- Media
- Press release
- 2002 results
2002 results
- Sales: +18%
- Net income increases twofold: 6.3% of sales
- Net debt down sharply: -40%
The Board of Directors' meeting of 18 March 2002 chaired by Albert Saporta issued the financial statements for the year 2002.
€ million | 2002 | % sales | 2001 | % sales | 2002/ 2001 |
Sales | 74.9 | 100.0 | 63.3 | 100.0 | + 18% |
Cost of goods sold | (23.5) | 31.4 | (20.6) | 32.6 | +14% |
Gross margin | 51.4 | 68.6 | 42.7 | 67.4 | + 20% |
Other operating expenses | (34.4) | 45.9 | (29.7) | 46.9 | + 16% |
Net margin | 17.0 | 22.7 | 13.0 | 20.5 | + 23% |
Research & Development | (5.8) | 7.8 | (5.1) | 8.1 | + 13% |
Operating profit | 11.2 | 15.0 | 7.9 | 12.4 | + 43% |
Net income before goodwill amortisation | 5.3 | 7.1 | 3.3 | 5.2 | +61% |
Net profit | 4.7 | 6.3 | 2.4 | 3.8 | +96% |
2002 results
Stallergènes sales posted a strong increase in 2002, advancing 18% (vs. 15% in 2001). The reorganization of its sales operations contributed to the rapid deployment in Europe of the new presentation of the sublingual product, Staloral 300®, which registered a 75% increase in volume in 2002. All Group markets contributed to this performance:
- In France, a sharp increase (+25%) reflected the success of Staloral 300® among doctors and patients as treatment was more effectively administered;
- In Germany, year 2002 saw a return to strong growth (+13%), following a stable performance (+1%) in 2001. The strategy focusing on the segment of specialist physicians has proven effective;
- In Italy (+14%) and Spain (+16%), Staloral 300® has become the treatment of reference in this highly competitive sublingual immunotherapy markets;
- In other countries (+15%), advances were achieved principally in Eastern Europe while sales in North Africa remained stable.
The gross margin improved 1.2 points to 68.6% of sales following further productivity gains.
Operating profit (+43%) gained 2.6 points as a percentage of sales to 15% despite Group efforts in R&D, communication and promotion to support future growth.
Net profit surged 96% to €4.7 million (net margin: 6.3%).
This positive operating performance contributed to a €10 million reduction in net debt, sharply reducing the debt-to-equity ratio from 90% to less than 50%.
Dividend
At the Shareholders' Meeting of 18 June of this year, the Board of Directors will propose a dividend of €0.62 (not including the dividend tax credit), a nearly twofold increase over the previous year.
Outlook
The Group forecasts double-digit growth in 2003 and plans investments destined to actively support rapid expansion in its market in the years ahead.
- Files:
PR_Results2002_01.pdf
