RECORDATI: CONTINUED DOUBLE-DIGIT GROWTH IN THE FIRST NINE MONTHS
OF 2024 - REVENUE +12.0%, EBITDA(1) +11.8%, ADJUSTED NET INCOME(2)
+9.5%
- Consolidated net revenue of €
1,743.1 million in the first nine months, +12.0% or +9.3% on a
like-for-like basis(3) and at constant
exchange rates (CER)
-
EBITDA(1) of € 665.7 million,
+11.8%, revenue margin of
38.2%
- Adjusted net
income(2) of € 445.4 million,
+9.5%
- Net income of € 338.4 million,
+11.1%
- Free cash
flow(4) at € 434.3 million, +€ 42.5
million vs prior year
- Net
debt(5) at € 1,317.3 million, just
below 1.6x EBITDA
- Financial targets for FY 2024
confirmed, excluding any potential contribution from
Enjaymo®
- Global Rare Diseases business
to be further strengthened by announced agreement with Sanofi to
acquire the global rights to Enjaymo®; deal
expected to close by end of 2024, subject to regulatory
approvals
- Isturisa®approved in China for
the treatment of adult patients with Cushing syndrome
- Resolution to distribute an
interim 2024 dividend of € 0.60 per share
- Approval of a new share
buy-back program to service the stock option and performance shares
plans
Milan, November
8th, 2024 – The Board of
Directors of Recordati S.p.A. approved the Group’s Interim Report
on 30th September 2024, representing additional
voluntary financial reporting (6). The Report
was prepared using the assessment, measurement and recognition
criteria prescribed by international accounting standards (IFRS).
The Group’s Interim Report dated 30th September
2024 will be available on 11th November at the
company’s offices and on the company’s website (www.recordati.com)
and can also be viewed on the authorized storage system 1Info
(www.1Info.it).
Rob Koremans, Chief Executive Officer of
Recordati, commented: “During the first nine months, we
delivered double-digit revenue and profit growth, reflecting the
strong performance across the business with more patients
benefiting from our therapies. These results reflect the continued
commitment of all our people, who are instrumental to our success.
With a positive outlook for the remainder of the year, we are well
positioned to achieve our upgraded financial objectives for FY
2024. Together, we will continue to build on our momentum and
create lasting value for our stakeholders.
“I am also pleased to highlight our recent
agreement with Sanofi to acquire the global rights to
Enjaymo®, the only approved treatment option for
patients with cold agglutinin disease. This transaction will
reinforce our strong commitment to serving patients with rare
diseases and is a strong strategic fit to our portfolio, bringing a
product with a robust profile, supported by a strong team, with
attractive financial contributions expected on both the top and
bottom lines.”
Financial highlights
- Consolidated net
revenue for the first nine months of 2024 was € 1,743.1
million, up 12.0% versus the first nine months of 2023 or 9.3% on a
like-for-like(3) basis at CER. This was driven by strong
business momentum across both Specialty & Primary Care and Rare
Diseases. The adverse FX impact for the first nine months of 2024
was € 35.9 million (-2.3%), mainly driven by the devaluation of the
Turkish lira, particularly in the first and third quarters, which
was compensated by high price inflation in Türkiye.
- Specialty & Primary
Care revenue totaled € 1,094.4 million in the first nine
months of 2024, growing 11.1% or 6.5% on a
like-for-like(3) basis at CER (+2.6% excluding Türkiye).
This reflects a particularly strong performance from the
Urology franchise with 51.4% growth versus the
previous year, driven by the double-digit growth of
Eligard® and the € 82.9 million contribution of
Avodart® and
Combodart®/Duodart®(7)
(versus € 3.8 million in the third quarter of 2023). The
Cardiovascular and Gastrointestinal franchises
remained resilient and delivered slight growth, while the
Cough and Cold business reflected solid in-market
performance in the context of a softer flu season as compared to
the previous year.
