DGAP-News: STADA: Stabilization of business outlook in Serbia after letter of comfort from Serbian government
(firmenpresse) - DGAP-News: STADA Arzneimittel AG / Key word(s): Miscellaneous
STADA: Stabilization of business outlook in Serbia after letter of
comfort from Serbian government
10.11.2011 / 12:43
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Bad Vilbel, November 10, 2011 - STADA Arzneimittel AG was officially
informed this morning by the embassy of the Republic of Serbia, that the
Serbian government has issued a letter of comfort for the payment of
deliveries from drug manufacturers to government agencies yesterday.
The unofficial German translation of the letter of comfort submitted to
STADA by the Serbian embassy includes the following: 'The government of the
Republic of Serbia guarantees the settlement of financial liabilities
and/or outstanding receivables of drug manufacturers from the sale and the
deliveries of drugs to government agencies pursuant to the applicable law
of the Republic of Serbia in 2011 as well as for receivables from the sale
and delivery to arise in the period 2012-2013.' The letter of comfort also
indicates that the government intends to take up discussions with
representatives of the pharmaceutical industry within 14 days, in order to
clarify the structure of the liabilities and the requirements for the
settlement of the current outstanding receivables. The letter of comfort
further states: 'It is moreover confirmed that all government agencies - in
particular, but not exclusively the Serbian National Health Care Fund
(RZZO), state pharmacies, state hospitals etc. - will settle all financial
liabilities and/or unpaid obligations from the sale and delivery of drugs
to government agencies in 2011 and for the period of 2012-2013 and will
fulfill their financial obligations from the supplier-debtor relationship,
as will be agreed with the Republic of Serbia.' Moreover, the Serbian
government has, with its resolution, commissioned the ministry of finance
to include the necessary funds for the settlement of the liabilities to
drug manufacturers into the budget in the course of the budget
consultations.
The Executive Board of STADA Arzneimittel AG welcomes the issued letter of
comfort and sees it as an important contribution to the stabilization of
the Serbian health care market and therefore also STADA's own business
outlook in Serbia. The Chairman of the Executive Board Hartmut Retzlaff
comments: 'In the intensive discussions with highest-level government
representatives, we made it clear in recent days, that a stabilization of
the Serbian health care system can only be achieved with a clear signal
from the Serbian state, so that the market participants will not have to
enter into an incalculable default risk, in particular also for future
deliveries. I am pleased and grateful that the Serbian government, with the
now issued letter of comfort, has provided the positive signal that was
hoped for, on the basis of which we see the opportunity that, within the
Serbian health care system, there will be more trust again in the supplier
relationships with the Serbian state, but also among the market
participants themselves.'
STADA had, as is known, as a result of doubts about the value of
receivables in the Serbian market, carried out impairments in the total
amount of EUR 96.9 million before taxes in the third quarter of 2011. In
the context of the consolidated financial statements for financial year
2011 to be prepared in the first quarter of 2012, STADA will examine if and
to what extent, due to the letter of comfort and the results of the
announced discussions to follow between the Serbian state and the
pharmaceutical companies active in Serbia, a part of these impaired
receivables can indeed be settled and thereby written up.
In addition, STADA regards today's letter of comfort also as a
confirmation, that a positive business development will again be possible
for STADA and the local Serbian subsidiary Hemofarm A.D. in the Serbian
market in the years to come 2012 and 2013.
Additional information:
STADA Arzneimittel AG / Corporate Communications / Stadastraße 2-18 / D -
61118 Bad Vilbel /
Phone: +49 (0) 6101 603-113 / Fax: +49 (0) 6101 603-506 / E-mail:
communications(at)stada.de
Or visit us in the Internet at www.stada.com.
End of Corporate News
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10.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: STADA Arzneimittel AG
Stadastraße 2-18
61118 Bad Vilbel
Germany
Phone: +49 (0)6101 603- 113
Fax: +49 (0)6101 603- 506
E-mail: communications(at)stada.de
Internet: www.stada.de
ISIN: DE0007251803, DE0007251845,
WKN: 725180, 725184,
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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145691 10.11.2011
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Unternehmensinformation / Kurzprofil:
Datum: 10.11.2011 - 12:43 Uhr
Sprache: Deutsch
News-ID 86346
Anzahl Zeichen: 3657
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Kategorie:
Business News
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