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FINANCIAL REPORT Page: 1/27 PERIOD ENDED JUNE 30, 2020 HALF-YEAR FINANCIAL REPORT Page: 1/27 FINANCIAL REPORT FIRST HALF 2020 AT JUNE 30, 2020 PERIOD ENDED JUNE 30, 2020 HALF-YEAR FINANCIAL REPORT Page: 2/27 CONTENTS ACTIVITY REPORT ………………………………………………………………………………………………………….. 4 Comments on activity in the first half of 2020 ....................................................................................... 4 Main risks and uncertainties for the remaining six months of the year ............................................. 6 Main related-party transactions recorded in the first months of the year ........................................ 6 KEY FIGURES………………………………………………………………………………….... ………………………………..7 GUERBET STOCK………………………………………………………………………….…........................................8 CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS………………………………………………………………………………..... ………………………………9 1. Summary statements .......................................................................................................................... 10 1.1 Consolidated balance sheet ................................................................................................ 10 1.2 Consolidated income statement .......................................................................................... 11 1.3 Statement of net income and gains and losses recognized directly in equity ........................... 12 1.4 Consolidated statement of cash flows............................................................................................ 13 1.5 Statement of changes in shareholders’ equity .............................................................................. 14 2. Accounting methods and rules .......................................................................................................... 15 3. Highlights of the first half of 2020 ..................................................................................................... 15 4. Seasonality ........................................................................................................................................... 16 5. Dividend payment ............................................................................................................................... 16 6. Management of financial risk ............................................................................................................ 16 6.1 Currency risk ...................................................................................................................................... 17 6.1.1 Foreign exchange risk exposure and hedging at June 30, 2020 .............................................................. 17 6.1.2 Analysis of sensitivity of the financial result to accounting currency risk at June 30, 2020 ...................... 17 6.2 Interest rate risk ................................................................................................................................ 18 6.2.1 Interest rate risk exposure and hedging at June 30, 2020 ...................................................................... 18 6.2.2 Analysis of sensitivity of the financial result to interest rate risk at June 30, 2020 .................................. 18 PERIOD ENDED JUNE 30, 2020 HALF-YEAR FINANCIAL REPORT Page: 3/27 7. Additional information ....................................................................................................................... 19 8. Descriptive notes (in thousands of euros) ........................................................................................ 20 Note 1 – Tangible and intangible fixed assets ...................................................................................... 20 Note 2 – Inventories ................................................................................................................................ 20 Note 3 – Capital ....................................................................................................................................... 20 Note 4 – Provisions .................................................................................................................................. 21 Note 5 – Borrowing ................................................................................................................................. 21 Note 6 – Other contingent assets and liabilities .................................................................................. 21 Note 7 – Other assets held for sale ....................................................................................................... 21 Note 8 – Staff-related costs .................................................................................................................... 22 8.1 – Stock options ...................................................................................................................................... 22 8.2 – Free shares ......................................................................................................................................... 23 Note 9 – Income tax ................................................................................................................................ 23 Note 10 – Related-party disclosures ..................................................................................................... 23 10.1 – Relationships with non-consolidated companies ..................................................................... 23 10.2 – Remuneration and benefits granted by the Group to the main directors and board members ............................................................................................................................................ 24 Note 11 – Post-closing events ................................................................................................................ 24 Report by the statutory auditors on the half-year financial information………………………….25 Statement from the person responsible for the half-year financial report…………………………………………………………………………………………………………………………………...27 PERIOD ENDED JUNE 30, 2020 HALF-YEAR FINANCIAL REPORT Page: 4/27 ACTIVITY REPORT Comments on activity in the first half of 2020 Europe and the Americas impacted by the health crisis, good sales in Asia The health crisis had a major impact on the first half of the year. Since the crisis began, Guerbet has taken swift action to ensure employee safety and business continuity. All of the Group’s production plants and logistics centers around the world continued to operate. The postponement of non-essential radiological examinations and procedures by radiologists, combined with spontaneous cancellations by certain patients and the increase in longer disinfection and protection measures due to SARS-Cov-2, impacted activity, especially MRI but also CT/Cath Lab. The development of artificial intelligence solutions and digital solutions continued without any impact on project progress or on their actual market release date. Regarding Gadopiclenol, the recruitment of phase IIIb patients was logically slowed down during the lockdown, delaying the process in progress accordingly. The market release is still planned for the first part of 2023. Revenue was €363.7 million at June 30, down 9.2% compared with the first half of 2019, including an unfavorable forex impact of €3.4 million (€367.1 at constant exchange rates). This decrease at constant exchange rates was driven by sales drop of 21.2% in Europe and 13.6% in the Americas. In Asia, the implementation of Go-Direct in Japan and good sales in China led to 9% increase. Diagnostic Imaging revenue was €308.4 million, compared with €354.6 million in the first half of 2019, down 13.0% (-11.9% at CER). The main reason was the impact of the health crisis following the lockdown in most countries. - MRI sales decreased 18.7% (identical at constant exchange rates) to €110.9 million; - CT/Cath Lab revenue was down 9.7% at €196.0 million with reduced volumes across all products in the range except for Xenetix® used in some countries for the diagnostic of the most serious Covid cases (At CER, revenue for the half-year period was €199.9 million, down -7.9%). Interventional Imaging continued to be driven by Lipiodol® sales. Its revenue totaled €36 million, up 3.1% (+1.9% at CER) from €34.9 million in the same period last year. PERIOD ENDED JUNE 30, 2020 HALF-YEAR FINANCIAL REPORT Page: 5/27 Satisfactory results under unprecedented health conditions In millions of euros H1 2019 H1 2020 Consolidated financial statements (IFRS) Revenue 400.6 363.7 EBITDA (2) 61.6 53.3 % of revenue 15.4% 14.7% Operating income 22.3 25.4 % of revenue 5.6% 7.0% Net income 19.0 8.2 % of revenue 4.8% 2.3% Net Debt 358.1 269.3 The financial statements for the first half of 2020, approved by the Board of Directors on 23 September 2020, underwent a limited review by the statutory auditors. The statutory auditors’ report is currently being drawn up. EBITDA stood at €53.3 million compared with €61.6 million in the first half of 2019. However, it represents 14.7% of revenue for the period, which was a satisfactory performance for the Group given the significant drop in activity. The EBITDA margin rate was maintained thanks to strict budgetary discipline. It concerned sales and marketing costs and the acceleration of the “Cost to Win” plan. The total reduction of expenditures over the first half of the year was around €20 million. As of June 30, 2020, operating income totaled €25.4 million and represented 7.0% of revenue. Net income was €8.2 million
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