RECORDATI: CONTINUED DOUBLE-DIGIT GROWTH IN THE FIRST NINE MONTHS OF 2024 - REVENUE +12.0%, EBITDA(1) +11.8%, ADJUSTED NET INCOME(2) +9.5%

GlobeNewswire11-08

Consolidated net revenue of € 1,743.1 million in the first nine months, +12.0% or +9.3% on a like-for-like basis(3) and at constant exchange rates (CER) EBITDA(1) of € 665.7 million, +11.8%, revenue ...

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EBITDA of  665.7 million, +11.8%, revenue margin of 38.2%. Free cash flow at  434.3 million, + 42.5 million vs prior year. Net debt at  1,317.3 million, just below 1.6x EBITDA. Financial targets for FY 2024 confirmed, excluding any potential contribution from Enjaymo. Global Rare Diseases business to be further strengthened by announced agreement with Sanofi to acquire the global rights to Enjaymo; deal expected to close by end of 2024, subject to regulatory approvals. Isturisaapproved in China for the treatment of adult patients with Cushing syndrome. Resolution to distribute an interim 2024 dividend of  0.60 per share. Consolidated net revenue for the first nine months of 2024 was  1,743.1 million, up 12.0% versus the first nine months of 2023 or 9.3% on a like-for-like basis at CER. This was driven by strong business momentum across both Sp","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"RICFY":"Recordati Industria Chimica e Farmaceutica S.p.A.","NET":"Cloudflare, Inc.","RCDTF":"Recordati Industria Chimica e Farmaceutica S.p.A.","NINE":"Nine Energy Service Inc."},"translate_title":"RECORDATI：2024年前9个月持续两位数增长——收入+12.0%，EBITDA(1)+11.8%，调整后净利润(2)+9.5%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NET":1,"NINE":1,"RCDTF":0.9,"RICFY":0.9},"content_text":"Consolidated net revenue of € 1,743.1 million in the first nine months, +12.0% or +9.3% on a like-for-like basis(3) and at constant exchange rates (CER)\nEBITDA(1) of € 665.7 million, +11.8%, revenue margin of 38.2%         \n  \nAdjusted net income(2) of € 445.4 million, +9.5%\n \nNet income of € 338.4 million, +11.1%\n\nFree cash flow(4) at € 434.3 million, +€ 42.5 million vs prior year\nNet debt(5) at € 1,317.3 million, just below 1.6x EBITDA\nFinancial targets for FY 2024 confirmed, excluding any potential contribution from Enjaymo®\n \nGlobal Rare Diseases business to be further strengthened by announced agreement with Sanofi to acquire the global rights to Enjaymo®; deal expected to close by end of 2024, subject to regulatory approvals   \nIsturisa®approved in China for the treatment of adult patients with Cushing syndrome\nResolution to distribute an interim 2024 dividend of € 0.60 per share\nApproval of a new share buy-back program to service the stock option and performance shares plans\n\nMilan, November 8th, 2024 – The Board of Directors of Recordati S.p.A. approved the Group’s Interim Report on 30th September 2024, representing additional voluntary financial reporting (6). The Report was prepared using the assessment, measurement and recognition criteria prescribed by international accounting standards (IFRS). The Group’s Interim Report dated 30th September 2024 will be available on 11th November at the company’s offices and on the company’s website (www.recordati.com) and can also be viewed on the authorized storage system 1Info (www.1Info.it).\nRob Koremans, Chief Executive Officer of Recordati, commented: “During the first nine months, we delivered double-digit revenue and profit growth, reflecting the strong performance across the business with more patients benefiting from our therapies. These results reflect the continued commitment of all our people, who are instrumental to our success. With a positive outlook for the remainder of the year, we are well positioned to achieve our upgraded financial objectives for FY 2024. Together, we will continue to build on our momentum and create lasting value for our stakeholders.