Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG
Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG
Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG
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2<br />
Preface CEO Vorwort des Vorstandes<br />
Dear shareholders,<br />
dear business partners,<br />
The revenues (EUR 30.4 million) remained about the same compared to the previous year (EUR 30.5 million).<br />
Starting with weak first quarters, a reversal of the economic trend could be observed in the fourth<br />
quarter. The increase in turnovers continued in the first half-year with a plus of 15%.<br />
<strong>biolitec</strong> remained conservative with the granting of long-term payment arrangements with customers<br />
and distributors as well as leasing arrangements.<br />
Due to significant savings, efficiency increase and a positive development in turnovers we closed with a<br />
loss of KEUR 247 (EBIT KEUR -45) in the operational business. Furthermore, the end consolidation of two<br />
inactive subsidiaries in Scottland and Ireland lead to a loss of KEUR 1,077. The operational pharma business<br />
will be continued more cost-efficiently by the Biolitec Pharma Ltd. Dublin.<br />
The reduction in stocks was successfully continued (from EUR 19.2 million in 2008/<strong>2009</strong> down to EUR<br />
16.5 million in <strong>2009</strong>/<strong>2010</strong>).<br />
The TWISTER-fiber was able to defend its position as the preferred method of treatment of prostate<br />
hyperplasia and remains first choice for many specialists. The ELVeS® RADIAL-fiber was highlighted in<br />
numerous lectures and publications as the most advanced vein treatment method.<br />
Due to this success and further innovations I expect a major increase in turnovers for the fiscal year<br />
<strong>2010</strong>/2011. The measures taken to increase efficiency as well as the reduction of costs for legal counsel<br />
in the USA should have a positive effect on our profitability.<br />
In accordance with previous year’s practice the previously separated segments laser and consumables<br />
have been economically connected more strongly. In order to increase sales laser devices were given<br />
out at no charge to customers signing a long-term consumables purchase contract. Due to a change to<br />
segment reporting from IAS 14 to IFRS 8, beginning with 07/01/<strong>2009</strong> <strong>biolitec</strong> will now report on two<br />
new segments – Meditec and Pharma.<br />
I wish to thank our customers, employees and business partners for their confidence in our products<br />
and company.<br />
Yours,<br />
Dr. Wolfgang Neuberger<br />
(CEO)