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aap Implantate AG : annual financial statements for 2012: Successful 2012 - positive Outlook 2013 2012 sales EUR 36.4 million (+25%), operative EBITDA EUR +49%

03/28/2013 | 10:00am US/Eastern

aap Implantate AG / aap annual financial statements for 2012: Successful 2012 - positive Outlook 2013 2012 sales EUR 36.4 million (+25%), operative EBITDA EUR +49% . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

aap Implantate AG (XETRA: AAQ.DE), a global medical device company focussed on innovative trauma products and biomaterials for the orthopaedic market, achieved the following core results in the financial year 2012:

In Mio. EUR 2012 2011 Change
Sales 36.4 29.2 +25%
Product sales 33.8 29.2 +16%
Operative EBITDA[1]:
#_ftn1
6.1 4.1 +49%
Operative EBIT[2]:
#_ftn2
3.0 1.2 >100%
Operative Cash-Flow 7.1 3.2 >100%
ROCE[3]:
#_ftn3
(%)
5.0 1.8 >100%

Results of the Management Agenda 2012

Customer
Goals of the Management
Agenda 2012
Results of the Management Agenda 2012 Goal achieved?
LOQTEQ® sales in the financial year 2012 > EUR 2.4 million LOQTEQ® sales reached EUR 2.0 million. Although below the target, we received orders for over EUR 2.4 million which could not yet be fulfilled because of delays in registration processes in various countries. Order volume achieved, revenue delayed due to registration delays
After full FDA approval appointment of a US distributor for LOQTEQ® in third quarter We completed the registration of the LOQTEQ® plates in the USA. Signed a pilotmarketing agreement for the US market in the fourth quarter. Yes, but slightly delayed
Appointing distributors in the UK, Spain, Italy and France, preferably before the end of the second quarter We have appointed distributors in Spain and Italy, other EU distributors were appointed in Turkey, Czech Republic and Portugal. We continue to work towards appointing distributors in the UK and France. Outside the EU we were successful in appointing distributors in Egypt and in growth markets in the Americas, such as: Mexico, Argentina, Brazil, Colombia, Costa Rica and Puerto Rico. Signed with many countries; continue to work on UK and France
Renew OEM contracts with existing customers We have successfully extended supply agreements with a global medtech company for various biomaterials. Yes
EMCM: Secure new customers for aseptic/sterile medical products
  • EMCM signed the following agreements with:
  • a US government related customer
  • a German based medtech company for the development/supply of sterile, inflammable products
  • a Japanese company for a sterile recombinant peptide product and
  •  an Israeli company for a drug releasing medical device.
Yes

Innovation
Goals of the Management
Agenda 2012
Results of the Management Agenda 2012 Goal achieved?
Silver coating technology (Trauma/Orthopaedics: successful conclusion of animal tests in the fourth quarter We made substantial progress with the development of our silver coating technology. The start of the in vivo studies was delayed until the first quarter of 2013 for reasons beyond our control. We have initiated consultations with the regulatory body for how to apply for a CE certificate for the novel product, a hybrid of a trauma- and a biomaterial product. Progress achieved
Freshness Index >17 % The Freshness index ended at 15%, an improvement compared to 2010 and 2011 but our target of 17% was missed. With the planned growth of LOQTEQ® during 2013 we will show further improvement. No
Finish clinical study of silver cement before end of second quarter The clinical study for silver cement was completed in the first half of 2012. The results of the study are under evaluation, with potential next steps of filing for regulatory approval or conducting additional studies. Yes
Sign a further development agreement on a bone cement and/or a cementing application We have signed a development agreement for human bone cement with a global medtech company. Closing of the agreement is subject to certain audit results. Closing of the deal is expected in 2013. Yes
EMCM: Launch a new treatment method for allografts and generate initial sales revenue: B2B model with EU bone banks such as Sanquin and others EMCM has developed its scCO2 technology and has signed a supply agreement with the bone bank Sanquin from the Netherlands. Together with its US partners, EMCM has also hosted a scientific symposium around the subject of allograft and the scCO2 technology for cleaning and sterilization of human bone. Yes

Financials
Goals of the Management
Agenda 2012
Results of the Management Agenda 2012 Goal achieved?
10% sales growth Sales growth was 25%, well above the target of 10%. Yes
Cash EBIT: improve to at least EUR 1.0 million Cash-EBIT target of EUR 1 million was delivered, and on product level for the first time positive Yes
DCR < 2.5 and ICR > 6 (Basis: Operative EBITDA) Goal achieved: DCR 0,8 (2011: 1,7);
ICR 11,8 (2011: 6,8)
Yes
Stabilise company financing Company financing was improved. Net debt was lowered from EUR 6.9 million (2011) to EUR 4.5 million (2012). High interest bearing shareholder loans were almost completely replaced by bank loans with a much lower interest Yes
Continued profitable growth EBITDA growth of 50% was well above the sales growth of 25%, delivering another year of profitable growth Yes

