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    REC   IT0003828271

RECORDATI

(REC)
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Delayed Borsa Italiana  -  11:35 2022-06-24 am EDT
41.86 EUR   +7.64%
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RECORDATI: THE SHAREHOLDERS' MEETING APPROVES THE 2021 FINANCIAL STATEMENTS. DIVIDEND OF € 1.10 PER SHARE (+4.8% vs 2020). THE NEW BOARD OF DIRECTORS HAS BEEN APPOINTED

04/29/2022 | 08:36am EDT

NEWS RELEASE

RECORDATI: THE SHAREHOLDERS' MEETING APPROVES THE 2021 FINANCIAL STATEMENTS. DIVIDEND OF € 1.10 PER SHARE (+4.8% vs 2020). THE NEW

BOARD OF DIRECTORS HAS BEEN APPOINTED

  • The Shareholders' Meeting has approved the 2021 Financial Statements: consolidated revenue € 1,580.1 million, (+9.1% vs 2020), EBITDA (1) € 602.3 million (+5.8%), operating income € 490.2 million (+4.5%), net income € 386.0 million (+8.7%), adjusted net income € 424.6 million (+3.5%)

  • A dividend distribution of € 1.10 per share was approved (+4.8% vs 2020), of which € 0.53 was paid in November 2021

  • The new Board of Directors, composed of 12 members, was appointed for the 2022-2024 three-year period

  • Andrea Recordati was confirmed as Chair and Guido Guidi was confirmed as Vice-Chair

  • Robert Koremans was confirmed in the role of CEO with the same powers attributed previously

  • The Remuneration Policy was approved and favourable note taken of the 2021 remuneration

  • The authorisation to buy-back and dispose of treasury shares was renewed

  • Revenue for the first quarter was € 419.4, in line with expectations, 9.0% compared to the same period of the previous year

Milan, 29 April 2022 - The Ordinary Shareholders' Meeting of Recordati S.p.A. was held today. The Shareholders' Meeting of Recordati S.p.A. approved the Company's 2021 Financial Statements. The

Consolidated Financial Statements of the Group were presented along with the Consolidated Non-Financial Statements 2021, pursuant to Legislative Decree 254/16 of 30 December 2016. The annexed tables provide a summary of the results of the 2021 Financial Statements as previously illustrated in the press release of 17 March 2022. In 2021 consolidated net revenue was € 1,580.1 million, (+9.1% vs 2020), EBITDA (1) was € 602.3 million (+5.8%), operating income was € 490.2 million (+4.5%), net income was € 386.0 million (+8.7%) and adjusted net income was € 424.6 million (+3.5%).

Based on the proposal of the Board of Directors, the Shareholders' Meeting resolved on a dividend to shareholders of € 0.57 per share, in full balance of the interim 2021 dividend of € 0.53, for all shares outstanding at the ex-dividend date (no. 29), excluding treasury shares in the portfolio at that date (payment on 25 May 2022 and record date 24 May 2022), with ex-dividend on 23 May 2022. The full 2021 dividend is therefore € 1.10 per share (€ 1.05 per share in 2020).

(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, and non-recurring items.

(2) Net income excluding the amortization and write-downs of intangible assets (except software) and goodwill, and non-recurring items, net of tax effects.

RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.p.A.

Registered office

VIA M. CIVITALI, 1

SHARE CAPITAL € 26,140,644.50 fully paid up

20148 MILAN, ITALY

BUSINESS REGISTER OF MILAN, MONZA, BRIANZA and LODI

TEL. +39 0248787.1

00748210150

FAX +39 0240073747

TAX CODE/VAT NO. 00748210150

MILAN ECONOMIC AND ADMINISTRATIVE INDEX (REA) 401832

Company subject to management and coordination by Rossini Luxembourg S.àr.l

Appointment of the new Board of Directors

The Ordinary Shareholders' Meeting of Recordati S.p.A. also adopted the following resolutions regarding the renewal of the Board of Directors, on the proposal of majority shareholder Rossini Sàrl, who holds 51.82% of the share capital:

  • - the Board of Directors for the 2022-2024 three-year period (until the Shareholders' Meeting called to approve the Financial Statements as at 31 December 2024) was appointed, composed of the following members: Andrea Recordati, Guido Guidi, Robert Koremans, Michaela Castelli, Elisa Corghi, Joanna Le Couilliard, Giorgio De Palma, Luigi La Corte, Giampiero Mazza, Cathrin Petty, Piergiorgio Peluso and Kim Stratton;

