Recordatí closed 2011 with 116.4 million net profit, an increase of 7.2% compared to the 108 million recorded in 2010.
The Milanese pharmaceutical company announced yesterday that revenues amounted to 762 million thanks to the contribution of pharmaceutical sales of 733 million and over 28 million from the chemical sector. During the year Recordati acquired the Turkish company Dr. F. Frik Ilac (for an enterprise value of approximately 130 million dollars), which is why the net financial position went from the availability of 46 million at the end of 2010 to a debt of almost 56 million. In a note Recordatí underlined that sales in the first two months of 2012 were in line with estimates, which for the full year envisage revenues between 810 and 830 million euros, an operating profit between 160 and 170 million and a net profit between 115 and 120 million.
In the light of the progress in profits, Recordati's management has proposed to increase the dividend from last year's 0.275 euro to the current 0.3.11 stock closed yesterday with a slight decrease at 5.48 euro.
Raffaele Riceididi
MF – Milan Finance 08/03/2012 Page 19
