BERLIN, March 30, 2012 (GLOBE NEWSWIRE) -- aap Implantate AG (XETRA:AAQ), a global medical device company focused on innovative trauma products and biomaterials for the orthopaedic market, achieved the following results in the financial year 2011:
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6% sales growth at product level
- Increased EBITDA at product level by 46% (2011: EUR 4.1 million; 2010: EUR 2.8 million)
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68% improvement in cash EBIT1 at product level from EUR -2.2 million to EUR -0.7 million
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Successful national and international launch of the innovative LOQTEQ® system
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Business development in the US market with sales totalling EUR 3.3 million (+77%), with bone cement as the growth driver
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Signed a bone cement development contract with a world-leading orthopaedics company
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Established a research & development center of excellence for bone cement and cementing technique in Dieburg
- Improved ICR to 6.8 and of DCR to 1.7
In the financial year 2011, aap achieved EUR 29.2 million in total sales, up from EUR 28.4 million in the previous year (+3%). 2011 sales consisted solely of product sales, which include aap's biomaterials and implants that are sold directly by the Company and to the Company's OEM partners. 2010 sales included EUR 27.5 million of product sales and EUR 0.9 million in sales from project and out-licensing businesses. Product sales increased 6% in financial year 2011 compared to financial year 2010.
EBITDA increased from EUR 3.4 million to EUR 4.1 million (+21%) and EBIT from EUR 0.7 million to EUR 1.2 million (+71%). Like-for-like 2010 EBITDA at product level was EUR 2.8 million after adjusting for product sales and like-for-like 2010 EBIT at product level was EUR 0.1 million. Adjusted for project sales, EBITDA at product level increased by 46% (2011: EUR 4.1 million) and adjusted EBIT improved from EUR 0.1 million to EUR 1.2 million.
aap's equity ratio on a balance sheet total of EUR 66.2 million (previous year: EUR 63.6 million) was 73%. At the end of the financial year 2011, the employee numbers increased by 4% from 256 to 266.
With a 6% sales growth at product level the Company fell slightly short of its 10% target. Cash EBIT showed a considerable improvement – a 68% increase from EUR -2.2 million to EUR -0.7 million –, but the Company was unable to reach its target of breaking even. Debt (< 3) and interest coverage (> 6) ratio targets were achieved (DCR 1.7, ICR 6.8).
| In EUR million | 2011 | 2010 | Change |
| Sales | 29.2 | 28.4 | 3% |
| Product sales (adjusted)* | 29.2 | 27.5 | 6% |
| EBITDA | 4.1 | 3.4 | 21% |
| EBITDA (adjusted)* | 4.1 | 2.8 | 46% |
| EBIT | 1.2 | 0.7 | 71% |
| EBIT (adjusted)* | 1.2 | 0.1 | >100% |
| Cash-EBIT (adjusted)* | -0.7 | -2.2 | 68% |
| Result after tax | 0.4 | 0.1 | >100% |
| Equity (ratio) | 48.4 (73%) | 44.9 (70%) | 8% |
| Debt coverage ratio (DCR) | 1.7 | 2.7 | n. a. |
| Interest coverage ratio (ICR) | 6.8 | 6.1 | n. a. |
| Balance sheet total | 66.2 | 63.6 | 4% |
| Employees | 266 | 256 | 4% |
*2010: Figures exclude effects of project business
2012 Outlook
In the financial year 2012, aap will continue to focus on profitable sales growth of its full line of innovative trauma and biomaterials solutions for the orthopaedic market. The main driver of sales growth in 2012 is expected to be the Trauma division, led by the recently introduced LOQTEQ® product family. The Company expects to receive United State Food and Drug Administration (FDA) clearance for the LOQTEQ(TM) product family during 2012. In addition, the Company expects further sales growth to be generated in the bone cement and cementing technique division through more license and supply business.
For the financial year 2012, the Management Board defined the following goals:
- Profitable growth with a 10% sales increase
- Realization of a positive cash EBIT
- Improving the Freshness Index by introducing new products and selling existing products on new markets
- Reducing the relative share of operating working capital in product sales by 10%
aap Implantate AG's full consolidated financial statements for 2011 are available for download at www.aap.de. The Company's Q1 2012 report is scheduled for publication on May 15, 2012.
About aap Implantate AG
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.
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 EBIT excluding capitalised in-house products and services and depreciation thereof