PCAS In millions of euros | On June 30, 2016 | On June 30, 2017 | ||
Net sales | 100.7 | 110.2 | ||
EBITDA (*) | 13.7 | 15.9 | ||
EBITDA margin | 13.6% | 14.4% | ||
Current operating income (*) | 8.2 | 9.8 | ||
EBIT margin | 8.1% | 8.9% | ||
Other operating income and expenses | -1.3 | -3.9 | ||
Operating income | 6.9 | 5.9 | ||
Financial Result | -2.4 | -2.4 | ||
Taxes | -0.9 | -0.8 | ||
Net Result | 3.6 | 2.7 | ||
(*) of which research tax credit (CIR) : 1.7 M€ in 2017 and 2016 | ||||
Following the simplified public offering for the shares in PCAS by Novacap, from July 6 to July 19, 2017 inclusive, and the redemption of shares on the market after the offer, on September 5, 2017, Novacap held 11 508 547 shares in PCAS, representing the same number of voting rights, i.e., 76.01% of the capital and at least 75.76% of the voting rights of PCAS.
In July 2017, as part of this merger, Novacap provided PCAS with the funds required (in the form of an intra-group loan) for PCAS to reimburse the two loans taken out in the second half of 2014, i.e., the €25 million EuroPP bond issue, due to mature on June 30, 2020, and the €20 million syndicated loan, due to mature on October 23, 2019. These two loans were reimbursed in full on July 24, 2017 and replaced by a loan by Novacap of €47 million at a more attractive interest rate.
ResultsThe PCAS Group had generated consolidated net sales of €110.2 million on June 30, 2017, representing growth of +9.4% compared to the same period of the previous financial year (+9.1% at a constant exchange rate).
EBITDA stood at €15.9 million on June 30, 2017, compared to €13.7 million on June 30, 2016, but with additional expenses incurred for optimizing the organization of the sites. The current operating income totaled €9.8 million in the first half of 2017, against €8.2 million on June 30, 2016.
The Group's net income for its part came to €2.7 million in the first half of 2017, against €3.6 million in the first half of 2016, after the incorporation of non-recurring charges related to the change of control in particular.
Outlook for the current yearAs announced in July, on the basis of the first half-year and the available business information, the company confirms its sales increase targets for 2017 for all its activities.
NEXT FINANCIAL DISCLOSURE: |
Third quarter sales on November 7, 2017 |
PCAS specializes in the development and production of complex molecules for life sciences and innovative technologies. With 7% of its net sales earmarked for R&D and a large international footprint, PCAS is the preferred industrial partner for market-leading major global groups. Boasting especially high standards, the company offers a growing range of proprietary products and solutions in leading-edge segments. PCAS generated net sales of €192.0 million in 2016 and employs close to 1000 people in six countries.
To find out more about PCAS, visit: www.pcas.com
PCAS | NewCap |
Vincent Touraille / Eric Moissenot PCAS | Emmanuel Huynh / Louis-Victor Delouvrier NewCap Financial communication and Investor Relations |
Tel. : +33 1 69 79 61 32 www.pcas.com | Tel. : +33 1 44 71 98 53 pcas@newcap.eu |
PCAS SA published this content on 06 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 06 September 2017 16:17:04 UTC.
Original documenthttp://www.pcas.com/content/download/4560/73727/version/2/file/PCAS First Half 2017 Earnings Report.pdf
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