RECORDATI: EXCELLENT RESULTS IN THE FIRST QUARTER 2016. SALES +9.6%, OPERATING INCOME +22.7%, NET INCOME +26.0%
(Thomson Reuters ONE) -
* Consolidated revenues ? 302.2 million, +9.6%.
* EBITDA((1)) ? 99.0 million, +19.6%
* Operating income ? 90.2 million, +22.7%.
* Net income ? 65.5 million, +26.0%.
* Net financial position((2)): net debt of ? 42.1 million.
* Shareholders' equity ? 916.5 million.
* Full year 2016 targets: sales of more than ? 1,100 million, operating income
of more than ? 310 million and net income of more than ? 220 million.
Milan, 5 May 2016 - The Board of Directors of Recordati S.p.A. approved the
Group's consolidated results for the first quarter 2016 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 www.recordati.com and can also be viewed on
the authorized storage system 1Info (www.1Info.it).
Financial highlights
* Consolidated revenues in the first quarter 2016 are ? 302.2 million, up by
9.6% compared to the same period of the preceding year. International sales
grow by 11.5%.
* EBITDA((1)), at 32.7% of sales, is ? 99.0 million, an increase of 19.6% over
the same period of the preceding year.
* Operating income, at 29.8% of sales, is ? 90.2 million, an increase of
22.7%.
* Net income, at 21.7% of sales, is ? 65.5 million, an increase of 26.0% over
the first quarter of 2015.
* Net financial position((2)) at 31 March 2016 records a net debt of ? 42.1
million. Shareholders' equity increases to ? 916.5 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.
Management Comments
"We are pleased to report excellent results in the first quarter, which show
significant sales and margin growth, in part due to favourable seasonality in
some countries", declared Giovanni Recordati, Chairman and CEO. "For the full
year 2016 we now expect to achieve sales of more than ? 1,100 million, operating
income of more than ? 310 million and net income of more than ? 220 million."
Conference call
Recordati will be hosting a conference call today 5 May 2016 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 69 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 around 4,000, 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, in North
Africa and in the United States of America. An efficient field force of 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 specialties within the
urogenital therapeutic area and of treatments for rare diseases. Consolidated
revenue for 2015 was ? 1,047.7 million, operating income was ? 278.5 million and
net income was ? 198.8 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media
Relations
Marianne Tatschke
Studio Noris Morano
(39)0248787393
(39)0276004736, (39)0276004745
e-mail: inver(at)recordati.it e-mail:
norismorano(at)studionorismorano.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 GROUP
Summary of consolidated results prepared in accordance with the International
Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of ?)
+-------------------------------+------------------+------------------+--------+
|INCOME STATEMENT |First Quarter 2016|First Quarter 2015|Change %|
+-------------------------------+------------------+------------------+--------+
|REVENUE | 302,247| 275,746| 9.6|
| | | | |
| Cost of sales | (93,701)| (88,293)| 6.1|
| +------------------+------------------+--------+
|GROSS PROFIT | 208,546| 187,453| 11.3|
| | | | |
| Selling expenses | (79,565)| (77,978)| 2.0|
| | | | |
| Research and development | (22,276)| (19,892)| 12.0|
|expenses | | | |
| | | | |
| General & administrative | (16,040)| (15,351)| 4.5|
|expenses | | | |
| | | | |
| Other income (expenses), net | (510)| (761)| (33.0)|
| +------------------+------------------+--------+
|OPERATING INCOME | 90,155| 73,471| 22.7|
| | | | |
| Financial income (expenses), | (2,524)| (3,728)| (32.3)|
|net | | | |
| +------------------+------------------+--------+
|PRE-TAX INCOME | 87,631| 69,743| 25.6|
| | | | |
| Provision for income taxes | (22,153)| (17,775)| 24.6|
| +------------------+------------------+--------+
|NET INCOME | 65,478| 51,968| 26.0|
+-------------------------------+------------------+------------------+--------+
|Attributable to: | | | |
| | | | |
|Equity holders of the parent | 65,471| 51,964| 26.0|
| | | | |
|Minority interests | 7| 4| 75.0|
+-------------------------------+------------------+------------------+--------+
+--------------------+--------------------+--------------------+----------+
| EARNINGS PER SHARE | First Quarter 2016 | First Quarter 2015 | Change % |
+--------------------+--------------------+--------------------+----------+
| Basic | ? 0.319 | ? 0.254 | 25.6 |
| | | | |
| Diluted | ? 0.313 | ? 0.248 | 26.2 |
+--------------------+--------------------+--------------------+----------+
Earnings per share (EPS) are based on average shares outstanding during each
year, 205,253,629 in 2016 and 204,537,493 in 2015, net of average treasury stock
which amounted to 3,871,527 shares in 2016 and to 4,587,663 shares in 2015.
