aap Annual Financial Statements for 2008: Sales +14%, net profit burdened with adjustments

2008: Sales EUR 31.9 million, EBITDA EUR 3.7 million, Net income of the year EUR -5.2 million

aap Implantate AG, a medical technology company listed on the Frankfurt stock exchange achieved in the financial year 2008 a sales growth of 14% to EUR 31.9 million (previous year: EUR 28.0 million).

With a 35% increase in sales compared to the previous year, the Trauma & Orthopaedics division was able to generate an above average growth. The Biomaterials division achieved a sales growth of 4%. Changes in the customers order behavior especially regarding reduction of inventories as well as delays on planned approvals on new products were the reason for the moderate performance in the Biomaterials division.

In the financial year 2008 the aap group earned an EBITDA of EUR 3.7 million (previous year: EUR 5.1 million). The EBIT of EUR -4.6 million (previous year: EUR 3.0 million) and the net loss of the year of EUR 5.2 million are primarily based on the extraordinary non-cash-related adjustments on intangible assets, restructuring costs as well as adjustments of the current assets totaling EUR 6.3 million. Excluding the above mentioned one-time-effects, the EBITDA amounts to EUR 4.9 million, EBIT to EUR 1.7 and the EBT to EUR 0.8 million.

With total assets of EUR 67.0 million (previous year: EUR 68.0 million) the equity ratio was 62%.

aap considers itself as a high-growth company with strong international distribution networks, grown global partnerships and an innovative product pipeline. Supported by the restructuring and cost reduction measures as well as the extension of the international business and the launch of new innovative products, aap will have a positive growth potential in the next few years.

The consolidated annual financial statements of aap Implantate AG are available for download at www.aap.de. Publication of the report for the first quarter of 2009 is scheduled for May 13, 2009.