Results of the first semester of 2019: growth in double figures confirmed
The financial performance of the Group have been consolidated thanks to the scientific achievements of the technology Sucrosomial®, the constant growth of the Cetilar® range and the progressive success of Apportal® and Ultramag®.
€ 25.1 m revenue from sales (+14% compared to 30/06/2018)
€ 6.3 m EBITDA (+15% compared to 30/06/2018)
€ 4.0 m net income (+12% compared to 30/06/2018)
Positive net financial position of € 10.8 m
PharmaNutra S.p.A. hereby informs that the Board of Directors has examined and approved the consolidated interim report on 30ᵗʰ June 2019, drawn up in accordance with the Issuers’ Regulations AIM Italia/Alternative Capital Market and in conformity with the international accounting principles IFRS.
In the first semester of 2019, the Group recorded a revenue of 25.1 million euro, showing an increase of double figures (approx. 14%) compared to the same period in the previous financial year. This result was achieved thanks to the positive contribution of the products branded Sideral®, leading to a turnover of 18.1 million euro compared to the 17.1 million euro (+ 6%) of 2018. The turnover related to products branded Cetilar® destined for the markets of topical treatments for osteoarticular complaints highlights a significant increase, from 2.1 million euro of the first half of 2018 to 2.7 million euro as of 30ᵗʰ June 2019 (+26%). The products launched in 2018 (Apportal® and Ultramag®) have made a contribution of 1.4 million euro to the turnover as of 30ᵗʰ June 2019.
This impressive increase in performance of the two main product lines is attributable to the ongoing research and development activities and clinical work on the products themselves, which strengthen awareness of their effectiveness among the medical professionals and increase quality perception by the consumers.
The PharmaNutra Group has strengthened its presence further on the international markets, with a growth in revenue from 5 million euro to 5.7 million euro, equal to approx. 23% of the total consolidated turnover.
The EBITDA of the PharmaNutra Group has reached around 6.3 million Euro (5.5 million Euro as of 30ᵗʰ June 2018), equal to a margin of 25% of total revenue, showing a growth of 15% compared to 30ᵗʰ June 2018. Excluding the effect of applying the new principle IFRS 16, the consolidated EBITDA would reach a total of approximately 6.2 million euro (+13% compared to the previous financial year).
The net profit of the period reached approx. 4.0 million euro, with an increase of 12% compared to the same period of the previous financial year. Application of the new principle IFRS 16 has no effect on the consolidated net profit.
The Net Financial Position as of 30ᵗʰ June 2019 is positive at 10.8 million euro compared to the 11.4 million euro as of 31ˢᵗ December 2018, further testimony to the strength of the Group. This variation is influenced by the effects of adopting the accounting principle IFRS 16 which led to the reckoning of 788 thousand euro of financial liabilities related to the rights of use. Excluding the effect of applying the IFRS 16, the Net Financial Position as of 30ᵗʰ June 2019 would be positive by 11.6 millions.
It is noted that over the first semester PharmaNutra S.p.A. paid dividends to the shareholders for a sum of 4.8 million euro (0.50 euro per share), given its structural financial capacity and consolidated company practice regarding the policy for the distribution of dividends.
Andrea Lacorte, President of PharmaNutra S.p.A, commented: “Growth is a key word for us, and again this year we continue on this path that fills us with pride. The Italy turnover is growing, the International turnover is growing, patents and innovations are on the increase: all this confirms the place of PharmaNutra as a unique business in its reference market”.
Roberto Lacorte, Vice President of PharmaNutra, confirmed that: “We are extremely pleased with the results of this first half of the year, which confirm the growth trends in double figures of the PharmaNutra Group with profit margins and cash generation in line with previous years. These results, together with ongoing investments in the areas of sales, scientific research and human resources, further strengthen the prospects for the long-term strategic development of the Group”.
HERE find more detailed information, with a reconstruction of the first six months of 2019 main events and the Group’s accounting statements prepared in accordance with the International Accounting Standards IFRS.