annual Report 2009 - STRATEC Biomedical AG

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Report of the Board of Management Dear Shareholders, Ladies and Gentlemen, Our business model, with its long-term planning reliability and focus on sustainable growth, means that we can report on a highly successful 2009 financial year, even though it was a very difficult year for large sections of the global economy. This positive development involved all business divisions and projects. Our growth was driven both by increased numbers of analyzer systems delivered, which at around 1,850 units set a new record in the company’s history, and by higher volumes of service materials. Given the base of analyzer systems already installed, which has now risen to around 8,000, service materials can be expected to contribute substantially to the company’s earnings in future as well. Our sales increased to u 79.6 million in the 2009 financial year, up 30.5 % on the figure of u 61.0 million reported for 2008, and thus exceeded our own previously published forecast. EBIT amounted to u 14.7 million, as against u 11.2 million in the 2008 financial year. That represents growth of 31.1 % and corresponds to an EBIT margin of 18.5 %. Given the costs of developing and preparing the analyzer systems being newly launched on the market, this high margin can be viewed in an even more positive light. At u 11.7 million, our consolidated net income also benefited from positive net financial expenses and a lower tax rate across the Group. In view of the company’s sustainably positive earnings position, the Board of Management and Supervisory Board are proposing an increase in the dividend from u 0.35 to u 0.45 for approval by the Annual General Meeting. This positive performance and the preparations for the next round of growth are also reflected in the size of our workforce. The number of employees at the STRATEC Group rose to 380 by the end of 2009. One particular factor driving this development was the acquisition of Invitek GmbH, Berlin, in April 2009, which together with its total of around 30 employees has now been fully integrated in the Group. Our customers and partners are focusing on those markets that are expected to generate growth in the coming decades, and are aligning their planning and other activities towards these markets at a correspondingly early stage. For STRATEC, close cooperation with these partners brings a high degree of budgeting reliability based on many years of joint development activities, minimum acceptance volumes fixed over periods of several years and a calculable share of service materials. The 2010 and 2011 financial years will be characterized above all by four new system launches by our customers. Beyond this, we see further growth in the diagnostics market due to the global expansion in healthcare systems, especially in BRIC states, the enhancement of existing technologies and automation processes, the development of new tests and biomarkers by our 2 stratec Annual Report 2009
Report of the board of Management Report of the supervisory board THE share Corporate Governance Group Management report Consolidated financial statements Service Hermann Leistner (64), Chairman of the Board of Management Marcus Wolfinger (42), Member of the Board of Management, Chief Financial Officer Bernd M. Steidle (57), Member of the Board of Management, Marketing and Sales partners, and demographic developments. In view of Invitek’s product range, which ideally supplements STRATEC’s comprehensive OEM solution approach, the first feasibility studies have already been initiated and are expected to be followed by promising orders. STRATEC has a constantly growing portfolio of innovative technologies suitable for use in the field of in-vitro diagnostics and is actively helping to shape developments in the industry. As a result, and in view of further projects currently in the development and initiation stages, STRATEC has underlined its superb growth prospects in the guidance published for 2010 to 2012. Accordingly, we expect to achieve average annual sales growth of at least 15 % over this three-year period. We would like to thank our employees, shareholders and business partners for the trust they have placed in us. By acting together in awareness of our responsibility, we can lay further foundations for ongoing sustainable success for STRATEC, and thus also for our shareholders and business partners. Birkenfeld, April 2010 The Board of Management of STRATEC Biomedical Systems AG Hermann Leistner Marcus Wolfinger Bernd M. Steidle stratec Annual Report 2009 3
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