ALL FINANCIAL INDICATORS UP Annual sales: €521m
(up 21.9% as reported) Essentials sales: €296m (up 34.0% as
reported) EBIT before depreciation of acquired assets: €101m
(up 54.5%) Net income - Group share: €63m (up 226.9%)
Regulatory News:
Vetoquinol (Paris:VETO):
Matthieu Frechin, CEO of Vetoquinol, said: "In 10 years,
our laboratory has shifted its portfolio towards higher value-added
products and improved its risk profile. This good performance in
fiscal year 2021 is in line with our plan for a sustainable and
profitable growth in a solid animal health market. At the beginning
of this year, we remain cautious in the face of the current
conflict and inflationary pressure."
At its meeting on March 22th, 2022, the Vetoquinol S.A. Board of
Directors reviewed the Group results and approved the 2021
financial statements. The audit of these financial statements is
being finalized by the Auditors.
Vetoquinol laboratory recorded sales of €521 million for the
year 2021, up 21.9% as reported and up 22.3% at constant exchange
rates.
At the end of December 2021, sales of Essential products
amounted to €296 million, up 33.3% at constant exchange
rates. Essential products continued to deliver profitable
growth, driven by the ongoing development of the existing portfolio
and by the contribution of acquired parasiticides products.
Essential products accounted for 56.7% of the 2021 laboratory's
sales (2020: 51.6%).
Sales of companion animal products amounted to €335 million and
represented 64% of total Vetoquinol sales. They increased by 30.4%
as reported and at constant exchange rates. Sales of farm animals
products amounted to €186 million, up 9.2% as reported and up 10.0%
at constant exchange rates.
All strategic territories grew at constant exchange rates in
2021: +23.5% in Europe, +22.6% in the Americas and +18.0% in
Asia/Pacific.
For the year 2021, the Group recorded a negative currency impact
of €1 million (-0.3%), mainly due to the decrease of the Brazilian
Real and the US and Canadian Dollar.
Gross margin on purchases was 71.3%, up 1.3 point
compared to the same period in 2020, due in particular to sustained
industrial activity. The impact of exchange rate fluctuations
related to the consolidation of the accounts was negligible in
fiscal year 2021 (vs. -€6.8m in 2020).
Other purchases and external expenses increased by €24.9
million, mainly due to a sharp rise in marketing and advertising
costs in the second half of 2021 in line with the preparation of a
major campaign to launch new Essentials products. Vetoquinol also
received a €4.0 million settlement payment at the end of 2021
following the resolution of a dispute.
Personnel expenses rose by 13.4%, i.e. €17.4 million, due to the
full-year effect of the reinforcement of the teams involved in the
Drontal® and Profender® activities, and to salary increases.
Depreciation and amortization charges related to the application
of IFRS 16 resulted in a depreciation charge of €5.2 million,
compared with €4.9 million at end December 2020.
EBIT before depreciation of acquired intangible assets rose
sharply to €100.8 million, up €35.6 million for the year
ending December 31, 2021, compared with €65.3 million at December
31, 2020. This sharp increase is the result of a strong growth in
revenues and margins on purchases consumed, as well as the growing
share of Essential products in the product mix.
Depreciation and amortization of assets from acquisitions
amounted to €14.1 million, compared with €9.1 million at the end of
December 2020. The increase is mainly due to the full year effect
in 2021 of the amortization of acquired parasiticides products
(€8.7m vs. €3.6m in 2020).
Group EBIT was €86.7m (16.6% of revenues), up €30.6m from
€56.2m in 2020.
The apparent tax rate was 25.2% (vs. 30.4% at end December
2020).
EBITDA increased €35.4 million to €119.3 million at December
31, 2021, driven by the continued growth momentum of Essential
products and improved operating profitability.
Vetoquinol's Net income was €62.9 million, compared with
€19.2 million for fiscal year 2020.
Cash flow from operating activities amounted to €89.7 million
at December 31, 2021. This strong cash generation enabled
Vetoquinol to prepay the €110 million loan taken out in July 2020
to finance the acquisition of parasiticides products. The Group's
overall net cash position was €53.6 million (including IFRS 16) at
the end of December 2021, an increase of €49.0 million. Vetoquinol
is debt-free at the end of 2021. This solid cash flow generation
gives Vetoquinol the means to actively pursue its growth
strategy.
The Board of Directors will propose a dividend of €0.80 per
share to the Annual General Meeting of Shareholders on May 19th,
2022.
