MILANO, Italy, March 6, 2014 (GLOBE NEWSWIRE) -- RECORDATI: BOARD APPROVES THE 2013 ACCOUNTS. REVENUE € 941.6 MILLION (+13.7%), OPERATING INCOME € 195.4 MILLION (+17.0%), NET INCOME € 133.7 MILLION (+12.8%). 2013 DIVIDEND € 0.33 (+10.0%).
Milan, 6 March 2014 - Recordati's Board of Directors approved the consolidated financial statements for the year 2013 as well as Recordati S.p.A.'s accounts and the corporate governance and ownership report as required by art. 123bis of the Consolidated Law on Financial Intermediation. The financial statements at and for the year ended 31 December 2013 and the aforesaid report will be available as from today 6 March 2014 at the company's head office and published on the company's website www.recordati.com and will also be available on the website of Borsa Italiana S.p.A.. The reports issued by the independent and by the statutory Auditors will be made available, within the terms of the law, in the same manner.
Financial highlights
(1) Earnings before interest, taxes, depreciation and amortization.
(2) Cash and short-term financial investments less bank overdrafts and medium/long-term loans which include the measurement at fair value of hedging derivatives (fair value hedge).
Business development news
A number of initiatives were pursued in 2013 which are important for the future development of the Group.
Subsequent events and business outlook
On 10 February 2014 an exclusive license agreement was signed with Apricus Biosciences Inc., a pharmaceutical company based in San Diego, U.S.A., for the marketing and sales of Vitaros® (alprostadil), an innovative topical product for the treatment of erectile dysfunction, in certain European countries including, among others, Spain, EU member countries in Central and Eastern Europe, Russia and the Commonwealth of Independent States (C.I.S.), Turkey and certain African countries.
Group consolidated sales during the first two months of 2014 are in line with the company's expectations for the whole year. The objective in 2014 is to to achieve sales of more than € 1,000 million, operating income of more than € 220 million and net income of more than € 150 million.
Dividend
Based on the results obtained, the Board of Directors of the parent company will propose to the shareholders a dividend of € 0.11 per share, in full balance of the interim 2013 dividend of € 0.22, to be paid to all shares outstanding at ex-dividend date, excluding those in treasury stock, as from 2 May 2014 (record date 30 April 2014), with ex-dividend on 28 April 2014 (against presentation of coupon no. 13). The full 2013 dividend is therefore of € 0.33 per share (€ 0.30 per share last year).
Further Board resolutions
The Board of Directors approved the following further deliberation proposals to be submitted to the Annual Meeting of Shareholders:
The appointment of Directors and of members of the Board of Statutory Auditors will be made, in compliance with compulsory requirements for balanced gender representation, by means of the list voting method and the shareholding necessary for the presentation of candidacy lists is 1% of the share capital with voting rights in the Ordinary Assembly.
The objective of the proposal to renew the authorization to buy back and dispose of Recordati shares until the Annual Shareholders' Meeting which will approve the 2014 financial statements is, as in previous years, to grant the Board the possibility: of using shares for equity acquisitions or as consideration for strategic agreements; of allowing the company to invest in its own shares; and of constituting a stock of own shares to service current and future stock option plans. The company would be 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 € 250,000,000. The purchase price must be at least equal to the shares' nominal value (€ 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 will be made on regulated markets and must comply with article 132 of Legislative Decree 58/1998 and with article 144-bis, comma 1.b) of the Issuers' Regulations as approved by CONSOB's resolution 11971/1999 and with market practice allowed and recognized by CONSOB. At 5 March 2014 the company has 6,275,110 shares in Treasury stock which amounts to 3.0% of the current share capital.
The Board of Directors also approved the Remuneration Report pursuant to article 123ter of the Legislative Decree 58/98, the first part of which is the Remuneration Policy to be submitted to the Annual Shareholders' Meeting. The Remuneration Report will be made available to the public within the terms of the law. The Shareholders' Meeting will also be called upon to approve the adoption of a new Stock Option Plan pursuant to article 114bis of Legislative Decree 58/1998 called the "2014-2018 Stock Option Plan".
Call to an Annual Shareholders' Meeting
The Board of Directors resolved to convene the Annual Shareholders' Meeting to be held at the company's offices on 17 April 2014 at 10.00 am, the sole convocation date, with the following agenda:
The entire notice of call of an Ordinary Shareholders' Meeting is made publicly available as of today on the company's website (section Investors/Shareholder Meetings/2014). On the same date and under the same section the Directors' reports on point 2. (appointment of the Board of Directors) and 3. (appointment of the Board of Statutory Auditors) of the Shareholders' Meeting agenda are published. The aforesaid reports are also available at the company's offices and at Borsa Italiana S.p.A.. Further documents relative to the Shareholders' Meeting agenda will be published in the same manner and within the terms prescribed by current laws and regulations.
