Recordati : LES ACTIONNAIRES APPROUVENT LES BILANS DE L'EXERCICE 2009. DIVIDENDE PAR ACTION 0,275 euro (+ 10 %).
13/04/2010 | 17:15 - Les actionnaires approuvent les résultats 2009 : Des produits consolidés pour un montant de 747,5 millions (+ 8,4 %), un résultat d′exploitation (EBIT) de 162,20 millions (+ 12,1 %), un bénéfice net de 110,6 millions (+ 10,1 %).
- Un dividende de 0,275 euro par action à payer, soit une augmentation de 10,0 % par rapport aux dividendes payés l′an dernier. Dividende total de 54,4 millions d′euros.
- Autorisation de rachat sur le marché des actions Recordati renouvelée.
- Nouveau plan de stock-option couvant les quatre exercices 2010-2013 approuvé.
Milan, le 13 avril 2010 - L′Assemblée Annuelle des Actionnaires de Recordati a eu lieu aujourd′hui.
L′Assemblée Annuelle des Actionnaires de Recordati a approuvé les résultats financiers 2009 ayant été préparés dans le respect des principes 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 2009 financial statements. As previously announced on 5 March 2010 revenues are E 747.5 million (+8.4%), operating income (EBIT) is E 162.2 million (+12.1%), and net income is E 110.6 million (+10.1%). International sales account for 71.5% of total sales.
As proposed by the Board of Directors, the shareholders approved a dividend of E 0.275 per share (E 0.25 the preceding year) to be paid to the shares outstanding as from 29 April 2009 (trading ex-dividend as from 26 April 2009), excluding those shares in treasury stock. The overall amount of the dividend to be paid is E 54.4 million compared to E 49.3 million paid the preceding year, an increase of 10.3%.
Furthermore, the Shareholders′ Meeting renewed the buy-back authorization granted by the Shareholders on 7 April 2009 for a period ending with the approval of the 2010 accounts. The proposal to renew the authorization to buy back and dispose of Recordati shares grants the Board the possibility of using shares for equity acquisitions or as consideration for strategic agreements; of allowing the company the possibility of investing in its own shares; and of servicing current and future stock option plans with existing shares. 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 E 120,000,000 million. The purchase price must be at least equal to the shares′ nominal value (E 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 must comply with the Issuers′ Regulations. No shares were purchased under the authorization granted by the Shareholders′ Meeting of 7 April 2009. The company currently has 11,472,355 shares in Treasury stock which amounts to 5.486% of the current share capital.
The Shareholders′ Meeting also approved a new stock option plan covering the four year 2010-2013 period, the details of which have already been published and communicated to the public and are available in the relative explanatory document as required by law. The explanatory document, which is the object of the Board′s explanatory report on the third item of the agenda of the Shareholders′ Meeting, can be found on the company′s website at:
Revenue performance in the first quarter 2010 is positive despite the expiry in January, in the main European countries, of the composition of matter patent covering lercanidipine. Group sales are E 186 million, an increase of 1.2% over those in the first quarter of the preceding year. Sales of lercanidipine in the first quarter decreased by 13,5% while those of the combined lercanidipine plus enalapril product grew by over 100%. Overall, sales of the lercanidipine franchise are E 51 million.
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271),with a total staff of over 2,800, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the new markets of Central and Eastern Europe. A European field force of around 1,400 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′s current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. 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 2009 was E 747.5 million, operating income was E 162.2 million and net income was E 110.6 million.
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 E)
INCOME STATEMENT
2009
2008
Change %
REVENUE
747,524
689,634
8.4
Cost of sales
(235,623)
(222,196)
6.0
GROSS PROFIT
511,901
467,438
9.5
Selling expenses
(223,724)
(214,245)
4.4
Research and development expenses
(69,445)
(58,860)
18.0
General & administrative expenses
(43,718)
(39,372)
11.0
Other income (expenses), net
(12,810)
(10,231)
25.2
OPERATING INCOME
162,204
144,730
12.1
Financial income (expenses), net
(5,800)
(6,584)
(11.9)
Other investments gain (loss), net
(3,752)
0
n.s.
