RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.p.A.
Registered Office
Via Matteo Civitali, 1 20148 Milano, Italy Tel. +39 02 487871 Fax +39 02 40073747
www.recordati.com
Share Capital € 26.140.644,50 fully paid -up Milano, Monza, Brianza and Lodi Comp. Reg. No. 00748210150 Tax Code/VAT No. 00748210150 Milano R.E.A. No. 401832 Company subject to the Management and Coordination Activity of Rossini Luxembourg S.àr.l
NEWS RELEASE
RECORDATI : SOLID MOMENTUM OF THE GROUP CONTINUES
FIRST HALF 2026 NET REVENUE + 6.6%, EBITDA(1) +8.8%,
ADJUSTED NET INCOME(2) +6.7%
• Consolidated net revenue of € 1,410.8 million in the first half of 202 6, +6.6% or + 9.1% on a like -for-
like basis(3) at constant exchange rates (CER); adverse FX impact of € 34.5 million ( -2.6%) • EBITDA(1) of € 540.2 million, + 8.8%, margin on net revenue of 38.3% • Adjusted net income(2) of € 349.9 million, + 6.7%, margin on net revenue of 24.8% • Net income of € 269.7 million, +24.8% • Free cash flow(4) of € 299.4 million, +€ 42.6 million vs prior year • Net deb t(5) at € 1,917.1 million, below 1.9 x EBITDA • FY 202 6 financial targets confirmed
Milan, 28th July 2026 – The Board of Directors of Recordati S.p.A. approved the interim financial statements as of June 30, 2026, pursuant to Art. 154 -ter of Italian Legislative Decree 58/1998 and subsequent amendments, prepared in accordance with said Decree and the CONSOB Issue rs Regulation.
The statements were prepared in accordance with International Accounting Standard (IAS) 34 requirements for interim reporting, based on the assessment, measurement and recognition criteria set by the IFRSs. The interim financial statements o n June 30, 2026 – as well as the Independent Auditors’ report on such statements - will be available within the legal deadline at the company’s offices and on the company’s website (www.recordati.com) and can also be viewed on the authorized storage system 1Info (www.1Info.it).
Rob Koremans, Chief Executive Officer of Recordati, commented: “Our strong first half performance reflects the strength of our diversified portfolio and the disciplined execution of our strategy. Rare Diseases remains the key growth driver, with Isturisa® delivering another excellent quarter driven by expand ed physician adoption, increas ed patient demand and improved commercial execution. As planned, we are stepping up our investments to support the future growth of our Rare Diseases portfolio with the U.S. expansion of Isturisa® and other lifecycle management initiatives including sutimlimab for ITP and Qarziba® in the U.S. We further strengthened our pipeline through our licensing agreement with Ionis, adding a late -stage development program for Alexander disease that has the potential to address a devastating disease with no approved treatment options. We remain well positioned to build on this momentum and continue creating long -term value.”
H1 202 6 Financial highlights
• Consolidated net revenue for the first half of 202 6 was € 1,410.8 million, up 6.6% or 9.1% on a like-for-like(3) basis at CER (+7.8% excluding Türkiye ) versus the first half of 2025 . This was driven , in particular , by the strong momentum from the Rare Diseases business . The adverse FX impact for the first half of 202 6 was € 34.5 million ( -2.6%), mainly driven by the U.S. dollar and Turkish lira devaluation .
2 o Rare Diseases revenue was € 603.9 million for the first half of 2026, up 17.1%, or 22.0% on a like -for-like(3) basis at CER as compared to the first half of 2025, driven by strong volume growth across the Endocrinology and Hem a-Oncology franchises. The Endocrinology franchise achieved net revenue of € 247.6 million, an increase of 39.0%, reflecting continued growth of Isturisa® (€ 178.8 million, + 58.0%), driven by strong new patient uptake in the U.S. and growth of Signifor® (€ 68.8 million, + 5.8%). The Hema -
Oncology franchise achieved net revenue of € 230.4 million, growing by 14.8%, reflecting the strong momentum of Enja ymo® across geographies (€ 91.0 million, +31.1%), as well as growth of Qarziba® (€ 83.7 million, + 6.5%) and Sylvant® (€ 48.1 million , +6.4%). The Metabolic franchise achieved net revenue of € 125.9 million, a decrease of 8.0%, reflecting phasing of Carbaglu® across geographies and slightly lower demand of Panhematin® in the U.S. against a strong performance in the first half of 2025.