\n“I am also pleased to highlight our recent agreement with Sanofi to acquire the global rights to Enjaymo®, the only approved treatment option for patients with cold agglutinin disease. This transaction will reinforce our strong commitment to serving patients with rare diseases and is a strong strategic fit to our portfolio, bringing a product with a robust profile, supported by a strong team, with attractive financial contributions expected on both the top and bottom lines.”\nFinancial highlights\n\nConsolidated net revenue for the first nine months of 2024 was € 1,743.1 million, up 12.0% versus the first nine months of 2023 or 9.3% on a like-for-like(3) basis at CER. This was driven by strong business momentum across both Specialty & Primary Care and Rare Diseases. The adverse FX impact for the first nine months of 2024 was € 35.9 million (-2.3%), mainly driven by the devaluation of the Turkish lira, particularly in the first and third quarters, which was compensated by high price inflation in Türkiye.\n\nSpecialty & Primary Care revenue totaled € 1,094.4 million in the first nine months of 2024, growing 11.1% or 6.5% on a like-for-like(3) basis at CER (+2.6% excluding Türkiye). This reflects a particularly strong performance from the Urology franchise with 51.4% growth versus the previous year, driven by the double-digit growth of Eligard® and the € 82.9 million contribution of Avodart® and Combodart®/Duodart®(7) (versus € 3.8 million in the third quarter of 2023). The Cardiovascular and Gastrointestinal franchises remained resilient and delivered slight growth, while the Cough and Cold business reflected solid in-market performance in the context of a softer flu season as compared to the previous year.\nRare Diseases revenue totaled € 605.6 million in the first nine months of 2024, up 14.1% as compared to the first nine months of 2023, or 14.5% at CER, driven by the key growth franchises of Oncology and Endocrinology which continue to show substantial further growth potential. The Endocrinology franchise achieved net revenue of € 239.4 million, an increase of 36.0% and reflecting the continued strong performance of Isturisa® and double-digit growth of Signifor®. The Oncology franchise achieved net revenue of € 175.9 million, an increase of 17.1%, driven by double-digit growth from both Qarziba® and Sylvant®. The Metabolic franchise achieved net revenue of € 190.2 million, a decrease of 6.9%, mainly due to generic competition for Carbaglu® in the US and EMEA, with growth in other international markets.\n \nAdjusted operating income(8) was € 539.5 million for the first nine months of 2024, up 9.7% over the previous year, and 31.0% of net revenue versus 31.6% in the same period last year. Operating income was € 504.1 million in the first nine months of 2024, up 14.9% over the first nine months of 2023, absorbing gross margin-related non-cash charges of € 28.1 million (versus € 47.2 million in first nine months of 2023), arising from the unwind of the fair value step up of the acquired rare oncology inventory. Non-recurring costs were € 7.3 million in the first nine months of 2024, versus € 5.4 million in the first nine months of 2023, which includes € 2.5 million related to the agreement with Sanofi for the global rights to Enjaymo®.\nEBITDA(1) was € 665.7 million for the first nine months of 2024, up 11.8% compared to the first nine months of 2023, with margin of 38.2% of net revenue, in line with the previous year. Strong revenue and operating leverage were, in part, offset by a reduction in adjusted gross profit margin due to the consolidation of Avodart® and Combodart®/ Duodart® and product mix.