Annual Report 2004/2005
Annual Report 2004/2005
Far-Sightedness Main Theme for Analytik Jena’s Annual Report 2004/2005
■ In financial year 2004/2005 we succeeded in breaking through to the international markets in the instrument business. Increasing revenues outside Germany in all regions are proof of this.
■ Our long-term strategy of far-sightedness is now paying off. Despite negative trends, in the last several years we have developed our know-how, strengthened our resources and expanded our portfolio by the use of all possible synergies – both in the area of classic analysis systems and in bioanalytics. With the atomic absorption spectrometer contrAA® we have already justified our claims to leadership in classic analysis technology and have not only earned international recognition, but also a number of orders from across the globe.
■ The new products of the bioanalytical solutions business unit, such as the SpeedCycler® and the test kit for the rapid detection of the bird flu virus H5N1, are also gaining great attention and being accepted with much enthusiasm on the market. And we have many further products in the pipeline. Our portfolio is, as always, rounded off by additional technologies and products for efficient lab operation, developed and marketed by our subsidiaries. That is why ever more international customers are discovering in us a system provider who can offer a complete spectrum of solutions.
■ The efficacious implementation of our strategy is possible thanks to the passion of our employees. The enthusiasm with which they search for the best solutions was made evident to the inhabitants of Jena at the first Long Night of Sciences, which turned out to be a resounding success for the whole of the city.
■ Even if some of our operative goals were not reached in the last twelve months, we look forward to the new year not only with confidence but also with great joy.
Analytik Jena AG
Konrad-Zuse-Strasse 1
Investor Relations & Communications
D-07745 Jena
Thomas Fritsche
Germany
Tel.
+49 (0) 36 41 / 77 92 81
Tel.
+49 (0) 36 41 / 77 70
Fax
+49 (0) 36 41 / 77 99 88
Fax
+49 (0) 36 41 / 77 92 79
E-Mail
[email protected]
E-Mail
[email protected]
www.analytik-jena.de
Annual Report 2004/2005
Annual Report 2004/2005
Far-Sightedness Main Theme for Analytik Jena’s Annual Report 2004/2005
■ In financial year 2004/2005 we succeeded in breaking through to the international markets in the instrument business. Increasing revenues outside Germany in all regions are proof of this.
■ Our long-term strategy of far-sightedness is now paying off. Despite negative trends, in the last several years we have developed our know-how, strengthened our resources and expanded our portfolio by the use of all possible synergies – both in the area of classic analysis systems and in bioanalytics. With the atomic absorption spectrometer contrAA® we have already justified our claims to leadership in classic analysis technology and have not only earned international recognition, but also a number of orders from across the globe.
■ The new products of the bioanalytical solutions business unit, such as the SpeedCycler® and the test kit for the rapid detection of the bird flu virus H5N1, are also gaining great attention and being accepted with much enthusiasm on the market. And we have many further products in the pipeline. Our portfolio is, as always, rounded off by additional technologies and products for efficient lab operation, developed and marketed by our subsidiaries. That is why ever more international customers are discovering in us a system provider who can offer a complete spectrum of solutions.
■ The efficacious implementation of our strategy is possible thanks to the passion of our employees. The enthusiasm with which they search for the best solutions was made evident to the inhabitants of Jena at the first Long Night of Sciences, which turned out to be a resounding success for the whole of the city.
■ Even if some of our operative goals were not reached in the last twelve months, we look forward to the new year not only with confidence but also with great joy.
Analytik Jena AG
Konrad-Zuse-Strasse 1
Investor Relations & Communications
D-07745 Jena
Thomas Fritsche
Germany
Tel.
+49 (0) 36 41 / 77 92 81
Tel.
+49 (0) 36 41 / 77 70
Fax
+49 (0) 36 41 / 77 99 88
Fax
+49 (0) 36 41 / 77 92 79
E-Mail
[email protected]
E-Mail
[email protected]
www.analytik-jena.de
Key Figures
Highlights of Financial Year 2004/2005
Financial Calendar 2006
for the period from October 1 to September 30, 2005 and 2004
2004/2005
2003/2004
Change
Earnings data Consolidated revenue
64,370
89,177
–27.8 %
18,275
17,738
3.0 %
5,014
4,727
6,1 %
project solutions
36,320
62,023
–41.4 %
optical solutions
4,761
4,689
1.5 %
analytical solutions bioanalytical solutions
February 16
Publication of interim report for 3 months 2005/2006
The supply of AOX analyzers to various institutes of the central
The economic environment and expenditures for implementing
March 28
Annual General Meeting in Jena
water authority in Poland and resulting subsequent orders are
measures for more growth and income burden the half year
Calendar week 19/20
Publication of interim report for 6 months 2005/2006
a sign of the new sales opportunities to arise from the eastward
statement. The current results show that the economic situation in
Calendar week 32/33
Publication of interim report for 9 months 2005/2006
expansion of the EU.
the first six months of the financial year was accurately estimated.
Calendar week 49/50
Publication of Annual Report for 2005/2006
October
May
At over EUR 37 m, Group revenue is according to plan. November
Analytik Jena AG and Biozym Scientific GmbH enter into a
With the successful start-up of a prototype for time-of-flight mass
distribution cooperation for PCR technologies and consumables
spectrometry at the University of Hamburg, Analytik Jena makes
for the German-speaking area. The thermocycler technology
Germany
16,902
39,138
–56.8 %
its appearance on the market with a new generation of highly
developed by Analytik Jena is noted in particular for its ultra-fast
Europe (excluding Germany)
37,207
37,706
–1.3 %
sensitive simultaneously operating element analysis systems.
and efficient duplication of DNA sample materials.
America
1,610
1,353
19.0 %
Analytik Jena establishes a new subsidiary in Shanghai. The objec-
Asia
6,677
6,452
3.5 %
tive is to test the idea of purchasing components and assemblies
Rest of world
1,974
4,528
–56.4 %
and in the future also the manufacture of simple products on the
In conjunction with the visit of Thuringian Prime Minister Dieter
Export ratio
73.7 %
56.1 %
Chinese market.
Althaus in Russia, AJZ Engineering GmbH announces the conclusi-
Gross profit
20,271
24,130
Gross margin
31.5 %
27.1 %
EBITDA
2,252
4,157
3.5 %
4.7 %
511
2,524
0.8 %
2.8 %
–342
1,656
–0.5 %
1.9 %
85
955
–91.1 %
0.02
0.25
–90.9 %
In the first three months of the new financial year, Analytik Jena
–90.9 %
generates revenue of almost EUR 19 m.
These dates may be subject to change at short notice. Please refer to the Analytik Jena website for an updated version of the calendar.
June
on of an agreement for the turnkey construction of a transplan-
EBIT EBIT margin EBT EBT margin Consolidated net profit for the period Basic earnings per share
0.02
0.25
Weighted average shares outstanding (basic)
3,765,903
3,834,239
Weighted average shares outstanding (diluted)
3,768,517
3,845,948
Diluted earnings per share
–45.8 % –79.8 % –120.7 %
In the Company’s balance sheet for financial year 2003/2004,
more than EUR 90 m.
Analytik Jena is able to report significantly improved profi tability,
Completion of the Blochin Oncological Center of the Russian
strengthened liquidity and a growing instrument business.
Academy of Medical Sciences in Moscow. Order value: approx.
The handover ceremony at the reference laboratory at the
EUR 60 m.
encourages the opening up of new markets in Russia. February
March
2,408
108.9 %
Depreciation and amortization
1,741
1,633
6.6 %
Staff costs
14,425
14,901
–3.2 %
Net cash flow
–4,687
3,417
5,529
10,216
–45.9 %
Equity
21,839
21,958
–0.5 %
Total assets
49,511
41,527
19.2 %
44.1 %
52.9 %
Analytik Jena AG, Jena
not able to achieve the original projections and announces a
Konrad-Zuse-Strasse 1
profitext.com, Speyer
performance adjustment via an ad hoc notice.
07745 Jena
www.profitext.com
Germany
Translated by EnglishBusiness, Hamburg
Photography
spectrometers, worth over one million euros, is a sign of the
ures for the first nine months. Both incoming orders and sales of
Analytik Jena AG, Jena
Analytik Jena AG, Jena
Company’s successful development on the Asian market.
equipment are growing within the double digit percentage range,
At the fi fth ordinary Annual General Meeting all items on the
thus substantiating the target figures.
Investor Relations
guido werner .photography
agenda are approved with clear majorities.
Start of business operations of AJ Innuscreen GmbH at the scien-
The successful placement of a borrower’s note loan in the amount
tific location in Berlin-Buch. The new company is involved in the
of over seven million euros provides middle to long-term finan-
development of modularly structured and automated procedures
cing of the Group’s growth strategy.
and technologies for isolating and purifying nucleic acids.
April A 51% majority interest is acquired in the biotechnology company
possession of a very promising new product. 6,118
7,242
–15.5 %
444
395
12.4 %
84,096
33,334
Despite a few adjustments in growth objectives, Analytik Jena is
Edited by
mortem detection of BSE, the Group company finds itself in
in EUR thousands, except per share and employee data
Analytik Jena AG
able to report a significant upturn in its core business in the fig-
Roboscreen. By obtaining European approval for a kit for post-
Supplementary information
Treasury shares
Text
A large order from China for the delivery of 33 atomic absorption
Balance sheet data
Number of employees (as of September 30)
Published by
August
5,031
Research and development expenses (gross)
July Despite the upturn in the instrument business Analytik Jena is
Capital expenditure
Equity ratio
Acknowledgements
tation and dialysis center in Wolski with a total contract value of
internationally renowned Lomonossow University in Moscow
Financial data
Cash and cash equivalents at the end of the period
December
Initial work on the expansion of the Eisfeld and Langewiesen production sites in Thuringia is begun, with an investment volume of about EUR 3.5 m.
Analytik Jena AG · Key Figures · Highlights of Financial Year 2004/2005
EBITDA margin
–16.0 %
www.guido-werner.com Concept and Realization LANGE+PFLANZ Werbeagentur GmbH, Speyer
Printed by
www.LPsp.de
Ottweiler Druckerei und Verlag GmbH, Ottweiler www.OttweilerDruckerei.de
This Annual Report is also available in German. An online version is available at www.analytik-jena.de.
Key Figures
Highlights of Financial Year 2004/2005
Financial Calendar 2006
for the period from October 1 to September 30, 2005 and 2004
2004/2005
2003/2004
Change
Earnings data Consolidated revenue
64,370
89,177
–27.8 %
18,275
17,738
3.0 %
5,014
4,727
6,1 %
project solutions
36,320
62,023
–41.4 %
optical solutions
4,761
4,689
1.5 %
analytical solutions bioanalytical solutions
February 16
Publication of interim report for 3 months 2005/2006
The supply of AOX analyzers to various institutes of the central
The economic environment and expenditures for implementing
March 28
Annual General Meeting in Jena
water authority in Poland and resulting subsequent orders are
measures for more growth and income burden the half year
Calendar week 19/20
Publication of interim report for 6 months 2005/2006
a sign of the new sales opportunities to arise from the eastward
statement. The current results show that the economic situation in
Calendar week 32/33
Publication of interim report for 9 months 2005/2006
expansion of the EU.
the first six months of the financial year was accurately estimated.
Calendar week 49/50
Publication of Annual Report for 2005/2006
October
May
At over EUR 37 m, Group revenue is according to plan. November
Analytik Jena AG and Biozym Scientific GmbH enter into a
With the successful start-up of a prototype for time-of-flight mass
distribution cooperation for PCR technologies and consumables
spectrometry at the University of Hamburg, Analytik Jena makes
for the German-speaking area. The thermocycler technology
Germany
16,902
39,138
–56.8 %
its appearance on the market with a new generation of highly
developed by Analytik Jena is noted in particular for its ultra-fast
Europe (excluding Germany)
37,207
37,706
–1.3 %
sensitive simultaneously operating element analysis systems.
and efficient duplication of DNA sample materials.
America
1,610
1,353
19.0 %
Analytik Jena establishes a new subsidiary in Shanghai. The objec-
Asia
6,677
6,452
3.5 %
tive is to test the idea of purchasing components and assemblies
Rest of world
1,974
4,528
–56.4 %
and in the future also the manufacture of simple products on the
In conjunction with the visit of Thuringian Prime Minister Dieter
Export ratio
73.7 %
56.1 %
Chinese market.
Althaus in Russia, AJZ Engineering GmbH announces the conclusi-
Gross profit
20,271
24,130
Gross margin
31.5 %
27.1 %
EBITDA
2,252
4,157
3.5 %
4.7 %
511
2,524
0.8 %
2.8 %
–342
1,656
–0.5 %
1.9 %
85
955
–91.1 %
0.02
0.25
–90.9 %
In the first three months of the new financial year, Analytik Jena
–90.9 %
generates revenue of almost EUR 19 m.
These dates may be subject to change at short notice. Please refer to the Analytik Jena website for an updated version of the calendar.
June
on of an agreement for the turnkey construction of a transplan-
EBIT EBIT margin EBT EBT margin Consolidated net profit for the period Basic earnings per share
0.02
0.25
Weighted average shares outstanding (basic)
3,765,903
3,834,239
Weighted average shares outstanding (diluted)
3,768,517
3,845,948
Diluted earnings per share
–45.8 % –79.8 % –120.7 %
In the Company’s balance sheet for financial year 2003/2004,
more than EUR 90 m.
Analytik Jena is able to report significantly improved profi tability,
Completion of the Blochin Oncological Center of the Russian
strengthened liquidity and a growing instrument business.
Academy of Medical Sciences in Moscow. Order value: approx.
The handover ceremony at the reference laboratory at the
EUR 60 m.
encourages the opening up of new markets in Russia. February
March
2,408
108.9 %
Depreciation and amortization
1,741
1,633
6.6 %
Staff costs
14,425
14,901
–3.2 %
Net cash flow
–4,687
3,417
5,529
10,216
–45.9 %
Equity
21,839
21,958
–0.5 %
Total assets
49,511
41,527
19.2 %
44.1 %
52.9 %
Analytik Jena AG, Jena
not able to achieve the original projections and announces a
Konrad-Zuse-Strasse 1
profitext.com, Speyer
performance adjustment via an ad hoc notice.
07745 Jena
www.profitext.com
Germany
Translated by EnglishBusiness, Hamburg
Photography
spectrometers, worth over one million euros, is a sign of the
ures for the first nine months. Both incoming orders and sales of
Analytik Jena AG, Jena
Analytik Jena AG, Jena
Company’s successful development on the Asian market.
equipment are growing within the double digit percentage range,
At the fi fth ordinary Annual General Meeting all items on the
thus substantiating the target figures.
Investor Relations
guido werner .photography
agenda are approved with clear majorities.
Start of business operations of AJ Innuscreen GmbH at the scien-
The successful placement of a borrower’s note loan in the amount
tific location in Berlin-Buch. The new company is involved in the
of over seven million euros provides middle to long-term finan-
development of modularly structured and automated procedures
cing of the Group’s growth strategy.
and technologies for isolating and purifying nucleic acids.
April A 51% majority interest is acquired in the biotechnology company
possession of a very promising new product. 6,118
7,242
–15.5 %
444
395
12.4 %
84,096
33,334
Despite a few adjustments in growth objectives, Analytik Jena is
Edited by
mortem detection of BSE, the Group company finds itself in
in EUR thousands, except per share and employee data
Analytik Jena AG
able to report a significant upturn in its core business in the fig-
Roboscreen. By obtaining European approval for a kit for post-
Supplementary information
Treasury shares
Text
A large order from China for the delivery of 33 atomic absorption
Balance sheet data
Number of employees (as of September 30)
Published by
August
5,031
Research and development expenses (gross)
July Despite the upturn in the instrument business Analytik Jena is
Capital expenditure
Equity ratio
Acknowledgements
tation and dialysis center in Wolski with a total contract value of
internationally renowned Lomonossow University in Moscow
Financial data
Cash and cash equivalents at the end of the period
December
Initial work on the expansion of the Eisfeld and Langewiesen production sites in Thuringia is begun, with an investment volume of about EUR 3.5 m.
Analytik Jena AG · Key Figures · Highlights of Financial Year 2004/2005
EBITDA margin
–16.0 %
www.guido-werner.com Concept and Realization LANGE+PFLANZ Werbeagentur GmbH, Speyer
Printed by
www.LPsp.de
Ottweiler Druckerei und Verlag GmbH, Ottweiler www.OttweilerDruckerei.de
This Annual Report is also available in German. An online version is available at www.analytik-jena.de.
Annual Report 2004/2005
Index
Our succes and our future rest on the innovation and the experience of our employees. Analytik Jena would like to Seite
thank each and every one of them for the competence, far-sightedness and enthusiasm that they bring to their work on a daily basis.
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· · · · · · · · · · · · · · Heide Beerhold · Fred Beez · Wolfgang Beez · Sabine Benning · Lars Bergmann · Brigitte Berk · Alexander Berka · Klaus Berka · Christine Beyer · Kathrin Biedermann · Ilka Bitter · Peter Blum · Christiane Bohrenfeldt · Silke Borchert · Ralf Börner · Dieter Böwe · Anke Bräunlich · Gudrun Bräutigam · Jürg Briner · Sara Broscheit · Dr. Sven Brunsch · Franziska Buchholz · Wolfgang Bülow · Steffen Burgold · Christina Busch · Viktor Chaichits · Robert Chamier-Glisczinski · Chen Li · Cheok Peter Chien-Hua · Andrea Christmann · Ricky Cleveland · Stephan Credner · Raimund Dettling · Monika Dobrick · Stefan Döhmen · Michael Dohr · Dong Liang · Angelika Döring · Peter Döring · Dieter Dorst · Duan Jinghua · Natalja Dubina · Heike Ebbinghaus · Sebastian Eck · Dirk Eckstein · Gerhard Edelmann · Wolfgang Edelmann · Klaus Ehrlich · Christiane Ehrling · Klaus Eichardt · Dietrich Einecke · Rainer Engstfeld · Ute Feldmann · Nacer Ferraz · Marco Feustel · Gert Finke · Dr. Christoph Fischbacher · Beate Fischer · Bernd Fischer · Erika Fischer · Klaus Fischer · Sieglinde Fischer · Sigrid Fischer · Dr. Andrea Fleischmann · Helmut Florschütz · Renate Florschütz · Ronald Flossmann · Ulfi Forkel · Cornelia Förster · Michael Förster · Sindy Förster · Wolfgang Förster · Helmut Franken · Sabine Freise · Dr. Klaus-Christian Friese · Thomas Fritsche · Martina Fröhberg · Christine Frohburg · Peter Frosch · Uwe Frost · Benjamin Gartzke · Sören Geist · Elke Georgi · Jörg Gerberth · Reinhard Glaser · Mathias Gläßer · Heike Gleisner · Andrea Glomb · Ingo Göhring · Viola Göhring · Christian Gollmer · Tatjana Golubewa · Gong Peng · Ernst Gottschalk · Katja Gottschalk · Herbert Graessel · Erich Grahmann · Hartmut Grahmann · Elmara Graser · Hubert Greiner-Vetter · Ludmila Gribanova · Dr. Angela Gröbel · Gabriele Günsch · Winfried Günsch · Katrin Günther · Tino Güntzel · Guo Tiezheng · Ewald Haak · Jochen Haas · Dr. Vera Habarowa · Karin Haberkorn · Alexander Hädrich · Peter Hager · Werner Hagg · Ines Hamann · Udo Hanisch · Ina Heinrich · Karolin Heintz · Harald Heinze · Renate Heinze · Olaf Heitzer · Monika Helbing · Dieter Hellmann · Heiko Henneberg · Jana Henschel · Wolfgang Herburg · Rolf Herkle · David Herrling · Kristin Herrling · Friedrich Herrmann · Ingo Hertel · Manja Herz · Pia Heugel · Manuela Heunemann · Manfred Heynisch · Chkirni Hicham · Wiebke Hiesener · Dr. Timo Hillebrand · Thomas Hoffmann · Dietrich Hofmann · Ingrid Hofmann · Susan Hofmann · Holger Hölbing · Wolf-Edmund Holst · Margret Hoppert · Angelika Hornischer · Ute Hörnlein · Siegfried Hoschka · Ronny Hüttich · Werner Hüttner · Igor Iwanow · Reinhard Jacob · Ute Jäckel · Christin Jäger · Herbert Jahn · Mathias Jahn · Steffen Jakob · Monika Jänisch · Suranen Jarungjit · Christian Jauer · Carolin Junghans · Anja Jungnickel · Alla Jutkina · Matthias Kahms · Angelika Kalauch · Hans-Jürgen Kampfhenkel · Dr. Szilvia Karsai · Tatjana Kasanskaja · Sergej Kasarinow · Andrew Kazanas · Thomas Kibbel · Dr. Margrit Killenberg-Jabs · Rüdiger Kirst · Elena Kirsten · Nikolaus Kitt · Kathrin Klas · Hannelore Kleinschmidt · Günter Kleinteich · Daniel Kling · Sebastian Knauer · Claus Knippschild · Irina Knjasewa · Brygida Knorre · Horst Knüpfer · Christian Koch · Manuela Koch · Rudi Koch · Wolfgang Koch · Bernhard Kochs · Albrecht Köhler · Dr. Thomas Köhler · Wera Köhler · Bernd Kölbel · Anja Kolleß · Jürgen Komm · Franz König · Sabine König · Michael Konrad · Lothar Korn · Ekaterina Kosterina · Julia Koß · Jens Kowalik · Svitlana Kozlova · Jörg Kraus · Hans-Ulrich Krawetzke · Georg Alexander Krebs · Harald Kreussel · Holger Krull · Michael Kuhn · Narula Gulsham Kumar · Daniel Kusche · Gisela Küstner · Ursula Kutzschbach · Thomas Labatzke · Florian Labetzki · Gernot Labus · Dr. Ingolf Lachmann · Lamine Labraoui · Farid Laguel · Andreas Lang-Kocourek · Sven Laslop · Waldemar Lassak · Manfred Lautenschläger · Galina Lebedenko · Steffen Leipold · Dr. Norbert Lenk · Derk Lennips · Li Honghua · Jelena Lichatskaja · Daniela Liche · Dr. Alf Liebmann · Marco Lieder · Ina Lienz · Günter Liepelt · Thomas Liffert · Steffen Lindner · Erich Lippmann · Liu Xuewen · Ralf Lobenstein · Dr. Reiner Löck · Manuel Looss · Hans-Uwe Lorenz · Huib Lottermann · Wenke Löwel · Dr. Axel Ludwig · Dr. Christoph Ludwig · Luo Xuncun · Elke Luther · Heinz Lutherdt · Regina Lüttig · Alexander Maaz · Renate Mäder · Manal Makram · Wadim Maljawitzkij · Alexander Mamajew · Joan Marcu · Juri Martyschew · Maria Matrossowa · Gunther Meinhardt · Brunhilde Meister · Kristina Mende · Stefan Mergner · Nicky Mertz · Stefan Mertz · Birgit Meyer · Andrej Michailowski · Mario Misiewicz · Andreas Möbius · Klaus Mondani · Karin Moos · Farouk Moualriche · Erika Müller · Florian Müller · Heide Müller · Stefan Müller · Holger Münsberg · Dr. Esam Nazry Nashed · Steffi Nebel · Galina Nedochlebowa · Jens Neef · Dieter Nehrbass · Peter Neubert · Christoph Neumann · Jan Neumann · Michael Neumann · Norbert Neumann · Rolf Nixdorf · Dr. Claus-Jürgen Nötzold · Dr. Rene Nowka · Harry Nützel · Christiane Oexle · Tatjana Ognewa · Torsten Olschewski · Lüder Oschmann · Dr. Awad Ahmed Osman · Wiebke Osterloh · Andrej Owtschinnikov · Dr. Burcu Özmen · Holger Pachur · Ralf Paliege · Sabrina Papst · Dr. Heiko Patzer · Alexander Paulus · Horst Pawlik · Michael Pawlik · Peng Chuan · Georg Podleska · Susanne Poguntke · Michaela Portala · Galina Ptschelinzewa · Qiao Yueping · Dr. Bernard Radziuk · Heinrich Rahberger · Anton Rakow · Konstantin Rakow · Silvia Raßmann · Jens Reich · Cornelia Reichardt · Michael Reiche · Christina Reimann · Volker Reimann · Benjamin Reimer · Jörg Reißig · Werner Richter · Raik Riedel · Ulrich Riemann · René Röder · Sylke Rödiger · Hans-Dieter Römhild · Bernhard Rosenberger · Steffen Rosenkranz · Dr. Anne-Katrin Rost · Alexandra Rothenstein · Kai Röther · Konrad Rudolph · Uwe Rücknagel · Sabine Ruppe · Lars Rußek · Norbert Rüßmann · Konstantin Safranov · David Sausemuth · Eric Schachtschabel · Norman Schachtschabel · Carlo Schäfer · Nancy Scheffler · Andreas Schiefer · Annette Schinköth · Claus-Dieter Schlegel · Dr. Gerhard Schlemmer · Peter Schlesinger · Michael Schlund · Murad Schmeyla · Ulrich Schmid · Andreas Schmidt · Gerd Schmidt · Maik Schmidt · Nikolaus Schmidt · Wolfgang Schmidt · Marianne Schmitt · Christine Schneider · Claudia Schneider · Ralf Schneider · Sylvia Schneider · Dr. Peter Schober · Joachim Schönherr · Werner Schrader · Lothar Schramm · Heike Schröder · Michael Schuhknecht · Rüdiger Schulz · Erich Schulze · Renate Schulze · Cathleen Schumann · Andrea Schurig · Heiko Schütz · Karl Schwaberau · Viola Schwarz · Olaf Schweder · Detlef Schweitzer · Thomas Schwobe · Liska Seidel · Jürgen Seiffert · Jürgen Seupel · Natalja Shelesnowa · Rifgat Sibgatullin · Marina Siegel · Ada Skurskaja · Kathrin Sommer · Frank Spudich · Bernt Stäber · Sebastian Stäblein · Birgit Stahl · Dr. Karl-Heinz Stahnke · Sebastian Stärker · Corina Steidl · Susanne Stein · Christine Stellenberg · Elena Stepanowa · Dr. Andreas Sterner · Manuela Stief · Peter Stiffel · Ina Stöhr · Dr. Thomas Stratesteffen · Nikola Streidt · Dieter Striebe · Ilona Striebe · Regina Strzodka · Annett Stüdemann · Su Mingshi · Popanit Suttiluk · Susanne Swialkowski · Alexander Sytschewoj · Juliane Tämmler · Keith Tanner · Nomita Thakur · Dr. Eike Thamm · Jens Thiel · Sabine Thieme · Burkhard Thymian · Hans-Georg Tiede · Marcel Tonndorf · Ben Arab Toufik · Dieter Traut · Melanie Trenkmann · Maria Tschebotarjowa · Elena Uljanowa · Klaus Unbehaun · Veokeki Bancha · Akira Vettermann · Uta Vollrath · Steffen Voß · Anna Wackes · Rolf Wagenschwanz · Wang Suping · Nina Waskowskaja · Swetlana Waskowskaja · Laura Waterman · Dr. Karl-Georg Weber · Mario Wehner · Eckhard Wehrhan · Helga Weihmann · Andre Weis · Bruno Weißleder · Uwe Wellnitz · Gudrun Wentzke · Olga Wereschtschagina · Viktor Werwein · Ullrich Wessels · Ursula Wichert · Wie Lizhou · Ingrid Wiegand · Gabriele Wilhelm · David Wilkenshoff · Dr. Stefan Winter · Birgit Wittenburg · Christian Woik · Roland Woik · Julia Wollatz · Kerstin Wötzel · Wu Qinghua · Xu Xiangyang · Xu Shanyong · Michael Zeiher · Zeng Ying · Zhang Hairong · Zhang Jun · Zhao Qingsong · Zhao Tai · Zhao Guoyu · Bernd Zimmermann · Gerd Zimmermann · Karin Zirr · Mahfoud Zouaoui Susann Adam Juliane Adler Jens Adomat Cornelia Ahlendorf Ahmed Mohammed Ashefer Nico Amarell Dr. Mona Amin Martin Apelt Matthias Arndt Nicole Audehm
Jens Aurich Ulrike Babin Ilona Bach Volkmar Bachmann Natalja Bagrowa Christian Bär Sebastian Bär Wilhelm Bärwinkel Gerd Bauer Andreas Becker Martin Becker
100
To Our Shareholders Letter to the Shareholders
2
Report of the Supervisory Board
4
Analytik Jena’s Shares
6
Declaration of Conformity Corporate Governance
9 10
Analytik Jena Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
13
Special Feature Fascinated by the Research Spirit
22
Management Report of Analytik Jena AG 1. Analytik Jena’s Macroeconomic Environment
25
2. Sector-specific Situation
25
3. Business Development in the Group
26
4. Cost Trends
30
5. Capital Expenditure
31
6. Human Resources
31
7. Net Assets, Financial Position and Results of Operations
33
8. Research and Development
36
9. Risk Report
38
10. Supplementary Report
40
11. Outlook
40
Consolidated Financial Statements Consolidated Income Statement
43
Consolidated Balance Sheet
44
Consolidated Cash Flow Statement
45
Consolidated Statement of Changes in Equity
46
Notes to the Consolidated Financial Statements
49
Consolidated Statement of Changes in Noncurrent Assets
78
Differences in Accounting Policies
80
Information on Executive Bodies
85
Auditor‘s Report
88
Further Informations Glossary
91
Direct and Indirect Equity Interests
95
Addresses
96
Contacts
99
Financial Calendar
U5
Acknowledgements
U5
Index
1
Annual Report 2004/2005
Contacts
Contacts
Subject-specific e-mail addresses Instruments:
Chairman of the Executive Board
E-mail:
[email protected]
Klaus Berka Tel:
+49 (0) 36 41 / 77 92 56
Engineering:
Fax:
+49 (0) 36 41 / 77 99 88
E-mail:
[email protected]
E-mail:
[email protected] Laboratory, Information and Management Systems: E-mail:
[email protected] ■ Jürg Briner
■ Klaus Berka
■ Jens Adomat
Letter to the Shareholders Dear Shareholders,
Investor Relations Corporate Communications
Automation:
Thomas Fritsche
E-mail:
[email protected]
Tel:
+49 (0) 36 41 / 77 92 81
Fax:
+49 (0) 36 41 / 77 99 88
E-mail:
[email protected]
Internet Up-to-date information on the Internet:
The financial year just completed was quite turbulent and marked by a number of both positive and negative events.
