Sales: €271m (up 6.0% as reported) Essentials sales:
€154m (up 9.8% as reported) EBIT before depreciation of
acquired assets: €52m (19.0% of sales) Net income - Group
share: €21m (7.9% of sales) EBITDA: €62m (22.9% of
sales)
Regulatory News:
Matthieu Frechin, CEO of Vetoquinol (Paris:VETO), said:
"In an uncertain environment (Russian-Ukrainian conflict, rising
inflation and a slowdown in the global animal health market), our
laboratory continues to grow, driven by the momentum of our
Essential products. Our new strategic plan "Ambition 2026"
continues and reinforces the changes made over the last 10 years.
It is based on 3 pillars: accentuating our focus (species, segments
and markets), reinforcing our customer orientation in all decisions
and initiatives taken internally, and enhancing our cultural
difference as a family-owned, international animal health
laboratory."
At its meeting on September 13th, 2022, the Vetoquinol S.A.
Board of Directors reviewed the Group results and approved the 2022
Half Year financial statements.
Over the first half of the year, Vetoquinol recorded sales of
€271m, up 6.0% on a reported basis and 2.0% on a like-for-like
basis. The laboratory recorded a positive currency impact of
€11m (+4.1%), mainly due to the appreciation of the US dollar
against the euro.
At 30 June 2022, all strategic territories grew on a reported
basis, +0.9% in Europe, +12.9% in the Americas and +9.3% in
Asia/Pacific, and on a like-for-like basis, +0.4% in Europe, +2.7%
in the Americas and +5.4% in Asia/Pacific.
The performance of the first six months of 2022 is the result
of the continued growth of Essential products, the driving force of
the laboratory's strategy, which grew by 9.8% on a reported
basis and 6.8% on a like-for-like basis. They represent 56.8% of
the laboratory's sales in the first half of 2022, compared with
54.9% in the first half of 2021.
Sales of companion animal products (€183m) accounted for 67.5%
of total sales, up 9.8% on a reported basis and 5.7% on a
like-for-like basis. Sales to farm animals amounted to € 88
million, down 0.8% on a reported basis and down 5.1% on a
like-for-like basis, in line with the dynamics observed in each of
these market segments (source: Vetoquinol).
Gross margin was 72.1%, stable compared to the first half
of 2021 (72.0%) and slightly up by 0.8 point compared to the year
2021 (71.3%). It benefited from an improvement in the product mix
and more particularly from the growth of Essential products.
Stockpiled production rose sharply by €5.7 million (H1 2022 vs H1
2021), reflecting our commitment to continuous customer service in
a volatile environment and the anticipation of a phase of
modernisation work on the main injectable production line at the
Lure site.
Other purchases and external expenses increased by €11.3 million
in the first half of the year, mainly due to an increase in
marketing and advertising costs related to the launch of new
Essential products, including Felpreva®, and an increase in travel
and entertainment expenses following two years of restrictions
related to Covid-19.
Personnel costs increased by 8.0%, due to the scope effect
(full-year integration of the reinforcement of the teams in
connection with the Drontal® and Profender® activities) and the
increase in salaries.
EBIT before depreciation of acquired intangible assets
amounted to €51.5 million (19.0% of sales), down on the same period
last year. Amortisation of assets from acquisitions amounted to
-€7.1m compared to -€6.5m at the end of June 2021.
Group EBIT was €44.4m (16.4% of sales), compared with
€50.4m for the first half of the financial year 2021.
In a contracted and uncertain economic environment in Brazil, a
goodwill impairment charge of €9.3m was recognised. This
non-recurring and non-cash charge does not call into question the
Group's confidence in its ability to align the performance of its
Brazilian subsidiary with that of the laboratory over the long
term.
The apparent tax rate is 38.0% (vs 28.3% at the end of June
2021). Adjusted for the impairment of goodwill in Brazil, it was
30.0%.
The laboratory's EBITDA at 30 June 2022 was €62.0m (22.9%
of sales).
Vetoquinol's Net income was €21.4m compared to €36.2m for
the first 6 months of 2021.
At the end of June 2022, Vetoquinol had a positive net cash
position of €23.7m (after taking into account IFRS 16) compared to
€53.6m at 31 December 2021. This decrease in cash position is the
result of a sharp increase in the first half of 2022 in working
capital due to the impacts of the main items (inventories,
customers and suppliers).
