RECORDATI SHAREHOLDERS APPROVE THE 2020 ACCOUNTS. DIVIDEND € 1.05PER SHARE (+5.0% vs 2019).
Consolidated revenues, at € 1,448.9 million, fell by 2.2% compared to 2019, reflecting also the devaluation of almost all currencies against the euro, which was especially notable during the second half of the year. At constant exchange rates, the Group’s sales grew slightly by +0.4%. Revenues for the new drugs acquired at the end of 2019, Signifor® and Signifor® LAR and initial sales of Isturisa® totalled € 79 million
EBITDA(1) was € 569.3 million, an increase of 4.7% over 2019, thanks to expense control and a better gross margin, at 39.3% of sales, up compared to 36.7% in 2019.
Operating income was € 469.0 million, an increase of 0.8% over the previous year, lower compared to EBITDA growth due to the increase in amortization associated with new products, a margin of 32.4% of sales compared to 31.4% in 2019.
Net income, equalled € 355.0 million, at 24.5% of sales, compared to € 368.9 million in 2019; excluding non-recurring “Patent Box” tax benefits, equal to € 2.0 million in 2020 and to € 27.0 million in 2019, net income increased by 3.2% thanks to the progress in operating income and the decrease in financial expenses.
Adjusted net income(2), equal to € 410.4 million, grew by 7.3% compared to 2019, at 28.3% of sales, higher than the previous year, which was 25.8%.
Net financial position(3) at 31 December 2020 recorded a net debt of € 865.8 million, which was lower compared to the net debt of € 902.7 million at 31 December 2019. In the period, dividends of € 212.7 million were distributed and payments were made for milestones and licenses for new products for a total value of approximately € 99.1 million. Treasury shares were purchased for a total disbursement, net of sales for the exercise of stock options, of € 12.2 million. Net of these effects, the Group’s solid cash generation was confirmed at approximately € 360 million.
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(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, and non-recurring items.
(2) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, and non-recurring items, net of tax effects.
(3) Cash and cash equivalent less bank debts and loans, which include the measurement at fair value of hedging derivatives.