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ADVA Optical Networking SE: ADVA Optical Networking Reports Audited 2015 IFRS Financial Results in Line With Guidance

ADVA Optical Networking SE / ADVA Optical Networking Reports Audited 2015 IFRS
Financial Results in Line WithGuidance . Processed and transmitted by NASDAQ
OMX Corporate Solutions.The issuer is solely responsible for the content of
this announcement.
* Revenues of EUR 441.9 million drive 30.3% year-on-year growth
* Pro forma operating income rises to EUR 30.0 million (6.8% of revenues)
* Operating income increases 217% on 2014 figures
* Q1 2016 revenues expected to range between EUR 117 million and EUR 127
million with IFRS pro forma operating income between 1% and 4% of revenues

Munich, Germany. February 25, 2016.
ADVA Optical Networking (FSE: ADV) announced Q4 and audited full-year 2015
financial results for the period ended December 31, 2015, and prepared in
accordance with International Financial Reporting Standards (IFRS).


Quarterly revenues climbed to EUR 111.8 million (Q4 2014: EUR 86.7 million).
The Q4 2015 figure marks a year-on-year (YoY) growth leap by 28.8%. Today's
figures are in the middle of guidance between EUR 107 million and EUR 117
million. The significant increase in revenues was due to several factors: the
demand for data center interconnect (DCI) technology, the continued push for
100G in metro and regional networks and the rebound in European carrier and
enterprise spend.

Pro forma operating income, excluding stock-based compensation and
amortization&impairment of goodwill&acquisition-related intangible assets, in
Q4 2015 rose substantially to EUR 9.0 million or 8.1% of revenues, which
marks a 75% YoY increase (Q4 2014: EUR 5.1 million) and is at the upper end
of the previously announced guidance between 6% und 9% of revenues. The
year-on-year rise is largely due to higher revenues, improved gross margins
and a disproportional increase in operating expenses.

The operating income climbed significantly to EUR 7.5 million which is a 46%
increase YoY (Q4 2014: EUR 5.1 million). Although operating income in Q4 2015
was impacted by higher stock-based compensation expenses, the key drivers for
this positive development are the above-mentioned reasons for higher pro
forma operating income.

Net profit more than doubled to EUR 8.9 million YoY (Q4 2014: EUR 4.3
million). This was supported by a positive effect from foreign currency
exchange rates of EUR 1.5 million and the recognition of tax assets. Basic
and diluted IFRS net earnings per share in Q4 2015 increased to EUR 0.18 each
from EUR 0.09 each reported in Q4 2014.

The Q4 results place ADVA Optical Networking in a financially strong position
with cash and cash equivalents at EUR 93.9 million at the end of December
2015 (2014: EUR 83.9 million) and net liquidity with a record high of EUR
51.2 million. This positive development provides considerable operational
flexibility for the company.


Driven by increased enterprise network and carrier infrastructure business
particularly in the Americas and Asia Pacific, revenues rose to a record high
of EUR 441.9 million in 2015, up by 30.3% from EUR 339.2 million in 2014.

Pro forma operating income amounted to EUR 30.0 million in 2015 or 6.8% of
revenues, after EUR 9.5 million in 2014 or 2.8% of revenues. This development
is largely due to higher revenues, a stable gross margin and disproportional
increased operating expenses. Operating income at EUR 26.8 million also
improved from EUR 8.4 million in 2014.

Net income amounted to EUR 26.9 million in 2015, after EUR 8.4 million in
2014. Beyond the favorable development of operating income, net foreign
currency exchange gains of EUR 2.2 million 2015 (2014: net foreign currency
exchange gains of EUR 1.1 million) as well as income tax expense of EUR 1.2
million (2014: income tax benefit of EUR 0.1 million) contributed to this
development. The income tax expense in 2015 as well as the income tax benefit
in 2014 are impacted by the recognition of deferred tax assets on tax loss
carry-forwards. Basic and diluted earnings per share were EUR 0.55 each in
2015, after EUR 0.17 each in 2014.

