GUERBET : 2017 half-year results
27 September 2017 - 1:49AM
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 provisionsN.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
Contacts
Jean-François Le
MartretChief Financial Officer+33 (0)1 45 91 50 00
|
Financial
CommunicationsBenjamin Lehari+33 (0)1 56 88 11
25blehari@actifin.fr PressJennifer Jullia+33 (0)1 56
88 11 19jjullia@actifin.fr |
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/62f52b9b-a2ea-4155-9e49-c433c645c1b5
Guerbet (EU:GBT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Guerbet (EU:GBT)
Historical Stock Chart
From Jul 2023 to Jul 2024