Refinancing successfully completed
Net debt/REBITDA-ratio of 3.4 after capital increase
Regulated information
Waregem (Belgium) / Rotterdam (The Netherlands)1, 5 August 2016 – 7:00 (CET)
Highlights:
- Turnover decreased by 3.1% to € 210.2 million
- Turnover at constant exchange rates increased by 2.2%
- REBITDA2 amounted to € 45.6 million or 21.7% of turnover
- Successful completion of capital increase with gross proceeds of approximately € 219 million
- Net financial debt decreased to € 301.0 million after both tranches of the capital increase
- 2016 Outlook3: Turnover of at least € 415 million and REBITDA4 of between € 85 million and € 95 million
Hans Stols, CEO Fagron: “Fagron’s refinancing demanded a great deal of attention over the past months and we are pleased that we were able to announce on 5 July 2016 that both tranches of the capital increase were a success. The successful completion of the capital increase has secured Fagron’s financial situation for the longer term and allows us to turn our full attention to the business operations again.
Fagron’s turnover from continuing operations decreased by 3.1% in the first half of 2016 to € 210.2 million. At constant exchange rates, turnover developed positively on all continents except in the United States. The sterile FSPS activities in the United States showed strong growth in the first half of 2016. As expected, the changed reimbursement system for non-sterile compounding in the United States continued to have a negative impact on the turnover and profitability of Fagron Essentials and Fagron Trademarks in the first half of 2016. REBITDA of the Group was € 45.6 million in the first half of 2016.
We are convinced we can draw a line under the past period and put our full efforts into working on Fagron’s future. For 2016 we expect turnover of at least € 415 million and REBITDA of between € 85 million and € 95 million.”
1 This press release was sent out by Fagron NV and Fagron BV.
2 EBITDA before non-recurring result.
3 Based on estimated exchange rates (euro/US dollar 1.10 and euro/Brazilian real 3.83).
4 EBITDA before non-recurring result.
Please open the link below for the press release:
Organic turnover growth in Europe, Brazil and in US-based sterile activities
Please open the link below for the interim financial statements: