MILAN, ITALY--(Marketwire - April 07, 2009) -
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Annual Shareholders’ Meeting
- Shareholders approve 2008 results: Consolidated revenue EUR 689.6 million (+9.7%), operating income (EBIT) EUR 144.7 million (+ 10.1%), net income EUR 100.4 million (+ 18.3%).
- Dividend to be paid EUR 0.25 per share, an increase of 16.3% over dividend paid last year. Overall dividend EUR 49.3 million.
- Authorization to buy-back Recordati shares renewed.
Milan, 7 April 2009 - Today the Annual Meeting of Recordati Shareholders was held.
Annual Shareholders’ Meeting
Recordati’s Annual Shareholders’ Meeting approved the company’s 2008 financial accounts which were prepared according to IAS/IFRS. In addition, the group’s consolidated statements, which were also prepared according to IAS/IFRS, were presented. The tables attached contain a summary of the 2008 financial statements. As previously announced on 3 March 2009 revenues are EUR 689.6 million (+9.7%), operating income (EBIT) is EUR 144.7 million (+ 10.1%), and net income is EUR 100.4 million (+ 18.3%). International sales account for 70.2% of total sales.
As proposed by the Board of Directors, the shareholders approved a dividend of EUR 0.25 per share (EUR 0.215 the preceding year) to be paid to the shares outstanding as from 23 April 2009 (trading ex-dividend as from 20 April 2009), excluding those shares in treasury stock. The overall amount of the dividend to be paid is EUR 49.3 million compared to EUR 42.2 million paid the preceding year, an increase of 16.7%.
Furthermore, the Shareholders’ Meeting renewed the buy-back authorization granted by the Shareholders on 11 April 2008 for a period ending with the approval of the 2009 accounts. This authorization is granted for the following purposes: use shares for equity acquisitions or as consideration for strategic agreements; allow the company to invest in its own shares; and service current and future stock option plans with existing rather than new shares. The company is allowed to purchase up to 20,000,000 Recordati existing ordinary (common) shares, which includes those shares held in Treasury stock at any given time, for a maximum cash outlay of EUR 120,000,000. The purchase price must be at least equal to the shares’ nominal value (EUR 0.125) and must not exceed the average official Stock Exchange price recorded over the 5 trading days prior to the transaction, plus 5%. Possible purchases must comply with the Issuers’ Rules and Regulations. No shares were purchased under the authorization granted by the Shareholders’ Meeting of 11 April 2008. The company currently has 11,472,355 shares in Treasury stock which amounts to 5.5021% of the current share capital.
First quarter 2009
Group sales in the first quarter 2009 are substantially in line with our expectations for the full year which are to achieve revenues of around EUR 750 million, operating income of around EUR 155 million and net income of around EUR 105 million.
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271),with a total staff of over 2,900, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the new markets of Central and Eastern Europe. A European field force of over 1,400 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati’s current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. Recordati is committed to the research and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases. Consolidated revenue for 2008 was EUR 689.6 million, operating income was EUR 144.7 million and net income was EUR 100.4 million.
For further information:
Recordati website: www.recordati.com
Investor Relations
Marianne Tatschke
(39)0248787393
e-mail: inver@recordati.it
Media Relations
Claudio Rossetti (Echo Comunicazione d’Impresa)
(39)02 62694736
e-mail: crossetti@echocom.it
Statements contained in this release, other than historical facts, are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company’s control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company’s activities and are not intended to indicate the advisability of administering any product in any particular instance.
