DiaSorin has registered very positive results and also above the market average membership in 2010, when the global economic recovery has continued, although at different rates depending on geographical areas, although overshadowed by new concerns related to the solvency of public debt in different countries of the Euro, in particular arising from uncertainties about the sustainability of the fiscal situation of these countries.
Contrary to what reported by others in the industry during 2010, DiaSorin has not been affected by the downturn in the sector, and recorded financial results showing a strong improvement over the previous year, reflecting the goodness of the strategic choices implemented in the recent past .
In fact, in 2010 the Group reported revenues of 404.5 million euros, up 33.0% on 2009 (28.9% at constant exchange rates) thanks largely to:
1) the sale of products whose CLIA turnover grew by 37.8% in 2010;
2) continuing expansion of the installed base Liaison on 31 December 2010 has reached 3,641 units, an increase of 666 new placements compared to 2975 on 31 December 2009;
3) the strengthening of its market share in areas where the company has a direct presence in history, expanding into markets where in the recent past has been replaced in the commercial network owned by independent distributors with a sales network, and enhancing distribution of trade agreements in certain strategic areas of South America and the Pacific;
4) the continuous enrichment of the menu of products Liaison, which in recent years has come to be one of the largest commercially available, but above all the richer segments of specialty clinical test of interest;
5) the continued expansion of the market for vitamin D not only on U.S. territory, but also in major European countries.
6) the sale of products Murex, representing 23.0 million Euro in 2010, which includes the first allocation of stock to distributors Abbott sent to 3.0 million euros, and net of distribution fee approved for Abbott 1.4 million euros.
Also during fiscal year 2010 revenue growth is matched by a more than proportional improvement of the main indices of profitability in 2010 ended with a gross margin of 284.7 million euros, up 33.3% on 2009, now comprise 70.4% of sales, compared to 70.2% in 2009.
On these results it should be noted that the sale of the first allocation of storage needed to distribute products through Murex Abbott led the gross margin for the year negative impact of 0.5 percentage points. With regard to operating expenses during 2010 increased in a less than proportional to sales growth, so the impact on sales has increased from 34.7% in 2009 to 32.3% in 2010.
Also during the year 2010 the Group continued to pursue its policy of investment in R & D, with expenditure increasing by 20.3% over 2009. Have been capitalized expenses for development activities amounted to EUR 1.9 million, while they have been expensed to operations research and development costs amounted to 18.6 million euros, of which 4.6 million relating to costs registration of marketed products and on compliance with quality requirements. The incidence of general and administrative expenses on sales decreased from 10.6 percentage points to 10.3 in 2010.
Consequently the 'EBIT recorded in 2010 amounted to 145.5 million euros, an increase of 36.7% compared to 2009, equivalent to 36.0% of revenues (from 35.0% during the same period of 2009) ; 's EBITDA grew by 35.2% over the same period in 2009, reaching 167.1 million euros, equivalent to 41.3% of revenues (from 40.7% in 2009).
Also as regards the results of operations is necessary to point out some elements of an extraordinary nature occurred during 2010 and that had a negative impact on operating results. With reference to 2009, are reclassified from other operating costs to income taxes for the year Euro 996 thousand relating to the withholding tax is not deductible by the parent company suffered on dividends received by the U.S. subsidiary.
These reclassifications did not result in impacts on equity and profit for 2009 In particular, remaining within the framework of the acquisition of the product line Murex, in 2010, costs have been accounted for in the accounting and legal advice which should be added costs of an extraordinary nature relating to the reorganization of the production site in Dartford (above) for a total of 5.7 million.
Excluding these non-recurring costs, the EBITDA margin of EBIT and EBITDA at the end of 2010 would be respectively equal to 37.4% and 42.7%. With regard to financial management, 31 December 2010, net financial expenses amounted to 585 thousand euros compared to 2.7 million in 2009. The difference between the two values is mainly due to exchange gains recorded by the parent company of dividends received from the U.S. subsidiary. There has been 929 thousand in fees on factoring transactions (1.1 million euros in the same period in 2009), 810 thousand of interest on pension funds (868 in the same period of 2009), 634 thousand of interest on loans to banks and leasing companies and income of 296 thousand euros relating to the fair value of contracts for the sale of dollars.
Also of note the different accounting treatment of exchange differences on debt denominated in U.S. dollars exposure: Following the formalization of a policy of managing foreign exchange risks, the Group uses hedge accounting principles as laid down by IAS 39, pointing directly at net foreign exchange differences. In 2009, the income recorded 944 thousand Euro's exchange rate differences on debt mentioned above, in 2010, exchange differences recorded in equity were negative and amounted to Euro 1.6 million. Finally, in 2010 closed with a net profit of 90.4 million Euro (70.0 million Euro in late 2009). It should be noted that for 2009 the Group recorded 33.7 million Euro for taxes (compared to 54.5 million in 2010), who enjoyed the positive effects of tax payment of sull'affrancamento ' start-up and realignment of the differences arising from the transaction to IFRS (4.3 million), against the inclusion of deferred tax assets of EUR 8.9 million.
Adjusting the results for 2009 compared to the non-recurring items described above and to the different accounting treatment for the Group's debt in foreign currency and purifying the results of 2010 items related to the reorganization of British manufacturing plant mentioned above, net income of 2010 was up 43.1% over the previous year. Earnings per share "basis" for 2010, amounted to EUR 1.64 (1.27 in 2009), and is calculated by dividing the net profit attributable to shareholders by the average number of shares outstanding amounted to 55.223 million (effect incorporating the financial year of the first tranche of stock options).
The stock option plan as at December 31, 2010 has no significant effect on earnings per share: earnings per share "diluted" the year amounted to Euro 1.64. The net financial position at December 31, 2010, is positive and amounts to 33.1 million euros, compared to 11.2 million at December 31, 2009. This improvement is due largely to the cash generation of the Group, whose liquidity has risen from 47.9 million at December 31, 2009000000 to 62.4000000 in late 2010. Of note in 2010: the acquisition of the business Murex, to 46.2 million euros, and the acquisition by DiaSorin Australia Ltd your business from the local distributor for an amount of 8.9 million Australian dollars (equal 6.8 million euros), of which 4.6 million payable over the next two years and the repayment of loans for 8.5 million Euro, the payment of dividends of 11.0 million Euro (6.6 million Euro in 2009), the increase in share capital and increase the share premium reserve, respectively, for 693 thousand and 7.8 million Euro in the Plan of "stock options from 2007 to 2012."
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