"The global megatrends cloud and mobility are still the growth engine for our
addressable market," comments Brian Protiva, Chief Executive Officer, ADVA
Optical Networking. "The demand for cloud and mobile services drives the
demand for more bandwidth and ultimately for more transmission technology.
Data centers are the new cornerstones of communication networks. We provide
network operators with the right technology to build powerful cloud
infrastructures and deliver fast and cost-efficient services. With ADVA
Ensemble, a new division of ADVA Optical Networking, network operators have
unprecedented choice of hardware and software and can extend and assure the
cloud beyond the data center closer to the their customers. The cloud will
continue to lift us to new heights in 2016."


| (in thousands of EUR) Q4 Q4 Change Q3 Change |
| |
| 2015 2014 2015 |
| |
| Revenues 111,752 86,749 +28.8% 122,322 -8.6% |
| Pro forma gross profit 41,777 31,753 +31.6% 42,353 -1.4% |
| in % of reve 37.4% 36.6% +0.8pp 34.6% +2.8pp |
| |
|nues |
| Pro forma operating income 9,004 5,137 +75.3% 9,599 -6.2% |
| in % of revenues 8.1% 5.9% +2.2pp 7.8% +0.3pp |
| Operating income 7,523 5,141 +46.3% 8,475 -11.2% |
| Net income 8,881 4,328 +105.2% 8,577 +3.5% |
| |
| (in thousands of EUR) Dec. 31, Dec. 31, Change Sep. 30, Change |
| |
| 2015 2014 2015 |
| Cash and cash equivalents 93,850 83,877 +11.9% 79,269 +18.4% |
| Net liquidity 51,181 48,885 +4.7% 50,080 +2.2% |
* Potential differences due to rounding


In Q1 2016, ADVA Optical Networking expects revenues to range between EUR 117
million and EUR 127 million, and anticipates pro forma operating income of
between 1% and 4% of revenues. As a matter of caution, ADVA Optical
Networking notes that it will continue to perform quarterly reviews of the
expected business development with respect to all intangible assets,
including capitalized development expenses. In case of highly adverse
business prospects, these reviews may result in non-cash impairment charges
in Q1 2016 and beyond. The pro forma operating income guidance provided above
excludes any such potential impairment charges. ADVA Optical Networking will
publish its Q1 2016 financial results on April 21, 2016.

# # #


In conjunction with the release of its full-year 2015 audited IFRS financial
results on February 25, 2016, ADVA Optical Networking will host a conference
call for analysts and investors at 3:00 p.m. CET / 9:00 a.m. EST.
Participating in the call will be ADVA Optical Networking's Chief Executive
Officer, Brian Protiva, and Chief Financial Officer, Ulrich Dopfer.
Interested parties may dial in at +49 69 22 22 29 043 or +1 855 402 7766, pin
code 8648 9048#, and download the corresponding presentation from ADVA
Optical Networking's website,, located in the "About Us /
Investor Relations" section on the "Financial Results" page under "Conference

# # #

About ADVA Optical Networking

At ADVA Optical Networking we're creating new opportunities for tomorrow's
networks, a new vision for a connected world. Our intelligent
telecommunications hardware, software and services have been deployed by
several hundred service providers and thousands of enterprises. Over the past
twenty years, our innovative connectivity solutions have helped to drive our
customers' networks forward, helped to drive their businesses to new levels
of success. We forge close working relationships with all our customers. As
their trusted partner we ensure that we're always ready to exceed their
networking expectations. For more information on our products and our team,
please visit us

The economic projections and forward-looking statements contained in this
document relate to future facts. Such projections and forward-looking
statements are subject to risks which cannot be foreseen and which are beyond
the control of ADVA Optical Networking. ADVA Optical Networking is therefore
not in a position to make any representation as to the accuracy of economic
projections and forward-looking statements or their impact on the financial
situation of ADVA Optical Networking or the market in the shares of ADVA
Optical Networking.

ADVA Optical Networking provides consolidated pro forma financial results in
this press release solely as supplemental financial information to help
investors and the financial community make meaningful comparisons of ADVA
Optical Networking's operating results from one financial period to another.
ADVA Optical Networking believes that these pro forma consolidated financial
results are helpful because they exclude non-cash charges related to the
stock option programs and amortization and impairment of goodwill and
acquisition-related intangible assets, which are not reflective of the
Company's operating results for the period presented. This pro forma
information is not prepared in accordance with IFRS and should not be
considered a substitute for historical information presented in accordance
with IFRS.

Published By:

ADVA Optical Networking SE, Martinsried/Munich and Meiningen, Germany


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ADVA Optical Networking SE via Globenewswire


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