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ANTIBIOTICE S.A. - ATB

Preliminary financial results 2017

Release Date: 2/14/2018 6:30:10 PM

IRIS Code: E7283

 


Report date: 14.02.2018

Name of issuing company: Antibiotice SA

Headquarters: Iasi, str. Valea Lupului nr. 1, zip code 707410

http://www.antibiotice.ro

E-mail: relatiicuinvestitorii@antibiotice.ro

Telephone/fax no. : 0232 209000 / 0232 209633

Unique registration code in the Trade Register Office: RO1973096

No. in the Trade Register: J22/285/1991

Subscribed and paid-up capital: 67,133,804.00 RON

The regulated market trading the securities issued: Bucharest Stock Exchange

Number of shares: 671,338,040

Number of votes: 671,338,040

Main characteristics of the securities  issued by the company: nominative shares, nominal value: 0.10 RON

 

Important event to report:

 

 

PRELIMINARY REPORT 2017

 

In 2017, the pharmaceutical market in Romania was influenced by frequent legislative changes and measures with a strong impact on the entire industry: the lists of compensated drugs have been updated by introducing new molecules so that patients in Romania have access to last generation therapies; centralized auctions for medicines, antibiotics and oncological purchases, which will result in 2018 into rationalizing the consumption of resources from the health budget; the gradual increase in the clawback tax, which reached 23.45% in the fourth quarter of 2017, from 18.89% in the similar period of 2016 and 12.36% in the fourth quarter of 2015.

 

Against this background, Antibiotice has reported a sales increase in pharmacies and hospitals of 5.3% compared to 2016.

The retail pharmacy segment is up 5.7% compared to 2016, from 223.6 million lei to 236.3 million lei, while the Hospitals segment is growing by 4% from 76.5 million lei in 2016 to 79.5 million lei in 2017. The main therapeutic classes that registered significant increases in value compared to 2016 are: digestive tract (+4.3 million lei), cardiovascular system (+14.4 million lei) and Central Nervous System (+2.2 million lei) generated both by the contribution of new products and the positive evolution of the company's top products.

Among these are the products reporting over 1 million lei: Indapamida Atb® tablets (+5 million lei), Silithor® (+4.9 million lei), Fluxiv® (+4 million lei), Rosuvastatina Atb® tablets cpr (+ 2.8 million lei), Meropenem® injectables range (+1.7 million lei), Equilibra® (+1.6 million lei), Nolet® tablets (+1.4 million lei), Memantina Atb® range (+1.4 million lei), Imipenem / Cilastatin Atb® (+1.3 million lei) and Bisotens® tablet range (+1.2 million lei).

In 2017, societatea Antibiotice continued to be a a leader in the segment of generics and OTCs sold in hospitals, with a market share of 17.4%.

On the generic and OTC segment, the company occupies the 4th position, with a market share of 5.2%, while the total pharmaceutical market is ranked 17th with a market share of 2.24%.

Through its capitalized portfolio, in 2017, Antibiotice maintains its leading position in terms of ointment units sales with a market share of 27%, suppositories with a 40.3% market share and powders for injection with a market share of 74.7%.

 

Non-prescription drugs (OTC) have seen a steady increase in sales over the past few years, accounting for 22% of the total market share in 2017, with an average annual growth rate of 17.5% (2014-2017).

Through the non-prescription medicine portfolio and food supplements, Antibiotice is ranked 14th among the top OTC companies in Romania (out of a total of 213 companies), up 4 positions versus 2015 (18th place). The average annual growth rate recorded in 2014-2017 is 25.2%, above the overall market share rate (17.5%).

The share of OTC drugs in the company's turnover increased in 2017 to 19.1% (16% in 2016, 13% in 2015), the products which were the most successful being the food supplements Fluxiv®, Silithor®, Equilibra®, Soriso ®, Cutaden Bebe® as well as the OTCs Clafen® topical range, Saliform® Forte and Cicatrol®.

Through promotional and commercial policies carried out in the first part of this year, food supplements held in the portfolio managed to perform in relevant markets: Fluxiv®, ranked third in terms of consumption, out of a total of 25 products, with a market share of 6.9% in the second year of sale; Equilibra®, ranked third in terms of consumption, in a relevant market where 40 products are present, with a market share of 11.7%; Silithor® - ranked sixth in consumption, out of more than 65 products, with a market share of 4.7%; Soriso® ranks first in consumption with a 37.3% market share in the second year of sale on a market where 21 competing products operate.
 

