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Ion Beam Applications (IBA) Reports Full Year Results For 2013


3/26/2014 10:36:43 AM

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Louvain-La-Neuve, Belgium, 26 March 2014 - IBA (Ion Beam Applications S.A., EURONEXT), the world’s leading provider of proton therapy solutions for the treatment of cancer, today announces its consolidated annual results for the 2013 financial year.

Business Highlights

- Increasing profitability driven by gains from efficiency programs and growing importance of customer service activities, accounting for 26% of Proton Therapy and Other Accelerators revenue
- The combination of Dosimetry and Service revenues (together representing ‘non-project revenues’) grew to 42% of total Group revenues in 2013
- Backlog for PT and Other accelerators equipment at year end of EUR 183.8 million (2012: EUR 243.9 million), with a substantial pipeline under discussion.
- Final contract signed with Westdeutsches Protonentherapiezentrum Essen GmbH (WPE) settling all outstanding disputes, under which IBA has secured a long-term operations and maintenance contract under standard commercial terms
- Other Legacies addressed:
- Trento loan (EUR 30 million) fully reimbursed in Q3
- Sale of Cisbio Bioassays business to Argos Soditic completed in November
- Agreement reached with SK Capital Partners in December to settle outstanding disputes regarding IBA Molecular
- Sale of the assets in PharmaLogic completed
- Continuing significant interest in IBA’s smaller, more affordable proton therapy system, Proteus®ONE*
- Increasing deployment of Pencil Beam Scanning (PBS) to the installed base, enabling millimeter precision when treating cancer
- Guidance for 2014 confirmed: 5-10% top line growth with 10% operating profit
Financial Highlights
- Top line impacted by FX and slowdown in US radiotherapy market for Dosimetry, as well as low conversion rate of PT projects, but largely mitigated by an increase of more than 47% in PT services to the growing installed base
- Operating margins rose to 8.6%, in line with reaching target EBIT margin of 10% in 2014
- Reported net profit before technical recycling of currency translation adjustment to income statement further to liquidation of a dormant Swedish entity (IAS 21.48 - neutral on equity variation year on year) reached EUR 6.1 million, despite costs of settlement with IBA Molecular majority shareholder
- The recycling of the Currency Translation Adjustment results in a reclassification from the category “cumulative translation difference” to “retained earnings” via the Income Statement for an amount of EUR 7.1 million and therefore the company reports a technical net loss of EUR 1.1 million. This reclassification has no influence on the total equity of the Company which has been reinforced during the year from EUR 57.7 million to EUR 67.2 million at year end
- Net debt of EUR 18.1 million at year end versus 58.0 million in June 2013, mostly following receipt of repayment of Trento loan facility and sale of Bioassays

Olivier Legrain, Chief Executive Officer of IBA, commented: “We are pleased to report strong growth in recurring profits and further margin gains in 2013 on top of the resolution of all our legacies. Although revenues were impacted by low conversion in the PT order book and the Dosimetry division was also affected by FX and uncertainties in the US medical devices market, it was nevertheless very encouraging to see a significant rise in the level of non-project, service-based revenues, evidence of the growing maturity and solidity of our business. We were also pleased to reach final settlement during the past year of a number of the legacy issues affecting IBA.”

“We entered 2014 with a good order book, a backlog of EUR 183.8 million and a strong pipeline. With growing success in the emerging markets and increasing customer interest in our most advanced technologies, in particular Proteus®ONE and Pencil Beam Scanning, we are confident of making good progress in the coming year and of achieving our targets of 5 to 10% revenue growth during 2014 and an operating profit margin of at least 10%.”

Conference Call Information:
IBA will host a conference call and webcast today at 2pm CET / 1pm GMT / 9am EST. Olivier Legrain, Chief Executive Officer, and Jean-Marc Bothy, Chief Financial Officer, will host the call which will be conducted in English. The conference call will be webcast live and may be accessed on the event page here or on the home page of the IBA website at www.iba-worldwide.com. If you would like to participate in the Q&A, please dial (PIN code 59142416#):

UK - +44 (0)20 7750 99 26
Belgium - +32 (0)2 404 03 05
The Netherlands - +31 (0)20 713 34 88
Luxemburg - +352 2786 01 66
United States - +1 914 885 07 79
France - +33 (0)1 72 04 00 33

Shortly after the call, the webcast presentation will be available on the Company’s website.

Financial calendar
General Assembly 2013 May 14, 2014
First quarter business update May 14, 2014
Half Year results August 29, 2014

About IBA
IBA (Ion Beam Applications S.A.) is a cancer diagnostics and treatment equipment company, and the worldwide technology leader in the field of proton therapy, the most advanced form of radiotherapy available today.

The Company’s primary expertise lies in the development of next generation proton therapy technologies that provide oncology care providers with premium quality services and equipment. IBA’s proton therapy solutions are scalable and adaptable, offering universal full scale proton therapy centers as well as next generation compact, single room solutions. IBA also focuses on the development and supply of dosimetry solutions for Quality Assurance of medical equipment and increased patient safety as well as particle accelerators for medical and industrial applications.

Headquartered in Belgium and employing about 1000 people worldwide, IBA currently has installed systems across Europe and the US and is expanding into emerging markets. The Company is focused on building sustainable global growth for investors, providing solutions in the fight against cancer.

IBA is listed on the pan-European stock exchange EURONEXT. (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB) and more information can be found at: www.iba-worldwide.com

* Proteus®ONE is the brand name of a new configuration of the Proteus® 235, including some new developments subject to review by Competent Authorities (FDA, European Notified Bodies, et al.) before marketing.

IBA
Jean-Marc Bothy
Chief Financial Officer
Tel: +32 10 47 58 90

Thomas Ralet
Vice-President Corporate Communication
+32 10 47 58 90
communication@iba-group.com

For media and investor enquiries:
Consilium Strategic Communications
Amber Bielecka, Mary-Jane Elliott, Matthew Neal, Ivar Milligan, Jessica Hodgson
+44 (0)20 3709 5700
IBA@consilium-comms.com

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