Lars Russek
Find out about the latest topics and developments in the
Tel:
+49 (0) 36 41 / 77 73 55
Group at any time on Analytik Jena‘s website.
First of all it must be stated straight out that we did not reach the expected results originally communicated at the
Fax:
+49 (0) 36 41 / 77 99 88
beginning of the year. We have already described the circumstances that led to this development in our ad hoc
E-mail:
[email protected]
communication of July 7, 2005 and in the following quarterly report at the beginning of August. Thus, in addition to
You also have the option of receiving information via our newsletter; simply ask us to add your name to our mailing list.
objective criteria related strictly to the market, management errors also contributed to the broad cuts at two of the Analytik Jena Group’s subsidiaries. We took immediate action in this case and implemented the required measures
Websites
to stabilize the situation. We are now happy to report that both companies are again back on track.
www.aj-group.de www.analytik-jena.de
Even at the very start of the last financial year, we commenced operations with clearly reduced expectations within
www.ajz-engineering.de
the project business segment. We were nevertheless faced with additional postponements of projects, in Libya and
www.aj-blomesystem.com
Russia in particular. This compelled us to make further reductions in our plans for the financial year, but without
www.aj-cybertron.de
having to completely remove these contracts from our forecast.
www.aj-innuscreen.de www.aj-roboscreen.de
These facts aside, there were some clear advances made in the financial year just ended in the core business of Analytik
www.docter-germany.com
Jena AG in the analytical and bioanalytical solutions business units. Particular worth mentioning in this regard is the
2
To Our Shareholders · Letter to the Shareholders
Further Information · Contacts
99
Annual Report 2004/2005
fact that we are again able to report notable growth in the instrument business for the first time after three years of stagnation – and this despite a weak start in the first quarter and the downswing at subsidiaries AJ Blomesystem and AJ Cybertron. We view this as a clear signal that it is time to implement our continuous, long-term growth strategy as well as a sign of the success of the analysis systems recently introduced on the market.
One particular highlight of the financial year was gaining a majority interest in the Leipzig Biotech firm AJ Roboscreen. They develop and manufacture molecular diagnostic kits for qualitative and quantitative analysis. Another important strategic measure carried out in the financial year just ended was the start-up of operations of AJ Innuscreen at the Biotech site in Berlin-Buch. This company, in which Analytik Jena Group also holds a majority interest, specializes in the development and distribution of innovative DNA and RNA purification technology. The addition of these two new enterprises to our group of companies now furnishes us with an extremely coherent, full-service range of products in our bioanalytical solutions business unit. Our expectations for business success and future growth in this area are very high. We are getting ever closer to our goal of combining our own qualitative and quantitative biomolecular reagent kits with our high-tech analysis systems. The announcement of an available quick test for detecting the bird flu virus H5N1, which is also a threat to humans, has assured both AJ Roboscreen and Analytik Jena a great deal of attention on the marketplace. We view this as yet another positive sign of our great innovative strength and consistent implementation of our growth strategy.
We would also particularly like to mention our investment in the expansion of our production sites in Thuringia. A total of more than EUR 3.0 m have been invested in Eisfeld and Langewiesen. We are better able to effectively meet the demand for increased volumes of our current products through modernization and concentration of sites. This investment is also a sign that a production site may be set up in Germany.
We trust that you, our esteemed shareholders can, in the face of these multi-faceted events, comprehend our references to a turbulent and yet very special financial year. Let us look toward the future together. We feel certain that we have now successfully set the course for continued, more profitable growth.
Klaus Berka Chairman of the Executive Board (CEO)
To Our Shareholders · Letter to the Shareholders
3
■ Prof. Dr. habil. Manfred Grün
■ Alexander von Witzleben
■ Dr. Nikolaus Reinhuber
Report of the Supervisory Board Dear Ladies and Gentlemen,
In financial year 2004/2005, the Supervisory Board of Analytik Jena AG became very involved with the position of the company and worked closely together with the Executive Board on all important transactions and strategic decisions. We advised the Executive Board and monitored the Company’s management. The Executive Board reported to us regularly and in a comprehensive, timely manner.
In the four meetings held in the past financial year, we were informed about the economic and financial development of the Company and its affiliates, as well as about orders and projects of major significance. The Chairman of the Supervisory Board also regularly exchanged information, ideas and opinions with the Chairman of the Executive Board.
The Supervisory Board granted its approval to important transactions requiring its consent.
The discussions focused on the effects of the continued difficult economic environment, the consequences of changes in the market for analytical measurement technology and the strategic development of the Company. Where it was deemed necessary to improve the evaluation process, employees responsible for specific areas were called upon to report to the meetings on individual agenda items.
4
To Our Shareholders · Report of the Supervisory Board
Annual Report 2004/2005
Two items of particular significance during the past financial year were the acquisition of Roboscreen GmbH, Leipzig, and the announcement of corrections to results and their causes at the beginning of July.
In the period under review, the Supervisory Board again addressed in detail the accepted standards of good and responsible corporate management contained in the German Corporate Governance Code. In its meeting on December 9, 2005, the Supervisory Board resolved the declaration of conformity for 2006 in accordance with section 161 of the Aktiengesetz (AktG – German Public Companies Act). The deviations from the Code are explained in the Annual Report in the section entitled “Declaration of Conformity”.
The annual financial statements and the consolidated financial statements prepared by the Executive Board, and the combined management report of Analytik Jena AG for financial year 2004/2005, including the bookkeeping and risk early warning system, were audited by KPMG, Leipzig. The auditor issued an unqualified audit opinion. The consolidated financial statements of Analytik Jena AG were prepared in accordance with the International Financial Reporting Standards (IFRSs).
The audit reports were forwarded to the members of the Supervisory Board immediately following completion and discussed in detail in the meeting on the financial statements held on December 9, 2005. In this meeting, the auditors reported the significant results of their audit and were available for further information and any other questions by the Supervisory Board.
Based on its own examination, the Supervisory Board agreed with the results of the auditor’s examination. In its meeting on December 9, 2005, the Supervisory Board approved the annual financial statements and the consolidated financial statements; the annual financial statements are thus adopted.
The Supervisory Board sincerely thanks all the members of the Executive Board and all the employees of the Analytik Jena Group for their commitment and achievements in the past financial year, as well as the shareholders for the trust they have shown in the Company.
Jena, December 2005 For the Supervisory Board
Alexander von Witzleben Chairman of the Supervisory Board
To Our Shareholders · Report of the Supervisory Board
5
Analytik Jena‘s Shares
Our Shares in Financial Year 2004/2005
Capital Market Communication Inten-
Analytik Jena’s shares opened the year under review
sified
at a price of EUR 5.20, reaching their high for the year
In a series of one-on-one discussions and conferences,
so far of EUR 7.16 by February 7, 2005. Due to profit
the Executive Board provided information about the
taking, our share price then showed a downward trend
key financial data, strategy and overall potential of the
in the ensuing period and in mid-May had fallen to its
Analytik Jena Group.
low for the year of EUR 4.12. Following a short recovery period, the share price showed some sideways move-
In November 2005, for example, the Executive Board
ment as a result of the reduction in the annual target
used the German Equity Forum in Frankfurt as a wel-
position and recovered only slowly until the end of the
come platform for presenting the Company to a large
financial year. At the end of September, Analytik Jena’s
number of analysts and investors. Analytik Jena pro-
share price was EUR 5.75.
vides regular and detailed information about the development of the Company. We keep analysts, journalists
Analytik Jena’s shares increased by 9.3 % in compari-
and investors up-to-date and on an equal footing when
son with the end of the financial year 2003/2004. Our
it comes to current events. One fast and convenient
market capitalization at September 30, 2004 was EUR
channel of communication is the Internet. At the new
22,138 thousand. This puts it at 1.4 % over the book
and improved Internet site www.aj-group.de, Analytik
equity (September 30, 2004: –7.8 %).
Jena provides in-depth information for shareholders,
Stock Market Data on Analytik Jena‘s Shares ISIN
DE 000 521 3508
Stock market symbol
AJA
Reuters symbol
AJA.DE
Membership of Deutsche Börse indices
CDAX, NMDP, CXPN, PXAP, I1NA
Admission segment
Prime Standard/Regulated market
Prime sector
Industrial
Stock markets
Frankfurt am Main, Stuttgart, Munich, Hanover, Düsseldorf, Berlin/Bremen, Hamburg and Xetra
6
To Our Shareholders · Analytik Jena‘s Shares
Annual Report 2004/2005
Development of Analytik Jena‘s Share Price 2005 + 30 % + 20 % + 10 %
– 10 % – 20 % – 30 %
January
April
■ Analytik Jena‘s share price
July
October
■ Nemax All Share Index
such as financial reports, key data, information on the
and guests representing approximately 50.0 % of the
Company’s shares and company reports.
share capital to the meeting. All items on the agenda – the approval of the activities of the Executive Board
Broad Acceptance at the Annual
and the Supervisory Board for financial year 2003/2004
General Meeting
and the election of the auditors and amendments to
Analytik Jena AG’s fifth ordinary Annual General Meeting
the Articles of Association – were approved with clear
took place on March 17, 2005. The Executive Board and
majorities.
Supervisory Board welcomed around 150 shareholders
Key Data on Analytik Jena‘s Shares
Closing price on September 30*
in EUR
09/30/2005
09/30/2004
in %
5.75
5.26
+9.3
High for financial year*
in EUR
7.16
8.20
–12.7
Low for financial year*
in EUR
4.12
5.20
–20.8
Price/earnings ratio Number of shares
288
21
3,849,999
3,849,999
in EUR m
22.14
20.25
+9.3
no. of shares
7,509
10,619
–29.3
Cash flow per share
in EUR
–2.29
2.07
Earnings per share
in EUR
0.02
0.25
–92.0
Equity per share
in EUR
5.67
5.70
–0.5
Market capitalization Average trading volume
*on Xetra
To Our Shareholders · Analytik Jena‘s Shares
7
Current Shareholder Structure of Analytik Jena AG 64.6 %
19.3 %
16.1 %
Klaus Berka
Jens Adomat
Free float
as of September 30, 2005
Executive Board and Supervisory Board
The shareholdings of the members of the Supervisory
Shareholdings – Directors’ Holdings
Board as of September 30, 2005 remained unchanged
As of September 30, 2005 the members of the
as against the previous year at 5,832. The breakdown
Executive Board held 1,363,500 shares (previous year:
of shares and options by individual members of the
1,463,500) and 37,500 options (previous year: 37,500)
Company’s executive bodies as of September 30 can
on shares of Analytik Jena AG.
be seen from the following table.
Directors‘ Holdings as of September 30 Shares Issuer
Options
09/30/2005
09/30/2004
09/30/2005
09/30/2004
84,096
33,334
–
–
Executive Board Klaus Berka
742,250
742,250
16,500
16,500
Jens Adomat
621,250
721,250
16,000
16,000
–
–
5,000
5,000
Alexander von Witzleben
2,083
2,083
–
–
Prof. Dr. Manfred Grün
1,666
1,666
–
–
Dr. Nikolaus Reinhuber
2,083
2,083
–
–
Jürg Briner Supervisory Board
no. of shares
8
To Our Shareholders · Analytik Jena‘s Shares
Annual Report 2004/2005
Declaration of Conformity
Declaration of Conformity with the German Corporate Governance Code Joint declaration by the Executive Board and the Supervisory Board of Analytik Jena AG on conformity with the recommendations of the German Corporate Governance Code (GCGC) in accordance with section 161 of the Aktiengesetz (AktG – German Public Companies Act):
Since its last declaration of conformity dated December 9, 2004, Analytik Jena AG has conformed with the recommendations of the Government Commission on the German Corporate Governance Code regarding the management and supervision of companies as amended on May 21, 2003, subject to the deviations mentioned therein.
In future, Analytik Jena AG will conform with the recommendations of the Government Commission on the German Corporate Governance Code as amended on June 2, 2005, with the following exceptions:
a) The stock option program is not related to comparison parameters and the Supervisory Board has not passed a resolution covering extraordinary unforeseen developments (section 4.2.3 of the Code).
b) As the Supervisory Board is composed of only three members, no committees have been formed (section 5.3 of the Code).
c) The compensation of the Supervisory Board members comprises a fi xed component only (section 5.4.5 of the Code).
Analytik Jena AG Jena, December 9, 2005
For the Executive Board
For the Supervisory Board
Klaus Berka
Alexander von Witzleben
To Our Shareholders · Declaration of Conformity
9
Corporate Governance
Analytik Jena has placed a great deal of value on Corporate
Stock Option Plan
Governance since the Company was founded. The Com-
The Company aims to do business in a manner that is
pany’s own self-instilled obligation to uphold these prin-
geared towards shareholders’ interests and that actively
ciples extends far beyond the statutory regulations even in
promises an increase in the Company’s long-term
the future. The Executive Board and Supervisory Board
stock market value. For this reason, the Company has
therefore put forward a clear set of rules which encompas-
introduced a performance-related incentive program in
ses the entire system of a responsible corporate manage-
the form of a stock option plan.
ment and control oriented toward an increase in value. More detailed information on the stock option plans Analytik Jena places particular value on its relations with
can be found in the Notes to the Consolidated Finan-
shareholders. By being aligned with the Corporate
cial Statements on page 69ff. of the Annual Report.
Governance Code, it is easier for the investors themselves to perceive and have an impact on the Company.
When designing the stock option plan, the Company
Therefore the equal treatment of all investors and
decided to forego the obstacle of a comparison index,
financial analysts is given a great deal of significance
since it is relatively difficult for the group to define a
within the organization.
suitable measure for this purpose. In light of the market capitalization of Analytik Jena AG, there is currently
Analytik Jena is very much aware of its responsibility
no index on the market that can be used directly to
toward its customers, investors and the public. Sound
adequately cover the complete analytical measuring
corporate governance is thus a very important basis for
devices and investment projects industry. Even the in-
the Company’s approach to conducting business.
dependent compilation of a so-called “industry basket” fails to make the grade due to the fact that there are
Granted Options
Executive
Managing
Board
directors of
Employees
Total
affiliated companies 37,500
26,800
226,600
290,900
+ granted options
–
8,000
4,000
12,000
– exercised options
–
–
–
–
– expired options
–
–
7,400
7,400
37,500
34,800
223,200
295,500
Opening balance 10/01/04
Ending balance 09/30/05 in EUR thousands
10
To Our Shareholders · Corporate Governance
Annual Report 2004/2005
not enough competitors listed on the stock exchange
A list of the individual Supervisory Board remunera-
in Germany and/or Europe which are suitable for
tions can be found on page 87 of the Annual Report.
comparison purposes. Security Transactions That Must Be Formation of Committees
Reported (Directors’ Dealings)
Due to the fact that the Supervisory Board consists of
Section 15a of the Securities Trading Act (WpHG–
only three members, the formation of professionally
German Securities Trading Act) makes it mandatory
qualified committees as recommended in the Code
for the members of the Executive Board and the Super-
does not apply for Analytik Jena. The members of the
visory Board of Analytik Jena AG to report the acqui-
Supervisory Board shall jointly dedicate their energies
sition or sale of Analytik Jena shares to the Company
to all topics which according to the Code should be
and to the Federal Financial Supervisory Authority (Bun-
transferred to special committees, and thereby comply
desanstalt für Finanzdienstleistungsaufsicht). In addi-
with the objectives of the Code.
tion to the purchase and sale transactions of Analytik Jena shares, security transactions related to the Analytik
Remuneration of the Supervisory Board
Jena stock (e.g. the acquisition or sale of options) must
The currently valid rules for remuneration of the Super-
also be reported. The acquisition or granting of options
visory Board were passed by the Annual General Meet-
on an employment contract basis or as a component of
ing on March 8, 2001; they can be found in section
remuneration and the exercising of such options are not
14 of the articles of association of Analytik Jena AG.
subject to the duty to report. Security transactions by
The remuneration is based on fi xed components and
individual or legal persons who are in a close relation-
takes into account the position of chairman and deputy
ship with the persons described above are also subject
chairman as well as membership in the Executive Com-
to the duty to report. Since the introduction of the duty
mittee of the Supervisory Board.
to report, Analytik Jena has been voluntarily publishing all transactions even beyond the legally prescribed pe-
No performance-based factors are included in the over-
riod of one month.
all remuneration of the Supervisory Board. The members of the Executive Board and Supervisory Board feel
In April 2005 Mr. Jens Adomat sold 100,000 Analytik
that the existing remuneration system is better suited
Jena shares in trading outside of the stock exchange at
to ensure the independence of the Supervisory Board
a price of EUR 4.70.
in the effective performance of its supervisory duties. Detailed information on the Directors’ Holdings can be found in the Annual Report on page 8.
To Our Shareholders · Corporate Governance
11
Experience
Dr. Vera Habarowa (Managing Director of AJZ Engineering, St. Petersburg branch) The Russian Federation is very significant for AJZ Engineering from a strategic perspective. Construction of the exemplary Oncological Cancer Research Center in Moscow was particularly important in pointing the way to the future for this market: additional projects are already planned. Dr. Habarowa has the required experience, competence and foresight to coordinate these projects independently and unerringly on site.
12
Annual Report 2004/2005
Company: Analytik Jena GROUP. It‘s Worth a Closer Look. International Breakthrough with Innovative Analysis Technologies
Making clear distinctions and finding answers – basic,
safer. These victories do not come overnight. They are
underlying questions on the formation and nature of
the result of a corporate philosophy that emphasizes a
the world have been the source of our knowledge since
great deal of staying power. And with a vision fed by
the onset of human thought. The demands within this
decades of experience not perceiving new things as a
process are constantly growing, when viewed both
surprise, but rather as an opportunity for which we
in terms of global competition and on an analytical
must prepare ourselves. Globalization, for example.
scale. Analytik Jena lives up to these demands by also
The Analytik Jena Group profits immensely from this.
being concerned with things that appear to be very in-
Because customers from over 90 countries compare
conspicuous but which are actually quite critical, such
and see: Quality is the difference.
as the germ content of drinking water, the chlorine content of refinery products or the amount of fine dust
Two Pillars, Four Business Units
adsorbed by a particle filter.
