Produced with reference to IFRS standards, the figures in the above table, expressed in thousands of EUR, are consolidated but not audited.
EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization
Preliminary comment - Comparability
It must be pointed out that the comparability of the Q3 2008 and Q3 2007 figures is limited by the fact that the group's scope of activity has changed considerably between these two periods. More precisely:
(1) on the one hand, the scope of the Group's activities was reduced by the relinquishment of the direct sale activities in the USA, which was decided in September 2007, along with the closing of the US subsidiary and the cessation of certain production activities in Belgium (Pd-103 implants),
(2) on the other hand, this scope has been widened by the consolidation of the activities of BEBIG GmbH since 29 February 2008, following the acquisition of the shares of this company at the end of February 2008.
Turnover, representing the income generated by sales in Europe of radiotherapeutic implants associated with I-125, rose by a solid 67% compared with the same period in 2007, whilst the increase in the cost of goods sold was limited to 3%. Other operating charges break down into sales and marketing expenses (EUR 3.92 million), general and administrative expenses (EUR 1.97 million) and research and development expenses (EUR 0.62 million). Other operating revenues and costs contributed positively for an amount of EUR 2.2 million. These relate to capitalized production and debt forgiveness, items that are by nature non-recurrent and non-cash. Both EBITDA and Result before restructuring costs show marked improvement. Net income was burdened with an exceptional charge relating to the restructuring of the activities of the group in Seneffe for an amount of EUR 3.74 million. This charge was detailed and booked in the H1 results.
COMMENTS AND PROSPECTS
As demonstrated by the Sept. YTD results of the group, the acquisition of BEBIG GmbH in Feb. 08 and the ensuing merge of the activities of the two companies has considerably modified and improved the group's prospects. Today, the group indeed holds a clear leadership position in its field in Europe and is now active on practically all major markets either directly through its subsidiaries (in France, Germany, UK, Belgium, Italy and Spain) or through its wide distributor network.
The group also continues to expand its reach as highlighted by the most recent successes in Spain (cfr press release of Sep 2), and the potentially important joint venture in Russia (cfr press release of Oct 3).
On the strategic front, IBt has also further pursued the reshaping of the scope of its activities. Recently (cfr press release Oct 14), the group has announced the acquisition of two additional businesses, both in its "core business" (i.e. the treatment of cancer by brachytherapy) while at the same time representing a diversification into "temporary brachytherapy" (i.e. the treatment of cancer by using temporary internal irradiation). Thanks to this investment, IBt can now offer an alternative cancer treatment option to patients suffering not only from prostate but also head, neck, gynecological or eye cancers. In this latest application, IBt holds a world dominant position by offering "high tech" therapy utilizing Ru-106 plaques.
These acquisitions have now been approved and will be consolidated from Nov. 30 thus contributing positively to the results of the group already in 2008.
Based on these positive developments, the expected low correlation of the activities of the group with the state of the global economy, and a historical record month for implants sales booked in October, IBt looks with confidence toward its future development and growth.
François Blondel, CEO, Administrateur Délégué
Laurence Goemaere, Investor Relations Manager
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