Organic
growth exhibited by virtually all market groups
Revenue and profit Nedap N.V. in 2011 markedly
higher than last year
The revenue and profit of N.V. Nederlandsche
Apparatenfabriek "Nedap" will be markedly* higher for 2011 -
notwithstanding unforeseen circumstances - than in 2010 (2010: revenue € 133.6
million, profit
€ 8.8 million). The growth in revenue occurred
in virtually all market groups, namely Agri, AVI, Healthcare, Power Supplies,
Retail, and Security Management**. As expected, only the revenue from the
Library Solutions group was flat. The supplier activities of the Specials
market group will be more or less phased out by the end of the year.
In light of the robust organic growth in
revenue in both 2010 and 2011, the steps taken in 2009 to strengthen the Nedap
organisation have already yielded clear results. The growth in revenue is even
more robust if the phasing out of the supplier activities, which was set in
motion in 2009, is taken into account. A few years ago these supplier
activities, amongst others to the telecom and automotive sectors, were still
good for approximately 20% of the total revenue. Over 2011, this will have
dropped to less than 7% and for 2012 it will be almost zero.
The transfer of series production to our
subsidiary Inventi B.V. in Neede and the continued investment in the
development of new products, in the improvement of the marketing material, and
the strengthening of the sales organisation - two other steps that were
initiated in 2009 - are still in full swing and involve relatively high
expenditure. The persistent shortage of components on the world market has
disrupted the production and logistical processes and has consequently led to
additional costs.
The number of permanent employees, following
the sizeable expansion in 2010 (51 new employees), rose further during the year
(30 new employees) to a total of 682 (as of 16 November). The growth in the
profit after taxes will be less strong this year due to the aforementioned
developments and the one-off tax benefit in 2010, but will still be markedly
higher than in 2010.
In 2011, there was a sharp rise in investment
in production resources, development projects, inventories, and adjustments to
the accommodation. The increase in stock levels was amongst other things due to
the decision to maintain inventories at several locations around the world to
increase the rapidity and efficiency of supplies. As a result of these
investments, the balance sheet total has risen and the solvency position will
show a limited decline at the end of the year (year-end 2010: 39.5%).
The revenue of the market group Agri (ICT
systems for the dairy farming industry that help dairy farmers to optimise
their operational processes and to improve animal welfare) has shown a sizeable
increase compared to last year. This is primarily due to the robust investment
in product development and targeted marketing in recent years. Examples of this
are the new in-heat detection products for the dairy farming industry and a new
sorting system for the pork farming industry, as well as the establishment of
alternative sales channels and a dedicated sales organisation in China. The
improved market situation in the dairy farming industry, in particular due to
higher milk prices, has also boosted the willingness to invest in this sector.
The market group AVI (products for vehicle and
driver identification and wireless parking systems) saw its revenue rise once
more after a limited decline in 2010. The introduction of new products, for
example wireless sensors for parking detection, contributed to this
development, as well as the recovery on the American market. Growth has still
been flat in Europe and Asia. Government investment in the Netherlands in urban
road pricing systems has also not yet shown any growth.
Due to its continual focus on product
innovation and marketing, the market group Healthcare (computerisation of time
registration for the healthcare sector, which frees up more time for care) was
also able to further reinforce its position in the healthcare market in 2011.
The market group offers a wide range of services under the name ONS to homecare
organisations, care homes, and nursing homes. With its free web application
CAREN, it is supporting a growing number of home carers with their activities.
The solution developed by this market group for the employment agency sector,
PEP (computerised time registration), also contributed to the growth in
revenue.
The market group Library Solutions (RFID
self-service check-in/checkout systems for libraries) experienced the negative
consequences of government cutbacks during the year, especially in the
Netherlands. The market group is working hard to extend its current sales
territories - the Netherlands, Belgium, Germany, France, and Spain - to other
parts of Europe, Asia, and the American continent.
The market group Power Supplies (switch-mode
power supplies for lighting and renewable energy systems) has shown a sizeable
growth in revenue with an increasing number of in-house products under the
Nedap brand name. These new products are primarily characterised by
user-friendliness and energy-saving features. The group also expanded its sales
channels in North America considerably this year. In this part of the world,
prominent orders were won for automatic switching devices for street lighting
and lighting inside large covered spaces.
The sharp investment in product development
and marketing by the market group Retail (anti-shoplifting systems, control and
information systems to combat stock losses) yielded tangible successes. Several
prestigious multi-year contracts have been signed with major retail chains over
the past few months. New products such as Cube (extensive management
information systems for retail outlets) and Store!d (RFID applications for
shops), and new sales channels, such as the Nedap Global Label Center in Hong
Kong, have contributed to the clear growth in revenue of the group.
The Security Management market group (systems
for access control, registration, payment, fire and intruder alarms,
observation, locker management, and biometrics) has once more showed a sizeable
increase in its revenue this year. With the high-tech security platform AEOS,
it has been able to form an increasing number of important strategic
partnerships. AEOS is a powerful, intelligent, and user-friendly web-based
security management system. It combines and integrates amongst other things
access control, visitor management, forced entry detection, locker management,
parking management, and (ip) video management in real-time. With its
exceptional software architecture and the use of open IT standards, AEOS can
easily be integrated with existing software and hardware systems of other
suppliers. The group is marketing these systems worldwide.
The above expectations for the year 2011 are
based on the facts known at the time of writing of this press release. Due to
the project-based character of a large part of the revenue, however,
considerable changes may still occur.
*
Nedap has applied the 'Scale of Mock' in this press release.
** The
activities of the market groups Education and Locker Management Systems were
merged as of 1 January 2011 with those of the market group Security Management.
Nedap is a
manufacturer of intelligent technology solutions for relevant
themes. Enough food for a growing population, clean drinking water around the
entire world, and smart networks for sustainable energy are just some of the
goals Nedap is working towards. It has a continual focus on technology that
matters.
The N.V. Nederlandsche Apparatenfabriek "Nedap" was founded in
1929, it has been listed on the stock exchange since 1947, and employs more
than 680 staff worldwide.
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