Instruments by Analytik Jena are used in the scientific environment as well as in business. Analytik Jena
In order to detect these extremely subtle differences,
provides users from both areas with a broad range of
scientists in all food, environmental, medical, pharma-
systematic solutions for efficient laboratory operations.
ceutical and biotechnology laboratories work with
It comprises the classic analysis technology (analyti-
ultra-modern analysis systems – analysis systems such
cal solutions) and bioanalytical measuring systems
as those developed, produced and marketed world-
(bioanalytical solutions) as well as the planning and
wide by Analytik Jena.
realization of complete turnkey laboratory and medical projects (project solutions). The project and instru-
These systems enable reliable qualification and quanti-
ment business are the two pillars of the Analytik Jena
fication of chemical elements and biological substances,
Group, which reinforce each other through numerous
through spectroscopy and elementary analysis, for
interactions.
example – often faster and more efficiently than devices from other manufacturers. The superior atomic
What the Business Units Accomplish
absorption spectrometer contrAA® is a clear-cut
The instruments of the analytical solutions business
example of this. Following its award-winning debut last
unit enable the qualitative and quantitative determi-
year, orders for this device are being received from all
nation of chemical elements – or what it is and how
over the world. And that is just the beginning. In the
much of it there is. They also enable molecules and
bioanalytical field as well, the engineers at Analytik
groups of substances to be characterized, identified
Jena Group are working on new technologies and instru-
and quantified. Optics, sensor systems and micro
ments which will improve our lives and make them
system techniques are linked to the application in the
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
13
analytical solutions
project solutions
bioanalytical solutions
optical solutions
bioanalytical solutions business unit to answer ques-
reputation for itself over the last several years – as a
tions from biotechnology, food research, environmental
general contractor, consulting engineer and project
engineering, pharmaceutics and medicine even more
manager, which handles the full-service planning and
efficiently in the biotechnical laboratory. The bounda-
equipping of laboratories and clinics from a single source.
ries of the portfolio are realigned by the technologies,
The Oncological Cancer Research Center in Moscow
systems and services of subsidiaries of Analytik Jena
completed last year is internationally acclaimed proof
AG. Included among them are technologies for auto-
of the capabilities of this business unit.
mated lab procedures, management software for automated recording and central administration of data in
Customers from Many Different Areas
the laboratory as well as an increased tendency toward
Through its strategic positioning as a full-service
reagents and expendable items for lab operation.
provider, the Analytik Jena Group opens up a broad range of potential target groups. The largest portion of
Project solutions is the second comprehensive busi-
customers – about 50 % – comes from industry. Approx-
ness unit. It encompasses a combination of long-term
imately 20 % of orders are awarded by the public sec-
know-how from the health care system and the labo-
tor from bids for research institutes, laboratories and
ratory. Project solutions has acquired an outstanding
universities. The remaining 30 % comes from private
contrAA® series and ZEEnit series
14
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
Annual Report 2004/2005
foundations and institutions. This broadly diversified
Increased Foreign Revenue
customer base enables the company to better offset
The share of sales proceeds received from other coun-
fluctuations in demand.
tries increased to 74 % over the past year. The existing orders in the instruments business, such as orders for
Possible Synergies within the Business
the contrAA® which just went into mass production or
Segments
the AOX/TOC analyzers, for example, as well as other
Through the innovative solutions achieved by analytical
large projects from project solutions also prove that
solutions, Analytik Jena acquired international attention
Analytik Jena has succeeded in breaking through to the
and acclaim – and a reputation, effectively supported
international markets in several areas.
by the project solutions business unit, to acquire large, worldwide projects. Project solutions serves not only as
Payoff of the Long-term Strategy
a channel of distribution for its own technologies and a
There are several reasons why the corporate strategy,
sales driver for the company. It also promotes ongoing
which has been pursued for years now, is gradually
contact and an intense exchange of ideas among re-
beginning to bear fruit: as far as the instrument busi-
searchers and practitioners both at home and abroad.
ness is concerned, Analytik Jena reaped international
It thus ensures that the other business units recognize
acclaim from innovations such as the contrAA® and the
fluctuating demands at an early stage and represent
SpeedCycler, devices that exhibit truly unique selling
them in the product portfolio. In this way, the set-up
points. This strengthened the company’s reputation both
of the business units reflects Analytik Jena’s far-sighted
as a leading enterprise in atomic absorption spectro-
strategy to achieve continued success through ongoing
metry, which provides high-precision, reliable, long-
development.
lasting and efficient lab solutions in the best German tradition, and as an innovative company that invests in future markets. This is also evidenced by its entry into the globally highly competitive market of polymerase chain reactions (PCR) with the SpeedCycler. The
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
15
product portfolio has been and will continue to be con-
It is evident that the demand for solutions by Analytik
sistently expanded both in the field of classic analysis
Jena has now been stimulated on almost all continents:
and in the field of bioanalysis. In the bioanalytical area
Asia, Europe, Africa and South America. The customers
in particular, Analytik Jena has a very good product
in the domestic market also ultimately profit from this
pipeline, which together with the already existing sys-
growth.
tems should develop into a significant source of income for the future. International customers are there-
Being Actively Involved in International
fore finding Analytik Jena to be more and more of a
Standards
system provider with a complete range of products ready
The market for analysis equipment comprises the
to meet all types of demands from one source.
entire world. Internationally applicable norms and standards which enable customers to compare the produc-
On the other hand, the project solutions business unit,
tive efficiency of competitive systems and be sure that
in developing the ultra-modern Oncological Cancer
the analysis systems meet their own requirements thus
Research Center in Moscow, brought to life a reference
become increasingly important. Analytik Jena does not
project which will entail a whole series of additional,
stop at simply satisfying these standards. The company
more comprehensive projects. Since the decision-mak-
is actively involved in working on multinational task
ing processes in the project business depend on a
forces to further develop and design ASTM norms
number of different factors, which can only be influ-
(American Standard Methods), which have evolved
enced provisionally, the time that a project actually
into a guide for international standards over the course
starts is difficult to calculate for some projects – but
of the years. In this way, Analytik Jena is making sure at
one thing is for sure, and that is that project solutions
this point in time that upcoming instrument genera-
will also contribute a great deal to the success of the
tions meet the strictest formal requirements.
company in the future.
multi N/C® 1100, multi N/C® 2100 and multi N/C® 3100
16
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
Annual Report 2004/2005
The Right Balance for Location and
and Ernst Abbe in the field of optics. Analytik Jena is
Market
already successfully carrying on into a second decade
At a time when many companies are seeking their sal-
a tradition which goes back more than 150 years. It
vation in relocating production to supposedly low-wage
was here that Ernst Abbe introduced the first scientific
countries and short-term personnel policies, the long-
spectrometer in the world in 1874. At Analytik Jena, op-
term strategy of the Analytik Jena Group with its seven
tics is a core competence, which makes many analysis
research and production locations in Germany stands
processes possible in the first place and which is being
out even more noticeably. In this case: the proper mix
further developed with innovative strength and passion
is the deciding factor. Germany offers exceedingly well-
in the spirit of the founding fathers of scientific optics.
trained and motivated specialists, an excellent infrastructure and a long-standing tradition in the fabrica-
Safeguarding the Future through
tion of precision instruments. That is why Analytik Jena
Research
is currently expanding its fabrication capacity in Eisfeld
The source of inspiration and generator of innovation
(Thuringia) by 5,000 square meters and in Langewiesen
at Analytik Jena is the interaction of the project and
(Thuringia) by 500 square meters – which of course
instrument business. Approximately 20 % of the work-
does not rule out being open to international suppliers
force at Analytik Jena – about 80 employees – concen-
when it comes to procurement. On the other hand,
trate exclusively on further developing analysis systems
Germany is too small to be an outlet market for high-
in line with the market and making new technology
end analysis instruments – so the company consistently
possible through research. In the short term that
focuses on the international stage without losing sight
actually reduces the profits, since – with respect to
of the domestic market.
the instruments business – about 22 % of revenue is reinvested in research. But for the medium and long
Genius Loci
term, this strategy of far-sightedness pays off. Because
Jena, the headquarters of Analytik Jena AG, is insepa-
the success which Analytik Jena has already achieved
rably linked to the great accomplishments of Carl Zeiss
in the areas of instrument development would be
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
17
inconceivable without their own continuous research
numerous innovations in the fields of analysis techno-
and development. That is why Analytik Jena is continu-
logy, microelectronics, biotechnology and laboratory
ing to accumulate and interlink know-how within the
system technology is constantly being expanded and
company, thereby making it a very attractive employer
the know-how from all of the corporate business units
for the greatest minds in the industry. There are also a
is combined to achieve the greatest possible synergies.
number of project-related partnerships with university research facilities which increase the innovative power of Analytik Jena, such as the collaboration which took
Products.
place during the development of the contrAA® with the
Many Paths, but Only One Goal: Effi -
team headed by Dr. Becker-Roß from the Institute for
ciently Determining Precise Results
Analytical Sciences and Prof. Bernhard Welz, one of the most internationally renowned experts in the field of
contrAA® – Mass Production Com-
atomic absorption spectrometry.
mences Innovative strength pays off – this is evidenced by the
Strategic Objectives
initial progress of the Atomic Absorption Spectroscopy
But the most important objective is to establish Analy-
(AAS) product contrAA®, for which Analytik Jena was
tik Jena as the preferred brand and the leading system
awarded the Innovation Prize of the Federal State of
provider for the entire field of analysis – both in classic
Thuringia last year. The contrAA® has a truly unique
analytics and bioanalytics as well as the supporting
selling point, which makes it superior to the classic AAS
laboratory and information and management software.
systems: it requires only a single source of radiation
To achieve this, Analytik Jena is consistently expanding
for analyzing all 68 elements definable with atomic
its product portfolio of analytical and bioanalytical
spectroscopy. By comparison: other AAS systems
solutions. Thus the technological edge acquired from
need a specific radiation source for each element.
novAA series and multiEA series
18
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
Annual Report 2004/2005
That translates to savings in time and efficiency in the
fingerprint. Analytik Jena is consistently expanding
analysis. The contrAA® combines the advantages of the
this promising product range – currently through
traditional AAS with those of a virtually simultaneous
the market launch and initial mass production of the
multi-element analysis. Since the spectral lines are
SpeedCycler, which was developed in collaboration
provided without interruption, even elements that
with the Leipnitz Institute in Jena. It combines a greatly
otherwise can only be measured with a great deal of
increased working speed with a simultaneous higher
effort can be analyzed. But despite all of the versatility
yield, thus fulfilling two main requirements of the
®
and increased performance: the contrAA is an easy-
market.
to-operate instrument, and thus meets the demands of the market just perfectly.
Reaching Goals Faster In the event of impending pandemics, speed can be
The SpeedCycler Family – Bioanalytics
a matter of life and death for millions of people in the
Reaches Full Capacity
extreme case. By developing a BSE quick test that was
In the Thermocycler family of instruments, scientific
approved throughout Europe, AJ Roboscreen overcame
tool building and optical detection for bioanalysis are
the hurdle in this market with bravura. This company,
combined. Despite stiff competition, the bioanalytical
whose majority of shares was acquired by the Analytik
industry offers significant sales and growth potential
Jena Group in 2005, develops analogous test proce-
thanks to a broad range of application options, such
dures for other infectious illnesses which occur globally
as criminology. If there is insufficient organic material
– such as the latest quick test to analyze the bird flu
available for a DNA analysis, devices within the
– as well as other products in the continuously growing
thermocycler family make it possible to duplicate this
areas of molecular diagnostics.
material with the help of a polymerase chain reaction (PCR) – until there is sufficient quantity for a genetic
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
19
Automatically More Efficient
Supplementary Technologies
The greater the global competition, the more important
As a new affiliated company of the Analytik Jena
the subject of efficiency becomes – even in the case
Group, AJ Innuscreen GmbH is involved in the
of laboratories. Technologies for increasing efficiency
development of modularly structured and automated
thus have a strategic significance. The Analytik Jena
procedures and technologies for isolating and purifying
Group, together with some of its subsidiaries, develops
nucleic acids from many diverse source materials.
and utilizes such technologies, which are combined
Additional focal points of this company, located on the
with analysis systems and whose market opportuni-
research campus of Berlin-Buch, include integrative
ties are further enhanced. SpeedScan, for example,
solution concepts for the entire process of molecular
allows for the quick measurement of fluorescence.
sample preparation: the sampling point, sample stabi-
When combined with the SpeedCycler, it is possible to
lization and the isolation of nucleic acids. In addition,
carry out interesting applications very quickly, which
automated technological solutions for these processes
otherwise could only be handled using considerably
are developed and commercially marketed within the
more expensive techniques. The movement of samples
consolidated companies of the Analytik Jena Group.
can also be organized more effectively and – above all – more economically, using FasTrans for automatic liquid handling.
Consumer Goods for Analytical and Bioanalytical Laboratories
To ensure ongoing trouble-free, unattended operation
Laboratories need reagents and consumer goods for
of analysis equipment, Analytik Jena also equips the
daily lab work. A logical step on the route to becoming
instruments with the unique self-check system “SC“.
a system provider is to also cover this part of the value
It guarantees functional efficiency using a number
added chain. That is why the Analytik Jena Group
of parameters and always provides unadulterated
is constantly expanding its offerings of biochemical
measuring results.
SPECORD® series
20
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
Annual Report 2004/2005
reagents and instrument-related consumer goods. A
solutions division, the model oncological clinic in Mos-
broad range is being offered for the various appli-
cow is being followed by other, even larger projects.
cations of the Analytik Jena products – starting with
These facts prove that the cycle from project business
ready-made kits for molecular diagnostic applications
to instruments business to after sales is functioning.
to graphite materials for atomic spectrometry to our
The Analytik Jena Group will therefore stand by this
own plastic goods in the form of special tubes or
strategy of far-sightedness and not fall into the trap
micro-titration plates.
of short-sighted personnel and cost policy programs. Because only with the competence, innovative strength and passion of all employees can we react quickly and
Good Perspectives Demand
with flexibility to customer demands in the future – and
Far-Sightedness
develop innovative analysis systems in line with the market. The long-term strategy is beginning to bear
The Strategy Starts to Bear Fruit
fruit. Even if corporate goals could not be reached this
If the path to hidden goals is not always a straight line,
year, the outlook for the future remains optimistic.
the Analytik Jena Group is definitely on the right track. This is evidenced by a number of indicators, which admittedly have not yet been completely reflected in the desired form in this year’s company results – but which could be in the future. The Analytik Jena Group has achieved considerable success in both the instruments business and the project division. International sales of analysis systems are kicking in, with a good pipeline of new products assuring future business. In the project
Analytik Jena AG · Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
21
Fascinated by the Research Spirit The “Long Night of Sciences 2005” at Analytik Jena
“No one ever expected this type of success!” – was
Party for the Knowledge Society
the pronouncement made by the event planners and
Just how deeply science is rooted in Jena is evident in
participants of the Long Night of Sciences and heard
the make-up of the audience: average, everyday citizens
in many different places in Jena.
who always wanted to know exactly what Analytik Jena does; students who are studying and doing research at
It took place on November 18, 2005 – the event which
one of the local universities; pupils who are fascinated
explicitly opened the gates of the Thuringian think tank
by technology; former employees who want to keep in
in Jena. An event that attracted and enthralled more
touch and would like to see where the research trip is
than 6,000 visitors with its widely diverse impressions,
going. Even the mayor mingled among the visitors at
presented by numerous scientific institutions and com-
Analytik Jena. A similar image could be seen at dozens
panies. The Friedrich Schiller University, the university
of other companies: economy and science merged
of applied sciences, all of the renowned companies
together, enriched with culture, into a very unique world
and all of the scientific locations in Jena took part in
with a wealth of experiences – a world made for touch-
making this night an unforgettable one – with great
ing, far away from abstract concepts.
success! There were over 200 individual events on the program, all of which were exceedingly well received.
Scientific Business for Touching
Analytik Jena would not be Analytik Jena if there were
If you don’t touch it, you can’t grasp it – with this motto,
no special discovery trip awaiting its visitors there.
employees of Analytik Jena took hold of their pipettes to
At 6:00 p.m. the building was already full to the brim
carry out practical lab work. They demonstrated by way
with knowledge-hungry visitors eager to make the
of a wine analysis, among other things, how the PHOTO-
most of the dozens of experiences being offered to
CHEM® measuring system from the bioanalytical solu-
them as part of a varied entertainment and cultural
tions business unit functions. With wine glass in hand,
program.
the visitors experienced up close and personal exactly which wholesome antioxidative energy bathed their
Economy and science merged together, enriched with culture, into a very unique world rich in experiences.
22
Special Feature · Fascinated by the Research Spirit
Geschäftsbericht 2003/2004
taste buds. Accompanied by jazz, soul and electronic
Berlin, among other places. But the organizational
music, and immersed in an extraordinary world of light,
team in Jena managed to put its own personal stamp
visitors were able to discover the entire product pool of
on the Long Night of Sciences. Of course, in the city of
the Analytik Jena Group. Numerous employees were
optics, optical effects were bound to play a very large
involved in the preparation and implementation, and
role. And so the laser beams from the high-rise of
were available for answering questions in an informal
Jenoptik AG shone all night to light the way to the event
atmosphere the entire night. And so between the finger
sites throughout the city. And thus another of Jena’s
foods and the wine, the works of local artists and the
characteristics, which usually lays hidden, also became
music, it was not only the technology that visitors caught
evident: the institutions and companies are also strongly
sight of, but also the people that develop, produce and
interlinked with one another in everyday matters and
market this technology. This not only inspired all of the
mutually stimulate each other. Jena also prospers be-
300 guests, but also the dedicated employees of
cause there is an enormous concentration of know-how
Analytik Jena. The Long Night of Sciences was a unique
here, which is deeply anchored within the population
experience that had never occurred until now; a wonder-
– practically every family in Jena includes one member
ful, interesting mixture of information, entertainment
who is employed at a scientific company. The innovative
and culture, during which each individual could be
energy that thrives in such a climate is reflected in the
convinced of the competence, innovative strength and
high number of patent applications, for example.
efficiency of Analytik Jena. At the same time, the visitors to this charming version of an in-house exhibition came
Response with Results
to understand what is involved not only in surviving in
The response to this first Long Night of Sciences was
this tough business on the international playing field, but
fantastic. It is only logical that the next one is already
also in dynamically distinguishing oneself as has the
eagerly awaited, which in this facet-rich “Boomtown of
Analytik Jena Group.
the East“ need not entail any repetition. The summer of 2007 is already under discussion as the next target
Modeled on Berlin – with Very Special
date. And Analytik Jena will surely once again make a
Highlights
successful appearance before the interested public.
The idea of showing the average “Joe Consumer“ what science and research are all about originated from
Special Feature · Fascinated by the Research Spirit
23
Open-Mindedness
Franziska Buchholz (Head of Human Resources Department of the Analytik Jena Group) The success of Analytik Jena is based on the passion of its employees to create new knowledge and develop new technologies. The best ideas can, however, only come about and be implemented within a congenial, open working environment. As an employee of the highest caliber, Ms. Buchholz is a confidant for all other employees. Her assertiveness and her open-mindedness toward all issues that may arise among people working together ensures balance and mutual respect among the employees, without placing emphasis on hierarchies.
24
Annual Report 2004/2005
Management Report of the Analytik Jena Group and of the Company Analytik Jena AG, Jena for financial year 2004/2005
1. Analytik Jena’s Macroeconomic
These trends in energy prices and disruptions in the
Environment
world economy, seen as the greatest risk to the state of the economy over the last several months, have
■
The world economy before a soft landing
also prevented any broad and sustained upturn in the
■
Attractive economic environment in China and
European economic area. The economic growth in the
Russia
internal region, which was actually quite weak, was
Outlook for recovery of the domestic economic
largely carried by the increase in exports. Added to this
situation has improved
is the continued upward correction of the euro, which
Oil prices and political imponderabilities involve
has been giving increased impetus to exports since
high risks
the beginning of the year. The price competitiveness
■
■
of German exporters has improved considerably since The world economy was slowed down primarily by
then.
the marked increase in the price of oil and other raw materials. This trend is not, evident however universally:
Uncertainty as to the economic course of the German
while the high rate of growth in the USA continued
Federal Government coupled with the lack of radical
over the last several months, Japan also appeared
reforms also had an inhibiting effect on growth in
surprisingly strong. The continued strong growth in
Germany.
China also underscores the positive outlook for the Asian regions. Nevertheless, China is being forced to embark on new paths to industrialization far sooner
2. Sector-specific Situation
than other countries. New technologies are being
The German chemical industry started out with a bang
adopted from the Chinese market quickly and in large
in 2005. Driven by strong growth in the world econo-
quantities. Many factors thus point to a rapid diffusion
my, economic activity showed a definite upswing in the
of such technologies within the Chinese market.
second half of 2004 following a weak first half. There was a clear increase in production, producer prices and
The Russian economy also continued its impressive
revenue. Contributing to this increase in revenue were
growth trend during the current year. The increasing
higher producer prices in the sectors closely affiliated
integration of Russia into the world economy further
with crude oil, which also increased due to higher raw
stimulates the economic reforms needed in this coun-
material costs and good selling conditions. Despite the
try. Due to its economic appeal, Russia continued to be
significant slowdown in the economic climate during
a focal point of interest for German entrepreneurs in
the first quarter of the current year both in Germany
Eastern Europe during the past year.
and in Eastern Europe in particular, the majority of
Management Report · Analytik Jena‘s Macroeconomic Environment · Sector-specific Situation
25
German manufacturers of analysis, bioanalytical and
the upturn in the instrument business as of the second
laboratory equipment reported a significant increase
half of the year.
in revenue. Analytik Jena also opened up a second site in China at These positive results were due largely to the increases
the beginning of the financial year. In addition to the
in foreign business.
representative office in Beijing, the new subsidiary in Shanghai will provide assistance in the purchasing of
While the US business continues to be faced with dif-
components and assemblies as well as manufacture
ficulties despite overall increases in foreign countries,
simple products for the instrument sector of the Group.
sales in Germany in this industry remained at the same level as the previous year.
By expanding and further completing its product portfolio in the bioanalytical solutions business unit,
The good success in other countries as well as the
the Group was presented with the option of acquiring
general increase in percentage of overall sales allocated
a majority interest in Roboscreen, Gesellschaft für
to expenditure for research and development in this
molekulare Biotechnologie mbH with headquarters in
sector provides clear evidence of the high level of
Leipzig, during the second half of the financial year.
innovative strength and international competitiveness
The integration of AJ Roboscreen into the group of
of the German industry for analysis, bioanalytical and
companies is expected to open up the market for
laboratory equipment.
chemical and/or biochemical reagents in connection with our own technological solutions. The primary objective here is to develop and market the analysis
3. Business Development in the Group
technology, in combination with robotics and so-called
Representative of the start of the financial year were
kits, for specific applications. This acquisition gives AJ
the insufficient incoming orders in the core areas of the
the strategic opportunity to emerge as a full-service
Group which continued all the way into October. Start-
provider in future markets, such as biotechnology and
ing in November however, we witnessed an upturn
bioanalytics, and to thus participate in their strong
in the orders situation, which continued throughout
growth.
the rest of the year under review in the instrument
26
business. As expected, initial sales of the new systems,
In this context, the Group announced the addition of
such as from the atomic spectrometry product line or
the business operations of another company involved
the thermocycler equipment range, also contributed to
in the field of bioanalytics, located in Berlin-Buch.
Management Report · Sector-specific Situation · Business Development in the Group
Annual Report 2004/2005
AJ Innuscreen GmbH specializes in the development
expanding and optimizing its own production sites in
of modular automated procedures and technology for
Eisfeld and Langewiesen. In Thuringia alone, the Group
isolating and purifying nucleic acids. The field of activity
invested in over 5,000 square meters of ultra-modern
of the two new companies therefore supplements the
manufacturing facilities.
technological solutions and measuring systems of the bioanalytical solutions business unit of Analytik Jena
As part of the measures that became necessary for
AG.
stabilizing two subsidiaries during the summer, the Group management ultimately decided to appoint
AJZ Engineering GmbH also announced in June the
new operating managers. Initial improvements in the
completion of the “Blochin” Oncological Center of the
economic development of these two companies could
Russian Academy of Medical Sciences in Moscow. The
already be seen by the end of the financial year as a
project, started in 2002, had a total contract value of
result of these measures.
over EUR 60 m. The closing ceremony took place as part of an economic delegation in June 2005 by the
3.1 Revenue
Prime Minister of the Free State of Thuringia, Mr. Dieter
In financial year 2004/2005, the Analytik Jena Group’s
Althaus.
total revenue amounted to EUR 64,370 thousand. This represents a decline of 27.8 % compared to the
Going hand in hand with the revival of the instrument
previous financial year. The lower than projected total
business as of the second half of the year, Analytik Jena
revenue of the Analytik Jena Group during the financial
also took additional decisive steps in ensuring increased
year just ended results solely from the acquisition and
demand for innovative equipment technology by
realization cycle for new projects typical of the project
Revenue of the Analytik Jena Group
2000/2001 2001/2002
41,663 64,281
2002/2003
84,467
2003/2004 2004/2005
89,177 64,370
as of September 30, in EUR thousands
Management Report · Business Development in the Group
27
business. AJZ Engineering GmbH, the management
3.2 Business Units
company of the project solutions business unit,
Due to the decline in the project business, the percen-
achieved revenue of EUR 36,320 thousand (previous
tage of total sales achieved by the project solutions
year: EUR 62,023 thousand) from the planning and
business unit decreased from 69.6 % to 56.4 %. The
turnkey implementation of hospitals and laboratories.
Russian market thus repeatedly played a key role in
Proceeds in Analytik Jena’s instrument business could
the project solutions business unit. Due to the increase
again be increased for the first time, despite the unex-
in revenue in the instrument segment and the shift in
pected business development within two subsidiaries.
revenue mix, the percentage of total sales achieved by
Segment revenue for the instrument business came to
the other three business units increased as a result.
EUR 28,050 thousand in financial year 2004/2005 (previous year: EUR 27,154 thousand), advancing by 3.3 %.
With respect to the individual business units, revenue in the analytical solutions business unit increased
The revenue of Analytik Jena AG (individual financial
again for the first time during the reporting year. The
statements) increased in the reporting period by 6.6 %
proceeds from the sale of analysis technology and after
to EUR 24,434 thousand (previous year: EUR 22,919
sales could therefore be increased by 3.0 % to EUR
thousand). This increase is primarily the result of reve-
18,275 thousand. This can be traced back largely to
nue increases in the analytical solutions business unit.
the increases in foreign countries. The Group not only succeeded in further increasing the number of equip-
The revenue of the individual company Analytik Jena
ment items sold here, but also managed to enforce a
AG from the analytical solutions, bioanalytical solutions
certain price level on the market based on the unique
and optical solutions business units is recognized
technological selling points of the newly introduced
totally in the Instruments segment.
equipment systems.
