus Berka, CEO of Analytik Jena AG, said.

Revenue Development and Segments

The core business of analytical measuring technology was most affected by failing revenues in Japan. For the first time, the largest business unit Analytical Instrumentation had to accept a slight revenue decline of 2.0 % compared to the previous year's period and closed the period with revenues of EUR 43.2 m (previous year: EUR 44.1 m).

The Life Science business unit generated 20.0 % higher revenue in the reporting period and generated a Group revenue of EUR 24.2 m (previous year: EUR 20.1 m) after nine months. On one hand the segment benefited from the consolidation of UVP, on the other hand Analytik Jena was able to achieve good organic growth in Life Science due to a solid development of the operational business with instruments and kits.

The Optics business unit generated revenue of EUR 3.9 m (previous year: EUR 4,2 m) and had to record a revenue decline of 7.1 % in the reporting period. Here Analytik Jena has not yet been able to compensate for the decline in revenue caused by sustained international price competition and competitive pressure for the consumer products of the DOCTER® brand with OEM business that was established a year ago.

Earnings

The Group concluded the reporting period with earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 5.6 m (previous year: EUR 7.4 m) representing an EBITDA margin of 7.9 % (previous year: 10.9 %). Operating profits (EBIT) of EUR 2.3 m (previous year: EUR 4.4 m) were especially impaired by the disappointing business in Japan and by additional amortization of EUR 0.3 m, resulting from the initial purchase price allocation related to the acquisition of UVP in the third quarter. In total Analytik Jena achieved an EBIT margin of 3.2 %, compared to 6.5 % in the previous year.

Earnings before taxes (EBT) of EUR -0.8 m (previous year: EUR 3.8 m) were impaired primarily by the negative contribution to earnings of the 49.0 % minority interest AJZ Engineering and by currency developments that were unfavorable for the Company. Overall Analytik Jena recorded a net loss for the nine-month period of EUR 0.6 m (previous year: net profit of EUR 2.4 m). The share of this result attributable to the shareholders of Analytik Jena AG totaled EUR -0.6 m (previous year: EUR 2.1 m), which corresponds to basic and diluted earnings per share of EUR -0.11 (previous year: EUR 0.39).

"Following the renewed disappointing development we see an urgent demand for action at our subsidiary AJ Japan and have resolved an extensive reorganization of the company with an immediate cost reduction program", Berka adds.

Changes in Statement of Financial Position

The Group's total assets as of the balance sheet date June 30, 2013 increased from EUR 105.7 m (as of 09/30/2012) to EUR 108.2 m. Analytik Jena reported equity in the reporting period of EUR 44.9 m (as of 09/30/2012: EUR 46.2 m). The equity ratio declined from 43.8 % as of 09/30/2012 to 41.5 % as of 06/30/2013.The amount of cash or cash equivalents held by the Group at the end of the reporting period was reduced to EUR 5.1 m (09/30/2012: EUR 21.5 m) primarily due to payment of the purchase price for the new subsidiary UVP. In the reporting period, Analytik Jena generated a significant increase in operating cash flow to EUR 4.5 m (previous year: EUR 1.1 m).

Human Resources

As of the balance sheet date, the Group had a total of 978 employees, including 44 interns (previous year: 814 employees, including 36 interns). The increase in the number of employees compared to the previous year resulted primarily from the acquisition of UVP and its subsidiary.

Outlook

The Company holds on to its revenue and earnings forecast for the current financial year, that was revised on July 26, 2013, with Group revenues of EUR 96 m to EUR 98 m and operating profits (EBIT) of EUR 4.5 m to EUR 5.0 m as well as an EBITDA margin of about 10.0 %.

Further Information

The full financial report is available at http://berichte.analytik-jena.de/9-MonthReport_1213.pdf.

   
Record changed: 2019-06-09

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