Vetoquinol 2020 Sales: €427.5M (up 8.0% as Reported, up 10.9% at Constant Exchange Rate) Essentials Sales: €220.6M (up 15...
21 Januar 2021 - 6:00PM
Business Wire
Regulatory News:
Vetoquinol (Paris:VETO) CEO Matthieu Frechin said: “2020
was an exceptional year on a number of counts. Above all, it is
important to pay tribute to our teams, whose hard work and
exemplary dedication allowed us to manage the impact of the health
crisis. Year on year, we achieved double-digit sales growth at
constant exchange rates, driven by our Essentials products. This
momentum accounts for additional sales of €43 million (at constant
exchange rates). We also completed a major acquisition in the form
of the Drontal® and Profender® product ranges, entailing three
structural effects for Vetoquinol: a scale effect, a product mix
effect in the Essentials range and potential extensions, the first
of which has been confirmed in January 2021 for the Australian
market. We are optimistic for our business outlook in 2021, while
being vigilant in relation to the global sanitary situation.”
Vetoquinol Laboratory posted 2020 sales of €427.5 million, up
8.0% as reported and up 10.9% at constant exchange rates.
2020 sales of Essentials products totaled €220.6 million, up
17.3% at constant exchange rates. The momentum of Essentials
product sales was driven by the solid development of the existing
Essentials portfolio (+8.1%) and the contribution of the Drontal®
and Profender® ranges acquired on August 1st, 2020. Essentials
products accounted for 51.6% of Vetoquinol’s total sales in 2020,
up from 48.1% in 2019.
Sales of companion animal products came to €256.7 million and
accounted for 60% of total Vetoquinol sales, up 13.5% as reported;
they benefited from the impact of the lockdown associated with the
Covid-19 crisis as well as from the contribution of the Drontal®
and Profender® range. Sales of livestock products came to €170.7
million, stable as reported (+0.6%).
All strategic territories posted growth in 2020 at constant
exchange rates: +13.2% in Europe, +5.0% in the Americas and +17.4%
in Asia Pacific.
In 2020, exchange rates had a negative impact of €11.6 million
(-2.9%), primarily linked to the sharp decrease of the Brazilian
Real, and the depreciation of the Indian Rupee, USD and Canadian
dollar.
Fourth quarter sales amounted to €117.0 million, up 4.4% as
reported and up 9.3% at constant exchange rates. Acquisitions
boosted sales by 10.2%, offsetting the 4.9% negative impact of
exchange rate fluctuations and the basis effect linked to a strong
Q4 2019.
Covid-19 health situation as of January 21st, 2021
The mobilization of all its teams enabled Vetoquinol to monitor
the impact of the health crisis. The Group has preserved the health
and safety of its employees, maintained industrial activity,
continued to execute the Group’s projects and served its customers
without interruption throughout 2020.
The impact of Covid-19 has been particularly severe in the
Americas and Brazil.
Growth prospects for this market are below the target set at the
time of the Clarion acquisition. The Group is forecasting goodwill
impairment for Brazil in relation to this expected slowdown in
growth.
Vetoquinol’s financial structure as of December 31st, 2020
remains solid. Cash generation was strong during the second
semester 2020. The audit of Vetoquinol’s financial statements is in
progress at time of release.
€m
2020
2019
Variation (reported
data)
Variation (constant exchange
rates)
Variation (Like For Like)
Q1 Sales
103.4
90.9
+13.7%
+13.4%
+10.5%
Q2 Sales
92.7
92.9
-0.2%
+1.8%
+1.9%
Q3 Sales
114.4
100.1
+14.2%
+18.8%
+12.6%
Q4 Sales
117.0
112.1
+4.4%
+9.3%
-0.9%
Annual Sales
427.5
396.0
+8.0%
+10.9%
+5.8%
Next update: 2020 Annual Results - April 1st 2021 before
the opening of the stock exchange
ABOUT VETOQUINOL Vetoquinol is a leading global animal health
company that supplies drugs and non-medicinal products for the
livestock (cattle and pigs) and pet (dogs and cats) markets. As an
independent pure player, Vetoquinol designs, develops and sells
veterinary drugs and non-medicinal products in Europe, the Americas
and the Asia Pacific region. Since its foundation in 1933,
Vetoquinol has been pursuing a strategy combining innovation with
geographical diversification. The Group's hybrid growth is driven
by the reinforcement of its product portfolio coupled with
acquisitions in high potential growth markets. At December 31st
2020, Vetoquinol employs 2,409 people. Vetoquinol has been listed
on Euronext Paris since 2006 (symbol: VETO).
ALTERNATIVE PERFORMANCE INDICATORS
Vetoquinol Group management considers that these indicators,
which are not defined by IFRS, provide additional information that
is relevant for shareholders seeking to analyze underlying trends
and Group performance and financial position. They are used by
management for performance analysis.
Essentials products: The products referred to as
“Essentials” comprise veterinary drugs and non-medical products
sold by the Vetoquinol Group. They are existing or potential
market-leading products designed to meet the daily requirements of
vets in the companion animal or livestock sector. They are intended
for sale worldwide and their scale effect improves their economic
performance.
Constant exchange rates: Application of the previous
period’s exchange rates to the current financial year, all other
things remaining equal.
Like-for-like (LFL) growth: Year-on-year sales growth in
terms of volume and/or price at constant exchange rates and
constant perimeter.
Fourth quarter sales reflect this pattern if we take into
account the base effect of high sales volumes in Q4 2019. As a
result, we approach the year ahead with confidence.
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VETOQUINOL Investor Relations Fanny Toillon Tel.:
+33 (0)3 84 62 59 88 relations.investisseurs@vetoquinol.com
KEIMA COMMUNICATION Investor & Media Relations
Emmanuel Dovergne Tel.: +33 (0) 1 56 43 44 63
emmanuel.dovergne@keima.fr
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