Regulatory News:
Eurofins Scientific (Paris:ERF):
- Revenues of EUR 1,208m in H1 2016
represent a 43.5% increase over the same period in the previous
year. Organic growth9 during the period was over 11%, the highest
growth generated organically since the 2008-2009 global recession,
implying further acceleration in Q2 and reflecting strong operating
momentum across most businesses.
- Continued growth in most areas of the
testing markets that Eurofins has chosen to focus on. Acceleration
of market share gains in most geographies and increased customer
penetration underpin robust growth across the Group.
- Adjusted1 EBITDA3 grew 52.3% to EUR
216.6m as profitability improvements in both mature and businesses
recently transferred out of the start-up/businesses in
reorganization perimeter drove 100bp adjusted EBITDA margin
expansion to 17.9% in the seasonally weaker first half of the
year.
- Reported EBITDA was EUR 211m, an uplift
of 59.8%, and represents a 180bp margin expansion to 17.5%, as
costs contained in the separately disclosed items2 (SDI) continued
to narrow significantly to EUR 5.6m (versus EUR 10.1m in H1 2015
and EUR 18.0m in H1 2014), or 2.6% of the EBITDA generated by the
Group’s mature businesses (versus 7.1% in H1 2015 and 16.5% in H1
2014).
- Adjusted net profit5 increased 51.5% to
EUR 93.4m in H1 2016, with reported net profit doubling to EUR
60.8m compared to the same period in 2015 as finance costs remained
largely stable compared to H1 2015 at 2.7% of revenues, and
significantly improved compared to the 3.6% level for the FY 2015,
despite still covering the cost of carrying more than EUR 800m cash
reserve for future investments. Strong revenue growth and profit
improvements have translated to a 98.8% EPS6 uplift to EUR 3.95 in
H1 2016.
- 12 acquisitions with total annualised
revenues of above EUR 70m concluded in H1 2016 (16 acquisitions for
total annualised revenues of over EUR 100m as of the end of July).
Most of the Group’s remaining reorganization programmes (discovery
services, genomics site relocation to Louisville, KY, residual
costs of site relocation of some environment businesses in the UK
and US) on track for completion by the end of 2016.
- Capex for H1 2016 was EUR 80.4m,
representing a capex/sales ratio of 6.7% versus 7.8% in H1 2015 and
8.4% for FY 2015, in line with management’s objective of managing
capital expenditures programme progressively closer to 6% of sales
by 2020 as the Group’s site expansion, IT and infrastructure
programmes are completed.
- Operating Cash Flow7 grew 40.2% to EUR
128.6m despite the seasonally higher Net Working Capital (5.1% of
annualised revenues at the end of June 2016 versus 5.9% at the end
of June 2015). The management is optimistic that, as in prior
years, NWC as a proportion of sales should be managed down to
closer to 5% of annualised sales by year end. This, in addition to
the usual profitability improvements in H2, should result in
further significant cash flow expansion for the full year. Free
Cash Flow to the Firm8 was EUR 48m, an increase of 87.4% over H1
2015.
- Net debt at the end of June 2016 was
EUR 817.3m (versus EUR 916.3m at the end of December 2015). Despite
disbursements for capex and acquisitions, net debt to adjusted
EBITDA stood at 1.88x (1.81x on a pro-forma basis), well below the
Group’s covenant limit of 3.5x, due to higher cash generation and
the proceeds from the share issuance to La Caisse de Dépôt et
Placement du Québec at the end of the period.
- During the first half of the year,
Eurofins reinforced its funding capability to enable the Group to
respond to compelling opportunities swiftly and efficiently and
built significant balance sheet headroom with the possibility to
refinance older, more expensive debt potentially with new
instruments with longer maturity at more favourable rates.
- Outlook: Management remains confident
that the Group should be able to achieve its FY 2016 objective of
reaching EUR 2.5bn of revenues and adjusted EBITDA above EUR 460m
(at constant currency), based on current business trends and
M&A pipeline. In addition, the Group remains on track to fulfil
its mid-term objectives of achieving EUR 4bn of revenues and EUR
800m of adjusted EBITDA by 2020 given continued positive trends
across its businesses.
