DGAP-News: STADA Arzneimittel AG / Key word(s): Miscellaneous
STADA: Good start in the first quarter of 2013 - organic growth
accelerated
07.05.2013 / 07:25
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Important items at a glance
- Adjusted EBITDA increases - despite the high comparable basis - to Euro
98.5 million (+7 percent) - adjusted EBITDA margin at a high level with
20.7 percent - reported EBITDA increases to Euro 96.9 million (+25
percent)
- Group sales rise to Euro 477.0 million (+8 percent) - organic growth
records growth to 4 percent
- Substantial sales rise in branded products (+21 percent)
- Significant sales increase in the market region CIS/Eastern Europe -
particularly in Russia (+39 percent) and Serbia (+22 percent)
- Temporary increase in the tax rate leads to a decrease in adjusted net
income by 7 percent - reported net income increases by 80 percent
- Outlook to 2014 confirmed
STADA Key Figures
1-3/2013 1-3/2012 +/-
Group sales 477.0 443.4 +8%
Operating profit 71.0 46.2 +54%
Operating profit, adjusted 73.0 67.9 +8%
EBITDA (Earnings before interest, taxes, 96.9 77.2 +25%
depreciation and amortization)
EBITDA, adjusted 98.5 92.3 +7%
Net income 34.9 19.4 +80%
Net income, adjusted 36.7 39.3 -7%
Earnings per share 0.59 0.33 +79%
Earnings per share, adjusted 0.62 0.67 -7%
Bad Vilbel, May 7, 2013 - In the first quarter of 2013, STADA Arzneimittel
AG was able to increase both the Group sales as well as all reported key
earnings figures. Organic growth increased to 4 percent.
'We are very satisfied with our good start in the first quarter of 2013 and
thus remain on a good path towards being able to achieve our long-term
prognosis in 2014. In addition to an increase in Group sales in the amount
of 8 percent, we were also able to achieve an acceleration in organic
growth with 4 percent in the first three months of the current financial
year. Contributing to this were the very successful developments in Russia
and Serbia as well as in some Western European countries such as France and
Italy, but also a strong sales plus of 21 percent in branded products',
says Hartmut Retzlaff, Chairman of the Executive Board at STADA.
Development of sales
In the first quarter of 2013, Group sales rose by 8 percent to Euro 477.0
million (1-3/2012: Euro 443.4 million).
Sales of the core segment Generics showed an increase of 2 percent to Euro
305.7 million in the first three months of the current financial year
(1-3/2012: Euro 299.3 million). Generics thus had a share in Group sales of
64.1 percent (1-3/2012: 67.5 percent). The core segment Branded Products
recorded sales growth of 21 percent to Euro 163.1 million in the first
quarter of 2013 (1-3/2012: Euro 135.2 million). Branded Products thus
contributed 34.2 percent to Group sales (1-3/2012: 30.5 percent).
Earnings development
Reported operating profit increased in the reporting period by 54 percent
to Euro 71.0 million (1-3/2012: Euro 46.2 million). Reported EBITDA rose by
25 percent to Euro 96.9 million (1-3/2012: Euro 77.2 million). Reported net
income recorded an increase of 80 percent to Euro 34.9 million (1-3/2012:
Euro 19.4 million).
After adjusting the key earnings figures for influences distorting the
period comparison resulting from one-time special effects and
non-operational effects from the measurement of derivative financial
instruments, adjusted operating profit increased by 8 percent in the first
quarter of 2013 to Euro 73.0 million (1-3/2012: Euro 67.9 million).
Adjusted EBITDA showed a plus of 7 percent to Euro 98.5 million (1-3/2012:
Euro 92.3 million). Adjusted net income recorded a minus of 7 percent to
Euro 36.7 million (1-3/2012: Euro 39.3 million) due to a temporarily
increased tax rate.
The net debt to adjusted EBITDA ratio amounted in the reporting period on
linear extrapolation of the adjusted EBITDA of the first quarter of 2013 on
a full year basis to 3.0 (1-3/2012: 3.3) and was thus below the value of
December 31, 2012 in the amount of 3.2.
Helmut Kraft, Chief Financial Officer, said the following regarding the
financial development in the first three months of 2013: 'We are very
satisfied with the level of profitability reached in the first quarter of
2013. The strong adjusted EBITDA margin of 20.7 percent impressively
underlines that we have been more than able to compensate for the
challenging environment in Western Europe with the cost efficiency
practiced within the Company and our investment focus on emerging markets
and highly profitable branded products. As a result we have in the meantime
achieved almost 50 percent of the adjusted operating profit of the core
segments with our branded products with a clear upward progression and our
most important emerging market Russia has again grown strongly in the first
quarter by 39 percent.'