- Rare Diseases
revenue totaled € 605.6 million in the first nine months of 2024,
up 14.1% as compared to the first nine months of 2023, or 14.5% at
CER, driven by the key growth franchises of Oncology and
Endocrinology which continue to show substantial further growth
potential. The Endocrinology franchise achieved
net revenue of € 239.4 million, an increase of 36.0% and reflecting
the continued strong performance of Isturisa®
and double-digit growth of Signifor®. The
Oncology franchise achieved net revenue of € 175.9
million, an increase of 17.1%, driven by double-digit growth from
both Qarziba® and Sylvant®.
The Metabolic franchise achieved net revenue of €
190.2 million, a decrease of 6.9%, mainly due to generic
competition for Carbaglu® in the US and EMEA,
with growth in other international markets.
- Adjusted operating
income(8) was € 539.5
million for the first nine months of 2024, up 9.7% over the
previous year, and 31.0% of net revenue versus 31.6% in the same
period last year. Operating income was € 504.1
million in the first nine months of 2024, up 14.9% over the first
nine months of 2023, absorbing gross margin-related non-cash
charges of € 28.1 million (versus € 47.2 million in first nine
months of 2023), arising from the unwind of the fair value step up
of the acquired rare oncology inventory. Non-recurring costs were €
7.3 million in the first nine months of 2024, versus € 5.4 million
in the first nine months of 2023, which includes € 2.5 million
related to the agreement with Sanofi for the global rights to
Enjaymo®.
-
EBITDA(1) was € 665.7 million for the
first nine months of 2024, up 11.8% compared to the first nine
months of 2023, with margin of 38.2% of net revenue, in line with
the previous year. Strong revenue and operating leverage were, in
part, offset by a reduction in adjusted gross profit margin due to
the consolidation of Avodart® and
Combodart®/ Duodart® and
product mix.
- Financial expenses
were € 62.3 million, up by € 13.3 million compared to the previous
year, including € 2.8 million in FX losses (mostly unrealized,
compared to losses of € 0.3 million in the first nine months of
2023) and € 3.9 million of net monetary losses from hyperinflation
accounting (compared to a gain of € 1.8 million in the first nine
months of 2023).
- Adjusted net
income(2) was € 445.4 million, 25.6% of
revenue, up by 9.5% compared to the same period of 2023, with
higher adjusted operating income partially offset by an increase in
financial expenses and a higher tax rate, following a statutory tax
rate increase in some countries. Net income was €
338.4 million, 19.4% of revenue, an increase of 11.1% versus first
nine months of 2023, with the higher tax rate and financing
expenses offsetting the higher operating income.
- Free cash
flow(4) was € 434.3 million for the first nine
months of 2024, an increase of € 42.5 million versus the the first
nine months of 2023, driven by higher EBITDA which was slightly
offset by higher interests and income taxes paid.
- Net
debt(5) as of 30th September 2024
was € 1,317.3 million, or leverage of just below 1.6x
EBITDA(6), compared to net debt of € 1,579.4 million on
31st December 2023.
- Shareholders’
equity was € 1,876.1 million.
Pipeline and Corporate
Development
The Isturisa® new drug application
(NDA) was approved by the China National Medical Products
Administration (NMPA) in September for the treatment of adult
patients with Cushing syndrome.
On October 4th, the Group announced an agreement
with Sanofi to acquire the global rights to Enjaymo®, a
biologic which is the only approved targeted product for the
treatment of cold agglutinin disease (CAD), a rare B-cell
lymphoproliferative disorder. In 2022, Enjaymo® was
granted approval by the U.S. Food and Drug Administration (FDA),
the European Commission (EC) and the Japanese Ministry of Health,
Labor and Welfare.