  • - approval was given for the allocation of: i) a gross annual fee of € 60,000 for each director, except for Cathrin Petty, Giampiero Mazza and Giorgio De Palma, who declared their intention to waive any fee for the appointment; (ii) an additional gross annual fee of € 72,500 for the Risk, Control and Sustainability Committee, to be divided between the committee chair and the other committee members according to the resolutions of the Board of Directors of the Company; (iii)

    an additional gross annual fee of € 45,000 for the Remuneration and Appointments Committee, to be divided between the committee chair and the other committee members according to the resolutions of the Board of Directors of the Company, without prejudice to any additional fees to be allocated to directors appointed with specific positions pursuant to art. 2389, paragraph 3 of the Italian Civil Code (for example, the Chair of the Board of Directors and the CEO), which will be resolved upon by the new Board of Directors;

  • - the authorisation was approved for the exemption of the members of the Board of Directors from the competition ban pursuant to art. 2390 of the Italian Civil Code with reference to positions held in other companies and made known as of today's date.

The professional profiles of the members of the new Board of Directors and details of the relative significant positions held in other companies can be consulted on the company website.

Board of Directors post-Shareholders' Meeting

At the end of the Shareholders' Meeting, the new Board of Directors met and confirmed Andrea

Recordati as Chair, Guido Guidi as Vice-Chair, and Robert Koremans as Chief Executive Officer.

The latter was vested with the powers previously assigned to him and, in line with the provisions of the Corporate Governance Code, was also appointed to the position of Director with responsibility for the Internal Audit and Risk Management System, held up to the present date by outgoing director Fritz Squindo.

The Board of Directors - based on the duties carried out - classified the following as executive directors: Robert Koremans, CEO, and Luigi La Corte (CFO and Financial Reporting Manager pursuant to art. 154- bis of Legislative Decree no. 58/1998), as well as Giorgio De Palma, Giampiero Mazza and Cathrin Petty, in light of their executive roles in the indirect controlling company or other companies in the chain of control, who were however not granted individual operating powers.

Based on the statements made by the Directors and the information available to the Company, the Board of Directors then ascertained the fulfilment of the requirements of independence, both pursuant to Legislative Decree 58/1998 and to the Corporate Governance Code, of the Directors who declared themselves to meet them (Michaela Castelli, Elisa Corghi, Joanna Le Couilliard and Piergiorgio Peluso).

Lastly, the Board established the following committees, in line with the resolutions of the outgoing Board:

  • - the Risk, Control and Sustainability Committee, composed of independent and non-executive Directors Michaela Castelli, Chair, Elisa Corghi and Piergiorgio Peluso;

  • - the Remuneration and Appointment Committee, composed of independent and non-executive Directors Joanna Le Couilliard, Chair, Elisa Corghi and Michaela Castelli.

Additional significant resolutions

Remuneration policy and report on fees paid in 2021

The Board approved the Remuneration Policy for 2022 pursuant to Art. 123-ter of Legislative Decree 58/98 and favourable note was taken of the report on the compensation paid in relation to the implementation in 2021 of the policy approved by the Shareholders' Meeting of 20 April 2021, both of which are contained in the Remuneration Report available on the company website.

Renewal of the authorisation for the buy-back and disposal of treasury shares

The Shareholders' Meeting authorised the buy-back and disposal of treasury shares until the approval by the Meeting of the Financial Statements as at 31 December 2022. In line with previous years, this proposal responds to several aims:

(i) compliance aims, related to obligations regarding the stock option plans previously adopted by the Company and any other stock option plans that may be approved in the future;

(ii) business aims: the authorisation of the purchase of treasury shares, where granted, may facilitate transactions such as the sale, transfer or exchange of treasury shares for equity purchases and/or the conclusion of agreements with strategic partners that fall within the Group's expansion objectives; (iii) aims to support the liquidity of Recordati ordinary shares, in order to facilitate the regular performance of security trading operations and to avoid price fluctuations that are not in line with market trends.