o Specialty & Primary Care revenue was € 773.5 million for the first half of 2026, down 0.1% or up 0.6% on a like -for-like(3) basis at CER as compared to the first half of 2025(6), reflecting continued in-market growth of the promoted portfolio (+7.0%(7)) and some expected one -off headwinds . In particular, the Cardiovascular franchise achieved net revenue of € 213.3 million , a decrease of 1.6%, mainly reflecting the loss of the Cardicor® license and lower sales of mature products due to phasing , mostly offset by the growing contribution of Vazkepa®. The Urology franchise achieved net revenue of € 209.3 million , an increase of 1.0%, driven by the strong performance of E ligard® benefiting from a competitor stock -out in Türkiye as well as by local products, mostly offset by the one-off Tergynan® re-launch in Russia in 2025 . The Gastrointestinal franchise achieved net revenue of € 135.8 million, an increase of 3.9%, mainly driven by Procto -Glyvenol®.
The Cough & Cold franchise achieved net revenue of € 53.6 million, a decrease of 9.7% due to a weaker season in key markets .
• EBITDA(1) was € 540.2 million for the first half of 2026, up 8.8% compared to the first half of 2025, with margin of 38.3% of net revenue. Strong revenue performance and the positive mix effect at the gross profit level was partially offset by a higher level of investments to support the U.S.
expansion, primarily for Isturisa®, the continued development of Enjaymo®, ongoing geographic expansion in Rare Diseases as well as the launch of Vazkepa® in Specialty & Primary Care.
• Adjusted operating income(8) was € 434.8 million in the first half of 202 6, an increase of 10.2% versus the first half of 202 5. This represents 30.8% of net revenue , compared with 29.8% in the prior year, supported by strong operating performance. Operating income was € 419.2 million in the first half of 2026, up 26.6% over the first half of 2025, when non -cash charges of € 46.9 were posted, mainly due to the fair value revaluation of the inventory acquired as part of the acquisition of the Enjaymo® rights. Non-recurring costs were €15.6 million, compared with €16.8 million in the first half of 2025, mainly reflecting the acceleration of the LTI Performance Share Plan triggered by the potential delisting of Recordati.
• Financial expenses were € 57.3 million in the first half of 2026, up by € 10.6 million compared to the same period of the previous year , mainly due to net exchange rate losses of € 4.2 million as compared to exchange rate gains of € 7.5 million in the first half of 2025 , with the variance mainly driven by U.S. dollar exchange rate movements. The impact of hyperinflation was negative € 3.0 million compared to € 2.5 million in the first half of 202 5.
3 • Adjusted net income(2) was € 349.9 million , 24.8% of net revenue, up by 6.7% compared to the same period of 202 5, benefitting from higher adjusted operating income, partly offset by higher financial expenses and tax rate. Net income was € 269.7 million, 19.1% of net revenue, an increase of 24.8% versus the prior year , reflecting higher operating income , despite the higher financial expenses and income tax rate versus the first half of 2025.
• Free cash flow(4) was € 299.4 million for the first half of 202 6, an increase of € 42.6 million versus the first half of 202 5, driven primarily by higher EBITDA .
• Net debt(5) as of June 30, 2026 was € 1,917.1 million, or leverage below 1.9 x EBITDA , compared to net debt of € 2,037.3 million on December 31, 2025.
• Shareholders’ equity was € 2,130.6 million.
Pipeline Development
The osilodrostat (Isturisa®) Phase IV study in patients with hypertension caused by hypercortisolemia due to Cushing’s syndrome is expected to begin enrollment in August 2026.
The Phase 2 trial evaluating pasireotide for the treatment of post -bariatric hypoglycemia met its primary endpoint with a dose -dependent and significant increase in glucose levels during a standardized meal test (p<0.02)(9). The Phase 3 development plan is expected to be finalized by the end of 2026 .