Comments from the CEO, Dr. Gilles Martin:
“A lot remains to be done to achieve the operational objectives
set for 2017 to build a truly unique operating platform in our
industry, but the results achieved in H1 2016 already reflect some
of the benefits of the large investments that the Group has put in
its network of laboratories over the last few years.
Beyond progress in building large state of the art sites,
bespoke IT solutions and a unique portfolio of innovative tests, as
well as opening 35 start-up laboratories around the world, Eurofins
has also made good progress on its financial objectives in H1 2016.
Not only has margin increased significantly and capex started to
return to historic levels of 6% of sales in spite of large ongoing
investments on IT solutions and sites, but Eurofins has started to
make its access to funding more flexible. Eurofins still bore the
cost of more than EUR 800m unused cash in H1 2016 and its more
recent acquisitions, which perform very well, still push the Group
tax rate to an elevated level, but the Group has made progress on
plans to improve on these aspects in the medium term.
Overall, Eurofins’ leadership is optimistic about the prospects
of its market and its ability to build a unique service delivery
platform for its clients. Our continued success is a testimony of
the talent and dedication of our 25,000 employees to provide a
truly unique level of service to our clients based on significant
long-term orientated investments.”
Business ReviewThe following figures are extracts from
the Consolidated Financial Statements and should be read in
conjunction with the Consolidated Financial Statements and the
Notes.
Table 1: Half Year 2016 Results Summary
H1 2016 H1 2015
+/-
%AdjustedResults
In EUR m except otherwise stated
AdjusteResults
Separatelydiscloseditems
ReportedResults
AdjustedResults
Separatelydiscloseditems (*)
ReportedResults
Revenues 1,208.4 1,208.4
841.9
841.9 43.5% EBITDA 216.6
-5.6 211.0 142.2 -10.1 132.1
52.3% EBITDA Margin (%) 17.9% 17.5%
16.9% 15.7% 100 bp EBITAS4
158.1 -14.2 143.9 98.3 -16.5
81.8 60.9% Net Profit 93.4 -32.6
60.8 61.6 -31.4 30.3 51.5% Basic EPS
(EUR) 6.06 -2.11 3.95 4.04 -2.06
1.99 49.9%
Capex 80.4
66.0 21.8% Operating Cash Flow
128.6 91.7
40.2% Net Debt 817.3
394.0 107.4% Free Cash
Flow to the Firm 48.2
25.7 87.4%
Note: Definition of the terms used can be found at the end of
this section
RevenuesRevenues in the second quarter were EUR 626.5m,
pushing Group revenues for the first half of 2016 to EUR 1,208.4m,
representing a year-on-year increase of 43.5%, over 11% of which
was organic. Currency had a less than 1% negative impact during the
period.
Overall, trends remain supportive of growth across most of the
Group’s businesses. The food testing business continues to see
positive tailwinds, as well as benefits from the Group’s scale. The
robust performance of Eurofins’ environment testing business
despite the impact of slower economic activity in most parts of
Europe demonstrates the scale of the network following past
investments.
The Group’s pharmaceutical testing business delivered another
strong performance, underpinned by the Group’s ability to leverage
its unparalleled network capabilities to benefit from positive
underlying industry fundamentals. The strong performance from
Eurofins’ clinical diagnostics testing business underscores the
Group’s strategy of selective acquisitions in this market.
Growth variations across geographies were largely driven by the
stage of Eurofins’ development in its various markets, as well as
progress of the Group’s different optimization programmes in
certain regions.
