1 Frankfurt 13.11.2012, Confidential
Update on Eckert & Ziegler
Eigenkapitalforum Frankfurt,
13. November 2012
Dr. Andreas Eckert, CEO
2 Frankfurt 13.11.2012, Confidential
German High-Tech Built Around
Isotope Applications
Covering 4 Topics
Environmental
Services
Nuclear-pharmacy
and Radiopharmaceuticals
Radiation Therapy
(tumour Treatment)
Radioactive Components
for Measurement and Control
3 Frankfurt 13.11.2012, Confidential
Grouped in 4 Segments with
116 mm€ Revenues 2011
Disposal
(ENVIRONMENTAL
SERVICES)
Nuclear
Medicine
(RADIOPHARMA)
Industrial Components
(ISOTOPE
PRODUCTS)
Medical Devices for
Radiation (RADIATION THERAPY)
Prostate Implants
Eye Applicators
Devices for Radiation of
Cancer (Afterloader)
Accessories
Industrial Components
Medical Imaging
Calibration Sources
Radioisotopes
Synthesis Modules
Radio-Diagnostics
(mainly FDG)
Generators
Pharmaceutical
Yttrium 90
Source Retraction
Disposal
54,6 mm€
47%
30,4 mm€
26%
25,6 mm€
22%
5,5 mm€
5%
4 Frankfurt 13.11.2012, Confidential
Today 610 Employees
in 17 Locations Worldwide
+ dense network
of specialised
distribution partners
HQ: Berlin
USA: 150 employees Germany: 410 employees
EU / ROW:
50 employees
5 Frankfurt 13.11.2012, Confidential
Revenue Growth Since
Foundation in 1992
0,13 1 2 4 6 6 8 10
24
33 31 29
3642
5054
71
101
111116 117
125
0
20
40
60
80
100
120
140
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013g
Consolidated Revenues in mm€
5
6 Frankfurt 13.11.2012, Confidential
Long-Term Development of
EBIT
EBIT in mm€
(Recurring EBIT before 2009 – including elimination of one-offs)
6 Slides only for illustration – the spoken word shall be binding
1,12,2
3,9 4,35,5 5,7
6,9
14,6
16,6
22,9
18,9
21,4
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013g
7 Frankfurt 13.11.2012, Confidential
Due to Lower Tax: Net Income
2012 = 2011; Increase in 2013
3,4
7,5
9,410,4 10,3
12,2
0
2
4
6
8
10
12
14
0,00
0,50
1,00
1,50
2,00
2,50
2008 2009 2010 2011 2012e 2013g
Net Profit/ Share Net Profit mm€
8 Frankfurt 13.11.2012, Confidential
Growth drivers 2013
-2,5
-0,5
1,5
3,5
5,5
7,5
9,5
11,5
-20
0
20
40
60
80
100
Isotope Products Radiation Therapy Radiopharma Environmental Sevices
Revenues 2012 Revenues 2013 Net Income 2012 Net Income 2013
Net Income
in mm€ Revenues
in mm€
Isotope Products Radiation Therapy RadiopharmaEnvironmental
Sevices
Revenue growth + 4 + 1 + 2 + 1
Net income growth + 0,8 + 0,5 - 0,1 + 0,5
Reasons Economies of scale
Increasing revenues
and profits from
cancer radiation
devices
Regional expansion
in Poland
Lower losses from
waste provision
adjustments
9 Frankfurt 13.11.2012, Confidential
Cashflow
Operational CF
Investments
7 9
2215
20 18
-5 -5 -10 -8 -9 -7
24
-22
-8-7
-30
-20
-10
0
10
20
30
40
50
2007 2008 2009 2010 2011 2012e
Financing
Capital increase
9
10 Frankfurt 13.11.2012, Confidential
Healthy Balance Sheet
Cash 34 Equity 80
Receivables 21 Minorities 6
Inventory 15 Debt 15
Intang. asstes 46 Accruals 27
Tang. assets 29 Other short-term liab. 26
Other 13 Other long-term liab. 4
Assets 158 Equity & Liabilities 158
Debt redemption < 1 year
Equity ratio > 50%
in mm€
11 Frankfurt 13.11.2012, Confidential
Increase of Net-Cash 2012e
to 22 mm€
-8-11
24
7
14
22
-20
-10
0
10
20
30
40
50
2007 2008 2009 2010 2011 2012e
Debt Cash Net Cash
in mm€
11
12 Frankfurt 13.11.2012, Confidential
Key Parameter 2008 to 2013e
7
1517
23
1921
-11
7
1471
101
111116 115
127
0
20
40
60
80
100
120
140
-15
-10
-5
0
5
10
15
20
25
30
2008 2009 2010 2011 2012e 2013g
EBIT Net Cash Revenues
13 Frankfurt 13.11.2012, Confidential
Various Topics
14 Frankfurt 13.11.2012, Confidential
Eckert & Ziegler Vitalea Science Inc.
