WaveLight AG / Final Results
22.10.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Press Release
WaveLight AG: Fiscal year 2007/2008 figures released
Increase in sales by 29 percent, significantly improved EBIT
Strategic and operative realignment successfully completed
Erlangen, 22 October 2008. WaveLight AG, listed in the Prime Standard of
the Deutsche Börse (German Stock Exchange) has published its consolidated
financial statement for the fiscal year 2007/2008 today. In comparison with
the previous year 70,370 thousand, the Erlangen company increased its
revenues for the annual financial statement as of 31 July 2008 by around 29
percent to 90,876 thousand.
The EBIT (Earnings Before Interest and Taxes) also clearly improved to
6,292 thousand in comparison with the previous year ( 660 thousand).
Without the one-off effects in connection with the takeover by Alcon, Inc.
and the restructuring actions in the group of companies, the Board of
Directors assumes that the company could have achieved an even better
'cleaned' EBIT of 11,753 thousand in the fiscal year 2007/2008.
An important base for the positive fiscal year development was formed by
the successful conclusion of the strategic and operative realignment of the
WaveLight group of companies. The Aesthetics business division in the form
of the subsidiary company WaveLight Aesthetic GmbH was sold to the French
Atlas Laser SARL in September 2007. As a further step in the course of the
repositioning, the divestment of the intraocular surgery business division
has been completed. WaveLight AG sold its 100% holding in the WaveLight
GmbH sales company domiciled in Berlin to the Dutch company Medical Device
Production B.V. (MDP) and its 30 percent holding in the MDP production
company to the Dutch company Procornea Holding B.V. in December 2007.
Takeover bid by Alcon, Inc. successful
The takeover bid by Alcon, Inc. to the WaveLight shareholders was of
decisive importance for the successful course of the fiscal year 2007/2008.
After the company domiciled in Switzerland had already notified its
intention on 16 July 2007 to make a takeover offer to the WaveLight
shareholders, Alcon, Inc. published the offer document on 10 August 2007
which contained an offer to purchase all shares of WaveLight AG in return
for cash payment of 15.00 per share. The official acceptance deadline
expired at midnight on 25 September 2007. After the execution of the
takeover offer on 9 November 2007, Alcon, Inc. announced that it held 77.38
percent of the voting rights in WaveLight AG.
A Domination Agreement between Alcon, Inc. and WaveLight AG was concluded
on 20 March 2008 with the objective of smooth integration and prompt
realisation of potential synergies in the areas of Research & Development
and Sales & Marketing. Among other things, this agreement still needed the
approval of the Annual General Meeting of WaveLight AG. An Extraordinary
General Meeting was convened for this purpose which approved the Domination
Agreement between the majority shareholder, Alcon, Inc., and WaveLight AG
on 7 May 2008. The Domination Agreement has not yet been registered in the
Fürth commercial register due to still pending objections of individual
shareholders against the resolutions of the Extraordinary General Meeting.
However, on 15 August 2008, WaveLight AG applied to the court for release
of the resolution approving the Domination Agreement for registration in
the commercial register; to date, this has still not been decided.
Strong sales growth in the USA
In the course of the realignment of the WaveLight group of companies and
against the background of the takeover by Alcon, Inc., a restructuring of
the US business of WaveLight was carried out.
A comprehensive sales concept between WaveLight AG and Alcon Laboratories,
Inc. was agreed for this purpose in February 2008. According to this, the
sale and all other services for the technologically leading WaveLight
systems for refractive surgery in the USA are performed exclusively via the
effective distribution network of Alcon Laboratories, Inc. Thereby, the
sales agreement includes a guaranteed, significant acceptance volume of
WaveLight systems by Alcon within a period of three years. In the context
of the successfully implemented sales concept, all customer service and
support activities which were previously the responsibility of WaveLight,
Inc. have been transferred to Alcon Laboratories, Inc.