Table 2: Geographical Revenue Breakdown
(EUR m)
H1 2016 As % of Total
H1
2015 As % of Total USA 386.6 32.0%
287.4 34.1% France 314.4 26.0% 118.8
14.1% Germany 130.4 10.8% 116.6
13.8% Benelux 89.5 7.4% 70.0 8.3%
Nordic Countries 81.7 6.8% 77.2 9.2% UK
& Ireland 52.2 4.3% 46.5 5.5%
Others 153.7 12.7% 125.5 14.9% Total
1,208.4 100.0% 841.9 100.0%
Eurofins’ businesses in North America generated total revenues
of EUR 386.6m in the first half of 2016, representing 32% of total
Group revenues, and an increase of 34.5%, on double-digit organic
growth. Regulatory tailwinds continue to drive market growth in
food testing in the US, whilst Eurofins’ expanding footprint is
reflected in market share gains as the Group leverages its ongoing
investments to strengthen its network capacity, including
additional capacity in both the existing sites and from the
newly-launched start-up laboratories, as well as new innovative
tests. In environment testing, Eurofins is well-positioned to
benefit from consolidation, which is currently the main driver of
the market. Increased outsourcing driven by the robust drug
development pipeline in the biopharmaceutical industry, with
increased demand for testing services to support the development of
new biologics drugs, as well as bio-similars, is reflected in the
high organic growth generated by the Group’s pharma products
testing business. In addition, progress in the reorganization of
the pharma discovery services business is also starting to bear
fruit as reflected in a strengthening order book. The Group’s
specialty clinical diagnostics businesses also contributed solid
organic growth as the laboratories expand their sales forces to
accelerate the commercialization of their tests and invest in
further development of new innovative tests and services. Overall,
operating trends in Eurofins’ businesses in North America remain
positive.
Despite continued uncertainty and tepid economy in many parts of
Europe, Eurofins’ businesses performed strongly. Market growth from
incremental regulations and customers’ measures for greater brand
protection, as well as acceleration in market share gains, are
reflected in strong organic growth generated by the Group in the
region. The Group’s businesses in France, now Eurofins’
second-largest market generating 26% of total revenues following
the acquisitions of Biomnis and BioAccess in 2015, achieved EUR
314.4m of revenues in H1 2016, on organic growth above Group
objective, as network scale and market leadership translate to
faster market share gains. During the period for example, Eurofins
was selected by the Association Nationale des Expéditeurs et
Exportateurs de Fruits et Légumes (ANEEFEL) as a reference
laboratory, demonstrating the Group’s capabilities to support the
food industry, and further advancing Eurofins’ industry
penetration. The environment testing business also performed well,
driven by new contract wins such as the recently-won public tenders
(“Agence de l’Eau Seine Normandie” and “Agence de l’Eau Loire
Bretagne”) as well as increased volumes from existing customers.
The clinical diagnostics testing business also generated stronger
than expected organic growth, validating the Group’s strategy of
building a differentiated platform focused on building regional
leadership and leading the market for specialized,
highly-innovative diagnostic tests.
Revenue contribution from Germany, which makes up 10.8% of Group
revenues, was EUR 130.4m, an increase of 11.8% versus H1 2015, as
the growth uptick in the second half of 2015 further accelerated in
H1 2016. The strong growth in the food testing business reflects
increased volumes from global retail and food manufacturing clients
as the Group leverages its network scale and capabilities to
accelerate its share of clients’ testing spend, in addition to
higher share of incremental market volumes driven by new
regulations such as those addressing potential contaminants from
packaging materialsi.
The Group’s businesses in the Benelux delivered EUR 89.5m,
representing 7.4% of total Group revenues, on market share gains,
as well as new businesses won such as the new contract for
groundwater analysis in Belgium. Eurofins’ Nordic businesses
generated EUR 81.7m of revenues in H1 2016, making up 6.8% of total
sales. The Group continues to generate robust growth despite high
market share across the region as it benefits from past investments
which strengthened its ability to continually expand the services
it can provide to clients, resulting in increased share of clients’
testing spend. Revenues from the UK & Ireland grew 12.3% to EUR
52.2m, as the strong performance from the pharma testing business
offset the exit from some water testing segments. Eurofins
continues to expand its footprint in emerging markets and Asia
Pacific, which contributed revenues of EUR 153.7m, representing
22.5% growth over H1 2015 despite significant negative currency
impact in some countries.
