January - March 2016
· Net sales amounted to SEK 973 million (873), an increase of 11%
· EBITDA amounted to SEK 136 million (158) giving an EBITDA margin of 14.0%
(18.1)
· Operating profit (EBIT) amounted to SEK 69 million (100)
· Profit after tax amounted to SEK 25 million (121), where last year
included SEK 46.6 million non-recurring financial gain
· Earnings per share amounted to SEK 0.52 (2.74), after dilution 0.52 (2.74).
Adjusted EBITDA, excluding the SEK 46.6 million non-recurring financial gain,
amounted to SEK 0.52 (1.68).
· Cash flow from operating activities was SEK -60 million (148)
· Net debt to EBITDA was 3.1 (2.1)
Key figures
Jan - Mar change Apr 15
SEK million 2016 2015 in % - Mar 16 2015
Net sales 973 873 11.4 3 489 3 389
Net sales 978 12.0 3 344
(constant FX
rates)
EBITDA 136 158 -13.7 488 510
EBIT 69 100 -31.4 243 274
EBITDA margin 14.0 18.1 14.0 15.0
(%)
Earnings per 0.52 2.74 2.55 4.72
share
Return on 4.0 13.1 8.8
equity (%)
Equity per 64.1 59.3 59.2
share (SEK)
Equity to 40.8 49.9 48.1
assets (%)
Net debt 1 510 937 1 183
Net debt to 0.5 0.3 0.4
Equity
Net debt to 3.1 2.1 2.3
EBITDA
Thomas Eldered, CEO:
“Sales developed overall in-line with our expectations during the quarter, with
reported sales growth compared to the first quarter 2015 of 12 percent in local
currencies. Acquisitions completed during the last twelve months performed as
planned and represented approximately 50% of the growth. An important
contributor to growth was sales under the new outsourcing contract in
Kaysersberg which more than compensated lower sales of Thyrosafe and other high
margin sales in the Development & Technology segment. We saw continued strong
demand for our lyophilisation services while we saw lower demand for liquid
injectables.
EBITDA-margin increased sequentially from 12.7 percent to 14.0 percent in the
quarter. While we faced decreased demand of a few high margin products and the
profit impact of less Thyrosafe sales in D&T the margin developed particularly
favourably in the segment Manufacturing Services Solids & Others. The improved
margin in this segment was due to several non-recurring items, but was also
negatively affected by a phasing of revenue into later quarters. We started to
implement the Cost and Efficiency program in Sweden but the impact during the
quarter was not material and most of the savings will be achieved during the
second half of the year. In the Manufacturing Services Sterile Liquids segment
business from the new contract in Kaysersberg contributed according to our
expectations. It compensated the from third quarter 2015 discontinued packaging
-only contract and a negative non-recurring inventory revaluation.
The year has started with an intensive acquisition activity, and we have taken
several important steps in the implementation of our strategic growth plan. We
are thereby further strengthening our synergistic business model by aligning
development and manufacturing globally. When these acquisitions are completed we
will have a global setup with a leading asset base in Europe, an excellent
capability in India and a bridgehead providing improved access to US based
customers. We are growing the company in-line with our recently established
overall financial objectives. Although we have more hard work ahead of us, I am
confident these targets will be achieved and we are on our way to become a
global leader in our industry.
Going forward we expect to see continued sequential increases in EBITDA-margin
and significant growth from announced acquisitions. The markets we operate in
remain challenging, but I am convinced that we will benefit from the global
reach and our competitive value proposition to customers. There are tremendous
opportunities in our new global structure and we are determined to explore
these.”
The complete interim report is attached through the link at the end of the press
release.
The company invites investors, analysts and media to a web conference with a
presentation (in English) on 28 April at 10:00 am CET where CEO Thomas Eldered
and CFO Björn Westberg will present and comment on the interim report and answer
questions.
To participate in the web conference, please use the below link:
http://edge.media-server.com/m/p/a7pkzj8w (http://edge.media
-server.com/m/p/a7pkzj8w%20)
Questions may be submitted by dialing below telephone numbers or by typing them
in the Q&A box during the conference. If you don’t wish to ask questions by
telephone you only need to participate through the link above.
From Sweden: + 46 8 505 963 06
From Denmark: + 45 354 45597
From Finland: + 358 9 8171 0317
From France: + 33 29092 0977
From Germany: + 49 30 211 510 067
From India: + 91 226187 51 03
From Italy: + 39 2 3604 67 98
From Norway: + 47 235 00 559
From Portugal: + 35 210 609104
From Spain: + 34 911 143 608
From Switzerland: + 41 44 5800083
From the UK: + 44 203 139 48 30
From the USA: + 1 718 873 90 77
Pin code for participants:
38308984#
For more information, please visit www.recipharm.com or contact:
Thomas Eldered, CEO, +46 8 602 52 10
Björn Westberg, CFO, ir@recipharm.com, +46 8 602 46 20
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 submitted for publication on 28 April
2016 at 07:45 am CET.
About Recipharm
Recipharm is a leading CDMO (Contract Development and Manufacturing
Organisation) in the pharmaceutical industry employing some 3,200 employees.
Recipharm offers manufacturing services of pharmaceuticals in various dosage
forms, production of clinical trial material and APIs, and pharmaceutical
product development. Recipharm manufactures several hundred different products
to customers ranging from Big Pharma to smaller research- and development
companies. Recipharm’s turnover is approximately SEK 4.6 billion and the Company
operates development and manufacturing facilities in France, Germany, India,
Israel, Italy, Portugal, Spain, Sweden and the UK and is headquartered in
Jordbro, Sweden. The Recipharm B-share (RECI B) is listed on NASDAQ 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, Sweden, Telephone 46 8 602 52
00, Fax 46 8 81 87 03
www.recipharm.com
Interim report January-March 2016
| Source: Recipharm AB
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