Full Year 2024 Euroapi SA Earnings Call Transcript
Key Points
- Euroapi SA (EAPIF) demonstrated resilience by securing 37 new clients and 116 new CDMO projects in 2024.
- The company successfully resumed manufacturing at the Brindisi site by the end of August 2024, showcasing agility in operations.
- Euroapi SA (EAPIF) made significant progress on its FOCUS-27 roadmap, improving commercial terms with Sanofi and securing financing support from main shareholders.
- The company committed to sustainability by reducing greenhouse gas emissions and ensuring 100% of electricity for industrial sites comes from renewable sources.
- Euroapi SA (EAPIF) improved its working capital by EUR100 million, driven by a voluntary reduction in inventories and better cash collection.
- Net sales decreased by 10% to EUR911.9 million in 2024, impacted by the temporary suspension of production at the Brindisi site.
- Core EBITDA fell by 45.8% to EUR50.4 million, with a margin of 5.5%, due to industrial inefficiencies and unfavorable fixed cost absorption.
- Sales to Sanofi dropped by 10.7%, and revenue from other clients decreased by 9.4%, partly due to competitive pressure from Asian producers in the vitamin B12 market.
- The company faced challenges with total recordable injury rates, which increased in 2024, prompting the implementation of mitigation measures.
- Euroapi SA (EAPIF) reported a net income loss of EUR130.6 million for 2024, although this was an improvement from the previous year's loss.
Hello and welcome to the Euroapi full year 2024 results presentation. My name is Caroline and I'll be your coordinator for today's event. Please note this call is being recorded (Operator Instructions) I will now hand over the call to your host, Sophie Palliez, Head of Investor Relations, to begin today's conference. Thank you.
Thank you. Good morning, everyone, and welcome to this webcast. Our hosts today, are David Seignolle, Euroapi Chief Executive Officer, and Olivier Falut, Euroapi Chief Financial Officer. We will start as usual by a short presentation, followed by the Q&A session. Please note that, those of you that are connected via the internet will be able to ask questions through the platform, and I will ask them, on their behalf.
Before we start, we would like to emphasize that some of the information we will share with you today is looking forward and not historical. This information is based on projections or assumptions concerning Euroapi's current and future strategy, future
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