Development of the market regions
The four STADA market regions recorded varying developments in the
reporting period. Whereas sales of the market region Germany remained
approximately at the same level of the corresponding quarter of the
previous year, sales of the market region Central Europe decreased. On the
other hand, sales were able to show significant growth in the market
regions CIS/Eastern Europe and Asia & Pacific.
In the largest market region Central Europe, sales decreased in the first
quarter of the current financial year by 4 percent to Euro 199.1 million
(1-3/2012: Euro 208.2 million). Sales generated in this market region thus
had a share of 41.7 percent of Group sales (1-3/2012: 47.0 percent). Sales
developed positively in this market region in Italy, France, - as a result
of acquisition - Switzerland, Ireland and Austria.
In the market region CIS/Eastern Europe, sales achieved in the first three
months of 2013 increased significantly - in part due to acquisitions - by
33 percent to Euro 135.7 million (1-3/2012: Euro 101.7 million). Sales
generated in this market region thus contributed 28.4 percent to Group
sales (1-3/2012: 22.9 percent). Russia recorded a strong sales increase of
42 percent applying the exchange rates of the previous year. In euro, sales
recorded growth of 39 percent to Euro 89.9 million due to a negative
currency effect of the Russian ruble (1-3/2012: Euro 64.8 million). In
Serbia, sales increased significantly by 24 percent applying the exchange
rates of the previous year. In euro, sales increased by 22 percent to Euro
20.1 million due to a negative currency effect of the Serbian dinar
(1-3/2012: Euro 16.5 million).
In the market region Germany, - in view of the continued very difficult
framework conditions in the German generics market due to high margin
pressure from discount agreements with public health insurance
organizations - sales in the reporting period were approximately at the
level of the corresponding quarter of the previous year at Euro 126.0
million (1-3/2012: Euro 127.4 million), even though various German sales
companies recorded numerous awards in various tenders for such discount
agreements in financial year 2012. This market region thus had a share of
Group sales of just 26.5 percent (1-3/2012: 28.7 percent).
In the market region Asia & Pacific, sales in the reporting period
increased significantly by 165 percent to Euro 16.2 million (1-3/2012: Euro
6.1 million). Sales of the market region thereby contributed 3.4 percent to
Group sales (1-3/2012: 1.4 percent). The growth in this market region was
primarily based on the sales increase in Vietnam as a result of the
consolidation of Pymepharco Joint Stock Company as a subsidiary as of
January 1, 2013.
Development, production and procurement
Research and development costs amounted to Euro 13.2 million in the first
three months of the current financial year (1-3/2012: Euro 13.1 million).
Overall, STADA launched 145 individual products worldwide in the first
quarter of 2013 (1-3/2012: 181 product launches) in individual national
markets.
'With the control achieved of the Vietnamese subsidiary Pymepharco, the
number of production facilities in the Group increased by one production
site in Tuy Hoa in the first quarter of 2013. This production facility is
actually predominately focused on products for the Vietnamese market and,
as a result, will not initially be integrated into the central production
controlling for products with Group significance. However, looking to the
EU certification now received for a section of this facility, the technical
potential of this production facility makes gradual Group integration seem
fundamentally possible', comments Dr. Axel Müller, Chief Production &
Development Officer.
Outlook
The Executive Board confirms the outlook for the future development of the
STADA Group published at the beginning of the year. Thus, the Executive
Board expects, from today's perspective, further growth in sales and
earnings for the Group in 2013 and 2014. Furthermore, the Executive Board
sees the opportunity for further growth in the Group's adjusted EBITDA in
the high single-digit percent area in 2013 and thereby achieving a new
record value. In addition, the Executive Board affirms the long-term
prognosis envisaged for 2014, according to which Group sales of
approximately Euro 2.15 billion, at an adjusted level, EBITDA of
approximately Euro 430 million and net income of approximately Euro 215
million should be reached at minimum.
Additional information:
STADA Arzneimittel AG / Corporate Communications / Stadastrasse 2-18 /
61118 Bad Vilbel - Germany / Phone: +49 (0) 6101 603-113 / Fax: +49 (0)
6101 603-506 / E-mail: communications@stada.de
Or visit us in the Internet at www.stada.com.
End of Corporate News
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Language: English
Company: STADA Arzneimittel AG
StadastraÃe 2-18
61118 Bad Vilbel
Germany
Phone: +49 (0)6101 603- 113
Fax: +49 (0)6101 603- 506
E-mail: communications@stada.de
Internet: www.stada.de
ISIN: DE0007251803, DE0007251845,
WKN: 725180, 725184,
Indices: MDAX
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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209804 07.05.2013
DGAP-News: STADA: Good start in the first quarter of 2013 - organic growth accelerated
| Source: EQS Group AG