
VIRBAC: 2021 operating profit from ordinary activities showed very strong growth, reflecting the excellent dynamism of our business in a rapidly growing market
CONSOLIDATED FIGURES AS OF DECEMBER 31 in millions of € | 2021 | 2020 adjusted 6 | 2021/2020 Change | ||
Revenue | 1,064.0 | 934.2 | +13.9% | ||
Change at constant exchange rates | +14.9% | ||||
Change at constant exchange rates and scope 1 | +18.4% | ||||
Current operating profit, before depreciation of assets arising from acquisitions 2 | 173.2 | 127.0 | +36.4% | ||
as a % of revenue as a % of revenue at constant rates | 16.3% 15.9% | 13.6% | |||
Depreciation of intangible assets from acquisitions | 4.3 | 8.4 | |||
Operating profit from ordinary activities | 168.9 | 118.6 | +42.4% | ||
Non-recurring income and (expenses) | -1.20 | 65.2 | |||
Operating profit | 167.6 | 183.7 | -8.8% | ||
Current net profit 3 | 117.8 | 76.9 | +53.3% | ||
Consolidated net profit | 115.7 | 140.3 | -17.6% | ||
Including net profit - Group share | 113.2 | 136.0 | |||
Shareholders’ equity - Group Share | 724.9 | 621.0 | +16.7% | ||
Net debt 4 | -73.8 | -63.4 | -16.4% | ||
Operating cash flow before interest and taxes 5 | 210.1 | 169.4 | +24.0% |
1 Change at constant exchange rates and scope corresponds to organic growth of sales, excluding exchange rate variations, calculating the indicator for the financial year in question and the indicator for the previous financial year on the basis of identical exchange rates (the exchange rate used is the previous financial year’s), and excluding change in scope, calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous year, and excluding sales of Sentinel, a product divested on July 1, 2020, over the two financial years in question.
2 Current operating profit, before depreciation of assets arising from acquisitions, reflects current profit adjusted for the impact of allowance for depreciation of intangible assets resulting from acquisition transactions.
3 Current net profit corresponds to consolidated net profit adjusted for non-recurring expenses and income (- €1.2 million), and for non-current tax (- €0.9 million).
4 Net debt corresponds to current (€46.5 million) and non-current (€14.0 million) financial liabilities as well as a lease obligation related to the application of IFRS 16 (€38.5 million), less the cash position and cash equivalents (€172.8 million) as published in the statement of financial position.
5 Operating cash flow corresponds to operating profit (€167.6 million) adjusted for items having no impact on the cash position and impacts related to divestments. The following items are adjusted: fixed asset impairment (€41.7 million), provision for risks and charges (- €1.7 million), provisions related to employee benefits (- €1.1 million), and the other expenses and income without any impact on cash position (€0.6 million), and the impacts related to divestments (+ €3.0 million).
6 Including the impacts of the final decision of the IFRS IC of March 2021 on the configuration and customization costs of software used as part of an SaaS-type contract as described in the accounting principles and methods (net impact - €1.4 million).
The accounts were audited by the statutory auditors and examined by the board of directors on March 18, 2022. The report of the statutory auditors is in the process of being issued. The statements and detailed presentation of annual profits are available on the corporate site at corporate.virbac.com.
Thanks to the constant mobilization of the Virbac teams for animal health, in a particularly dynamic market, we posted annual revenue of €1.064 billion, an increase of +17.4% over 2020 excluding Sentinel (+13.9% at real scope) compared to the same period in 2020. Excluding the negative effect of exchange rates, revenue rose by +18.4% excluding Sentinel (+14.9% at real scope). All areas had double-digit organic growth, reflecting both the sector’s momentum and the successful execution of our strategic plan. In Europe, the main contributors to this performance were France, area Export activities, the United Kingdom, Germany, Benelux, Italy and Spain, driven by strong growth in the companion animal range. In Asia-Pacific, India continues to drive the area’s growth, accounting for approximately 45% of it; Australia, New Zealand, South Africa, Vietnam, and China also contribute to the area’s very strong growth. The United States benefited from sustained growth across all product lines, including specialty products, the dental and dermatology ranges, recently launched products (Clomicalm, Itrafungol, Senergy and Stelfonta) and, lastly, the manufacturing of Sentinel Spectrum for Merck. In Latin America, Brazil and Mexico drove growth. Lastly, in Chile, the strong second half-year performance helped us achieve organic growth over the year. In terms of species, the companion animal business was essentially driven by the remarkable double-digit growth of the specialty ranges (including Clomicalm, Movoflex, Stelfonta), petfood, parasiticides, dermatology and dental products, and by the rebound of the vaccine range for dogs and cats, compared to the same period in 2020. It should be noted that sales of Clomicalm and Itrafungol, products acquired in March 2021, and the US petfood range iVet, acquired in July 2021, represented approximately €14 million in sales (or 1.6 percentage points of revenue growth) over the period. The food producing animals segment also showed significant growth due in particular to the ruminant sector.
