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DISREGARD PREVIOUS RELEASE - RECORDATI: Board approves the 2012 accounts.


March 7, 2013 - Milan, Italy

RECORDATI: BOARD APPROVES THE 2012 ACCOUNTS. REVENUE EUR 828.3 MILLION(+8.7%),OPERATING INCOME EUR 167.0 MILLION (+2.1%), NET INCOME EUR 118.5 MILLION(+1.8%).2012 DIVIDEND EUR 0.30.

* Consolidated revenue EUR 828.3 million, + 8.7%.

* Operating income EUR 167.0 million, + 2.1%.

* Net income EUR 118.5 million, + 1.8%.

* Net financial position*: net debt of EUR 153.5 million.

* Dividend for 2012 EUR 0.30 per share, of which EUR 0.20 already paid.

* Targets for 2013: sales to exceed EUR 920 million, operating to exceedEUR 185 million and net income to exceed EUR 128 million.

* Annual Meeting of Shareholders convened for 17 April 2013, thesole convocation date.

Recordati's Board of Directors approved the consolidatedfinancial statements for the year 2012 as well as Recordati S.p.A.'saccountsand the corporate governance and ownership report as required by art. 123bis ofthe Consolidated Law on Financial Intermediation. The financialstatements atand for the year ended 31 December 2012 and the aforesaid reportwill beavailable as from tomorrow 8 March 2013 at the company's headoffice andpublished on the company's website www.recordati.com and will also beavailableon the website of Borsa Italiana S.p.A.. The reports issued by theindependentand by the statutory Auditors will be made available, within the termsof thelaw, in the same manner.

Financial highlights

* Consolidated revenue in 2012 is EUR 828.3 million, up by 8.7% comparedto the preceding year. Pharmaceutical sales are EUR 797.4 million, anincrease of 8.7% while pharmaceutical chemicals sales are EUR 30.9 million, anincrease of 8.9%.

* Operating income, at 20.2% of sales, is EUR 167.0 million, anincrease of 2.1% over the preceding year. Fourth quarter results include non-recurring costs related to the acquisition of the European rights toGraspa® (EUR 5 million) and to the restructuring of our sales organization.

* Net income at 14.3% of sales is EUR 118.5 million, an increase of 1.8%.

* Net financial position* at 31 December 2012 records a net debt of EUR153.5 million as compared to a net debt of EUR 55.7 million at 31 December2011. During the year EUR 21.0 million were paid for the acquisition ofsix OTC products in Germany, EUR 14.3 million overall were paid for theacquisitions in Poland of the pharmaceutical company Farma-Projekt plus aportfolio of products and EUR 66.7 million were paid for the acquisition of aproduct portfolio in Russia. Dividends for a total of EUR 61.4million were distributed.


* Cash and short-term financial investments net of bank overdraftsandmedium/long-term loans which include the measurement at fair value ofhedgingderivatives (fair value hedge).

Business development news

A number of initiatives were pursued in 2012 which are fundamentalfor thefuture development of the Group.

* In February the activities for the preparation of a EuropeanPhase III clinical trial for REC 0482 (NX-1207), following the successfulcompletion of a Scientific Advice meeting with the European Medicines Agency (EMA)were initiated. The pivotal controlled clinical trial will assess theefficacy and safety of a single TRUS-guided intraprostatic injection of thedrug in patients with lower urinary tract symptoms (LUTS) associated withBPH not adequately controlled by medical therapy. A European licensingagreement for the development and commercialization of NX-1207 was signed in2010 by Recordati and Nymox Pharmaceutical Corporation. Under the termsof the agreement Recordati received exclusive rights to develop andsubsequently market and sell the drug in Europe including Russia and the CIS, theMiddle East, South Africa and the Maghreb area of North Africa.

* During April the marketing authorizations, the trademarks andadditional assets concerning six OTC pharmaceuticals for Germany were acquiredfrom Cilag GmbH International and McNeil GmbH & Co. oHG. The productsacquired are JHP-Rödler® (mint oil indicated for digestive disorder,headache, cough and cold), Betadorm® D (diphenhydramine HCl indicated for sleepdisorders), Rhinopront® (pseudoephedrine+triprolidine indicated for rhinitisand head colds), Collomack® Topical (salicylic acid solution, ananti-corn preparation), Tirgon® (bisacodyl for constipation) andXitix® (vitamin C lozenges to treat vitamin C deficiency). In 2012 the annual salesfor the six products are of around EUR 6 million.

