Fagron realises turnover of € 421.8 million
07 Fevereiro 2017 - 4:00AM
Regulated information | Consolidated
results for the 2016 financial year
Waregem (Belgium) / Rotterdam (The Netherlands)[1], 7
February 2017
Fagron realises turnover of
€ 421.8 million
REBITDA of € 90.6 million or
21.5% of turnover
Highlights:
- Turnover of € 421.8
million, a decrease of 1.3% (2015:
€ 427.6 million)
- REBITDA[2] amounts to
€ 90.6 million or 21.5% of turnover (2015: 23.1%)
- Net financial debt/REBITDA ratio
amounts to 3.18 thanks to the capital increase of € 216.1 million
and strong operational cash flow of € 76.8 million
- Impairment of
€ 48.4 million on Freedom Pharmaceuticals in the United
States results in a net loss of € 18.1 million
Hans Stols, CEO of Fagron:
"In 2016, almost all of Fagron's activities have
developed positively. Fagron's FSPS activities
in the United States have shown strong growth over the past year.
The contribution from the new facility in Wichita (Kansas, US) was
still limited, as expected. When the final licenses have been
obtained, the new facility will be fully operational in March of
this year. South America has also realised a good development
during the year, with a strong organic growth. A modest growth was
realised in Europe in 2016. Despite the negative impact of the
changed reimbursement system for non-sterile compounding in the
United States on the results there, we have realised a total
turnover in 2016 which was well within our expectations.
Taking into
account the changed market circumstances, we announced a
cost-savings programme in 2015, which is clearly bearing fruit. In
the second half of the year we have realised a cost reduction of
approximately 6% compared to the same period in 2015. Partially due
to the cost reduction, REBITDA increased in the second half of the
year by 10.4%. The change in the reimbursement system has lowered
the profitability of our American operation. Given the structural
consequences, an impairment charge of € 48.4 million on
Freedom Pharmaceuticals in the United States was recorded at the
end of 2016.
Due to the strong operational
cash flow, the net financial debt/REBITDA ratio on 31 December 2016
was 3.18, significantly below the level of 5.02 as was agreed upon
with the financiers for the Long Term Waivers and also below the
level of 3.25 as established in the Revolving Credit Facility and
the Note Purchase Agreement. As a result of the substantially
decreased net financial debt and the debt ratio, the interest
margins on the loans will be significantly lower in 2017.
The past 18 months were
characterised by change, both in part of our market and in our
financial position and organisation. Over the
course of 2016, the successful completion of the capital increase
has enabled us to fully focus on the business again. We are
positive on the possibilities in the different markets we are
active in.
[1] This press release was sent out by Fagron NV
and Fagron BV.
[2] EBITDA before non-recurring result.
Please open the link below for the press
release:
Fagron realises turnover of € 421.8
million
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Fagron NV via Globenewswire
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