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Richter: 3Q06 EBIT beats both consensus and our own forecast

7.11.2006 10:20
Autor: KBC/Patria

Richter posted quarterly net profit of HUF 12.1bn for 3Q06 (up 10.1% y/y, but down 24% q/q), marginally (1.5%) above analyst's consensus of HUF 11.9bn. The net result came 1.5% below our forecast, on the back of slightly stronger EBIT and well-below financials. We expect neutral trading reaction to the release on the back of strong pressure on margins from domestic sales. Despite, the company has delivered 80.9% of the FY06 net profit consensus in the first nine month of the year, we see only minor upgrades on the market, since the company will face pressure on domestic sales in the remainder of the year and the upcoming year in our view.

Total sales Richter's top-line grew by 24.9% y/y to HUF 43.2bn (versus our expectation of HUF 41.9bn) in the 3Q06 period, driven by surprisingly robust export sales ( 45.8% y/y in forint terms and 35.9% y/y in US dollar terms) and a weak (-16.8% y/y) domestic sales performance.

EBIT came at HUF 12.40bn (up 35.6% y/y and up 12.8% q/q). The figure came 14.6% above our forecast of HUF 10.82bn and also beat market consensus by 13.4%. Better than expected operating performance was mostly due lower-than-expected R&D costs: EBIT came 1.58bn above our estimate out of which HUF 1.14bn is justified by Richter’s decision to cut R&D expenditures.

Financial result came in at HUF 503 m loss in 3Q06 versus HUF 4.9bn profit in 2Q06 and HUF 1.8bn profit a year ago. This line delivered the biggest negative surprise to us: we have seriously overestimated the FX line expecting a profit from Richter hedge contracts (the company was unwilling to comment its hedge positions before the result). Although dividend and interest income came somewhat higher than expected, they were unable to compensate for the huge HUF 1.7bn losses caused by the revaluation trade receivables.

Corporate tax was HUF 196m credit versus our expectation of HUF 162m tax payment. Richter says that it is due to deferred tax assets which compensated for the negative impact of the 4% solidarity valid from September 1. In the fourth quarter, however, it will likely be balanced an the effective tax position in 2H06 will likely be a tax payment, the company told us.

Net profit came in at HUF 12.10bn, up 10.1% y/1 but down 24.0% q/q. The figure came 1.5% below our forecast but also 1.5% above the consensus. On the back of better than expected operating performance we expect positive market reaction to the report.

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