The Board of Directors of Kedrion SpA – specialising in the development, manufacture and distribution of plasma derived medicinal products, led by Paolo Marcucci, President and CEO – met today to approve the 2009 Financial Statements.
In the financial year 2009, Kedrion Group achieved some major results, despite the challenging scenario, retaining its leading position on the Italian market and continuing its development on the international markets, which now account for 37.4% of its total turnover.
This led to a +8.5% increase in turnover, which reached 239.5 million euros, an adjusted Ebitda of 68.6 million euros, representing a 28.6% margin, and an Ebit of 50.5 million euros, representing a 21.1% margin.
A reverse takeover between the holding of Kedrion Group (Augeo Due) and Kedrion SpA took place in the first quarter of 2009; for consistency of comparison with the previous year’s balance sheet, the results have been based on the same International Accounting Principles (IAP) in order to allow for a proper interpretation of the financial dynamics of the Group as a whole.
Between 2008 and 2009, Shareholders Equity increased from 89 million euros to nearly 180 million euros, as a consequence of the shareholders’ conversion of subordinated debts into equity and the period-based profit, offset by a decrease in the Net Financial Position, from 266.4 million euros to 204.6 million euros (ratio of 1.1x Shareholders Equity and 3.0x adjusted Ebitda).
With regards to investments, following the unplanned investments made in 2008 to increase plasma collection from the company’s own centres, overall investments in 2009 amount to nearly 22 million euros (9% of turnover) mainly aimed at supporting the Group’s production capacity and the start of an investment plan in Hungary to increase fractionation capacity.