* In August the acquisition of 100% of the share capital of Farma-Projekt Sp. z o.o., a Polish pharmaceutical company with headquarters inKrakow, was concluded. The value of the transaction (enterprise value) is of PLN71.0 million (EUR 17.4 million) of which PLN 50.8 million (EUR 12.5million) were paid at the closing. Of the remaining balance a portion will bepaid in tranches on future dates and a portion comprises the company's debt.Farma-Projekt operates on the Polish pharmaceutical market since 2003 andmarkets drugs belonging to a variety of therapeutic areas, mainlycardiovascular and urological treatments as well as dietary supplements. The companyemploys around 135 personnel, of which 84 are dedicated to sales andmarketing. Sales in 2011 were of around PLN 47 million (EUR 11.5 million).

* In October the oral care line of products bearing the Dentosan®trademark was acquired for the Italian market from Cilag GmbH International,part of the Johnson & Johnson Family of Consumer Companies. Dentosan® isthe second leading brand in the Italian oral care market at pharmacy level(IMS - September 2012). The line consists of three product categories:mouthwash, toothpaste gel and toothbrushes, sold mainly in pharmacies, and ofwhich the mouthwash category represents the most important franchise. AllDentosan® mouthwash brands - Dentosan® Azione Intensiva, Dentosan®Trattamento Mese and Dentosan® Ortodontico - are based on chlorhexidine atdifferent concentrations and are highly appreciated by the professionaldental community and consumers. Recordati is a very well-known name in thepharmacy and we are confident that this prestigious brand will become evenmore popular in the future.

* In November the acquisition of all rights to five product lineson the Russian market: Alfavit, Qudesan, Vetoron, Focus and Carnitonewas successfully concluded. The value of the transaction is of RUB 2.7billion (EUR 67.2 million). The brands of the products acquired, whichare OTC pharmaceuticals and dietary supplements, are very well known inRussia. The Alfavit product line in particular comprises a wide range offormulations containing vitamins and minerals and holds a leading position on themarket. Qudesan is based on coenzyme Q(10), an adjuvant for cardiacfunction, promoted for the prevention and treatment of chronic fatigue andmetabolic dysfunction. The key ingredient in Vetoron is beta-carotene, Focuscontains bilberry anthocyanins and lutein for eye health and Carnitone is asource of L-carnitine. Total annual sales of the five product lines are ofaround RUB 1.0 billion (EUR 25 million).

* Also in November subsidiary Orphan Europe and Erytech Pharma, aFrench biopharmaceutical company, entered into an agreement granting OrphanEurope the exclusive rights for the commercialization and distribution ofGraspa® for the treatment of Acute Lymphoblastic Leukemia (ALL) and AcuteMyeloid Leukemia (AML) in Europe. Graspa®, human erythrocytesencapsulatingL-asparaginase, for the treatment of hematological malignancies, iscurrently in pivotal Phase II/III clinical trial for ALL and will enter aPhase IIb trial in AML in Europe. The product has obtained an orphan drugdesignation in Europe and the USA for ALL. Graspa® is a newformulation ofL-asparaginase with a safer and broader range of clinical use thanexisting forms due to the entrapment and protection of the enzyme insidehomologous red blood cells. The added value of Graspa® (by encapsulating L-asparaginase in red blood cells) relates to its ability to overcome existinglimitations associated with conventional L-asparaginase via longer efficacy,better compliance, reduced doses and a better safety profile. Graspa®is intended to satisfy the unmet medical needs of frail patients, patientssuffering relapses and other patient groups for whom the current treatmentsare not suitable.

* In December an agreement for the acquisition of all rightsconcerning a portfolio of products indicated for the treatment of rare and otherdiseases and marketed mainly in the United States of America, from LundbeckLLC. was signed. The value of the transaction, which was successfullyclosed in January 2013 is of $ 100 million. Expected revenues in 2013for the acquired portfolio are of around $ 40 million. The acquired portfoliowill be marketed in the U.S. by Recordati Rare Diseases, a wholly-ownedU.S. corporation. The main product in the portfolio is Panhematin®(haemin for injection) for the amelioration of recurrent attacks of acuteintermittent porphyria. Other important drugs acquired are NeoProfen®(ibuprofen lysine injection) and Indocin® I.V. (indomethacin injection), indicatedto close a clinically significant patent ductus arteriosus (PDA) in prematureinfants, and Cosmegen® (dactinomycin for injection) used mainly in thetreatment of three rare cancers. The acquisition of this portfolio of productsis a confirmation of Recordati's intention to become a leading player inrare diseases worldwide and will also contribute to the growth andenhancement of our current operation in the U.S..