Enjaymo® generated approximately €
100 million in revenue over the last 12 months as of August 2024
and is expected to generate revenue in excess of € 150 million in
FY 2025, with peak sales potential of € 250-300 million. The
transaction is expected to be immediately accretive at the EBITDA
level, with margin above the current Rare Diseases average as of
2025. Under the terms of the agreement, Recordati will make an
upfront payment of US$ 825 million and additional commercial
milestone payments of up to US$ 250 million if net sales reach
certain thresholds at or above the top end of peak year sales
expectations. The transaction is expected to close by the end of
2024, subject to regulatory clearances (see also press release
issued on October 4th 2024). The deal will be funded by
existing cash and new committed bank debt facilities.
Business outlook
Thanks to continued strong momentum, the Group
is on track to deliver the targets for FY 2024 as adjusted upward
on July 30th (excluding any potential contribution from
Enjaymo®):
- Net revenue between € 2,300 and €
2,340 million
- EBITDA(1) between € 845
and € 865 million; margin of +/- 37%
- Adjusted net income(2)
between € 560 and € 580 million; margin of +/- 24.5%
- Minimal contribution expected from
Enjaymo®, subject to timing of regulatory approvals
Additional resolutions
Interim dividend 2024
The Board of Directors passed a resolution to
distribute an interim 2024 dividend to shareholders of € 0.60
(gross of tax withholdings) per share outstanding at the
ex-dividend date, thus excluding treasury stock held in the
Company’s portfolio on that date. The 2024 interim dividend will be
payable as of 20th November 2024 (record date
19th November 2024), with coupon no. 34, to shareholders
registered on 18th November 2024. The Independent
Auditor EY S.p.A. has issued the opinion required by Art. 2433 –
bis, paragraph 5 of the Italian Civil Code, which is available at
the company’s offices. The Directors’ Report and Recordati S.p.A.
financial statements as of 30th June 2024, based on
which the latter’s Board of Directors resolved the distribution of
the interim dividend, are available at the company’s office and
website (www.recordati.com), and can also be viewed on the
authorized storage system 1Info (www.1Info.it).
Limited assurance on sustainability
reporting
In compliance with the Italian Legislative
Decree No. 125/2024 – transposing in Italy the EU Directive No.
2022/2464 on Corporate Sustainability Reporting (so called “CSRD”)
– the Board of Directors, upon proposal of the Board of Statutory
Auditors, has resolved to integrate – starting from this financial
year 2024 - the mandate for activities regarding the limited
assurance attestation on sustainability reporting, set forth by the
aforementioned decree, to Ernst & Young S.p.A., by extending to
such activities the current engagement granted by the Shareholders
Meeting held on 29th April 2020 with respect to the
attestation of the non-financial disclosure.
Appointment of the new Financial Reporting
Officer pursuant to art.154-bis of TUF
The Board of Directors has appointed, until
revocation and upon favourable opinion of the Board of Statutory
Auditors Niccolo Giovannini - VP Group Finance, reporting to Luigi
La Corte, Group Chief Financial Officer - as Financial Reporting
Officer pursuant to art.154-bis of TUF and art.25 of the Articles
of Association. The appointment is effective as of today, following
the approval of Group’s Interim Report on 30th
September 2024.
Approval of a new share buy-back program to
service the stock option and performance shares plans
Today, the Board of Directors has also approved
the launch of a new share buy-back program under art. 5 of (EU)
Regulation no. 596/2014 for a maximum of 1,500,000 ordinary shares
with a maximum cash outlay of € 90,000,000. This implements the
resolution adopted by the Shareholders’ meeting held on
22nd April 2024 to purchase Recordati ordinary shares in
order to service current and future stock option/performance shares
plans in favour of the Recordati Group’s management or share-based
incentive plans that might be approved by the Company in the
future.
All details required by the applicable
regulations on the launch of the share buy-back program - whose
start is envisaged on 12th November 2024 until
15th April 2025, following the end of the current
buyback programme envisaged by 11th November 2024 as
announced on 9th May 2024 - will be included in a
specific press release that will be issued according to law and to
which reference is made.
(1) Net income before
income taxes, financial income and expenses, depreciation,
amortization and write-downs of property, plant and equipment,
intangible assets and goodwill, non-recurring items and non-cash
charges arising from the allocation of the purchase price of EUSA
Pharma to the gross margin of acquired inventory according to IFRS
3.
