GUERBET : 2016 annual results
March 29 2017 - 1:02AM
A year that has lived up to expectations
- Objective of a sales turnaround after the CMDS acquisition
achieved. Slight growth in revenue expected in 2017 at constant
exchange rates
- EBITDA at constant exchange rates in line with
expectations
Villepinte, March 29, 2017 -
Guerbet (FR0000032526 GBT), a global specialist in contrast
agents and solutions for medical imaging, is publishing its
consolidated and audited annual results for 2016.
On March 28, 2017, the Board of Directors
approved the financial statements for the period ended December 31,
2016.
In millions of Euros
Consolidated financial statements (IFRS) |
2016 |
2015 Restated (b) |
2015 published |
Revenue |
775.8 |
488.7 |
488.7 |
EBITDA (a) |
106.3 |
88.3 |
84.4 |
% of
revenue |
13.7% |
18.1% |
17.3% |
Operating
Income |
54.6 |
58.6 |
56.2 |
% of
revenue |
7.0% |
12.0% |
11.5% |
Net income |
28.9 |
39.2 |
39.9 |
% of
revenue |
3.7% |
8.0% |
8.2% |
Net
debt |
301.8 |
287.8 |
287.8 |
(a) EBITDA = Operating income + allowance for amortization,
depreciation and provisions(b) Details of restatements shown in the
table below
In
millions of Euros Consolidated financial statements (IFRS) |
2016 Before impact of PPA* and CIR** |
2016 |
2015 Restated |
2015 Published |
Other operating
income and expenses (1) |
255.8 |
251.5 |
1.1 |
(2.8) |
EBITDA |
102.0 |
106.3 |
88.3 |
84.4 |
Allowance for
depreciation (2) |
37.3 |
49.2 |
28.3 |
26.8 |
Operating Income |
62.2 |
54.6 |
58.6 |
56.2 |
Income tax
(3) |
25.7 |
18.1 |
21.6 |
18.4 |
Net
Income |
37.5 |
28.9 |
39.2 |
39.9 |
* PPA : Purchase Price
Allocation ** CIR : Crédit Impôt Recherche (Research tax
credit)
(1) 2015: reclassification of the Research Tax Credit (application
of IFRS 20) + impact of the PPA for the acquisition of CMDS(1)
2016: reclassification of the Research Tax Credit (application of
IFRS 20)(2) 2015 and 2016: impact of the PPA for the
acquisition of CMDS(3) 2015 and 2016: reclassification of the
Research Tax Credit (application of IFRS 20) + impact of the PPA
for the acquisition of CMDS.
Objective of a sales turnaround after the CMDS acquisition
achieved
The revenue published by the Group for 2016
stands at €775.8 million, up 58.7% on the revenue published in
2015. This growth figure includes a negative currency impact of
€13.0 million. At constant exchange rates and on a like-for-like
basis, the Group posted stable sales of €788.8 million, in line
with the objective announced. The main challenge in 2016 was to
successfully turn around the falling sales of the activity bought
at the end of 2015.
EBITDA at constant exchange rates in line
with expectations
2016 was dedicated to integration, the
priorities being to reshape the sales structures and reposition the
product/market offering to ensure that the revenue target was
met.
The Group also met its target of partially
recouping its integration costs (€29 million) from the first
synergies arising from the acquisition. The positive change in the
product mix, the continuous improvement of industrial processes and
the reorganizing of the purchasing and logistics flows resulted in
EBITDA of €106.3 million. At constant exchange rates, and excluding
non-recurring items relating to integration, EBITDA amounts to
€142.9 million, or 18.1% of sales.
After the allowance for amortization,
depreciation and provisions, Operating Income comes to €54.6
million, including an €11.9 million negative impact due to
allocating the acquisition price.
Net income after financial expenses totals €28.9
million.
A healthy balance sheet and a 30% increase to
€0.85 per share for the distributed dividend
The Group's shareholders' equity stands at
€314.8 million, compared with €283.8 million in 2015. Guerbet has
debt of €301.8 million, representing a net debt/EBITDA ratio of
2.8, keeping it within its covenant of 3.7.
The Board of Directors will propose a dividend
of €0.85 per share, up 30%, to the shareholders at the General
Meeting on May 19, 2017.
2017: return to growth
In 2017, the Group's main product (Dotarem®)
will develop in a new environment due to i) the arrival of a new
generic in Europe and ii) the recommendation by the European
Medicines Agency's PRAC* (Pharmacovigilance and Risk Assessment
Committee) to suspend the marketing authorization of certain
products belonging to the category of linear contrast agents (which
includes Optimark®). A request for re-examination of this
recommendation has been sent to the PRAC, and the final decision by
the European Commission is not expected for several months.
The Group confirms the return to sales growth
and is targeting slight growth at constant exchange rates. It will
continue to integrate CMDS, with the realization of new industrial
and logistics synergies and integration costs reduced by more than
half. The 2017 EBITDA should grow faster than revenue. Guerbet
should be able to carry on lowering its debt ratio in 2017.
* http://bit.ly/2mMDTBk
Upcoming events:Publication of Q1 2017
revenueApril 27, 2017, 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 €776 million
in revenue in 2016.
For more information about Guerbet, please
visit www.guerbet.com
Contacts
Jean-François Le
MartretChief Financial Officer01 45 91 50 00
|
Financial
CommunicationsBenjamin Lehari01 56 88 11
25blehari@actifin.fr PressJennifer Jullia01 56 88 11
19jjullia@actifin.fr |
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