Percentage Breakdown of Revenue by Business Unit 70 %
Financial year 2004/2005 Financial year 2003/2004
57 %
28 % 20 % 8% analytical solutions
28
Management Report · Business Development in the Group
7% 5%
5%
bioanalytical solutions
project solutions
optical solutions
Annual Report 2004/2005
Revenue by Business Unit
2004/2005
2003/2004
2002/2003
2001/2002
Change 04/05 to 03/04
analytical solutions bioanalytical solutions project solutions optical solutions Total
18,275
17,738
18,269
20,752
5,014
4,727
4,555
4,688
+6.1 %
36,320
62,023
57,208
34,316
–41.4 %
+3.0 %
4,761
4,689
4,435
4,525
+1.5 %
64,370
89,177
84,467
64,281
–27.8 %
as of September 30, in EUR thousands
In the bioanalytical solutions business unit the
3.3 Foreign Business
Company increased its revenue during financial year
The market position of Analytik Jena among interna-
2004/2005 by 6.1 % to EUR 5,014 thousand (previous
tional competitors could be further improved through
year: EUR 4,727 thousand). In addition to the thermo-
targeted investments in foreign sales and marketing.
cyclers for PCR introduced last financial year, this stems
This is also reflected in our increased export equipment
from the additional revenues of AJ Roboscreen GmbH
sales. Within the product lines of the analytical solu-
and AJ Innuscreen GmbH. These companies, recently
tions business unit, for example, the Group reported an
added to the group of companies, noted the signifi -
average increase in systems sold of 20.0 %.
cance of their business activities in the Analytik Jena financial statements for the first time in the financial
The export ratio increased from 56.1 % to 73.7 % in
year just ended.
financial year 2004/2005. At EUR 47,468 thousand, foreign revenue is slightly below the previous year (pre-
The revenue of the optical consumer products
vious year: EUR 50,039 thousand). Europe developed
produced at the Eisfeld branch amounted to EUR 4,761
into the largest regional sales market for Analytik Jena
thousand in financial year 2004/2005 (previous year:
during the last financial year. Revenue generated in this
EUR 4,689 thousand). This corresponds to an increase
region amounted to EUR 37,207 thousand (previous
of 1.5 %.
year: EUR 37,706 thousand). Revenue in Asia, which is generated exclusively by the Company’s instrument business, climbed by 3.5 % to EUR 6,677 thousand (previous year: EUR 6,452 thousand). Revenue turned out to be more positive than in previous years on the American market. In this region, the Group generated
Management Report · Business Development in the Group
29
Percentage Breakdown of Revenue by Region Financial year 2004/2005 Financial year 2003/2004
58 %
44 %
42 %
26 %
10 %
7%
3% 2% Germany
Europe (excl. Germany)
3%
America
Asia
5%
Rest of world
EUR 1,610 thousand or about 19.0 % more than in
4. Cost Trends
financial year 2003/2004 (previous year: EUR 1,353
The cost of sales amounted to EUR 44,099 thousand in
thousand). In Germany, the Group’s revenue came to
the Group in the year just ended (previous year: EUR
EUR 16,902 thousand (previous year: EUR 39,138 thou-
65,047 thousand). Considering the change in revenue
sand). The obvious decline resulted from the fact that
mix in favor of the instrument business at the Group
the previous year’s figure includes, among other things,
level, the gross margin increased from 27.1 % to 31.5 %
projects which were handled on a non-gratuitous basis
during the reporting period.
by AJZ Engineering by order of third parties.
Revenue by Region
2004/2005
2003/2004
2002/2003
2001/2002
Change 04/05 to 03/04
Germany
16,902
39,138
35,047
45,506
–56.8 %
Europe 37,207
37,706
39,928
11,188
–1.3 %
America
1,610
1,353
1,845
2,886
+19.0 %
Asia
6,677
6,452
5,188
4,036
+3.5 %
Rest of world
1,974
4,528
2,459
0,665
–56.4 %
64,370
89,177
84,467
64,281
–27.8 %
(excl. Germany)
Total as of September 30, in EUR thousands
30
Management Report · Business Development in the Group · Cost Trends
Annual Report 2004/2005
In the instrument business, against the background of
5. Capital Expenditure
some stiff competition and further price reductions,
The Company invested a total of EUR 4,465 thousand
the margin declined slightly from 55.4 % to its current
in property, plant and equipment and intangible
52.3 %. Particularly in the first half of the year, the
assets in its operating areas in the past financial year
weakness of the dollar also contributed to this trend.
(previous year: EUR 2,310 thousand). Property, plant and equipment accounted for the major portion with
In the project business, the margin improved in the
EUR 3,734 thousand (previous year: EUR 1,630 thou-
financial year just ended from 14.7 % to the current
sand). The construction of the new production sites
15.5 %, which amounts to an overall positive trend
at Langewiesen and Eisfeld had a particular impact
considering the industry average.
as of the balance sheet date of September 30, 2005 at EUR 2,244 thousand. The Group invested EUR 731
The gross margin of Analytik Jena AG (individual
thousand in intangible assets (previous year: EUR 680
financial statements) of 46.9 % (previous year: 46.3 %)
thousand).
could be held stable at the previous year’s level. The measures implemented for lowering the manufacturing
In the areas of production, research and develop-
costs were a contributing factor in this case.
ment, and sales, the acquisition of additional patents, licenses, industrial property rights and trademarks and
In the case of operating expenses, the cost of sales for
sales rights resulted in investments totaling EUR 132
products declined by 9.8 % in the year under review
thousand (previous year: EUR 199 thousand).
to EUR 11,191 thousand (previous year: EUR 12,412 thousand). While the selling expenses in the instru-
6. Human Resources
ment business were expanded by EUR 653 thousand,
The Group employed a total of 444 people as of Sep-
the Group lowered the costs for sales and marketing
tember 30, 2005, which corresponds to an increase of
from EUR 6,006 thousand to EUR 4,132 thousand due
49 people compared to the 395 employees in the pre-
to the lower level of implementation in the project
vious year. This increase is due both to the expansion
business. The selling expense ratio of the Analytik Jena
in staff in China, and to the new enterprises included
Group amounts to 17.4 % in financial year 2004/2005
in the group of companies: AJ Roboscreen and AJ
(previous year: 13.9 %).
Innuscreen. The Group employs a total of 78 people in other countries. Analytik Jena provided 32 trainee
General administrative expenses increased only slightly
positions during the past financial year (previous year:
by 4.3 % to EUR 3,343 thousand compared to the
33 trainee positions).
previous year.
Management Report · Cost Trends · Capital Expenditure · Human Resources
31
Employees by Area
2000/2001
75
2001/2002
117 91
2002/2003
80
2003/2004
80
2004/2005
82
/
R&D
114
37
141
106
138
103 159
53 106
178 /
Production
55
/
50 114
Marketing & Sales
/
70 Administration
as of September 30
The annual average number of employees in the re-
In the past year, the AJ Group’s staff could be broken
porting period was 416 (previous year: 389), of which
down into the following functional areas: 178 staff were
275 were employed by Analytik Jena AG (individual
employed in production and project implementation
financial statements) (previous year: 277). With respect
(previous year: 159), 114 in sales (previous year: 106)
to the individual Analytik Jena segments, the number
and 82 in development (previous year: 80). There
of employees in the instrument business increased
were 70 administrative staff (previous year: 50). The
by 33 employees to 358 people as of September 30,
increase in personnel in this area can be traced back
2005 compared to the previous year. The number of
to the added subsidiaries and the effects of reclassifica-
employees in the project business increased within the
tion.
Group by 16 to a current total of 86.
2004/2005 Number of employees
444
395
Revenue per employee in EUR thousands
145
226
14,425
14,901
Personnel and social security costs per employee in EUR thousands
32.5
37.7
Average age
42.3
43.5
58.6 %
60.3 %
Personnel and social security costs in EUR thousands
Percentage holding an academic degree as of September 30
32
2003/2004
Management Report · Human Resources
Annual Report 2004/2005
Personnel Costs
2000/2001
9,130
2001/2002
15,749
2002/2003
13,776
2003/2004
14,901
2004/2005
14,425
as of September 30, in EUR thousands
Revenue per Employee
2000/2001
122
2001/2002
164
2002/2003
226
2003/2004
226
2004/2005
145
as of September 30, in EUR thousands
Personnel costs decreased marginally during the past
7. Net Assets, Financial Position and
financial year by 3.2 % to EUR 14,425 thousand (pre-
Results of Operations
vious year: EUR 14,901 thousand). 7.1 Net Assets and Financial Position The Analytik Jena GROUP’s total assets increased from EUR 41,527 thousand to EUR 49,511 thousand mainly due to increased current and tangible fi xed assets on the assets side and the increase in noncurrent financial liabilities on the liabilities side.
Management Report · Human Resources · Net Assets, Financial Position and Results of Operations
33
The Group’s cash and cash equivalents decreased
(previous year: EUR 6,401 thousand) and intangible
from EUR 10,216 thousand to EUR 5,529 thousand
assets for EUR 2,807 thousand (previous year: EUR
during the course of the year and, as explained below,
2,648 thousand).
can largely be traced back to the pre-financing in the operating business and the capital expenditures made.
The Group’s majority interest in Roboscreen GmbH
The current assets amount to EUR 32,280 thousand as
since April 2005 is also reflected in the increase in
of the balance sheet date and increased by EUR 3,613
goodwill. This item increased accordingly from EUR
thousand or 12.6 %. This change is due mainly to an
1,313 thousand to EUR 1,967 thousand.
increase in the trade receivables, inventories and the gross amount due from customers for construction
The ratio of noncurrent assets to current assets (before
contracts as well as the decrease in cash and cash
deduction of deferred taxes) changed from 44.9 % in
equivalents.
the previous year to 53.4 % in the year under review. The Analytik Jena GROUP’s ratio of noncurrent assets
The receivables thus increased by EUR 3,225 thousand
except deferred taxes to total assets increased from
to EUR 7,698 thousand. The inventories increased to
26.0 % in the previous year to 30.2 %.
EUR 11,212 thousand (previous year: EUR 8,566 thousand) primarily due to the still outstanding delivery
The Analytik Jena GROUP’s total liabilities at the balance
of a large order to China and the general increase in
sheet date amount to EUR 27,105 thousand (previous
business volume in the instrument business. The gross
year: EUR 19,465 thousand). External obligations there-
amount due from customers for construction contracts
fore increased by EUR 7,640 thousand or 39.2 %. This
has also increased from EUR 2,501 thousand to EUR
item is made up largely from borrowing in the form
4,814 thousand in the past financial year.
of short-term loans and a borrower’s note loan and from a significant decrease in the gross amount due to
Noncurrent assets are higher at the balance sheet
customers from construction contracts. The Group’s
date than in the previous year. At the end of the year
pro rata trade payables at the close of the financial year
under review, the Group reported noncurrent assets
amount to EUR 5,419 thousand (previous year: EUR
of EUR 14,936 thousand, adjusted for deferred taxes
2,471 thousand).
(previous year: EUR 10,788 thousand). In conjunction
34
with the investments made for the new construction
The changes in total assets from EUR 41,527 thousand
of production facilities in Thuringia, property, plant
to EUR 49,511 thousand results in an equity ratio as of
and equipment accounted for EUR 9,170 thousand
September 30, 2005 of 44.1 % (previous year: 52.9 %).
Management Report · Net Assets, Financial Position and Results of Operations
Annual Report 2004/2005
In absolute terms, equity amounted to EUR 21,839
Earnings before interest, taxes, depreciation and amor-
thousand at the balance sheet date (previous year:
tization (EBITDA) amounted to EUR 2,252 thousand
EUR 21,958 thousand) after the elimination directly in
at the end of financial year 2004/2005 (previous year:
equity of treasury shares totaling EUR 469 thousand.
EUR 4,157 thousand). Deducting the entire deprecia-
The ratio of equity to noncurrent assets is 146.2 %
tion and amortization leads to an operating result
(previous year: 203.5 %). The ratio of current assets
(EBIT) amounting to EUR 511 thousand (previous year:
except cash and cash equivalents and securities to
EUR 2,524 thousand).
current liabilities is 175.4 % (previous year: 124.0 %). The balance of interest income and expense as well 7.2 Results of Operations
as currency losses in the period under review is at the
It was impossible for the Analytik Jena GROUP to keep
same level as the previous year of EUR –853 thousand
pace with the earnings development of the previous
(previous year: EUR –868 thousand).
year due to difficult turning points at two of the Group companies coupled with the postponement of a num-
The earnings before taxes (EBT) of EUR –342 (previous
ber of major projects. Due to the achievements of the
year: EUR 1,656 thousand) results in a tax yield of
individual company Analytik Jena AG in the instrument
EUR 385 thousand in financial year 2004/2005, due
business, it was possible to compensate partly for the
to special effects (previous year: EUR –701 thousand).
negative impact from the Group environment and
Adding the result from minority shareholders leads to
achieve the performance target as corrected at the
a consolidated net profit of EUR 85 thousand as of Sep-
beginning of July.
tember 30, 2005 (previous year: EUR 955 thousand).
EBIT Development
2000/2001 –1,654
2,212
2001/2002 2002/2003
983
2003/2004 2004/2005
2,524 511
as of September 30, in EUR thousands
Management Report · Net Assets, Financial Position and Results of Operations
35
Consolidated Net Profit for the Period
2000/2001 –2,730
1,444
2001/2002 2002/2003
376
2003/2004 2004/2005
955 85
as of September 30, in EUR thousands
Earnings per Share
2000/2001 –0.75
0.41
2001/2002 2002/2003 2003/2004 2004/2005
0.10 0.25 0.02
as of September 30, in EUR
This results in basic and diluted earnings per share of
the appropriate analysis methods. New products are
EUR 0.02 (previous year: EUR 0.25).
no longer approved for the market without extensive analytical data. Processing complaints and clarifying
8. Research and Development
rights of recourse demand analytical competence. It
Analytical questions of all kinds abound throughout the
is impossible to comply with statutory environmental
chemical and pharmaceutical industries. Not a single
regulations and numerous other requirements without
product leaves the plant without having been checked
chemical and biochemical analysis.
at least once using analytic methods. The exploration
36
of new products and procedures and the monitoring of
The bird flu issue shows just how important it is in
processes and product quality are unthinkable without
today’s world to invest in modern analytical and
Management Report · Net Assets, Financial Position and Results of Operations · Research and Development
Annual Report 2004/2005
diagnostic procedures. It also shows, however, how large
a combination of analytical and bioanalytical systems
the potential for the various products of the Analytik
with intelligent robotic technology.
Jena GROUP actually is throughout the world. In April 2005 Analytik Jena acquired a majority Analytik Jena reacts accordingly to demands for
interest in Roboscreen GmbH of about 51 %. This
ultra-modern analysis procedures and measurement
Leipzig-based biotechnology company develops and
technology. That is why several medium-sized compa-
manufactures technology and products for automated
nies have joined forces within the corporate structure,
purification and quantitative analysis of nucleic acids
with the aim to leverage the synergies from the many
and proteins in the fields of medical diagnostics,
diverse experts for daily development work.
veterinary diagnostics, pharmacology and analysis of foodstuffs.
Analytik Jena already held a majority interest in Cybertron, Gesellschaft für Elektronik und Prozessau-
Roboscreen has had EU approval since February 2005
tomation mbH, headquartered in Berlin, in 2001. AJ
for a new post-mortem detection kit for BSE in cattle.
Cybertron specializes in the development and manu-
Roboscreen is therefore one of only eight companies
facture of automating devices and robotic systems and
in the world whose test was approved in a rigorous
has been a wholly owned subsidiary of the Group since
European test procedure.
October 1, 2005. The continued and growing need for biochemical analyses in particular, and for fast and
A focal point of the future synergies lies in the
fully automated procedures, increases the demand for
development of applications based on the new type of
R&D Expenses (net)
2000/2001
846
2001/2002
4,597
2002/2003
4,251
2003/2004 2004/2005
4,377 3,508
as of September 30, in EUR thousands
Management Report · Research and Development
37
Roboscreen chemistry in the area of DNA analysis for
At the end of the financial year, 82 staff were employed
Analytik Jena’s PCR systems. The SpeedCycler type of
in the research and development area (previous year:
system from among the PCR systems that went into
80), which comprises about 18.5 % (previous year:
series production this year stands out from the other
20.3 %) of the workforce of Analytik Jena.
systems found on the market due to its higher amplification speed by a factor of three to five with greater
9. Risk Report
efficiency in creating the product. 9.1 Opportunity and Risk Management AJ Innuscreen GmbH, domiciled on the research cam-
System
pus in Berlin-Buch and a newly formed subsidiary of
The Group consistently further developed its opportu-
AJ, is involved in the development of modularly struc-
nity and risk management system during the year un-
tured and automated procedures and technologies for
der review. In this regard, we strengthened the link be-
isolating and purifying nucleic acids from many diverse
tween the functional management of opportunity and
source materials and produces the required reagents
risk and the Controlling department, thus creating an
for these applications. The isolation and purification of
integrated risk/controlling system. Using standardized
nucleic acids from complex diagnostic samples (such
processes, it ensures that information is exchanged on
as stool or urine samples) as well as from samples
a regular basis between Controlling and the responsi-
which contain an extremely small amount of target
ble members of management. This enables us to better
nucleic acids, is expected to be the focal point of future
counter risks and/or utilize opportunities that arise in a
development and production. Among other things, AJ
purposeful manner. In order to more efficiently integrate
Innuscreen will develop efficient, optimal extraction
the subsidiaries into the Group’s risk management
procedures for the quantitative nucleic acid analysis of
system, the Group management meetings which were
AJ Roboscreen and adapt them to its testing systems.
previously set up to meet quarterly were rearranged so as to meet every other week during the past financial
Additional focal points of AJ Innuscreen include inte-
year. This makes it possible to react more quickly and
grative solution concepts for the entire process of mo-
more directly to both opportunities and risks.
lecular sample preparation (from the sampling point to sample stabilization to the isolation of nucleic acids), including the development and commercial marketing of its automated technological solutions within the AJ group of companies.
38
Management Report · Research and Development · Risk Report
Annual Report 2004/2005
9.2 R&D Risks
9.4 Financial Risks
To ensure the success of our R&D topics, we contin-
Financial risks relate in particular to currency and
ually make realistic estimates as to how successful
interest rate fluctuations as well as dependence on
our innovators will be from both a commercial and
individual banks.
a technical perspective. In addition, we include customers and renowned scientific establishments
With regard to currency risk, it should be noted that the
in the development and testing of new products and
Company’s main sales market is the eurozone, which
technologies at an early stage.
therefore reduces the risk to a certain extent. Signifi cant foreign currency volumes relate only to US dollars.
To minimize risks, we also keep a constant eye on the
The Company is attempting to limit its currency risk by
technology and market sectors that are relevant to us.
leveraging additional purchasing potential and, in the medium term, by manufacturing abroad. As a matter of
9.3 Sales Risks
principle, the Group companies are obligated to report
Although the economic environment has been ex-
all local foreign currency inflows to the Group treasury
tremely weak in recent years, we see no material sales
department. The central position for each currency and
risks in the future thanks to Analytik Jena’s broad-
risk period will be determined at the Group level and
based customer structure, global sales structures and
depending on market estimates, secured by banks.
broad variety of products. However, it is important for us to adapt to the increased pressure on margins
Interest rate risk refers to the possibility that the gene-
caused by the weak dollar and more intense compe-
ral level of interest rates could increase substantially,
tition.
which would result in Analytik Jena Group’s interest expense rising accordingly. Overall, the Group’s interest
The Group company AJZ Engineering is relatively
rate risk is assessed as low.
dependent on the handling of major projects, although this is mitigated by the ongoing intensification of
The Company does not depend on individual banks
customer relationships and its increasing presence in
and is not tied to a loan commitment from a single
international key markets.
bank. Overall, the Group has therefore not identified
Management Report · Risk Report
39
any material financial risks from today’s perspective. As
11. Outlook
far as is possible and sensible, we have taken measures
We expect a general upturn in all areas of the business
to counteract risks which, if they were to occur, could
in financial year 2005/2006. We are currently going
have a material effect on the Company’s net assets, fi -
on the assumption that the positive trend observed
nancial position and results of operations. For example,
over the past year in the Instruments segment, in
we have recognized provisions in the balance sheet in
particular, will continue. This assessment is based on
such cases.
the continually increasing incoming orders in analytical solutions, the integration of the new subsidiaries AJ
There are currently no legal or arbitration proceedings
Roboscreen and AJ Innuscreen and the continuously
pending that could have an adverse effect on the
growing after-sales revenue. Another focal point is the
Group’s results.
stabilization of business development at AJ Cybertron and AJ Blomesystem and an early redirection of the
Our examination of the current situation revealed
companies into a positive earnings situation. While
that there were no material risks in the period under
the first distinctly positive effects have now begun to
review that could endanger the Company’s continued
appear at AJ Cybertron, implementation of the measures
existence.
previously introduced for AJ Blomesystem must continue to be stringently observed.
10. Supplementary Report At the beginning of financial year 2005/2006, Analytik
We are currently also anticipating an increase in the
Jena AG took into its possession all remaining business
project business compared to the previous year. How-
shares in AJ Cybertron GmbH from the former share-
ever, this will presumably only be evidenced in the
holders. The amount of the Group’s holding of AJ Cyber-
second half of the financial year, since the financing
tron thus increased from 75.1 % to the current 100.0 %.
requirements for some of the major projects are not yet in hand.
In addition, the Company is not aware of any trans-
40
actions after the balance sheet date of September 30,
We must also devote a great deal of attention to the
2005 that could have a material effect on the Group’s
liquidity situation in the current financial year. The
financial and business position.
last financial year was characterized by high future
Management Report · Risk Report · Supplementary Report · Outlook
Annual Report 2004/2005
investments and the acceleration of all business trans-
We are anticipating an increase in revenue and a
actions. This resulted in a decline of our cash resources.
significantly better income situation for the current
We intend to set up positive cash flow operations this
financial year.
year. With continued upward movement of our core business and improvement in gross margins, this goal appears to be quite realistic.
Jena, November 2005 The Executive Board of Analytik Jena AG
Klaus Berka
Jens Adomat
Jürg Briner
Management Report · Outlook
41
Know-how
Dr. Awad A. Osman (Head of Research and Developement, AJ Roboscreen GmbH) Analytik Jena’s investment in Roboscreen marked an important step in rounding out the product portfolio – through biochemical consumer goods and reagent kits, among other things. Using his expansive know-how, Mr. Osman interlinks development and marketing into this area of operations. By doing so, he creates the proper conditions for AJ Roboscreen’s new, demand-oriented products to persist and be efficiently marketed amid the tough international competition.
42
Annual Report 2004/2005
Consolidated Financial Statements
Consolidated Income Statement for the period from October 1 to September 30, 2005 and 2004
Revenue
Notes
2004/2005
4.1
64,370
89,177
44,099
65,047
20,271
24,130
11,191
12,412
3,343
3,205
3,508
4,377
100
194
1,641
1,439
Cost of sales Gross profit Selling expenses General administrative expenses Research and development expenses
4.4
Goodwill amortization
2003/2004
Amortization of property, plant and equipment and amortization of intangible assets Other income
23
21
Operating profit
511
2,524
Interest income Interest expenses and foreign currency losses Earnings before tax Income taxes
147
236
1,000
1,104
(342 ) 4.6
Earnings after tax
701
43
955
(42)
Minority interest Consolidated net profit for the period
1,656
(385)
–
85
955
Basic earnings per share
4.7
0.02
0.25
Diluted earnings per share
4.7
0.02
0.25
in EUR thousands, except per-share data
Consolidated Financial Statements · Consolidated Income Statement
43
Consolidated Balance Sheet as of September 30, 2005 and 2004
Notes
09/30/2005
09/30/2004
Assets Current assets 5.10
5,529
10,216
Trade receivables
5.7
7,698
4,473
Inventories
5.6
11,212
8,566
Gross amount due from customers for construction contracts (PoC)
5.9
4,814
2,501
Other current assets
5.8
3,027
2,911
32,280
28,667
Cash and cash equivalents
Total current assets Noncurrent assets Property, plant and equipment
5.2
9,170
6,401
Intangible assets
5.1
2,807
2,648 1,313
Goodwill
5.4
1,967
Other noncurrent assets
5.3
992
426
Deferred tax/assets
5.5
2,295
2,072
Total noncurrent assets
17,231
12,860
Total assets
49,511
41,527
Equity and liabilities Current liabilities Short-term loans Current portion of noncurrent liabilities
5.14
Trade payables Gross amount due to customers for construction contracts (PoC)
5.9
Advance payments received Provisions
5.12
2,493
23
909
589
5,419
2,471
597
5,261
225
444
726
539
Other current liabilities
4,879
5,549
Total current liabilities
15,248
14,876
Noncurrent liabilities Noncurrent liabilities less current portion Deferred tax liabilities
5.14
9,638
1,839
5.5
1,542
2,119
Other noncurrent liabilities
677
631
Total noncurrent liabilities
11,857
4,589
Total liabilities
27,105
19,465
421
104
146
–
Cut-off for governmental grants
5.2
Minority interests Equity Subscribed capital
5.11
3,850
3,850
Capital reserves
5.11
25,634
25,634
(7,334)
(7,393)
(469)
(296)
Retained earnings Less cost of treasury shares
158
163
Total equity
21,839
21,958
Total equity and liabilities
49,511
41,527
Currency translation differences
in EUR thousands
44
Consolidated Financial Statements · Consolidated Balance Sheet
Annual Report 2004/2005
Consolidated Cash Flow Statement for the period from October 1 to September 30, 2005 and 2004
2004/2005
2003/2004
85
955
1,741
1,633
Net cash from/(used in) operating activities Consolidated net profit for the period Reconciliation of consolidated net profit to net cash from/(used in) operating activities Amortization of intangible assets and depreciation of property, plant and equipment (Decrease)/increase in bad debt allowances (Decrease)/increase in net deferred taxes Gains from disposal of noncurrent assets (Decrease) in provisions (Foreign currency gains)/losses relating to noncurrent assets
(49)
16
(564)
701
82
52
(115)
(325)
(6)
21
Interest income
(147)
(236)
Interest expense
564
395
Changes in assets and liabilities (Increase)/decrease in trade receivables and other assets
(3,118)
1,541
(Increase) in inventories
(2,518)
(1,358)
(Increase)/decrease in net amount due to/from customers for construction contracts (PoC) Increase/(decrease) in trade payables and other liabilities Interest received Interest paid Net cash (used in)/from operating activities
(6,977)
17,994
2,285
(13,277)
147
236
(243)
(390)
(8,833 )
7,958
Net cash from/(used in) investing activities Proceeds from disposal of and payments to acquire other noncurrent assets Payments to acquire intangible assets, property, plant and equipment
(566)
(98)
(4,465)
(2,310)
(816)
(481)
Payments to acquire majority interests (less acquired cash and cash equivalents) Proceeds from disposal of intangible assets and property, plant and equipment Net cash used in investing activities
–
199
(5,847 )
(2,690)
Increase/(decrease) in short-term loans
2,419
(1,203)
Proceeds from noncurrent financial liabilities
8,148
Net cash from/(used in) financing activities
Redemption of noncurrent financial liabilities Repayment of finance leases Net cash from/(used in) financing activities
(348) (226)
210 (657) (201)
9,993
(1,851)
Net decrease/(increase) in cash and cash equivalents
(4,687)
3,417
Cash and cash equivalents at the beginning of the period
10,216
6,799
5,529
10,216
Cash and cash equivalents
Cash and cash equivalents at the end of the period in EUR thousands
Consolidated Financial Statements · Consolidated Cash Flow Statement
45
Consolidated Statement of Changes in Equity as of September 30, 2005 and 2004
Subscribed
Treasury shares
capital number of shares Balance at October 1, 2003
3,849,999
number of shares (20,850 )
Shares out-
Subscribed
standing
capital
number of shares
in EUR thousands
3,829,149
3,850
3,816,665
3,850
3,765,903
3,850
(12,484)
Purchase of treasury stock Consolidated net profit for the period Currency translation differences Balance at September 30, 2004
3,849,999
Sale of treasury stock
(33,334 ) 68,465
Purchase of treasury stock
(119,227)
Consolidated net profit for the period Currency translation differences Balance at September 30, 2005
46
Consolidated Financial Statements · Consolidated Statement of Changes in Equity
3,849,999
(84,096 )
Annual Report 2004/2005
Capital
Retained
reserves
earnings
in EUR thousands
in EUR thousands
25,634
(8,348 )
Treasury shares in EUR thousands (263 )
Currency
Total recognized
translation
gains/losses
Total equity
in EUR thousands
in EUR thousands
in EUR thousands
121
464
20,994
964
21,958
(119 )
21,839
(33) 955 42 25,634
(7,393 ) (26)
(296 )
163
507 (680)
85 (5) 25,634
(7,334 )
(469 )
158
Consolidated Financial Statements · Consolidated Statement of Changes in Equity
47
Foresight
Zhao Tai (Manager of the Chinese Representative Office in Bejing and “On-Site Coordinator” of the subsidiary in Shanghai) China is the third largest market in the world. Succeeding in this market requires more than just a good product, however. It requires both broad experience and a great deal of strategic foresight. Mr. Zhao possesses both. And he has been using these skills since 2001 to coordinate the distribution of analysis equipment from the analytical solutions business unit in the same way as he handles the purchasing activities and the prospective production in this dynamic market.