Organisation/IT
Goals of the Management
Agenda 2012
Results of the Management Agenda 2012 Goal achieved?
IT infrastructure: test outsourcing for risk and quality management We studied various different outsourcing alternatives. At the moment we are of the opinion that there is no need, so we are not planning to outsource the IT infrastructure. Yes
Adopt Code of Conduct During the year, we have adopted various projects, such as advanced Data protection measures, employee invention policies and procedures to improve the contract management. A full code of conduct has not been published yet. Progress achieved

EBITDA was up by 73% from EUR 4.1 million to EUR 7.1 million and EBIT rose from EUR 1.2 million to EUR 3.2 million. The main reasons for this strong increase were, in addition to higher sales, the two license and supply agreements signed in the first and fourth quarters with an EBITDA/EBIT effect of EUR 1.2 million, the EUR 0.8 million effect of the sale of 50% of the shares in aap BM productions GmbH, newly founded in the financial year, and the EUR 1.0 million write-up of assets stated under other operating income. Disregarding the effects of the asset value write-up and the extraordinary depreciation, like-for-like 2012 operative EBITDA would be EUR 6.1 million and like-for-like 2012 operative EBIT would be EUR 3.0 million).

Outlook for 2013

For the financial year 2013 the further transformation of aap into a focussed medical device company delivering profitable sales growth continues to be the cornerstone of aap's corporate strategy. The main sales growth is expected to be in the trauma segment with a focus on the LOQTEQ® product family. LOQTEQ® sales are to be increased to over EUR 5.0 million and a further six plates are to be added to the portfolio. Additional sales growth is to be achieved in the bone cement and cementing techniques segment by means of further license and supply agreements.

For 2013 the Management Board has set itself the following main targets:

  • Profitable growth with an increase in sales of at least 10% and EBITDA growth of 15%
  • Achievement of positive economic profit
  • Improvement of the Freshness Index to at least 20% by launching new products or launching existing products in new markets
  • Improvement of the operating working capital ratio to > 2.2 (in relation to sales revenue)

aap's principal long-term objective is to increase enterprise value for the company and its shareholders. Added value is defined as positive economic profit (EP) with the return on capital employed (ROCE) in operating business generating more income than the average capital costs.

In view of the attractiveness of aap's product portfolio in our core markets (the US and the BRIC and SMIT countries) and of upcoming new product launches we consider a CAGR[4]:
#_ftn4
of 10% of sales growth and a corresponding Cash-EBIT CAGR of at least 15% to be achievable. We aim to achieve these targets on an annual basis; a quarterly fluctuation in growth and profitability is to be expected in view of the product and project sales mix, with project sales less predictable from one quarter to the next.

aap Implantate AG's full consolidated financial statements for 2012 are available to download at  www.aap.de. The Q1 2013 report is scheduled for publication on May 15, 2013.

 

 

 

 

 

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 aap to 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. aap does not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments.



[1]:
#_ftnref1 EBITDA EUR 7,1 million minus reversal of assets EUR 1,0 million

[2]:
#_ftnref2 EBIT EUR 3,2 million minus reversal of assets EUR 1,0 million and extraordinary depreciation on development projects EUR 0,8 million)

[3]:
#_ftnref3 Return on Capital Employed

[4]:
#_ftnref4 CAGR = compound annual growth rate

______________________________________________________
aap Implantate AG (ISIN DE0005066609)
- Prime Standard/Regulated Market - All German stock markets -

aap is a global medical device company headquartered in Berlin, Germany that develops, manufactures and markets innovative biomaterials and implants that are used in orthopedic procedures. The Company's products, which include a full line of plating systems, cannulated screws and bone cement products, are primarily used in the orthopedic specialty areas of trauma and spine repair. The Company's products are sold through its direct sales force, distribution partners and license agreements with OEM partners. aap's stock is listed in the Prime Standard segment of the Frankfurt Stock Exchange. For more information, please visit www.aap.de:
http://www.aap.de/, or download the Company's investor relations app from the Apple's App Store:
https://itunes.apple.com/app/aap-implantate-ag-ir/id572962043?mt=8 or Google Play:
https://play.google.com/store/apps/details?id=com.theirapp.aaq.

For inquiries please contact:
aap Implantate AG, Marc Heydrich, Investor Relations, Lorenzweg 5, 12099 Berlin, Germany
Tel.: +49 30 7501 9-134, fax: +49 30 7501 9-290, m.heydrich@aap.de

 
Press Release plus Annex:
http://hugin.info/130121/R/1688869/554212.pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: aap Implantate AG via Thomson Reuters ONE

HUG#1688869
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