PRESS RELEASE: SMARTRAC N.V. reports on results for the first half year of 2008 and shows growth in sales and EBITDA
SMARTRAC N.V. / Half Year Results
30.07.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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? 1. HY 2008 sales increase by 22 percent to euro 49.6 million (sales 1. HY
2007: euro 40.7 million)
? 1. HY 2008 EBITDA increase by 9.9 percent to euro 11.5 million (EBITDA 1.
HY 2007: euro 10.4 million)
? 1. HY 2008 High Security segment sales reach euro 30.1 million (1. HY
2007: euro 28.2 million)
? 1. HY 2008 Standard segment sales reach 19.7 million (1. HY 2007: euro
12.7 million)
Amsterdam, July 30, 2008 - The Dutch company SMARTRAC N.V. (stock
abbreviation SM7) today announced its results for the first half year of
2008.
The company reports continued growth momentum in sales and earnings for the
first six months of 2008. The comprehensive SMARTRAC Q2 2008 Interim Report
is available for download on the company's website at
www.smartrac-group.com.
SMARTRAC achieved sales of euro 49.6 million in the first half year of
2008, which represents an improvement of some 22 percent compared to sales
of euro 40.7 million in the first half of 2007. EBITDA for the first six
months of 2008 amounts to euro 11.5 million, which is an increase of 9.9
percent compared to EBITDA of euro 10.4 million in the same period in 2007.
On the basis of an expected stronger second half of the year, SMARTRAC is
confident of reaching total sales of some euro 124 million, EBITDA is
expected to increase to some euro 27 million for the full year 2008.
'SMARTRAC operates in an RFID market that is characterized by very healthy
growth rates over the long-term,' said Dr. Christian Fischer, CEO of
SMARTRAC. 'SMARTRAC will profit from these RFID growth trends and will
actively contribute to shaping the future development in the RFID
industry.'
For the first six months 2008, SMARTRAC generated a net profit of euro 8.2
million which represents a decrease of 11.3 percent compared to a net
profit of euro 9.2 million in the same period in 2007. The decrease was
caused to a large extent by translation effects due to changes in the
exchange rate between the euro and the U.S. Dollar as well as the Thai Baht
in the first quarter of 2008.
RFID inlays for ePassports and ePayment applications remain a strong growth
market for SMARTRAC. The company achieved sales of euro 30.1 million in the
High Security segment in the first six months of 2008, representing an
increase of some 7 percent compared to sales of euro 28.2 million in the
first half year of 2007. EBITDA in this business segment reached euro 10.3
million in the first half year 2008 compared to euro 9.2 million from
January to June 2007. With an EBITDA growth of some 11 percent in the first
half year 2008, the High Security segment continued to account for an
essential part of the overall EBITDA of the company.
Sales figures from the Standard segment showed a 55 percent increase in the
first six months of 2008 and reached euro 19.7 million compared to sales of
euro 12.7 million in the comparison period in 2007. With EBITDA of euro 2.4
million in the first half year of 2008, the Standard segment showed a
slight increase on the EBITDA of euro 2.2 million recorded in the same
period in 2007.
As already announced, SMARTRAC achieved second-quarter sales in 2008 of
euro 22.5 million (Q2 2007: euro 21.2 million) and EBITDA of euro 4.7
million (Q2 2007: EUR 5.6 million). The EBITDA decline in the second
quarter 2008 was mainly driven by ramp up costs for new product lines in
the Standard segment and by a temporary decrease in ePassport sales.
SMARTRAC is well positioned to participate in the further growth of the
RFID market. Sales in the company's High Security segment will mainly
profit from the ongoing demand for secure electronic identification (eID)
where SMARTRAC already anticipates the first projects. Further growth
opportunities will result from the market for credit cards with an
increasing number of applications for contactless payment being introduced.
As of the second half 2008, eTickets as well as the bio and logistics
product line will contribute to SMARTRAC's overall result. These new
product lines are subsumed under the company's Standard segment.
About SMARTRAC N.V.
SMARTRAC is a leading supplier of RFID (Radio Frequency Identification)
components for Standard and High Security product segments. In the Standard
segment, the company produces ready-made components for RFID applications
in public transport, access control, and logistics. In the High Security
segment, SMARTRAC is the global leader in high-quality RFID inlays for
passports with integrated, contactless chips (ePassports) and contactless
credit cards (ePayment). SMARTRAC was founded in 2000 and since going
public in July 2006 has been trading as a stock corporation under Dutch law
with its registered headquarters in Amsterdam. The company currently
employs some 2.700 employees around the globe.
Forward-looking statements
To the extent that this press release contains forward-looking statements,
such statements are based on assumptions, planning, and forecasts at the
time of publication of this press release. Forward-looking statements
always involve uncertainties. Business and economic risks and developments,
the conduct of competitors, political decisions, and other factors may
cause the actual results to be materially different from the assumptions,
planning, and forecasts at the time of publication of this press release.
Therefore, SMARTRAC N.V. does not assume any responsibility relating to
forward-looking statements contained in this press release. Furthermore,
SMARTRAC N.V. does not assume any obligation to update the forward-looking
statements contained in this press release.
Stephan Öri
SMARTRAC N.V.
Investor Relations
Tel: +31 20 30 50 150
Email: investor.relations@smartrac-group.com
30.07.2008 Financial News transmitted by DGAP
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Language: English
Issuer: SMARTRAC N.V.
Strawinskylaan 851
1077 XX Amsterdam
Niederlande
Phone: +31 20 30 50 150
Fax: +31 20 30 50 155
E-mail: info@smartrac-group.com
Internet: www.smartrac-group.com
ISIN: NL0000186633
WKN: A0JEHN
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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(END) Dow Jones Newswires
July 30, 2008 02:37 ET (06:37 GMT)
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