Analytik Jena increases Group sales with strong project business


As 2003/2004 financial year which was concluded on 30 September, total sales for the Analytik Jena Group rose by 5.6% to EUR 89.177 million (PY: EUR 84.467 million). This year, operating income more than doubled to EUR 2.524 million (PY: EUR 0.983 million).

For project business, the Group posted a sales increase of 8.4% to EUR 62.023 million (PY: EUR 57.208 million). At EUR 27.154 million, sales for the instrument business roughly matched those for the previous year (EUR 27.259 million).

Gross profit rose 7.6% to EUR 24.130 million (PY: EUR 22.427million). Even though the gross margin for project business declined slightly from 15.1% in the previous year to 14.7% in the current year, the margin on instrument business improved from 50.6% to 55.4% as a result of measures taken to reduce manufacturing costs.

In the case of operating expenses, selling expenses increased by 4.4% to EUR 12.412 million (PY: EUR 11.893 million) - a lower rate than for the increase in sales. Administrative expenses declined by 13.6%, amounting to EUR 3.205 million (PY: EUR 3.708 million) in the past financial year. Research and development costs reached a relatively stable level as against the previous year at EUR 4.377 million (PY: EUR 4.251 million).

With respect to earnings performance, Analytik Jena was able to build on the positive trend following the turnaround of the previous year. EBIT rose to EUR 2.524 million (PY: EUR 0.983 million). This corresponds to an increase in operative earnings of 156.8 %. The Group's net income for the year amounted to EUR 0.955 million (PY: EUR 0.376 million), resulting in earnings per share of EUR 0.25 (PY: EUR 0.10).

Cash and cash equivalents in the Group improved by EUR 3.417 million during the financial year due to in-flows from operating business. They totalled EUR 10.216 million as of the balance sheet date (PY: EUR 6.799 million). The decrease in total assets from EUR 52.470 million in the previous year to EUR 41.527 million was a consequence of a reduction in project business assets, due to the settlement of accounts for large orders. This resulted in an improved equity ratio of currently 52.9% (previous year 40.0%).

For the current financial year, the Company is forecasting total sales of around EUR 70 million. Although the Executive Board is planning growth of 8% - 12% in the instrument business, sales in project business will amount to approx. EUR40 million. The decrease in sales in comparison with the previous year arises from the settlement periods for the individual projects, as well as from a backlog of orders to be handled with the existing capacity. The sales and project implementation resulting from the receipt of these orders is large in terms of figures and will only be realised next year.

The target for operating earnings for the Group as a whole is between EUR 2.0 million and EUR 2.5 million. The Executive Board is assuming that the increase in sales triggered by the launch of new products will lead in turn, to a notable rise in business volume from the second half of the year. For the first quarter of 2004/2005, sales of approx. EUR 15 million with operating earnings of around EUR 0.5 million are forecast.

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