Geopolitical risk - Russian-Ukrainian conflict
Since February 2022, the war in Ukraine has been an event that
has direct and indirect repercussions on the world economy. At this
stage of the conflict, Vetoquinol has low exposure for the
following reasons:
- The laboratory has no direct presence (subsidiary, branch,
plant, workforce) in these two countries.
- Sales in Russia and Ukraine are less than 1% of Group
sales.
- Net trade receivables are less than 1% of total
receivables.
- Few purchases are made from these two countries.
Covid-19 health situation as of March 24th, 2022
The Vetoquinol laboratory continues to rigorously manage the
health situation related to Covid-19 and works to guarantee the
safety and health of its employees, while aiming to develop
industrial activity, the Group's projects and the quality of
service to its customers.
Next update: Q1 2022 sales, April 13th, 2022 after market
close
ABOUT VETOQUINOL Vetoquinol is a leading global animal health
company that supplies drugs and non-medicinal products for the
livestock (cattle and pigs) and pet (dogs and cats) markets. As an
independent pure player, Vetoquinol designs, develops and sells
veterinary drugs and non-medicinal products in Europe, the Americas
and the Asia Pacific region. Since its foundation in 1933,
Vetoquinol has pursued a strategy combining innovation with
geographical diversification. The Group’s hybrid growth is driven
by the reinforcement of its product portfolio coupled with
acquisitions in high potential growth markets. Vetoquinol employed
2,546 people as of December 31th, 2021. Vetoquinol has been listed
on Euronext Paris since 2006 (symbol: VETO). The Vetoquinol share
is eligible for the French PEA and PEA-PME personal equity
plans.
ANNEX
SALES
€m
2021
2020
Change (reported data)
Change (constant exchange
rates)
Organic growth
Q1 sales
127.9
103.4
+23.8%
+28.3%
+11.7%
Q2 sales
127.4
92.7
+37.3%
+39.2%
+23.8%
Q3 sales
132.3
114.4
+15.7%
+14.3%
+10.0%
Q4 sales
133.7
117.0
+14.3%
+11.3%
+11.3%
Annual sales
521.3
427.5
+21.9%
+22.3%
+13.7%
SUMMARY INCOME STATEMENT
€m
12/31/2021
12/31/2020
Change
Total sales
of which Essentials
521.3
295.6
427.5
220.6
+21.9%
+34.0%
EBIT before depreciation of acquired
assets
% of total sales
100.8
19.3
65.3
15.3
+54.5%
Net income Group share
% of total sales
62.9
12.1
19.2
4.5
+226.9%
EBITDA
% of total sales
119.3
22.9
83.9
19.6
+42.2%
CALCULATION OF EBITDA
€m
12/31/2021
12/31/2020
Net income before equity method
62.7
18.9
Income tax expense
23.8
16.6
Net financial income/expense
(0.2)
1.5
Provisions recorded under non-recurring
operating income and expenses
(0.8)
19.5
Provisions and write-backs
1.0
1.4
Depreciation and amortization (including
IFRS 16)
32.9
25.9
EBITDA
119.3
83.9
ALTERNATIVE PERFORMANCE INDICATORS
Vetoquinol Group management considers that these indicators,
which are not defined by IFRS, provide additional information that
is relevant for shareholders seeking to analyze underlying trends
and Group performance and financial position. They are used by
management for performance analysis.
Essentials products: The products referred to as
“Essentials” comprise veterinary drugs and non-medical products
sold by the Vetoquinol Group. They are existing or potential
market-leading products designed to meet the daily requirements of
vets in the companion animal or livestock sector. They are intended
for sale worldwide and their scale effect improves their economic
performance.
Constant exchange rates: Application of the previous
period’s exchange rates to the current financial year, all other
things remaining equal.
Like-for-like (LFL) growth: Year-on-year sales growth in
terms of volume and/or price at constant consolidation scope and
exchange rates.
EBIT before amortization of acquired assets: This KPI
isolates the non-cash impact of depreciation charges on intangible
assets arising from mergers and acquisitions.
Net cash: Cash and cash equivalents less bank overdrafts
and borrowings, pursuant to IFRS 16.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220323005789/en/
VETOQUINOL
Investor Relations Fanny Toillon Tel.: +33 (0)3 84
62 59 88 relations.investisseurs@vetoquinol.com
KEIMA COMMUNICATION
Investor & Media Relations Emmanuel Dovergne
Tel.: +33 (0) 1 56 43 44 63 emmanuel.dovergne@keima.fr
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