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of EUR )
+-------------------------+----------+----------+---------+ |INCOME STATEMENT | 2008 | 2007 |Change % | +-------------------------+----------+----------+---------+ |REVENUE | 689,634 | 628,435 | 9.7 | +-------------------------+----------+----------+---------+ |Cost of sales |(222,196) |(206,350) | 7.7 | +-------------------------+----------+----------+---------+ |GROSS PROFIT | 467,438 | 422,085 | 10.7 | +-------------------------+----------+----------+---------+ |Selling expenses |(214,245) |(202,043) | 6.0 | +-------------------------+----------+----------+---------+ |Research and development | (58,860) | (49,122) | 19.8 | |expenses | | | | +-------------------------+----------+----------+---------+ |General & administrative | (39,372) | (33,927) | 16.0 | |expenses | | | | +-------------------------+----------+----------+---------+ |Other income (expenses), | (10,231) | (5,497) | n.s. | |net | | | | +-------------------------+----------+----------+---------+ |OPERATING INCOME | 144,730 | 131,496 | 10.1 | +-------------------------+----------+----------+---------+ |Financial income | (6,584) | (4,071) | 61.7 | |(expenses), net | | | | +-------------------------+----------+----------+---------+ |PRE-TAX INCOME | 138,146 | 127,425 | 8.4 | +-------------------------+----------+----------+---------+ |Provision for income | (37,717) | (42,560) | (11.4) | |taxes | | | | +-------------------------+----------+----------+---------+ |NET INCOME | 100,429 | 84,865 | 18.3 | +-------------------------+----------+----------+---------+ |Attributable to: | | | | +-------------------------+----------+----------+---------+ |Equity holders of the | 100,424 | 84,865 | 18.3 | |parent | | | | +-------------------------+----------+----------+---------+ |Minority interests | 5 | 0 | n.s. | +-------------------------+----------+----------+---------+ +-------------------+--------+--------+---------+ |EARNINGS PER SHARE | 2008 | 2007 |Change % | +-------------------+--------+--------+---------+ |Basic |EUR0.511|EUR0.427| 19.7 | +-------------------+--------+--------+---------+ |Diluted |EUR0.501|EUR0.417| 20.1 | +-------------------+--------+--------+---------+ +-------------------+--------+--------+---------+
Earnings per share (EPS) are based on average shares outstanding during each year, 196,667,301 in 2008 and 198,557,743 in 2007, net of average treasury stock which amounted to 11,472,355 in 2008 and 8,495,866 in 2007. Diluted earnings per share is calculated taking into account new shares authorized but not yet issued.
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of EUR )
+-------------------------+-----------+-----------+--+ |ASSETS |31.12.2008 |31.12.2007 | | +-------------------------+-----------+-----------+--+ |Property, plant and | 57,969 | 68,006 | | |equipment | | | | +-------------------------+-----------+-----------+--+ |Intangible assets | 92,635 | 90,521 | | +-------------------------+-----------+-----------+--+ |Goodwill | 289,822 | 239,903 |* | +-------------------------+-----------+-----------+--+ |Equity investments | 7,532 | 3,115 | | +-------------------------+-----------+-----------+--+ |Non-current receivables | 5,199 | 6,661 |* | +-------------------------+-----------+-----------+--+ |Deferred tax assets | 22,650 | 21,324 |* | +-------------------------+-----------+-----------+--+ |TOTAL NON-CURRENT ASSETS | 475,807 | 429.530 | | +-------------------------+-----------+-----------+--+ |Inventories | 83,087 | 74,737 | | +-------------------------+-----------+-----------+--+ |Trade receivables | 137,015 | 134,454 | | +-------------------------+-----------+-----------+--+ |Other receivables | 22,741 | 30,284 |* | +-------------------------+-----------+-----------+--+ |Other current assets | 2,346 | 3,247 | | +-------------------------+-----------+-----------+--+ |Short-term financial | 94,951 | 89,382 | | |investments, cash and | | | | |cash equivalents | | | | +-------------------------+-----------+-----------+--+ |TOTAL CURRENT ASSETS | 340,140 | 332,104 | | +-------------------------+-----------+-----------+--+ |TOTAL ASSETS | 815,947 | 761,634 | | +-------------------------+-----------+-----------+--+ +-------------------------+-----------+-----------+--+ |EQUITY AND LIABILITIES |31.12.2008 |31.12.2007 | | +-------------------------+-----------+-----------+--+ |Share capital | 26,063 | 25,981 | | +-------------------------+-----------+-----------+--+ |Capital