- Shareholders approve the 2015 results: consolidated revenues € 1,047.7 million (+6.1% vs 2014), operating income € 278.5 million (+20.6%), net income € 198.8 million (+23.3%).
- Dividend for 2015 € 0.60 per share (+20.0% vs 2014), of which € 0.30 already paid in November 2015.
- Remuneration policy approved.
- Authorization to buy-back and dispose of Recordati shares renewed.
- Reduction of the number of Board members from ten to nine approved.
- First quarter 2016 consolidated revenues € 302.2 million (+9.6% vs the first quarter of 2015).
MILAN, Italy, April 13, 2016 (GLOBE NEWSWIRE) -- Today the Annual Meeting of Recordati Shareholders was held.
Recordati's Annual Shareholders' Meeting approved the company's 2015 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 2015 financial statements. As announced on 8 March 2016 revenues are € 1,047.7 million (+6.1%), operating income (EBIT) is € 278.5 million (+20.6%), and net income is € 198.8 million (+23.3%). International sales account for 79.8% of total sales.
As proposed by the Board of Directors, the shareholders approved a dividend of € 0.30 per share, in full balance of the interim 2015 dividend of € 0.30, to be paid to all shares outstanding at ex-dividend date, excluding those in treasury stock, as from 20 April 2016 (record date 19 April 2016), with ex-dividend on 18 April 2016 (against presentation of coupon no. 17). The full 2015 dividend is therefore of € 0.60 per share (€ 0.50 per share in 2014).
Further shareholder resolutions
Remuneration policy
The Shareholders' Meeting also approved the remuneration policies for the year 2016 in accordance with article 123ter of Legislative Decree No. 58 of 24February 1998, which is the object of the Board's explanatory report on the second item of the agenda of the Shareholders' Meeting and can be found on the company's website at:
http://www.recordati.it/en/investors/shareholders-_meetings/
Authorization to buy-back and dispose of Recordati shares
The Shareholders' Meeting authorized the buyback and disposal of Recordati shares until the Annual Shareholders' Meeting that will approve the 2016 financial statements. The objective 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 15,000,000 Recordati existing ordinary (common) shares, which includes those shares held in Treasury stock at any given time, for a maximum cash outlay of € 300,000,000. 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 12 April 2016, the company has 4,176,458 shares in Treasury stock which amounts to 1.997% of the current share capital.
Reduction of the number of Board members from ten to nine
Finally, the Shareholders' Meeting resolved to reduce the number of Board members from ten to nine, in line with the provisions of the company's By Laws. This resolution follows the resignation presented by Board member Mr. Carlo Pedersoli on 8 March last, which was already announced in a press release issued on that date.
Stock options granted
As per article 84-bis of Consob Regulation 11971/99 ("Issuers' Regulations") we furthermore inform that the Board of Directors, in a meeting following the Shareholders' Meeting resolved, as proposed by the Remuneration Committee in its meeting of 7 April 2016, to grant 3,973,000 stock options under the 2014-2018 Stock Option Plan approved by the Shareholders' Meeting of 17 April 2014, to 157 employees of Recordati S.p.A. and its subsidiaries (see table attached). The options may be exercised only if certain consolidated net income objectives are reached. The strike price, calculated by averaging the market price of the share over the period between the date of grant and the same day of the preceding month, is fixed at € 21.93 The characteristics of the plan are described in the information document comprising the object of the fifth point of the Board's explanatory report on the 17 April 2014 Shareholder Meeting's Agenda and are available on the company's website:
http://www.recordati.it/en/corporate_governance/
remuneration/stock_option_plans/2014/
First quarter 2016
Revenue performance in the first quarter 2016 is positive. Group sales are € 302.2 million, an increase of 9.6% over those in the first quarter of the preceding year.
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 North Africa and in the United States of America. 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 specialties within the urogenital therapeutic area and of treatments for rare diseases. Consolidated revenue for 2015 was € 1,047.7 million, operating income was € 278.5 million and net income was € 198.8 million.
For further information:
Recordati website: www.recordati.com
Investor Relations Media Relations
Marianne Tatschke Studio Noris Morano
(39)0248787393 (39)0276004736, (39)0276004745
e-mail: inver@recordati.it e-mail: norismorano@studionorismorano.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.
Shareholders' Meeting 13.4.16 http://hugin.info/143644/R/2003175/739323.pdf
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