\nFinancial expenses were € 62.3 million, up by € 13.3 million compared to the previous year, including € 2.8 million in FX losses (mostly unrealized, compared to losses of € 0.3 million in the first nine months of 2023) and € 3.9 million of net monetary losses from hyperinflation accounting (compared to a gain of € 1.8 million in the first nine months of 2023). \nAdjusted net income(2) was € 445.4 million, 25.6% of revenue, up by 9.5% compared to the same period of 2023, with higher adjusted operating income partially offset by an increase in financial expenses and a higher tax rate, following a statutory tax rate increase in some countries. Net income was € 338.4 million, 19.4% of revenue, an increase of 11.1% versus first nine months of 2023, with the higher tax rate and financing expenses offsetting the higher operating income. \nFree cash flow(4) was € 434.3 million for the first nine months of 2024, an increase of € 42.5 million versus the the first nine months of 2023, driven by higher EBITDA which was slightly offset by higher interests and income taxes paid. \nNet debt(5) as of 30th September 2024 was € 1,317.3 million, or leverage of just below 1.6x EBITDA(6), compared to net debt of € 1,579.4 million on 31st December 2023. \nShareholders’ equity was € 1,876.1 million.\n\nPipeline and Corporate Development\nThe Isturisa® new drug application (NDA) was approved by the China National Medical Products Administration (NMPA) in September for the treatment of adult patients with Cushing syndrome.\nOn October 4th, the Group announced an agreement with Sanofi to acquire the global rights to Enjaymo®, a biologic which is the only approved targeted product for the treatment of cold agglutinin disease (CAD), a rare B-cell lymphoproliferative disorder. In 2022, Enjaymo® was granted approval by the U.S. Food and Drug Administration (FDA), the European Commission (EC) and the Japanese Ministry of Health, Labor and Welfare.\nEnjaymo® generated approximately € 100 million in revenue over the last 12 months as of August 2024 and is expected to generate revenue in excess of € 150 million in FY 2025, with peak sales potential of € 250-300 million. The transaction is expected to be immediately accretive at the EBITDA level, with margin above the current Rare Diseases average as of 2025. Under the terms of the agreement, Recordati will make an upfront payment of US$ 825 million and additional commercial milestone payments of up to US$ 250 million if net sales reach certain thresholds at or above the top end of peak year sales expectations. The transaction is expected to close by the end of 2024, subject to regulatory clearances (see also press release issued on October 4th 2024). The deal will be funded by existing cash and new committed bank debt facilities.\nBusiness outlook\nThanks to continued strong momentum, the Group is on track to deliver the targets for FY 2024 as adjusted upward on July 30th (excluding any potential contribution from Enjaymo®):\n\nNet revenue between € 2,300 and € 2,340 million\nEBITDA(1) between € 845 and € 865 million; margin of +/- 37%\nAdjusted net income(2) between € 560 and € 580 million; margin of +/- 24.5%\nMinimal contribution expected from Enjaymo®, subject to timing of regulatory approvals\n\nAdditional resolutions\nInterim dividend 2024\nThe Board of Directors passed a resolution to distribute an interim 2024 dividend to shareholders of € 0.60 (gross of tax withholdings) per share outstanding at the ex-dividend date, thus excluding treasury stock held in the Company’s portfolio on that date. The 2024 interim dividend will be payable as of 20th November 2024 (record date 19th November 2024), with coupon no. 34, to shareholders registered on 18th November 2024. The Independent Auditor EY S.p.A. has issued the opinion required by Art. 2433 – bis, paragraph 5 of the Italian Civil Code, which is available at the company’s offices. The Directors’ Report and Recordati S.p.A. financial statements as of 30th June 2024, based on which the latter’s Board of Directors resolved the distribution of the interim dividend, are available at the company’s office and website (www.recordati.com), and can also be viewed on the authorized storage system 1Info (www.1Info.it).