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Place de cotation: Suisse
Le
Groupe Unilabs (SWX: ULB) est le leader européen des laboratoires
d'analyses médicales. Avec 50 laboratoires et plus de 1'500 collaborateurs
opérant dans cinq pays, Unilabs analyse plus de 3,5 millions de
prélèvements par an en utilisant plus de 1'500 tests différents.
Plus de 60 hôpitaux et cliniques en France, Espagne et Suisse font
appel aux services d'analyses médicales d'Unilabs. Unilabs est coté
à la Bourse suisse SWX depuis 1997.
Unilabs
reports third quarter results 2006/2007 and confirms full year guidance
Q3 Revenues: CHF 79.1 million, up 10.9%
Q3 EBITDA: CHF 10.9 million, up 28.2%
Q3 Net income: CHF 2.6 million, up 267%
For the first nine months
of the fiscal year 2006/2007, which ended on February 28, 2007, Unilabs
(SWX: ULB) achieved revenues of CHF 226.3 million, an increase of 7.2%
compared to the same period of the previous financial year. At constant
exchange rates, revenues grew by 5.7%. Earnings before interest, taxes,
depreciation and amortisation (EBITDA) increased by 6.2% to reach CHF 32.7
million or 14.5% of revenues while operating profit decreased slightly
by 0.4% to reach CHF 21.8 million. This result reflects largely the impact
of the Swiss Federal Council to impose a 10% linear reduction in the reimbursement
prices for tests, beginning 1 January 2006. Net income attributable
to the equity holders of the parent increased by 41.0% to CHF 9.9 million
compared to CHF 7.1 million in previous year when a one time non cash provision
of CHF 4.7 million had been recorded in the third quarter 2005/2006.
Third quarter revenues were
CHF 79.1million, up 10.9% compared with CHF 71.4 million in the same quarter
a year earlier. EBITDA reached CHF 10.9 million, or 13.8% of revenues compared
with 11.9% in the previous year. Net income reached CHF 2.6 million.
As a result of the 10% linear
reduction in the reimbursement prices for tests which took effect on January
1, 2006, nine months revenues in Switzerland, Unilabs' largest market,
decreased by 5.8% to CHF 129.3 million versus CHF 137.2 million the previous
year. The cost-cutting measures implemented by Unilabs partially compensated
this negative impact. Excluding the impact of the 10% price cut, Swiss
revenues would have increased by 1.3% in the third quarter versus a recorded
decrease of 2.0% to CHF 44.2 million.
Nine months revenues grew
by 21.6% in Spain to CHF 33.9 million and by 5.0% in France to CHF 36.2
million. As a result of its successful entry in the Portuguese market in
the previous fiscal year, Unilabs posted nine months revenues of CHF 18.5
million in this country, a very significant increase due to the several
acquisitions in this country during the last nine months. Through select
acquisitions, Unilabs intends to pursue its external growth strategy, both
in Switzerland as in the rest of Europe.
For the first nine months
2006/2007, operating profit (EBIT) reached CHF 21.8 million, or 9.7% of
revenues, compared with CHF 21.9 million, or 10.4% of revenues in the previous
fiscal year, a decrease of 0.4%.
In connection with a swap
contract, which purports to protect the company against an increase in
interest rates, in accordance with accounting rule IAS 39, an amount of
CHF 0.5 million remains, as of February 28, 2007, out of the previously-established
provisions. As indicated previously, such balance will be written back
to profit at the latest upon termination of the contract on April 1, 2007.
Earnings before taxes increased
by 14.1% to CHF 16.2 million, compared with CHF 14.2 million in the comparable
prior year period, when a one time non cash provision of CHF 4.7 million
had been recorded in the third quarter 2005/2006.
Income tax provisions were
CHF 4.5 million as compared to CHF 4.4 million. Minority interests in net
income decreased to 1.7 compared to CHF 2.7 million a year ago. Net income
attributable to the equity holders of the parent amounted to CHF 9.9 million
(or CHF 1.03 per bearer share), compared with CHF 7.1 million (or CHF 0.72
per bearer share) in the previous financial year.