Overall, the Group delivered strong performance across its
businesses in the first half of 2016, supported both by positive
underlying trends, and the benefits of past heavy investments to
build the best laboratory network infrastructure in its markets to
serve the needs of its clients.
Profitability
Group adjusted EBITDA increased 52.3% to EUR 216.6m in H1 2016
as margin expanded by 100bp to 17.9% driven by the strong revenue
growth and profitability improvements in both the mature businesses
and those that had been recently transferred out of the
start-up/businesses in reorganization perimeter. The mature
businesses of the Group, i.e. excluding start-ups and acquisitions
in significant restructuring, generated EUR 1,071.6m of revenues
during the period, implying that the margin for these businesses
expanded further by 90bp to 20.2%. Start-ups and businesses in
restructuring or reorganization generated the remaining EUR 136.8m
of revenues, which means that these businesses now account for
11.3% of total Group revenues, compared to 12.4% in H1 2015.
During the first half of 2016, separately disclosed items were
significantly reduced to EUR 5.6m at the EBITDA level, compared to
EUR 10.1m for the same period in the previous year. This means that
the exceptional costs and temporary losses from non-mature
businesses have been significantly reduced from 7.1% in H1 2015 to
2.6% of the EBITDA generated by the mature businesses in H1 2016,
in-line with the management’s stated objective. These items relate,
in large part, to the reorganization of the Group’s discovery
services business in the US, its genomics site relocation to
Louisville, KY in the US and site consolidation in the UK and
Benelux, which are expected to be completed by the end of 2016, as
well as the Group’s ongoing programme to launch 35 start-ups,
expected to be completed by the end of 2017.
The significant reduction in separately disclosed items, led to
a 180bp expansion in reported EBITDA margin to 17.5% in H1 2016,
reflecting a 59.8% increase in reported EBITDA to EUR 211.0m,
compared to EUR 132.1m in H1 2015.
Finance costs were EUR 33.2m in H1 2016, representing 2.7%
of total revenues, largely stable from the same period in H1 2015,
and significantly reduced compared to the 3.6% level for the full
year 2015, despite the cost of carrying EUR 808m of cash reserve
for future investments. Average month end excess cash in H1 2016
was EUR 579m, versus EUR 473m in H1 2015, and the cost of this
unused cash was EUR 6.0m at the net profit level during the period,
versus the EUR 4.3m cost of carrying excess cash in H1 2015.
Although income tax expense of EUR 32.1m is 2x as high as H1 2015
due to the strong revenue and profit growth, the 33.5% implied tax
rate for H1 2016 shows an 73bp improvement compared to the previous
year as the Group makes progress on its planned tax optimization
programme.
Adjusted net profit for the Group stood at EUR 93.4m in H1
2016, representing growth of 51.5%. Due to the strong revenue
growth and profit improvement, and with finance costs stable
relative to revenues, reported net profit doubled to EUR 60.8m for
the first half of 2016, translating to a 98.8% uplift in the
Group’s basic earnings per share (EPS).
Cash Flow & FinancingOperating cash flow increased
40.2% to EUR 128.6m during the first half of the year, driven
largely by the strong growth in pre-tax profit during the period
(up 105.5% to EUR 95.6m) despite dilutive ongoing network
investments as reflected in the Group’s separately disclosed items.
The Group’s focus on cash flow discipline was also reflected in the
reduction in net working capital (NWC) as a proportion of sales
from 5.9% in the same period last year to 5.1% at the end of June
2016.
Capital expenditures as of the end of June 2016 were EUR 80.4m,
or 6.7% of sales, versus 7.8% at the end of June 2015, in-line with
the management’s objective of progressively managing capex to a
more normalized level of 6% of sales, following completion of most
of its largest network infrastructure investments. On the back of
strong growth in revenues and profitability, and the slower capex
spend, Free Cash Flow to the Firm expanded by 87.4% during the
first half of 2016 to EUR 48.2m.
