Annual Report 2009/2010 Geschäftsbericht 2009/2010 ... - biolitec AG

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