48
Annual Report 2004/2005
Notes to the Consolidated Financial Statements for financial year 2004/2005
1. General The parent company Analytik Jena AG, Jena, Germany, Konrad Zuse Strasse 1, and its subsidiaries develop, produce and market analytical and bioanalytical equipment, reagents for molecular sample preparation and diagnostics, system solutions for laboratory automation and industry-specific software solutions. The Group also specializes in planning and equipping laboratories and in managing complex large-scale projects in the university and medical sector. The Group supplies its products and services to industrial and scientific users, and particularly to users in the environment, life science, biotechnology, pharmaceuticals and energy growth markets. The Analytik Jena Group includes the subsidiaries AJ IDC GmbH, AJ Blomesystem GmbH, AJ Cybertron GmbH, AJZ Engineering GmbH, AJ Roboscreen GmbH, AJ Innuscreen GmbH (since July 2005, resulting from the 1st shelf company), AJ USA Inc., AJ Italia srl. and AJB Nederland B.V. The parent company is domiciled in Jena.
Analytik Jena AG’s financial year runs from October 1 to September 30.
The Executive Board of Analytik Jena AG approved the consolidated financial statements on November 18, 2005 for forwarding on to the Supervisory Board. The Supervisory Board has the task of reviewing the consolidated financial statements and stating whether it approves them or not.
The consolidated financial statements of Analytik Jena AG have been prepared in thousands of euros.
2. Principles and Methods The consolidated financial statements of Analytik Jena AG as of September 30, 2005 were prepared in accordance with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). These include the IASs, IFRSs and the corresponding interpretations issued by the Standing Interpretations Committee (SIC) applicable as of September 30, 2005. The requirements laid down in these statements were met without exception, with the result that Analytik Jena AG’s consolidated financial statements give a true and fair view of the net assets, financial position, results of operations and cash flows of the Group for the financial year.
Analytik Jena AG elects not to prematurely apply the standards which were revised as part of the Improvement Project of the IASB, the use of which is not yet mandatory as of September 30, 2005.
Notes to the Consolidated Financial Statements · General · Principles and Methods
49
This pertains to the following standards: ■
IAS 1 Presentation of Financial Statements
■
IAS 2 Inventories
■
IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors
■
IAS 10 Events after the Balance Sheet Date
■
IAS 16 Property, Plant and Equipment
■
IAS 17 Leases
■
IAS 21 Effects of Changes in Exchange Rates
■
IAS 24 Related Party Disclosures
■
IAS 27 Consolidated and Separate Financial Statements
■
IAS 28 Investments in Associates
■
IAS 33 Earnings per Share
■
IAS 32 Financial Instruments: Disclosure and Presentation (revised in 2004)
■
IAS 39 Financial Instruments: Recognition and Measurement (revised in 2004)
■
IFRS 2 Share-based Payment
The Company assumes that using these standards will not have any significant impact on the net assets and financial position, but will have some impact on the information to be included in the Notes.
The criteria for exemption from preparation of consolidated financial statements in line with German accounting principles pursuant to section 292a of the Handelsgesetzbuch (HGB – German Commercial Code) have been met. German Accounting Standard (GAS) 1 was applied to determine whether the exemption criteria were met. Analytik Jena AG’s consolidated financial statements comply with Directive 83/349/EEC.
In accordance with section 264 (3) of the HGB, AJZ Engineering GmbH has been exempted from the requirement to prepare annual financial statements.
The consolidated financial statements have been prepared on a going-concern basis. No further events occurred before preparation of the consolidated financial statements was completed which had a material influence on the Group’s net assets, financial position and results of operations.
50
Notes to the Consolidated Financial Statements · Principles and Methods
Annual Report 2004/2005
The financial statements are prepared mainly on the basis of historical procurement and manufacturing costs, with the exception of the derivative financial instruments, which are assessed at fair value.
The annual financial statements of the companies included in the consolidated financial statements are based on uniform accounting policies. The separate financial statements of the subsidiaries included in consolidation were prepared as of the balance sheet date of the parent company. The unconsolidated companies were immaterial as a whole from the perspective of the Group. Individual line items have combined for the purposes of clarity in the income statement and balance sheet; they are explained in the Notes. In accordance with IAS 1 (Presentation of Financial Statements), a distinction is made in the balance sheet between noncurrent and current assets and liabilities. Liabilities and provisions are deemed current if they are due within one year. Revenue is deferred accordingly.
Interest income is entered commensurate with time, while accruing interest expense is recognized in part using the effective interest method and in part commensurate with time, depending on the contractual obligations.
3. Group Accounting Policies Analytik Jena AG’s consolidated financial statements include the annual financial statements of all companies controlled by Analytik Jena AG directly or indirectly via its subsidiaries within the meaning of IAS 27 (Consolidated Financial Statements and Accounting for Investments in Subsidiaries). These companies are consolidated in the financial statements from the time as of which Analytik Jena AG or its subsidiaries are able to exercise control. Consolidation ends when control no longer exists.
Notes to the Consolidated Financial Statements · Principles and Methods · Group Accounting Policies
51
3.1 Details of Share Ownership in Accordance with Section 285 no. 11 of the HGB In accordance with section 287 of the HGB, the statement on share ownership required by section 285 no. 11 of the HGB has been filed in a separate list together with the consolidated financial statements and the consolidated management report with the commercial register in Gera, Germany. The following table contains the necessary details on the individual companies:
Country of
Participation
incorporation Domestic 75.2 %
AJ Blomesystem GmbH, Jena
Germany
AJ Cybertron GmbH, Berlin
Germany
75.1 %
AJ IDC Geräteentwicklungsgesellschaft mbH, Langewiesen
Germany
100.0 %
AJ Innuscreen GmbH, Berlin
Germany
60.0 %
AJ Roboscreeen GmbH, Leipzig
Germany
50.3 %
AJZ Engineering GmbH, Jena
Germany
100.0 %
ETG GmbH, Ilmenau
Germany
20.0 %
AJ USA Inc., Houston
USA
100.0 %
AJ Italia srl., Milan
Italy
99.0 %
China
100.0 %
France
51.5 %
India
49.0 %
In foreign countries
AJ Shanghai Ltd. Co., Shanghai Perichrom s.a.r.l., Paris AJ India Pvt. Lt., New Delhi
3.2 Changes in the Consolidated Group Financial year 2004/2005 saw one change relating to the subsidiaries included in the consolidated group. The Group’s 50.3 % owned subsidiary AJ Roboscreen GmbH with its head office in Leipzig will be fully consolidated as of April 1, 2005. The income statement for the Group will accordingly include the results of AJ Roboscreen for the period from April 1, 2005 to September 30, 2005 amounting to EUR –42 thousand. The acquisition of AJ Roboscreen GmbH is a cash/share deal. The costs of acquisition are made up of EUR 100 thousand in cash and 150,132 shares of stock. The fair value derived from the respective stock exchange amounts to EUR 5.46 per share. Under the assumption that the time of acquisition was the beginning of this period, the merged company achieved sales of EUR 64,744 thousand and earnings of EUR 52 thousand.
52
Notes to the Consolidated Financial Statements · Group Accounting Policies
Annual Report 2004/2005
The following table contains a breakdown of the purchase price applied to the assets and liabilities:
2004/2005 Assets Cash and cash equivalents
107
Inventories
128
Other assets
205
Property, plant and equipment
174
Intangible assets Deferred tax/assets
6 236 856
Liabilities Provisions and other liabilities
687
Purchase price distribution Net assets
169
Goodwill
754 923
in EUR thousands
3.3 Currency Translation Annual financial statements prepared by subsidiaries in foreign currencies are translated in accordance with IAS 21 (The Effects of Changes in Foreign Exchange Rates) in line with the functional currency concept. Subsidiaries outside Germany are regarded as foreign entities in the Analytik Jena Group, and balance sheet items are translated accordingly at closing rates. This excludes the equity of consolidated subsidiaries, which is translated at historical rates. Income statement items are translated at average rates for the year. Exchange rate differences resulting from the application of different exchange rates in the income statement and the balance sheet are recognized directly in equity.
Foreign currency transactions in the companies’ single-entity financial statements are translated at the exchange rates prevailing at the transaction date. Monetary assets and liabilities denominated in a foreign currency are translated at the closing rate on the balance sheet date. Exchange rate gains and losses are recognized in income.
A closing rate of USD 1.20/EUR 1.00 (previous year: USD 1.23/EUR 1.00) and an average rate of USD 1.27/EUR 1.00 (previous year: USD 1.22/EUR 1.00) was used as the basis for the currency conversion in the fundamental foreign currency of US dollars.
Notes to the Consolidated Financial Statements · Group Accounting Policies
53
3.4 Capital Consolidation In accordance with IFRS 3 (Business Combinations), capital consolidation is performed according to the purchase method at the conditions prevailing at the date of acquisition. Assets and liabilities are carried at their fair value. Any remaining excess of the cost of the acquisition over the identified fair value determined is disclosed separately as goodwill. The goodwill is subjected to an impairment test on a regular basis and amortized, if necessary.
3.5 Consolidation of Intercompany Balances and Income Receivables and liabilities between consolidated companies are eliminated; valuation allowances and provisions relating to intercompany transactions are reversed. Intercompany profi ts and income and expenses are eliminated. Deferred taxes are recognized for material consolidation adjustments recognized in the income statement.
4. Notes to the Consolidated Income Statement
4.1 Revenue The Analytik Jena Group generates revenue from the sale of products and systems (instrument business) and from the sale of services and products in the course of its project business and of independent software marketing (customer-specific construction contracts spanning several reporting periods).
Revenue from the instrument business is recognized when it is probable that the economic benefi ts associated with the transaction will flow to the enterprise and the amount of revenue can be measured reliably. Revenue is recognized net (of VAT) and after deduction of any price reductions and discounts. Revenue from the sale of goods is recognized when the goods have been delivered and the risks and rewards of ownership have been transferred to the buyer. Revenue from the provision of services is recognized by reference to the stage of completion, when this can be measured reliably.
Given the long-term nature of the services involved, revenue from the project business is realized pro rata over the time that it takes to complete the services in accordance with IAS 11 (Construction Contracts) using the percentage of completion method by determining the corresponding proportion of revenue and profi ts on the basis of the ratio of costs incurred for work performed to the estimated total costs. This method, which reflects the stage of completion, is based on estimates.
In view of the uncertainties that this involves, estimates of the expenses that will be incurred in the period up to completion, including expenses for guarantees, may need to be adjusted subsequently. Such adjustments of income and expenses are recognized in
54
Notes to the Consolidated Financial Statements · Group Accounting Policies · Notes to the Consolidated Income Statement
Annual Report 2004/2005
the period in which the need for adjustment is established. Provisions for expected losses are recognized in the period in which the losses are identified.
4.2 Cost of Materials The cost of materials for financial year 2004/2005 amounted to EUR 36,751 thousand (previous year: EUR 54,862 thousand).
4.3 Staff Costs/Headcount The staff costs incurred during the financial year totaled EUR 14,425 thousand (previous year: EUR 14,901 thousand). The Analytik Jena Group had an annual average of 416 employees in 2005 (previous year: 389) and 32 trainees (previous year: 29).
4.4 Research and Development Costs The costs of research and of developing products and processes are disclosed under this item. General research and development expenses are recognized at the time they are incurred. Development costs are capitalized insofar as the recognition criteria of IAS 38 (Intangible Assets) are fully met.
The Company receives grants for certain research and development topics which are either offset against research expenses or which are used to reduce production costs in the case of capitalizable development expenses.
4.5 Segment Reporting The Analytik Jena Group is managed in business units that are grouped into two segments on the basis of the economic nature of the business, the type of services provided and customer relations, and the characteristics of the related sales organization. At present, the analytical solutions, bioanalytical solutions and optical solutions business units – which together comprise the instrument business segment – and the project solutions business unit – the project business segment – form the basis for the Analytik Jena Group’s primary segment information.
Notes to the Consolidated Financial Statements · Notes to the Consolidated Income Statement
55
For reporting purposes, the business units in the instrument business segment report revenue by business unit.
Instrument business
Project business
Analytical, bioanalytical and optical instruments,
Planning and implementation of complex medical,
consumables and reagents and laboratory data
research, teaching and life science projects
systems Instruments for applications such as
Projects with topics such as
■
Atomic spectroscopy
■
Planning/Project planning
■
Molecular spectroscopy
■
Equipment
■
Sum parameters
■
Project management/Facility support
■
Elemental analysis
■
Implementation
■
Laboratory data systems
■
Molecular sample preparation
In addition, individual items in the consolidated financial statements are reported by region in accordance with IAS 14 (Segment Reporting), with the figures being broken down in line with internal segment reporting. The regional segment information in the consolidated financial statements of the Analytik Jena Group refers solely to revenue by region. The secondary segment reporting is therefore done solely by sales, since the segment assets are largely located in Germany.
The Western and Eastern European markets were included in the Europe region. The America region comprises the US market and the Canadian market. The Asia region includes Japan, China, Australia and India, among other countries. The Rest of world market is mainly composed of South America and Africa.
No material intersegment revenue or other services were generated. The segment reporting information can be reconciled with the consolidated balance sheet or the consolidated income statement accordingly by adding together the individual segment information for the financial years.
56
Notes to the Consolidated Financial Statements · Notes to the Consolidated Income Statement
Annual Report 2004/2005
Instrument business
Project business
2004/2005
2003/2004
2004/2005
2003/2004 25,369
12,514
13,769
4,388
EU
4,616
3,492
–
–
Rest of Europe
1,953
1,547
30,638
32,667
America
1,600
1,353
10
–
Asia
6,677
6,452
–
–
690
541
1,284
3,987
28,050
27,154
36,320
62,023
(13,392)
(12,115)
(30,707)
(52,932)
14,658
15,039
5,613
9,091
351
670
160
1,854
(796)
(517)
(57)
23
139
932
Germany
Rest of world Revenues Cost of sales Gross profit Operating profit Net finance costs Net profit/(loss) for the period
(54 )
(351)
Segment assets
37,345
29,323
12,166
12,204
Segment liabilities
19,074
8,879
8,031
10,690
Capital expenditure
4,606
2,318
425
90
Depreciation and amortization
1,639
1,472
102
161
358
325
86
70
Employees in EUR thousands
4.6 Income Taxes The actual tax expense for the current year amounts to EUR 179 thousand (previous year: EUR 6 thousand). The deferred tax benefi t for the current year amounts to EUR 564 thousand (previous year: EUR 701 thousand deferred tax expense). The deferred tax proceeds of the current financial year represent the sum of the newly capitalized tax loss carryforwards of EUR –688 thousand less the value adjustment of EUR 400 thousand for tax carryforwards during the financial year and the reversal of temporary differences of EUR –276 thousand (previous year: tax loss carryforwards of EUR –1,881 thousand, reversal of temporary differences of EUR 176 thousand).
Due to the reform of the Körperschaftsteuergesetz (KStG – German Corporate Income Tax Act), which entered into force in Germany on January 1, 2001, a corporate income tax rate of 25 % applies to financial years from January 1, 2004 onwards. After adjustment for the effective average trade tax rate and the solidarity surcharge of 5.5 %, the effective tax rate is expected to be 38.1 %.
The income tax can be reconciled with the theoretical amount applicable in line with the tax rate valid for the country where the Company has its headquarters as follows.
Notes to the Consolidated Financial Statements · Notes to the Consolidated Income Statement
57
Earnings before tax
2004/2005
2003/2004
–342
1,656
–130
631
–38
–74
20
70
Theoretical income tax (benefit)/expense based on an applicable tax rate of 38.1 % for the Group Untaxed goodwill amortization Tax-free earnings Deferred taxes from additions to consolidated group Other effects Tax (benefit)/expense
–236
–
–1
74
–385
701
in EUR thousands
4.7 Earnings per Share Basic earnings per share are calculated by dividing the net profi t for the period attributable to ordinary shareholders by the weighted average number of shares outstanding during the period.
To calculate diluted earnings per share, the net profi t for the period attributable to ordinary shareholders and the weighted average number of shares outstanding are adjusted for the effect of all potential ordinary shares with a dilutive effect (exercise of option rights from the stock option plan). For this purpose, the number of ordinary shares to be taken into account consists of the weighted average number of ordinary shares plus the number of ordinary shares that would be issued if all potentially dilutive ordinary shares were to be converted to ordinary shares. Stock option rights are deemed as having been converted into ordinary shares on the day on which the options were granted.
2004/2005
2003/2004
Net profit for the period attributable to ordinary shareholders 85
955
Weighted number of shares outstanding (basic)
3,765,903
3,834,239
Weighted number of shares outstanding (diluted)
in EUR thousands
58
3,768,517
3,845,948
Earnings per share (basic) in EUR
0.02
0.25
Earnings per share (diluted) in EUR
0.02
0.25
Notes to the Consolidated Financial Statements · Notes to the Consolidated Income Statement
Annual Report 2004/2005
5. Notes to Individual Balance Sheet Items
5.1 Intangible Assets The changes in intangible assets are presented in the Consolidated Statement of Changes in Noncurrent Assets.
Purchased intangible assets are measured at cost less straight-line amortization and impairment losses. The estimated useful life for patents, licenses, industrial property rights and marketing rights is between four and ten years. Trademarks have an expected useful life of 15 years.
The goodwill of EUR 1,967 thousand (previous year: EUR 1,313 thousand) consists of goodwill from capital consolidation. It was recognized in accordance with IFRS 3 (Business Combinations). Goodwill acquired from a corporate merger may not be amortized. In accordance with IAS 36, it must instead be checked at least once a year for depreciation, in the event that certain events or altered circumstances indicate that depreciation may have occurred.
Research and development costs are expensed in the period in which they are incurred. This excludes project development costs that fully meet the following criteria:
■
The product or the process is clearly and unambiguously identifiable and the relevant costs can be assigned clearly and calculated reliably;
■
The technical feasibility of the product can be demonstrated;
■
The product or the procedure will be either marketed or used by the Company;
■
The assets will generate a future economic benefi t (e.g. there is a market for the product or, if it is used internally, the product’s usefulness for the Company can be demonstrated);
■
There are adequate technical, financial and other resources available to complete the project.
The costs are recognized the first time that the above criteria are fulfilled. Costs recognized as expenditure in previous accounting periods cannot subsequently be recognized as part of the cost of assets.
Development costs recognized as part of the cost of assets are amortized over their expected useful life using the straight-line method. As a rule, the useful life is no longer than fi ve years.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
59
Development costs of EUR 954 thousand (previous year: EUR 1,358 thousand) were recognized as part of the costs of assets in accordance with IAS 38 (Intangible Assets) in financial year 2004/2005. The recognized development costs mainly comprise the costs of the staff involved in development, the costs of materials, external services and directly attributable overheads which are allocable to the projects.
The software included in property, plant and equipment pertains to development costs for software which is an integral component of the analysis equipment. Development costs for proprietary software are disclosed in the intangible assets under Rights/Know-how.
5.2 Property, Plant and Equipment Changes in property, plant and equipment are presented in the Consolidated Statement of Changes in Noncurrent Assets.
Property, plant and equipment is measured at cost and, where subject to wear and tear, reduced by straight-line depreciation and impairment losses. Depreciation is recognized consistently using the straight-line method in the consolidated financial statements. Production costs comprise manufacturing and plant costs, costs of equipment, other direct costs and production-related costs. Borrowing costs are not capitalized.
Repair costs for property, plant and equipment are generally recognized as an expense. The costs are only capitalized if they enhance or substantially increase the respective asset.
If property, plant and equipment is shut down, sold or retired, the gain or loss resulting from the difference between the proceeds of disposal and the carrying amount of the asset is reported under Other income or Other expenses.
Depreciation of noncurrent assets is based on a useful life of 25 years for buildings, 5 to 15 years for machines and 3 to 13 years for operating and office equipment.
Analytik Jena AG entered into three leasing agreements for the lease of plants and of operating and office equipment. Leased property, plant and equipment provided for in these lease agreements, classified as finance leases, is carried at its fair value in accordance with IAS 17 (Leases) or at the present value of the lease payments if lower. Depreciation is charged using the straightline method over the useful lives of the assets (four to fi ve years). If it is not certain whether ownership of the leased item will be transferred, the asset is depreciated over the lease term where this is shorter. Payment obligations arising from future lease payments are carried as financial liabilities.
60
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
The carrying amount of the assets used as finance leases amounted to EUR 700 thousand (previous year: EUR 659 thousand) as of September 30, 2005 (see also 5.14).
Public sector grants for property, plant and equipment are deducted from the cost of the asset in line with the option in IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance).
Tax-free investment subsidies of EUR 497 thousand were deferred and amortized over the average useful lives of the subsidized asset categories (see also 5.18.6). This is disclosed as a special item in the financial year and in the comparative details for previous years, so as to enhance the informational value of the financial statements.
5.3 Financial Assets In accordance with IAS 39 (Financial Instruments: Recognition and Measurement), the Group’s financial assets are divided into the following categories:
(a) financial assets/liabilities held for trading, (b) held-to-maturity investments, (c) loans and receivables and (d) available-for-sale financial assets.
Financial assets that were mainly acquired to generate a profi t from short-term price fluctuations are classified as available-for-sale financial assets. The Analytik Jena Group does not hold any financial assets belonging to this category.
Financial assets with fi xed or determinable payments and fi xed maturity that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity investments with the exception of loans and receivables originated by the Company.
All other financial assets, except loans and receivables originated by the Company, are classified as available-for-sale financial assets.
Held-to-maturity financial investments are carried as noncurrent assets, unless they are due within twelve months of the balance sheet date.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
61
Available-for-sale financial assets are recognized as current assets if the management intends to sell them within twelve months of the balance sheet date.
Financial assets are initially recognized at cost, which is equivalent to the fair value of the consideration given; transaction costs are allowed for.
Held-to-maturity investments as well as loans and receivables are measured at amortized cost using the effective interest method.
Gains and losses arising from the change in the fair values of financial assets included in Analytik Jena AG’s consolidated financial statements are recognized in income.
The Other noncurrent assets item mainly includes the surrender values from the reinsurance policies taken out to cover pension obligations.
5.4 Impairment of Noncurrent Assets
5.4.1 Intangible Assets, Property, Plant and Equipment, and Goodwill Intangible assets, property, plant and equipment, and goodwill are tested for impairment if facts or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment losses are recognized in income as soon as the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less net selling price and its value in use. The fair value less net selling price is the net revenue from an immediate sale of an asset under customary market conditions. The value in use is the present value of estimated future cash flows expected to arise from the proper use of an asset and from its disposal at the end of its useful life.