Diluted earnings per share is calculated taking into account stock options
granted to employees.
+------------------------+--------------------+--------------------+----------+
| COMPOSITION OF REVENUE | First Quarter 2016 | First Quarter 2015 | Change % |
+------------------------+--------------------+--------------------+----------+
| Total revenue | 302,247 | 275,746 | 9.6 |
| +--------------------+--------------------+----------+
| Italy | 63,760 | 61,883 | 3.0 |
| | | | |
| International | 238,487 | 213,863 | 11.5 |
+------------------------+--------------------+--------------------+----------+
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International
Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of ?)
+---------------------------------------------------------+---------+----------+
|ASSETS |31.3.2016|31.12.2015|
+---------------------------------------------------------+---------+----------+
| | | |
| | | |
|Property, plant and equipment | 110,113| 108,987|
| | | |
|Intangible assets | 239,024| 246,450|
| | | |
|Goodwill | 452,339| 453,285|
| | | |
|Equity investments | 29,288| 32,444|
| | | |
|Non-current receivables | 4,460| 4,549|
| | | |
|Deferred tax assets | 30,376| 30,500|
| +---------+----------+
|TOTAL NON-CURRENT ASSETS | 865,600| 876,215|
| | | |
| | | |
| | | |
|Inventories | 138,627| 143,093|
| | | |
|Trade receivables | 222,498| 177,219|
| | | |
|Other receivables | 24,016| 28,883|
| | | |
|Other current assets | 7,643| 5,280|
| | | |
|Fair value of hedging derivatives (cash flow hedge) | 8,854| 12,671|
| +---------+----------+
|Short-term financial investments, cash and cash | | |
|equivalents | 270,518| 225,525|
| +---------+----------+
|TOTAL CURRENT ASSETS | 672,156| 592,671|
+---------------------------------------------------------+---------+----------+
|TOTAL ASSETS |1.537,756| 1,468,886|
+---------------------------------------------------------+---------+----------+
+-----------------------------------------------------+-----------+------------+
| EQUITY AND LIABILITIES | 31.3.2016 | 31.12.2015 |
+-----------------------------------------------------+-----------+------------+
| | | |
| | | |
| Share capital | 26,141 | 26,141 |
| | | |
| Capital in excess of par value | 83,719 | 83,719 |
| | | |
| Treasury stock | (45,843) | (35,061) |
| | | |
| Hedging reserve | (4,231) | (3,290) |
| | | |
| Translation reserve | (72,273) | (66,918) |
| | | |
| Other reserves | 40,733 | 42,543 |
| | | |
| Retained earnings | 884,329 | 685,587 |
| | | |
| Net income for the period | 65,471 | 198,792 |
| | | |
| Interim dividend | (61,606) | (61,606) |
| +-----------+------------+
| GROUP SHAREHOLDERS' EQUITY | 916,440 | 869,907 |
| +-----------+------------+
| Minority interest | 92 | 85 |
| +-----------+------------+
| SHAREHOLDERS' EQUITY | 916,532 | 869,992 |
| +-----------+------------+
| | | |
| | | |
| Loans due after one year | 265,647 | 282,615 |
| | | |
| Employees' termination pay | 19,057 | 18,895 |
| | | |
| Deferred tax liabilities | 21,705 | 22,360 |
| | | |
| Other non-current liabilities | 2,517 | 2,517 |
| +-----------+------------+
| TOTAL NON-CURRENT LIABILITIES | 308,926 | 326,387 |
| | | |
| | | |
| | | |
| Trade payables | 115,351 | 106,597 |
| | | |
| Other payables | 78,107 | 72,351 |
| | | |
| Tax liabilities | 27,599 | 14,592 |
| | | |
| Other current liabilities | 1,183 | 959 |
| | | |
| Provisions | 29,450 | 29,400 |
| | | |
| Fair value of hedging derivatives (cash flow hedge) | 4,784 | 4,290 |
| | | |
| Loans due within one year | 39,123 | 34,469 |
| | | |
| Bank overdrafts | 16,701 | 9,849 |
| +-----------+------------+
| TOTAL CURRENT LIABILITIES | 312,298 | 272,507 |
+-----------------------------------------------------+-----------+------------+
| TOTAL EQUITY AND LIABILITIES | 1,537,756 | 1,468,886 |
+-----------------------------------------------------+-----------+------------+
DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL
REPORTS
The manager responsible for preparing the company's financial reports Fritz
Squindo declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated
Law on Finance, that the accounting information contained in this press release
corresponds to the document results, books and accounting records.
First quarter 2016 results:
http://hugin.info/143644/R/2010179/744014.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: RECORDATI via GlobeNewswire
[HUG#2010179]
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2016 - 12:59 Uhr
Sprache: Deutsch
News-ID 469022
Anzahl Zeichen: 21807
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