(2) Net income excluding the amortization
and write-down of intangible assets (except software) and goodwill,
non-recurring items, non-cash charges arising from the allocation
of the purchase price of EUSA Pharma to the gross margin of
acquired inventory pursuant to IFRS 3, and monetary net
gains/losses from hyperinflation (IAS 29), net of tax
effects.
(3) Pro-forma growth calculated excluding
revenue of Avodart® and
Combodart®/ Duodart® for
both 2024 and 2023.
(4) Total cash flow excluding financing
items, milestones, dividends, purchases of treasury shares net of
proceeds from exercise of stock options.
(5) Cash and cash equivalents, less bank
debts and loans, which include the measurement at fair value of
hedging derivatives.
(6) Please note that Italian Legislative
Decree 25/2016, which implements Directive 2013/50/EU, no longer
stipulates the submission of an interim management report, which
was previously required in terms of paragraph 5 of Art. 154- ter of
Italian Legislative Decree 58/1998.
(7)
Trademarks are owned by or licensed to the GSK group of
companies. Transition of commercialization effectively
concluded.
(8)
Net income before income taxes, financial income and expenses
and non-recurring items, non-cash charges arising from the
allocation of the purchase price of EUSA Pharma to the gross margin
of acquired inventory according to IFRS 3.
Conference Call
Recordati will host a conference call today,
November 8th at
4:00 p.m. CET (3:00 p.m. GMT) to
present the results for the first nine months of 2024. The dial-in
numbers for the conference call service are:
Italy + 39 02 802 09 11, toll free 800 231
525
UK + 44 1 212818004, toll free (44) 0 800 0156371
USA +1 718 7058796, toll free (1) 1 855 2656958
France +33 1 70918704
Germany +49 6917415712
Participants are invited to dial in 10 minutes
before conference time. If conference operator assistance is
required to connect, please dial *0.
The slides that will be referenced during the call will be
available at www.recordati.com under Investors/Company
Presentations.
The audio conference live webcast will also be available at the
following link
Recordati is an
international pharmaceutical group listed on the Italian Stock
Exchange (XMIL: REC), with roots dating back to a family-run
pharmacy in Northern Italy in the 1920s. We are uniquely structured
to provide treatments across specialty and primary care, and rare
diseases. Our fully integrated operations span clinical
development, chemical and finished product manufacturing,
commercialization and licensing. We operate in
approximately 150 countries across EMEA, the Americas and APAC with
over 4,450 employees. We believe that health is a fundamental
right, not a privilege. Today, our purpose of “unlocking the full
potential of life” aims at empowering individuals to live life to
the fullest, whether addressing common health challenges or the
rarest.
Investor Relations
|
|
Eugenia Litz
+44 7824 394 750
investorelations@recordati.it
|
Gianluca Saletta
+39 348 979 4876
investorelations@recordati.it |
Media Relations
|
|
ICR Healthcare US:
Alexis Feinberg
+1 203 939 2225
recordatiuspr@westwicke.com
|
UK, Europe & Rest of
World:
Jessica Hodgson
+44 7561 424 788
recordati@consilium-comms.com
|
This document contains forward-looking
statements relating to future events and future operating, economic
and financial results of the Recordati group. By their nature,
forward-looking statements involve risk and uncertainty because
they depend on the occurrence of future events and circumstances.
Actual results may therefore differ materially from those forecast
for a variety of reasons, most of which are beyond the Recordati
group’s control. The information on the pharmaceutical
specialties and other products of the Recordati group contained in
this document is intended solely as information on the activities
of the Recordati Group, and, as such, it is not intended as a
medical scientific indication or recommendation, or as
advertising.
