> EBITDA increased by 22.4% to €130
million
> Net income up 60% at €46.2
million
> Ongoing debt reduction (leverage ratio of
2.1)
Villepinte, March 27, 2018 -
Guerbet (FR0000032526 GBT), a global specialist in contrast
agents and solutions for medical imaging, has announced its audited
consolidated annual results for 2017.
On March 27, 2018, the Board of Directors
approved the consolidated financial statements for the period ended
December 31, 2017. The audit process is finalised and the Auditors
report is to be issued.
In
millions of euros Consolidated financial statements (IFRS) |
2017 |
2016 |
Revenue |
807.1 |
775.8 |
EBITDA* |
130.0 |
106.3 |
% of
revenue |
16.1% |
13.7% |
Operating
Income |
79.2 |
54.6 |
% of
revenue |
9.8% |
7.0% |
Net income |
46.2 |
28.9 |
% of
revenue |
5.7% |
3.7% |
Net
debt |
278.4 |
301.8 |
* EBITDA = Operating income + allowance for amortization,
depreciation and provisions
Satisfactory activity slightly exceeding the
objectives
Revenue totalled €807.1 million, up 4.0% at
current exchange rates. This growth includes a negative exchange
rate effect** of €5.3 million over the year. At constant
exchange rates, revenue therefore rose by 4.7% to
€812.4 million, beating the target of 3% to 4% announced on
September 30 2017.
The year was marked by two events on the MRI
market: the arrival of a Dotarem® generic in Europe, with impacts
on Guerbet mainly in the last quarter in the form of price
pressure, and conversely the positive effects of the recommendation
of the PRAC (Pharmacovigilance and Risk Assessment Committee) of
the European Medicines Agency to suspend the marketing
authorization of certain products belonging to the class of linear
products.
EBITDA margin over 15%
2017 benefited from the streamlining of the
product range and the overhaul of sales structures as well as the
efforts made in previous years on structural costs. As anticipated,
the Group benefited from the realization of new industrial and
logistics synergies and integration costs cut by more than half.
Accordingly, EBITDA amounted to €130.0 million, up more than
22%.
After the allowance for amortization,
depreciation, and provisions, Operating Income totalled
€79.2 million, compared with €54.6 million in 2016, a 45%
improvement.
Net income increased by nearly 60% to
€46.2 million, thanks to a controlled level of interest
expenses and an effective tax rate down 8 points.
Ongoing debt reduction
With shareholders' equity amounting to
€342.1 million, an increase of €27.3 million compared
with 2016, operating cash flow of more than €126 million, and
a debt level down €23.4 million, Guerbet has a solid financial
position. The financial leverage ratio (net debt / EBITDA)
decreased to 2.1 from 2.8 in 2016, again demonstrating the Group's
ability to reduce its debt.
The Board of Directors will propose a dividend
of €0.85 per share to the shareholders at the General Meeting on
May 25, 2018.
2018: strengthening of positions in diagnostic imaging and
acceleration of the transformation to interventional
imaging
The 2018 financial year will mark Guerbet's
entry into a new cycle of its development.
In diagnostic imaging, the full-year impact of
the negative price effect related to the roll-out of the Dotarem
generic will be offset by an expected positive volume effect with
the transfer of linear products to macrocycles.
In interventional imaging, Guerbet announced in
early January 2018 the acquisition of Accurate Medical
Therapeutics, a company specialising in microcatheter development.
This transaction is the first step in the company's development on
this fast-growing market.
Guerbet is organising a "Capital Market Day" for
analysts and investors on April 18 to detail and communicate its
five-year strategic plan "GEAR 2023" and will take this opportunity
to disclose and comment the Q1 2018 revenue.
** Calculation of exchange rate effect: difference between the
indicator's value for period N, converted at the exchange rate for
period N-1, and the indicator's value for period N-1
Upcoming events:
Publication of Q1 2018 revenue
April 18, 2018, before trading
Capital Market Day
April 18, 2018
About Guerbet
Guerbet is a pioneer in the contrast-agent
field, with more than 90 years' experience, and is a leader in
medical imaging worldwide. It offers a comprehensive range of
pharmaceutical products, medical devices and services for
diagnostic and interventional imaging, to improve the diagnosis and
treatment of patients. With 7% of revenue dedicated to R&D and
more than 200 employees distributed amongst its three centres in
France and the United States, Guerbet is a substantial investor in
research and innovation. Guerbet (GBT) is listed on Euronext Paris
(segment B - mid caps) and generated €807 million in revenue
in 2017. For more information about Guerbet, please visit
www.guerbet.com
Forward-looking statements
This press release may contain statements of a
forward-looking nature, based on assumptions and predictions made
by the management of the Guerbet group. Various known and unknown
risks, uncertainties and other factors could lead to marked
differences between the future results, financial situation,
development and performances of the company, and the estimates made
here. These factors include those mentioned in the public reports
of Guerbet, available on its website www.guerbet.com. The company
assumes no responsibility whatsoever in relation to the updating of
these forward-looking statements, or how they correspond to future
events or developments.
For more information about Guerbet, please
visit www.guerbet.com
Contacts
Jean-François Le
MartretChief Financial Officer+33 (0)1 45 91 50
00jean-francois.lemartret@guerbet-group.com
|
Christophe de
Lylle/Benjamin Lehari+33 (0)1 56 88 11
11cdelylle@actifin.fr/blehari@actifin.fr Press
Jennifer Jullia+33 (0)1 56 88 11
19jjullia@actifin.fr |
Attachment:
http://www.globenewswire.com/NewsRoom/AttachmentNg/81115771-77bb-4ed6-8e83-a3261a433a68
Guerbet (EU:GBT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Guerbet (EU:GBT)
Historical Stock Chart
From Jul 2023 to Jul 2024