Net debt at the end of June 2016 stood at EUR 817.3m, a EUR
99m reduction from the net debt at the end of December 2015. After
capex and acquisition spend, payment of hybrid capital coupon, as
well as repayment of the penultimate OBSAAR bond re-payment, net
debt to adjusted EBITDA stood at 1.88x (1.81x on a pro-forma
basis), well below the Group’s covenant limit of 3.5x and
significantly improved from the 2.54x level at the end of 2015, due
to the higher cash generation during the period and the proceeds
from the share issuance to La Caisse de dépôt et placement du
Québec (CDPQ) at the end of the period.
Acquisitions & InfrastructureAs of 30 June 2016,
Eurofins completed 12 acquisitions with combined annualised
revenues in excess of EUR 70m. In July 2016, 4 more acquisitions
were completed, bringing total annualised revenues from
acquisitions completed year-to-date to over EUR 100m. These
acquisitions either strengthen Eurofins’ leadership in existing
markets, or further develop the Group’s expanding footprint in its
newer markets, such as in clinical diagnostics testing, or in Asia
Pacific. Some of Eurofins’ acquisitions in the first half of 2016
are discussed below.
In January, Eurofins acquired Sinensis Life Sciences, a leading
provider of pharmaceutical product testing and cGMP Quality Control
(QC) services in the Netherlands, further reinforcing the Group’s
global leadership in this area of pharmaceutical products testing.
In the same month, Eurofins also acquired Biotech-Germande SAS, one
of the leading players in the environmental clinical testing and
hospital hygiene market, as well as in medical device evaluation in
France. Biotech-Germande complements Eurofins' growing footprint in
the testing market for the healthcare sector in France. Eurofins
further strengthened its pharmaceutical products testing footprint
with the acquisition of ams Laboratories and Advantar, the leading
independent analytical and cGMP Quality Control (QC) service
providers in Australia, and the US West Coast respectively. In
April, Eurofins acquired PerkinElmer, Inc.’s U.S. prenatal
screening laboratory services business PerkinElmer Labs/NTD, a
reference laboratory in the US for first and second trimester
prenatal screening. The acquisition strengthens Eurofins’ growing
footprint in the genetics segment of the specialty clinical
diagnostic testing market.
Eurofins completed the acquisition of EAC Corporation from Asahi
Industries in Japan in May. EAC should reinforce the Group’s local
footprint as well as its platform to further deploy the Group’s
analytical expertise especially in water and dioxin testing. As
part of the acquisition, Asahi and Eurofins entered into an
exclusive service contract for a period of 3 years.
At the end of May, Eurofins strengthened its leadership in the
French food testing market with the acquisition of Agro-Analyses
SAS, one of the leading analytical service providers supporting the
food retail and catering sectors in France. In June, Eurofins
acquired Bureau de Wit BV, one of the main laboratory service
providers focused on food and water safety testing for the food
production, hotel and catering sectors in The Netherlands.
Four other acquisitions were completed during the first half of
2016. Total acquisitionii spend during the period was EUR
91.4m.
As part of its ongoing network investment programme, Eurofins
plans to deliver another 75,000m2 of new, state-of-the-art
laboratory surface by the end of 2016, following the 55,000m2 added
in 2015. The Group’s network infrastructure programme includes the
completion of 4 further start-up laboratories this year, which
would bring 25 start-up laboratories completed out of the 35
planned by end of 2017. The Group is also undertaking several site
rationalization projects with part or full site upgrades,
consolidating several small sites into fewer but larger
industrialized sites, or simply moving some businesses into our
large campuses to maximize synergies and optimize efficiencies
across our businesses.
In the US, Eurofins is on track to complete 2 of the planned
remaining 9 start-ups this year, to bring total US start-up
laboratories to 12 by the end of 2017. In addition, in-line with
the positive outlook in the domestic testing market, the Group is
further expanding its laboratory campus in Lancaster, already the
largest independent single-site laboratory in the world, with a
planned 17,200m2 extension to be completed by the end of 2018, of
which 1,600m2 is expected to come on stream by the end of this
year. Boston Heart Diagnostics (BHD) has also completed the
extension of its testing facilities in Framingham, MA, which has
increased its laboratory surface by over 40% to 9,300m2. In Europe,
the move to consolidate several small sites to a large campus in
Hamburg is expected to be completed by the end of 2018, as are the
site consolidation programmes in Benelux and Sweden. Finally, in
Asia Pacific, the Group is on track to complete the expansion of
its main Chinese food testing laboratory in Suzhou, as well as the
construction new food testing laboratories in Australia and
Singapore by the end of 2017. These projects follow the completion
of the Group’s new laboratories in Hong Kong and India, as well as
the multiple site upgrade and expansion projects in Australia and
New Zealand in 2015.
