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STADA with solid business development in the first quarter of 2018

  • 03/05/2018
  • Investor News
  • Press Release
  • STADA had a good start to the year
  • Both generics and branded products contribute to higher adjusted Group sales
  • Significant margin improvement in both segments
  • Transformation programme has already yielded positive results through cost savings in purchase and efficiencies in administration
  • Double-digit growth of net income 
  • Increase in cash flow and improvement in net working capital


STADA key figures: Group

 

Q1/2018

Q1/2017

+/-

Reported Group sales

€558.1 million

€566.3 million

-1%

Adjusted Group sales

€573.4 million

€552.0 million

+4%

Reported EBITDA

€118.6 million

€108.6 million

+9%

Adjusted EBITDA

€118.4 million

€108.5 million

+9%

Reported net income

€56.7 million

€49.2 million

+15%

Adjusted net income

€60.9 million

€53.3 million

+14%

Reported earnings per share

€0.91

€0.79

+15%

Adjusted earnings per share

€0.98

€0.86

+14%



According to Dr. Claudio Albrecht, CEO: “We got off to a good start in financial year 2018. The substantial improvements in profitability in both the Generics and Branded Products segments and the marked increase in net income show that the measures implemented in the transformation process are paying off. Overall, we are on track to meet the growth targets we have set for 2018.”  

Slight decrease in reported Group sales – increase in adjusted Group sales
In the reporting period, reported Group sales declined by 1 percent to €558.1 million. Sales generated by STADA Vietnam J.V. Co. Ltd. were no longer included. Group sales adjusted for portfolio and currency effects increased by 4 percent to €573.4 million. Both segments contributed to this growth.

Marked increase in both reported and adjusted EBITDA
Reported EBITDA increased by 9 percent to €118.6 million in the first quarter of 2018. Adjusted EBITDA grew by 9 percent to €118.4 million.

Significant increase in both reported and adjusted net income
Reported net income increased by 15 percent to €56.7 million in the reporting period. Adjusted net income grew by 14 percent to €60.9 million.

Increase in cash flow – improvement in net working capital
Cash flow from operating activities improved to €80.6 million in the first three months of 2018 (1-3/2017: €59.5 million). Free cash flow increased to €51.9 million (1-3/2017: €25.8 million).  Free cash flow adjusted for payments for significant investments or acquisitions and proceeds from significant disposals increased to €61.5 million (1-3/2017: €39.7 million). Net working capital improved from €678.8 million as of December 31, 2017, to €649.9 million as of March 31, 2018.

Reduction in net debt
As of March 31, 2018, net debt was reduced to €1,006.5 million (December 31, 2017: €1,054.7 million). The net debt to adjusted EBITDA ratio (LTM; before on a full-year basis/on linear extrapolation) improved in the first quarter of 2018 to 2.3 (1-3/2017: 2.6) including the funding provided by Nidda Healthcare Holding GmbH.


STADA key figures: Generics segment

 

Q1/2018

Q1/2017

+/-

Reported sales

€326.8 million

€325.9 million

0%

Adjusted sales

€332.8 million

€319.0 million

+4%

Adjusted EBITDA

€82.3 million

€69.4 million

+19%

Adjusted EBITDA margin

25.2%

21.3%

 


Sales development: Generics
Reported sales in the Generics segment in the first quarter of 2018 were more or less on a par with the previous-year quarter at €326.8 million. Sales generated by STADA Vietnam J.V. Co. Ltd. were no longer included.
Sales adjusted for portfolio and currency effects grew by 4 percent to €332.8 million.
Overall, the Generics segment accounted for 58.6 percent of Group sales (1-3/2017: 57.5 percent).

EBITDA and margin development: Generics
Adjusted EBITDA in the Generics segment increased by 19 percent to €82.3 million in the first three months of 2018.
The adjusted EBITDA margin was 25.2 percent (1-3/2017: 21.3 percent).

STADA key figures: Branded Products segment

 

Q1/2018

Q1/2017

+/-

Reported sales

€231.3 million

€240.4 million

-4%

Adjusted sales

€240.6 million

€233.0 million

+3%

Adjusted EBITDA

€63.1 million

€57.0 million

+11%

Adjusted EBITDA margin

27.3%

23.7%

 


Sales development: Branded Products
Reported sales in the Branded Products segment declined by 4 percent to €231.3 million in the first quarter of 2018.
Sales adjusted for portfolio and currency effects grew by 3 percent to €240.6 million.
Overall, the Branded Products segment accounted for 41.4 percent of Group sales (1-3/2017: 42.5 percent).

EBITDA and margin development: Branded Products
Adjusted EBITDA in the Branded Products segment increased by 11 percent to €63.1 million in the first three months of 2018.
The adjusted EBITDA margin in the Branded Products segment was 27.3 percent (1-3/2017: 23.7 percent).

STADA reconciliation of special items in the first quarter of 2018

(€ million1)

Reported first quarter of 2018

Impairment/write-ups on non-current assets

Effects from purchase price allocations and product acquisitions2

Adjusted first quarter of 2018

Earnings before interest, taxes, depreciation and amortization (EBITDA)

118.6

--

-0.2

118.4

Balance from depreciation/amortization and impairment/write-ups for intangible assets (including goodwill), property, plant and equipment and financial assets

30.4

-1.8

-3.3

25.3

Financial income and expenses

-8.1

--

--

-8.1

Income taxes

22.4

0.5

0.4

23.3

Result attributable to non-controlling shareholders

1.0

--

-0.1

0.9

Result attributable to the shareholders of STADA Arzneimittel AG (net income)

56.7

1.3

2.9

60.9


 
1 Due to the presentation in € million, deviations may appear in the tables due to rounding.
2 Concerns additional depreciation/amortization and other valuation effects due to purchase price allocations and significant product acquisitions compared with the 2013 financial year as the base level.

Additional information for journalists
STADA Arzneimittel AG / Media Relations / Stadastraße 2–18 / 61118 Bad Vilbel – Germany / Phone: +49 (0) 6101 603-165 / Fax: +49 (0) 6101 603-215 / E-mail: [email protected]