|By Marketwired .||
|February 13, 2013 03:15 AM EST||
MILAN, ITALY -- (Marketwire) -- 02/13/13 --
* Consolidated revenue EUR 828.3 million, + 8.7%.
* Operating income EUR 167.0 million, + 2.1%.
* Net income EUR 118.5 million, + 1.8%.
* Net financial position*: net debt of EUR 153.5 million.
* Six OTC products acquired in Germany.
* Acquisition of Farma-Projekt and a portfolio of products in Poland.
* Acquisition of a portfolio of OTC products in Russia.
* Graspa®, a new cancer treatment in development, licensed from Erytech in Europe.
* Acquisition of Dentosan® oral care line in Italy.
* Subsequent events: Acquisition of a portfolio of treatments for rare diseases in the USA successfully concluded.
* 2013 targets and plan for 2015 announced.
The Board of Directors of Recordati S.p.A. examined the preliminary consolidated results for 2012 and the 2013-2015 plan. The company's definite consolidated annual financial reports will be submitted to the Board for approval on 7 March 2013.
* Consolidated revenue in 2012 is EUR 828.3 million, up by 8.7% compared to the preceding year. Pharmaceutical sales are EUR 797.4 million, an increase of 8.7% while pharmaceutical chemicals sales are EUR 30.9 million, an increase of 8.9%.
* Operating income, at 20.2% of sales, is EUR 167.0 million, an increase of 2.1% over the preceding year. Fourth quarter results include non-recurring costs related to the acquisition of the European rights to Graspa® (EUR 5 million) and to the restructuring of our sales organization.
* Net income at 14.3% of sales is EUR 118.5 million, an increase of 1.8%.
* Net financial position* at 31 December 2012 records a net debt of EUR 153.5 million as compared to a net debt of EUR 55.7 million at 31 December 2011. During the year EUR 21.0 million were paid for the acquisition of six OTC products in Germany, EUR 14.3 million overall were paid for the acquisitions in Poland of the pharmaceutical company Farma-Projekt plus a portfolio of products, EUR 67.2 million were paid for the acquisition of a product portfolio in Russia and dividends for a total of EUR 61.4 million were distributed.
* Cash and short-term financial investments net of bank overdrafts and medium/long-term loans which include the measurement at fair value of hedging derivatives (fair value hedge).
"During the year just ended important transactions were concluded and significant results were obtained for the growth and further internationalization of the group", declared Giovanni Recordati, Chairman and CEO. "During April the marketing authorizations, the trademarks and additional assets concerning six OTC pharmaceuticals for Germany were acquired. In August he acquisition of 100% of the share capital of Farma-Projekt Sp. z o.o., a Polish pharmaceutical company with headquarters in Krakow, was successfully concluded and a portfolio of products for the Polish market was acquired from Labormed. In October the Dentosan® oral care line of products was acquired in Italy. In November the acquisition of all rights to five product lines on the Russian market was successfully concluded. Also in November our subsidiary Orphan Europe and Erytech Pharma, a French biopharmaceutical company, entered into an agreement granting Orphan Europe the exclusive rights for the commercialization and distribution of Graspa® for the treatment of Acute Lymphoblastic Leukemia (ALL) and Acute Myeloid Leukemia (AML) in Europe. In December an agreement for the acquisition of all rights concerning a portfolio of products indicated for the treatment of rare and other diseases and marketed mainly in the United States of America, from Lundbeck LLC was signed. The transaction was concluded successfully in January and Recordati Rare Diseases Inc. was established in the USA. For 2013, our targets are to achieve sales of more than EUR 920 million, operating income of more than EUR 185 million and net income of more than EUR 128 million. The objectives in our business plan are to achieve sales of between EUR 1.025 and EUR 1.075 million, operating income of between EUR 210 and EUR 220 million and net income of between EUR 140 and EUR 150 million."
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.
Meeting with the financial community and specialized press
Recordati S.p.A. will be hosting a meeting with the financial community and specialized press today, Tuesday 12 February 2013, at 4 pm at the headquarters of Borsa Italiana, Palazzo Mezzanotte, Piazza degli Affari 6, Milan. At the meeting Recordati's preliminary full year 2012 results will be presented and the Group's development strategy and objectives for the period 2013-2015 will be discussed.
A simultaneous translation into English of the proceedings will be available via conference call. 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 65 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 a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of over 3,300, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Central and Eastern Europe, and in Turkey. A field force of more than 1,700 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 from companies which do not have a European presence. Recordati is committed to the research and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases. Consolidated revenue for 2011 was EUR 762.0 million, operating income was EUR 163.5 million and net income was EUR 116.4 million.
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 : POSITIVE PRELIMINARY 2012 RESULTS. : http://hugin.info/143644/R/1677693/547267.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters 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 Thomson Reuters ONE
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