On the basis of encouraging FDA feedback as well as early clinical evidence showing that sutimlimab, by targeting the classical complement pathway, can lead to a rapid and sustained platelet response in patients with immune thrombocytopenia (ITP) refractory to multiple lines of treatment, Recordati expects to advance s utimlimab into a pivotal registrational Phase 3 trial for the treatment of chronic ITP at the beginning of 2027.
The other lifecycle management programs are progressing in line with plans.
Corporate Development
On January 29, 2026, Recordati announced a collaboration and license agreement with Moderna to develop and commercialize worldwide mRNA -3927, an investigational product for the treatment of propionic acidemia (PA). Under the terms of the agreement, Moderna will continue to lead the development of mRNA -3927, in collaboration with Recordati, and if approved, Recordati will lead global commercialization. mRNA -3927 is a post proof -of-concept, investigational product aimed to restore propionyl -CoA carboxylase (PCC) enzyme activity in patients with propionic acidemia. If approved, this could be the first disease -modifying treatment o ption on the market for this severe disease. mRNA -3927 is currently being evaluated in a potential registrational clinical study. The target patient enrollment has been reached, with a data readout expected by the end of 2026.
On June 25, 2026, Recordati announced a license agreement with Ionis Pharmaceuticals, Inc. for exclusive development and commercialization rights to zilganersen, an investigational RNA -targeted medicine for the treatment of Alexander disease (AxD), in all countries outsid e the U.S. Recordati will be responsible for regulatory filings and commercialization outside the U.S., including country -specific support for early access pathways based on local regulations and access dynamics. Ionis will maintain sole commercial respons ibility for zilganersen in the U.S. and will continue to lead development globally. Alexander disease is a rare, progressive and often fatal neurological disorder caused by mutations in the GFAP
4 gene. The disease affects astrocytes, critical support cells in the brain, leading to progressive loss of neurological function, including mobility, independence, swallowing and breathing. There are currently no approved disease -modifying therapies for AxD .
Business outlook
The Group confirms its financial targets for full year 2026 as follows:
• Net revenue between € 2,730 and € 2,800 million with FX headwind of ~ -3.5% • EBITDA(1) between € 995 and € 1,030 million; margin of +/ - 36.5% with FX headwind of ~-4.0% • Adjusted net income(2) between € 655 and € 685 million; margin of +/ - 24.0%
The full year 2027 targets(10) remain unchanged, with strong organic growth complemented by bolt -on business development and M&A .
(1) Net income before income taxes, financial income and expenses, depreciation, amortization and write -downs of property, plant and equipment, intangible assets and goodwill, non -recurring items and non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS .
(2) Net income excluding amortization and write -downs of intangible assets (except software) and goodwill, non -
recurring items, non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3, monetary net gains/losses from hyperinflation (IAS 29), net of tax effects .
(3) Pro-forma growth calculated excluding revenue of Vazkepa® and Cardicor® for H1 2026 and H1 2025 (Specialty & Primary Care) and Inrebic® for H1 2026 (Rare Diseases).
(4) Total cash flow excluding financing items, milestones, dividends, purchases of treasury shares net of proceeds from exercise of stock options.
(5) Cash and cash equivalents, less bank debts and loans, which include the measurement at fair value of hedging derivatives.
(6) The 2025 figures have been restated to reflect the reclassification of certain brands from Other Therapeutic areas to Cardiovascular and Gastrointestinal areas in 2026. The amount of reclassification for H1 2025 is as follows: €3. 4 million from Other Therapeutic areas to Cardiovascular area and €6. 9 million from Other Therapeutic areas to Gastrointestinal area.
(7) IQVIA May-YTD.
(8) Net income before income taxes, financial income and expenses and non -recurring items, non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3.
(9) p=0.0106 (50 µg s.c. pasireotide vs placebo); p=0.0010 (100 µg s.c. pasireotide vs. placebo); p< 0.0001 (200 µg s.c.
pasireotide vs placebo) .
