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Wednesday, November 22, 2017 
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ROPHARMA SA - RPH

2017 H1 financial results

Release Date: 8/16/2017 7:00:00 PM

IRIS Code: 9BEE2

INVESTOR NEWS

Profitability growth in a context of deleveraging

Q2 2016

Q1 2017

Q2 2017

Key indicator

6 m / 2016

6 m / 2017

∆ %

83.288.800

85.681.146

83.183.917

Operating income

179.633.420

168.865.063

(10.768.357)

-6%

81.258.013

84.143.529

81.550.273

Operating expenses

177.199.298

165.693.802

(11.505.496)

-6%

2.030.788

1.537.616

1.633.644

EBIT

2.434.123

3.171.261

737.139

30%

(356.436)

(61.807)

(44.760)

Net financial result

(225.102)

(106.567)

118.535

-53%

1.372.338

1.286.179

1.390.222

Net profit for the period

1.717.912

2.676.401

958.489

56%

225.704.791

218.689.054

212.304.893

Assets

225.704.791

212.304.893

(13.399.898)

-6%

97.197.623

81.002.875

73.228.492

Debts

97.197.623

73.228.492

(23.969.131)

-25%

20.967.473

7.410.077

6.157.704

out of which borrowings

20.967.473

6.157.704

(14.809.769)

-71%

128.507.168

137.686.179

139.076.401

Total equity

128.507.168

139.076.401

10.569.233

8%

1,6%

1,5%

1,7%

Net profit ratio

1,0%

1,6%

0

0,6%

0,6%

0,6%

0,7%

ROA

0,8%

1,3%

0

0,5%

1,1%

0,9%

1,0%

ROE

1,3%

1,9%

0

0,6%

43%

37%

34%

Leverage 1

43%

34%

0

-8,6%

16%

5%

4%

Leverage 2

16%

4%

0

-11,9%

The operating income was amounted to Ron 83 million in Q2 2017 in line with operating income recorded in Q2 2016.

The company recorded in 6m/2016 retail sales in National hepatitis program in amount of Ron 9.728.128 and distribution sales in amount of Ron 10.613.393 with affiliated Ropharma Logistic (due to distribution separation incumbent by law).

Without taking into consideration the distribution sales and sales in National Hepatitis program, the retail sales increased with 9% in 6m/2017 compared to 6m/2016, due to an improved service level, an increased number of units sold, as well as the changes in sales mix.

The defective products generated by parallel trade continue to determine lost incomes.

6 m/2016

6 m/2017

∆ %

Retail sales

152.425.703

165.392.953

12.967.250

9%

Sales in National Hepatitis program

9.728.124

-

(9.728.124)

-100%

Distribution sales

12.706.954

447.494

(12.259.460)

-96%

Discounts granted

(10.231)

-

10.231

-100%

Total net sales

174.850.550

165.840.447

-9.010.103

-5%

The gross margin increased by 19% to RON 17,6 million in Q2 2017 compared to Q1 2017 RON 14,7 million.

Consequently, the EBIT for 6m/2017 of RON 3,1 million was significantly higher compared with the EBIT of RON 2,4 million recorded in 6m/2016.

Compared to Q2 2016, the leverage calculated as debts to equity ratio, decreased from 43% to 34% at the end of Q2 2017.

The increasing of trade receivables with 21%, in amount of Ron 8 million, corresponds with the 2016 outstanding sales in National Hepatitis program (cost-volume-result mechanism refundable according to patient’s clinical evolution). The average debtors’ collection period for 6m/2017 was 44 days.

Equity increased to RON 139 million as of 30 of June 2017 compared to RON 136 million as of 31 of December 2016, because of the net profit generated in the current period.

Based on 2016 and Q1 2017 evaluation and results analysis, Coface, the market leader within credit risk management, changed the historical risk category for Ropharma, from average risk to low risk.

The Report on 30.06.2017 is available as from the date of 16.08.2017, at 18.30, as follows: in electronic format on the Ropharma SA website at www.ropharma.ro, in writing, at the registered office of Ropharma S.A., 55 Iuliu Maniu St., Brasov County, as well as in the link below.

Finance Manager,

Alin Constantin Radasanu



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