2016 half-year results on
track
>
Leveling out of the fall in consolidated sales to -2.3% at constant
exchange rates
>
Improvement in EBITDA*
Integration of former CMDS
business segments well under way
>
Streamlining of the product portfolio, increase in production
capacities and the performance of industrial sites and optimization
of the distribution networks
Villepinte,
September 28 2016 - Guerbet (FR0000032526
GBT), a global specialist in contrast agents and solutions for
medical imaging, has reported its consolidated half-year results,
following their limited review by its auditors (1).
Consolidated
financial statements (IFRS)
On September 27 2016, the Board of
Directors approved the financial statements for the period ended
June 30 2016.
In millions of
Euros |
H1 2015 |
H1 2015
Proforma |
H1 2016 |
Change
H1 16 / H1 15 Proforma |
|
|
Revenue |
227.3 |
397.8 |
376.7 |
-5.3% |
|
EBITDA |
46.6 |
53.5 |
55.3 |
3.4% |
|
% of revenue |
20.5% |
13.4% |
14.7% |
|
|
Operating income |
30.1 |
|
31.3 |
|
|
% of revenue |
13.2% |
|
8.3% |
|
|
Net
income |
20.5 |
|
17.3 |
|
|
% of revenue |
9.0% |
|
4.6% |
|
|
Net capital expenditure |
12.1 |
|
19.3 |
|
|
* EBITDA = Operating income +
allowance for amortization, depreciation and provisions
(1) The proforma data have not
been audited
Sales performance
in line with targets
The published half-year revenue
stands at €376.7 million, up 65.7% on the revenue published in
2015. At constant exchange rates, the Group's sales total €388.6
million (excluding the negative exchange rate effect of €11.9
million), resulting in a change in proforma revenue of -2.3%.
The double-digit growth in sales
of Dotarem® and continued
strong sales in the IRT segment offset the
Group's negative growth in the X-Ray and
Imaging Solutions and Services (ISS)
segments.
At the end of this first
half-year, the consolidated sales trend is in keeping with the
Group's target of stabilizing the new structure's activity at +/-3%
of the full-year 2015 proforma revenue, excluding exchange rate
effects.
For the record, CMDS sales dropped
by 20% on a full-year basis before the acquisition.
Improvement in
EBITDA despite material integration costs
The measures taken in order to
quickly benefit from synergies have started to yield results,
industrially and in commercial and organizational terms.
The increase in production
capacities and the improvements of manufacturing processes have,
for instance, demonstrated the Group's ability to rally and
reallocate the resources at its disposal.
Commercially, significant progress
has been made in the optimization of the distribution network and
the simplification of the product portfolio. At the same time,
Guerbet is introducing a "best-in-class" organizational structure,
by starting to converge the IT systems and to set up shared service
centers.
Despite material integration
costs, the synergies created have enabled the Group to generate an
increase in EBITDA to €55.3 million, representing 14.7% of the
first half-year revenue, compared with a proforma figure of €53.5
million (13.4% of the revenue) for 2015.
Operating income amounts to €31.3
million, versus €30.1 million in the 1st half of 2015.
The acquisition of CMDS has led to
an increase in financial expenses to €3.0 million, and in foreign
exchange losses to -€2.8 million. Net income comes to €17.3
million, however, versus €20.5 million for the same period last
year.
A solid balance
sheet
On 30 June 2016, the Group's
shareholders' equity stands at €297.0 million, compared with
€274.3 million on June 30 2015. Net debt, which includes the
financing of the CMDS acquisition, amounts to €297.6 million.
The net debt/shareholders' equity and net debt/EBITDA ratios are as
planned, at 1 and 2.7 respectively.
Maintaining of
the published targets for 2016
In the second half-year, the
industrial integration in progress will temporarily affect the
performance of the intermediate products production sites. The
projected EBITDA should therefore be no higher than in the first
half-year.
Guerbet confirms its target for
the full year of generating revenue within a range of +/-3% of 2015
proforma sales at constant exchange rates.
Upcoming
events:
Publication of 3rd
quarter 2016 revenue:
October 24 2016 after trading
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
€789 million in proforma revenue in 2015.
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
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