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Recipharm AB Release: Interim Report January-September 2016



11/10/2016 2:30:41 PM

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STOCKHOLM--()--Regulatory News:

July - September 2016

  • Net sales amounted to SEK 1 138 million (785), an increase of 45%
  • EBITDA increased by 67% and amounted to SEK 144 million (86) giving an EBITDA margin of 12.6% (11.0)
  • Operating profit (EBIT) amounted to SEK 44 million (27)
  • Profit after tax amounted to SEK 12 million (0), giving a net margin of 1% (0)
  • Earnings per share amounted to SEK 0.14 (-0.01), after dilution 0.14 (-0.01)

January - September 2016

  • Net sales amounted to SEK 3 346 million (2 526), an increase of 32%
  • EBITDA increased by 28% and amounted to SEK 520 million (400) giving an EBITDA margin of 15.6% (15.8)
  • Operating profit (EBIT) amounted to SEK 263 million (226)
  • Profit after tax amounted to SEK 121 million (189), giving a net margin of 3.5% (7.5). Last year included a financial investment capital gain of SEK 46.6 million
  • Earnings per share amounted to SEK 2.13 (4.17), after dilution 2.13 (4.17)
  • Cash flow from operating activities was SEK 336 million (281)
  • Net debt to EBITDA was 3.0 (2.0)
Key figures
Jul - Sep change Jan - Sep change Oct 15
SEK million 2016 2015 in % 2016 2015 in % - Sep 16 2015
Net sales 1 138 785 45.0 3 346 2 526 32.4 4 209 3 389
Net sales (CER) 1/ 1 136 44.7 3 352 32.7
EBITDA 1/ 144 86 67.2 520 400 30.1 630 510
EBIT 1/ 44 27 62.3 263 226 16.4 311 274
EBITDA margin (%) 1/ 12.6 11.0 15.6 15.8 15.0 15.0
Earnings per share 0.14 -0.01 2.13 4.17 3.15 4.72
Return on equity (%) 1/ 3.8 10.9 3.8 8.8
Equity per share (SEK) 1/ 70.9 59.3 59.2
Equity ratio (%) 1/ 52.7 50.2 48.1
Net debt 1/ 1 867 1 089 1 183
Net debt to Equity 1/ 0.4 0.4 0.4
Net debt to EBITDA 1/ 3.0 2.0 2.3

1/ APM: Alternative Performance Measures, see financial definitions after note 5

Thomas Eldered, CEO:
“Sales, even excluding acquisitions, was the highest ever for a third quarter. Total sales increased 45 per cent. Excluding acquisitions the growth was 5.9 per cent. An important contributor to growth was sales under the new contract in Kaysersberg with strong demand for blow-fill-seal technology. In general, demand continued to be strong in our Sterile Liquids segment and in the Indian market we saw significant underlying volume growth.

As expected for a third quarter, EBITDA-margin decreased sequentially but increased to 12.6 per cent compared to 11.0 per cent the same period last year. Still, EBITDA was negatively affected by several items, of which many were non-recurring. This was partially offset by a positive contribution from the cost and efficiency program in Swedish operations. In the further implementation of the program we are anticipating delays and we will review various options for continued improvement

Considering that operations during the third quarter are affected by holiday and maintenance shut-downs in most of our European network I’m pleased to report continued very strong operating cash flow at SEK 180 million (81).

We continue to make capacity expansion investments in the Sterile Liquids segment. During the quarter we initiated important expansion projects in blow-fill-seal capacity in France and lyophilisation capacity in Italy, in addition to the already on-going significant expansion in Germany. We expect these projects to generate material future growth. Our implementation of serialisation capability is progressing according to plan and we are well positioned to benefit from these new regulations.

Acquisitions completed earlier in the year performed well and in-line with our plans. I’m particularly pleased to note that there have been minimal supply disruptions to customers during these sometimes challenging transitions. Integration activities are ongoing in the new companies in India, Italy, Sweden and the USA. Many activities have been satisfactory completed and we expect all planned integration activities to be fully implemented during the first half of 2017. We expect approval during the fourth quarter from the Indian authorities of the previously announced acquisition of Kemwell’s Indian pharmaceutical business with closing beginning 2017.

We now have global reach and a highly attractive value proposition to our customers combined with a solid financial position. Going forward we will continue to implement our growth-driving strategies, including executing on further acquisition and business development opportunities. We are very well on track to reach our overall financial and growth targets”.

The complete interim report is attached through the link at the end of the press release.

The company invites investors, analysts and media to a web conference with a presentation (in English) on 10 November 10:00 am CET where CEO Thomas Eldered and CFO Björn Westberg will present and comment on the interim report and answer questions.

To participate in the web conference, please use the below link:

http://edge.media-server.com/m/p/prxpzamq

Questions may be submitted by dialing below telephone numbers or by typing them in the Q&A box during the conference. If you don’t wish to ask questions by telephone you only need to participate through the link above.

From Sweden: + 46 8 505 963 06
From Denmark: + 45 354 45597
From Finland: + 358 9 8171 0317
From France: + 33 29092 0977
From Germany: + 49 30 211 510 067
From India: + 91 226187 51 03
From Italy: + 39 2 3604 67 98
From Norway: + 47 235 00 559
From Portugal: + 35 210 609104
From Spain: + 34 911 143 608
From Switzerland: + 41 44 5800083
From the UK: + 44 203 139 48 30
From the USA: + 1 718 873 90 77

Pin code for participants:
44823539#

This information is published in accordance with the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act and/or the regulations of NASDAQ Stockholm. This information was submitted for publication on 10 November 2016 at 07:45 am CET.

About Recipharm
Recipharm is a leading Contract Development and Manufacturing Organisation (CDMO) (in the pharmaceutical industry employing around 3,500 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material and APIs, and pharmaceutical product development. Recipharm manufactures several hundred different products to customers ranging from big pharma to smaller research and development companies. Recipharm’s turnover is approximately SEK 5.0 billion and the Company operates development and manufacturing facilities in France, Germany, India, Israel, Italy, Portugal, Spain, Sweden, the UK and the US and is headquartered in Jordbro, Sweden. The Recipharm B-share (RECI B) is listed on Nasdaq Stockholm.

For more information on Recipharm and our services, please visit www.recipharm.com

This information was brought to you by Cision http://news.cision.com


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