Recordati, established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of around 4,000, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, in other Central and Eastern European countries, in Turkey, in the United States of America and in North Africa. An efficient field force of 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 is a partner of choice for new product licenses for its territories. 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 2013 was € 941.6 million, operating income was € 195.4 million and net income was € 133.7 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media Relations
Marianne Tatschke Ketchum
(39)0248787393 Cristina Risciotti, (39)0262411919, cristina.risciotti@ketchum.com
e-mail: inver@recordati.it Marzia Ongaretti, (39)0262411915, marzia.ongaretti@ketchum.com
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 €)
INCOME STATEMENT | 2013 | 2012 | Change % |
REVENUE | 941,630 | 828,317 | 13.7 |
Cost of sales | (327,329) | (293,557) | 11.5 |
GROSS PROFIT | 614,301 | 534,760 | 14.9 |
Selling expenses | (275,188) | (250,566) | 9.8 |
Research and development expenses | (74,725) | (63,407) | 17.8 |
General & administrative expenses | (54,093) | (45,486) | 18.9 |
Other income (expenses), net | (14,874) | (8,337) | 78.4 |
OPERATING INCOME | 195,421 | 166,964 | 17.0 |
Financial income (expenses), net | (14,625) | (6,626) | 120.7 |
PRE-TAX INCOME | 180,796 | 160,338 | 12.8 |
Provision for income taxes | (47,103) | (41,841) | 12.6 |
NET INCOME | 133,693 | 118,497 | 12.8 |
Attributable to: | |||
Equity holders of the parent | 133,678 | 118,484 | 12.8 |
Minority interests | 15 | 13 | 15.4 |
EARNINGS PER SHARE | 2013 | 2012 | Change % |
Basic | € 0.663 | € 0.593 | 11.8 |
Diluted | € 0.631 | € 0.560 | 12.7 |
COMPOSITION OF REVENUE | 2013 | 2012 | Change % |
Total revenue | 941,630 | 828,317 | 13.7 |
Italy | 228,900 | 219,898 | 4.1 |
International | 712,730 | 608,419 | 17.1 |
Pending completion of independent and statutory audits.
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)
ASSETS | 31.12.2013 | 31.12.2012 |
Property, plant and equipment | 81,288 | 59,972 |
Intangible assets | 295,498 | 231,470 |
Goodwill | 468,807 | 413,213 |
Equity investments | 5,939 | 6,925 |
Non-current receivables | 4,256 | 3,788 |
Deferred tax assets | 25,205 | 22,837 |
TOTAL NON-CURRENT ASSETS | 880,993 | 738.205 |
Inventories | 140,430 | 126,388 |
Trade receivables | 179,775 | 155,359 |
Other receivables | 24,979 | 24,983 |
Other current assets | 5,363 | 2,164 |
Fair value of hedging derivatives (fair value hedge) | 0 | 1,371 |
Short-term financial investments, cash and cash equivalents | 52,271 | 38,418 |
TOTAL CURRENT ASSETS | 402,818 | 348,683 |
TOTAL ASSETS | 1,283,811 | 1,086,888 |
EQUITY AND LIABILITIES | 31.12.2013 | 31.12.2012 |
Share capital | 26,141 | 26,141 |
Capital in excess of par value | 83,719 | 83,719 |
Treasury stock | (37,791) | (46,254) |
Hedging reserve | (2,270) | (4,983) |
Translation reserve | (42,853) | (3,713) |
Other reserves | 25,776 | 26,326 |
Retained earnings | 559,878 | 501,701 |
Net income for the year | 133,678 | 118,484 |
Interim dividend | (44,526) | (40,077) |
GROUP SHAREHOLDERS' EQUITY | 701,752 | 661,344 |
Minority interest | 68 | 53 |
SHAREHOLDERS' EQUITY | 701,820 | 661,397 |
Loans due after one year | 196,788 | 129,111 |
Employees' termination pay | 16,698 | 17,862 |
Deferred tax liabilities | 21,072 | 15,872 |
Other non-current liabilities | 4,040 | 1,828 |
TOTAL NON-CURRENT LIABILITIES | 238,598 | 164,673 |
Trade payables | 107,156 | 106,926 |
Other payables | 71,193 | 53,984 |
Tax liabilities | 15,951 | 9,789 |
Other current liabilities | 855 | 458 |
Provisions | 29,454 | 20,544 |
Fair value of hedging derivatives (cash flow hedge) | 2,270 | 4,983 |
Fair value of hedging derivatives (fair value hedge) | 2,210 | 0 |
Loans due within one year | 80,280 | 8,147 |
Bank overdrafts | 34,024 | 55,987 |
TOTAL CURRENT LIABILITIES | 343,393 | 260,818 |
TOTAL EQUITY AND LIABILITIES | 1,283,811 | 1,086,888 |
RECORDATI S.P.A.
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of €)
2013 | 2012 | Var. % | |
Revenue | 293,761 | 275,811 | 6.5 |
Operating income | 45,855 | 39,350 | 16.5 |
Pre-tax income | 85,547 | 98,673 | (13.3) |
Net income | 73,573 | 85,032 | (13.5) |
31.12.2013 | 31.12.2012 | |
Non-current assets | 565,632 | 570,129 |
Current assets | 243,968 | 190,637 |
TOTAL ASSETS | 809,600 | 760,766 |
Shareholders' equity | 355,692 | 336,357 |
Non-current liabilities | 158,420 | 142,901 |
Current liabilities | 295,488 | 281,508 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 809,600 | 760,766 |
Pending completion of independent and statutory audits.
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.
RECORDATI: BOARD APPROVES THE 2013 ACCOUNTS. http://hugin.info/143644/R/1766857/600099.pdf
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