The recoverable amount is determined individually for each asset or, if this is not possible, for the cash-generating unit to which the asset belongs. In the Analytik Jena Group, cash-generating units are defined on the basis of the segments.
In financial year 2004/2005, non-scheduled depreciation of goodwill in the amount of EUR 100 thousand was taken.
62
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
If there are indications that the impairment no longer exists or could have decreased, corrections from prior years for intangible assets treated as income will be made retroactivly. The gain in value will be recognized as income in the income statement. The increase in value (or decrease of impairment loss) of an asset, however, is only recognized to the extent that it does not exceed the carrying amount which would have resulted (taking into account the effects of depreciation) if the impairment loss had not been recognized in prior years.
5.4.2 Financial Assets Financial assets are tested for impairment at every balance sheet date.
An impairment loss or write-down of financial assets carried at amortized cost is recognized in income if it is probable that the Company will be unable to recover all contractually due loan amounts, receivables or held-to-maturity investments. An impairment loss that has previously been recognized as an expense is reversed to income if the subsequent partial reversal (or reduction in the impairment loss) can be attributed objectively to facts that have arisen since the original impairment. However, income from the reversal of impairment losses is only recognized to the extent it does not exceed the amortized cost that would have applied if the impairment loss had not been recognized.
5.5 Deferred Taxes Deferred taxes are recognized in accordance with IAS 12 (Income Taxes) using the balance sheet liability method for temporary differences resulting from the differences between the carrying amount of the assets and liabilities in the consolidated financial statements and the tax base used to calculate the taxable profi t.
This approach is used for both deferred taxes at single-entity level and those resulting from consolidation adjustments.
The measurement of both deferred tax assets and deferred tax liabilities is based on the tax consequences that follow from the manner in which the Company expects to recover or settle the carrying amount of its assets and liabilities as of the balance sheet date.
Deferred tax assets and liabilities are recognized irrespective of the time when the temporary differences in carrying amounts are expected to be reversed. Deferred tax assets and tax liabilities are not discounted and are disclosed as noncurrent assets in the balance sheet.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
63
Deferred tax assets are carried at the amount at which it is probable that future tax gains will be realized. The Company reassesses deferred tax assets that are not recognized and the carrying amounts of deferred tax assets as of every balance sheet date. The Company recognizes deferred tax assets that were not previously disclosed in the balance sheet in the amount to which it has become probable that future taxable profi ts will be available against which the deferred tax asset can be utilized. Conversely, the carrying amount of a deferred tax asset is reduced by the amount by which it is no longer probable that sufficient tax profi t will be available to utilize the deferred tax asset.
The following table provides an overview of tax effects due to temporary differences and the recognition of tax loss carryforwards leading to material deferred tax assets and liabilities
2004/2005
2003/2004
126
191
Percentage of completion
159
374
Capitalized development costs
824
630
–
237
781
705
Deferred tax assets from temporary accounting differences Deferred tax liabilities from temporary accounting differences
Current assets Current liabilities Other
(222) 1,542
173 2,119
Deferred tax assets from tax loss carryforwards Total from tax loss carryforwards Valuation adjustment From tax loss carryforwards after valuation adjustment Deferred taxes, net
5,053
4,365
(2,884)
(2,484)
2,169
1,881
753
(47)
in EUR thousands
The difference in the change of net balance to that shown in the cash flow statement is the result of the addition of deferred taxes of EUR 236 thousand due to the expansion of the consolidation Group which is not recognized in current earnings.
Under current German tax legislation, loss carryforwards can be carried forward indefinitely and may be used to offset future taxable profi ts generated by the Company. The deferred tax assets from tax loss carryforwards in the Analytik Jena Group mainly comprise Analytik Jena AG’s tax loss carryforwards from financial years 2001/2002 and 2002/2003. The Company recognizes a valuation adjustment for deferred taxes whose realization appears uncertain and exceeds the time frame of a maximum of fi ve years, calculated from the time the respective loss carryforward arises.
64
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
5.6 Inventories As of September 30, inventories can be broken down as follows.
2004/2005
2003/2004
Raw materials and supplies
3,046
2,429
Work in progress
3,175
2,394
Finished goods
4,286
3,402
Goods purchased and held for resale Inventories
705
341
11,212
8,566
in EUR thousands
Raw materials and supplies as well as goods purchased and held for resale are measured at average acquisition cost; work in progress and finished goods are measured at production cost. In addition to directly attributable costs, these also include appropriate portions of production and materials overheads as well as wear and tear on noncurrent assets, insofar as it is caused by manufacturing. Borrowing costs are not capitalized.
5.7 Trade Receivables Goods and services provided to customers are disclosed under Trade receivables. To the extent that they have not been invoiced and that customer orders are measured using the percentage of completion method, they are listed under the items Amounts due from or due to customers for construction contracts (PoC).
All trade receivables are due within one year and are carried at their principal amount, taking all recognizable risks into account. As of the balance sheet date, specific valuation allowances of EUR 57 thousand (previous year: EUR 106 thousand) were charged in relation to trade receivables.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
65
5.8 Other Current Assets Other receivables and other assets are carried at their principal amount. Other current assets are listed in the following table.
2004/2005 VAT receivables Receivables from grants Other assets Other
2003/2004
427
302
1,174
629
213
812
1,213
1,168
3,027
2,911
in EUR thousands
5.9 Construction Contracts Construction contracts not yet partially or fully completed are recognized as revenue and expenses in accordance with IAS 11 (Construction Contracts) in line with the stage of completion (the percentage of completion method). The stage of completion corresponds to the portion of the contract performed up to the balance sheet date and is determined by calculating the expenses incurred up to the balance sheet date in proportion to the expected total cost (the cost-to-cost method). Insofar as the aggregate amount of the contract costs incurred and profi ts disclosed exceeds the advances received in individual cases, the construction contracts are carried as assets under Gross amount due from customers for construction contracts (PoC). If the balance is negative after the deduction of the advances received, it is carried as the Gross amount due to customers for construction contracts (PoC).
Provisions are recognized to cover any anticipated onerous contracts. They are calculated taking recognizable risks into account. The contractually agreed revenue is carried as revenue.
2004/2005
2004/2005
2003/2004
Due from
Due to
Due from
Due to
customers
customers
customers
customers
172
12,633
16,685
Cost components Profit shares Total recognized Advance payments received Total balance in EUR thousands
66
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
6,104
2003/2004
995
(578)
636
317
7,099
(406)
13,269
17,002
2,285
191
(10,768)
(22,263)
4,814
597
2,501
5,261
Annual Report 2004/2005
5.10 Cash and Cash Equivalents Cash and other funds (credit balance at banks) with an original maturity date of up to three months are disclosed as cash and cash equivalents.
5.11 Equity The changes in equity for the Analytik Jena Group for financial years 2003/2004 and 2004/2005 are presented in the Consolidated Statement of Changes in Equity.
5.11.1 Subscribed Capital Analytik Jena AG’s share capital is composed of 3,849,999 no-par value bearer shares, each with a notional value of EUR 1.00. Each share entitles the bearer to one vote; there are no restrictions on voting rights. The share capital is fully paid up. After deduction of treasury shares, the shares outstanding as of the balance sheet date totals 3,765,903 no-par value bearer shares, each with a notional value of EUR 1.00 (previous year: 3,816,665 no-par value shares).
5.11.2 Contingent Capital The contingent capital resolved by the General Meeting totals EUR 1,919,400.00 and is composed as follows: in accordance with section 4 (6) sentence 1 of the Articles of Association, the share capital is contingently increased by up to EUR 99,400.00 through the issue of up to 99,400 bearer shares (Contingent Capital I).
In addition, the creation of Contingent Capital II in the amount of EUR 280,000.00 in accordance with section 192 (2) no. 3 of the Aktiengesetz (AktG – German Stock Corporation Act) was resolved.
The contingent capital increase can be used to grant options on one or several occasions, in accordance with section 192 (2) no. 3 of the AktG, to members of the Company’s Executive Board, the managing directors of affiliated companies within the meaning of section 15 of the AktG and to eligible employees of the Company and its affiliated companies. The contingent capital increase will only be implemented insofar as the beneficiaries of the options issued exercise their options. The new shares carry dividend rights from the beginning of the financial year in which they are issued as a result of options being exercised.
The contingent capital was entered in the commercial register on July 7, 2004.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
67
The Executive Board was also authorized, with the approval of the Supervisory Board, to issue bonds with conversion rights or options on one or several occasions until March 22, 2009 up to a total nominal amount of EUR 1,540,000.00. The bonds may have a term of up to ten years. The holders of the bonds may be granted conversion rights or options on up to 1,540,000 no-par value bearer shares in Analytik Jena AG; this corresponds to a proportionate amount of the share capital of EUR 1,540,000.00 (Contingent Capital III).
5.11.3 Authorized Capital Authorized capital totaled EUR 1,924,999.00 as of September 30, 2005.
In accordance with the Company’s Articles of Association, the Executive Board is authorized, with the approval of the Supervisory Board, to increase the share capital by up to EUR 1,924,999.00 until March 19, 2008 by issuing new, no-par value bearer shares.
5.11.4 Capital Reserves The capital reserves include amounts from the initial public offering and capital increases from past financial years.
Capital reserves in 2004/2005 remained unchanged at EUR 25,634 thousand.
5.11.5 Treasury Shares The Company holds a total of 84,096 treasury shares (previous year: 33,334), which are carried at cost. In accordance with SIC 16 (Share Capital – Required Own Equity Instruments “Treasury Shares”), they are deducted from consolidated equity.
5.12 Other Provisions Other provisions are measured in accordance with IAS 37 (Provisions, Contingent Liabilities and Contingent Assets) based on the best estimate of the extent of all obligations relating to past business transactions or past events, the amount or timing of which is uncertain. A provision is recognized when, and only when:
68
■
A legal or constructive obligation to third parties results from a past event,
■
It is probable that an outflow of resources embodying economic benefi ts will be required to settle the obligation, and
■
A reliable estimate can be made of the amount of the obligation.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
When provisions fall due after more than one year, the noncurrent portion of the corresponding present value is discounted.
The provisions of EUR 726 thousand (previous year: EUR 539 thousand) disclosed in the balance sheet mainly comprise provisions for guarantees of EUR 288 thousand (previous year: EUR 338 thousand) and various individual amounts for patent risks and similar circumstances of EUR 438 thousand (previous year: EUR 201 thousand). The provisions shown in the balance sheet are comprised of the following:
10/01/2004
Utilization
Writing
Allocation
back
Addition
09/30/2005
from change in consolidated group
Guarantees
338
338
–
288
–
288
Other
201
198
3
138
300
438
Provisions
539
536
3
426
300
726
in EUR thousands
5.13 Stock Option Plan The Company aims to do business in a manner that is geared towards shareholders’ interests and that actively promises an increase in the Company’s long-term stock market value. For this reason, the Company has introduced a performance-related incentive program in the form of a stock option plan for Executive Board members, managing directors and employees of the Company and its affiliated companies.
The options are issued to the beneficiaries free of charge. The options are not transferable, except by way of inheritance, and lapse if they are not exercised on their last possible exercise date or if the holder’s contract of service or employment with the Analytik Jena Group is effectively ended.
Options do not lapse if the contract of service or employment is terminated or ends due to the retirement of the beneficiary or his or her inability to work.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
69
The group of beneficiaries entitled to the options includes Executive Board members, the managing directors of affiliated companies within the meaning of section 15 of the AktG as well as eligible employees of the Company and its affiliated companies within the meaning of section 15 of the AktG.
The Executive Board, with the approval of the Company’s Supervisory Board, is responsible for determining the selection criteria and selecting those employees and managing directors of the Analytik Jena Group to whom options are granted. The Supervisory Board is responsible for selecting Executive Board Members of the Company to receive options.
As of the balance sheet date, none of the 89,400 options in circulation and capable of being exercised (previous year: 94,900 options) from the 2000 stock option plan had been exercised. 4,700 options from Tranche I and 800 options from Tranche III had lapsed as of the balance sheet date.
In financial year 2004/2005, an additional 12,000 options were granted from the 2004 stock option plan (Tranche II).
The total volume of Tranche II from the 2004 stock option plan has been distributed to the beneficiary groups as follows: 4,000 options are reserved for eligible employees of the Company and its affiliated companies and 8,000 options are designated for the managing directors of affiliated companies.
The subscription price for the tranche issued in financial year 2004/2005 is EUR 5.13.
As of September 30, 2005 none of the 206,100 total options in circulation (previous year: 196,000 options) of Tranches I and II of the 2004 stock option plan had been exercised. 1,900 stock option rights from Tranche I from the 2004 stock option plan had lapsed as of the balance sheet date.
70
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
The beneficiaries may exercise their options at the end of the legal minimum qualifying period of two years in each case in a maximum of two installments, whereby up to 50 % may be exercised within the exercise period following the first Ordinary General Meeting or the publication of the Company’s interim report for the third quarter of the financial year (Q3 report) following the end of the qualifying period and up to 100 % (less any options already exercised) may be exercised within the exercise period following the second Ordinary General Meeting or the second Q3 report following the end of the qualifying period. The exercise period is three weeks in each case following the General Meeting or the publication of the relevant Q3 report.
In each case, the options must be exercised at the latest by the end of the first exercise period following the fourth anniversary of the date of the assignment agreement. Options that are not exercised lapse. Differences between the exercise price of an option and its fair value have not been recognized in the income statement.
5.14 Financial Liabilities Financial liabilities are carried at cost. Current and noncurrent financial liabilities are detailed in the following table.
2004/2005
2003/2004
Redemption terms
3.25 % ERP loan (1999–2009)
115
144
half-yearly from 09/2001
5.95 % investment loan (2001–2009)
100
124
monthly from 10/2001 half-yearly from 09/2002
1.006
1.230
3.13 % investment loan (2002–2007)
140
210
half-yearly from 12/2002
2.33 % finance lease (2003–2007)
365
549
monthly from 08/2003
2.35 % finance lease (2004–2008)
111
154
monthly from 02/2004
16
17
monthly from 06/2004
7.058
–
one time on 03/2010
Variable, investment credit (2005–2015)
904
–
quarterly from 09/2005
Variable, investment credit (2005–2015)
190
–
quarterly from 12/2005
(2005–2011)
383
–
one time on 06/2011
1.66 % loan to finance lease (2005–2010)
159
–
monthly from 07/2005
10.547
2.428
4.50 % liquidity loan (2001–2010)
6.49 % investment loan (2004–2008) Variable, borrower‘s note loan (2005–2010)
10.50 % loan to finance a participation
Less current portion
(909) 9.638
(589) 1.839
in EUR thousands
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
71
The two variable investment credits are based on the 3-month EURIBOR plus the margin.
Future redemption amounts are given in the following overview.
Redemption amounts
2006
2007
2008
2009
2010
from 2011
Total
909
740
479
439
7,153
827
10,547
in EUR thousands
Of the liabilities disclosed in the balance sheet, a total of EUR 2,101 thousand (previous year: EUR 1,230 thousand) are secured by mortgage charges totaling EUR 3,260 thousand (previous year: EUR 1,541 thousand).
Various capital goods (carrying amount as of September 30, 2005 EUR 476 thousand; previous year: EUR 703 thousand) have also been assigned as security.
Liabilities from leases are recognized if the leased assets are capitalized as the Group’s property under Property, plant and equipment (finance leases). They are carried at their present values of EUR 635 thousand (previous year: EUR 703 thousand). Over the next few years, a total of EUR 704 thousand (previous year: EUR 790 thousand) is payable to the lessor. The difference corresponds to the interest portion of EUR 69 thousand (previous year: EUR 87 thousand).
Analytik Jena AG has issued three defined benefi t plans. The corresponding asset values of the reinsurance are recognized under the other noncurrent assets. The valuation of the defined benefi t plans are based on the following insurance assumptions
2004/2005 4.25 %
6.00 %
Adjustment of current pensions
2.00 %
2.00 %
The Heubeck 1998 recommendation tables form the basis of the calculations.
72
2003/2004
Discount interest rate
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
The net liability as of October 1, 2004 amounted to EUR 534 thousand. A pension expense of EUR 95 thousand was recognized in financial year 2004/2005; the net balance sheet liability as of September 30, 2005 amounts to EUR 629 thousand. Of the pension expense, EUR 43 thousand accrue to service cost and EUR 52 thousand to interest cost. Total expenditure is recognized under General administrative expenses.
5.15 Contingent Liabilities Contingent liabilities amounted to EUR 13,261 thousand as of the balance sheet date. They are mainly due to tender bonds, advance payment guarantees and warranties.
5.16 Other Financial Obligations A change in the rental property at the main headquarters of the Company in Jena took place in financial year 2004/2005. The Company therefore rented three office buildings in Jena, two office buildings in Berlin, one office building in each of the locations Wiehl, Leipzig and Überlingen, as well as one production hall at the Eisfeld site.
In addition, business premises have been leased for subsidiaries and representative offices outside Germany (USA, Italy, Thailand, China and Russia).
A substantial part of the vehicle fleet has also been leased. The leases are currently for between 24 and 48 months and end in financial year 2007/2008 at the latest.
EUR 267 thousand (previous year: EUR 243 thousand) relating to leases for vehicles was recognized as an expense.
The rental and lease obligations for the period after September 30, 2005 are shown in the following table.
Rent Lease
2006
2007
2008
2009
2010
Total
1,082
1,048
1,030
973
889
5,022
202
154
63
7
3
429
in EUR thousands
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
73
5.17 Related Party Disclosures Transactions with partners and companies qualifying as related parties in accordance with IAS 24 (Related Parties) are only conducted under conditions of independent business partners. Related party transactions consist of service transactions with Executive Board members of Analytik Jena AG, Klaus Berka and Jens Adomat. Both Executive Board members and their wives are shareholders (each holding 25 %) of A&B und Partner GbR, Jena. Analytik Jena AG has leased its office premises in Jena from this company. The rent paid to A&B und Partner GbR amounted to EUR 727 thousand (EUR 433 thousand) in the past financial year. The increase was the result of an additional rental of a new building in the past financial year by the Company.
Analytik Jena AG has also supplier relationships with ETG Entwicklungs- und Technologie Gesellschaft mbH in Ilmenau, in which the Company holds a 20 % interest. In the past financial year, Analytik Jena AG sourced goods worth a total of EUR 1,077 thousand.
AJZ Engineering GmbH reported sales amounting to EUR 2,675 thousand during the reporting period with A&B und Partner GbR due to the general acquisition agreement for construction of the Analytik Jena Technology Center.
In addition, all the members of the Executive and Supervisory Board are considered related parties. Information about the Executive Board and the Supervisory Board is listed in a separate section of the Notes to the Consolidated Financial Statements.
5.18 Risks from Financial Instruments Financial instruments are contractually agreed transactions that involve a cash entitlement. In accordance with IAS 32 (Financial Instruments: Disclosure and Presentation), this includes primary financial instruments, such as trade receivables and payables or financial receivables and payables.
It also includes derivative financial instruments. In accordance with IAS 39, all derivative financial instruments are to be recognized in the balance sheet as assets/liabilities held for purposes of commercial trade.
The derivative financial instruments include both interest-based and currency-based derivative financial instruments.
The fair value (net) of the interest-based derivative financial instruments amounts to EUR –91 thousand (previous year: EUR 0 thousand), of which EUR 39 thousand accrue to assets and EUR 130 thousand to liabilities.
The fair value (net) of the currency-based derivative financial instruments amounts to EUR –156 thousand (previous year: EUR 0 thousand), of which EUR 156 thousand accrue to liabilities.
74
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
Annual Report 2004/2005
The fair values were determined as of the balance sheet date using generally accepted mathematical assessment models (BlackScholes, Heath-Jarrow-Morton), taking into account equivalent-term yield curves.
5.18.1 Default Risk The Group is not exposed to any serious concentration of its default risk in respect of either a single counterparty or a group of counterparties with similar characteristics.
5.18.2 Interest Rate Risks The Group aims to minimize interest rate risks through fi xed-rate financing or through interest rate hedges (CAPs). As of year-end, three long-term loans were financed at a variable rate.
5.18.3 Liquidity Risk The Group aims to have at its disposal or to acquire sufficient cash and cash equivalents or corresponding irrevocable lines of credit to meet its obligations over the next three years in accordance with its strategic three-year plan.
5.18.4 Exchange Rate Risk The Group’s exchange rate risks are attributable to its global business activities and to the fact that it operates production and sales facilities in various countries.
Earnings from exchange rate differences during the financial year amounted to EUR –235 thousand (previous year: EUR –384 thousand).
5.18.5 Estimating Fair Value Group financial instruments that are not recognized in the balance sheet at fair value are first and foremost cash and cash equivalents, trade receivables, other current assets, other noncurrent assets, trade payables and other liabilities, overdrafts, long-term loans and held-to-maturity financial investments.
The carrying amounts of cash and cash equivalents and overdrafts are very close to their fair value due to the short-term nature of these financial instruments.
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items
75
Equally, the historical cost-based carrying amount of receivables and payables subject to normal trade credit terms usually approximates extremely closely to their fair value.
5.18.6 Risks Associated with Public Grants Since 1996, the Company has received regular subsidies for specific projects in the field of research and development. In the year under review, these amounts totaled EUR 971 thousand for research and development (previous year: EUR 1,493 thousand) and EUR 774 thousand (previous year: EUR 443 thousand) for investments in property, plant and equipment and intangible assets.
In principle, these grants are only awarded if certain requirements or conditions are met, in some cases extending over a period of several years and into the future. In the event of failure to do so, the Analytik Jena Group could be obliged to repay the grants received in full or in part, which would have an adverse effect on the Company’s economic position. A review of regional development grants received for the Eisfeld location in financial year 2001/2002 did not result in any objections; this was also the case for the reviews of our research and development grants carried out during this financial year.
6. Notes to the Cash Flow Statement Cash flow from operating activities is calculated using the indirect method. This means that non-cash expenses are added to the consolidated net profi t for the period, while non-cash income is deducted.
In accordance with IAS 7 (Cash Flow Statements), cash flows are presented in tabular form and broken down into operating activities, investing activities and financing activities. In the process, the effects of acquisitions, divestments and other changes in the consolidated group are eliminated.
Funds include all cash and cash equivalents, i.e. cash and all funds with an original maturity of up to three months.
The income taxes refunded in the reporting period 2004/2005 amount to EUR 17 thousand. In 2003/2004, the Company paid EUR 6 thousand.
76
Notes to the Consolidated Financial Statements · Notes to Individual Balance Sheet Items · Notes to the Cash Flow Statement
Annual Report 2004/2005
7. Membership and Total Remuneration of the Supervisory Board and Executive Board For detailed information on this topic, please refer to pages 85ff. of this Annual Report.
German Corporate Governance Code The Executive Board and Supervisory Board of Analytik Jena AG have issued the declaration relating to the recommendations of the German Corporate Governance Code prescribed in accordance with section 161 of the AktG and made this permanently available for shareholders on the Internet (http://www.analytik-jena.de).
8. Proposed Appropriation of Earnings The Executive Board proposes carrying forward Analytik Jena AG’s net profi t as of September 30, 2005 for new account.
Notes to the Consolidated Financial Statements · Membership and Total Remuneration of the Supervisory Board and Executive Board · Proposed Appropriation of Earnings
77
Consolidated Statement of Changes in Noncurrent Assets as of September 30, 2005
Property, plant and equipment Total
Land
Buildings
Plant
Equipment
Software
as of October 1, 2004
23,491
378
1,945
2,245
6,169
1,562
Foreign currency gains
12
–
–
1
2
1
consolidated group
1,089
–
–
260
57
–
Additions
5,031
–
236
274
597
383
–
132
37
141
425
–
(43)
(34)
(81)
–
Cost
Additions to the
Reclassifications Disposals
(199)
(16)
29,424
494
2,175
2,887
7,169
1,946
as of October 1, 2004
12,703
–
586
1,476
4,506
513
Foreign currency gains
6
–
–
1
1
1
155
–
–
92
51
–
1,741
–
113
163
507
276
as of September 30, 2005 Cumulative depreciation and amortization
Additions to the consolidated group Additions Disposals as of September 30, 2005
(117) 14,488
– –
(13) 686
(11)
(69)
–
1,721
4,996
790
Carrying amount as of October 1, 2004
10,788
378
1,359
769
1,663
1,049
as of October 1, 2005
14,936
494
1,489
1,166
2,173
1,156
in EUR thousands
78
Notes to the Consolidated Financial Statements · Consolidated Statement of Changes in Noncurrent Assets
Annual Report 2004/2005
Noncurrent assets Assets under
Total
development
Rights/
Advance
Know-how
payments
Total
Goodwill
Other noncurrent assets
1,714
14,013
6,537
247
6,784
2,242
452
–
4
8
–
8
–
–
–
317
18
–
18
754
–
2,244
3,734
703
28
731
–
566
–
135
(135)
–
–
–
(735) –
(174)
(25)
–
(25)
–
–
3,223
17,894
7,376
140
7,516
2,996
1,018
531
7,612
4,136
–
4,136
929
26
–
3
3
–
3
–
–
–
143
12
–
12
–
–
–
1,059
582
–
582
100
–
–
(93)
531
8,724
1,183 2,692
(24)
–
(24) 4,709
–
–
1,029
26
4,709
–
6,401
2,401
247
2,648
1,313
426
9,170
2,667
140
2,807
1,967
992
Notes to the Consolidated Financial Statements · Consolidated Statement of Changes in Noncurrent Assets
79
Differences in Accounting Policies
The consolidated financial statements of Analytik Jena AG have been prepared in accordance with section 292a of the HGB (German Commercial Code), which grants an exemption from the requirement to prepare consolidated accounts in accordance with German commercial law, and in accordance with the applicable accounting principles of the International Accounting Standards Board (IASB), London. In accordance with section 292a of the HGB, the full consolidated financial statements including the full list of shareholdings have been filed with the commercial register in Gera under number HR B 0027. The accounting policies and consolidation methods applied under IFRSs differ significantly from HGB provisions in the following areas:
Intangible Assets Under the HGB and IFRSs, purchased intangible assets must be recognized. Non-purchased or internally generated intangible assets may not, however, be recognized under the HGB.
