Pcas: 2022 annual results
March 30 2023 - 12:16PM
Pcas: 2022 annual results
Ecully, March 30, 2023
2022 ANNUAL RESULTS
PCAS (Euronext Paris: PCA), a
specialist in developing and producing complex molecules for life
sciences and innovative technologies, has announced the publication
of its 2022 Annual Results, following today's Board of Directors
meeting.
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2021 |
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2022 |
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in millions of euros |
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Net sales |
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187.0 |
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226.4 |
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EBITDA (*) (**) |
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-4.6 |
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2.2 |
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EBITDA
margin |
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-2.5% |
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1.0% |
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Current operating
income (*) |
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-28.2 |
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-27.7 |
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Current operating
income margin |
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-15.1% |
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-12.2% |
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Other operating income and expenses |
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-0.4 |
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-15.1 |
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Operating income |
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-28.6 |
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-42.8 |
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Financial result |
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-2.9 |
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-3.1 |
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Taxes |
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-9.0 |
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-2.9 |
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Net result |
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-40.5 |
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-48.8 |
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(*) of which research tax credit (CIR): 4.1 M€ in 2021 and
2022 |
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(**) see definition in appendix |
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Audit
procedures have been performed and auditor’s report is in progress
of being issued. |
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The PCAS Group has generated consolidated net
sales of €226.4 million as of December 31, 2022, a 21.1%
increase compared to the same period in the previous financial year
(+17.9% at constant exchange rate).
The Pharmaceutical Synthesis business generated
sales of €143.7 million, a 20.1% increase compared to 2021
(+17.6% at constant exchange rate). The growth in net sales was
mainly driven by Estetrol's sales for Mithra, strong demand for
Turku's products, a favorable EUR/USD exchange rate, and the impact
of price increase initiatives launched in recent months to cope
with the sharp rise in the cost of raw materials and energy.It
should be noted that, due to some overdue receivables observed
since the summer 2022 and which have remained since then, PCAS
decided to take appropriate legal action against its customer
Mithra at the end of 2022 in order to collect these unpaid
receivables. The total amount of receivables due by this customer
amounted to €31.1 million at December 31, 2022 (including
€13.6 million of overdue receivables).
Net sales of Fine Specialty Chemicals totaled
€82.7 million, a 22.7% increase compared to 2021 (+18.6% at
constant exchange rates). Business was very strong throughout the
year with very strong demand for Electronics and Cosmetics, as well
as a positive trend in Lubricants and Fine Chemicals. The increase
in raw material and energy costs could be passed through to
customers and thus contributed to the growth in net sales. The
industrialization of new products also benefitted from a very good
momentum.
EBITDA of the PCAS Group totaled
2.2 million euros in 2022 against -4.6 million euros in
2021.
Current operating income amounted to
-€27.7 million in 2022, compared to -28.2 million euros
in 2021.
These results continue to show substantial
losses, still negatively affected by a level of activity which is
still not sufficient to cover the fixed costs incurred at several
Pharmaceutical Synthesis sites, and the inventory depreciations
linked to non-compliant products.
Other operating income and expenses include an
impairment of goodwill of €14.5 million, already recognized in
the half-yearly financial statements at June 30, 2022.
The financial result showed a loss of
€3.1 million in 2022, against -€2.9 million in 2021.
Note that in 2021 the tax expense included an
expense of €6.3 million due to the cancellation of deferred
tax assets on tax loss carryforwards, following a lower profit
forecast for the years to come for the Group's French entities.
The PCAS Group's net income was a loss of
€48.8 million in 2022, compared to a loss of
€40.5 million in 2021.
The Group's net debt (including Seqens net
current accounts) totaled €228.4 million vs.
€172.7 million as of December 31, 2021, as a result of the
additional financing from Seqens via the current accounts of the
losses and investments of the year.
Outlook
In the context of the current dispute with
Mithra, PCAS has no option but to consider a temporary reduction of
the activity in 2023 at the production site concerned, since some
of its workshops are dedicated to the production of Estetrol. At
this stage, it is not possible to accurately assess the
consequences this dispute may have on future business forecasts and
results.
Consequently, the return to positive results
announced for 2023 is postponed.
PCAS Group continues to benefit from the support
of its majority shareholder Seqens (76.66%) for the financing of
its activities and its development.
NEXT FINANCIAL DISCLOSURE:
Q1 2023 Net Sales, April 24, 2023
ABOUT PCAS
PCAS specializes in the development and
production of complex molecules for life sciences and innovative
technologies. With about 11% 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 €226.4 million in 2022 and employs nearly
1200 people in six countries.
To find out more about PCAS: www.pcas.com
PCAS |
NewCap |
Jean-Louis Martin / Eric Moissenot |
Emmanuel Huynh / Louis-Victor Delouvrier
NewCapFinancial communication and investor
relation |
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Tel.: +33 1 69 79 60 00www.pcas.com |
Tel.: +33 1 44 71 98 53pcas@newcap.eu |
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APPENDIX
Definition of EBITDA and reconciliation
of EBITDA with Current Operating Income
Definition of EBITDA
Defined as the current operating income plus
amortization of tangible and intangible assets and net variations
in provisions (including net allocations to provisions for
inventories, excluding reversal of provisions on destroyed
inventories recorded in consumed purchases and net provisions for
employee benefits recorded in personal costs) and depreciation of
goodwill.
EBITDA is not a measurement of performance
defined by IFRS standards and should not be considered to be an
alternative to operating profit from ordinary activities or net
profits (as calculated in accordance with IFRS standards) to
measure the operational performance of PCAS, to cash flow resulting
from current operations, generated by investments or resulting from
financial operations (as calculated in accordance with IFRS
standards) to measure the capacity of PCAS to meet its cash flow
requirements or to any other performance measurement defined by
IFRS standards. PCAS considers that EBITDA is a measurement that is
frequently indicated and widely used by investors and other
interested parties as a measurement of the operational performance
of PCAS and its debt service capacity insofar as it makes it
possible to make a constant comparison of performance without
taking into account amortization expenses, which may vary
significantly depending on the accounting methods used
(particularly in the event of acquisitions) or non-operational
factors (such as historical cost). Consequently, this information
is indicated in the present document to enable a more exhaustive
and global analysis of operational performance in comparison with
other companies and of PCAS’ debt service capacity. Insofar as not
all companies calculate the EBITDA in the same way, the
presentation of EBITDA in the present document may not be
comparable to the EBITDA communicated by other companies.
Reconciliation of EBITDA with Current Operating Income
in millions of euros |
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2021 |
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2022 |
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Current Operating
Income |
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-28.2 |
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-27.7 |
+ Amortization
of tangible and intangible assets |
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19.2 |
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21.2 |
+
Net allocations to provisions for inventories (recorded in consumed
purchases) |
4.7 |
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8.8 |
+ Net
provisions for emloyee benefits (recorded in personnel costs) |
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0.5 |
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0.6 |
+/- Net
variation in other provisions |
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-0.8 |
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-0.7 |
EBITDA |
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-4.6 |
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2.2 |
- PCAS - Communiqué de presse - Résultats 2022_en
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