\nLimited assurance on sustainability reporting \nIn compliance with the Italian Legislative Decree No. 125/2024 – transposing in Italy the EU Directive No. 2022/2464 on Corporate Sustainability Reporting (so called “CSRD”) – the Board of Directors, upon proposal of the Board of Statutory Auditors, has resolved to integrate – starting from this financial year 2024 - the mandate for activities regarding the limited assurance attestation on sustainability reporting, set forth by the aforementioned decree, to Ernst & Young S.p.A., by extending to such activities the current engagement granted by the Shareholders Meeting held on 29th April 2020 with respect to the attestation of the non-financial disclosure.\nAppointment of the new Financial Reporting Officer pursuant to art.154-bis of TUF\nThe Board of Directors has appointed, until revocation and upon favourable opinion of the Board of Statutory Auditors Niccolo Giovannini - VP Group Finance, reporting to Luigi La Corte, Group Chief Financial Officer - as Financial Reporting Officer pursuant to art.154-bis of TUF and art.25 of the Articles of Association. The appointment is effective as of today, following the approval of Group’s Interim Report on 30th September 2024.\nApproval of a new share buy-back program to service the stock option and performance shares plans\nToday, the Board of Directors has also approved the launch of a new share buy-back program under art. 5 of (EU) Regulation no. 596/2014 for a maximum of 1,500,000 ordinary shares with a maximum cash outlay of € 90,000,000. This implements the resolution adopted by the Shareholders’ meeting held on 22nd April 2024 to purchase Recordati ordinary shares in order to service current and future stock option/performance shares plans in favour of the Recordati Group’s management or share-based incentive plans that might be approved by the Company in the future.\nAll details required by the applicable regulations on the launch of the share buy-back program - whose start is envisaged on 12th November 2024 until 15th April 2025, following the end of the current buyback programme envisaged by 11th November 2024 as announced on 9th May 2024 - will be included in a specific press release that will be issued according to law and to which reference is made.\n(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory according to IFRS 3. (2) Net income excluding the amortization and write-down of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory pursuant to IFRS 3, and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects. (3) Pro-forma growth calculated excluding revenue of Avodart® and Combodart®/ Duodart® for both 2024 and 2023.(4) Total cash flow excluding financing items, milestones, dividends, purchases of treasury shares net of proceeds from exercise of stock options.(5) Cash and cash equivalents, less bank debts and loans, which include the measurement at fair value of hedging derivatives. (6) Please note that Italian Legislative Decree 25/2016, which implements Directive 2013/50/EU, no longer stipulates the submission of an interim management report, which was previously required in terms of paragraph 5 of Art. 154- ter of Italian Legislative Decree 58/1998.(7) Trademarks are owned by or licensed to the GSK group of companies. Transition of commercialization effectively concluded.