San Francisco
Acquired in Q3 2012
15 Frankfurt 13.11.2012, Confidential
Vitalea Science
Industry Leaders
• 2003 Founders : Stephen Dueker, Le Vuong,
John Vogel
• Innovators of next generation BioMICADAS
AMS technology
• Founders of applied AMS methods for
biological determinations
CRO Industry Experience (GLP Facility)
• Strong commitment to quality and regulated bioanalysis
• Highly skilled solutions oriented scientific
team
Meeting Aggressive Timelines
• Understanding the critical nature of the industry
3. Filter
molecule destruction
3. Filter
molecule destruction
2. Filter
mass analysis
(low-energy end)
2. Filter
mass analysis
(low-energy end)
mass
spectrometer
charge exchange
5. Filter
particle identification
5. Filter
particle identification
4. Filter
mass analysis
(high-energy end)
4. Filter
mass analysis
(high-energy end)
mass
spectrometer
electrostatic
deflector
1.Filter
negative ion formation
1.Filter
negative ion formation
13C / 12C14C / 12C
(Stripping process)
13CH-
12CH2-
14C-
argon stripper gasnegative ions positive ions
14C+
13C+
12C+
H+
10-9
1
1
:
:
7Li2-
12C
13C
3. Filter
molecule destruction
3. Filter
molecule destruction
2. Filter
mass analysis
(low-energy end)
2. Filter
mass analysis
(low-energy end)
mass
spectrometer
charge exchange
5. Filter
particle identification
5. Filter
particle identification
4. Filter
mass analysis
(high-energy end)
4. Filter
mass analysis
(high-energy end)
mass
spectrometer
electrostatic
deflector
1.Filter
negative ion formation
1.Filter
negative ion formation
13C / 12C14C / 12C
(Stripping process)
13CH-
12CH2-
14C-
argon stripper gasnegative ions positive ions
14C+
13C+
12C+
H+
10-9
1
1
:
:
7Li2-
12C
13C
Bioanalytical Contract Research Organization: Addressing Unmet Needs with
Accelerator Mass Spectrometry (AMS)
16 Frankfurt 13.11.2012, Confidential
Vitalea Science
Pharmaceutical: New Drug Development
Ultra- low level (14C) analysis for Microdosing and Microtracing
studies – exploring new drugs in humans
In-vivo lead optimization under exploratory IND
Advance pediatric research in intended population
Safety testing in early human development vs. animal
Medical diagnostics: predicting patient response to new cancer
treatments
Biobased Content
Biofuels process monitoring and authentication for labeling
percent modern carbon
Biocontent of manufactured products authentication and forensic
counterfeit investigations
Carbon Dating
Archeology - authentication
17 Frankfurt 13.11.2012, Confidential
Future Expansion Parameters
• Synergistic / Additive to existing businesses
• ‘Good Radiation’
• European or International is better than US
• Valuation Expectations are lower
• Distressed Division of Multinational
• 20 - 50 mm€ is target
• 10 mm€ is to small
18 Frankfurt 13.11.2012, Confidential
Alzheimer´s Disease as PET
Market Growth Driver
• Amyloid PET imaging agents to enter G-8 markets within
2013 and 2014
– Amyvid (AVID/ Eli Lilly)
– Flutemetamol (GE)
– Florbetaben (Piramal)
• Disease modifying therapies to enter in 2013ff; will expand
diagnostic market
– Solanezumab (Eli Lilly)
– Gammagard (Baxter)
19 Frankfurt 13.11.2012, Confidential
Backup
20 Frankfurt 13.11.2012, Confidential
Low Radioactive Implants
against Prostate Cancer
Brachytherapy with implants:
• effectiv
• low side effects
• cost efficient
• production site in Berlin
21 Frankfurt 13.11.2012, Confidential
Tumor Radiation Device
Multisource® with Co-60-source
Main advantage against competing products
• low operating costs
• robust design
• new treatment planning program
22 Frankfurt 13.11.2012, Confidential
Brachytherapy Sources
for Special Use
Ruthenium-106
Eye-applicators
Eckert & Ziegler BEBIG GmbH
(therapy segment )
23 Frankfurt 13.11.2012, Confidential
Fluor-18 Contrast Media
for Cancer Diagnostic
Tumour well identifiable
F-18-Fluordesoxyglukose (FDG)
from our Berlin Zyklotron production
24 Frankfurt 13.11.2012, Confidential
Production Devices
for Nuclear Medicine
Modular-Lab
Fully automated
flexible to
configurable
Synthesis modules
for produce short
life radioactive
materials
25 Frankfurt 13.11.2012, Confidential
Radioembolization
Produktdetails siehe u.a. www.sirtex.com
Radioembolization is a new treatment option
for loco-regional treatment of primary and
secondary liver tumors.
