RECORDATI REPORTS SIGNIFICANT GROWTH IN THE FIRST NINE MONTHS 2013
30 Octobre 2013 - 1:18PM
* Consolidated revenue € 702.0 million, + 13.2%.
* EBITDA((1)) € 174.0 million, + 15.4%
* Operating income € 148.3 million, + 12.0%.
* Net income € 101.5 million, + 9.0%.
* Net financial position((2)): net debt of € 133.3 million.
* Closing of the acquisition of a portfolio of drugs for the treatment of rare
and other diseases in the U.S.A..
* Agreements signed for the acquisition of Opalia Pharma S.A., a Tunisian
pharmaceutical company.
* Acquisition of Laboratorios Casen Fleet S.L.U., a Spanish pharmaceutical
company. Transaction closed in October.
* Full year 2013 targets updated.
* Interim 2013 dividend of € 0.22 per share to be distributed.
Milan, 30 October 2013 - The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first nine months 2013 prepared in
accordance with International Accounting Standards and International Financial
Reporting Standards (IAS/IFRS) and in particular as per IAS 34 requirements for
interim reporting. These financial statements will be available today at the
company's offices and on the company's website:
http://www.recordati.com/rec_en/investors/reports/ and can also be viewed on the
website of Borsa Italiana S.p.A.
Financial highlights
* Consolidated revenue in the first nine months 2013 is € 702.0 million, up by
13.2% compared to the same period of the preceding year. International sales
grow by 16.5%.
* EBITDA((1)), at 24.8% of sales, is € 174.0 million, an increase of 15.4%
over the same period of the preceding year.
* Operating income, at 21.1% of sales, is € 148.3 million, an increase of
12.0% over the same period of the preceding year. Included is an € 8.0
million provision covering the completion of the sales force reorganization
in the French subsidiary.
* Net income, at 14.5% of sales is € 101.5 million, an increase of 9.0% over
the first nine months 2012.
* Net financial position((2)) at 30 September 2013 records a net debt of €
133.3 million. During the period $ 100.0 million (€ 75.0 million) were paid
for the acquisition of a portfolio of products for the treatment of rare and
other diseases, sold mainly in the U.S.A., from Lundbeck LLC, and dividends
were distributed for a total of € 20.1 million. Shareholders' equity
increases to € 722.0 million.
((1)) Earnings before interest, taxes, depreciation and amortization.
((2) )Cash and short-term financial investments less bank overdrafts and
medium/long-term loans which include the measurement at fair value of hedging
derivatives (fair value hedge).
Business development news
In January the acquisition of all rights concerning a portfolio of products
indicated for the treatment of rare and other diseases and marketed mainly in
the United States of America, from Lundbeck LLC. was successfully concluded. The
value of the transaction is of $ 100 million, of which $ 80 million paid at the
closing on January 18 and $ 20 million in August. The acquired portfolio is now
marketed in the U.S. by Recordati Rare Diseases Inc., a wholly-owned U.S.
corporation. The main product in the portfolio is Panhematin® (haemin for
injection) for the amelioration of recurrent attacks of acute intermittent
porphyria. Other important drugs acquired are NeoProfen® (ibuprofen lysine
injection), indicated to close a clinically significant patent ductus arteriosus
(PDA) in premature infants, and Cosmegen® (dactinomycin for injection) used
mainly in the treatment of three rare cancers.
During July the agreements covering the acquisition of 90% of the share capital
of Opalia Pharma S.A., a Tunisian pharmaceutical company with headquarters in
Ariana, a suburb of Tunis, were signed. The value of the transaction (enterprise
value) is of around € 37 million and will be funded from existing liquidity. A
partial closing of the transaction, involving the majority of the capital which
is held by non-Tunisian shareholders, is expected to take place shortly. Opalia
Pharma was established in 1988, ranks eighth in the Tunisian pharmaceutical
market and is the third largest local pharmaceutical company. The company
markets branded generic drugs with leading products in dermatology and in the
gastrointestinal and respiratory therapeutic areas. Opalia manufactures most of
its products in a modern, cGMP certified production facility specialized in
liquid and semi-solid forms. The company employs around 320 people and generates
annual sales of around TND 40 million (around € 18 million).
During September the agreements covering the acquisition of 100% of the share
capital of Laboratorios Casen Fleet S.L.U., a Spanish pharmaceutical company
with headquarters in Madrid and production facilities in Utebo, Zaragoza, were
signed. The transaction was successfully concluded in October. The value of the
transaction (enterprise value) is of € 93 million of which € 89.5 million were
paid at the closing. Casen Fleet primarily markets internally developed drugs
principally in the gastroenterological therapeutic area in Spain and Portugal
through its own organisation and in other countries through partners.
Approximately 55% of revenue is generated by a line of products used in the
preparation for colonoscopy. The main product in this line is Citrafleet®,
already marketed by Recordati in Germany. The company's product portfolio also
comprises oral rehydration products, probiotics and OTC brands for gynecological
use. Approximately 80% of revenue is generated by private payers and is
therefore outside public healthcare reimbursement schemes. Casen Fleet develops
and manufactures most of its medicines in its own facility in Utebo, Zaragoza,
which occupies an area of 23,165 sq. m. The company employs around 230 people
and sales in 2012 are € 45.3 million.