(10) FY 2027 targets: Net Revenue €3,000 - €3,200 million, EBITDA €1,140 - €1,225 million, Adjusted Net Income €770 -
€820 million, excluding potential impact from tariffs and/or most favored nation pricing policies in the U.S.
Conference Call
Recordati will host a conference call on July 29th, at 2:00 p.m. CE ST (1:00 p.m. BST) to present the results for the first half of 2026 . Please find the pre -registration link here with all the dial -in details and a calendar invitation to follow.
Alternatively, if not pre -registered, the dial -in numbers for the conference call are:
Italy + 39 02 802 09 11, toll free 800 231 525 UK + 44 1 212818004, toll free (44) 0 800 0156371 USA +1 718 7058796, toll free (1) 1 855 2656958 France +33 1 70918704 Germany +49 6917415712
5 Participants are invited to dial in 10 minutes before the start of the conference call. If operator assistance is required to connect, please dial *0.
The slides that will be referenced during the call will be available at www.recordati.com under Investors/Company Presentations.
Recordati is an international pharmaceutical Group listed on the Italian Stock Exchange (XMIL: REC), with roots dating back to a family -run pharmacy in Northern Italy in the 1920s. We are uniquely structured to provide treatments across specialty and primary care and rare diseases. Our fully integrated op erations span clinical development, manufacturing of active ingredients and finished products, commerciali zation and licensing. We operate in approximately 150 countries across EMEA, the Americas and APAC , with around 4,700 employees. We believe that health is a fundamental right, not a privilege. Today, our purpose “Unlocking the full potential of life” aims to empower individuals to live life to the fullest, from common conditions to the rarest.
Investor Relations
Eugenia Litz
Eugenia.Litz@recordati.com
Gianluca Saletta
saletta.g@recordati.it
Media Relations
Laura Conti
conti.l@recordati.it Rebecca Kerr
rebecca.kerr@recordati.com
This document contains forward -looking statements relating to future events and future operating, economic and financial results of the Recordati group. By their nature, forward -looking statements involve risk and uncertainty because they depend on the occ urrence of future events and circumstances. Actual results may therefore differ materially from those forecast for a variety of reasons, most of which are beyond the Recordati group ’s control. The information on the pharmaceutical specialties and other products of the Recordati group contained in this document is intended solely as information on the activities of the Recordati Group, and, as such, it is not intended as a medical scientific indication or recommendation, or as advertising .
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MAIN PRODUCT S NET REVENUE
(€ thousands)
First half 2026 First half 2025 Change % Specialty & Primary Care 773,514 774,441 (0.1) Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril)1 99,736 106,55 5 (6.4) Eligard® (leuprorelin acetate) 69,088 63,116 9.5 Avodart® (dutasteride) and
Combodart®/Duodart®
(dutasteride/tamsulosin)2 50,43 6 52,717 (4.3)
Seloken®/Seloken® ZOK/Logimax®
(metoprolol/metoprolol+felodipine) 50,055 57,407 (12.8) Urorec® (silodosin) 43,337 44,133 (1.8) Livazo® (pitavastatin) 36,200 28,181 28.5 Vazkepa® (ethyl -icosapent) 14,039 - n.a.
Rare Diseases 603,925 515,739 17.1 Isturisa® (osilodrostat) 178,822 113,161 58.0 Signifor® / Signifor LAR (pasireotide) 68,820 65,061 5.8 Enjaymo® (sutimlimab) 90,983 69,402 31.1 Qarziba® (dinutuximab beta) 83,679 78,569 6.5 Sylvant® (siltuximab) 48,134 45,232 6.4
(1) of which Zanidip® € 84.1 million in H1 2026 and € 90.9 million in H1 2025 (2) Trademarks are owned by or licensed to the GSK group of companies
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RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)
INCOME STATEMENT First half 2026 First half 2025 Change %
NET REVENUE 1,410,779 1,323,842 6.6
Cost of sales (401,979) (441,220) (8.9)
GROSS PROFIT 1,008,800 882,622 14.3
Selling expenses (302,514) (284,729) 6.2 Research and development expenses (179,051) (167,118) 7.1 General and administrative expenses (91,828) (83,643) 9.8 Other income/(expenses), net (16,204) (16,101) 0.6
OPERATING INCOME 419,203 331,031 26.6
Financial income/(expenses), net (57,296) (46,680) 22.7
PRE-TAX INCOME 361,907 284,351 27.3
Income taxes (92,233) (68,230) 35.2
NET INCOME 269,674 216,121 24.8
Adjusted gross profit (1) 1,008,800 929,541 8.5 Adjusted operating income (2) 434,80 8 394,703 10.2 Adjusted net income (3) 349,852 327,763 6.7
EBITDA (4) 540,196 496,345 8.8
Net income attributable to:
Equity holders of the Parent 269,674 216,121 24.8 Non-controlling interests 0 0 n.s.
