annual Report 2009 - STRATEC Biomedical AG

Report of the board of Management
Report of the supervisory board
THE share
Corporate Governance
Group Management report
Consolidated financial statements
Service
As an automation specialist, STRATEC can offer a unique
range of services and substantial competitive benefits
supported by the following factors:
• The STRATEC Group has employees with proven expertise
in the field of engineering and employees with a
high degree of competence in physical, biochemical
and biological processes. This expertise is transferred
to the automation solutions STRATEC designs.
• The STRATEC Group can provide its customers with
everything they need for laboratory automation from a
single source.
• STRATEC’s projects do not just consist of development,
approval and production. They begin with supporting
customers in generating product requirements and
continue through to the processes involved in the aftersale
supervision of analyzer systems.
• STRATEC retains control over the development
documentation.
• STRATEC takes over the whole range of change order
and complaints management for the automation solution
on behalf of the customer, thus allowing all aspects
of further development performed during the marketing
stage to be performed at STRATEC.
3. Financial position and
investments
Due to the substantial growth in consolidated net
income, the cash flow increased from u 6.1 million in the
previous year to u 11.7 million. As a result, the inflow of
funds from operating activities rose from u 4.2 million to
u 10.9 million.
Investment activities focused in the year under report on the
acquisition of Invitek GmbH for an amount of u 1.7 million,
as well as on investments of u 1.9 million in developmentrelated
and product-related property, plant and equipment.
Furthermore, the STRATEC Group made prepayments of
u 1.1 million for assets under construction.
The net total of all inflows and outflows of funds in 2009
led to a currency-adjusted increase in liquid funds by
u 2.0 million to u 21.2 million as of December 31, 2009.
4. Earnings position
The STRATEC Group increased its sales to u 79.6 million, up
30.5 % from u 61.0 million in the previous year. Together with
the high volume of development work on current customer
projects and the resultant increase in volumes of unfinished
services, this led the overall performance to rise from
u 67.6 million to u 87.2 million.
The increase in cost of materials from u 32.2 million
to u 43.0 million is directly linked to the sales growth
generated by the Group.
The stepping up in development activities, the further
expansion in production capacities and the integration of
Invitek GmbH led personnel expenses to rise by 24.1 %.
Other operating expenses rose from u 6.4 million to
u 7.0 million.
Amortization of intangible assets and depreciation of
property, plant and equipment grew slightly from u 2.3
million to u 2.6 million. EBIT amounted to u 14.7 million in
the year under report, as against u 11.2 million in 2008.
Net financial expenses amounted to u 0.4 million, compared
with a substantially negative figure of u -1.8 million in the
previous year due to a non-operating one-off item.
Taxes on income amounted to u 3.4 million in 2009,
compared with u 3.3 million one year earlier. As a result,
consolidated net income showed considerable growth of
90.4 % from u 6.1 million to u 11.7 million.
Financing activities led to an overall outflow of funds of
u 4.4 million in 2009. This figure includes an outflow of
funds amounting to u 4.0 million for the distribution of the
dividend for the 2008 financial year and outgoing payments
of u 0.7 million for the repayment of financial liabilities.
stratec Annual Report 2009
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