> 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
Jean-François Le Martret
Chief Financial Officer
+33 (0)1 45 91 50 00
jean-francois.lemartret@guerbet-group.com
|
Christophe de Lylle/Benjamin
Lehari
+33 (0)1 56 88 11
11
cdelylle@actifin.fr/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
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