Novasep, a leading supplier of manufacturing solutions to life science industries, today announces its unaudited consolidated results for the period ended December 31, 2013.
Financial results and business review
For the full year 2013, Novasep achieved sales of €315.7 million (7.6% increase vs. the same period of 2012), and adjusted EBITDA of €38.5 million (14.6% increase vs. adjusted EBITDA of the same period of 2012). This result was achieved with growth and improvement in performance in every division.
For the synthesis segment, sales increased by about 5.2% to €155.1 million: loss of sales in legacy pharma contracts have been fully compensated by increased sales in agro and specific pharma markets, in particular highly potent ingredients for cancer therapies. Division EBITDA of €14.4 million is growing, up 18% over last year as costs were contained while revenues grew.
The biopharma segment grew 14% to €52.5 million excluding internal sales (up 33% to €61.2 million including chromatography equipment for the Leffe project of €9 million). EBITDA rose by 125% to €5.4 million, (100% excluding Leffe project equipment contribution). The revenue increase is driven both by growth of sales of equipment and company's improved performance in the CMO biopharmaceutical segment.
The industrial biotech segment 2013 sales have remained stable (minus 0.9% vs. 2012) at €57.5 million. At the same time, thanks to supply chain improvements, EBITDA has gone up by 19% to €5.7 million.
The pharmachem segment shows a 9.4% increase in sales (5.6% in USD) and a 2.5% increase in EBITDA.
The net cash flow from operations of €16 million, up from €6.3 million in 2012, was achieved through improvement in operating results coupled with decrease in working capital, mainly driven by inventories and overdues reductions. At the end of 2013, Novasep had net debt of €132 million (vs. €128 million at end 2012) and cash on hand of €40 million (vs. €41 million at end 2012).