The maximum of number of shares available for purchase is 4,000,000 and, in any case, on the condition that, at any time, the total par value of the treasury shares held by the Company never exceeds one fifth of the share capital, also taking into account any shares owned by subsidiaries, for a potential maximum outlay of € 200,000,000, with a minimum price not less than the par value of one Recordati share (€ 0.125) and a maximum price not greater than the average of the official stock

exchange prices in the five sessions prior to the purchase, plus 5%. Purchases may be completed through the assignment of specific positions to specialised intermediaries and must be performed in compliance with applicable law and according to the practices permitted by Consob in line with the provisions of art. 13 of EU Regulation 596/2014, where applicable.

At 27 April 2022, the Company has 3,509,802 shares in treasury stock, which amounts to 1.68% of the current share capital.

First quarter 2022

Revenue in the first quarter of 2022 was € 419.4 million, in line with plan and up 9.0% compared to the same period of the previous year, which had reflected impact of the pandemic on seasonal flu products and destocking in Russia, with broad based growth across the portfolio and all key geographies. Revenue in Russia and Ukraine was at respectively €17.0 million and €4.4 million, also

reflecting these effects and an increase in demand before escalation of the conflict.

Recordati (Reuters RECI.MI, Bloomberg REC IM), established in 1926, is an international pharmaceutical group listed on the Italian Stock Exchange (ISIN IT 0003828271), with a total staff of more than 4,300, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in Europe, Russia and other countries of the CIS, Ukraine, Turkey, North Africa, the United States, Canada, Mexico, some South American countries, Japan and Australia. An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under licence, from a number of therapeutic areas, including a specialised business dedicated to rare diseases. Recordati is a partner of choice for new product licences for its territories. Recordati is committed to the research and development of new specialties with a focus on treatments for rare diseases. Consolidated revenue for 2021 was €1,580.1 million, operating income was €490.2 million and net income was €386.0 million.

Further information:

Recordati website: www.recordati.it

Investor Relations

Investor Relations Press Office

Federica De Medici

Lucia Abbatantuoni Brunswick: Barbara Scalchi / Andrea Mormandi

(39) 02 48787146

(39) 02 48787213 (39) 02 9288 6200

email: investorelations@recordati.it

e-mail: investorelations@recordati.it e-mail: recordati@brunswickgroup.com

This 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 as a result of 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 Recordati group's activities, and therefore, as such, it is not intended as medical scientific indications or recommendations, nor as advertising.

RECORDATI GROUP

Summary of the consolidated results,

prepared in accordance with International Financial Reporting Standards (IFRS)

(€ thousands)

INCOME STATEMENT

2021

2020

Change %

NET REVENUE

Cost of sales GROSS PROFIT

Selling expenses

Research and development expenses

General and administrative expenses

Other income/(expenses), net OPERATING INCOME

Financial income/(expenses), net PRE-TAX INCOME

Income taxes NET INCOME

1,580,074 (427,727)

1,448,867 (406,831)

9.1 5.1

1,152,347 (396,394) (166,138)

(84,495) (15,130)

1,042,036 (349,072) (146,236) (72,785) (4,927)

10.6 13.6 13.6 16.1 n.s.

490,190 (26,841)

469,016 (13,360)

4.5 n.s.

463,349 (77,383)

455,656 (100,629)

1.7

(23.1)

385,966

355,027

8.7

ADJUSTED NET INCOME (1)

424,647

410,402

3.5

EBITDA (2)

602,253

569,320

5.8

Net income attributable to: Equity holders of the Parent Non-controlling interests

385,966 0

354,984 43

8.7 (100.0)

(1) Net income excluding the amortization and write-downs of intangible assets (except software) and goodwill, and non-recurring items, net of tax effects.

(2) Net income before income taxes, financial income and expenses, depreciation, amortization and write-downs of property, plant and equipment, intangible assets and goodwill, and non-recurring items.

EARNINGS PER SHARE

2021

2020

Change %

Basic Diluted

€ 1.874 € 1.846

€ 1.725 € 1.698

(8.6) (8.7)

Basic earnings per share base is calculated on the average number of shares outstanding in the respective periods: 206,011,089 for 2021 and 205,758,125 for 2020. These amounts are calculated deducting treasury shares in the portfolio, the average of which was 3,114,067 for 2021 and 3,367,031 for 2020.

Diluted earnings per share is calculated taking into account stock options granted to employees.

COMPOSITION OF NET REVENUE

2021

2020

Change %

Total revenue Italy International

1,580,074

1,448,867

9.1

265,361 1,314,713

274,588 1,174,279

(3.4) 12.0

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Recordati S.p.A. published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 12:34:46 UTC.


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