RECORDATI GROUP
Summary of the consolidated results,prepared in
accordance with International Financial Reporting Standards
(IFRS)
(€ thousands)
|
INCOME STATEMENT |
First nine months 2024 |
First nine months 2023 |
Change % |
|
NET REVENUE |
1,743,081 |
1,556,174 |
12.0 |
|
Cost of sales |
(556,171) |
(490,495) |
13.4 |
|
GROSS PROFIT |
1,186,910 |
1,065,679 |
11.4 |
|
Selling expenses |
(360,709) |
(345,506) |
4.4 |
|
Research and development expenses |
(204,849) |
(182,239) |
12.4 |
|
General and administrative expenses |
(110,014) |
(93,630) |
17.5 |
|
Other income/(expenses), net |
(7,240) |
(5,553) |
30.4 |
|
OPERATING INCOME |
504,098 |
438,751 |
14.9 |
|
Financial income/(expenses), net |
(62,319) |
(49,054) |
27.0 |
|
PRE-TAX INCOME |
441,779 |
389,697 |
13.4 |
|
Income taxes |
(103,379) |
(85,205) |
21.3 |
|
NET INCOME |
338,400 |
304,492 |
11.1 |
|
Adjusted gross profit
(1) |
1,214,986 |
1,113,167 |
9.1 |
|
Adjusted operating income
(2) |
539,518 |
491,608 |
9.7 |
|
Adjusted net income
(3) |
445,361 |
406,566 |
9.5 |
|
EBITDA (4) |
665,666 |
595,573 |
11.8 |
|
Net income attributable to: |
|
|
|
|
Equity holders of the Parent |
338,400 |
304,492 |
11.1 |
|
Non-controlling interests |
0 |
0 |
n.s. |
|
EARNINGS PER SHARE (euro) |
|
|
|
|
Basic(5) |
1.640 |
1.481 |
10.7 |
|
Diluted(6) |
1.618 |
1.456 |
11.1 |
(1) Gross profit adjusted from impact of
non-cash charges arising from the allocation of the
purchase price of EUSA Pharma to the
gross margin of acquired inventory
according to IFRS 3.
(2) Net income before income taxes,
financial income and expenses, non-recurring items and non-cash
charges arising from the allocation of the purchase price of EUSA
Pharma to the gross margin of acquired inventory according
to IFRS 3.
(3) Net income excluding amortization and
write-downs of intangible assets (except software) and goodwill,
non-recurring items, non-cash charges arising from the allocation
of the purchase price of EUSA Pharma to the gross margin of
acquired inventory (IFRS 3) and monetary net gains/losses from
hyperinflation (IAS 29), net of tax effects.
(4) Net income before income taxes,
financial income and expenses, depreciation, amortization and
write-downs of property, plant and equipment, intangible assets and
goodwill, non-recurring items and non-cash charges arising from the
allocation of the purchase price of EUSA Pharma to the gross margin
of acquired inventory according to IFRS 3.
(5) Earnings per share (EPS) are based on
average shares outstanding during the respective period,
206.299.160 in 2024 and 205.421.410 in 2023. These amounts are
calculated deducting treasury shares in the portfolio, the average
of which was 2.825.996 shares in 2024 and 3.703.746 shares in
2023.
