Analytik Jena Increases Revenue Significantly

16-May-2014 - Germany

Analytik Jena AG (Prime Standard: AJA, ISIN: DE0005213508) generated consolidated revenue of EUR 62.8 m in the first half of the current financial year (previous year: EUR 46.9 m), corresponding to an increase in sales of 33.7 %. In the instrument business alone, where revenue of EUR 50.8 m was generated, sales were up by 8.2 %. At the conclusion of the financial year, Analytik Jena AG aims to achieve sales at the Group level of between EUR 103.0 m and EUR 105.0 m in the instrument business. Due to the large proportion of sales in Russia and in view of the crisis in Ukraine, Analytik Jena AG did not make any forecast for sales in the project business for the financial year.

"We are only somewhat satisfied with the performance of the operating business over the first six months. While we can look back on a very good first half of the year in our project business, we have to do better in our instrument business in terms of sales and earnings in the second half of the year," said Klaus Berka, CEO of Analytik Jena AG.

Revenue Development and Segments

In its core business of analytical measuring technology, Analytik Jena generated revenue of EUR 27.9 m (previous year: EUR 30.6 m). That is 9.0 % less than in the previous year. The Life Science business unit benefited in the first half year above all from the good performance of the subsidiaries UVP, LLC and CyBio AG. Other subsidiaries, such as Biometra GmbH, AJ Roboscreen GmbH and AJ Innuscreen GmbH, concluded the first half of the financial year below expectations. At the bottom line, Life Science generated revenue of EUR 20.4 m (previous year: EUR 13.8 m), a revenue increase of 47.6 %. The revenue in the Optics business unit amounted to EUR 2.5 m and was thus at the previous year's level (previous year: EUR 2.5 m). Analytik Jena generated sales of EUR 12.0 m with its project business, which has been grouped together in the business unit Project Business since October 2013.

Earnings

The Analytik Jena Group achieved EBITDA of EUR 3.6 m after six months (previous year: EUR 4.7 m). The EBITDA margin of 5.7 % was 4.3 percentage points below the margin in the previous year (10.0 %). The operating result (EBIT) amounted to EUR 1.1 m (previous year: EUR 2.6 m). The EBIT margin was 1.8 %, compared to 5.5 % in the previous year. The operating result was negatively affected particularly by lower revenue in Analytical Instrumentation and respective losses after six months in Life Science and Optics. In the first six months of the current financial year, the Group recorded a loss for the period of EUR 1.6 m (previous year: profit for the period EUR 0.4 m), which corresponds to earnings per share of EUR -0.22 (previous year: EUR 0.05).

Changes in Statement of Financial Position

The Group's total assets as of the balance sheet date on March 31, 2014 increased from EUR 126.5 m (as of 09/30/2013) to EUR 140.5 m. The increase was primarily attributable to the full consolidation of AJZ Engineering GmbH. Analytik Jena reported equity at the end of the reporting period of EUR 62.2 m (as of 9/30/2013: EUR 65.7 m). The equity ratio declined from 51.9 % as of 09/30/2013 to 44.3 % as of 03/31/2014, primarily due to an increase in total assets. The amount of cash or cash equivalents held by the Group at the end of the reporting period amounted to EUR 19.7 m (09/30/2013: EUR 27.7 m). In the reporting period, Analytik Jena recorded net cash used in operating activities of EUR 2.4 m (previous year: inflow of funds of EUR 2.8 m).

Human Resources

As of the date of the middle of the financial year, the Group had 1,104 employees, including 39 interns (previous year: 815 employees, including 44 interns). The significant increase resulted primarily from the addition of the new companies.

Outlook

Analytik Jena expects an overall stabilization of the operating business in the second half of the current financial year in the three instrument-related business units of Analytical Instrumentation, Life Science, and Optics. Strong momentum is once again expected to come from China, the largest export market. The Company also anticipates sales increases in the Far East, Middle East and Europe sales regions, which should benefit the core Analytical Instrumentation business in particular. The Life Science business unit will achieve sales increases from the stable development of UVP, CyBio AG and the parent company, although significantly lower sales at Biometra must be contended with due to continued high pricing pressure in the business with thermal cyclers. For the Optics business unit, Analytik Jena expects a slight improvement in the revenue and earnings situation.

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