DGAP-News: STADA records satisfactory development in the first nine months of 2013 - sales growth of 8 percent - adjusted EBITDA margin at 19.8 percent
ID: 315734
(firmenpresse) - DGAP-News: STADA Arzneimittel AG / Key word(s): Miscellaneous
STADA records satisfactory development in the first nine months of
2013 - sales growth of 8 percent - adjusted EBITDA margin at 19.8
percent
13.11.2013 / 07:25
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Important items at a glance
- Group sales rises to Euro 1,436.7 million (+8 percent) - organic growth
increases to 5 percent
- Adjusted EBITDA grows to Euro 284.4 million (+7 percent) - reported
EBITDA shows an increase to Euro 268.0 million (+12 percent) - adjusted
EBITDA margin at 19.8 percent
- Adjusted net income decreases to Euro 100.3 million (-5 percent): More
difficult framework conditions in Germany lead to additional tax burden
- significant contribution from tax optimization program expected as
early as in Q4/2013
- Significant sales increase of branded products - share of branded
products in adjusted operating profit of the core segments amounts to
51 percent
- Acquisition of British OTC supplier Thornton&Ross
- Signing of contract for the purchase of the Russian branded product
portfolio Aqualor(R)
- Outlook until 2014 confirmed
STADA key figures
1-9/2013 1-9/2012 +/-Bad Vilbel, November 13, 2013 - In the first nine months of 2013, the sales
Group sales Euro 1,436.7 million Euro 1,332.5 million +8%
Operating profit Euro 188.1 million Euro 148.5 million +27%
Operating profit, adjusted Euro 205.3 million Euro 191.8 million +7%
EBITDA Euro 268.0 million Euro 238.4 million +12%
EBITDA, adjusted Euro 284.4 million Euro 266.7 million +7%
Net income Euro 90.2 million Euro 68.4 million +32%
Net income, adjusted Euro 100.3 million Euro 105.7 million -5%
Earnings per share Euro 1.52 Euro 1.16 +31%
Earnings per share, adjusted Euro 1.69 Euro 1.79 -6%
and earnings development of STADA Arzneimittel AG confirmed the
expectations of the Executive Board. Both Group sales and all reported key
earnings figures recorded growth rates.
'We are satisfied with the development in the first three quarters of 2013.
Sales growth of 8 percent and the margin development are within the scope
of our expectations. The increasingly difficult framework conditions in
Germany confirm once again that we are on the right track with our strategy
of diversification. We were thus able to considerably strengthen the
Branded Products segment, which has come to contribute 51 percent of our
adjusted operating profit of the core segments, through the successful
purchase of the British OTC supplier Thornton&Ross', says Hartmut
Retzlaff, STADA's Chairman of the Executive Board. 'The signing of the
contract for the purchase of the Russian branded product portfolio
Aqualor(R) in the current fourth quarter shows that we will continue to
further expand the highly profitable Branded Products segment
consistently', further notes Retzlaff.
Development of sales
Group sales in the first three quarters of 2013 increased by 8 percent to
Euro 1,436.7 million (1-9/2012: Euro 1,332.5 million).
Sales of the core segment Generics recorded growth of 3 percent to Euro
902.7 million in the period under review (1-9/2012: Euro 872.4 million).
Generics thus contributed 62.8 percent to Group sales (1-9/2012: 65.5
percent). The core segment Branded Products posted sales growth of 15
percent to Euro 503.7 million in the reporting period (1-9/2012: Euro 437.9
million). Branded Products thus contributed 35.1 percent to Group sales
(1-9/2012: 32.9 percent).
Earnings development
Reported operating profit rose by 27 percent to Euro 188.1 million in the
first nine months of the current financial year (1-9/2012: Euro 148.5
million). Reported EBITDA increased by 12 percent to Euro 268.0 million
(1-9/2012: Euro 238.4 million). Reported net income grew by 32 percent to
Euro 90.2 million (1-9/2012: Euro 68.4 million).
After adjusting the key earnings figures for influences distorting the
period comparison resulting from one-time special effects, adjusted
operating profit showed growth of 7 percent in the 2013 reporting period to
Euro 205.3 million (1-9/2012: Euro 191.8 million). Adjusted EBITDA
increased by 7 percent to Euro 284.4 million (1-9/2012: Euro 266,7
million). Net income, adjusted for one-time special effects and
non-operational effects from the measurement of derivative financial
instruments, decreased by 5 percent to Euro 100.3 million (1-9/2012: Euro
105.7 million). This development is primarily based on the so-called
interest barrier in Germany, which stipulates that the net interest cost of
a corporate body is only deductible up to an amount of 30 percent of the
EBITDA stated for tax purposes in Germany. The decrease in EBITDA in
Germany is attributable to reduced sales in Germany which was primarily a
result of the last portfolio agreements that have now also fully expired
and, for the first time for the benefit of operating profitability, the
deliberate partial renouncement of sales from discount agreements. On the
whole, the interest barrier led to the non-deductibility of net interest
costs in the amount of approximately Euro 26 million (1-9/2012:
approximately Euro 19 million) as well as to a corresponding additional tax
burden of approximately Euro 6.3 million (1-9/2012: approximately Euro 4.6
million).