(8) Net income before income taxes, financial income and expenses and non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory according to IFRS 3. \nConference Call\nRecordati will host a conference call today, November 8th at 4:00 p.m. CET (3:00 p.m. GMT) to present the results for the first nine months of 2024. The dial-in numbers for the conference call service are:\nItaly + 39 02 802 09 11, toll free 800 231 525UK + 44 1 212818004, toll free (44) 0 800 0156371USA +1 718 7058796, toll free (1) 1 855 2656958France +33 1 70918704Germany +49 6917415712\nParticipants are invited to dial in 10 minutes before conference time. If conference operator assistance is required to connect, please dial *0. The slides that will be referenced during the call will be available at www.recordati.com under Investors/Company Presentations.\nThe audio conference live webcast will also be available at the following link\nRecordati is an international pharmaceutical group listed on the Italian Stock Exchange (XMIL: REC), with roots dating back to a family-run pharmacy in Northern Italy in the 1920s. We are uniquely structured to provide treatments across specialty and primary care, and rare diseases. Our fully integrated operations span clinical development, chemical and finished product manufacturing, commercialization and licensing. We operate in approximately 150 countries across EMEA, the Americas and APAC with over 4,450 employees. We believe that health is a fundamental right, not a privilege. Today, our purpose of “unlocking the full potential of life” aims at empowering individuals to live life to the fullest, whether addressing common health challenges or the rarest.  \n\n\n\nInvestor Relations \n \n\n\nEugenia Litz +44 7824 394 750 investorelations@recordati.it\nGianluca Saletta +39 348 979 4876 investorelations@recordati.it\n\n\nMedia Relations\n \n\n\nICR Healthcare US:Alexis Feinberg +1 203 939 2225 recordatiuspr@westwicke.com \nUK, Europe & Rest of World:Jessica Hodgson +44 7561 424 788recordati@consilium-comms.com\n\n\n\nThis document contains forward-looking statements relating to future events and future operating, economic and financial results of the Recordati group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may therefore differ materially from those forecast for a variety of reasons, most of which are beyond the Recordati group’s control. The information on the pharmaceutical specialties and other products of the Recordati group contained in this document is intended solely as information on the activities of the Recordati Group, and, as such, it is not intended as a medical scientific indication or recommendation, or as advertising.\nRECORDATI GROUP\nSummary of the consolidated results,prepared in accordance with International Financial Reporting Standards (IFRS)(€ thousands)\n\n\n\nINCOME STATEMENT\nFirst nine months 2024\nFirst nine months 2023\nChange %\n\n\nNET REVENUE\n1,743,081\n1,556,174\n12.0\n\n\nCost of sales\n(556,171)\n(490,495)\n13.4\n\n\nGROSS PROFIT\n1,186,910\n1,065,679\n11.4\n\n\nSelling expenses\n(360,709)\n(345,506)\n4.4\n\n\nResearch and development expenses\n(204,849)\n(182,239)\n12.4\n\n\nGeneral and administrative expenses\n(110,014)\n(93,630)\n17.5\n\n\nOther income/(expenses), net\n(7,240)\n(5,553)\n30.4\n\n\nOPERATING INCOME\n504,098\n438,751\n14.9\n\n\nFinancial income/(expenses), net\n(62,319)\n(49,054)\n27.0\n\n\nPRE-TAX INCOME\n441,779\n389,697\n13.4\n\n\nIncome taxes\n(103,379)\n(85,205)\n21.3\n\n\nNET INCOME \n338,400\n304,492\n11.1\n\n\nAdjusted gross profit (1)\n1,214,986\n1,113,167\n9.1\n\n\nAdjusted operating income (2)\n539,518\n491,608\n9.7\n\n\nAdjusted net income (3)\n445,361\n406,566\n9.5\n\n\nEBITDA (4)\n665,666\n595,573\n11.8\n\n\nNet income attributable to:\n \n \n \n\n\nEquity holders of the Parent\n338,400\n304,492\n11.1\n\n\nNon-controlling interests\n0\n0\nn.s.\n\n\nEARNINGS PER SHARE (euro)\n \n \n \n\n\nBasic(5)\n1.640\n1.481\n10.7\n\n\nDiluted(6)\n1.618\n1.456\n11.1\n\n\n(1) Gross profit adjusted from impact of non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory according to IFRS 3. (2) Net income before income taxes, financial income and expenses, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory according to IFRS 3.