DGAP-News: STADA records an operationally good result in the first nine months of 2012
(firmenpresse) - DGAP-News: STADA Arzneimittel AG / Key word(s): Quarter Results
STADA records an operationally good result in the first nine months of
2012
08.11.2012 / 07:25
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Important items at a glance
- Adjusted EBITDA increases to Euro 266.8 million (+11 percent) -
adjusted EBITDA margin 20.0 percent (1-9/2011: 19.2 percent)
- Group sales rise to Euro 1,332.5 million (+6 percent)
- International expansion of self-pay patient portfolio from substantial
growth in branded products (+25 percent)
- Continued strong growth in emerging markets - especially in Russia(+20
percent) and from acquired branded product portfolio in Eastern Europe
- 'STADA - build the future': Personnel reduction complete ahead of
schedule
- Optimistic outlook until 2014
STADA Key Figures
1-9/2012 1-9/2011 +/-
Group sales Euro Euro +6%
1,332.5 1,251.7
million million
Operating profit Euro 148.6 Euro 59.2>100%
million million
Operating profit, adjusted Euro 191.9 Euro 182.1 +5%
million million
EBITDA (earnings before interest, Euro 238.5 Euro 134.6 +77%
taxes, depreciation and amortization) million million
EBITDA, adjusted Euro 266.8 Euro 240.7 +11%
million million
Net income Euro 68.4 Euro -6.5>100%
million million
Net income, adjusted Euro 105.6 Euro 99.9 +6%
million million
Earnings per share Euro 1.16 Euro -0.11>100%
Earnings per share, adjusted Euro 1.79 Euro 1.70 +5%
One-time special effects Euro -43.3 Euro -122.9 ---
million before million before
taxes taxes
Euro-37.8 Euro -107.1 ---
million after million after
taxes taxes
Non-operational effects from the Euro +0.7 Euro +1.0 ---
measurement of derivative million before million before
financial instruments taxes taxes
Euro +0.5 Euro +0.7 ---
million after million after
taxes taxes
Employees (as of the balance 7,758 7,675 +1%
sheet date)
Bad Vilbel, November 8, 2012 - In addition to the increase in Group sales,
STADA Arzneimittel AG also recorded growth in all of the reported and
operational, that is, adjusted for one-time special effects, key earnings
figures in the first nine months of 2012.
'The development in the first nine months has shown that our strategy
works. We therefore expect to be able to achieve our goals for financial
year 2012 - particularly a record result in adjusted EBITDA', said Hartmut
Retzlaff, Chairman of the Executive Board. 'As a result of increasing
branded products' share in sales, we are improving our positioning in the
segment characterized by substantially more attractive margins.'
Furthermore, the Group was able to reach a significant goal of 'STADA -
build the future' the Group-wide cost efficiency program scheduled to run
from 2010 to 2013 ahead of schedule, because with the sale of two of the
four Russian production facilities, the number of employees from the year
2010 will be reduced by approximately 10 percent (corresponding to
approximately 800 full-time jobs) already in the current financial year and
not, as originally planned, only by the end of 2013.
Development of sales
Group sales increased by 6 percent to Euro 1,332.5 million in the first
three quarters of 2012 (1-9/2011: Euro 1,251.7 million). This growth
continued to be based on the increase in sales generated by STADA in the
international business, which contributed a total of 74 percent (1-9/2011:
71 percent) to Group sales and increased by 11 percent to Euro 987.7
million (1-9/2011: Euro 892.6 million).
Sales of the core segment Generics showed a sales rise of 2 percent to Euro
872.4 million in the first nine months of the current financial year
(1-9/2011: Euro 857.4 million). Generics thus contributed 65.5 percent to
Group sales in the reporting period (1-9/2011: 68.5 percent). The core
segment Branded Products recorded sales growth of 25 percent to Euro 437.9
million in the first nine months of 2012 (1-9/2011: Euro 350.1 million).
Branded Products thus contributed 32.9 percent to Group sales in the
reporting period (1-9/2011: 28.0 percent).
Earnings development
Reported operating profit increased in the reporting period by 151 percent
to Euro 148.6 million (1-9/2011: Euro 59.2 million). Reported net income
increased to Euro 68.4 million in the first nine months of 2012 (1-9/2011:
Euro -6.5 million). Reported EBITDA increased by 77 percent to Euro 238.5
million in the first three quarters of 2012 (1-9/2011: Euro 134.6 million).
After adjusting the key earnings figures for influences distorting the
period comparison resulting from one-time special effects and
non-operational effects from the measurement of derivative financial
instruments, adjusted operating profit recorded an increase of 5 percent in
the reporting period to Euro 191.9 million (1-9/2011: Euro 182.1 million).
Adjusted net income showed an increase of 6 percent to Euro 105.6 million
in the first nine months of the current financial year (1-9/2011: Euro 99.9
million). Adjusted EBITDAincreased by 11 percent to Euro 266.8 million in
the first three quarters of 2012 (1-9/2011: Euro 240.7 million).
