PharmaNutra: the BoD approves the draft Financial Statements and Consolidated Financial Statements at 31.12.2018
Published: 13 March 2019 12:37
Double-digit growth continues (+23%) driven by the expansion on national and international markets
Net revenues € 46.7 M (+23% with respect to 31.12.2017)
EBITDA restated € 11.8 M (+24% with respect to 31.12.2017)
Restated net profit for the period € 7.8 M (+28% with respect to 31.12.2017)
Net cash € 11.4 M (with respect to € 9.1 M AT 31.12.2017)
Proposed dividend per share € 0.50 (+52% with respect to 31.12.2017)
Pharmanutra announces that the Board of Directors Meeting, held on Tuesday 12th March, examined and approved the separate financial statements at 31 December 2018 and the consolidated financial statements at 31 December 2018, prepared pursuant to Issuers’ Regulation AIM Italy/Alternative Investment Market and in compliance with IFRS international accounting standards.
The Consolidated Financial Statements of Pharmanutra Group at 31 December 2018 shows the following figures:
| € M | 31/12/2018 | 31/12/2017 | Changes |
| NET REVENUE | 46,7 | 37,8 | + 23% |
| EBITDA | 12,6 | 9,4 | + 33% |
| EBITDA RESTATED1 | 11,8 | 9,5 | + 25% |
| NET PROFIT | 8,6 | 6,0 | + 42% |
| RESTATED NET PROFIT FOR THE PERIOD2 | 7,8 | 6,0 | + 28% |
| NET CASH | (11,4) | (9,1) | + (2,3) |
1 The EBITDA restated at 31/12/2018 is net of non-recurring revenues, equal to a total of € 0.82 M, relating to the entry of the tax credit for research and development set forth by article 3 of Legislative Decree no. 145/2013 for the research and development work carried out in the years 2015-2017 by Pharmanutra and Alesco and the relevant advisory costs equal to € 0.08 M.
2 The Net Profit for the period restated at 31/12/2018 has the sole scope of valuing the growth net of the nonrecurring items in any case attained. In particular, the nonrecurring revenues are not taken into account, which are equal to a total of € 0.82 M, relating to the entry of the tax credit for resesrch and development set forth by article 3 of Legislative Decree no. 145/2013 for the activities of resesrch and development carried out in 2015-2017 by Pharmanutra and Alesco and relevant consulting services costs equal to € 0.08 M.
Pharmanutra ended 2018 with a Consolidated Net Profit equal to 46.7 million Euros, up by 23% compared to the previous financial year. This result was attained thanks above all to the positive contribution of products under the SiderAL® brand and much higher sales of osteo-articular topical products under the Cetilar® brand, which generated a growth of 16% on the domestic market.
In 2018, the Pharmanutra Group further strengthened its presence on the international markets with revenues growing from 8.1 million Euro to 12.4 million Euro with respect to the previous year, and up by 52%. Foreign revenues represent 26% of the total revenues.
This significant increase of its performance is attributable to the continuous research and development work and clinical activities on the products, which generate a greater awareness of the effectiveness of the products with the medical profession and a growing perception of their quality by consumers. In paritcular, the results of R&D work in 2018 led to the launch in Italy of eight new products including Apportal®, Ultramag®, Capricare® and NeoD3® Forte. These are new formulas with proprietary raw materials, developed entirely in the R&D department, that widen the range of sucrosomial products and propose new solutions for nutritional supplements entering new market segments and on completely new markets.
The restated EBITDA of the Pharmanutra Group stands at approximately 11.8 million Euros, equal to a 25% margin on the net profits, and with a growth of 25% compared to 2017.
The Net Profit for the period is equal to 8.6 million Euro, and is up by 42% compared to 31 December 2017.
The restated Net Profit for the period is equal to 7.8 million Euro, and is up by 28% compared to 31 December 2017.
The Net Cash for 2018 alspo showed a positive trend with respect to 31 December 2017 increasing from 9.1 million Euro to 11.4 million Euro.
Andrea Lacorte, Chairman of Pharmanutra S.p.A, had this to say: “We are ending yet another year of significant development during which all our products lines have been very successful both on the market, and at a scientific level. This growth encourages us to continue our work in research and innovation, as the launch of 8 new products clearly confirms together with the strong drive given by the Cetilar® line, which has been very successful on the market of topical soothing products, for which there is an enormous demand”.
Roberto Lacorte, Vice Chairman of Pharmanutra Spa, added: “I am pleased to say that these extraordinary results, that go well beyong the positive expectations of the Consensus, go hand in hand with a geographical growth of the Group, that today operates in 49 different Countries. This bears witness to the fact that we are not content merely to consolidate the results we have obtained to date, but are ready to face new challenges, and reach new highly competive markets of very high potential. Merkets on which we can gradually consolidate the validity of our products”.
The consolidated financial statement at 31 December 2018 will be made available to the public according to the terms and methods set forth in the AIM Italia Issuers’ Regulation and on the Pharmanutra Spa website www.pharmanutra.it under the Section “Investor Relations”.