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Data and Reporting

Financial Data

Financial Data

Key Highlights

 

Actual1

Variance

€ million

2020

2019

Actual rates

CER2

Revenue

5 347

4 913

9%

8%

Net sales

5 052

4 680

8%

7%

Royalty income and fees

96

78

22%

25%

Other revenue

199

155

28%

29%

Gross Profit

3 984

3 645

9%

8%

Marketing and selling expenses

-1 221

-1 108

10%

12%

Research and development expenses

-1 569

-1 272

23%

24%

General and administrative expenses

- 196

- 195

1%

2%

Other operating income/expenses (-)

95

48

98%

100%

Adjusted (recurring) EBIT

1 093

1 118

-2%

-8%

Impairment, restructuring and other income/expenses (-)

- 122

- 50

>100%

>100%

EBIT (operating profit)

971

1 068

-9%

-14%

Net financial expenses

- 93

- 107

-13%

-12%

Share of profit/loss (-) of associates

2

- 1

>-100%

>-100%

Profit before income taxes

880

960

-8%

-14%

Income tax expenses

- 119

- 146

-19%

-16%

Profit from continuing operations

761

814

-7%

-14%

Profit/loss (-) from discontinued operations

0

2

-94%

-94%

Profit

761

817

-7%

-14%

Attributable to UCB shareholders

732

792

-7%

-15%

Attributable to non-controlling interests

29

25

16%

18%

Adjusted (Recurring) EBITDA

1 441

1 431

1%

-4%

Capital expenditure (including intangible assets)

349

294

19%

 

Net financial cash / debt (-)

-1 411

12

>100%

 

Operating cash flow from continuing operations

1 081

893

21%

 

Weighted average number of shares – non diluted (million)

189.00

187.00

1%

 

EPS (€ per weighted average number of shares – non diluted)

3.87

4.23

-8%

16%

Core EPS (€ per weighted average number of shares – non diluted)

5.36

5.20

3%

-2%

  • 1 Due to rounding, some financial data may not add up in the tables included in this management report.
  • 2 CER: constant exchange rates and excluding hedging.

Net sales by product

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Cimzia®

1 799

1 712

5%

7%

Vimpat®

1 451

1 322

10%

12%

Keppra® (including Keppra® XR / E Keppra®)

788

770

2%

5%

Neupro®

311

319

-2%

-1%

Briviact®

288

221

31%

33%

Nayzilam®

26

0

N/A

N/A

Evenity®

2

0

N/A

N/A

Established brands

358

440

-19%

-16%

Net sales before hedging

5 023

4 784

5%

7%

Designated hedges reclassified to net sales

29

- 104

>-100%

 

Total net sales

5 052

4 680

8%

7%

Net sales by geographical area

 

Actual

Variance actual rates

Variance CER

€ million

2020

2019

€ million

%

€ million

%

Net sales - U.S.

2 759

2 546

213

8%

265

10%

Cimzia®

1 174

1 088

86

8%

108

10%

Vimpat®

1 072

1 001

71

7%

91

9%

Keppra®

167

189

- 22

-12%

- 19

-10%

Briviact®

220

170

50

30%

54

32%

Neupro®

98

97

1

1%

3

3%

Nayzilam®

26

0

27

N/A

27

N/A

Established brands

2

1

1

-577%

1

-586%

Net sales - Europe

1 374

1 332

42

3%

46

3%

Cimzia®

431

429

2

0%

4

1%

Keppra®

223

196

28

14%

28

14%

Vimpat®

263

236

28

12%

28

12%

Neupro®

168

170

- 2

-1%

- 2

-1%

Briviact®

60

45

15

33%

15

33%

Evenity®

2

0

2

N/A

2

N/A

Established brands

227

256

- 31

-12%

- 29

-11%

Net sales - International markets

889

906

- 17

-2%

31

3%

Keppra®

398

385

13

3%

27

7%

Cimzia®

194

194

0

0%

17

8%

Vimpat®

115

86

30

35%

33

39%

Neupro®

45

52

- 7

-13%

- 6

-11%

Briviact®

8

6

3

45%

3

51%

Established brands

129

183

-54

-29%

-43

-23%

Net sales before hedging

5 023

4 784

239

5%

342

7%

Designated hedges reclassified to net sales

29

-104

132

>-100%

  

Total net sales

5 052

4 680

372

8%

342

7%

Royalty income and fees

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Biotechnology IP

60

38

57%

60%

Toviaz®

18

19

-3%

0%

Other

18

22

-19%

-18%

Royalty income and fees

96

78

22%

24%

Other Revenue

€ million

2020

2019

Actual rates

CER

Contract manufacturing sales

152

109

39%

39%

Partnerships in Japan

6

20

-71%

-71%

Other

41

26

59%

66%

Other revenue

199

155

28%

29%

Gross profit

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Revenue

5 347

4 913

9%

8%

Net sales

5 052

4 680

8%

7%

Royalty income and fees

96

78

22%

24%

Other revenue

199

155

28%

29%

Cost of sales

-1 363

-1 268

7%

8%

Cost of sales products and services

- 869

- 816

7%

7%

Royalty expenses

- 315

- 298

5%

8%

Amortization of intangible assets linked to sales

- 179

- 154

16%

17%

Gross Profit

3 984

3 645

9%

8%

Recurring EBIT and recurring EBITDA

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Revenue

5 347

4 913

9%

8%

Net sales

5 052

4 680

8%

7%

Royalty income and fees

96

78

22%

24%

Other revenue

199

155

28%

29%

Gross Profit

3 984

3 645

9%

8%

Marketing and selling expenses

-1 221

-1 108

10%

12%

Research and development expenses

-1 569

-1 272

23%

24%

General and administrative expenses

- 196

- 195

1%

2%

Other operating income/expenses (-)

95

48

>100%

>100%

Total operating expenses

-2 891

-2 527

14%

16%

Adjusted (recurring) EBIT

1 093

1 118

-2%

-8%

Add: Amortization of intangible assets

215

190

13%

14%

Add: Depreciation charges

133

123

8%

8%

Adjusted (recurring) EBITDA

1 441

1 431

1%

-4%

Net profit

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Adjusted (recurring) EBIT

1 093

1 118

-2%

-8%

Impairment charges

0

-2

-100%

-101%

Restructuring expenses

-20

-47

-57%

-57%

Gain on disposals

53

41

28%

28%

Other income/expenses (-)

-155

-42

>100%

>100%

Total impairment, restructuring and other income/expenses (-)

-122

-50

>100%

>100%

EBIT (operating profit)

971

1 068

-9%

-14%

Net financial expenses (-)

-93

-107

-13%

-12%

Result from associates

2

-1

>-100%

>-100%

Profit before income taxes

880

960

-8%

-14%

Income tax expenses

-119

-146

-19%

-16%

Profit from continuing operations

761

814

-7%

-14%

Profit/loss (-) from discontinued operations

0

2

-94%

-94%

Profit

761

817

-7%

-14%

Attributable to UCB shareholders

732

792

-7%

-15%

Attributable to non-controlling interests

29

25

16%

18%

Profit attributable to UCB shareholders

732

792

-7%

-15%

Core EPS

 

Actual

Variance

€ million

2020

2019

Actual rates

CER

Profit

761

817

-7%

-14%

Attributable to UCB shareholders

732

792

-7%

-15%

Attributable to non-controlling interests

29

25

16%

18%

Profit attributable to UCB shareholders

732

792

-7%

-15%

Total impairment, restructuring and other income (-) /expenses

122

50

>100%

>100%

Income tax on impairment, restructuring and other expenses (-)/ credit

- 3

- 1

>100%

>100%

Profit (-)/loss from discontinued operations

0

-2

-94%

-94%

Amortization of intangibles linked to sales

179

154

16%

17%

Income tax on amortization of intangibles linked to sales

-15

- 17

-14%

-14%

Core profit attributable to UCB shareholders

1 015

974

4%

-3%

Weighted average number of shares (million)

189

187

1%

 

Core EPS attributable to UCB shareholders (€)

5

5

3%

-2%

Consolidated income statement

For the year ended December 31

   

€ million

Note

2020

2019

Continuing operations

   

Net Sales

6

5 052

4 680

Royalty income and fees

 

96

78

Other revenue

10

199

155

Revenue

 

5 347

4 913

Cost of sales

 

-1 363

-1 268

Gross profit

 

3 984

3 645

Marketing and selling expenses

 

-1 221

-1 108

Research and development expenses

 

-1 569

-1 272

General and administrative expenses

 

- 196

- 195

Other operating income/expenses (-)

13

95

48

Operating profit before impairment, restructuring

 

1 093

1 118

and other income and expenses

Impairment of non-financial assets

14

0

- 2

Restructuring expenses

15

- 20

- 47

Other income/expenses (-)

16

- 102

- 1

Operating profit

 

971

1 068

Financial income

17

14

18

Financial expenses

17

- 107

- 125

Share of profit/loss (-) of associates

 

2

- 1

Profit before income taxes

 

880

960

Income tax expense

18

- 119

- 146

Profit from continuing operations

 

761

814

Discontinued operations

   

Profit/loss (-) from discontinued operations

9

0

2

Profit

 

761

817

Attributable to:

   

Equity holders of UCB SA

 

732

792

Non-controlling interests

 

29

25

Basic earnings per share (€)

   

from continuing operations

41

3.87

4.22

from discontinued operations

41

0.00

0.01

Total basic earnings per share

 

3.87

4.23

Diluted earnings per share (€)

   

from continuing operations

41

3.77

4.09

from discontinued operations

41

0.00

0.01

Total diluted earnings per share

 

3.77

4.10

Consolidated statement of comprehensive income

For the year ended December 31

   

€ million

Note

2020

2019

Profit for the period

 

761

817

Other comprehensive income

   

Items to be reclassified to profit or loss in subsequent periods:

   

- Net gain/loss (-) on financial assets at FVOCI

 

27

14

- Exchange differences on translation of foreign operations

 

- 314

96

- Effective portion of gains/losses (-) on cash flow hedges

 

84

36

- Income tax relating to the components of other comprehensive income

   

to be reclassified to profit or loss in subsequent periods

 

- 23

19

Items not to be reclassified to profit or loss in subsequent periods:

   

- Remeasurement of defined benefit obligation

33

- 26

28

- Income tax relating to the components of other comprehensive income

   

not to be reclassified to profit or loss in subsequent periods

 

2

1

Other comprehensive income/loss (-) for the period, net of tax

 

- 250

194

Total comprehensive income for the period, net of tax

 

511

1 011

Attributable to:

   

Equity holders of UCB SA

 

482

986

Non-controlling interests

 

29

25

Total comprehensive income for the period, net of tax

 

511

1 011

Consolidated statement of financial position

For the year ended December 31

   

€ million

Note

2020

2019

Assets

   

Non-current assets

   

Intangible assets

20

2 973

839

Goodwill

21

4 964

5 059

Property, plant and equipment

22

1 035

840

Deferred income tax assets

32

605

873

Financial and other assets (including derivative financial instruments)

23

160

175

Total non-current assets

 

9 737

7 786

Current assets

   

Inventories

24

854

780

Trade and other receivables

25

1 031

950

Income tax receivables

36

48

59

Financial and other assets (including derivative financial instruments)

23

310

163

Cash and cash equivalents

26

1 336

1 293

Assets of disposal group classified as held for sale

9.2

3

50

Total current assets

 

3 582

3 295

Total assets

 

13 319

11 081

Equity and liabilities

   

Equity

   

Capital and reserves attributable to UCB shareholders

27

7 271

7 039

Non-controlling interests

23.6

1

- 30

Total equity

 

7 272

7 009

Non-current liabilities

   

Borrowings

29

1 629

79

Bonds

30

687

896

Other financial liabilities (including derivative financial instruments)

31

3

1

Deferred income tax liabilities

32

168

51

Employee benefits

33

402

382

Provisions

34

165

146

Trade and other liabilities

35

91

32

Income tax payables

36

88

91

Total non-current liabilities

 

3 233

1 678

Current liabilities

   

Borrowings

29

81

56

Bonds

30

350

250

Other financial liabilities (including derivative financial instruments)

31

86

70

Provisions

34

80

72

Trade and other liabilities

35

2 138

1 856

Income tax payables

36

79

81

Liabilities of disposal group classified as held for sale

9.2

0

9

Total current liabilities

 

2 814

2 394

Total liabilities

 

6 047

4 072

Total equity and liabilities

 

13 319

11 081

Consolidated statement of cash flows

For the year ended December 31

   

€ million

Note

2020

2019

Profit for the year attributable to UCB shareholders

 

732

792

Non-controlling interests

 

29

25

Adjustment for profit (-)/loss from discontinued operations

9

0

- 1

Adjustment for profit (-)/loss from associates

 

- 2

1

Adjustment for non-cash transactions

37

297

231

Adjustment for items to disclose separately under operating cash flow

37

119

144

Adjustment for items to disclose under investing and financing cash flows

37

2

- 7

Change in working capital

37

221

- 232

Working capital adjustment relating to acquisitions

8

- 263

0

Interest received

17

17

18

Cash flow generated from operations

 