During the nine months ended
February 28, 2007, Unilabs:
Completed four acquisitions in Portugal, one during the third quarter
Consolidated its market share in Switzerland, Spain, Portugal and France
Pursued the identification and review of acquisition targets
Started the construction of its new production platform in Coppet, Switzerland
Received the approval of the General Shareholders Meeting to authorize
the Board of Directors, valid up to November 28, 2008, to increase the
share capital up to a maximum of 2 million shares, divided into a maximum
of 1'520'000 bearer shares of a par value of CHF 1.00 and a maximum of
960'000 registered shares of a par value of CHF 0.50. In addition, Shareholders
approved not to distribute a dividend for the current fiscal year 2006/2007,
in order to allocate these resources to the growth of the Company.
Unchanged Outlook
For the current fiscal year,
ending May 31, 2007, Unilabs expects organic Group revenue growth of 1%
in local currencies. Including the positive impact of realized acquisitions,
revenues should reach CHF 305-310 million, representing an overall growth
rate of approximately 5 - 6.5% for the fiscal year. The company expects
an unchanged EBITDA margin between 17-18% of revenues.
This outlook takes into
account the full year impact of the Swiss price reduction as well as the
cost-cutting measures that are implemented by the Company to achieve savings
to a level close to the expected loss of margin. The Company pursues this
effort by developing and implementing a number of additional cost savings
measures for the next two years.
Through select acquisitions,
Unilabs intends to further take advantage of the European consolidation
process of the clinical laboratory market.
Conference call
To discuss the financial
results for the nine months 2006/2007, Unilabs will hold conference call
today at 3:00 p.m. CET. This event will be relayed live through a conference
call. To participate in the conference call, dial: +41 (0)91 610 56 00
(Europe and Switzerland), +44 (0)207 107 06 11 (UK), +1 (1)866 291 41 66
(US/Canada). Digital playback is available for 48 hrs from May 8th at 18:00
pm CET until May 10th until 18:00 pm CET. Dial: +41 (0)91 612 43 30 (Europe);
+44 (0)207 108 62 33 (UK); +1 (1)866 416 25 58 (USA/Canada); Conference
ID: 264 followed by #. In order to view the slide presentation, a link
to the presentation will be provided immediately prior to the event on
www.unilabs.com. Please note that sound will only be provided through the
telephone conference.
30/03/07 Unilabs announces
the departure of Günter Konrad
Unilabs has announced that
Günter Konrad will leave his position as Chief Operating Officer -
Swiss Operations, on 31 March 2007. Mr Konrad, who joined the group in
1994 and has held the position since December 2001, is leaving to explore
new challenges. Responsibility for Swiss Operations will now lie with three
regional directors: Tiziana Meregalli (Italian-speaking Switzerland), Monica
Mendez (French-speaking Switzerland) and Matthias Kuratli (German-speaking
Switzerland). The three directors are joining the Swiss management committee
and will report directly to Edgard Zwirn, Executive Chairman. This new
structure will enable the regional directors to work more closely with
their respective regional customers.
27/02/07
Unilabs reports half year results 2006/2007 and updates full year guidance
Revenues: CHF 147.2 million, up 5.3%
EBITDA: CHF 21.8 million, down 2.2%
EBIT: CHF 14.7 million, down 11.3%
Net income: CHF 7.4 million, down 13.8%
For
the first half of the fiscal year 2006/2007, which ended on November 30,
2006, Unilabs (SWX: ULB) recorded revenues of CHF 147.2 million, an increase
of 5.3 % compared with CHF 139.8 million in the same period of the previous
financial year. At constant exchange rates, revenues grew by 4.4%. Earnings
before interest, taxes, depreciation and amortisation (EBITDA) decreased
by 2.2% to reach CHF 21.8 million, or 14.8% of sales. Operating profit
decreased by 11.3% to CHF 14.7 million. This result reflects largely the
impact of the Swiss Federal Council to impose a 10% linear reduction in
the reimbursement prices for tests as of January 1, 2006. Net income attributable
to the equity holders of the parent decreased by 13.8% to CHF 7.4 million,
mainly as a result of the lower operating income and increased interest
expenses.