The current operating profit before depreciation of assets arising from acquisitions amounts to €173.2 million, up significantly from 2020 (€127.0 million). This improvement in performance is mainly due to the exceptional growth in our revenue, driven by a very strong performance in all areas and good market dynamics. It is partially offset by a rebound in our expenses, in particular the staff expenses related to the high activity, the commercial expenses in anticipation of product launches, and the acceleration of our R&D investments. Note also, that this annual profit benefits from the recognition of exceptional items in the amount of €5.1 million (€2.4 million in compensation net of costs incurred in 2021, for the continuation of R&D projects acquired in the 1st quarter of 2021 from Elanco, and the additional margin on the transferred inventories of the Clomicalm and Itrafungol products that have benefited from a zero cost of sales as part of the acquisition, and €2.7 million for the reversal of provision for disputes, which have become irrelevant). All of these items represent a positive impact of 0.5 percentage point on the “current operating profit, before depreciation of assets arising from acquisitions” to “revenue” for the period.
Current net profit (net consolidated profit adjusted for non-recurring expenses and income and for non-current taxes) totaled €117.8 million, up 53.3% from 2020. This very strong improvement in our current net profit is explained by the reasons given above, in particular the excellent growth of our business and the very strong control of our costs, despite the rebound observed in 2021. It should be noted that our financial result corresponds to a charge of €8.5 million, which is significantly down from the same period in 2020 (charge of €10.4 million). This is explained by the decrease in the cost of net debt of €5.1 million resulting from the repayment of our bank financing following divestment of the Sentinel range; the latter is offset by the decrease in foreign exchange profit of €3.1 million due to the impairment of the Chilean peso against the euro and the US dollar in 2021 compared to the same period in 2020.
Net profit - Group Share amounted to €113.2 million, down from the previous year (€136.0 million), which is explained by the divestment of Sentinel in July 2020.
On the financial side, our net debt amounts to - €73.8 million at the end of December 2021, compared to - €63.4 million at the end of December 2020. This positive change in our cash position over the year is mainly due to strong cash generation, which enabled the financing of more sustained capital expenditures (current and acquisitions including the redemption of minority shares of Centrovet), higher working capital requirements in 2021 given the strong increase in our revenue, and finally the payment of dividends with respect to the 2020 profit.
Outlook
In line with our strategic plan, and in a more standardized market, in 2022 we anticipate revenue growth of between 5% and 8% at constant rates and scope. While the ratio of “current operating profit before depreciation of assets arising from acquisitions” to “revenue”, as previously announced, should consolidate around 15% at constant exchange rates (with a voluntary over-investment in R&D of approximately 1 percentage point of revenue compared to 2021). Our debt relief should be around €60 million, excluding dividends, at constant scope and exchange rates. In addition, the distribution of a net dividend of €1.25 per share for the 2021 financial year will be proposed to the next general meeting of shareholders.
Covid-19 Health Crisis
We continue to face significant production, logistical and supply constraints with regard to certain intermediaries, and more recently, the impact of inflation on our costs.
Conflict between Ukraine and Russia
We are deeply touched and saddened by what is currently happening in Ukraine, and the humanitarian disaster generated by this war, and we would like to express our support for all the victims. In terms of our business, any direct exposure to this crisis situation is minimal, as our sales to Russia and Ukraine account for less than 0.5% of our total revenue. It should also be noted that we do not have a subsidiary in these two countries, instead we work with distributors. However, we remain vigilant and have formed an internal team to monitor the situation closely, and the possible indirect consequences for our Group, in particular with regard to energy costs (sharply increasing), and certain raw materials.
PRÉSENTATION ANALYSTES – VIRBAC
Nous tiendrons une réunion analystes le mercredi 23 mars 2022 à 14h30 (heure de Paris - CET) dans l’Auditorium l'Edouard VII Business Center, 23 square Edouard VII - 75 009 Paris (France).
Les participants pourront arriver 15 minutes avant le début de la réunion. L’accès à la réunion sera soumis à la réglementation sanitaire en vigueur à cette date.
Un webcast (audio+slides) est également disponible pour assister à la réunion via le lien ci-dessous.
Informations pour les participants:
Lien d’accès au webcast :https://bit.ly/3JNOPVn
Ce lien d’accès est disponible sur le site corporate.virbac.com, rubrique « communiqués financiers ». Il permet aux participants d’accéder au webcast en direct et/ou en archive.
Vous pourrez poser vos questions au format chat (texte) directement lors du webcast, ou après visionnage du replay à l’adresse courriel : finances@virbac.com.
Virbac: NYSE Euronext - compartment A – ISIN code: FR0000031577 / TICKER: VIRP
Financial Affairs Department: tel. 04 92 08 71 32 - email: finances@virbac.com - Website: corporate.virbac.com
Attachment
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release
Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a
DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release
Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68
Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release
Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.
Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release
AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us
Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin