S&T AG: after a record quarter, annual revenues of Euro 340 million

S&T AG (www.snt.at), formerly Quanmax AG, registered in financial year 2012 record revenues of Euro 339.5 million (2011: Euro 153.2 million). These results exceeded the objectives set for the revenues at the beginning of 2012. A major part in this accomplishment was played by the strong sales recorded in the fourth quarter of 2012 (Euro 107 million), in which the Euro 100 million mark was substantially exceeded for the first time in a single quarter.

The strategy of increasing the proprietary added value by stepping up the business of offering proprietary products was purposefully pursued in 2012. This enabled the increasing in 2012 of gross margins from 29.5% to 34.3%. This trend is especially attributable to the further increases in the share stemming from the “Appliances” high-margins product segment.

Profits also continued their rise. Consolidated income increased from Euro 8.2 million in 2011 to Euro 9.4 million in 2012. The EBITA came to Euro 13.9 million (2011: Euro 11.0 million). For shareholders of S&T AG, these results, achieved in the year of the merger with the former S&T System Integration & Technology Distribution AG, yielded earnings per share of 27 cents (2011: 29 cents). The restructuring costs incurred in 2012 were offset by corresponding income from restructuring. The ensuing deconsolidation results from currency translation of Euro 2.2 million were not, contrary to the quarterly reports issued in 2012, reported in the income statement, but rather in a way not impacting upon earnings in the equity.

The liquidity situation developed extremely positively as compared to the previous financial year. The operative cash flow of Euro 10.6 million (2011: Euro 0.5 million) enabled the net indebtedness to be reduced from Euro 23.6 million to Euro 14.9 million. Liquid funds remained unchanged at Euro 29.9 million. The consolidated equity came to Euro 64.0 million (2011: Euro 54.6 million), of which Euro 61.8 million (2011: Euro 49.2 million) accrued to the shareholders of S&T AG.

Management's plans foresee revenues of Euro 350 million for the current financial year of 2013, in which consolidated income will significantly increase to Euro 12 million. The development of business in the first quarter of 2013 and the project pipeline that rose to 267 Mio. EUR as of December 2012 (June 30th 2012: Euro 188 million) have confirmed these expectations.