In accordance with IFRSs (IAS 38.45), all costs incurred in the development of internally generated software intended for sale must be expensed until it has been established that the software is technically feasible. A product is deemed to be technically feasible when all activities required to prove that the software product can be manufactured in accordance with the design specification have been completed.
For this to be the case, all planning, design, programming and testing activities must have been conducted before further development costs can be capitalized. These development costs may then be capitalized until the software product is first marketed.
The Group incurred significant development costs between the time technical feasibility was established and the time products were first marketed, and has recognized these costs.
Property, Plant and Equipment Until 1996, accelerated depreciation in accordance with the Fördergebietsgesetz (German Assisted Regions Act) was set off directly against costs. As it does not constitute an impairment of extraordinary depreciation under IAS 36 or under the principles documented in IAS 16.60, this accelerated depreciation is eliminated and the asset is then depreciated. This results in higher levels of depreciation than under the HGB.
80
Notes to the Consolidated Financial Statements · Differences in Accounting Policies
Annual Report 2004/2005
Property, plant and equipment are tested for impairment if facts or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable (IAS 36.9). The recoverable amount is the higher of the asset’s fair value less net selling price and value in use (IAS 36.18).
Leases There are no detailed provisions relating to the treatment of leases under the HGB. As a rule, the accounting treatment of leases therefore depends on the risks and rewards relating to the use of the leased asset as defined in the lease agreement. In practice, leases are generally structured in such a way that the lessor accounts for the leased assets.
Both IAS 17 (Leases) and the HGB govern the accounting classification and hence the treatment of leases by reference to beneficial rather than legal ownership. The two systems, however, use different criteria to determine beneficial ownership.
Construction Contracts The HGB and German accounting principles only permit profit to be realized for construction contracts after delivery and acceptance of the entire order, i.e. only when the agreed contract has been largely performed and the remaining risks are insignificant (completed contract method).
Under IAS 11 (Construction Contracts), revenue and profits are realized by reference to the stage of completion of the project (percentage of completion method).
Treasury Shares In IFRS consolidated financial statements, treasury shares are measured at cost and deducted from equity at cost. The HGB requires treasure shares to be disclosed as current assets and measured at amortized cost.
Deferred Taxes The HGB requires deferred taxes to be determined for all timing differences between the tax base and consolidated accounts (the timing concept), using the current tax rate. No deferred taxes may be determined for quasi-permanent differences, which are only expected to reverse over a very long period, on disposal or liquidation, or for tax loss carryforwards. Under GAS 10, deferred taxes should be recognized on tax loss carryforwards.
Notes to the Consolidated Financial Statements · Differences in Accounting Policies
81
Under IAS 12 (Income Taxes), deferred taxes must be recognized on all temporary differences between the tax base and the consolidated accounts. Deferred taxes should also be recognized for tax loss carryforwards to the extent that it is probable that these will be utilized. The amount of deferred tax is calculated on the basis of the tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
Pension Provisions The HGB permits the use of various actuarial methods. The most common, but by no means the only permissible procedure used under the HGB is the entry age normal method in accordance with section 6a of the Einkommensteuergesetz (EStG – German Income Tax Act). The HGB also permits the use of the projected unit credit method. In accordance with the HGB, current pension contributions are expensed in the functions in the income statement in the year in which they are incurred and are thus reflected in the operating result. Pension provisions are calculated using the projected unit credit method in accordance with IAS 19, taking into account future pension increases.
Other Provisions Under the HGB, in addition to mandatory provisions for liabilities and onerous contracts, provisions can also be recognized for specific items of expenditure where there is no obligation to third parties. The provisions are measured using commercial principles in accordance with the prudence principle. Other provisions are measured in accordance with IAS 37 (Provisions, Contingent Liabilities and Contingent Assets) based on the best estimate of the extent of all obligations relating to past business transactions or past events, the amount or timing of which is uncertain. Where provisions fall due after more than one year, the noncurrent portion of the corresponding present value is discounted. Provisions are only recognized if they are the result of a legal or constructive obligation to third parties. Provisions for future external expenses are not permitted under IFRSs.
Capital Consolidation Section 301 of the HGB permits the use of either the German purchase method or the revaluation method of accounting. Under the German purchase method, capital is eliminated at the amount corresponding to the book value of the assets, liabilities, prepaid expenses and deferred income, accounting conveniences and special reserves to be included in the consolidated financial statements.
82
Notes to the Consolidated Financial Statements · Differences in Accounting Policies
Annual Report 2004/2005
Hidden reserves may only be disclosed in the amount of the difference between the book value method of an investment and the equity eliminated. Under the revaluation method, hidden reserves are disclosed in full in advance, regardless of the ownership interest.
For capital consolidation, the provisions of GAS 4 must be observed in addition to the commercial law requirements. The provisions of GAS 4 basically correspond to the procedure used for capital consolidation under IFRSs.
Since the introduction of the Gesetz zur weiteren Reform des Aktien- und Bilanzrechts, zu Transparenz und Publizität (TransPuG - Transparency and Publicity Act) section 301 of the HGB has severely restricted the opportunities to continue recognizing tax-motivated carrying amounts in the consolidated financial statements.
In accordance with IFRS 3.36, the acquisition costs of a merger are to be allocated at the time of acquisition, since the identifiable assets, liabilities and contingent liabilities of the acquired company, which meet the accounting criteria according to IFRS 3.37, are recognized at their fair values. The long-term assets which according to IFRS 5 are classified as long-term assets and relinquished business divisions held for disposal are to be recognized at their fair value less the costs of disposal.
IFRS 3.37 specifies the following criteria to be fulfilled at the time of acquisition for the separate reporting of identifi able assets, liabilities and contingent liabilities:
(a) In the case of an asset, which is not an intangible asset, it is likely that future economic value associated with this asset will accrue to the purchaser and its fair value can be reliably assessed;
(b) In the case of a liability, with the exception of a contingent liability, it is likely that an outflow of resources with economic value will be required to meet this obligation and its fair value can be reliably assessed;
(c) In the case of an intangible asset or a contingent liability, the fair value can be reliably assessed.
Notes to the Consolidated Financial Statements · Differences in Accounting Policies
83
Classification Requirements The IFRSs make a distinction between current and noncurrent assets, and between current and noncurrent liabilities in the balance sheet, and specify a number of items that constitute a minimum reporting requirement (IAS 1.66), and which must be used regardless of a company’s legal form.
Both the HGB and IAS 1.27 require the principle of consistency of presentation to be applied, i.e. once selected, the method of classification should be applied consistently. Comparative information for the previous year must be disclosed in accordance with IAS 1.38.
The income statement can be presented using the nature of expense or the cost of sales method, taking into account the provisions of IAS 1 and IAS 33.47.
Jena, November 2005 The Executive Board of Analytik Jena AG
Klaus Berka
84
Notes to the Consolidated Financial Statements · Differences in Accounting Policies
Jens Adomat
Jürg Briner
Annual Report 2004/2005
Information on Executive Bodies
Executive Board and Supervisory Board/Other Board Memberships (during financial year 2004/2005)
Executive Board
Klaus Berka, Dipl.-Ingenieur, date of birth August 27, 1949 Chairman since June 2, 1999, appointed until April 28, 2009 Other board memberships: Member of the management of: ■
AJ Cybertron GmbH
■
AJ Blomesystem GmbH
■
AJ Roboscreen GmbH
■
AJ Innuscreen GmbH
■
AJ USA, Inc.
■
AJ India Pvt. Ltd.
Jens Adomat, Dipl.-Ingenieur, date of birth April 22, 1960 Member since June 2, 1999, appointed until April 28, 2009 Other board memberships: Member of the management of: ■
AJZ Engineering GmbH
Jürg Briner, Dipl.-Kaufmann, date of birth December 1, 1952 Member since June 1, 2003, appointed until May 31, 2006 Other board memberships: ■
None
Consolidated Financial Statements · Information on Executive Bodies
85
The following remuneration was adopted for the individual members of the Executive Board for financial year 2004/2005:
Total remuneration Klaus Berka
170,935
Jens Adomat
152,280
Jürg Briner Total
33,200 356,415
in EUR
Supervisory Board
In accordance with section 285 no. 10 of the HGB (Handelsgesetzbuch – German Commercial Code), the persons named below are members of the Supervisory Boards or supervisory bodies listed below in accordance with section 125 (1) sentence 3 of the Aktiengesetz (AktG – German Public Companies Act).
Alexander von Witzleben, Dipl.-Kaufmann Chairman since April 28, 1999, member since April 28, 1999 Chairman of the managing board of Jenoptik AG Other board memberships: ■
Deputy Chairman of the Supervisory Board of ZEISS MEDITEC AG, Jena
■
Chairman of the Supervisory Board of DEWB AG, Jena
■
Chairman of the Supervisory Board of Meissner and Wurst Zander Holding AG, Stuttgart*
■
Chairman of the Supervisory Board of PVA Tepla AG, Asslar
■
Member of the Administrative Board of FEINTOOL INTERNATIONAL HOLDING AG, Lyss
■
Member of the Advisory Committee of Kaefer Isoliertechnik GmbH & Co. KG, Bremen
Prof. Dr. habil. Manfred Grün, Dipl.-Chemiker Deputy Chairman since April 28, 1999, member since April 28, 1999 Managing Director of Agrar- und Umweltanalytik Jena GmbH Other board memberships: ■
Member of the Supervisory Board of ADIB Agrar-Dienstleistungs-Industrie und Baugesellschaft mbH & Co. KG, Wiegleben
*Jenoptik AG board membership
86
Consolidated Financial Statements · Information on Executive Bodies
Annual Report 2004/2005
Dr. Nikolaus Reinhuber, Lawyer Member since September 24, 1999 Partner in the law firm Freshfields Bruckhaus Deringer, Frankfurt Other board memberships: ■
None
The following remuneration was adopted for the individual members of the Supervisory Board for the financial year 2004/2005:
Basic remuneration
Meeting
Total remuneration
attendance fee Alexander von Witzleben
20,000
200
20,200
Prof. Dr. habil. Manfred Grün
15,000
200
15,200
Dr. Nikolaus Reinhuber
10,000
200
10,200
Total
45,000
600
45,600
in EUR
No loans to Supervisory Board members existed at the balance sheet date. No loans were redeemed in the year under review.
Consolidated Financial Statements · Information on Executive Bodies
87
Auditor’s Report
We have audited the consolidated financial statements prepared by Analytik Jena AG, Jena, comprising the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, for the financial year from October 1, 2004 to September 30, 2005. The preparation and content of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) are the responsibility of the Company’s Executive Board. Our responsibility is to express an opinion on the consolidated financial statements based on our audit.
We conducted our audit of the consolidated annual financial statements in accordance with German auditing requirements and the generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit so as to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatements. Knowledge of the business activities and the economic and legal environment of the Company and evaluations of possible misstatements are taken into account in the determination of audit procedures. The evidence supporting the amounts and disclosures in the consolidated financial statements is examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, results of operations, and cash flows of the Group for the financial year in accordance with International Financial Reporting Standards. Our audit, which also extends to the management report on the Company and Group prepared
88
Consolidated Financial Statements · Auditor‘s Report
Annual Report 2004/2005
by the Executive Board for the financial year from October 1, 2004 to September 30, 2005 has not led to any reservations. In our opinion, on the whole the group management report provides a suitable understanding of the Group’s position and suitably presents the risks of future development. We also confirm that the consolidated financial statements and the group management report for the financial year from October 1, 2004 to September 30, 2005 satisfy the conditions required for the Company’s exemption from its obligation to prepare consolidated financial statements and a group management report in accordance with German law.
Leipzig, November 18, 2005
KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
Emmel
Liebers
Auditor
Auditor
The publishing or distribution of the consolidated financial statements and/or the group management report in a form deviating from the certified version (including translation into the other languages) requires a new option by us to the extent that our audit option is quoted or reference is made to our audit; please see section 328 of the HGB (German Commercial Code) in particular in this regard.
Consolidated Financial Statements · Auditor‘s Report
89
Practical Experience
Reinhard Jacob (Managing Director of the Eisfeld branch) The field of optics is one of the tradition-rich roots that make up Analytik Jena. The optical solutions business unit markets optical consumer products under the name DOCTER®. One of Mr. Jacob’s responsibilities is to coordinate the production of analysis technology and consumer products at the Eisfeld plant. He also has the right flair for marketing in the consumer area due to his long-standing practical experience in dealing directly with the customer.
90
Annual Report 2004/2005
Further Information
Glossary
AAS (Atomic Absorption Spectroscopy): Spectral photo-
Antioxidants: Substances that, even in small concentrations,
metric analysis procedure for the quantitative determination
reduce or completely prevent the oxidation of a substance
of element concentrations using weakened electromagnetic
that is present in larger quantities.
radiation or incident light intensity. AOX sum parameter: AOX = absorbent organic halogen Amplification (Latin: amplificatio expansion, amplus
compound. An assay test procedure, within which targets and
broad):
chemical substances are combined and the mixture is then
A molecular-genetic process for duplication of DNA. (See
evaluated by an analyzing system to determine the chemical
also PCR)
or biological activity.
Analysis/analytics: Testing of medical, biological or
B-lymphocytea, or B-cells for short, belong to the leucocy-
chemical samples using chemical and physical procedures.
tes (white blood cells).
Analytik Jena GROUP: Analytik Jena AG is made up of
Blochin Oncological Center: The internationally recog-
various branch offices in Germany (Eisfeld, Überlingen) and
nized Oncological Center N. N. Blochin is among the most
a number of subsidiaries (AJZ Engineering GmbH, AJ Blome-
distinguished centers for the treatment of oncological
system GmbH, AJ Cybertron GmbH, AJ Innuscreen GmbH, AJ
diseases (cancer) in the Russian Federation.
IDC GmbH, AJ Roboscreen GmbH). Additional subsidiaries and representative offices in other countries are also part of
Concentration: Proportion of a component in relation to the
the Analytik Jena GROUP (e. g. AJ USA, AJ Shanghai or the
mass or volume of a mixture. Amount of a substance in a
Moscow Representative Office).
solution.
Further Information · Glossary
91
contrAA®: Award-winning analyzer (analytical solutions
LIMS: Laboratory, information and management system.
business unit) based on the latest technology in the field of
Comprehensive software to increase efficiency in laboratory
atomic spectrometry – High Resolution Continuum Source
operation. Ensures the capture, analysis, processing, transfer
AAS.
and archiving of data.
DNA/DNS: See Nucleic acids.
Molecular biology: Research into genetic structures and functions at a molecular level, plus protein research. See
Epitope (also called antigenic determinant): is a small
proteomics.
area (molecular section) of an antigen, against which the immune system forms antibodies.
Molecular spectroscopy: Spectral photometric analysis procedure in which the structure and the type of certain mole-
Genius loci: The phenomenon by which the presence of the
cules and their concentration is analyzed on the basis of the
spirit in a place can be perceived.
interaction between electromagnetic radiation and matter.
IFRSs: International Financial Reporting Standards. Collection
Monoclonal antibodies: Are produced from a cell line (cell
of standards and interpretations developed by an independent
clone) tracing back to a single B-lymphocyte and are geared
private body, the International Accounting Standards Board
toward an individual epitope.
(IASB). These standards and interpretations lay down rules relating to external corporate reporting. The International
Nucleic acids: The most well-known nucleic acids are DNA
Accounting Standards were renamed from IASs to IFRSs after
and RNA. Nucleic acids consist of nucleotide subunits, which
the reorganization in 2000/2001.
in turn are made up of a nucleic base (nucleic bases), a phosphate and a sugar.
Kit (also known as reagent kit): Ready-to-use set of materials, in this case chemical solutions or substances and
Nucleic bases (also nucleobases, organic bases or
documentation aids used to perform analytical tests.
simply bases): are building blocks of the nucleic acids DNA and RNA.
KonTraG: German Act on Control and Transparency in Business.
92
Further Information · Glossary
Annual Report 2004/2005
Pandemie (Greek: of all the people): The outbreak of a
Reagents: See Kit.
disease in more than one country or even across the whole world. As opposed to an epidemic, a pandemic is not limited
Screening: Testing of a large number of different molecules
to one location.
in a test run, in which chemical substances are mixed together and the mixture is evaluated using a measuring device to
PCR: The polymerase chain reaction is a method of
determine chemical or biological activities.
duplicating the genetic substance DNA without using a living organism, such as the escherichia coli bacterium or the
Spectral lines: Spectral lines are defined as emitted (emis-
bakers’ yeast saccharomyces cerevisiae.
sion lines) or absorbed (absorption lines) electromagnetic waves of sharply delineated lines of a spectrum, in a narrower
Pharmacology: is involved in the effect of drugs on the
sense within the wavelength range of visible light (light spec-
human body or on animals.
trum). Spectral lines have a line intensity and a line width.
Prion diseases: Prions (proteinaceous infectious particles)
Spectral photometry: Analysis procedure which tests a
deal with a subclass of albumens, which appear naturally
sample on the basis of the interaction between electromag-
both in the human organism and in animals. Some types
netic radiation and matter.
are harmful to the organism, however, and are responsible for Creutzfeldt-Jakob disease in humans, BSE (“Mad Cow
Spectroscopy: Describes processes which investigate the
Disease”) in cattle and scrapie in sheep.
absorption or emission of light. Using a spectrometer, a light spectrum, i.e. the intensity of the absorbed or emitted light, is
Proteins: Biomolecules consisting of more than 100 amino
measured in connection with the wavelength.
acids, from which cells, organs and tissues develop. They can also act as hormones, enzymes and antibodies, which fight
SpeedCycler: High-capacity thermocycler that sets new
infections.
standards in speed and quality. (See also PCR and Thermocycler)
Proteomics: Research into the formation, function and effect of proteins in cells and organisms, particularly with regard to
SpeedScan: A measuring system designed specifically for
their effectiveness in diagnostics and the treatment of diseases.
evaluating PCR sequences and their end products. (See also PCR)
Further Information · Glossary
93
Sum parameter: Testing and evaluation method used to analyze entire groups of substances with the same features. Useful because there is often a large number of unknown substances in very small concentrations (for example in water), and an individual analysis would be complicated and expensive.
Target: A biological molecule, e.g. a protein, which influences the origin or development of a disease. Active ingredients react with targets and then unfold their biological function.
Thermocycler: A thermocycler, also called a PCR device, is defined as a system that is able to independently carry out the temperature cycles of a polymerase chain reaction (PCR).
TOC sum parameter: Total organic carbon.
UV/VIS: Ultraviolet/visible. Light with a wavelength in a spectral range from ultraviolet to visible.
94
Further Information · Glossary
Annual Report 2004/2005
Direct and Indirect Equity Interests The Analytik Jena GROUP
German branches
Foreign representative offices
■
Analytik Jena AG
■
Far East office, Thailand
Überlingen branch
■
Moscow office
Analytik Jena AG
■
Beijing office
Eisfeld branch
■
Middle East office, Egypt
■
Indian Liasion office
■
GROUP Headquarters Analytik Jena AG
German affiliates
Foreign affiliates
■
■
AJ Cybertron GmbH
■
AJ IDC Geräteentwicklungs-
■
(100.0 %), since Jan. 1, 2002
■
Perichrom s. a. r. l. (51.5 %), since Jan. 1, 2002
■
AJB Nederland B. V. (100.0 %), since Jan. 15, 2002
AJ Blomesystem GmbH (75.2 %), since July 1, 2001
■
■
AJZ Engineering GmbH (100.0 %), since June 29, 2004
■
AJ USA Inc. (100.0 %), since Oct. 1, 2001
gesellschaft mbH ■
AJ Italia srl. (99.0 %), since Oct. 1, 2001
(100.0 %), since Oct. 5, 2005
■
AJZ Engineering Algerie (70.0 %), since Sept. 24, 2003
AJ Roboscreen GmbH (50.3 %), since April 1, 2005
■
AJ Innuscreen GmbH
■
Branch office of AJZ St. Petersburg Analytik Jena Shanghai Instruments Ltd. Co.
(60.0 %), since July 1, 2005
(100.0 %), since Sept. 17, 2004 ■
AJZ Engineering Libya, Ltd. (100.0 %), since Aug. 6, 2005
Equity interest M 50,0 %
Equity interest M 50,0 %
■
■
ETG Geräteentwicklungs(20.0 %), since March 13, 2002
AJ India Pvt. Ltd. (49.0 %), since Jan. 1, 2001
gesellschaft mbH ■
Blome YVH Pty. Ltd. (50.0 %), since July 1, 2001
■
AJZ Engineering Comercio e Assessoria de Projetos Ltda. (50.0 %), since May 28, 2004
Further Information · Direct and Indirect Equity Interests
95
Addresses
Germany
Analytik Jena AG
AJ Innuscreen GmbH
Konrad-Zuse-Strasse 1 · 07745 Jena · Germany
Robert-Rössle-Strasse 10 · 13125 Berlin · Germany
Tel:
+49 (0) 36 41 / 77 70
Tel:
+49 (0) 30 / 94 89 33 80
Fax:
+49 (0) 36 41 / 77 99 88
Fax:
+49 (0) 30 / 94 89 33 81
E-mail:
[email protected]
E-mail:
[email protected]
AJZ Engineering GmbH
AJ IDC Geräteentwicklungsgesellschaft mbH
Konrad-Zuse-Strasse 1 · 07745 Jena · Germany
In den Folgen 5 · 98704 Langewiesen · Germany
Tel:
+49 (0) 36 41 / 77 74 60
Tel:
+49 (0) 36 77 / 8 04 00
Fax:
+49 (0) 36 41 / 77 74 69
Fax:
+49 (0) 36 77 / 80 40 32
E-mail:
[email protected]
E-mail:
[email protected]
AJ Blomesystem GmbH
AJ Roboscreen GmbH
Konrad-Zuse-Strasse 1 · 07745 Jena · Germany
Delitzscher Strasse 135, · 04129 Leipzig · Germany
Tel:
+49 (0) 36 41 / 77 98 77
Tel:
+49 (0) 3 41 / 9 72 59 70
Fax:
+49 (0) 36 41 / 77 76 98 00
Fax:
+49 (0) 3 41 / 9 72 59 79
E-mail:
[email protected]
E-mail:
[email protected]
AJ Blomesystem GmbH · Office Wiehl
Analytik Jena AG · Eisfeld branch
Breidenbrucher Strasse 2 · 51674 Wiehl · Germany
Seerasen 2 · D-98673 Eisfeld
Tel:
+49 (0) 22 61 / 91 55 30
Telefon +49 (0) 36 86 / 37 10
Fax:
+49 (0) 22 61 / 9 15 53 11
Telefax
E-mail:
[email protected]
E-mail:
[email protected]
AJ Cybertron GmbH
Analytik Jena AG · Überlingen branch
Louis-Blériot-Strasse 5 · 12487 Berlin · Germany
Askaniaweg 4 · 88662 Überlingen · Germany
Tel:
+49 (0) 30 / 6 31 06 31
Tel:
+49 (0) 75 51 / 3 08 00
Fax:
+49 (0) 30 / 6 31 06 36
Fax:
+49 (0) 75 51 / 3 08 01 99
E-mail:
[email protected]
96
+49 (0) 36 86 / 37 12 01
Further Information · Addresses
E-mail:
[email protected]
Annual Report 2004/2005
Europe
Worldwide
Analytik Jena AG Russia
Analytik Jena USA, Inc.