Against this background, the sales revenues on the exceedingly important US
market for WaveLight could be significantly increased. With sales revenues
of 41,513 thousand, the previous year result 23,525 thousand has been
exceeded by 76 percent.
WaveLight will continue to generate sales for the already installed
equipment base of WaveLight laser systems in the US from the 'Per Procedure
Fee' usual there.
Increased sales in Asia
The company was able to successfully achieve its sales planning for the
fiscal year 2007/2008 in WaveLight AGs traditionally important Asian sales
region which is also distinguished by sustainable growth and development
opportunities in the future. In comparison with the previous year (
13,753 thousand), the company achieved sales revenues of 17,130 thousand
in this region despite the further intensified competitive situation. This
means an increase of 25 percent in comparison with the previous years
revenue.
Europe with stable sales development
As of 31 July 2008, the WaveLight Group in Europe achieved sales revenues
of 21,932 thousand and thus improved on the previous year result 29,711
thousand by 6 percent. WaveLight AG therefore consolidated its position in
the European markets for refractive surgery.
Outlook: On growth course with a strong partner
Both the realignment of the WaveLight group of companies completed in the
fiscal year 2007/2008 as well as the successful collaboration with the
majority shareholder, Alcon, Inc., are an important basis for WaveLight AG
to consistently concentrate on the refractive surgery core competence in
the future.
The innovative product range, using which the company will successfully
face the challenges of the global ophthalmology markets, will be
groundbreaking for also successful operating activities in the future. The
new ALLEGRO BioGraph diagnostics system launched in September 2008 and the
soon expected WaveLight femtolaser system will sensibly expand the product
range of the Erlangen company and further optimise the treatment standard
in refractive surgery.
The changeover of the fiscal year of WaveLight AG to the calendar year was
resolved at the Annual General Meeting of WaveLight AG on 3 March 2008. The
period from 1. August 2008 to 31 December 2008 is therefore a short fiscal
year.
The Board of Directors of WaveLight AG expects further sales growth and
positive Earnings before Interest and Taxes (EBIT) for the next fiscal
year, which will accordingly only comprise five months. In the medium term,
WaveLight is striving for an EBIT margin of more than ten percent.
'With our technologically leading product range for refractive surgery
recognised world wide and the majority shareholder, Alcon, Inc., as a
strong partner at our side, we will be able to successfully achieve our
ambitious growth objectives in the future', says Max Reindl, CEO of
WaveLight AG.
WaveLight AG (ISIN DE 000 512 5603)
The company WaveLight AG which has been listed in the Prime Standard of
Deutsche Börse AG since January 2003 develops, produces and sells a high
quality and complete product range in the field o refractive surgery. The
world wide technologically leading laser systems for correction of sight
defects are enhanced by high quality, innovative diagnostics systems and
form the basis of the world wide market success of WaveLight.
Further information about WaveLight can be found at www.wavelight.com
Contact person for the press:
Susanne Grethlein Gerhard Lodzwik
WaveLight AG AGIL Gesellschaft für Finanzkommunikation mbH
Tel.: + 49/9131/6186-103 Tel.: +49/2131/12 55 73
Fax: + 49/9131/6186-112 Fax: +49/2131/12 557 55
Email: susanne.grethlein@wavelight.com Email: info@AGIL-IR.com
Disclaimer:
Some of the statements made in this communication have the character of
prognoses or can be interpreted as such. All statements and assessments are
based on extremely conscientious research. However, no responsibility is
accepted for the correctness of the information in this publication. Any
liability is ruled out. The statements above do not represent any
incitement for the purchase or sale of securities. All rights reserved.
DGAP 22.10.2008
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Language: English
Issuer: WaveLight AG
Am Wolfsmantel 5
91058 Erlangen
Deutschland
Phone: +49 (0)9131 - 61 86-0
Fax: +49 (0)9131 - 61 86-111
E-mail: info@wavelight.com
Internet: www.wavelight.com
ISIN: DE0005125603
WKN: 512560
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: WaveLight AG: Fiscal year 2007/2008 figures released
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