IBA SA : IBA Reports Full Year Results for 2015

IBA Reports Full Year Results for 2015

• Group revenues up 22.6% to EUR 270 million
• Record REBIT up 28.9% to EUR 29.6 million
• Proton Therapy and Other Accelerators backlog up 30% to EUR 332 million
• Revenue growth of +20% per annum for 2016

Read the full year 2015 results release in pdf or on http://www.iba-worldwide.com/?page=news-and-press

Louvain-La-Neuve, Belgium, 24 March 2016 - IBA (Ion Beam Applications S.A., EURONEXT), the world's leading provider of proton therapy solutions for the treatment of cancer, today announces its audited consolidated annual results for the 2015 financial year.

2015 Business Highlights

• Strong Proton Therapy and Other Accelerators order intake, up more than 25% to EUR 221 million from 2014, comprising four Proteus^®ONE* and four Proteus^®PLUS systems, totalling 13 rooms, and 11 Other Accelerator orders
• Robust backlog now standing at around EUR 332 million in Proton Therapy and Other Accelerators at the end of December 2015, up about 30% from EUR 256.2 million at 31 December 2014
• Dosimetry backlog remaining strong at EUR 18.4 million, up 9.5% versus last year
• 33 ongoing Proton Therapy service and maintenance contracts now signed, representing a backlog of about EUR 575 million of revenue over the next 10-15 years, up 23% YoY from 27 contracts representing EUR 468 million at 31 December 2014, due to the strong capture rate of new equipment orders
• Philips collaboration bearing fruit with three Proteus^®ONE orders signed in the UK with Proton Partners International
• Strategic alliance signed with Toshiba Corporation for Proteus^®ONE in Japan and advancing carbon therapy in the rest of the world
• Completion of the full divestiture of the 40% owned by IBA in IBA Molecular. First through the sale of IBA North America, Inc. (IBAM NA) to Illinois Health and Science (IHS) signed in April 2015 and secondly through the sale in December 2015 of IBA Molecular EMEA to funds advised by CapVest Partners LP. These two transactions are together worth more than EUR 70 million to IBA in cash. The majority of the EUR 32.5 million of other operating income/expense at year end is attributable to the capital gain on these transactions. The closing of the first transaction occurred in July 2015 and the second in March 2016.

2015 Financial Highlights

• Group revenues for the full year ending 31 December 2015 of EUR 270 million, up 22.6% from EUR 220.6 million at 31 December 2014
• Proton Therapy and Other Accelerators revenue growth of 21.7% to EUR 216.3 million (16.4% at a constant rate) up from EUR 177.7 million at 31 December 2014
• Dosimetry continues to show strongly improved performance with revenues growing 26.1% to EUR 54.1 million (18.8% at constant rate) compared to EUR 42.9 million in the same period last year
• Highest ever REBIT for the Company at EUR 29.6 million up 28.9% compared to the full year 2014. REBIT margin of 10.9% (10.4% in 2014)
• Equity growing to EUR 163.6 million through strong profit
• Net profit of EUR 61.2 million, up 151.9% compared to the full year 2014, positively impacted by EUR 32.5 million other operating income of non recurring nature including the capital gain on disposal of IBA Molecular
• Net cash position of EUR 50 million as of 31 December 2015, versus EUR 5.3 million at 31 December 2014
• As a consequence of the full disposal of all shares in IBA Molecular, with a significant upside to its book value, IBA's Board of Directors will recommend to the general assembly, the distribution to sharehorders of a total dividend of EUR1.39 per share (about EUR 41.1 million), representing the 30% payout on the recurring profit and most of the capital gain on the transaction
• 2016 financial guidance: in its guidance update in February, IBA revised its top line guidance to "above 20%" growth in 2016 (from "above 10%") and double digit annual growth in the forseable future. It also confirmed REBIT guidance at about 11% in 2016 and 13 to 15% by 2018

Olivier Legrain, Chief Executive Officer of IBA, commented:"IBA's 2015 results bolster our confidence in the future for the Company and proton therapy. The growing volume of orders for IBA's multi-room and, increasingly, compact systems affirm our market-leading position. We anticipate further strong growth through 2016 and beyond as we continue to invest in R&D, head count and boosting our production capability to meet the growing demand for this next generation cancer treatment modality."

Conference Call Information

In addition to the press release, Olivier Legrain, Chief Executive Officer, and Jean-Marc Bothy, Chief Financial Officer, will host a conference call and webcast, conducted in English, to present the full year results, followed by a Q&A session.

This conference call will be held on 24 March 2016 at 16:00 CET / 15:00 GMT / 11:00 EDT / 08:00 PDT and can be accessed online at: http://arkadinemea-events.adobeconnect.com/iba/. If you would like to participate in the Q&A, please dial the below numbers, using the PIN code 65848525#

Belgium:         +32 2 404 03 05
UK:                 +44 20 7750 9926
NL:                  +31 20 713 34 88
LU:                  +352 2786 01 66
US:                 +1 914 885 07 79
FR:                  +33 1 72 04 00 33

The presentation will be available on IBA's investor relations website shortly after the call.

Financial Calendar

First Quarter 2016 trading update : May 11, 2016
General Assembly : May 11, 2016
First Half 2016 results : August 25, 2016
Third Quarter 2016 trading update : November 16, 2016

About IBA

IBA (Ion Beam Applications S.A.) is a global medical technology company focused on bringing integrated and innovative solutions for the diagnosis and treatment of cancer. The Company is the worldwide technology leader in the field of proton therapy, the most advanced form of radiation therapy available today. IBA's proton therapy solutions are flexible and adaptable, allowing customers to choose from universal full scale proton therapy centers as well as compact, single room systems. In addition, IBA also has a radiation dosimetry business and develops particle accelerators for the medical world and industry.

Headquartered in Belgium and employing about 1,200 people worldwide, IBA has installed systems across the world, from Europe and the US and to the emerging markets. 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.