(Data source: Cegedim 2017)

 

The objectives of 2017 focused on achieving the budget approved by the Board and the General Meeting of Shareholders, as well as destocking the pharmacies and sales channels (distribution, hospital, retail), thus sales revenues registered an increase of 1.3% with the previous year and net profit 10% higher by 10% compared to 2016.

 

Antibiotice policy on the foreign market has been strengthening the world's leading position on the Nystatin market and developing the international presence for finished products.

 

Operating profit decreased in 2017 from 39.5 million lei estimated in 2016, to 37.3 million at the end of the year as a result of the increase in the value of the clawback tax from 22.3 million lei in 2016, to 29, 2 million lei at the end of the period.



Statement of the global result (LEI)

31.12.2016

31.12.2017

2017/

2016

 

 

 

 

Sales revenue

332,435,059

336,904,666

1.013

Other operating profit

20,262,937

37,796,667

1.87

Income relative to costs of product stocks

-900,215

4,235,363

-4.70

Income from the company’s capitalized activity

2,177,574

1,850,831

0.85

Expenses with raw materials and consumables

126,867,849

127,072,000

1.00

Payroll expenses

76,846,812

85,897,194

1.12

Expenses on amortization and depreciation

18,948,912

17,098,098

0.90

Other operating expenses

91,782,114

113,395,172

1.24

Operating profit

39,529,669

37,325,063

0.94

Financing costs

-4,648,023

-1,963,633

0.42

Profit before tax

34,881,646

35,361,430

1.01

Expenses on income tax

4,510,835

1,803,076

0.40

Profit

30,370,811

33,558,354

1.10

 

 

During 2017, an important strategy was to maintain the rate of indebtedness similar to past years’ trends so that at the end of the year a 28% level was recorded compared to the previous year when it recorded 23%, the same evolution being registered by the liquidity at the level of 3.6 in 2017 compared to 4,3 in 2016.

 

 

 

 

01.01.2017

31.12.2017

 

ASSETS

     

FIXED ASSETS

     

Tangible assets

206,702,347

223,242,890

1.08

Intangible assets

10,139,458

            13,107,622

1.29

TOTAL FIXED ASSETS

216,841,805

236,350,512

1.09

CURRENT ASSETS

     

Stocks

60,195,101

67,264,546

1.12

Commercial and similar payables

242,456,065

264,212,743

1.09

Financial assets held for sale

0

0

 

Cash and cash equivalents

13,902,686

5,107,743

0.37

TOTAL CURRENT ASSETS

316,553,852

336,585,032

1.06

TOTAL ASSETS

533,395,657

572,935,544

1.07

DEBT

     

CURRENT DEBT

     

Commercial and similar debt

49,045,370

55,535,975

1.13

Amounts owed to banks

40,705,967

69,731,310

1.71

Debt generated by current fees and taxes

11,486,302

9,792,885

0.85

Short-term provisions

1,418,895

 

0.00

Subsidies for investments

275,047

326,246

1.19

TOTAL  CURRENT DEBT

102,931,581

135,386,416

1.32

LONG-TERM DEBT

     

Subsidies for investment

2,639,349

2,498,889

0.95

Deferred tax

18,758,368

18,172,398

0.97

Long-term provisions

0

0

 

TOTAL LONG-TERM DEBT

21,397,717

20,671,287

0.97

TOTAL DEBT

124,329,298

156,057,703

1.26

Share capital and reserve

     

Share capital

264,835,156

264,835,156

1.00

Revaluation reserves

16,925,870

14,556,141

0.86

Legal reserves

13,426,761

13,426,761

1.00

Other reserves

146,528,189

151,152,127

1.03

Reported result

-63,020,428

-60,650,699

0.96

Current result

30,370,811

22,558,354

0.74

TOTAL EQUITY

409,066,359

405,877,840

0.99

TOTAL DEBT AND EQUITY

533,395,657

561,935,544

1.05

 

 

 

 

                                                                CEO                                                              Financial Director

Ec. Ioan NANI                                                      Ec. Paula COMAN

 

 

 

 

 

Availability for the Annual Report 2017 – PRELIMINARY RESULTS

 

Antibiotice Iasi informs that the Report on 31.12.2017 (preliminary results), is available to investors through the Bucharest Stock Exchange, Authority for Financial  Supervision, as well on our website: www.antibiotice.ro (Investors/Financial Information/Financial reporting/ 2017 – PRELIMINARY RESULTS).

We’d like to mention that the report is also available on request at our company’s headquarters (Investors Relations Office, Fax: 0372 065633, e-mail: relatiicuinvestitorii@antibiotice.ro).

 

General Director,

ec. Ioan NANI                           

 

 

Financial Director,

ec. Paula-Luminita COMAN

 

 



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