EARNINGS PER SHARE (euro)
Basic(5) 1.323 1.048 26.2 Diluted(6) 1.292 1.033 25.1 (1) Gross profit adjusted from impact of non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 .
(2) Net income before income taxes, financial income and expenses, non -recurring items and non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 .
(3) Net income excluding amortization and write -downs of intangible assets (except software) and goodwill, non -recurring items, non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 , monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.
(4) Net income before income taxes, financial income and expenses, depreciation, amortization and write -downs of property, plant and equipment, intangible assets and goodwill, non -recurring items and non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 .
(5) Earnings per share (EPS) are based on average shares outstanding during the respective period, 203.782.149 in 202 6 and 206.134.192 in 202 5. These amounts are calculated deducting treasury shares in the portfolio, the average of which was 5.343.007 shares in 202 6 and 2.990.964 shares in 202 5.
(6) Diluted earnings per share is calculated considering rights granted to beneficiaries of stock options and performance shares plans .
COMPOSITION OF NET REVENUE First half 2026 First half 2025 Change % Total revenue 1,410,779 1,323,842 6.6 Italy 169,565 182,430 (7.1) International 1,241,214 1,141,412 8.7 Pending completion of independent audit
8
RECORDATI GROUP
(€ thousands)
Reconciliation of Net income to EBITDA(1)
First half
2026 First half
2025
Net income 269,674 216,121 Income taxes 92,233 68,230 Financial income/(expenses), net 57,296 46,680 Non-recurring expenses 15,605 16,753 Non-cash charges from PPA inventory uplift 0 46,919 Adjusted operating income(2) 434,808 394,703 Depreciation, amortization and write -downs 105,388 101,642
EBITDA(1) 540,196 496,345
Reconciliation of Net income to Adjusted Net income(3)
First half
2026 First half
2025
Net income 269,674 216,121 Amortization and write -downs of intangible assets (excluding software) 83,178 81,779 Tax effect (19,227) (19,329) Non-recurring operating expenses 15,605 16,753 Tax effect (2,350) (4,662) Non-cash charges from PPA inventory uplift 0 46,919 Tax effect 0 (11,730) Monetary net (gain)/losses from hyperinflation (IAS29) 2,972 2,516 Tax effect 0 (604) Adjusted net income(3) 349,852 327,763 (1) Net income before income taxes, financial income and expenses, depreciation, amortization and write -downs of property, plant and equipment, intangible assets and goodwill, non -recurring items and non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 .
(2) Net income before income taxes, financial income and expenses, non -recurring items and non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 .
(3) Net income excluding amortization and write -downs of intangible assets (except software) and goodwill, non -recurring items, non -cash charges arising from the allocation of the purchase price of acquisitions to the gross margin of acquired inventory as foreseen by IFRS 3 , monetary net gains/losses from hyperinflation (IAS 29), net of tax effects.