(6) Diluted earnings per share is calculated by taking
into account rights granted to employees. |
|
COMPOSITION OF NET REVENUE |
First nine months 2024 |
First nine months 2023 |
Change % |
|
|
Total revenue |
1,743,081 |
1,556,174 |
12.0 |
|
|
Italy |
258,631 |
234,304 |
10.4 |
|
|
International |
1,484,450 |
1,321,870 |
12.3 |
|
RECORDATI GROUP
(€ thousands)
Reconciliation of Net income to
EBITDA(1)
|
|
First nine months 2024 |
First nine months 2023 |
|
Net income |
338,400 |
304,492 |
|
Income taxes |
103,379 |
85,205 |
|
Financial income/(expenses), net |
62,319 |
49,054 |
|
Non-recurring expenses |
7,344 |
5,369 |
|
Non-cash charges from PPA inventory uplift |
28,076 |
47,488 |
|
Adjusted operating
income(2) |
539,518 |
491,608 |
|
Depreciation, amortization and write-downs |
126,148 |
103,965 |
|
EBITDA(1) |
665,666 |
595,573 |
Reconciliation of Net income to Adjusted Net
income(3)
|
|
First nine months 2024 |
First nine months 2023 |
|
Net income |
338,400 |
304,492 |
Amortization and write-downs of intangible assets
(excluding software) |
100,157 |
81,180 |
|
Tax effect |
(22,619) |
(17,405) |
|
Non-recurring operating expenses |
7,344 |
5,369 |
|
Tax effect |
(1,943) |
(1,340) |
|
Non-cash charges from PPA inventory uplift |
28,076 |
47,488 |
|
Tax effect |
(7,019) |
(11,881) |
|
Monetary net (gain)/losses from hyperinflation (IAS29) |
3,900 |
(1,759) |
|
Tax effect |
(935) |
422 |
|
Adjusted net
income(3) |
445,361 |
406,566 |
(1) Net income before
income taxes, financial income and expenses, depreciation,
amortization and write-downs of property, plant and equipment,
intangible assets and goodwill, non-recurring items and non-cash
charges arising from the allocation of the purchase price of EUSA
Pharma to the gross margin of acquired inventory (IFRS 3).
(2) Net income before income taxes,
financial income and expenses, non-recurring items and non-cash
charges arising from the allocation of the purchase price of EUSA
Pharma to the gross margin of acquired inventory (IFRS 3).
(3) Net income excluding amortization and
write-downs of intangible assets (except software) and goodwill,
non-recurring items, non-cash charges arising from the allocation
of the purchase price of EUSA Pharma to the gross margin of
acquired inventory (IFRS 3) and monetary net gains/losses from
hyperinflation (IAS 29), net of tax
effects.
RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with
International Financial Reporting Standards (IFRS)
(€ thousands)
|
ASSETS |
30.09.2024 |
31.12.2023 |
|
Property, plant and equipment |
187,848 |
178,657 |
|
Intangible assets |
1,847,704 |
1,938,197 |
|
Goodwill |
789,123 |
778,350 |
|
Other equity investments and securities |
16,865 |
21,555 |
|
Other non-current assets |
13,871 |
12,458 |
|
Deferred tax assets |
92,567 |
76,674 |
|
TOTAL NON-CURRRENT ASSETS |
2,947,978 |
3,005,891 |
|
|
|
|
|
Inventories |
410,107 |
404,831 |
|
Trade receivables |
474,514 |
445,193 |
|
Other receivables |
102,466 |
99,401 |
|
Other current assets |
26,782 |
19,924 |
|
Derivative instruments measured at fair value |
6,710 |
11,079 |
|
Cash and cash equivalents |
235,020 |
221,812 |
|
TOTAL CURRENT ASSETS |
1,255,599 |
1,202,240 |
|
TOTAL ASSETS |
4,203,577 |
4,208,131 |
RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with
International Financial Reporting Standards (IFRS)
(€ thousands)
|
EQUITY AND LIABILITIES |
30.09.2024 |
31.12.2023 |
|
|
|
|
|
Share capital |
26,141 |
26,141 |
|
Share premium reserve |
83,719 |
83,719 |
|
Treasury shares |
(139,881) |
(127,970) |
|
Reserve for derivative instruments |
(2,180) |
(286) |
|
Translation reserve |
(301,627) |
(264,700) |
|
Other reserves |
61,537 |