(3) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory (IFRS 3) and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.(4) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory according to IFRS 3.(5) Earnings per share (EPS) are based on average shares outstanding during the respective period, 206.299.160 in 2024 and 205.421.410 in 2023. These amounts are calculated deducting treasury shares in the portfolio, the average of which was 2.825.996 shares in 2024 and 3.703.746 shares in 2023.(6) Diluted earnings per share is calculated by taking into account rights granted to employees.\n\n\nCOMPOSITION OF NET REVENUE\nFirst nine months 2024\nFirst nine months 2023\nChange %\n \n\n\nTotal revenue\n1,743,081\n1,556,174\n12.0\n \n\n\nItaly\n258,631\n234,304\n10.4\n \n\n\nInternational\n1,484,450\n1,321,870\n12.3\n \n\n\n\nRECORDATI GROUP(€ thousands)\nReconciliation of Net income to EBITDA(1)\n\n\n\n \nFirst nine months 2024\nFirst nine months 2023\n\n\nNet income\n338,400\n304,492\n\n\nIncome taxes\n103,379\n85,205\n\n\nFinancial income/(expenses), net\n62,319\n49,054\n\n\nNon-recurring expenses\n7,344\n5,369\n\n\nNon-cash charges from PPA inventory uplift\n28,076\n47,488\n\n\nAdjusted operating income(2)\n539,518\n491,608\n\n\nDepreciation, amortization and write-downs\n126,148\n103,965\n\n\nEBITDA(1)\n665,666\n595,573\n\n\n\nReconciliation of Net income to Adjusted Net income(3) \n\n\n\n \nFirst nine months 2024\nFirst nine months 2023\n\n\nNet income\n338,400\n304,492\n\n\nAmortization and write-downs of intangible assets(excluding software)\n100,157\n81,180\n\n\nTax effect\n(22,619)\n(17,405)\n\n\nNon-recurring operating expenses\n7,344\n5,369\n\n\nTax effect\n(1,943)\n(1,340)\n\n\nNon-cash charges from PPA inventory uplift\n28,076\n47,488\n\n\nTax effect\n(7,019)\n(11,881)\n\n\nMonetary net (gain)/losses from hyperinflation (IAS29)\n3,900\n(1,759)\n\n\nTax effect\n(935)\n422\n\n\nAdjusted net income(3)\n445,361\n406,566\n\n\n\n(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory (IFRS 3).(2) Net income before income taxes, financial income and expenses, non-recurring items and non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory (IFRS 3).(3) Net income excluding amortization and write-downs of intangible assets (except software) and goodwill, non-recurring items, non-cash charges arising from the allocation of the purchase price of EUSA Pharma to the gross margin of acquired inventory (IFRS 3) and monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.\nRECORDATI GROUPSummary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)(€ thousands)\n\n\n\nASSETS\n30.09.2024\n31.12.2023\n\n\nProperty, plant and equipment\n187,848\n178,657\n\n\nIntangible assets\n1,847,704\n1,938,197\n\n\nGoodwill\n789,123\n778,350\n\n\nOther equity investments and securities\n16,865\n21,555\n\n\nOther non-current assets\n13,871\n12,458\n\n\nDeferred tax assets\n92,567\n76,674\n\n\nTOTAL NON-CURRRENT ASSETS\n2,947,978\n3,005,891\n\n\n \n \n \n\n\nInventories\n410,107\n404,831\n\n\nTrade receivables\n474,514\n445,193\n\n\nOther receivables\n102,466\n99,401\n\n\nOther current assets\n26,782\n19,924\n\n\nDerivative instruments measured at fair value\n6,710\n11,079\n\n\nCash and cash equivalents\n235,020\n221,812\n\n\nTOTAL CURRENT ASSETS\n1,255,599\n1,202,240\n\n\nTOTAL ASSETS\n4,203,577\n4,208,131\n\n\n\nRECORDATI GROUPSummary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)(€ thousands)\n\n\n\nEQUITY AND LIABILITIES\n30.09.2024\n31.12.2023\n\n\n \n \n \n\n\nShare capital\n26,141\n26,141\n\n\nShare premium reserve\n83,719\n83,719\n\n\nTreasury shares\n(139,881)\n(127,970)\n\n\nReserve for derivative