In order to reduce the negative effect of this interest barrier, STADA took
measures to introduce the tax optimization program ongoing in the Group
already in the fourth quarter which should result in significant
retroactive tax improvements for the full year 2013.
The net debt to adjusted EBITDA ratio amounted in the first three quarters
of 2013 on linear extrapolation of the adjusted EBITDA of the reporting
period on a full year basis to 3.7 (1-9/2012: 3.6), primarily due to the
acquisition of the British OTC supplier Thornton&Ross in the third
quarter of 2013, and was thus above the value of 3 targeted by the
Executive Board.
Development of the market regions
The four STADA market regions recorded varying developments in the first
nine months of the current financial year. Whereas sales of the market
region Germany decreased, the market region Central Europe recorded a
slight sales increase. Sales were able to show significant growth in the
market regions CIS/Eastern Europe as well as Asia&Pacific.
In the market region Central Europe, sales in the period under review
increased by 2 percent to Euro 607.8 million (1-9/2012: Euro 596.7
million). Sales generated in this market region thus had a share of 42.3
percent of Group sales (1-9/2012: 44.8 percent). In particular, Italy, the
United Kingdom, Switzerland and Austria showed pleasing sales developments
in this market region.
In the market region CIS/Eastern Europe, sales in the first three quarters
of 2013 increased significantly by 24 percent to Euro 440.3 million
(1-9/2012: Euro 355.9 million). Sales of the market region thus contributed
30.7 percent to Group sales (1-9/2012: 26.7 percent). Russia recorded a
strong sales increase in the first nine months of 2013 of 31 percent
applying the exchange rates of the previous year. In euro, sales grew
significantly by 25 percent to Euro 292.1 million due to a negative
currency effect of the Russian ruble (1-9/2012: Euro 233.0 million). In
Serbia, strong sales growth of 19 percent was recorded in the reporting
period applying the exchange rates of the previous year. In euro, sales
increased substantially by 20 percent to Euro 61.6 million with a slightly
positive currency effect of the Serbian dinar (1-9/2012: Euro 51.2
million).
In the market region Germany, sales in the reporting period decreased by 7
percent to Euro 336.7 million (1-9/2012: Euro 361.2 million). When taking
this development into account, it is especially important to consider that
sales in the third quarter of 2013 decreased by 16 percent, whereas that
figure decreased by 1 percent in the first quarter and by 3 percent in the
second quarter. This development in the quarter primarily relates to a
sales decrease in the German generics market and is primarily based on now
fully expired portfolio agreements as well as a deliberate partial
renouncement of sales from discount agreements for the benefit of operating
profitability. This market region thus contributed 23.4 percent to Group
sales (1-9/2012: 27.1 percent).
In the market region Asia&Pacific, sales in the first nine months of 2013
increased significantly by 179 percent to Euro 51.9 million (1-9/2012: Euro
18.6 million). Sales of the market region contributed 3.6 percent to Group
sales (1-9/2012: 1.4 percent). The growth in the market region Asia&Pacific was primarily attributable to the sales increase in Vietnam as a
result of the consolidation of Pymepharco Joint Stock Company as a
subsidiary since January 1, 2013.
Development, production and procurement
Research and development costs amounted to Euro 39.8 million in the first
three quarters of 2013 (1-9/2012: Euro 38.6 million). Worldwide, STADA
launched a total of 526 individual products in the individual national
markets in the period under review (1-9/2012: 584 product launches).
Outlook
The Executive Board confirms the outlook for the future development of the
STADA Group published at the beginning of the year. The Executive Board
thus expects, from today's perspective, further growth in Group sales for
2013. The Executive Board thereby expects that sales growth can be achieved
in both core segments in 2013, in the context of which the Branded Products
core segment is expected to grow at a disproportionate rate, so that the
share of branded products in Group sales will continue to grow.
Furthermore, the Executive Board sees the opportunity for further growth in
the Group's adjusted EBITDA in the high single-digit percent area in 2013
and thereby achieving a new record value. 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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13.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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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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239332 13.11.2013
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Unternehmensinformation / Kurzprofil:
Datum: 13.11.2013 - 07:25 Uhr
Sprache: Deutsch
News-ID 315734
Anzahl Zeichen: 7923
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Kategorie:
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