Eckert & Ziegler: Annual Net Profit Increases by 48%
In the first nine months of 2010, sales of EUR 81 million were achieved by the Group, which is roughly EUR 3.2 million or 4% more than the same period of the previous year. At the same time, profit after taxes and minority interests increased by EUR 2.5 million or 48% to EUR 7.9 million. For the nine-month period, earnings per share thus increased by 5% to EUR 1.51 per share despite a 41% increase in the number of shares.
The most successful segment was once again Isotope Products (Industry). Sales increased by 8%, the gross profit margin by 22% and the EBIT by 58% (for comparison purposes, sales and income from the new Environmental Services segment were once again added to the Isotope Products segment in 2010). The cause of the increases in income is primarily the successful integration of Nuclitec, for which the restructuring expenses from the previous year now no longer apply. The largest increase in sales was achieved in the Isotrak division with the sale of reference and calibration radiation sources.
With sales of EUR 22.4 million and an EBIT of EUR 3.6 million, the Therapy segment also achieved a very good result in the first nine months of the year, although the values were down from those of the same period in the previous year by 6% in sales and 20% in EBIT. The reduced minority interests after the IBt takeover bid had a distinctly positive effect. While these interests amounted to 64% in the same period last year, only 32% of after-tax earnings were allocated to the minority shareholders of IBt S.A. for accounting purposes in the first nine months of 2010. Complete information about the Therapy segment can be found in the concurrently released quarterly report of IBt S.A. (www.ibt-bebig.eu).
The Radiopharma segment was able to increase sales to EUR 15.9 million or by 11% in comparison with the previous year while keeping costs nearly constant. Extraordinary income of several hundred thousand euros from the transfer of shares and borrowings of Eckert & Ziegler EURO-PET Berlin GmbH was also included here. The cumulative EBIT of the segment rose by a total of EUR 1.4 million to EUR 2.3 million in the first three quarters.
In the Environmental Services segment, which relates to taking back, reprocessing, recycling and disposal of low level radioactive waste, no new business was expected in the first six months of 2010, and with EUR 4.1 million in sales and expenses for preparations for new business that led to a small loss of EUR 0.3 million, this area developed within the framework of expectations.
The cash flow statement shows cash P&L earnings of EUR 16.0 million for the first nine months of 2010, which is 20% over the corresponding value from the previous year. In contrast to 2009, however, net current assets increased by EUR 6.8 million. A cash inflow from operating activities of EUR 9.2 million remains.
After the posting of the IBt takeover bid and the greatly increased dividend payment in May 2010, the equity ratio again rose above 50% thanks to the very high profit in the current year.
For the fiscal year 2010, the target for sales is EUR 105 million. The Executive board is maintaining its profit forecast of EUR 9.5 million (EUR 1.80 per share). This target can be reached with proceeds from the operating business without acquisitions.
The Eckert & Ziegler Group, with around 540 employees, is one of the world's largest providers of isotope technology components for radiotherapy and nuclear medicine.