instruments\n(2,180)\n(286)\n\n\nTranslation reserve\n(301,627)\n(264,700)\n\n\nOther reserves\n61,537\n61,219\n\n\nProfits carried forward\n1,809,997\n1,636,451\n\n\nNet income\n338,400\n389,214\n\n\nInterim dividend\n0\n(117,396)\n\n\nShareholders’ equity attributable to equity holders of the Parent\n1,876,106\n1,686,392\n\n\nShareholders’ equity attributable to non-controlling interests\n0\n0\n\n\nTOTAL SHAREHOLDERS’ EQUITY\n1,876,106\n1,686,392\n\n\n \n \n \n\n\nLoans - due after one year\n1,264,884\n1,353,216\n\n\nProvisions for employee benefits\n21,405\n21,239\n\n\nDeferred tax liabilities\n134,488\n144,208\n\n\nTOTAL NON-CURRENT LIABILITIES\n1,420,777\n1,518,663\n\n\n \n \n \n\n\nTrade payables\n276,907\n263,979\n\n\nOther payables\n198,213\n174,407\n\n\nTax liabilities\n100,738\n67,110\n\n\nOther current liabilities\n4,616\n5,307\n\n\nProvisions for risks and charges\n19,241\n16,596\n\n\nDerivative instruments measured at fair value\n14,212\n19,993\n\n\nLoans - due within one year\n270,337\n355,752\n\n\nShort-term debts to banks and other lenders\n22,430\n99,932\n\n\nTOTAL CURRENT LIABILITIES\n906,694\n1,003,076\n\n\nTOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES\n4,203,577\n4,208,131\n\n\n\nRECORDATI GROUPSummary of consolidated results prepared in accordance with International Financial Reporting Standards (IFRS) (€ thousands)\n\n\n\nCASH FLOW STATEMENT\nFirst nine months 2024\nFirst nine months 2023\n\n\nOPERATING ACTIVITIES\n \n \n\n\nNet income\n338,400\n304,492\n\n\nIncome taxes\n103,379\n85,206\n\n\nNet interest\n54,418\n48,158\n\n\nDepreciation of property, plant and equipment\n24,003\n21,577\n\n\nAmortization of intangible assets\n97,591\n82,304\n\n\nWrite-downs\n4,554\n84\n\n\nEquity-settled share-based payment transactions\n10,120\n7,515\n\n\nOther non-monetary components\n41,069\n55,772\n\n\nChange in other assets and other liabilities\n(11,985)\n(20,538)\n\n\nCash flow generated/(used) by operating activities before change in working capital\n661,549\n584,570\n\n\nChange in:\n \n \n\n\n- inventories\n(41,813)\n(31,681)\n\n\n- trade receivables\n(36,418)\n(73,753)\n\n\n- trade payables\n14,223\n30,082\n\n\nChange in working capital\n(64,008)\n(75,352)\n\n\nInterest received\n4,007\n3,923\n\n\nInterest paid\n(64,284)\n(50,314)\n\n\nIncome taxes paid\n(82,634)\n(53,282)\n\n\nCash flow generated/(used) by operating activities\n454,630\n409,545\n\n\nINVESTMENT ACTIVITIES\n \n \n\n\nInvestments in property, plant and equipment\n(21,743)\n(17,998)\n\n\nDisposals of property, plant and equipment\n1,385\n329\n\n\nInvestments in intangible assets\n(15,377)\n(345,597)\n\n\nDisposals of intangible assets\n2,351\n287\n\n\nSale of non-current assets held for sale\n2,000\n3,000\n\n\nCash flow generated/(used) by investment activities\n(31,384)\n(359,979)\n\n\nFINANCING ACTIVITIES\n \n \n\n\nOpening of loans\n144,872\n348,256\n\n\nRepayment of loans\n(320,185)\n(214,701)\n\n\nPayment of lease liabilities\n(8,311)\n(8,116)\n\n\nChange in short-term debts to banks and other lenders\n(71,722)\n(45,008)\n\n\nDividends paid\n(130,220)\n(129,071)\n\n\nPurchase of treasury shares\n(78,087)\n(6,483)\n\n\nSale of treasury shares\n52,744\n19,681\n\n\nCash flow generated/(used) by financing activities\n(410,909)\n(35,442)\n\n\nChange in cash and cash equivalents\n12,337\n14,124\n\n\nOpening cash and cash equivalents\n221,812\n284,734\n\n\nCurrency translation effect\n871\n3,422\n\n\nClosing cash and cash equivalents\n235,020\n302,280\n\n\n\nDECLARATION BY THE FINANCIAL REPORTING OFFICERThe Financial Reporting Officer, Luigi La Corte, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the Company’s documentation, books and accounting records.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Business Data","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481127224"}