PRE-TAX INCOME
152,652
138,146
10.5
Provision for income taxes
(42,086)
(37,717)
11.6
NET INCOME
110,566
100,429
10.1
Attributable to:
Equity holders of the parent
110,560
100,424
10.1
Minority interests
6
5
20.0
EARNINGS PER SHARE
2009
2008
Change %
Basic
E 0.561
E 0.511
9,8
Diluted
E 0.541
E 0.501
8,0
Earnings per share (EPS) are based on average shares outstanding during each year, 197,222,274 in 2009 and 196,667,301 in 2008, net of average treasury stock which amounted to 11,472,355 shares in both 2009 and 2008.
Diluted earnings per share is calculated taking into account new shares authorized but not yet issued.
COMPOSITION OF REVENUE
2009
2008
Change %
Pharmaceuticals
720,636
658,436
9.4
Pharmaceutical chemicals
26,888
31,198
(13.8)
TOTAL
747,524
689,634
8.4
- of which International
534,836
483,786
10.6
RECORDATI GROUP
Summary of consolidated results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of E)
ASSETS
31.12.2009
31.12.2008
Property, plant and equipment
55,381
57,969
Intangible assets
96,512
92,635
Goodwill
303,653
289,822
Equity investments
3,716
7,532
Non-current receivables
3,804
5,199
Deferred tax assets
21,793
22,650
TOTAL NON-CURRENT ASSETS
484,859
475,807
Inventories
86,627
83,087
Trade receivables
132,621
137,015
Other receivables
22,990
22,741
Other current assets
2,607
2,346
Short-term financial investments, cash and cash equivalents
93,775
94,951
TOTAL CURRENT ASSETS
338,620
340,140
TOTAL ASSETS
823,479
815,947
EQUITY AND LIABILITIES
31.12.2009
31.12.2008
Share capital
26,141
26,063
Capital in excess of par value
83,719
81,320
Treasury stock
(59,103)
(59,103)
Hedging reserve
(4,040)
(2,532)
Translation reserve
(6,178)
(7,096)
Other reserves
25,025
25,733
Retained earnings
332,836
280,920
Net income for the period
110,560
100,424
GROUP SHAREHOLDERS′ EQUITY
508,960
445,729
Minority interest
19
13
SHAREHOLDERS′ EQUITY
508,979
445,742
Loans due after one year
79,990
81,409
Employees′ termination pay
19,895
19,624
Deferred tax liabilities
5,661
7,399
Other non-current liabilities
6,179
3,189
TOTAL NON-CURRENT LIABILITIES
111,725
111,621
Trade payables
81,751
88,598
Other payables
48,406
47,147
Tax liabilities
12,555
10,278
Other current liabilities
517
385
Provisions
21,978
15,094
Fair value of hedging derivatives (cash flow hedge)
4,040
2,532
Fair value of hedging derivatives (fair value hedge)
2,257
1,505
Loans due within one year
2,419
2,201
Bank overdrafts
28,852
90,844
TOTAL CURRENT LIABILITIES
202,775
258,584
TOTAL EQUITY AND LIABILITIES
823,479
815,947
RECORDATI S.P.A.
Summary of results prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (IAS/IFRS)
(thousands of E)
2009
2008
Var. %
Net revenue
256,076
248,872
2.9
Operating income
48,144
44,701
7.7
Pre-tax income
91,329
67,097
36.1
Net income
76,068
52,945
43.7
31.12.2009
31.12.2008
Non-current assets
383,069
356,054
Current assets
149,399
201,809
Total assets
532,468
557,863
Shareholders′ equity
300,830
273,161
Non-current liabilities
94,539
95,372
Current liabilities
137,099
189,330
Total liabilities and Shareholders′ equity
532,468
557,863
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.
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