DGAP-News: STADA: Successful financial year 2012 - Adjusted EBITDA at record level - Dividend to increase by over 35 percent - Positive outlook to 2014
ID: 241592
(firmenpresse) - DGAP-News: STADA Arzneimittel AG / Key word(s): Final Results
STADA: Successful financial year 2012 - Adjusted EBITDA at record
level - Dividend to increase by over 35 percent - Positive outlook to
2014
21.03.2013 / 07:25
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Important items at a glance
- Adjusted EBITDA increases to record level of Euro 367.5 million (+9
percent) - adjusted EBITDA margin 20.0 percent (previous year: 19.7
percent)
- Group sales rise to Euro 1,837.5 million (+7 percent)
- International expansion of self-pay patient portfolio from substantial
growth in branded products (+26 percent)
- Continued strong growth in emerging markets - especially in Russia (+23
percent)
- 'STADA - build the future': operational implementation largely complete
- reduction in the number of employees a year ahead of schedule
- Dividend to increase by over 35 percent to Euro 0.50 per common share
- Optimistic outlook to 2014 with confirmation of long-term prognosis
STADA Key Figures
2012 2011 +/-Bad Vilbel, March 21, 2013 - Today, on March 21, 2013, STADA Arzneimittel
Group sales Euro 1,837.5 million Euro 1,715.4 million +7%
Operating profit Euro 202.1 million Euro 120.1 million +68%
Operating profit, adjusted Euro 266.3 million Euro 257.6 million +3%
EBITDA Euro 323.8 million Euro 223.2 million +45%
EBITDA, adjusted Euro 367.5 million Euro 337.2 million +9%
Net income Euro 86.5 million Euro 22.0 million>100%
Net income, adjusted Euro 147.9 million Euro 146.6 million +1%
Earnings per share Euro 1.46 Euro 0.37>100%
Earnings per share, adjusted Euro 2.50 Euro 2.49 +0.4%
Proposed dividend Euro 0.50 Euro 0.37 +35%
AG published the final results for financial year 2012 and thereby
confirmed all preliminary figures published on February 28, 2013.
The Chairman of the Executive Board Hartmut Retzlaff expressed great
satisfaction in the past financial year: 'The Group's results for 2012
submitted today are within the scope of our positive expectations. In terms
of adjusted EBITDA, we once again achieved a record value in the Company's
history. Our success in financial year 2012 clearly proves how successful
our strategyis with an intelligent product mix of generics and branded
products on the one hand and increasing internationalization on the other.
This allows us to consequently take advantage of growth opportunities in
various product categories and geographical regions and minimize risks. We
see ourselves as well positioned for the future and expect further growth
in sales and earnings for the Group in 2013 as well as 2014. In concrete
terms, for adjusted EBITDA, we see the opportunity for renewed growth in
the high single-digit percent area and therefore another new record value
for the current financial year 2013. Against the backdrop of the positive
business development, we recommend a strong dividend increase of over 35
percent to Euro 0.50 per common share.'
Development of sales
STADA's Group sales increased in the reporting year by 7 percent to Euro
1,837.5 million (previous year: Euro 1,715.4 million).
Thereby, sales of the core segment Generics showed a rise of 2 percent to
Euro 1,213.1 million in financial year 2012 (previous year: Euro 1,188.3
million). This gave Generics a share of 66.0 percent in Group sales
(previous year: 69.3 percent). The core segment Branded Products recorded
sales growth of 26 percent to Euro 596.2 million in 2012 (previous year:
Euro 471.9 million). Branded Products thus had a share of Group sales of
32.5 percent (previous year: 27.5 percent).
Earnings development
The earnings development in financial year 2012 was characterized by an
increase in operating performance as shown by growth in all of the Group's
reported key earnings figures. Reported operating profit increased in the
reporting year by 68 percent to Euro 202.1 million (previous year: Euro
120.1 million). Reported net income increased to Euro 86.5 million
(previous year: Euro 22.0 million). Reported EBITDA increased by 45 percent
to Euro 323.8 million (previous year: Euro 223.2 million).
Even after being adjusted for one-time special effects or for one-time
special effects and non-operational effects from the measurement of
derivative financial instruments, numerous key earnings figures recorded
growth. Adjusted operating profit recorded growth of 3 percent in 2012 to
Euro 266.3 million (previous year: Euro 257.6 million). Adjusted net income
was slightly above the level of the previous year with Euro 147.9 million
(previous year: Euro 146.6 million). Adjusted EBITDA recorded a plus of 9
percent to Euro 367.5 million (previous year: Euro 337.2 million) and
thereby reached a new record value in STADA Company history.
The net debt to adjusted EBITDA ratio increased to 3.2 (previous year: 2.7)
despite this clear EBITDA increase as a result of investments made in 2012.