Balance sheet and cash flow
As of the reporting date September 30, 2012, the equity-to-assets ratio was
30.4 percent (December 31, 2011: 30.9 percent) and thereby satisfactory in
the opinion of the Executive Board. The net debt to adjusted EBITDA ratio
amounted in the first nine months of 2012 on linear extrapolation of the
adjusted EBITDA of the first three quarters on a full year basis to 3.6
(1-9/2011: 2.6) and thus in light of the investments made recently was, as
expected, above the value of 3 targeted by the Executive Board. The
Executive Board continues to strive to return this key figure to a level of
3 by the end of 2013.
Free cash flow in the first nine months of 2012 was at Euro -356.6 million
resulting from cash flow from investing activities characterized by the
high payments for investments (1-9/2011: Euro 44.8 million). Free cash flow
adjusted for payments for significant acquisitions and proceeds from
significant disposals amounted to Euro 48.6 million in the period under
review (1-9/2011: Euro 98.6 million).
'We have delivered solid results in the third quarter as well', said Helmut
Kraft, the Company's Chief Financial Officer. 'With our focus on profitable
growth, excellent performance in Eastern Europe and the highly profitable
branded products, we were able to reduce the dampening effect in the
generics segment in some West European countries and report very positive
results in sales and earnings.'
Regional development
STADA's business activities continued to focus on Europe in the first three
quarters of 2012. Here STADA recorded an increase in sales of 5 percent to
Euro 1,258.3 million in the reporting period (1-9/2011: Euro 1,201.7
million).
In Western Europe, sales showed an increase of 1 percent to Euro 873.7
million in the first nine months of 2012 (1-9/2011: Euro 868.4 million). In
Germany, sales decreased by 4 percent to Euro 344.7 million in the period
under review (1-9/2011: Euro 359.0 million). This sales decrease generally
experienced in the German market resulted from the unchanged difficult
local framework conditions for generics, attributable to the intensive
competition in tenders for discount agreements from the public health
insurance organizations. Accordingly, sales of the German generics segment
declined - notwithstanding the partially high volume discount agreements
concluded in 2011 - in the reporting period by 7 percent to Euro 247.2
million (1-9/2011: Euro 265.1 million). Sales generated with branded
products in Germany increased by 4 percent to Euro 96.7 million in the
first nine months of 2012 (1-9/2011: Euro 92.9 million).
In Eastern Europe, sales generated by STADA in the first three quarters of
the current financial year increased by 15 percent to Euro 384.5 million
(1-9/2011: Euro 333.3 million). In addition to the positive development in
Russia, the contributions to sales from the acquired branded product
portfolio in Eastern Europe also contributed to the significant increase in
sales in the East European markets. In Russia, the Group, recorded a clear
sales increase in the first nine months of 2012 of 18 percent applying the
exchange rates of the previous year. In Euro, STADA recorded even stronger
sales growth of 20 percent to Euro 233.0 million due to a positive currency
effect of the Russian ruble (1-9/2011: Euro 193.4 million). With generics,
the Group recorded a clear rise in sales in the Russian market of 21
percent to Euro 103.0 million (1-9/2011: Euro 85.4 million). Sales of
branded products rose in Russia by a strong 21 percent to Euro 129.5
million (1-9/2011: Euro 107.2 million).
Development, production and procurement
Research and development costs amounted to Euro 38.6 million in the first
three quarters of 2012 (1-9/2011: Euro 36.6 million). Overall, STADA
launched 584 individual products worldwide in the reporting period
(1-9/2011: 437 product launches) in individual national markets.
'In addition to the reduction of personnel by about 10 percent ahead of
schedule, we expect an improvement in costs of over 10 million Euros per
year as a result of the sale of two of our Russian production facilities
and the corresponding restructuring of our local production sites once all
product transfers have been concluded', said Dr. Axel Müller, Chief
Production and Development Officer, in satisfaction of the continued
successes in the ongoing implementation of the cost efficiency program
'STADA - build the future'.
Outlook
For the outlook, the Executive Board confirms its expectations for the
future development of the STADA Group given at the beginning of the year.
Despite the earnings burdening one-time special effects from the further
implementation of the 'STADA - build the future' program, the Executive
Board expects a very significant increase in reported net income for 2012
as compared to 2011.
The STADA Executive Board also expects continued growth in the key earnings
figures adjusted for one-time special effects in the Group for 2012 and
sees, from today's perspective, the opportunity for an increase in the high
single-digit percent area in EBITDA adjusted for one-time special effects
for 2012. This would mean that record results are once again targeted for
these key figures in 2012.
Furthermore, the Executive Board affirms its long-term prognosis envisaged
for 2014, according to which Group sales of approx. Euro 2.15 billion, at
an adjusted level, EBITDA of approx. Euro 430 million and net income of
approx. Euro 215 million should be reached. The Group's recent
acquisitions, which STADA finances organically, that is, without a capital
increase, give the Executive Board a high level of confidence that these
long-term growth targets will, at a minimum, be reached despite the
operating challenges that still remain in individual national markets.
Additional information:
STADA Arzneimittel AG / Corporate Communications / Stadastraße 2-18 / 61118
Bad Vilbel - Germany / Tel.: +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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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,
Indices: MDAX
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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