Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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You confirm that all information you supply is accurate.

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We store and use information you provide as follows:

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

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ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

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CONTACT

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Thursday 12 October, 2017

Virbac

Virbac: quarterly sales affected by distributo...

Virbac: quarterly sales affected by distributor destocking in the United States

Virbac: quarterly sales
affected by distributor destocking in the United States

Public release - 12 October 2017


Consolidated quarterly sales
Virbac sales for the third quarter reached €192.7 million, a decrease of -10.9% (-9.4% at constant exchange rates) from the same period in 2016. This drop is essentially due to the situation in the United States, where ex-Virbac sales for the period dropped significantly due to major distributor destocking, notably of the Sentinel range (Distributors reduced the stocks by approximately €20 million). However, ex-distributor sales continued to grow in the US, achieving a +4% increase. Sales outside the United States increased +2.5% at constant exchange rates, led by dynamic markets in India, Chile and Brazil; despite the decline in the Pacific region which was affected by the discontinuation of parasiticide products in Australia and an unfavorable comparison basis on intramammary ranges in New Zealand.

Total sales at the end of September
€630.2 million compared to €646.2 million last year, a -2.5% decrease or -3.5% decrease at constant scope.

In terms of geographies, the United States posted a -31% net decline at the end of September, including -32% at constant exchange rates. Sales in this period were heavily affected by distributor destocking, particularly of the Sentinel range, which posted a net decrease in ex-Virbac sales, while ex-distributor sales declined only slightly (-2%) over the same period. Ex-Virbac sales of the Iverhart range show a major decline, although they continue to show strong growth in terms of ex-distributor sales (+63%). Nevertheless this growth is well below forecasts. Ex-Virbac sales for the other ranges are declining, but sales continue to increase at clinics (+12%). The Group anticipates that distributors will restock before the end of the year, which would put them at stock levels similar to those at the end of 2016.

Outside the United States, the Group achieved +2% organic growth (+3% at real exchange rates). Generally, Europe is stable at constant exchange rates, notably due to a decline in vaccines and the OTC business.
In the rest of the world, organic growth is sustained in numerous emerging countries, particularly Brazil, Mexico and India (which returned to two-figure growth in the third quarter following the impact of the implementation of new tax regulations). In line with third-quarter trends, the Pacific region posted a decline at the end of September.
Otherwise, sales in Chile increased very slightly from 2016 with varied results (growth in the vaccine range and a decline in antibiotics).

In terms of species, sales in the companion animals segment declined overall by -9.5% at constant scope and exchange rates, reflecting the impact of US destocking. Outside the United States, business in this segment was stable at -0.7%, of which -0.4% was organic growth. The most heavily impacted ranges in comparison to the same period in 2016 were internal and external parasiticides and dog vaccines, which suffered due to the temporary reduction in production capacity. Conversely, growth was sustained in the specialties, dermatology and hygiene ranges.

The food producing animals segment increased overall +6.6%, of which +4.2% was achieved at constant exchange rates. At constant scope, all of these sectors posted strong growth of respectively +4.6% bovine, +3.1% industrial (swine and poultry) and +4.3% in aquaculture.

Outlook

Like most pharmaceutical sites in Puerto Rico, our Sentinel Spectrum manufacturing partner was affected by recent climate events. Remember that the transfer of Sentinel Spectrum production to the St. Louis site is now entering its final phase. Note that Sentinel Tabs are not manufactured in Puerto Rico. To date, and considering the information available, the Group does not foresee any interruptions to the supply chain either at the clinics level or at the distributors level, which in the latter case is conditional on routing within weeks to come to the United States of the products manufactured and present in Puerto Rico, which have not suffered any damage.

The Group confirms the outlook for 2017:

  • net revenue and EBITA (current operating profit before depreciation of assets arising from acquisitions) expressed as a percentage of sales to be stable compared to 2016 at constant exchange rates,
  • €30-50 million debt reduction.
Key figures
 

NET REVENUE
Year-to-date September 2017
€630.2 million

_________

TOTAL GROWTH
-2.5%

_________

GROWTH AT CONSTANT EXCHANGE RATES1
-3.5%

_________

GROWTH AT CONSTANT SCOPE1
-3.5%(+2.1% excl. US)

 

 

of which:
COMPANION ANIMALS
-9.5%(-0.4% excl. US)

 

FOOD PRODUCING ANIMALS
+4.2%

 

CONSOLIDATED DATA
Unaudited - in million Euros
  2017 2016 Change Evolution at constant exchange rates  

Evolution at constant scope1
Net revenue - 1st quarter 199.7 211.4 -5.5% -8.3% -8.3%
Net revenue - 2nd quarter 237.8 218.6 +8.8% +7.0% +7.0%
Net revenue - 3rd quarter 192.7 216.2 -10.9% -9.4% -9.4%
Net revenue - Year-to-date September630.2646.2-2.5%-3.5%-3.5%

1 The change at constant exchange rates and scope corresponds to organic growth in sales excluding fluctuations in exchange rates by calculating the indicator for the year in question and that of the previous financial year based on identical exchange rates (the exchange rate used is that of the previous financial year), and excluding change in scope by calculating the indicator for the financial year in question based on the consolidation scope of the previous financial year.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Virbac via Globenewswire


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