Analytik Jena AG with Double-Digit Sales and Earnings Growth after Three Months

• Consolidated revenue up 33.3%, increase in EBITDA of 33.7% and operating profit of 42.7%
• Operational business benefits from a good project business
• Significant increase in operating cash flow to EUR 5.1 m

Jena (Germany), February 13, 2014 — Analytik Jena AG (Prime Standard: AJA, ISIN: DE0005213508) ended the first quarter of the current 2013/2014 financial year with consolidated revenue of EUR 32.4 m, representing 33.3% higher sales. Total sales included sales of EUR 6.8 m at AJZ Engineering GmbH, majority control in which Analytik Jena reacquired in October 2013 and in which it now holds 100.0% of the shares. Analytik Jena generated earnings before interest, taxes, dividends, and amortization (EBITDA) of EUR 3.0 m, an increase of 33.7%. Earnings before interest and taxes (EBIT) amounted to EUR 1.7 m (previous year: EUR 1.2 m) or 42.7% more than in the previous year.

“The positive development of the operational business in the first quarter stemmed primarily from the good performance of the project business belonging to AJZ Engineering. The instrument business fell short of the previous year’s earnings. The instrument business was affected particularly by lower sales in the business with analytical measuring technology, which were not least directly related to restructuring in this area,” according to Klaus Berka, Chief Executive Officer of Analytik Jena AG.

Revenue Development and Segments

In its core instrument business, Analytik Jena generated sales of EUR 25.6 m in the first quarter, 5.4% more than in the previous year’s period (previous year: EUR 24.3 m). Analytik Jena absorb 12.6% lower sales in its largest business unit, Analytical Instrumentation, but nevertheless achieved a solid EUR 13.8 m in the reporting period (previous year: EUR 15.8 m). The Life Science business unit produced 45.1% higher sales, boosted particularly by a good beginning of the financial year at the US-based subsidiary UVP as well as at CyBio AG. Analytik Jena AG achieved total sales of EUR 10.7 thousand in Life Science (previous year: EUR 7.4 thousand). The Optics business unit generated approximately the same level of sales as in the previous year. Sales totaled EUR 1.2 m (previous year: EUR 1.2 m).

AJZ Engineering, whose project business is reported in a separate business unit since October 2013, succeeded in producing a very good first quarter. This positive performance of the operational project business was particularly attributable to the fact that the key project in Volzhsky resumed. In the first three months of the current financial year, Analytik Jena generated sales of EUR 6.8 m with its project business.

Earnings

At the Group level, Analytik Jena achieved earnings before interest, taxes, dividends, and amortization (EBITDA) of EUR 3.0 m (previous year: EUR 2.3 m), corresponding to an increase of 33.7% from the previous year’s period. The EBITDA margin amounted to 9.3%, reaching the level of the first quarter of the previous financial year. Analytik Jena generated earnings before interest and taxes (EBIT) of EUR 1.7 m in the reporting period, or 42.7% more than in the previous year (previous year: EUR 1.2 m). The EBIT margin of 5.4% was a total of 0.4 percentage points above that of the previous year’s period (5.0%). Operating profits were impacted by lower sales in Analytical Instrumentation and a negative result in Optics. In the first three months of the current financial year, the Group recorded a loss for the period of EUR 0.2 m (previous year: EUR 0.04 m), and earnings per share of EUR -0.03 (previous year: EUR -0.01).

“The negative bottom-line result can be traced to the high tax rate since no positive tax effect resulted from our subsidiaries that reported losses in the quarter. However, the full tax expense accrued to companies that earned profits in the first three months of the current financial year,” Berka explained.

Changes in Statement of Financial Position

The Group’s total assets as of the balance sheet date on December 31, 2013 increased from EUR 126.5 m (as of 09/30/2013) to EUR 144.6 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 63.8 m (as of 9/30/2013: EUR 65.7 m). The equity ratio declined from 51.9% as of 9/30/2013 to 44.1% as of 12/31/2013, primarily due to the 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 28.7 m (09/30/2013: EUR 27.7 m). In the reporting period, Analytik Jena generated a significant increase in operating cash flow to EUR 5.1 m (previous year: EUR 1.6 m).

Human Resources

As of the balance sheet date on December 31, 2013, the Group had a total of 1,083 employees, including 44 interns (previous year: 815 employees, including 46 interns). The increase in the number of employees compared to the previous year’s period resulted primarily from the acquisition of the UVP Group, the boost in share ownership in ETG to 80.0%, the repurchase of all shares of AJZ Engineering GmbH, and the establishment of subsidiaries in France and Thailand.

Outlook

For the second quarter the Company expects constant sales and earnings near the previous year’s levels. Analytik Jena traditionally announces a forecast for the entire financial year at the Ordinary General Meeting, which will be held on April 29, 2014.

More Information

The complete financial report is available at http://berichte.analytik-jena.de/3-MonthReport_1314.pdf.

Telefonkonferenz: 13.02.2014 um 11:00 Uhr
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