61,219 |
|
Profits carried forward |
1,809,997 |
1,636,451 |
|
Net income |
338,400 |
389,214 |
|
Interim dividend |
0 |
(117,396) |
|
Shareholders’ equity attributable to equity holders of the
Parent |
1,876,106 |
1,686,392 |
|
Shareholders’ equity attributable to non-controlling interests |
0 |
0 |
|
TOTAL SHAREHOLDERS’ EQUITY |
1,876,106 |
1,686,392 |
|
|
|
|
|
Loans - due after one year |
1,264,884 |
1,353,216 |
|
Provisions for employee benefits |
21,405 |
21,239 |
|
Deferred tax liabilities |
134,488 |
144,208 |
|
TOTAL NON-CURRENT LIABILITIES |
1,420,777 |
1,518,663 |
|
|
|
|
|
Trade payables |
276,907 |
263,979 |
|
Other payables |
198,213 |
174,407 |
|
Tax liabilities |
100,738 |
67,110 |
|
Other current liabilities |
4,616 |
5,307 |
|
Provisions for risks and charges |
19,241 |
16,596 |
|
Derivative instruments measured at fair value |
14,212 |
19,993 |
|
Loans - due within one year |
270,337 |
355,752 |
|
Short-term debts to banks and other lenders |
22,430 |
99,932 |
|
TOTAL CURRENT LIABILITIES |
906,694 |
1,003,076 |
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES |
4,203,577 |
4,208,131 |
RECORDATI GROUP
Summary of consolidated results prepared in accordance with
International Financial Reporting Standards (IFRS) (€
thousands)
|
CASH FLOW STATEMENT |
First nine months 2024 |
First nine months 2023 |
|
OPERATING ACTIVITIES |
|
|
|
Net income |
338,400 |
304,492 |
|
Income taxes |
103,379 |
85,206 |
|
Net interest |
54,418 |
48,158 |
|
Depreciation of property, plant and equipment |
24,003 |
21,577 |
|
Amortization of intangible assets |
97,591 |
82,304 |
|
Write-downs |
4,554 |
84 |
|
Equity-settled share-based payment transactions |
10,120 |
7,515 |
|
Other non-monetary components |
41,069 |
55,772 |
|
Change in other assets and other liabilities |
(11,985) |
(20,538) |
|
Cash flow generated/(used) by operating activities before
change in working capital |
661,549 |
584,570 |
|
Change in: |
|
|
|
- inventories |
(41,813) |
(31,681) |
|
- trade receivables |
(36,418) |
(73,753) |
|
- trade payables |
14,223 |
30,082 |
|
Change in working capital |
(64,008) |
(75,352) |
|
Interest received |
4,007 |
3,923 |
|
Interest paid |
(64,284) |
(50,314) |
|
Income taxes paid |
(82,634) |
(53,282) |
|
Cash flow generated/(used) by operating
activities |
454,630 |
409,545 |
|
INVESTMENT ACTIVITIES |
|
|
|
Investments in property, plant and equipment |
(21,743) |
(17,998) |
|
Disposals of property, plant and equipment |
1,385 |
329 |
|
Investments in intangible assets |
(15,377) |
(345,597) |
|
Disposals of intangible assets |
2,351 |
287 |
|
Sale of non-current assets held for sale |
2,000 |
3,000 |
|
Cash flow generated/(used) by investment
activities |
(31,384) |
(359,979) |
|
FINANCING ACTIVITIES |
|
|
|
Opening of loans |
144,872 |
348,256 |
|
Repayment of loans |
(320,185) |
(214,701) |
|
Payment of lease liabilities |
(8,311) |
(8,116) |
|
Change in short-term debts to banks and other lenders |
(71,722) |
(45,008) |
|
Dividends paid |
(130,220) |
(129,071) |
|
Purchase of treasury shares |
(78,087) |
(6,483) |
|
Sale of treasury shares |
52,744 |
19,681 |
|
Cash flow generated/(used) by financing
activities |
(410,909) |
(35,442) |
|
Change in cash and cash equivalents |
12,337 |
14,124 |
|
Opening cash and cash equivalents |
221,812 |
284,734 |
|
Currency translation effect |
871 |
3,422 |
|
Closing cash and cash equivalents |
235,020 |
302,280 |
DECLARATION BY THE FINANCIAL REPORTING
OFFICER
The Financial Reporting Officer, Luigi La Corte, 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 Company’s documentation, books and
accounting records.
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