Subsequent events and business outlook

Group consolidated sales during the first two months of 2013 are in linewiththe company's expectations for the whole year. For 2013, targets are toachievesales of more than EUR 920 million, operating income of more than EUR185 millionand net income of more than EUR 128 million. Objectives in the businessplan areto achieve sales of between EUR 1.025 and EUR 1.075 million, operatingincome ofbetween EUR 210 and EUR 220 million and net income of between EUR 140and EUR 150million in 2015.

Dividend

Based on the results obtained, the Board of Directors of the parent companywillpropose to the shareholders a dividend of EUR 0.10 per share, in fullbalance ofthe interim 2012 dividend of EUR 0.20, to be paid to all shares outstandingatex-dividend date, excluding those in treasury stock, as from 25 April2013 andrecord date on 24 April 2013, with ex-dividend on 22 April 2013. The full2012dividend is therefore of EUR 0.30 per share (EUR 0.30 per share lastyear).

Further Board resolutions

The Board of Directors approved the following deliberation proposalsto besubmitted to the Annual Meeting of Shareholders: * the renewal of the authorization to buy back and dispose of Recordatishares until the Annual Shareholders' Meeting which will approve the 2013financial statements;

* the examination of the Remuneration Policy pursuant to article 123-ter of Legislative Decree 58/98;

* the approval of Shareholders' Meeting regulations.

The objective of the proposal to renew the authorization to buy back anddisposeof Recordati shares until the Annual Shareholders' Meeting which willapprovethe 2013 financial statements is, as in previous years, to grant theBoard thepossibility: of using shares for equity acquisitions or asconsideration forstrategic agreements; of allowing the company to invest in its ownshares; andof constituting a stock of own shares to service current and future stockoptionplans. The company would be allowed to purchase up to 20,000,000Recordatiexisting ordinary (common) shares, which includes those shares held inTreasurystock at any given time, for a maximum cash outlay of EUR 150,000,000million.The purchase price must be at least equal to the shares' nominalvalue (EUR0.125) and must not exceed the average official Stock Exchange pricerecordedover the 5 trading days prior to the transaction, plus 5%. Possiblepurchaseswill be made on regulated markets and must comply with article132 ofLegislative Decree 58/1998 and with article 144-bis, comma 1.b) of theIssuers'Regulations as approved by CONSOB's resolution 11971/1999 and withmarketpractice allowed and recognized by CONSOB. At 7 March 2013 thecompany has8,225,790 shares in Treasury stock which amounts to 3.9334% of the currentsharecapital.

The Board of Directors also approved the Remuneration Report pursuant toarticle123-ter of the Legislative Decree 58/98, the first part of whichis theRemuneration Policy to be submitted to the Annual Shareholders'Meeting. TheRemuneration Report will be made available to the public within the termsof thelaw.

The Board of Directors also resolved to submit to the Shareholders'Meeting theapproval of a Shareholders' Meeting Regulation, in compliance withtheprovisions of the Corporate Governance code. Further informationwill beprovided in the Directors' report which will be made available at thecompany'shead office and published on the company's website within the terms of law.

Call to an Annual Shareholders' Meeting

The Board of Directors resolved to convene the Annual Shareholders'Meeting tobe held at the company's offices on 17 April 2013 at 10.00 am, thesoleconvocation date, with the following agenda:

1. Annual Report of the Board of Directors; Statutory Auditors' Report;2012Financial Statements; inherent and consequent resolutions.

2. Remuneration policy pursuant to article 123-ter of the LegislativeDecree58/98; inherent and consequent resolutions.

3. Authorization proposal to buy back and dispose of Recordati shares;inherentand consequent resolutions.

4. Proposal to approve a Shareholders' Meeting regulation.The convocation notice and the documents relative to the agendawill bepublished in the manner required and within the terms prescribed by currentlawsand regulations.

Recordati, established in 1926, is a European pharmaceutical group,listed onthe Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM,ISIN IT0003828271), with a total staff of over 3,300, dedicated to theresearch,development, manufacturing and marketing of pharmaceuticals.Headquartered inMilan, Italy, Recordati has operations in the main Europeancountries, inCentral and Eastern Europe, and in Turkey. A field force of more than1,700medical representatives promotes a wide range of innovativepharmaceuticals,both proprietary and under license, in a number of therapeutic areasincluding aspecialized business dedicated to treatments for rare diseases. Recordatiis apartner of choice for new product licenses from companies which do nothave aEuropean presence. Recordati is committed to the research anddevelopment ofnew drug entities within the cardiovascular and urogenital therapeuticareas andof treatments for rare diseases. Consolidated revenue for 2011 was EUR762.0million, operating income was EUR 163.5 million and net income wasEUR 116.4million.

