gedeon richter press presentation 2013m9 final · 2014. 5. 9. · summary – 2013m9 13m9...
TRANSCRIPT
Richter Group13M9
Richter Group
Interim Report, 13M9 31 October 2013
Summary – 2013M913M9
Summary 2013M9
Consolidated sales: + 5.2% (EUR), + 7.1% (HUF)+ good growth in China in EU15 countries and in other CIS region+ good growth in China, in EU15 countries and in other CIS region− price erosion
Profit for the period*: +5.7% (EUR), +7.5% (HUF)+ increasing gross profit− higher level of S&M expensesg p
*Net income attributable to owners of the parent
22
Consolidated financial highlights13M9
Consolidated financial highlights
HUF Change EUR Changeg g
Total revenues 260.5 bn 7.1% 878.5 m 5.2%
Profit from operations 42.2 bn 6.2% 142.2 m 4.3%
Profit for the period* 39 9 bn 7 5% 134 5 m 5 7%Profit for the period 39.9 bn 7.5% 134.5 m 5.7%
EPS (diluted) 214 7.5% 0.72 5.7%
*Net income attributable to owners of the parent
3
Geographical composition of Group sales13M9
Geographical composition of Group sales
10%
7%
10%
7%
Hungary
Russia Poland
Hungary
Russia Poland7%
12%
30%
2012M9 2013M9
7%28%
12%RomaniaRomania
8 %
6%
10%
7% 6% 7%
4%8% 10%1%
EU10Ukraine EU10
Oth CIS
Ukraine
4% 5% 4% 5%3%1%
EU15USA
Other CIS
RoWChina EU15
USA
Other CIS
RoWChina
Total: HUF 243.2 bnEUR 834.7 m
Total: HUF 260.5 bnEUR 878.5 m
7.1% in HUF5.2% in EUR+
44
P&L13M9
P&L
HUFmM9 2013
Change %
EURmM9 2013
Change %
as % of total revenues
Total revenues 260,473 7.1 878.5 5.2
Gross profit 165,148 9.9 557.0 8.0 63.4
S&M expenses (79,723) 15.1 (268.9) 13.0 30.6
A&G expenses (13,872) -9.5 (46.8) -11.0 5.3
R&D expenses (30,292) 9.0 (102.1) 7.0 11.6
Other income and other expenses 901 -51.5 3.0 -53.1 0.3
Profit from operations 42,162 6.2 142.2 4.3 16.2
Net financial income 240 -55.3 0.8 -55.6 0.1
Profit for the period* 39,865 7.5 134.5 5.7 15.3
*Profit attributable to owners of the parent
5
Increasing gross profit and gross margin13M9
Increasing gross profit and gross margin
+ Higher than average increase of turnover in China, in EU15 countries and in other CIS HUFm 63.4%61 8%
40%
50%
60%
200 000
250 000countries and in other CIS region
+ Increasing share of
HUFm 61.8%
10%
20%
30%
40%
50 000
100 000
150 000own-developed products
- Decline in the high margin0%
10%
0
2006 2007 2008 2009 2010 2011 2012 12M9 13M9
Gross profit Gross margin
- Decline in the high margin US business
- Increasing proportion of h l l d t il t Gross profit Gross marginwholesale and retail segment
6
Flat operating margin13M9
Flat operating margin
Sales and marketing expenses
25 0%70000
Sales and marketing expenses− expanding sales network in
Western EuropeEsmya® launches
HUFm
15,0%
20,0%
25,0%
40000
50000
60000
70000− Esmya® launches− S&M activities in China
R h d d l t
16.2%16.3%
5,0%
10,0%
10000
20000
30000
0000Research and development expenses− Forest, PregLem, biosimilar
h 0,0%0
2006 2007 2008 2009 2010 2011 2012 12M9 13M9
Profit from operation Operating margin
research
Amortisation− Esmya® + Grünenthal OCs
7
Pharmaceutical sales*13M9
Pharmaceutical sales
Key drivers of growth:
China, EU15 countries and Ukraine
Female healthcare
Successful product launches
*89% of turnover originates from outside of Hungary
8
g g y
8
Hungary13M9
Hungary
40
Turnover *Stabilising pharmaceutical market HUFbn
30
40
Sales increase: 3.4% in HUF
10
20
Successful product launches
02007 2008 2009 2010 2011 2012 12M9 13M9
*Turnover of the pharmaceutical segment
9
EU – composition of sales*13M9
EU composition of sales
Traditional EU member states 39%
− strengthening our position in key Western-European markets
− own gynaecological sales and marketing network
61%
Poland, Romania, EU10**
− well established in the region for decades
− own specialized sales network*Turnover of the pharmaceutical segment p** Including Croatia
10
EU1513M9
EU15
120
Turnover*6.3% (EUR) sales increase
EURm
60
80
100
120
Recently established S&M network
20
40
60
Female healthcare products: Richter OC portfolio, acquired
02007 2008 2009 2010 2011 2012 12M9 13M9
p , qOCs, Esmya®