Between 2016 and 2017, the Group plans to deliver 120,000m2 of
modern laboratory surface. These programmes include both upgrade
and modernization of laboratory surface to consolidate smaller
laboratories into large, industrial facilities with higher
automation, greater efficiencies, better and faster service to
clients and ultimately higher profitability, as well as
construction of new facilities in high-growth markets or expansion
of Eurofins’ existing large sites.
Post-closing eventsThe transaction to acquire Exova's
food, water and pharmaceutical testing business in the UK &
Ireland, comprising 10 laboratories generating over EUR 20m in
annual revenues, was closed in July. Eurofins also completed the
acquisition of a food testing laboratory in New Zealand, an
agroscience business in the UK, and an environment testing business
in France, with total combined annualised revenues of about EUR
8m.
Eurofins has repaid the entire principal amount of the
Schuldschein loan (EUR 170m), in line with previous communication
regarding the management’s intention to possibly refinancing older,
more expensive existing lines of debt with instruments with longer
maturity.
Table 3: Separately disclosed items
H1 2016 Separately disclosed items: (in EURm except otherwise
stated) H1 2016 H1 2015
One-off costs from integrations,
reorganizations and discontinuedoperations, and other non-recurring
costs
5.4 5.9
Temporary losses and other costs related
to network expansion, start-upsand new acquisitions in significant
restructuring
0.2 4.2 EBITDA impact 5.6 10.1
Depreciation costs specific to start-ups
and new acquisitions in significantrestructuring
8.7 6.3 EBITAS impact 14.2 16.5
Amortisation of acquired intangible assets
related to acquisitions,impairment of goodwill, negative goodwill,
revaluation of amounts due frombusiness acquisitions, discontinued
operations and transaction costsrelated to acquisitions, and
non-cash accounting charges for stock options
17.6 15.8
Net finance costs related to borrowing and
investing excess cash and one-off financial effects (net of finance
income)
6.0 4.3
Tax effect from the adjustment of all
separately disclosed items
-4.6 -5.4 Non-controlling interests on separately
disclosed items -0.7 0.1 Total impact on Net Profit
attributable to equity holders 32.6 31.4 Impact on
EPS (EUR) 2.11 2.06
1 Adjusted - reflect the ongoing performance of the mature and
recurring activities excluding “separately disclosed items2”.2
Separately disclosed items - includes one-off costs from
integration, reorganisation, discontinued operations and other
non-recurring income and costs, temporary losses and other costs
related to network expansion, start-ups and new acquisitions
undergoing significant restructuring, non-cash accounting charges
for stock options, impairment of goodwill, amortisation of acquired
intangible assets, negative goodwill and transaction costs related
to acquisitions as well as income from reversal of such costs and
from unused amounts due for business acquisitions, net finance
costs related to borrowing and investing excess cash and one-off
financial effects (net of finance income) and the related tax
effects.3 EBITDA – Earnings before interest, taxes, depreciation
and amortisation, non-cash accounting charges for stock options,
impairment of goodwill, amortisation of acquired intangible assets,
negative goodwill, discontinued activities and transaction costs
related to acquisitions as well as income from unused amounts due
for business acquisitions4 EBITAS – Earnings before interest,
taxes, non-cash accounting charges for stock options, impairment of
goodwill, amortisation of acquired intangible assets, negative
goodwill, discontinued activities and transaction costs related to
acquisitions as well as income from unused amounts due for business
acquisitions.5 Net Profit - Net profit for equity holders after
non-controlling interests but before payment to Hybrid holders.6
Basic EPS – earnings per share (basic) total (to equity holders
before payment of dividends to hybrid bond holders)7 Operating Cash
Flow – Net cash provided by operating activities (after tax)8 Free
Cash Flow to the Firm - Operating Cash Flow, less capex9 Organic
growth for a given period (Q1, Q2, Q3, Half Year, Nine Months or
Full Year) - non-IFRS measure calculating the growth in revenues
during that period between 2 successive years for the same scope of
businesses using the same exchange rates but excluding discontinued
operations.For the purpose of organic growth calculation for year
Y, the relevant scope used is the scope of businesses that have
been consolidated in the Group's income statement of the previous
financial year (Y-1). Revenue contribution from companies acquired
in the course of Y-1 but not consolidated for the full year are
adjusted as if they had been consolidated as from 1st January Y-1.
