aap Implantate AG / Key word(s): Change in Forecast/Restructure of Company
Adjustment of the forecast for revenue and EBITDA for FY 2023; implementation of a personnel measure to achieve positive EBITDA and balanced cash flow in the operating trauma business
21-Dec-2023 / 12:46 CET/CEST
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The Management Board of aap Implantate AG (“aap” or “Company”) adjusts the forecast for sales and EBITDA for the financial year 2023. In addition, the Management Board today approved a package of measures for extensive staff reductions and further cost reductions.
The Management Board expects sales of EUR 11.2 million to EUR 11.8 million for the 2023 financial year, which is lower than the level of EUR 12.0 million to EUR 14.0 million forecast in the half-year report. The reason for this is that, on the one hand, there is a need to correct sales due to new or adjusted contractual regulations and, on the other hand, distributors are acting cautiously and, particularly in the last few months of the year, there were unexpected delays in the granting of approvals in several new international markets in which aap already has contracts with distribution partners. Originally, the company had anticipated an increase in sales development in the second half of the year compared with the first six months, particularly in the fourth quarter, from new customer business, which is now only materializing to a much lesser extent. These planned new sales will be postponed until the 2024 financial year.
The Executive Board also expects EBITDA of EUR -3.0 million to EUR -2.5 million for 2023, in contrast to the EBITDA forecast in the half-year report (EUR -2.5 million to EUR -1.7 million). In addition to one-off expenses of up to EUR 0.4 million incurred as a result of personnel measures as part of the restructuring, this is also due to lower sales.
Starting from a headcount of 103 as of November 30, 2023, aap will reduce its workforce by around 13% by the end of the current financial year in cooperation with a private-sector transfer company. The aim of the package of measures is to save more than EUR 1 million in personnel costs annually from 2024 and to achieve a positive EBITDA as well as a balanced operating cash flow (including the rental and lease payments shown in the cash flow from financing activities in accordance with IFRS 16) in the operating trauma business.
About aap Implantate AG
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|aap Implantate AG
|+49 (0) 30 75 019-0
|+49 (0) 30 75 019-111
|Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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