GUERBET : 2017 half-year results
September 26 2017 - 11:47AM
2017 half-year
results
> Satisfactory
activity growth
> Ebitda level
above 15%
Villepinte,
September 26, 2017 - Guerbet (FR0000032526
GBT), a global specialist in contrast agents and solutions for
medical imaging, has reported its consolidated half-year results,
following the limited review by its auditors.
Consolidated
financial statements (IFRS)
On September 26, 2017, the Board
of Directors approved the financial statements for the period ended
June 30, 2017
In millions of
euros |
H1 2016 |
H1 2017 |
Change
H1 17 / H1 16 |
|
Revenue |
376.7 |
407.1 |
8.1% |
EBITDA* |
56.1 |
64.5 |
14.9% |
% of revenue |
14.9% |
15.8% |
|
Operating income |
26.3 |
40.7 |
56.4% |
% of revenue |
7.0% |
10.0% |
|
Net
income |
12.1 |
23.1 |
90.4% |
% of revenue |
3.2% |
5.7% |
|
Net capital expenditure |
21.3 |
24.2 |
13.4% |
* EBITDA =
Operating income + allowance for amortization, depreciation and
provisions
N.B.: 2016 figures restated to reflect the
reclassification of CIR (research tax credit) and the impact
at June 30 of the CMDS purchase price allocation finalized in the
second semester of 2016
Satisfactory
activity growth
After a successful year in 2016,
focused on turning around the declining ex-CMDS business, Guerbet's
revenue for the 1st half of 2017 grew by 8.1% at current exchange
rates to €407.1 million, and by 5.6% at constant exchange
rates (CER) to €397.7 million. This positive development has
come despite:
-
the first effects of the decrease of
Dotarem® price in
Europe in the context of the arrival of a new generic
product;
-
the gradual withdrawal of certain products,
which is already under way, as part of the recently announced plan
to streamline Guerbet's product range, such as Oxilan®
and Hexabrix® in X-Ray
imaging, and Optimark® in MRI.
With the exception of the IRT
segment, which has experienced supply difficulties, the other Group
segments are growing, including strong performances by Dotarem in
the USA and China, by the ISS segment in all geographies and by
Optiray® especially in
Asia and Latin America.
Ebitda level
above 15%
With the efforts deployed to
benefit from new synergies after the acquisition of CMDS, the Group
has been able to increase its margins compared with 2016.
Improved purchasing conditions,
industrial streamlining measures, the optimization of the product
portfolio and the distribution network, have resulted in a 14.9%
EBITDA growth. EBITDA stands at €64.5 million, versus
€56.1 million in the 1st half of 2016. It now represents 15.8%
of revenue, compared with 14.9% at June 30, 2016.
Operating income amounts to
€40.7 million, versus €26.3 million in the 1st half of
2016, an increase of 56.4%.
Net income increases by 90.4% to
€23.1 million, versus €12.1 million for the same period
last year.
Improvement of
the financing structure
Shareholders' equity has increased
by 11.0% to €324.0 million, compared with €291.8 million
at June 30, 2016. The Group's available cash totals
€55.8 million, with net debt of €310.7 million. The net
debt / EBITDA ratio has improved, at 2.41, in line with
forecasts.
Continued growth
in 2017 and higher profitability
Given the satisfactory performance
in the 1st half of 2017, Guerbet's objective, at constant exchange
rates, is to increase revenue by 3% to 4% with stronger growth in
EBITDA than in revenue.
Upcoming
events:
Publication of 3rd quarter 2017
revenue
October 25, 2017, after trading
About
Guerbet
Guerbet is a pioneer in the
contrast agent field with over 90 years' of experience and is one
of the leaders in medical imaging worldwide. It offers a full range
of pharmaceutical products, medical devices and services for X-ray
(RX) and Magnetic Resonance Imaging (MRI) scanners and
Interventional Radiology and Theranostics (IRT) to improve the
diagnosis and treatment of patients. With 7% of its revenue and
more than 200 employees dedicated to R&D, Guerbet invests
heavily in research and innovation. 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
+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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: GUERBET via Globenewswire
Guerbet (EU:GBT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Guerbet (EU:GBT)
Historical Stock Chart
From Jul 2023 to Jul 2024