Press release BoxID: 496768 (aap Implantate AG)
  • aap Implantate AG
  • Lorenzweg 5
  • 12099 Berlin
  • Contact person
  • Marc Heydrich
  • +49 (30) 75019-134

aap annual financial statements for 2011: 6% sales growth at product level with strong EBITDA/EBIT increase; successful launch of the LOQTEQ® system

2011 sales EUR 29.2 million, EBITDA EUR 4.1 million

(PresseBox) (Berlin, ) aap Implantate AG (XETRA: AAQ.DE), a global medical device company focused on innovative trauma products and biomaterials for the orthopaedic market, achieved the following results in the financial year 2011:

- 6% sales growth at product level
- Increased EBITDA at product level by 46% (2011: EUR 4.1 million; 2010: EUR 2.8 million)
- 68% improvement in cash EBIT[2] at product level from EUR -2.2 million to EUR -0.7 million
- Successful national and international launch of the innovative LOQTEQ® system
- Business development in the US market with sales totalling EUR 3.3 million (+77%), with bone cement as the growth driver
- Signed a bone cement development contract with a world-leading orthopaedics company
- Established a research & development center of excellence for bone cement and cementing technique in Dieburg
- Improved ICR to 6.8 and of DCR to 1.7

In the financial year 2011, aap achieved EUR 29.2 million in total sales, up from EUR 28.4 million in the previous year (+3%). 2011 sales consisted solely of product sales, which include aap's biomaterials and implants that are sold directly by the Company and to the Company's OEM partners. 2010 sales included EUR 27.5 million of product sales and EUR 0.9 million in sales from project and out-licensing businesses. Product sales increased 6% in financial year 2011 compared to financial year 2010.

EBITDA increased from EUR 3.4 million to EUR 4.1 million (+21%) and EBIT from EUR 0.7 million to EUR 1.2 million (+71%). Like-for-like 2010 EBITDA at product level was EUR 2.8 million after adjusting for product sales and like-for-like 2010 EBIT at product level was EUR 0.1 million. Adjusted for project sales, EBITDA at product level increased by 46% (2011: EUR 4.1 million) and adjusted EBIT improved from EUR 0.1 million to EUR 1.2 million.

aap's equity ratio on a balance sheet total of EUR 66.2 million (previous year: EUR 63.6 million) was 73%. At the end of the financial year 2011, the employee numbers increased by 4% from 256 to 266.

With a 6% sales growth at product level the Company fell slightly short of its 10% target. Cash EBIT showed a considerable improvement - a 68% increase from EUR -2.2 million to EUR -0.7 million -, but the Company was unable to reach its target of breaking even. Debt (< 3) and interest coverage (> 6) ratio targets were achieved (DCR 1.7, ICR 6.8).

2012 Outlook
In the financial year 2012, aap will continue to focus on profitable sales growth of its full line of innovative trauma and biomaterials solutions for the orthopaedic market. The main driver of sales growth in 2012 is expected to be the Trauma division, led by the recently introduced LOQTEQ® product family. The Company expects to receive United State Food and Drug Administration (FDA) clearance for the LOQTEQ(TM) product family during 2012. In addition, the Company expects further sales growth to be generated in the bone cement and cementing technique division through more license and supply business.

For the financial year 2012, the Management Board defined the following goals:

- Profitable growth with a 10% sales increase
- Realization of a positive cash EBIT
- Improving the Freshness Index by introducing new products and selling existing products on new markets
- Reducing the relative share of operating working capital in product sales by 10%

aap Implantate AG's full consolidated financial statements for 2011 are available for download at The Company's Q1 2012 report is scheduled for publication on May 15, 2012.

[2] EBIT excluding capitalised in-house products and services and depreciation thereof