in excess of par | 81,320 | 78,952 | | |value | | | | +-------------------------+-----------+-----------+--+ |Treasury stock | (59,103) | (59,103) | | +-------------------------+-----------+-----------+--+ |Hedging reserve | (2,532) | (113) | | +-------------------------+-----------+-----------+--+ |Translation reserve | (7,096) | (3,384) | | +-------------------------+-----------+-----------+--+ |Other reserves | 25,733 | 25,529 | | +-------------------------+-----------+-----------+--+ |Retained earnings | 280,920 | 237,876 | | +-------------------------+-----------+-----------+--+ |Net income for the year | 100,424 | 84,865 | | +-------------------------+-----------+-----------+--+ |GROUP SHAREHOLDERS’ | 445,729 | 390,603 | | |EQUITY | | | | +-------------------------+-----------+-----------+--+ |Minority interest | 13 | 8 | | +-------------------------+-----------+-----------+--+ |SHAREHOLDERS’ EQUITY | 445,742 | 390,611 | | +-------------------------+-----------+-----------+--+ |Loans due after one year | 81,409 | 77,250 | | +-------------------------+-----------+-----------+--+ |Employees’ termination | 19,624 | 20,431 | | |pay | | | | +-------------------------+-----------+-----------+--+ |Deferred tax liabilities | 7,399 | 9,681 |* | +-------------------------+-----------+-----------+--+ |Other non-current | 3,189 | 5,965 |* | |liabilities | | | | +-------------------------+-----------+-----------+--+ |TOTAL NON-CURRENT | 111.621 | 113,327 | | |LIABILITIES | | | | +-------------------------+-----------+-----------+--+ |Trade payables | 88,598 | 80,343 | | +-------------------------+-----------+-----------+--+ |Other payables | 47,147 | 41,765 |* | +-------------------------+-----------+-----------+--+ |Tax liabilities | 10,278 | 15,762 | | +-------------------------+-----------+-----------+--+ |Other current liabilities| 385 | 346 | | +-------------------------+-----------+-----------+--+ |Provisions | 15,094 | 10,076 | | +-------------------------+-----------+-----------+--+ |Fair value of hedging | 2,532 | 113 | | |derivatives (cash flow | | | | |hedge) | | | | +-------------------------+-----------+-----------+--+ |Fair value of hedging | 1,505 | 7,556 | | |derivatives (fair value | | | | |hedge) | | | | +-------------------------+-----------+-----------+--+ |Loans due within one year| 2,201 | 2,939 | | +-------------------------+-----------+-----------+--+ |Bank overdrafts and short| 90,844 | 98,796 | | |term loans | | | | +-------------------------+-----------+-----------+--+ |TOTAL CURRENT LIABILITIES| 258,584 | 257,696 | | +-------------------------+-----------+-----------+--+ |TOTAL EQUITY AND | 815,947 | 761,634 | | |LIABILITIES | | | | +-------------------------+-----------+-----------+--+
* Restated to include final Orphan Europe goodwill allocation.
RECORDATI S.P.A.
Summary of results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of EUR )
+-----------------+--------+--------+-------+ | | 2008 | 2007 |Var. % | +-----------------+--------+--------+-------+ |Net revenue |248,872 |259,745 | (4.2) | +-----------------+--------+--------+-------+ |Operating income | 44,701 | 60,473 |(26.1) | +-----------------+--------+--------+-------+ |Pre-tax income | 67,097 | 68,050 | (1.4) | +-----------------+--------+--------+-------+ |Net income | 52,945 | 50,376 | 5.1 | +-----------------+--------+--------+-------+ +-----------------+--------+--------+-------+ +-------------------------+-----------+-----------+ | |31.12.2008 |31.12.2007 | +-------------------------+-----------+-----------+ |Non-current assets | 356,054 | 301,032 | +-------------------------+-----------+-----------+ |Current assets | 201,809 | 221,743 | +-------------------------+-----------+-----------+ |Total assets | 557,863 | 522,775 | +-------------------------+-----------+-----------+ |Shareholders’ equity | 273,161 | 261,842 | +-------------------------+-----------+-----------+ |Non-current liabilities | 95,372 | 92,116 | +-------------------------+-----------+-----------+ |Current liabilities | 189,330 | 168,817 | +-------------------------+-----------+-----------+ |Total liabilities and | 557,863 | 522,775 | |Shareholders’ equity | | | +-------------------------+-----------+-----------+
DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY’S FINANCIAL REPORTS
The manager responsible for preparing the company’s financial reports Fritz Squindo declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
This information is provided by HUGIN
