Eckert & Ziegler BEBIG, Mick Radio-Nuclear Instruments, WOLF-Medizintechnik (WOmed)

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IBt - International Brachytherapy s.a. : IBt results Q1 2008

IBt results Q1 2008

EMBARGO till Thursday May, 29 2008
17.40 Brussels time

- Revenues up + 15 %
- First results following integration of BEBIG
- Prospects for the year confirmed

CONSOLIDATED KEY FIGURES

(in thousands of EUR)  Q1 2008  Q1 2007  Var. in % 
Sales and services  3,490  3,023  15% 
a. Turnover  2,481  2,157  15% 
b. Other income   1,009  866  16% 
EBITDA1  671  590  14% 
Operating result  383  181  112% 
Net financial result   -91  33  N/A 
Current result  173  214  -19% 
Net result - IBt share  107  112  -5% 

Produced with reference to IFRS standards, the figures in this table, expressed in thousands of EUR, are consolidated but not audited.
[1] EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization

Preliminary comment

The results for the first quarter of 2007 given in the table above reproduce the results as they were published in May 2007.

It should be pointed out that the comparability of the Q1 2008 and Q1 2007 figures is limited by the fact that the group's scope of activity has changed considerably between these two periods. More exactly:

(1) on the one hand the scope of the Group's activities was reduced by the relinquishment of the direct sale activities in the USA, which was decided in September 2007, along with the closing of the US subsidiary and the cessation of certain production activities in Belgium (Pd-103 implants),

(2) on the other hand, and in the other direction, this scope has been widened by the consolidation of the activities of BEBIG GmbH since 29 February 2008, following the acquisition of the shares of this company at the end of February 2008.

Income statement

Turnover, representing sales income after margin rebates to distribution partners, rose by 15 % compared with the same period in 2007. These sales consisted essentially of sales of iodine-125 implants on the European continent. Other operating income relates to the forgiveness of a major debt, an item that is by nature non-recurrent and non-cash, and capitalized production.

Operating charges break down into manufacturing costs (EUR 1.58 million), sales and marketing expenses (EUR 0.86 million), general and administrative expenses (EUR 0.47 million), research and development expenses (EUR 0.32 million) and other charges (EUR 0.02 million).

COMMENTS AND PROSPECTS

The acquisition of BEBIG GmbH at the end of February has considerably changed the group's prospects. By combining the two entities, the group has taken a clear leadership position in its field of activities in Europe.

Today it is active on practically all major markets through its subsidiaries in France, the Netherlands, Germany, the UK, Belgium, Italy and Spain, plus a wide distributor network.

By way of information, "pro forma" results are presented in the table below.
These are the results that the group would have posted if the activities of the BEBIG group had been consolidated since 1 January 2008.

(in thousands of EUR)   Q1 2008  Q1 2007  Var. in % 
  Pro forma     
Sales and services  5,451  3,023  80% 
a. Turnover  4,373  2,157  103% 
b. Other income  1,078  866  24% 
EBITDA (1)  780  590  32% 
Net result - IBt share  491  112  338% 



In the coming quarters, IBt's primary objective will be to continue with its integration plan along with restructuring its activities. Its ambition is to create a group having a strong identity, which constitutes a reference for brachytherapy cancer treatment and for innovation in this specific segment.

With regard to IBt's option to acquire the division of the Eckert Ziegler group which operates in the sector of treating cancer with temporary implants ("afterloader"), discussions between the two groups are currently under way.

Finally, IBt confirms expecting to post its first annual profit in 2008, excluding potential restructuring charges.

Diary

Monday June 2, 2008, at 10.30 -General Shareholders' Meeting at the company offices

Contacts:
François Blondel, CEO
Laurence Goemaere, Investors Relations Manager
Tel: 064.520811
E-mail: ir@ibt.be
Internet: www.ibt.be

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