Annual financial statements 2015: Sales at EUR 28 million within the guidance and EBITDA KEUR 400 below the forecast more

Annual financial statements 2015: Sales at EUR 28 million within the guidance and EBITDA KEUR 400 below the forecast
- EBITDA 2015 burdened by one-time value adjustment on inventories (KEUR 700) due to portfolio streamlining and potential cannibalization effects -

aapImplantate AG ('aap') recently signed a purchase agreement for the sale of all shares in its subsidiary aapBiomaterials GmbH and is currently working on the fulfillment of the conditions precedent in order to close the transaction. Upon closing of the transaction, aapbecomes a pure player in trauma with a portfolio of IP-protected innovative technologies. Against this background and after an extensive feedback from customers in the first quarter of 2016 as well as due to the substantial expansion of the LOQTEQ® portfolio in the 2015 financial year, a cannibalization of standard trauma products by LOQTEQ® products may occur in future. In course of the focusing on the trauma business aapintends to sell the remaining 33% share in aapJoints GmbH (Recon products for knee, hip and shoulder) in 2016 and to discontinue its supplier activities in this non-core area. In order to adequately address the potential future sales risk for standard trauma products, and to take into account the decision in the context of aapJoints GmbH, the Management Board made in course of preparing the consolidated and annual financial statements 2015 an extraordinary and one-time value adjustment on inventories of standard trauma and recon products in the amount of KEUR 700. This value adjustment leads to a reduction in EBITDA in the 2015 financial year to the same extent. As a result, the EBITDA in the 2015 financial year amounts to EUR -1.9 million and is therefore KEUR 400 below the forecast made in November 2015 of EUR -1.5 million to EUR 1.0 million. The sales in the 2015 financial year amount to EUR 28.0 million and are therefore within the guidance of EUR 27.5 million and EUR 31.5 million.

This release contains forward-looking statements based on current experience, estimates and projections of the management board and currently available information. They are not guarantees of future performance. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Many factors could cause the actual results, performance or achievements of aapto be materially different from those that may be expressed or implied by such statements. These factors include those discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. aapdoes not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments

aap Implantate AG issued this content on 22 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 April 2016 16:00:12 UTC

Original Document: http://www.aap.de/en/investors/news/2016/ad-hoc-announcement-dated-april-22-2016