However, Helmut Kraft, Chief Financial Officer, referred here to the
positive trend in the course of the year: 'In the fourth quarter of 2012,
we were fortunately able to significantly increase cash flow from operating
activities whereby a substantial reduction in net working capital made a
contribution. This significantly improved the net debt to adjusted EBITDA
ratio in the reporting year to 3.2 within a short time as compared to the
figure for the first nine months of 2012 which was still at 3.6.'
Dividend proposal
On February 28, 2013, the Executive Board already proposed to distribute a
significantly increased dividend as compared to the previous year of Euro
0.50 per common share for financial year 2012 (previous year: Euro 0.37).
This corresponds to a dividend increase of over 35 percent. Should STADA's
Annual General Meeting follow this proposal on June 5, 2013, this
corresponds to total dividend payments of Euro 29.6 million (previous year:
Euro 21.8 million).
Realignment of the reporting structure
Four market regions were defined in the context of the Group-wide cost
efficiency program 'STADA - build the future'. By determining these market
regions, STADA frees itself from the former reporting by country and
thereby takes account of the changed structure resulting from the
efficiency program. Therefore, all net sales to third parties generated by
consolidated Group companies are reported in the individual market regions
(according to the company's registered office, including export sales). The
four regions correspond to the operating segments according to market
region used for internal reporting since 2012.
Development of the market regions
Sales increased in three of the four market regions; in the two largest
market regions, the growth was even in the double-digit percentage area.
In the largest STADA market region Central Europe, sales showed a plus of
15 percent to Euro 816.0 million in the reporting year (previous year: Euro
711.3 million). Sales generated in this market region thus had a share of
44.4 percent of Group sales (previous year: 41.5 percent). The sales
development of the market region Central Europe was primarily based on the
positive development in Italy, France, the United Kingdom and - due to
acquisitions - Switzerland.
In the market region CIS/Eastern Europe, sales achieved in 2012 increased -
in part due to acquisitions - by 10 percent to Euro 526.5 million (previous
year: Euro 477.6 million). Sales generated in this market region thus had a
share of 28.7 percent of Group sales (previous year: 27.8 percent). Russia
recorded a significant sales increase in financial year 2012 of 20 percent
applying the exchange rates of the previous year. In euro, sales recorded
even stronger growth of 23 percent to Euro 343.0 million due to a positive
currency effect of the Russian ruble (previous year: Euro 279.6 million).
In the market region Germany, sales in financial year 2012 decreased by 6
percent to Euro 470.0 million (previous year: Euro 501.8 million) in view
of the continued very difficult framework conditions in the German generics
market due to high margin pressure from discount agreements with public
health insurance organizations, even though STADA sales companies recorded
numerous awards in various tenders for such discount agreements in the past
financial year. This market region thus had a share of Group sales of just
25.6 percent (previous year: 29.3 percent).
In the market region Asia&Pacific, sales in financial year 2012 increased
by 1 percent to Euro 25.0 million (previous year: Euro 24.7 million). Sales
of the market region thereby contributed 1.3 percent (previous year: 1.4
percent) to Group sales.
Development, production and procurement
Research and development costs were at Euro 52.2 million in financial year
2012 (previous year: Euro 50.4 million). STADA launched a total of 717
individual products worldwide (previous year: 600 product launches) - thus
once again the highest number in Company history.
The Group-wide cost efficiency program 'STADA - build the future' still
running to the end of 2013 with particular focus on the area of production
and procurement was continued as planned in 2012. As a result of the sale
of production facilities in Ireland and Russia, the operational
implementation of the program was able to be largely completed and the
planned reduction in the number of employees in the context of the program
was achieved a year earlier than planned.
'The great progress we have made in improving the efficiency of all of our
operational processes is impressively reflected in the numerous awards we
received in financial year 2012 in tenders with public health insurance
organizations, particularly in the intensively competitive German market',
says Dr. Axel Müller, Chief Production&Development Officer.
Outlook
In the Annual Report published today, the Executive Board confirms the
positive outlook for the future development of the STADA Group already
given on February 28, 2013. Thus, the Executive Board expects, from today's
perspective, further growth in sales and earnings for the Group in 2013 and
2014. Furthermore, the Executive Board sees the opportunity for further
growth in the Group's adjusted EBITDA in the high single-digit percent area
and thereby achieving a new record value for 2013. In addition, the
Executive Board affirms the long-term prognosis envisaged for 2014,
according to which Group sales of approximately Euro 2.15 billion, at an
adjusted level, EBITDA of approximately Euro 430 million and net income of
approximately Euro 215 million should be reached at minimum.
Additional information:
STADA Arzneimittel AG / Corporate Communications / 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.
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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204526 21.03.2013
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Datum: 21.03.2013 - 07:25 Uhr
Sprache: Deutsch
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