Pending completion of independent audit
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RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)
ASSETS 30.06.2026 31.12.2025
Property, plant and equipment 230,743 222,324 Intangible assets 2,400,054 2,393,448 Goodwill 806,380 795,680 Other equity investments and securities 17,870 16,244 Other non -current assets 11,122 10,259 Deferred tax assets 144,168 136,415
TOTAL NON -CURRRENT ASSETS 3,610,337 3,574,370
Inventories 550,339 539,804 Trade receivables 651,841 570,154 Other receivables 126,865 106,458 Other current assets 30,042 24,591 Derivative instruments measured at fair value 7,496 8,074 Cash and cash equivalents 391,383 428,824
TOTAL CURRENT ASSETS 1,757,966 1,677,905
TOTAL ASSETS 5,368,303 5,252,275
Pending completion of independent audit
10
RECORDATI GROUP
Summary of the consolidated results, prepared in accordance with International Financial Reporting Standards (IFRS)
(€ thousands)
EQUITY AND LIABILITIES 30.06.2026 31.12.2025
Share capital 26,141 26,141 Share premium reserve 83,719 83,719 Treasury shares (214,180) (239,379) Reserve for derivative instruments 2,768 (17) Translation reserve (338,010) (348,362) Other reserves 94,972 73,822 Profits carried forward 2,205,545 2,009,007 Net income 269,674 443,624 Interim dividend 0 (128,783) Shareholders’ equity attributable to equity holders of the Parent 2,130,629 1,919,772 Shareholders’ equity attributable to non -controlling interests 0 0
TOTAL SHAREHOLDERS’ EQUITY 2,130,629 1,919,772
Loans - due after one year 1,690,011 2,130,296 Provisions for employee benefits 21,021 19,838 Deferred tax liabilities 127,569 129,687
TOTAL NON -CURRENT LIABILITIES 1,838,601 2,279,821
Trade payables 321,158 345,183 Other payables 336,035 257,244 Tax liabilities 93,197 80,572 Other current liabilities 3,026 8,479 Provisions for risks and charges 22,103 19,152 Derivative instruments measured at fair value 3,669 4,862 Loans - due within one year 597,145 313,341 Short -term debts to banks and other lenders 22,740 23,849
TOTAL CURRENT LIABILITIES 1,399,073 1,052,682
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 5,368,303 5,252,275
Pending completion of independent audit
11
RECORDATI GROUP
Summary of consolidated results prepared in accordance with International Financial Reporting Standards (IFRS) (€ thousands)
Pending completion of independent audit
DECLARATION BY THE FINANCIAL REPORTING OFFICER
The Financial Reporting Officer, Niccolò Giovannini, declares, pursuant to paragraph 2 of Article 154 -bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the Company’s documentation, books and accounting records. CASH FLOW STATEMENT First half 2026 First half 2025
OPERATING ACTIVITIES
Net income 269,674 216,121 Income taxes 92,233 68,230 Net interest 45,007 48,288 Depreciation of property, plant and equipment 19,295 17,755 Amortization of intangible assets 86,093 83,888 Write -downs 0 0 Equity -settled share -based payment transactions 23,551 8,936 Other non -monetary components 10,579 55,983 Change in other assets and other liabilities 29,615 (2,747) Cash flow generated/(used) by operating activities before change in working capital 576,047 496,453
Change in:
- inventories 296 (65,749)
- trade receivables (84,447) (74,573)
- trade payables (22,121) 37,471 Change in working capital (106,272) (102,851) Interest received 2,089 2,503 Interest paid (47,239) (48,045) Income taxes paid (104,664) (75,888) Cash flow generated/(used) by operating activities 319,961 272,172
INVESTMENT ACTIVITIES
Investments in property, plant and equipment (20,803) (15,417) Disposals of property, plant and equipment 244 79 Investments in intangible assets (57,962) (27,657) Disposals of intangible assets 791 87 Disposal of other assets 254 0 Cash flow generated/(used) by investment activities (77,476) (42,908)
FINANCING ACTIVITIES
Opening of loans 3 276,809 Repayment of loans (158,773) (343,771) Payment of lease liabilities (5,890) (5,660) Change in short -term debts to banks and other lenders (917) 56,373 Dividends paid (143,181) (137,620) Purchase of treasury shares (43,952) (81,423) Sale of treasury shares 64,122 32,996 Cash flow generated/(used) by financing activities (288,588) (202,296) Change in cash and cash equivalents (46,103) 26,968 Opening cash and cash equivalents 428,824 322,423 Currency translation effect 8,662 (7,841) Closing cash and cash equivalents 391,383 341,550