SIRT is based on the delivery of radioactive
labeled microspheres into the vascular bed
of the liver via angiographically placed
catheters in the branches of the hepatic
artery.
26 Frankfurt 13.11.2012, Confidential
Contract Labelling
of Radio-Immunotherapeutics
ZEVALIN:
• FDA approved for
Non-Hodgking Lymphoma
• 5-Year Survival Rate > 54%
• 43.000 patients per year
•Further indications under
development
27 Frankfurt 13.11.2012, Confidential
Innovative Isotope Products
for Ophthalmic Diseases
Epi-Rad90TM
radiation system
Treatment of age-related
macular degeneration
Objective: patient friendly and cost-efficient radiation of the choroidal neovascularization
Vorgestellt u.a. DGMP
Oldenburg 2008,
Zur Zeit in klinischen
Prüfungen der Phase III
28 Frankfurt 13.11.2012, Confidential
Low Level Radioacitve
Waste Management Services
Collection of waste
Konrad-
conditioning
Intermediate products Row waste
Final repository
waste
conditioning
Transportation Konrad-Container,
Temporary storage Intermediate storage
Facility Leese
29 Frankfurt 13.11.2012, Confidential
Final Product: Indestructible
Concrete Decay Container
• conditioning with process plan
• process plan for producing special containers
• process plan for pouring Konrad containers
revenue per
container
up to
120.000 EUR
30 Frankfurt 13.11.2012, Confidential
Quality Assurance for
Nuclear Medical Imaging
Ge-68 radiation sources
in gamma cameras
31 Frankfurt 13.11.2012, Confidential
Measuring Technique for
Industry and Science
Products for Nuclear Imaging and Industry:
Reference and calibration sources for medical applications
Sealed sources for measurement systems
Calibration sources for scientific applications
Radioisotopes
32 Frankfurt 13.11.2012, Confidential
Components for Industrial
Quality Assurance
33 Frankfurt 13.11.2012, Confidential
Summary
• solid financials
• dividend paying stock
• leading market position
• 4 segments relatively independent / diversified business
• high market entry barriers for new players
• less cyclical than other industry sectors
• driven by the demographic development & medical progress
• Management has long-term focus being the largest shareholder
• undervalued (P/E ratio 11)
34 Frankfurt 13.11.2012, Confidential
Shareholder Structure &
Share details
Shareholder Structure as of November 2012
Share details
32,1%
0,1%67,8%
Management
Eckert & Ziegler AG
Freefloat
IPO May 1999
Number of shares 5.292.983
Share price (8/11/2012) 23,07 €
Market capitalization 120,7 mm€
35 Frankfurt 13.11.2012, Confidential
Analyst Coverage
DZ Bank
Dr. Christa Bähr
Phone: +49 69 7447 7242
Hauck & Aufhäuser
Torben Teichler
Phone: +49 40 41 43 885 74
36 Frankfurt 13.11.2012, Confidential
ISIN DE0005659700
Reuters EUZ.DE
Financial Calendar / IR-Contact
IR-Contact
Eckert & Ziegler AG
Karolin Riehle
Investor Relations & PR
Robert-Rössle-Str. 10
13125 Berlin
Tel. +49 30 94 10 84-138
Fax +49 30 94 10 84-112
www.ezag.de
28.03.2013 Annual Report 2012
28.03.2013 Balance Press Conference in Berlin
May 2013 Entry and General Standard Conference
in Frankfurt
03.05.2013 Quarterly Report I/2013
17.05.2013 Annual Shareholder Meeting
15.08.2013 Quarterly Report II/2013
08.11.2013 Quarterly Report III/2013