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STADA: Development as expected in 2015 under difficult framework conditions – dividend to increase – preliminary outlook for 2016 published

  • 29/02/2016
  • Ad hoc Release
  • Investor News

Bad Vilbel, February 29, 2016 –

The Executive Board of STADA Arzneimittel AG has today, on February 29, 2016, published the preliminary figures for financial year 2015, which have not yet been audited. Accordingly, Group sales is expected to have risen by 3 percent to Euro 2,115.1 million (previous year: Euro 2,062.2 million) (adjusted for currency and portfolio effects: +4 percent). Reported EBITDA is expected to have decreased by 10 percent to Euro 377.1 million (previous year: Euro 418.8 million). Adjusted EBITDA is anticipated to have decreased by 10 percent to Euro 389.4 million (previous year: Euro 431.9 million). Overall, there were one-time special effects in the expected amount of Euro 63.1 million before or Euro 55.4 million after taxes. This is anticipated to include a net burden in the amount of Euro 16.9 million before and after taxes in connection with currency translation expenses and currency translation income recorded in the income statement resulting from the fluctuation of the Russian ruble as well as further significant currencies of the market region CIS/Eastern Europe. Due to lower impairment losses on intangible assets in comparison with the previous year following impairment tests, reported net income is anticipated to have increased by 71 percent to Euro 110.4 million (previous year: Euro 64.6 million). Adjusted net income is anticipated to have decreased by 11 percent to Euro 165.8 million (previous year: Euro 186.2 million).


Due to the increased net income reported, the STADA Executive Board recommends that the Supervisory Board propose to the next Annual General Meeting on June 9, 2016 a dividend of Euro 0.70 Euro per share for financial year 2015 (previous year: Euro 0.66). This would represent an increase in dividend of 6 percent as compared to the previous year. The resulting total dividend payment of Euro 43.6 million (previous year: Euro 40.0 million) reflects a distribution ratio at approximately 39 percent of net income reported.


Reported earnings per share are expected to have increased to Euro 1.79 (previous year: Euro 1.07). Adjusted earnings per share are expected to have decreased to Euro 2.69 (previous year: Euro 3.08).
As of the balance sheet date, net debt is expected to amount to Euro 1,215.7 million (December 31, 2014: Euro 1,327.5 million). In financial year 2015, the net debt to adjusted EBITDA ratio is expected to amount to 3.1 (previous year: 3.1).


Cash flow from operating activities is expected to have amounted to Euro 311.7 million in financial year 2015 (previous year: Euro 223.8 million). Free cash flow is anticipated to have amounted to Euro 133.5 million (previous year: Euro -38.2 million). Free cash flow adjusted for payments for significant investments or acquisitions and proceeds from significant disposals is anticipated to have amounted to Euro 212.4 million (previous year: Euro 157.4 million).


For the preliminary outlook for 2016, the Executive Board currently anticipates slight growth in Group sales adjusted for currency and portfolio effects, adjusted EBITDA and adjusted net income. The Executive Board expects the ratio of net debt excluding further acquisitions to adjusted EBITDA to be at a level of nearly 3.
In the first quarter of the current financial year, from today’s perspective the Executive Board anticipates more subdued development.


STADA will publish its final figures for financial year 2015 including the forecast for financial year 2016 on March 23, 2016.
STADA Key Figures

 

2015

2014

+/-

Group sales

Euro 2,115.1 million

Euro 2,062.2 million

+3%

EBITDA, reported

Euro 377.1 million

Euro 418.8 million

-10%

EBITDA, adjusted

Euro 389.4 million

Euro 431.9 million

-10%

Net income, reported

Euro 110.4 million

Euro 64.6 million

+71%

Net income, adjusted

Euro 165.8 million

Euro 186.2 million

-11%

Earnings per share

Euro 1.79

Euro 1.07

+67%

Earnings per share, adjusted

Euro 2.69

Euro 3.08

-13%




STADA adjustments

 

2015

Net income, reported

Euro 110.4 million

One-time effects

• Net burden from currency translation expenses and currency translation income recorded in the income statement resulting from the fluctuation of the Russian ruble as well as further significant currencies of the market region CIS/Eastern Europe

• Burden from additional scheduled depreciation and other measurement effects due to purchase price allocations as well as significant product acquisitions taking financial year 2013 as basis

• Burden from value adjustments netted of write-ups on intangible assets after impairment tests

• Net burden from effects from the measurement of derivative financial instruments and the underlying transactions

• Net relief from several extraordinary expenses and income, among other things, from damage and claim payments made and received, tax rate changes in the United Kingdom, successful sale of a French branded product company and expenses in connection with the disposal of the German logistics activities

 

Euro +16.9 million

 

 

Euro +10.6 million

 

Euro +29.1 million

 

Euro +2.9 million 

 

Euro -4.1 million

Total one-time effects

Euro 55.4 million

Net income, adjusted

Euro 165.8 million


 
Additional information for analysts:
STADA Arzneimittel AG / Investor Relations / Stadastraße 2–18 / 61118 Bad Vilbel – Germany /
Tel.: +49 (0) 6101 603-113 / Fax: +49 (0) 6101 603-215 / E-mail: [email protected]

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