GUERBET : 2016 annual results
March 29 2017 - 1:00AM
A year that has lived up to
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 revenue
April 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
Jean-François Le Martret
Chief Financial Officer
01 45 91 50 00
|
Financial Communications
Benjamin Lehari
01 56 88 11 25
blehari@actifin.fr
Press
Jennifer Jullia
01 56 88 11 19
jjullia@actifin.fr
|
Press release
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responsible for the content, accuracy and originality of the
information contained therein.
Source: GUERBET via Globenewswire
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