Statements contained in this release, other than historical facts, are"forward-looking statements" (as such term is defined in the PrivateSecuritiesLitigation Reform Act of 1995). These statements are based oncurrentlyavailable information, on current best estimates, and on assumptionsbelieved tobe reasonable. This information, these estimates and assumptions may proveto beincomplete or erroneous, and involve numerous risks and uncertainties,beyondthe Company's control. Hence, actual results may differ materially fromthoseexpressed or implied by such forward-looking statements. Allmentions anddescriptions of Recordati products are intended solely as informationon thegeneral nature of the company's activities and are not intended toindicate theadvisability 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 EUR)


+--------------------------------------+-----------+-----------+----------+
| INCOME STATEMENT | 2012 | 2011 | Change % |
+--------------------------------------+-----------+-----------+----------+
| REVENUE | 828,317 | 762,036 | 8.7 |
| | | | |
| Cost of sales | (293,557) | (259,977) | 12.9 |
| +-----------+-----------+----------+
| GROSS PROFIT | 534,760 | 502,059 | 6.5 |
| | | | |
| Selling expenses | (250,566) | (232,160) | 7.9 |
| | | | |
| Research and development expenses | (63,407) | (55,956) | 13.3 |
| | | | |
| General & administrative expenses | (45,486) | (45,386) | 0.2 |
| | | | |
| Other income (expenses), net | (8,337) | (5,080) | 64.1 |
| +-----------+-----------+----------+
| OPERATING INCOME | 166,964 | 163,477 | 2.1 |
| | | | |
| Financial income (expenses), net | (6,626) | (3,465) | 91.2 |
| +-----------+-----------+----------+
| PRE-TAX INCOME | 160,338 | 160,012 | 0.2 |
| | | | |
| Provision for income taxes | (41,841) | (43,566) | (4.0) |
| +-----------+-----------+----------+
| NET INCOME | 118,497 | 116.446 | 1.8 |
+--------------------------------------+-----------+-----------+----------+
| Attributable to: | | | |
| | | | |
| Equity holders of the parent | 118,484 | 116,434 | 1.8 |
| | | | |
| Minority interests | 13 | 12 | 8.3 |
+--------------------------------------+-----------+-----------+----------+

+--------------------+---------+---------+-----+
| EARNINGS PER SHARE | 2012 | 2011 | |
+--------------------+---------+---------+-----+
| Basic |EUR 0.593|EUR 0.584| 1.5 |
| | | | |
| Diluted |EUR 0.560|EUR 0.556| 0.7 |
+--------------------+---------+---------+-----+

Earnings per share (EPS) are based on average shares outstanding
during each year, 199,722,208 in 2012 and 199,369,542 in 2011, net of
average treasury stock which amounted to 9,402,948 shares in 2012 and
to 9,755,614 shares in 2011. Diluted earnings per share is
calculated taking into account stock options granted to employees.

+------------------------+---------+---------+----------+
| COMPOSITION OF REVENUE | 2012 | 2011 | Change % |
+------------------------+---------+---------+----------+
| Total revenue | 828,317 | 762,036 | 8.7 |
| +---------+---------+----------+
| Italy | 219,898 | 221,603 | (0.8) |
| | | | |
| International | 608,419 | 540,433 | 12.6 |
+------------------------+---------+---------+----------+
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 EUR)


+---------------------------------------------------+----------+----------+
|ASSETS |31.12.2012|31.12.2011|
+---------------------------------------------------+----------+----------+
|Property, plant and equipment | 59,972| 55,397|
| | | |
|Intangible assets | 231,470| 149,649|
| | | |
|Goodwill | 413,213| 365,719|
| | | |
|Equity investments | 6,925| 1,977|
| | | |
|Non-current receivables | 3,788| 1,282|
| | | |
|Deferred tax assets | 22,837| 22,494|
| +----------+----------+
|TOTAL NON-CURRENT ASSETS | 738.205| 596,518|
| | | |
| | | |
| | | |
|Inventories | 126,388| 108,251|
| | | |
|Trade receivables | 155,359| 141,231|
| | | |
|Other receivables | 24,983| 21,311|
| | | |
|Other current assets | 2,164| 3,198|
| | | |
|Fair value of hedging derivatives (fair value hedge) 1,371| 1,791|
| | | |
|Short-term financial investments, cash and cash | | |
|equivalents | 38,418| 105,164|
| +----------+----------+
|TOTAL CURRENT ASSETS | 348,683| 380,946|
+---------------------------------------------------+----------+----------+
|TOTAL ASSETS | 1,086,888| 977,464|
+---------------------------------------------------+----------+----------+