1 153

971

Tax paid during the period

 

- 72

- 89

Net cash flow used in (-)/generated by operating activities:

   

From continuing operations

 

1 081

893

From discontinued operations

 

0

- 11

Net cash flow generated by operating activities

 

1 081

882

Acquisition of property, plant and equipment

22

- 256

- 99

Acquisition of intangible assets

20

- 93

- 195

Acquisition of subsidiaries, net of cash acquired

 

-1 986

0

Acquisition of other investments

 

- 7

- 20

Sub-total acquisitions

 

-2 342

- 314

Proceeds from sale of property, plant and equipment

 

1

31

Proceeds from sale of other activities, net of cash disposed

 

75

41

Proceeds from sale of other investments

 

38

7

Sub-total disposals

 

114

79

Net cash flow used in (-)/generated by investing activities:

   

From continuing operations

 

-2 228

- 235

From discontinued operations

 

0

0

Net cash flow used in (-)/generated by investing activities:

 

-2 228

- 235

Proceeds from issuance of Private Placement

30.3

150

0

Repayment of bonds (-)

30.3

- 250

- 75

Proceeds from borrowings

29

1 895

0

Repayments of borrowings (-)

29

- 166

- 118

Payment of lease liabilities

29

- 41

- 48

Acquisition (-) of treasury shares

27

- 106

- 77

Dividend paid to UCB shareholders, net of dividend paid on own shares

27.2, 42

- 235

- 228

Interest paid

17

- 70

- 59

Net cash flow used in (-)/generated by financing activities:

   

From continuing operations

 

1 177

- 605

From discontinued operations

 

0

0

Net cash flow used in (-)/generated by financing activities

 

1 177

- 605

Net increase/decrease (-) in cash and cash equivalents

 

30

42

From continuing operations

 

30

53

From discontinued operations

 

0

- 11

Net cash and cash equivalents at the beginning of the period

 

1 288

1 237

Effect of exchange rate fluctuations

 

- 15

9

Net cash and cash equivalents at the end of the period

 

1 303

1 288

Consolidated statement of changes in equity

2020

Attributed to equity holders of UCB SA

   

€ million

Share capital and share premium

Treasury shares

Retained earnings

Other reserves

Cumulative translation adjustments

Financial assets at FVOCI

Cash flow hedges

Total

Non-controlling interests

Total stockholders' equity

Balance at January 1, 2020

2 614

- 377

4 964

- 117

- 58

9

4

7 039

- 30

7 009

Profit for the period

-

-

732

-

-

-

-

732

29

761

Other comprehensive income/loss (-)

-

-

-

- 24

- 314

27

61

- 250

-

- 250

Total comprehensive income

-

-

732

- 24

- 314

27

61

482

29

511

Dividends (Note 42)

-

-

- 235

-

-

-

-

- 235

-

- 235

Share-based payments (Note 28)

-

-

70

-

-

-

-

70

-

70

Transfer between reserves

-

66

- 66

-

-

-

-

-

-

-

Treasury shares (Note 27)

-

- 82

-

-

-

-

-

- 82

-

- 82

Transfer between OCI and reserves

-

-

-

- 2

-

2

-

-

-

-

Transfer from NCI to equity holders

-

-

-2

-

-

-

-

-2

2

-

Balance at December 31, 2020

2 614

-393

5 463

-144

-372

38

65

7 271

1

7 272

2019

Attributed to equity holders of UCB SA

   

€ million

Share capital and share premium

Treasury shares

Retained earnings

Other reserves

Cumulative translation adjustments

Financial assets at FVOCI

Cash flow hedges

Total

Non-controlling interests

Total stockholders' equity

Balance at January 1, 2019

2 614

- 342

4 394

- 146

- 154

- 5

- 51

6 310

- 55

6 255

Profit for the period

-

-

792

-

-

-

-

792

25

817

Other comprehensive income/loss (-)

-

-

-

29

96

14

55

194

-

194

Total comprehensive income

-

-

792

29

96

14

55

986

25

1 011

Dividends (Note 42)

-

-

- 228

-

-

-

-

- 228

-

- 228

Share-based payments (Note 28)

-

-

58

-

-

-

-

58

-

58

Transfer between reserves

-

52

- 52

-

-

-

-

-

-

-

Treasury shares (Note 27)

-

- 87

-

-

-

-

-

- 87

-

- 87

Balance at December 31, 2019

2 614

-377

4 964

-117

-58

9

4

7 039

-30

7 009