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STADA 2011 Prelim. Net Profit Falls; Backs Long-term Targets - Quick Facts

3/29/2012 1:46 AM ET

STADA Arzneimittel AG (STDAF.PK,STDAY.PK) confirmed its 2011 preliminary results, by reported a plunge in its 2011 net income to 22.0 million euros or 0.37 euros per share from 68.4 million euros or 1.16 euros per share a year ago. However, on an adjusted basis, net profit totaled 146.6 million euros or 2.49 euros per share, higher than last year's 133.3 million euros or 2.27 euros per share.

With varying development in individual national markets, Group sales went up 5% in the reporting year to 1.71 billion euros from 1.63 billion euros in the earlier year period. When effects on sales based on changes in the Group portfolio and currency effects are taken into account, Group sales rose 5% in 2011.

The company said that 2011 reported key earnings figures dropped significantly due to high burdening one-time special effects, mainly as a result of impairments on receivables from various Serbian pharmaceutical wholesalers, operationally, i.e. excluding one-time special effects, however, they all exceeded the key earnings figures, adjusted accordingly, of the prior year.

Despite these earnings burdening one-time special effects from the further implementation of the "STADA - build the future" program, the Executive Board expects a very significant increase in reported net income for 2012 as compared with 2011.

In addition, the Executive Board confirmed its long-term prognosis envisaged for 2014, according to which Group sales of nearly 2.15 billion euros, at an adjusted level, EBITDA of about 430 million euros and net income of around 215 million euros should be reached.

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by RTT Staff Writer

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