MILAN, ITALY--(Marketwired - Apr 17, 2013) -
* Shareholders approve the 2012 results: Consolidated revenue EUR 828.3
+ 8.7%, operating income EUR 167.0 million, + 2.1%, net income EUR
million, + 1.8%.
* Dividend for 2012 EUR 0.30 per share (unchanged compared to the
year's dividend), of which EUR 0.20 already paid in November 2012.
* Remuneration policy approved.
* Authorization to buy-back and dispose of Recordati shares renewed.
* Shareholders' Meeting regulations approved.
* Board of Directors members increased from ten to eleven and Mr. Fritz
Squindo appointed as new Director.
* First quarter 2013 consolidated revenue EUR 244.6 million (+11.4%).
Today the Annual Meeting of Recordati Shareholders was
Recordati's Annual Shareholders' Meeting approved the company's 2012
accounts which were prepared according to IAS/IFRS. In addition, the
consolidated statements, which were also prepared according to IAS/IFRS,
presented. The tables attached contain a summary of the 2012
statements. As announced on 7 March 2013 revenues are EUR 828.3 million
operating income (EBIT) is EUR 167.0 million (+2.1%), and net income is
million (+1.8%). International sales account for 73.5% of total sales.
As proposed by the Board of Directors, the shareholders approved a dividend
0.10 per share, in full balance of the interim 2012 dividend of EUR
0.20, to be
paid to all shares outstanding at ex-dividend date, excluding those in
stock, as from 25 April 2013 and record date on 24 April 2013, with
on 22 April 2013. The full 2012 dividend is therefore of EUR 0.30 per
0.30 per share last year).
Further shareholder resolutions
The Shareholders' Meeting authorized the buy back and disposal of
shares until the Annual Shareholders' Meeting which will approve the
financial statements. The objective of the authorization is, as in
years, to grant the Board the possibility: of using shares for
acquisitions or as consideration for strategic agreements; of
company to invest in its own shares; and of constituting a stock of own
to service current and future stock option plans. The company would be
to purchase up to 20,000,000 Recordati existing ordinary (common) shares,
includes those shares held in Treasury stock at any given time, for a
cash outlay of EUR 150,000,000 million. The purchase price must be at
to the shares' nominal value (EUR 0.125) and must not exceed the average
Stock Exchange price recorded over the 5 trading days prior to the
plus 5%. Possible purchases will be made on regulated markets and must
with article 132 of Legislative Decree 58/1998 and with article 144-bis,
1.b) of the Issuers' Regulations as approved by CONSOB's resolution
and with market practice allowed and recognized by CONSOB.
At today's date the company has 7,960,790 shares in Treasury stock which
to 3.806% of the current share capital.
Furthermore, the Shareholders approved the Remuneration Policy pursuant to
123-ter of the Legislative Decree 58/98.
Finally, the Shareholders' Meeting approved the Shareholders'
regulations and resolved, as proposed by the Board of Directors, to
number of Directors from ten to eleven and to appoint Mr. Fritz
currently General Manager for the Coordination of Group operations, as
member of the Board of Directors. Mr. Squindo was appointed for the
the current Board, that is, until the Shareholders' Meeting which will
the 2013 financial statements and the Board of Directors subsequently
him as an executive Director.
Mr. Squindo's professional profile is available on the company's
Stock options granted
As per article 84-bis of Consob Regulation 11971/99 ("Issuers'
furthermore inform that today the Board of Directors, as proposed
Remuneration Committee in its meeting of 16 April 2013, resolved to
270,000 stock options under the 2010-2013 Stock Option Plan approved
Shareholders' Meeting of 13 April 2010, to 9 employees of the U.S.
Recordati Rare Diseases Inc (see table attached). The options may be
only if certain consolidated net income objectives are reached. The
price, calculated by averaging the market price of the share over the
between the date of grant and the same day of the preceding month, is fixed
7.16. The characteristics of the plan are described in the information
issued on 5 March 2010 (the object of the third point of the Board's
report on the 13 April 2010 Meeting's Agenda) and available on the
First quarter 2013
Revenue performance in the first quarter 2013 is positive. Group sales
244.6 million, an increase of 11.4% over those in the first quarter
preceding year, mainly thanks to the international business which
Recordati, established in 1926, is a European pharmaceutical group,
the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM,
0003828271), with a total staff of over 3,300, dedicated to the
development, manufacturing and marketing of pharmaceuticals.
Milan, Italy, Recordati has operations in the main European
Central and Eastern Europe, and in Turkey. A field force of more than
medical representatives promotes a wide range of innovative
both proprietary and under license, in a number of therapeutic areas
specialized business dedicated to treatments for rare diseases. Recordati
partner of choice for new product licenses from companies which do not
European presence. Recordati is committed to the research and
new drug entities within the cardiovascular and urogenital therapeutic
of treatments for rare diseases. Consolidated revenue for 2012 was EUR
million, operating income was EUR 167.0 million and net income was
Statements contained in this release, other than historical facts, are
looking statements" (as such term is defined in the Private Securities
Litigation Reform Act of 1995). These statements are based on currently
available information, on current best estimates, and on assumptions
be reasonable. This information, these estimates and assumptions may prove
incomplete or erroneous, and involve numerous risks and uncertainties,
the Company's control. Hence, actual results may differ materially from
expressed or implied by such forward-looking statements. All mentions and
descriptions of Recordati products are intended solely as information on
general nature of the company's activities and are not intended to indicate
advisability of administering any product in any particular instance
RECORDATI SHAREHOLDERS APPROVE 2012 ACCOUNTS. DIVIDEND EUR 0.30 PER SHAR:
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Source: RECORDATI via Thomson Reuters ONE