Moscow Representative Office
26009 Budde Road, Suite D-100
Starosadskij Pereulok 7 · 101000 Moscow · Russia
The Woodlands, TX 77380 · USA
Tel:
+7 (0) 0 95 / 9 33 55 76
Tel:
+1 (0) 2 81 / 3 67 61 30
Fax:
+7 (0) 0 95 / 9 24 53 10
Fax:
+1 (0) 2 81 / 3 67 67 30
E-mail:
[email protected]
E-mail:
[email protected]
[email protected]
Analytik Jena AG · Beijing Representative Office AJZ Engineering GmbH · St. Petersburg branch
Room 503 Tower A, Fuhua Mansion
Kanal Gribodjedowa 129 · 190068 St. Petersburg · Russia
No. 8 Chaoyangmen North Avenue
Telefon +7 (0) 8 12 / 1 13 70 87
Dongcheng District
Telefax
Beijing 100027 · China
+7 (0) 8 12 / 1 13 70 87
E-mail:
[email protected]
Tel:
+86 (0) 10 / 65 54 38 79
Fax:
+86 (0) 10 / 65 54 32 65
E-mail:
[email protected]
Analytik Jena AG · Indian Liaison Office 20 -A, Ground Floor, Main Shivaji Marg Near Moti Nagar Police Station New Delhi - 110015 · India Tel:
+91 (0) 11 / 25 87 45 81
Fax:
+91 (0) 11 / 25 87 24 98
E-mail:
[email protected]
Analytik Jena AG · Far East Office 121/2, 7th Fl. Srichareonchai Bldg. Tiwanon Road, Nonthaburi 11000 · Thailand Tel:
+66 (0) 2 / 5 25 41 20
Fax:
+66 (0) 2 / 5 25 41 22
E-mail:
[email protected]
Further Information · Addresses
97
Analytik Jena AG · Middle East Office 10 EL Mesaha Square Flat no. 1006 Dokki, Giza · Egypt Tel:
+20 (0) 2 / 7 62 18 10
Fax:
+20 (0) 2 / 3 37 24 92
E-mail:
[email protected]
AJZ Engineering GmbH Comercia e Assessoria de Projetos Ltda. Av. Ibirapuera, 2033 conj. 71 04029-100 São Paulo – SP · Brazil Tel:
+55 (0) 11 / 50 52 29 27
Fax:
+55 (0) 11 / 50 51 33 30
E-mail:
[email protected]
AJZ Engineering Algerie s.a.r.l. Niveau 104, Local 1A01 Riadh El-Feth El-Madania · Algeria Tel:
+213 (0) 2 / 1 67 93 34
Fax:
+213 (0) 2 / 1 67 95 18
E-mail:
[email protected]
Blome YVH Pty. Ltd. P.O. Box 170 AUS-4568 Pomona Qld. · Australia Tel:
+61 (0) 7 / 54 85 33 55
Fax:
+61 (0) 7 / 54 85 36 41
E-mail:
[email protected]
98
Further Information · Addresses
Annual Report 2004/2005
Contacts
Contacts
Subject-specific e-mail addresses Instruments:
Chairman of the Executive Board
E-mail:
[email protected]
Klaus Berka Tel:
+49 (0) 36 41 / 77 92 56
Engineering:
Fax:
+49 (0) 36 41 / 77 99 88
E-mail:
[email protected]
E-mail:
[email protected] Laboratory, Information and Management Systems: E-mail:
[email protected] ■ Jürg Briner
■ Klaus Berka
■ Jens Adomat
Letter to the Shareholders Dear Shareholders,
Investor Relations Corporate Communications
Automation:
Thomas Fritsche
E-mail:
[email protected]
Tel:
+49 (0) 36 41 / 77 92 81
Fax:
+49 (0) 36 41 / 77 99 88
E-mail:
[email protected]
Internet Up-to-date information on the Internet:
The financial year just completed was quite turbulent and marked by a number of both positive and negative events.
Lars Russek
Find out about the latest topics and developments in the
Tel:
+49 (0) 36 41 / 77 73 55
Group at any time on Analytik Jena‘s website.
First of all it must be stated straight out that we did not reach the expected results originally communicated at the
Fax:
+49 (0) 36 41 / 77 99 88
beginning of the year. We have already described the circumstances that led to this development in our ad hoc
E-mail:
[email protected]
communication of July 7, 2005 and in the following quarterly report at the beginning of August. Thus, in addition to
You also have the option of receiving information via our newsletter; simply ask us to add your name to our mailing list.
objective criteria related strictly to the market, management errors also contributed to the broad cuts at two of the Analytik Jena Group’s subsidiaries. We took immediate action in this case and implemented the required measures
Websites
to stabilize the situation. We are now happy to report that both companies are again back on track.
www.aj-group.de www.analytik-jena.de
Even at the very start of the last financial year, we commenced operations with clearly reduced expectations within
www.ajz-engineering.de
the project business segment. We were nevertheless faced with additional postponements of projects, in Libya and
www.aj-blomesystem.com
Russia in particular. This compelled us to make further reductions in our plans for the financial year, but without
www.aj-cybertron.de
having to completely remove these contracts from our forecast.
www.aj-innuscreen.de www.aj-roboscreen.de
These facts aside, there were some clear advances made in the financial year just ended in the core business of Analytik
www.docter-germany.com
Jena AG in the analytical and bioanalytical solutions business units. Particular worth mentioning in this regard is the
2
To Our Shareholders · Letter to the Shareholders
Further Information · Contacts
99
Annual Report 2004/2005
Index
Our succes and our future rest on the innovation and the experience of our employees. Analytik Jena would like to Seite
thank each and every one of them for the competence, far-sightedness and enthusiasm that they bring to their work on a daily basis.
·
·
·
·
·
·
·
· · · · · · · · · · · · · · Heide Beerhold · Fred Beez · Wolfgang Beez · Sabine Benning · Lars Bergmann · Brigitte Berk · Alexander Berka · Klaus Berka · Christine Beyer · Kathrin Biedermann · Ilka Bitter · Peter Blum · Christiane Bohrenfeldt · Silke Borchert · Ralf Börner · Dieter Böwe · Anke Bräunlich · Gudrun Bräutigam · Jürg Briner · Sara Broscheit · Dr. Sven Brunsch · Franziska Buchholz · Wolfgang Bülow · Steffen Burgold · Christina Busch · Viktor Chaichits · Robert Chamier-Glisczinski · Chen Li · Cheok Peter Chien-Hua · Andrea Christmann · Ricky Cleveland · Stephan Credner · Raimund Dettling · Monika Dobrick · Stefan Döhmen · Michael Dohr · Dong Liang · Angelika Döring · Peter Döring · Dieter Dorst · Duan Jinghua · Natalja Dubina · Heike Ebbinghaus · Sebastian Eck · Dirk Eckstein · Gerhard Edelmann · Wolfgang Edelmann · Klaus Ehrlich · Christiane Ehrling · Klaus Eichardt · Dietrich Einecke · Rainer Engstfeld · Ute Feldmann · Nacer Ferraz · Marco Feustel · Gert Finke · Dr. Christoph Fischbacher · Beate Fischer · Bernd Fischer · Erika Fischer · Klaus Fischer · Sieglinde Fischer · Sigrid Fischer · Dr. Andrea Fleischmann · Helmut Florschütz · Renate Florschütz · Ronald Flossmann · Ulfi Forkel · Cornelia Förster · Michael Förster · Sindy Förster · Wolfgang Förster · Helmut Franken · Sabine Freise · Dr. Klaus-Christian Friese · Thomas Fritsche · Martina Fröhberg · Christine Frohburg · Peter Frosch · Uwe Frost · Benjamin Gartzke · Sören Geist · Elke Georgi · Jörg Gerberth · Reinhard Glaser · Mathias Gläßer · Heike Gleisner · Andrea Glomb · Ingo Göhring · Viola Göhring · Christian Gollmer · Tatjana Golubewa · Gong Peng · Ernst Gottschalk · Katja Gottschalk · Herbert Graessel · Erich Grahmann · Hartmut Grahmann · Elmara Graser · Hubert Greiner-Vetter · Ludmila Gribanova · Dr. Angela Gröbel · Gabriele Günsch · Winfried Günsch · Katrin Günther · Tino Güntzel · Guo Tiezheng · Ewald Haak · Jochen Haas · Dr. Vera Habarowa · Karin Haberkorn · Alexander Hädrich · Peter Hager · Werner Hagg · Ines Hamann · Udo Hanisch · Ina Heinrich · Karolin Heintz · Harald Heinze · Renate Heinze · Olaf Heitzer · Monika Helbing · Dieter Hellmann · Heiko Henneberg · Jana Henschel · Wolfgang Herburg · Rolf Herkle · David Herrling · Kristin Herrling · Friedrich Herrmann · Ingo Hertel · Manja Herz · Pia Heugel · Manuela Heunemann · Manfred Heynisch · Chkirni Hicham · Wiebke Hiesener · Dr. Timo Hillebrand · Thomas Hoffmann · Dietrich Hofmann · Ingrid Hofmann · Susan Hofmann · Holger Hölbing · Wolf-Edmund Holst · Margret Hoppert · Angelika Hornischer · Ute Hörnlein · Siegfried Hoschka · Ronny Hüttich · Werner Hüttner · Igor Iwanow · Reinhard Jacob · Ute Jäckel · Christin Jäger · Herbert Jahn · Mathias Jahn · Steffen Jakob · Monika Jänisch · Suranen Jarungjit · Christian Jauer · Carolin Junghans · Anja Jungnickel · Alla Jutkina · Matthias Kahms · Angelika Kalauch · Hans-Jürgen Kampfhenkel · Dr. Szilvia Karsai · Tatjana Kasanskaja · Sergej Kasarinow · Andrew Kazanas · Thomas Kibbel · Dr. Margrit Killenberg-Jabs · Rüdiger Kirst · Elena Kirsten · Nikolaus Kitt · Kathrin Klas · Hannelore Kleinschmidt · Günter Kleinteich · Daniel Kling · Sebastian Knauer · Claus Knippschild · Irina Knjasewa · Brygida Knorre · Horst Knüpfer · Christian Koch · Manuela Koch · Rudi Koch · Wolfgang Koch · Bernhard Kochs · Albrecht Köhler · Dr. Thomas Köhler · Wera Köhler · Bernd Kölbel · Anja Kolleß · Jürgen Komm · Franz König · Sabine König · Michael Konrad · Lothar Korn · Ekaterina Kosterina · Julia Koß · Jens Kowalik · Svitlana Kozlova · Jörg Kraus · Hans-Ulrich Krawetzke · Georg Alexander Krebs · Harald Kreussel · Holger Krull · Michael Kuhn · Narula Gulsham Kumar · Daniel Kusche · Gisela Küstner · Ursula Kutzschbach · Thomas Labatzke · Florian Labetzki · Gernot Labus · Dr. Ingolf Lachmann · Lamine Labraoui · Farid Laguel · Andreas Lang-Kocourek · Sven Laslop · Waldemar Lassak · Manfred Lautenschläger · Galina Lebedenko · Steffen Leipold · Dr. Norbert Lenk · Derk Lennips · Li Honghua · Jelena Lichatskaja · Daniela Liche · Dr. Alf Liebmann · Marco Lieder · Ina Lienz · Günter Liepelt · Thomas Liffert · Steffen Lindner · Erich Lippmann · Liu Xuewen · Ralf Lobenstein · Dr. Reiner Löck · Manuel Looss · Hans-Uwe Lorenz · Huib Lottermann · Wenke Löwel · Dr. Axel Ludwig · Dr. Christoph Ludwig · Luo Xuncun · Elke Luther · Heinz Lutherdt · Regina Lüttig · Alexander Maaz · Renate Mäder · Manal Makram · Wadim Maljawitzkij · Alexander Mamajew · Joan Marcu · Juri Martyschew · Maria Matrossowa · Gunther Meinhardt · Brunhilde Meister · Kristina Mende · Stefan Mergner · Nicky Mertz · Stefan Mertz · Birgit Meyer · Andrej Michailowski · Mario Misiewicz · Andreas Möbius · Klaus Mondani · Karin Moos · Farouk Moualriche · Erika Müller · Florian Müller · Heide Müller · Stefan Müller · Holger Münsberg · Dr. Esam Nazry Nashed · Steffi Nebel · Galina Nedochlebowa · Jens Neef · Dieter Nehrbass · Peter Neubert · Christoph Neumann · Jan Neumann · Michael Neumann · Norbert Neumann · Rolf Nixdorf · Dr. Claus-Jürgen Nötzold · Dr. Rene Nowka · Harry Nützel · Christiane Oexle · Tatjana Ognewa · Torsten Olschewski · Lüder Oschmann · Dr. Awad Ahmed Osman · Wiebke Osterloh · Andrej Owtschinnikov · Dr. Burcu Özmen · Holger Pachur · Ralf Paliege · Sabrina Papst · Dr. Heiko Patzer · Alexander Paulus · Horst Pawlik · Michael Pawlik · Peng Chuan · Georg Podleska · Susanne Poguntke · Michaela Portala · Galina Ptschelinzewa · Qiao Yueping · Dr. Bernard Radziuk · Heinrich Rahberger · Anton Rakow · Konstantin Rakow · Silvia Raßmann · Jens Reich · Cornelia Reichardt · Michael Reiche · Christina Reimann · Volker Reimann · Benjamin Reimer · Jörg Reißig · Werner Richter · Raik Riedel · Ulrich Riemann · René Röder · Sylke Rödiger · Hans-Dieter Römhild · Bernhard Rosenberger · Steffen Rosenkranz · Dr. Anne-Katrin Rost · Alexandra Rothenstein · Kai Röther · Konrad Rudolph · Uwe Rücknagel · Sabine Ruppe · Lars Rußek · Norbert Rüßmann · Konstantin Safranov · David Sausemuth · Eric Schachtschabel · Norman Schachtschabel · Carlo Schäfer · Nancy Scheffler · Andreas Schiefer · Annette Schinköth · Claus-Dieter Schlegel · Dr. Gerhard Schlemmer · Peter Schlesinger · Michael Schlund · Murad Schmeyla · Ulrich Schmid · Andreas Schmidt · Gerd Schmidt · Maik Schmidt · Nikolaus Schmidt · Wolfgang Schmidt · Marianne Schmitt · Christine Schneider · Claudia Schneider · Ralf Schneider · Sylvia Schneider · Dr. Peter Schober · Joachim Schönherr · Werner Schrader · Lothar Schramm · Heike Schröder · Michael Schuhknecht · Rüdiger Schulz · Erich Schulze · Renate Schulze · Cathleen Schumann · Andrea Schurig · Heiko Schütz · Karl Schwaberau · Viola Schwarz · Olaf Schweder · Detlef Schweitzer · Thomas Schwobe · Liska Seidel · Jürgen Seiffert · Jürgen Seupel · Natalja Shelesnowa · Rifgat Sibgatullin · Marina Siegel · Ada Skurskaja · Kathrin Sommer · Frank Spudich · Bernt Stäber · Sebastian Stäblein · Birgit Stahl · Dr. Karl-Heinz Stahnke · Sebastian Stärker · Corina Steidl · Susanne Stein · Christine Stellenberg · Elena Stepanowa · Dr. Andreas Sterner · Manuela Stief · Peter Stiffel · Ina Stöhr · Dr. Thomas Stratesteffen · Nikola Streidt · Dieter Striebe · Ilona Striebe · Regina Strzodka · Annett Stüdemann · Su Mingshi · Popanit Suttiluk · Susanne Swialkowski · Alexander Sytschewoj · Juliane Tämmler · Keith Tanner · Nomita Thakur · Dr. Eike Thamm · Jens Thiel · Sabine Thieme · Burkhard Thymian · Hans-Georg Tiede · Marcel Tonndorf · Ben Arab Toufik · Dieter Traut · Melanie Trenkmann · Maria Tschebotarjowa · Elena Uljanowa · Klaus Unbehaun · Veokeki Bancha · Akira Vettermann · Uta Vollrath · Steffen Voß · Anna Wackes · Rolf Wagenschwanz · Wang Suping · Nina Waskowskaja · Swetlana Waskowskaja · Laura Waterman · Dr. Karl-Georg Weber · Mario Wehner · Eckhard Wehrhan · Helga Weihmann · Andre Weis · Bruno Weißleder · Uwe Wellnitz · Gudrun Wentzke · Olga Wereschtschagina · Viktor Werwein · Ullrich Wessels · Ursula Wichert · Wie Lizhou · Ingrid Wiegand · Gabriele Wilhelm · David Wilkenshoff · Dr. Stefan Winter · Birgit Wittenburg · Christian Woik · Roland Woik · Julia Wollatz · Kerstin Wötzel · Wu Qinghua · Xu Xiangyang · Xu Shanyong · Michael Zeiher · Zeng Ying · Zhang Hairong · Zhang Jun · Zhao Qingsong · Zhao Tai · Zhao Guoyu · Bernd Zimmermann · Gerd Zimmermann · Karin Zirr · Mahfoud Zouaoui Susann Adam Juliane Adler Jens Adomat Cornelia Ahlendorf Ahmed Mohammed Ashefer Nico Amarell Dr. Mona Amin Martin Apelt Matthias Arndt Nicole Audehm
Jens Aurich Ulrike Babin Ilona Bach Volkmar Bachmann Natalja Bagrowa Christian Bär Sebastian Bär Wilhelm Bärwinkel Gerd Bauer Andreas Becker Martin Becker
100
To Our Shareholders Letter to the Shareholders
2
Report of the Supervisory Board
4
Analytik Jena’s Shares
6
Declaration of Conformity Corporate Governance
9 10
Analytik Jena Company: Analytik Jena GROUP. It‘s Worth a Closer Look.
13
Special Feature Fascinated by the Research Spirit
22
Management Report of Analytik Jena AG 1. Analytik Jena’s Macroeconomic Environment
25
2. Sector-specific Situation
25
3. Business Development in the Group
26
4. Cost Trends
30
5. Capital Expenditure
31
6. Human Resources
31
7. Net Assets, Financial Position and Results of Operations
33
8. Research and Development
36
9. Risk Report
38
10. Supplementary Report
40
11. Outlook
40
Consolidated Financial Statements Consolidated Income Statement
43
Consolidated Balance Sheet
44
Consolidated Cash Flow Statement
45
Consolidated Statement of Changes in Equity
46
Notes to the Consolidated Financial Statements
49
Consolidated Statement of Changes in Noncurrent Assets
78
Differences in Accounting Policies
80
Information on Executive Bodies
85
Auditor‘s Report
88
Further Informations Glossary
91
Direct and Indirect Equity Interests
95
Addresses
96
Contacts
99
Financial Calendar
U5
Acknowledgements
U5
Index
1
Key Figures
Highlights of Financial Year 2004/2005
Financial Calendar 2006
for the period from October 1 to September 30, 2005 and 2004
2004/2005
2003/2004
Change
Earnings data Consolidated revenue
64,370
89,177
–27.8 %
18,275
17,738
3.0 %
5,014
4,727
6,1 %
project solutions
36,320
62,023
–41.4 %
optical solutions
4,761
4,689
1.5 %
analytical solutions bioanalytical solutions
February 16
Publication of interim report for 3 months 2005/2006
The supply of AOX analyzers to various institutes of the central
The economic environment and expenditures for implementing
March 28
Annual General Meeting in Jena
water authority in Poland and resulting subsequent orders are
measures for more growth and income burden the half year
Calendar week 19/20
Publication of interim report for 6 months 2005/2006
a sign of the new sales opportunities to arise from the eastward
statement. The current results show that the economic situation in
Calendar week 32/33
Publication of interim report for 9 months 2005/2006
expansion of the EU.
the first six months of the financial year was accurately estimated.
Calendar week 49/50
Publication of Annual Report for 2005/2006
October
May
At over EUR 37 m, Group revenue is according to plan. November
Analytik Jena AG and Biozym Scientific GmbH enter into a
With the successful start-up of a prototype for time-of-flight mass
distribution cooperation for PCR technologies and consumables
spectrometry at the University of Hamburg, Analytik Jena makes
for the German-speaking area. The thermocycler technology
Germany
16,902
39,138
–56.8 %
its appearance on the market with a new generation of highly
developed by Analytik Jena is noted in particular for its ultra-fast
Europe (excluding Germany)
37,207
37,706
–1.3 %
sensitive simultaneously operating element analysis systems.
and efficient duplication of DNA sample materials.
America
1,610
1,353
19.0 %
Analytik Jena establishes a new subsidiary in Shanghai. The objec-
Asia
6,677
6,452
3.5 %
tive is to test the idea of purchasing components and assemblies
Rest of world
1,974
4,528
–56.4 %
and in the future also the manufacture of simple products on the
In conjunction with the visit of Thuringian Prime Minister Dieter
Export ratio
73.7 %
56.1 %
Chinese market.
Althaus in Russia, AJZ Engineering GmbH announces the conclusi-
Gross profit
20,271
24,130
Gross margin
31.5 %
27.1 %
EBITDA
2,252
4,157
3.5 %
4.7 %
511
2,524
0.8 %
2.8 %
–342
1,656
–0.5 %
1.9 %
85
955
–91.1 %
0.02
0.25
–90.9 %
In the first three months of the new financial year, Analytik Jena
–90.9 %
generates revenue of almost EUR 19 m.
These dates may be subject to change at short notice. Please refer to the Analytik Jena website for an updated version of the calendar.
June
on of an agreement for the turnkey construction of a transplan-
EBIT EBIT margin EBT EBT margin Consolidated net profit for the period Basic earnings per share
0.02
0.25
Weighted average shares outstanding (basic)
3,765,903
3,834,239
Weighted average shares outstanding (diluted)
3,768,517
3,845,948
Diluted earnings per share
–45.8 % –79.8 % –120.7 %
In the Company’s balance sheet for financial year 2003/2004,
more than EUR 90 m.
Analytik Jena is able to report significantly improved profi tability,
Completion of the Blochin Oncological Center of the Russian
strengthened liquidity and a growing instrument business.
Academy of Medical Sciences in Moscow. Order value: approx.
The handover ceremony at the reference laboratory at the
EUR 60 m.
encourages the opening up of new markets in Russia. February
March
2,408
108.9 %
Depreciation and amortization
1,741
1,633
6.6 %
Staff costs
14,425
14,901
–3.2 %
Net cash flow
–4,687
3,417
5,529
10,216
–45.9 %
Equity
21,839
21,958
–0.5 %
Total assets
49,511
41,527
19.2 %
44.1 %
52.9 %
Analytik Jena AG, Jena
not able to achieve the original projections and announces a
Konrad-Zuse-Strasse 1
profitext.com, Speyer
performance adjustment via an ad hoc notice.
07745 Jena
www.profitext.com
Germany
Translated by EnglishBusiness, Hamburg
Photography
spectrometers, worth over one million euros, is a sign of the
ures for the first nine months. Both incoming orders and sales of
Analytik Jena AG, Jena
Analytik Jena AG, Jena
Company’s successful development on the Asian market.
equipment are growing within the double digit percentage range,
At the fi fth ordinary Annual General Meeting all items on the
thus substantiating the target figures.
Investor Relations
guido werner .photography
agenda are approved with clear majorities.
Start of business operations of AJ Innuscreen GmbH at the scien-
The successful placement of a borrower’s note loan in the amount
tific location in Berlin-Buch. The new company is involved in the
of over seven million euros provides middle to long-term finan-
development of modularly structured and automated procedures
cing of the Group’s growth strategy.
and technologies for isolating and purifying nucleic acids.
April A 51% majority interest is acquired in the biotechnology company
possession of a very promising new product. 6,118
7,242
–15.5 %
444
395
12.4 %
84,096
33,334
Despite a few adjustments in growth objectives, Analytik Jena is
Edited by
mortem detection of BSE, the Group company finds itself in
in EUR thousands, except per share and employee data
Analytik Jena AG
able to report a significant upturn in its core business in the fig-
Roboscreen. By obtaining European approval for a kit for post-
Supplementary information
Treasury shares
Text
A large order from China for the delivery of 33 atomic absorption
Balance sheet data
Number of employees (as of September 30)
Published by
August
5,031
Research and development expenses (gross)
July Despite the upturn in the instrument business Analytik Jena is
Capital expenditure
Equity ratio
Acknowledgements
tation and dialysis center in Wolski with a total contract value of
internationally renowned Lomonossow University in Moscow
Financial data
Cash and cash equivalents at the end of the period
December
Initial work on the expansion of the Eisfeld and Langewiesen production sites in Thuringia is begun, with an investment volume of about EUR 3.5 m.
Analytik Jena AG · Key Figures · Highlights of Financial Year 2004/2005
EBITDA margin
–16.0 %
www.guido-werner.com Concept and Realization LANGE+PFLANZ Werbeagentur GmbH, Speyer
Printed by
www.LPsp.de
Ottweiler Druckerei und Verlag GmbH, Ottweiler www.OttweilerDruckerei.de
This Annual Report is also available in German. An online version is available at www.analytik-jena.de.
Annual Report 2004/2005
Annual Report 2004/2005
Far-Sightedness Main Theme for Analytik Jena’s Annual Report 2004/2005
■ In financial year 2004/2005 we succeeded in breaking through to the international markets in the instrument business. Increasing revenues outside Germany in all regions are proof of this.
■ Our long-term strategy of far-sightedness is now paying off. Despite negative trends, in the last several years we have developed our know-how, strengthened our resources and expanded our portfolio by the use of all possible synergies – both in the area of classic analysis systems and in bioanalytics. With the atomic absorption spectrometer contrAA® we have already justified our claims to leadership in classic analysis technology and have not only earned international recognition, but also a number of orders from across the globe.
■ The new products of the bioanalytical solutions business unit, such as the SpeedCycler® and the test kit for the rapid detection of the bird flu virus H5N1, are also gaining great attention and being accepted with much enthusiasm on the market. And we have many further products in the pipeline. Our portfolio is, as always, rounded off by additional technologies and products for efficient lab operation, developed and marketed by our subsidiaries. That is why ever more international customers are discovering in us a system provider who can offer a complete spectrum of solutions.
■ The efficacious implementation of our strategy is possible thanks to the passion of our employees. The enthusiasm with which they search for the best solutions was made evident to the inhabitants of Jena at the first Long Night of Sciences, which turned out to be a resounding success for the whole of the city.
■ Even if some of our operative goals were not reached in the last twelve months, we look forward to the new year not only with confidence but also with great joy.
Analytik Jena AG
Konrad-Zuse-Strasse 1
Investor Relations & Communications
D-07745 Jena
Thomas Fritsche
Germany
Tel.
+49 (0) 36 41 / 77 92 81
Tel.
+49 (0) 36 41 / 77 70
Fax
+49 (0) 36 41 / 77 99 88
Fax
+49 (0) 36 41 / 77 92 79
E-Mail
[email protected]
E-Mail
[email protected]
www.analytik-jena.de
