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13-08-2019

FIRST HALF RESULTS 2019

Released: 13/08/2019 – 11:20 GMT
RNS Number: 8774I
Kedrion S.p.A

 

Castelvecchio Pascoli (Lucca, Italy), 13 August 2019 – The Board of Directors of Kedrion S.p.A., a biopharmaceutical company that collects and fractionates blood plasma to produce and distribute plasma-derived therapeutic products, has today approved the financial results for the six months ended 30 June 2019.

The following key figures are reported on a consolidated basis.

In the first half of 2019, Kedrion achieved a robust revenue growth to Euro 364.0 million with an increase of 30.8% compared to the same period in 2018. Growth was primarily recorded in plasmaderivatives (+ 13.3% to Euro 260.6 million) and plasma segment (+ 133% to Euro 91.8 million).  The Group’s main market is United States, with 38.6% of the total revenues.

The adjusted EBITDA1 was Euro 76.1 million, representing a 20.9% margin and a 13.8% growth compared to the first half of 2018.

One-off costs for the period dropped to Euro 34.3 million with a 8.6% decrease respect to the same period 2018, of which Euro 13.3 million related to the Melville operational restart.

This level one-off costs led to an EBITDA reported1 of Euro 41.9 million, a 42.3% increase compared to Euro 29.4 million in the first half of 2018.

Group net income reached Euro 14.8 million (4.1% of turnover) representing a 57.3% increase over the same period in 2018.

Kedrion made total gross investments for Euro 24.9 million (Euro 36.3 million in the first half of 2018), of which Euro 12.1 million dedicated to the plasma segment. As of 30 June, the Group’s network included 25 plasma collections centers, of which 18 in the United States and 7 in Hungary.

At the beginning of the year, US Food and Drug Administration approved all the intermediates produced in Melville giving the final green light to the operational restart after the full refitting of the plant.

The restart of the Melville fractionation activities contributed to the increase of net working capital reaching Euro 352.8 million, compared with Euro 298.9 million at the end of 2018.

The growth of the net working capital has also been the main driver of the increase in the net financial position to Euro 548.2 million from Euro 496.4 million at the end of 2018 excluding the impact of IFRS 16. Including the impact of IFRS16 net financial position was 615.1 million.

 

1 As of 30 June 2019 the impact from the application of IFRS16 on EBITDA was Euro 4.3 million

READ THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2019

For further information, please write to investor@kedrion.com  

 

About Kedrion

Kedrion is a leading biopharmaceutical company that specializes in the development, production and distribution of plasma-derived therapeutic products for use in treating serious diseases, disorders and conditions such as immune system deficiencies and coagulation disorders.

The Company operates through a fully integrated business model from the collection of plasma in its own centers in the United States and Hungary to fractionation and production in its manufacturing facilities located in Italy, Hungary and the United States.

Headquartered in Castelvecchio Pascoli (Italy), Kedrion has about 2.500 employees and a commercial presence in approximately 100 countries worldwide.

Kedrion places a high value on the welfare of those who benefit from its products, as well as on the people and the communities it serves.

Additional information about Kedrion can be found at kedrion.com

Disclaimer                                                                                                                          

This document contains forward-looking statements on overall economic development as well as on the business and assets position of Kedrion S.p.A. and its subsidiaries. These statements are based on current plans, estimates, forecasts and expectations of the company and are thus subject to risks and elements of uncertainty that could result in significant deviation of actual developments from expected developments. The forward-looking statements are only valid at the time of publication. Kedrion does not intend to update the forward-looking statements and assumes no obligation to do so.

For more information please contact: investor@kedrion.com