Subsequent events and business outlook
During October the acquisition of 100% of the share capital of Laboratorios
Casen Fleet S.L.U., a Spanish pharmaceutical company with headquarters in Madrid
and production facilities in Utebo, Zaragoza, was successfully concluded. The
value of the transaction (enterprise value) is of € 93 million of which € 89.5
million were paid at the closing.
The group's business performance was in line with expectations during October.
For the full year 2013, targets are to achieve sales of more than € 930 million,
operating income of more than € 190 million and net income of more than € 132
million.
Further resolutions
2013 Interim dividend
The Board of Directors resolved to distribute an interim dividend relating to
the financial year 2013 amounting to € 0.22 (before withholding tax) on each
outstanding share, excluding shares in treasury stock. The interim dividend will
be paid, through the authorised intermediaries, as from November 21, 2013 on
coupon No. 12 to be presented on November 18, 2013.
The Independent Auditor's opinion on the distribution of the interim dividend is
also available at the Company's registered offices as per article 2433-bis of
the Italian Civil Code.
The Directors' Report and financial statements of Recordati S.p.A. as at 30 June
2013, on which the Board of Directors based its resolution to distribute the
abovementioned interim dividend, are available at the Company's registered
offices and published on the Company's website (www.recordati.com). Such
documents may also be viewed on Borsa Italiana S.p.A.'s website.
Stock options granted
As per article 84-bis of Consob Regulation 11971/99 ("Issuers' Regulations") we
furthermore inform that the Board of Directors, as proposed by the Remuneration
Committee in its meeting of today, resolved to grant 360,000 stock options under
the 2010-2013 Stock Option Plan approved by the Shareholders' Meeting of 13
April 2010, to 4 employees of Recordati S.p.A. and its subsidiaries (see table
attached). The options may be exercised only if certain consolidated net income
objectives are reached. The strike price, calculated by averaging the market
price of the share over the period between the date of grant and the same day of
the preceding month, is fixed at € 8.93 The characteristics of the plan are
described in the information document issued on 5 March 2010 (the object of the
third point of the Board's explanatory report on the 13 April 2010 Meeting's
Agenda) and available on the company's website:
http://www.recordati.it/investors/regulated_information/stock_options.aspx?sc_la
ng=en
Conference call
Recordati will be hosting a conference call today 30 October 2013 at 4.00 pm
Italian time (3.00 pm London time, 10.00 am New York time). The dial-in numbers
are:
Italy +39 02 8058811, toll free 800 213 858
UK +44 1 212818003, toll free 800 0156384
USA +1 718 7058794, toll free 855 2656959
France +33 170918703
Germany +49 65 255114451
Callers are invited to dial-in 10 minutes before conference time. If conference
operator assistance is required during the connection please digit * followed by
0 or call +39 02 8061371. A recording of the conference call will be placed on
the website www.recordati.com.
A set of slides which will be referred to during the call will be available on
our website www.recordati.com under Investors/Company Presentations.
Recordati, established in 1926, is an international pharmaceutical group, listed
on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT
0003828271), with a total staff of over 3,300, dedicated to the research,
development, manufacturing and marketing of pharmaceuticals. Headquartered in
Milan, Italy, Recordati has operations in the main European countries, in
Russia, in other Central and Eastern European countries, in Turkey and in the
United States of America. A field force of more than 1,700 medical
representatives promotes a wide range of innovative pharmaceuticals, both
proprietary and under license, in a number of therapeutic areas including a
specialized business dedicated to treatments for rare diseases. Recordati is a
partner of choice for new product licenses for its territories. Recordati is
committed to the research and development of new drug entities within the
cardiovascular and urogenital therapeutic areas and of treatments for rare
diseases. Consolidated revenue for 2012 was € 828.3 million, operating income
was € 167.0 million and net income was € 118.5 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media Relations
Marianne Tatschke Ketchum
(39)0248787393 Cristina Risciotti,
(39)0262411919, cristina.risciotti@ketchum.com
e-mail: inver@recordati.it Marzia Ongaretti,
(39)0262411915, marzia.ongaretti@ketchum.com
Statements contained in this release, other than historical facts, are "forward-
looking statements" (as such term is defined in the Private Securities
Litigation Reform Act of 1995). These statements are based on currently
available information, on current best estimates, and on assumptions believed to
be reasonable. This information, these estimates and assumptions may prove to be
incomplete or erroneous, and involve numerous risks and uncertainties, beyond
the Company's control. Hence, actual results may differ materially from those
expressed or implied by such forward-looking statements. All mentions and
descriptions of Recordati products are intended solely as information on the
general nature of the company's activities and are not intended to indicate the
advisability of administering any product in any particular instance.
RECORDATI REPORTS SIGNIFICANT GROWTH IN THE FIRST NINE MONTHS 2013: http://hugin.info/143644/R/1739235/583657.pdf
[HUG#1739235]
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