RECORDATI REPORTS EXCELLENT RESULTS IN THE FIRST HALF 2014
RECORDATI REPORTS EXCELLENT RESULTS IN THE FIRST HALF 2014. SALES +6.3%, OPERATING INCOME +18.8% AND NET INCOME +18.1%.
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Consolidated revenue € 507.6 million, + 6.3%.
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EBITDA(1) € 141.9 million, + 18.2%
Milan, 29 July 2014 - The Board of Directors of Recordati S.p.A. approved the Group's consolidated results for the first half 2014 prepared in accordance with International Accounting Standards and International Financial Reporting Standards (IAS/IFRS) and in particular as per IAS 34 requirements for interim reporting. These financial statements will be available today at the company's offices and on the company's website: http://www.recordati.com/rec_en/investors/reports/and can also be viewed on the authorized storage system 1Info (www.1Info.it). The independent auditors' report on the consolidated condensed half-year financial statements will be available within the legal deadline at the company's offices and on the company's website www.recordati.it.
Financial highlights
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Consolidated revenue in the first half 2014 is € 507.6 million, up by 6.3% compared to the same period of the preceding year. International sales grow by 8.6%.
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EBITDA(1), at 27.9% of sales, is € 141.9 million, an increase of 18.2% over the same period of the preceding year.
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Operating income, at 24.0% of sales, is € 121.8 million, an increase of 18.8%.
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Net income, at 16.4% of sales, is € 83.0 million, an increase of 18.1% over the first half of 2013.
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Net financial position(2) at 30 June 2014 records a net debt of € 211.0 million. Shareholders' equity increases to € 772.1 million.
(1) Earnings before interest, taxes, depreciation and
amortization.
(2) Cash and short-term financial investments less bank overdrafts and
medium/long-term loans which include the measurement at fair value of hedging derivatives (fair value hedge).
Business development news
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In February an exclusive license agreement was entered into with Apricus Biosciences Inc., a pharmaceutical company based in San Diego, U.S.A., for the marketing and sales of Vitaros® (alprostadil), an innovative topical product for the treatment of erectile dysfunction, in certain W. European countries including, among others, Spain, EU member countries in Central and Eastern Europe, Russia, Ukraine and the Commonwealth of Independent States (C.I.S.), Turkey and certain African countries. Vitaros® is approved for the treatment of erectile dysfunction by a number of European health authorities and by Health Canada. Vitaros® is a topically-applied cream formulation of alprostadil, a vasodilator, which directly increases blood flow to the penis, causing an erection. Alprostadil is an alternative to the PDE-5 inhibitors for difficult to treat patients and Vitaros® offers a patient-friendly form versus other alprostadil dosage forms.