Russian-Ukrainian conflict and health situation
Vetoquinol is not directly present in Ukraine and Russia, but
remains exposed to the consequences of the economic tensions of
this conflict and in particular to the sharp increases in the cost
of certain raw materials, energy and logistics.
The laboratory also remains attentive and vigilant to the
evolution of the health crisis in the countries where it sells its
products and purchases goods and services. It continues to do its
utmost to guarantee the health and safety of its employees, while
respecting its commitments to its customers and stakeholders.
Next update: Q3 2022 sales, October 12th, 2022 after
market close
ABOUT VETOQUINOL
Vetoquinol is a leading global animal health company that
supplies drugs and non-medicinal products for the farm animals
(cattle and pigs) and pet (dogs and cats) markets. As an
independent pure player, Vetoquinol designs, develops and sells
veterinary drugs and non-medicinal products in Europe, the Americas
and the Asia Pacific region. Since its foundation in 1933,
Vetoquinol has pursued a strategy combining innovation with
geographical diversification. The Group’s hybrid growth is driven
by the reinforcement of its product portfolio coupled with
acquisitions in high potential growth markets. Vetoquinol employed
2,621 people as of June 30th, 2022.
Vetoquinol has been listed on Euronext Paris since 2006 (symbol:
VETO).
The Vetoquinol share is eligible for the French PEA and PEA-PME
personal equity plans.
ANNEX
SALES
€m
2022
2021
Change (reported data)
Change (constant exchange
rates)
Q1 Sales
135
128
+5.5%
+2.2%
Q2 Sales
136
127
+6.7%
+1.8%
First semester Sales
271
255
+6.0%
+2.0%
SUMMARY INCOME STATEMENT
€m
06/30/2022
06/30/2021
Change
Total sales
of which Essentials
270.8
153.9
255.3
140.2
+6.0%
+9.8%
EBIT before depreciation of acquired
assets
% of total sales
51.5
19.0
56.9
22.3
-5.3%
Net income Group share
% of total sales
21.4
7.9
36.2
14.2
-14.8%
EBITDA
% of total sales
62.0
22.9
67.5
26.4
-5.5%
CALCULATION OF EBITDA
€m
06/30/2022
06/30/2021
Net income before equity method
21.4
36.2
Income tax expense
13.1
14.4
Net financial income/expense
0.6
(0.3)
Provisions recorded under non-recurring
operating income and expenses
9.1
0.1
Provisions and write-backs
1.8
0.7
Depreciation and amortization
13.2
13.9
Depreciation and amortization – IFRS
16
2.7
2.6
EBITDA
62.0
67.5
ALTERNATIVE PERFORMANCE INDICATORS
Vetoquinol Group management considers that these indicators,
which are not defined by IFRS, provide additional information that
is relevant for shareholders seeking to analyze underlying trends
and Group performance and financial position. They are used by
management for performance analysis.
Essentials products: The products referred to as
“Essentials” comprise veterinary drugs and non-medical products
sold by the Vetoquinol Group. They are existing or potential
market-leading products designed to meet the daily requirements of
vets in the companion animal or livestock sector. They are intended
for sale worldwide and their scale effect improves their economic
performance.
Constant exchange rates: Application of the previous
period’s exchange rates to the current financial year, all other
things remaining equal.
Like-for-like (LFL) growth: Year-on-year sales growth in
terms of volume and/or price at constant consolidation scope and
exchange rates.
EBIT before amortization of acquired assets: This KPI
isolates the non-cash impact of depreciation charges on intangible
assets arising from mergers and acquisitions.
Net cash: Cash and cash equivalents less bank overdrafts
and borrowings, including impact of IFRS 16 compliance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220915005764/en/
FOR MORE INFORMATION, CONTACT:
VETOQUINOL
Investor Relations Fanny Toillon Tel.: +33 (0)3 84
62 59 88 relations.investisseurs@vetoquinol.com
KEIMA COMMUNICATION
Investor & Media Relations Emmanuel Dovergne
Tel.: +33 (0)1 56 43 44 63 emmanuel.dovergne@keima.fr
Vetoquinol (EU:VETO)
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