All revenues from businesses acquired since 1st January Y are
excluded from the calculation.
The First Half Year Report 2016 can be found on the Eurofins
website at the following location: http://www.eurofins.com/investor-relations/reports-presentations/
For more information, please visit
www.eurofins.com
Notes for the editorEurofins - a global leader in
bio-analysis
Eurofins believes it is the world leader in food, environment
and pharmaceutical products testing and that it is also one of the
global independent market leaders in certain testing and laboratory
services for agroscience, genomics and discovery pharmacology and
for supporting clinical studies. In addition, Eurofins is one of
the significant emerging players in specialty clinical diagnostic
testing in Europe and the USA.
With 25,000 staff in over 250 laboratories across 39 countries,
Eurofins offers a portfolio of over 130,000 reliable analytical
methods for evaluating the safety, identity, composition,
authenticity, origin and purity of biological substances and
products, as well as for innovative clinical diagnostic. The Group
provides its customers with high-quality services, accurate results
on time and expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by
expanding both its technology portfolio and its geographic reach.
Through R&D and acquisitions, the Group draws on the latest
developments in the field of biotechnology and analytical chemistry
to offer its clients unique analytical solutions and the most
comprehensive range of testing methods.
As one of the most innovative and quality oriented international
players in its industry, Eurofins is ideally positioned to support
its clients’ increasingly stringent quality and safety standards
and the expanding demands of regulatory authorities around the
world.
The shares of Eurofins Scientific are listed on the Euronext
Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg
ERF FP).
Important disclaimerThis press release contains
forward-looking statements and estimates that involve risks and
uncertainties. The forward-looking statements and estimates
contained herein represent the judgement of Eurofins Scientific’
management as of the date of this release. These forward-looking
statements are not guarantees for future performance, and the
forward-looking events discussed in this release may not occur.
Eurofins Scientific disclaims any intent or obligation to update
any of these forward-looking statements and estimates. All
statements and estimates are made based on the information
available to the Company’s management as of the date of
publication, but no guarantee can be made as to their validity.
Eurofins provides in the Income Statement certain non-IFRS
information (“Adjusted Results1 and Separately Disclosed Items2”)
that excludes certain items because of the nature of these items
and the impact they have on the analysis of underlying business
performance and trends.
In addition, Eurofins shows the following measures: “EBITDA3,
EBITAS4” in the Income Statement and “Organic growth9” with the
objective to be close and consistent with the information used in
internal Group reporting to measure the performance of Group
companies and information published by other companies in the
sector.
Management believes that providing this information enhances
investors' understanding of the company’s core operating results
and future prospects, consistent with how management measures and
forecasts the company’s performance, especially when comparing such
results to previous periods or forecasts and to the performance of
our competitors. This information should be considered in addition
to, but not in lieu of, information prepared in accordance with
IFRS.
i Regulation of mineral oil saturated hydrocarbons (MOSH) and
mineral oil aromatic hydrocarbons (MOAH)
http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+MOTION+B8-2016-0411+0+DOC+XML+V0//EN
; Legislation on Polycyclic Aromatic Hydrocarbons (PAHs)
https://ec.europa.eu/jrc/en/eurl/pahs/legislation
ii Including earn-out payments on acquisitions completed in
previous years
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