2016 half-year results on track
>
Leveling out of the fall in consolidated sales to -2.3% at constant
exchange rates
>
Improvement in EBITDA*
Integration of former CMDS business segments well under
way
>
Streamlining of the product portfolio, increase in production
capacities and the performance of industrial sites and optimization
of the distribution networks
VILLEPINTE, France, Sept. 28, 2016 (GLOBE NEWSWIRE) --
Guerbet (FR0000032526 GBT), a global specialist in contrast
agents and solutions for medical imaging, has reported its
consolidated half-year results, following their limited review by
its auditors (1).
Consolidated financial statements
(IFRS)
On September 27 2016, the Board of Directors approved the
financial statements for the period ended June 30 2016.
In millions of
Euros |
H1 2015 |
H1 2015
Proforma |
H1 2016 |
Change H1 16 / H1
15 Proforma |
|
|
Revenue |
227.3 |
397.8 |
376.7 |
-5.3% |
|
EBITDA |
46.6 |
53.5 |
55.3 |
3.4% |
|
% of revenue |
20.5% |
13.4% |
14.7% |
|
|
Operating income |
30.1 |
|
31.3 |
|
|
% of revenue |
13.2% |
|
8.3% |
|
|
Net income |
20.5 |
|
17.3 |
|
|
% of revenue |
9.0% |
|
4.6% |
|
|
Net capital
expenditure |
12.1 |
|
19.3 |
|
|
* EBITDA = Operating income + allowance for amortization,
depreciation and provisions
(1) The proforma data have not been audited
Sales performance in line with
targets
The published half-year revenue stands at €376.7 million, up
65.7% on the revenue published in 2015. At constant exchange rates,
the Group's sales total €388.6 million (excluding the negative
exchange rate effect of €11.9 million), resulting in a change in
proforma revenue of -2.3%.
The double-digit growth in sales of Dotarem® and continued
strong sales in the IRT segment offset the Group's negative
growth in the X-Ray and Imaging Solutions and Services
(ISS) segments.
At the end of this first half-year, the consolidated sales trend
is in keeping with the Group's target of stabilizing the new
structure's activity at +/-3% of the full-year 2015 proforma
revenue, excluding exchange rate effects.
For the record, CMDS sales dropped by 20% on a full-year basis
before the acquisition.
Improvement in EBITDA despite material
integration costs
The measures taken in order to quickly benefit from synergies
have started to yield results, industrially and in commercial and
organizational terms.
The increase in production capacities and the improvements of
manufacturing processes have, for instance, demonstrated the
Group's ability to rally and reallocate the resources at its
disposal.
Commercially, significant progress has been made in the
optimization of the distribution network and the simplification of
the product portfolio. At the same time, Guerbet is introducing a
"best-in-class" organizational structure, by starting to converge
the IT systems and to set up shared service centers.
Despite material integration costs, the synergies created have
enabled the Group to generate an increase in EBITDA to €55.3
million, representing 14.7% of the first half-year revenue,
compared with a proforma figure of €53.5 million (13.4% of the
revenue) for 2015.
Operating income amounts to €31.3 million, versus €30.1 million
in the 1st half of 2015.
The acquisition of CMDS has led to an increase in financial
expenses to €3.0 million, and in foreign exchange losses to -€2.8
million. Net income comes to €17.3 million, however, versus €20.5
million for the same period last year.
A solid balance sheet
On 30 June 2016, the Group's shareholders' equity stands at
€297.0 million, compared with €274.3 million on June 30 2015.
Net debt, which includes the financing of the CMDS acquisition,
amounts to €297.6 million. The net debt/shareholders' equity
and net debt/EBITDA ratios are as planned, at 1 and 2.7
respectively.
Maintaining of the published targets for
2016
In the second half-year, the industrial integration in progress
will temporarily affect the performance of the intermediate
products production sites. The projected EBITDA should therefore be
no higher than in the first half-year.
Guerbet confirms its target for the full year of generating
revenue within a range of +/-3% of 2015 proforma sales at constant
exchange rates.
Upcoming events:
Publication of 3rd quarter 2016 revenue:
October 24 2016 after trading
About Guerbet
Guerbet is a pioneer in the contrast agent field, with 90 years'
experience, and is the only pharmaceutical group dedicated to
medical imaging worldwide. It offers a comprehensive range of
X-Ray, Magnetic Resonance Imaging (MRI) and Interventional
Radiology and Theranostics (IRT) products, along with a range of
injectors and related medical devices to improve the diagnosis and
treatment of patients. To discover new products and ensure future
growth, Guerbet invests heavily in R&D, spending around 9% of
its sales each year. Guerbet (GBT) is listed on Euronext Paris
(Segment B - Mid Caps) and generated €789 million in proforma
revenue in 2015.
For more information about Guerbet, please visit
www.guerbet.com
Contacts
Jean-François Le
Martret Chief Financial Officer (+33)(0)1 45 91 50 00
|
Financial Communications
Benjamin Lehari (+33)(0)1 56 88 11 25 blehari@actifin.fr
Press Jennifer Jullia (+33)(0)1 56 88 11 19
jjullia@actifin.fr |
Press Release http://hugin.info/159769/R/2045069/763796.pdf
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