2013-02-13 08:59:04 -
* Consolidated revenue € 828.3 million, + 8.7%.
* Operating income € 167.0 million, + 2.1%.
* Net income € 118.5 million, + 1.8%.
* Net financial position*: net debt of € 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.
Milan, 12 February 2013 - 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.
Financial highlights
* Consolidated revenue in 2012 is € 828.3 million, up by 8.7% compared to the
preceding year. Pharmaceutical sales are € 797.4 million, an increase of
8.7% while pharmaceutical chemicals sales are € 30.9 million, an increase of
8.9%.
* Operating income, at 20.2% of sales, is € 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® (€ 5
million) and to the restructuring of our sales organization.
* Net income at 14.3% of sales is € 118.5 million, an increase of 1.8%.
* Net financial position* at 31 December 2012 records a net debt of € 153.5
million as compared to a net debt of € 55.7 million at 31 December 2011.
During the year € 21.0 million were paid for the acquisition of six OTC
products in Germany, € 14.3 million overall were paid for the acquisitions
in Poland of the pharmaceutical company Farma-Projekt plus a portfolio of
products, € 67.2 million were paid for the acquisition of a product
portfolio in Russia and dividends for a total of € 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).
Management comments
"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 € 920 million, operating income of more than € 185 million and net
income of more than € 128 million. The objectives in our business plan are to
achieve sales of between € 1.025 and € 1.075 million, operating income of
between € 210 and € 220 million and net income of between € 140 and € 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 € 762.0
million, operating income was € 163.5 million and net income was € 116.4
million.
For further information:
Recordati website: www.recordati.com
Investor Relations
Media
Relations
Marianne Tatschke
Ketchum
(39)0248787393
Cristina
Risciotti,
(39)0262411919,
cristina.risciotti@ketchum.com
e-mail:
inver@recordati.it
Marzia
Ongaretti, (39)0262411915,
marzia.ongaretti@ketchum.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 : POSITIVE PRELIMINARY 2012 RESULTS. :
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
[HUG#1677693]