Second
quarter revenues reached CHF 82.2 million, up 7.4% compared with CHF 76.5
million the previous year. EBITDA reached as in the previous year CHF 15.4
million, or 18.7% of revenues compared with 20.2% in the previous year.
Net income reached CHF 7.3 million.
As
a result of the 10% linear reduction in the reimbursement prices for tests
which took effect on January 1, 2006, half year revenues in Switzerland,
Unilabs' largest market, decreased by 7.6% to CHF 85.1 million versus CHF
92.1 million the previous year. The cost-cutting measures implemented by
Unilabs partially compensated this negative impact. Excluding the impact
of the 10% price cut, Swiss revenues would have increased by 3.6% in the
second quarter versus a recorded decrease of CHF 5.4% to CHF 47.0 million.
Half
year revenues grew by 12.0% in Spain to CHF 21.4 million and by 3.0% in
France to CHF 23.4 million. As a result of its successful entry in the
Portuguese market in the previous fiscal year, Unilabs posted half year
revenues of CHF 11.7 million in this country. Through select acquisitions,
Unilabs intends to pursue its external growth strategy, both in Switzerland
as in the rest of Europe.
For
the first half year 2006/2007 operating profit (EBIT) reached CHF 14.7
million, or 10.0% of revenues, compared with CHF 16.6 million, or 11.9%
of revenues in the previous fiscal year, a decrease of 11.3%.
In
connection with a swap contract, which purports to protect the company
against an increase in interest rates, in accordance with accounting rule
IAS 39, an amount of CHF 0.5 million remains, as of November 30, 2006,
out of the previously-established provisions. As indicated previously,
such balance will be written back to profit at the latest upon termination
of the contract on April 1, 2007.
Earnings
before taxes decreased by 22.5% to CHF 11.7 million, compared with CHF
15.1 million in the comparable prior year period, mainly as a result of
the lower operating income and increased interest expenses.
Income
tax provisions were CHF 3.1 million as compared to CHF 4.1 million. Minority
interests in net income decreased to 1.2 compared to CHF 2.4 million a
year ago. Net income attributable to the equity holders of the parent amounted
to CHF 7.4 million (or CHF 0.77 per bearer share), compared with CHF 8.6
million (or CHF 0.87 per bearer share) in the previous financial year.
Strong
balance sheet and debt position
At
November 30, 2006, total equity grew to CHF 140.4 million versus CHF 130.7
million as of May 31, 2006, an increase of 7.4%
As
a result of its Portuguese acquisitions, net financial debt increased by
13.2% to 81.9 million, and unused credit facilities and cash were CHF 94.6
million on November 30, 2006.
During
the half year ended November 30, 2006, Unilabs:
Completed two acquisitions in Portugal
Consolidated its market share in Switzerland, Spain, Portugal and France
Pursued the identification and review of acquisition targets
Started the construction of its new production platform in Coppet, Switzerland
Received the approval of the General Shareholders Meeting to authorize
the Board of Directors, valid up to November 28, 2008, to increase the
share capital up to a maximum of 2 million shares, divided into a maximum
of 1'520'00 bearer shares of a par value of CHF 1.00 and a maximum of 960'000
registered shares of a par value of CHF 0.50. In addition, Shareholders
approved not to distribute a dividend for the current fiscal year 2006/2007,
in order to allocate these resources to the growth of the Company.
Updated
outlook
For
the current fiscal year, ending May 31, 2007, Unilabs now expects organic
Group revenue growth of 1% in local currencies versus 2-2.5% initially.
Including the positive impact of realized acquisitions, revenues should
reach CHF 305-310 million, representing an overall growth rate of approximately
5 - 6.5% for the fiscal year. The company anticipates an unchanged EBITDA
margin between 17-18% of revenues.
This
outlook takes into account the full year impact of the Swiss price reduction
as well as the cost-cutting measures that are implemented by the Company
to achieve savings to a level close to the expected loss of margin. The
Company pursues this effort by developing and implementing a number of
additional cost savings measures for the next two years.
Through
select acquisitions, Unilabs intends to further take advantage of the European
consolidation process of the clinical laboratory market. |