+---------------------------------------------------+----------+----------+
|EQUITY AND LIABILITIES |31.12.2012|31.12.2011|
+---------------------------------------------------+----------+----------+
|Share capital | 26,141| 26,141|
| | | |
|Capital in excess of par value | 83,719| 83,719|
| | | |
|Treasury stock | (46,254)| (53,215)|
| | | |
|Hedging reserve | (4,983)| (4,227)|
| | | |
|Translation reserve | (3,713)| (8,232)|
| | | |
|Other reserves | 26,326| 26,600|
| | | |
|Retained earnings | 501,701| 445,745|
| | | |
|Net income for the year | 118,484| 116,434|
| | | |
|Interim dividend | (40,077)| (38,525)|
| +----------+----------+
|GROUP SHAREHOLDERS' EQUITY | 661,344| 594,440|
| +----------+----------+
|Minority interest | 53| 40|
| +----------+----------+
|SHAREHOLDERS' EQUITY | 661,397| 594,480|
| +----------+----------+
| | | |
| | | |
|Loans due after one year | 129,111| 137,518|
| | | |
|Employees' termination pay | 17,862| 16,692|
| | | |
|Deferred tax liabilities | 15,872| 6,049|
| | | |
|Other non-current liabilities | 1,828| 2,062|
| +----------+----------+
|TOTAL NON-CURRENT LIABILITIES | 164,673| 162,321|
| | | |
| | | |
| | | |
|Trade payables | 106,926| 98,678|
| | | |
|Other payables | 53,984| 58,335|
| | | |
|Tax liabilities | 9,789| 12,091|
| | | |
|Other current liabilities | 458| 348|
| | | |
|Provisions | 20,544| 21,813|
| | | |
|Fair value of hedging derivatives (cash flow hedge)| 4,983| 4,227|
| | | |
|Loans due within one year | 8,147| 11,616|
| | | |
|Bank overdrafts | 55,987| 13,555|
| +----------+----------+
|TOTAL CURRENT LIABILITIES | 260,818| 220,663|
+---------------------------------------------------+----------+----------+
|TOTAL EQUITY AND LIABILITIES | 1,086,888| 977,464|
+---------------------------------------------------+----------+----------+

Pending completion of independent and statutory audits.

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 EUR)

+------------------+---------+---------+--------+
| | 2012 | 2011 | Var. % |
+------------------+---------+---------+--------+
| Revenue | 275,811 | 272,243 | 1.3 |
| | | | |
| Operating income | 39,350 | 43,642 | (9.8) |
| | | | |
| Pre-tax income | 98,673 | 93,976 | 5.0 |
| | | | |
| Net income | 85,032 | 78,462 | 8.4 |
+------------------+---------+---------+--------+


+--------------------------------------------+------------+------------+
| | 31.12.2012 | 31.12.2011 |
+--------------------------------------------+------------+------------+
| | | |
| | | |
| Non-current assets | 570,129 | 496,095 |
| | | |
| Current assets | 190,637 | 174,165 |
| +------------+------------+
| TOTAL ASSETS | 760,766 | 670,260 |
+--------------------------------------------+------------+------------+
| | | |
| | | |
| Shareholders' equity | 336,357 | 307,644 |
| | | |
| Non-current liabilities | 142,901 | 173,299 |
| | | |
| Current liabilities | 281,508 | 189,317 |
| +------------+------------+
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 760,766 | 670,260 |
+--------------------------------------------+------------+------------+
Pending completion of independent and statutory audits.

DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'SFINANCIALREPORTS

The manager responsible for preparing the company's financial reportsFritzSquindo declares, pursuant to paragraph 2 of Article 154-bis of theConsolidatedLaw on Finance, that the accounting information contained in this pressreleasecorresponds to the document results, books and accounting records.

DISREGARD PREVIOUS RELEASE - RECORDATI: Board approves 2012 accounts:http://hugin.info/143644/R/1683807/551165.pdf

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: RECORDATI via Thomson Reuters ONE

[HUG#1683807]

For further information:

Recordati website: www.recordati.com

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