July-September 2014
· Net sales amounted to SEK 508 million (505), an increase of 0.5% compared to
same quarter last year (-3.2% in fixed FX-rates)
· EBITDA decreased by 24.4% compared to same quarter last year and amounted to
SEK 51 million (68)
· Operating profit (EBIT) amounted to SEK 25 million (44), giving an operating
margin of 5.0% (8.6)
· Profit after tax amounted to SEK 8 million (27), giving a net margin of 1.6%
(5.4)
· Earnings per share amounted to SEK 0.22 (1.07), after dilution SEK 0.22 kr
(1.03)
January-September 2014
· Net sales amounted to SEK 1 696 million (1 552), an increase of 9.3%
compared to same period last year (6.3% in fixed FX rates)
· EBITDA increased by 24.2% compared to same period last year and amounted to
SEK 252 million (203)
· Operating profit (EBIT) amounted to SEK 177 million (134), giving an
operating margin of 10.4% (8.6)
· Profit after tax amounted to SEK 111 million (83), giving a net margin of
6.5% (5.3)
· Earnings per share amounted to SEK 3.37 (3.26), after dilution SEK 3.37
(3.11)
· Cash flow from operating activities was SEK 168 million (83)
· Net debt to Equity was -0.3 (0.7)
Key figures
Jul - Change Change Oct 13 FY
Sep Jan -
Sep
SEK million 2014 2013 in % 2014 2013 in % -Sep 14 2013
Net sales 507,6 504,8 0,5 1 696,4 1 551, 9,3 2 269,2 2 124,
8 6
Net sales 488,7 -3,2 1 649,0 6,3
(constant FX
rates)
EBITDA 51,1 67,6 -24,4 251,9 202,8 24,2 332,1 283,0
EBIT 25,3 43,6 -42,0 176,8 133,6 32,3 231,3 188,1
EBIT margin (%) 5,0 8,6 10,4 8,6 10,9 8,9
Earnings per 0,22 1,07 3,37 3,26 3,81 3,72
share
Non-recurring 0,0 0,1 0,0 2,3 4,2 6,5
items
Return on 10,8 26,1 10,8 14,5
equity (%)
Return on 19,4 15,4 19,4 17,2
operating
capital (%)
Equity to 59,5 18,6 59,5 37,6
assets (%)
Net debt -412,6 443,5 -412,6 409,8
Net debt to -0,3 0,7 -0,3 0,6
Equity
Net debt to -1,2 1,7 -1,2 1,4
EBITDA
Thomas Eldered, CEO:
“Overall, Recipharm’s business was relatively stable in the third quarter. Sales
continued at a high level, operating profit was affected by certain one-time and
phasing effects and operating cash flow was much stronger than the previous
year.
Sales were the highest for a third quarter ever, benefitting from favourable
currency effects and solid activity and demand in most operating companies.
Sales in Development & Technology continued to increase, although as expected at
a slower pace than earlier in the year. Technical issues, supply shortage of
some components as well as effects from the discontinued French distribution
business, offset this. These issues together with phasing effects from the
previous two quarters contributed to a lower than planned manufacturing output
impacting our results. Throughout the quarter we also had unusually high
corporate activity from evaluating acquisition opportunities including due
diligences, resulting in increased external costs.
Operating cash flow for the quarter, at over SEK 75 million (last year SEK 23
million), was strong as working capital was reduced.
The acquisition of the Italian Corvette Pharmaceutical Services Group, from the
1st of October, provides access to highly interesting markets including Italy
and a number of emerging markets, many of which are new to Recipharm. It
increases our capacity and capability in lyophilisation and Corvette will
significantly contribute to Recipharm’s intellectual property backed business.
We will continue to develop Recipharm towards our long-term objectives and in
line with our strategic growth agenda, by a combination of investing in our
current business and further acquisitions and long-term partnerships, like the
recently announced collaboration with Isofol Medical. The new SEK 1 500 million
credit facility combined with the authorisation for the Board to issue new
shares in relation to acquisitions further strengthen the capability to grow the
business in this direction”.
The full interim report is attached through the link at the end of the press
release.
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 subitted for publication on 7 November
2014, at 07:45 am CET.
Recipharm invites investors, analysts and media to a telephone conference
together with a web presentation (in English) on November 7 at 10:00 CET where
CEO Thomas Eldered and CFO Björn Westberg will present and comment on the
interim report and answer questions.
To participate in the conference please dial:
From Sweden, tel: +46 8 506 443 86
From Denmark, tel: +45 32 71 42 62
From Finland, tel: +358 9 8171 0375
From Norway, tel: +47 21 06 61 13
From the UK, tel: +44 20 7153 9154
From Germany, tel: +49 69 2017 44 210
From France, tel: +33 1 70 70 95 02
From Spain, tel: +34 914 142 009
From Switzerland, tel: +41 44 580 65 22
From the US, tel:+1 877 423 0830
From Italy, tel: + +39 02 3600 6663
Pin code for participants: 942621#
To access the presentation during the conference use the following link:
http://event.onlineseminarsolutions.com/r.htm?e=884203&s=1&k=BD5F68B778595AA605A
9
D778C06DA2DA
For more information, please visit www.recipharm.com or contact:
Thomas Eldered, VD, thomas.eldered@recipharm.com, tel: +46 8 602 52 00
Björn Westberg, CFO, bjorn.westberg@recipharm.com, tel: +46 8 602 46 20
About Recipharm
Recipharm is a leading CDMO (Contract Development and Manufacturing
Organisation) in the pharmaceutical industry based in Sweden employing some
1,750 employees. Recipharm offers manufacturing services of pharmaceuticals in
various dosage forms, production of clinical trial material including API and
pharmaceutical product development. Recipharm manufactures more than 250
different products to customers ranging from Big Pharma through to smaller
research- and development companies. Recipharm’s turnover is approximately SEK
2.6 billion and the Company operates development and manufacturing facilities in
Sweden, France, the UK, Germany, Spain and Italy and is headquartered in
Jordbro, Sweden. The Recipharm B-share (RECI B) is listed on Nasdaq OMX
Stockholm. For more information on Recipharm and our services, please visit
www.recipharm.com.
Recipharm AB (publ)
Corporate identity number 556498-8425
Address Lagervägen 7, SE-136 50 Jordbro Telephone 46 8 602 52 00
Fax 46 8 81 87 03, www.recipharm.com
Interim report January-September 2014
| Source: Recipharm AB
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