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aap generates EUR 21.0 million in nine-month sales and EUR 2.9 million in EBITDA – a 23% adjusted EBITDA increase
aap Implantate AG, a medical technology company listed in the Frankfurt Stock Exchange’s Prime Segment, generated EUR 21.0 million (previous year: EUR 20.9 million) in total sales in the first nine months of 2011. The previous year’s figure include EUR 0.9 million in project sales (the divestment of a product in the Dental segment), so sales at product level in the first nine months of 2011 were up by 5% (Q1-Q3 2010 product sales: EUR 20.0 million). Third-quarter product sales went down by 4% from EUR 7.2 million (Q3 2010 total sales: EUR 8.1 million, adjusted for EUR 0.9 million in project sales) to EUR 6.9 million. Group EBITDA, adjusted for project sales, rose from EUR 2.4 million to EUR 2.9 million. Adjusted cash EBIT also showed a positive development.
| In EUR million | Q1-Q3/2011 | Q1-Q3/2010 | Change on year | | Total sales | 21.0 | 20.9 | 0.5% | | Product sales | 21.0 | 20.0 | 5.0% | | EBITDA | 2.9 | 3.0 | -3.3% | | EBITDA (products)* | 2.9 | 2.4 | 23.0% | | EBIT | 0.8 | 1.0 | -20.0% | | EBIT (products)* | 0.8 | 0.3 | >100% | | Cash EBIT | -0.6 | -0.6 | 0.0% | | Cash EBIT (products)* | -0.6 | -1.2 | n. a. | | In EUR million | 09/30/2011 | 12/31/2010 | Change on year | | Equity (ratio) | 48.1 (73%) | 44.9 (70%) | 7.1% | | Balance sheet total | 66.1 | 63.6 | 3.9% | | Number of employees | 249 | 256 | -2.7% | * Excluding effects of project sales
In the first three quarters of 2011 the aap Group earned an EBITDA of EUR 2.9 million (previous year: EUR 3.0 million). The Group’s EBIT was EUR 0.8 million (previous year: EUR 1.0 million). On a balance sheet total of EUR 66.1 million (31.12.2010: EUR 63.6 million) the equity ratio was 73%.
Following the national launch in the second quarter of 2011, the international launch of our innovative LOQTEQ® product line took place at this year’s German Congress of Orthopaedics and Trauma Surgery (DKOU), held at the end of October in Berlin. We anticipate initial international sales during the fourth quarter of 2011. In our Bone Cement and Cementing Techniques core product area, aap increased sales by 19% overall in the first nine months of 2011. At the center of excellence for Contract Manufacturing in Nijmegen, Netherlands, we were able to extend a contract with an existing customer and to sign two contracts in the Biomaterials segment with new customers in Brazil and Israel.
The process of transforming aap into a focussed medical technology company was taken further forward in the third quarter of 2011. The number of companies in the aap Group was further reduced; on a nine month comparison product sales and EBITDA at product level per FTE were increased - by 5% and 23% respectively -; an FDA inspection was successfully completed in Nijmegen and sales in the United States were increased.
Sales in the fourth quarter will be materially influenced by the first international sales of LOQTEQ®, by a further increase in sales in the Bone Cement core area at the center of excellence in Dieburg and by two more contract manufacturing contracts that we expect to be signed at the Nijmegen site. For the full year 2011 aap anticipates sales growth at product level of between 6% and 8%.
aap Implantate AG’s full Q3 2011 report is available to download at 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.
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