2016 half-year results on track
Leveling out of the fall in consolidated sales to -2.3% at constant exchange rates. Improvement in EBITDA.
Sales performance in line with targets
The published half-year revenue stands at €376.7 million, up 65.7% on the revenue published in 2015. At constant exchange rates, the Group's sales total €388.6 million (excluding the negative exchange rate effect of €11.9 million), resulting in a change in proforma revenue of -2.3%.
Improvement in EBITDA despite material integration costs
The measures taken in order to quickly benefit from synergies have started to yield results, industrially and in commercial and organizational terms.
The increase in production capacities and the improvements of manufacturing processes have, for instance, demonstrated the Group's ability to rally and reallocate the resources at its disposal.
Commercially, significant progress has been made in the optimization of thedistribution network and the simplification of the product portfolio. At the same time, Guerbet is introducing a "best-in-class" organizational structure, by starting to converge the IT systems and to set up shared service centers.
Despite material integration costs, the synergies created have enabled the Group to generate an increase in EBITDA to €55.3 million, representing 14.7% of the first half-year revenue, compared with a proforma figure of €53.5 million (13.4% of the revenue) for 2015.
Maintaining of the published targets for 2016
In the second half-year, the industrial integration in progress will temporarily affect the performance of the intermediate products production sites. The projected EBITDA should therefore be no higher than in the first half-year.
Guerbet confirms its target for the full year of generating revenue within a range of +/-3% of 2015 proforma sales at constant exchange rates.