*Turnover of the pharmaceutical segment
11
Poland, Romania, EU1013M9
Poland, Romania, EU10
Increasing generic competition
Turnover*
Increasing generic competition
Price erosionEURm
150
200
Poland: – 4.2% decrease in PLN
0
50
100− expiry of Avonex licensing
agreement− adjusted sales with Avonex: 0
2007 2008 2009 2010 2011 2012 12M9 13M9
Poland Romania EU10**
j+7.7% in PLN
Romania:Romania:– increasing sales levels
(+3.9% in RON; +4.5% in EUR) *Turnover of the pharmaceutical segment**Annual data is not adjusted with Croatia
– significant delays in payment12
CIS13M9
CIS
Turnover*
Slight sales increase (+1.2% in EUR) EURm
300
400
500
( )
Ukraine: healthy sales growth
0
100
200
Russia: expiry of Supraxlicencing agreement in 2012 0
2007 2008 2009 2010 2011 2012 12M9 13M9
Russia Ukraine Other CIS
licencing agreement in 2012
*Turnover of the pharmaceutical segment
13
Russia13M9
Russia
Sales increase (+4.8% in RUB;
Turnover*
Sales increase ( 4.8% in RUB; +0.2% in EUR)
E i f S li iEURm
300
400Expiry of Suprax licensing agreement(revenue loss: RUB 0.5 bn/
100
200EUR 11.6 m)
Adjusted sales with Suprax0
2007 2008 2009 2010 2011 2012 12M9 13M9
Adjusted sales with Suprax(+10.0% in RUB; +5.1% in EUR)
Efficient marketing activity
Increase of manufacturing and
*Turnover of the pharmaceutical segment
Increase of manufacturing and warehousing capacities
14
Ukraine, Other republics13M9
Ukraine, Other republics
Turnover*Ukraine− 9.2% increase (USD) USDm
100
150
200− efficient marketing activity
Other republics
0
50
100p− 4.1% increase (USD)
2007 2008 2009 2010 2011 2012 12M9 13M9
Ukraine Other CIS
*Turnover of the pharmaceutical segment
15
USA13M9
USA
Turnover*
Slow down of sales decline(-11.3% in USD) USDm
160
200
Turnover*( )
Significant proportion of l 93%
40
80
120gynaecology – 93%
Plan B increase0
40
2007 2008 2009 2010 2011 2012 12M9 13M9
Plan B increase
Finasteride shipments
*Turnover of the pharmaceutical segment
16
China13M9
China
Dynamically expanding pharmaceutical market
From 2013 JV operates with Richter majority stake
Sales network: 210 medical representatives
Sales in 2013 M9: EUR 32 4 mSales in 2013 M9: EUR 32.4 m
Preshipments (in 2013H1): EUR 9.5 mp ( )
17
Pharmaceutical sales by therapeutic areas13M9
Pharmaceutical sales by therapeutic areas
Other Central nervous system
13%
6%
17%
Muscle relaxants
Other Central nervous system
26%4%6%
Gastrointestinal Cardiovascular2013 M9
34%
Gynaecology
Total: EUR 764.9 m
18
Female healthcare sales by region13M9
Female healthcare sales by region
4005%CEE
Hungary
CISEURm
200
300
4005%14%
30%
CIS
Ex-Grünenthal
0
10028%
8%11%
4%
EU15
Ex Grünenthalportfolio
China
Gynaecologicalsales Non‐gynaecologicalsales
USARoW
Gynaecological sales Non gynaecological sales
Total: HUF 75.9 bnEUR 256.1 m
1919
Female Healthcare: Esmya® - gradual launches13M9
Female Healthcare: Esmya gradual launches
Reimbursement granted Reimbursement not grantedReimbursement grantedCountry Launch ReimbursedGermany 12Q1 12Q1
Reimbursement not grantedCountry LaunchPoland 12Q2
United Kingdom 12Q2 12Q2
Austria 12Q2 12Q4
Denmark 12Q4 12Q4
Baltic States 12Q3
Bulgaria 12Q3
Romania 12Q3
Sweden 13Q1 13Q1
Netherlands 12Q3 13Q2
France 13Q3 13Q3
Norway 12Q4
Portugal 12Q3France 13Q3 13Q3
Spain 13Q4 13Q3
Belgium 13Q3 13Q3Russia 13Q2
Hungary 12Q2 13Q1
Czech Republic 12Q2 13Q3
Slovakia 12Q3 13Q1
Canada 13Q3
Slovenia 12Q4 13Q2
Sales network13M9
Sales network
staff
1200
1400
1600
1800
600
800
1000
1200
0
200
400
600
02005 2006 2007 2008 2009 2010 2011 2012 12M9 13M9
CIS CEE Hungary EU15 China
21
Wholesale and retail13M9
Wholesale and retail
W&R sales contributions is 15% of total sales
72% of the W&R turnover originates in Romania
2222
Share split13M9
Share split
Permanently low trade volumes on BSE
15 November 2012 Richter is excluded from MSCI index↓
15 November 2012 – Richter is excluded from MSCI index
↓
Stock split approved by AGM on 25 April 2013Split effective on 16 July 2013 (D day)Split effective on 16 July 2013 (D day)Share capital:− before split: 18,637,486 x HUF1,000 = HUF 18,6 bnp 18,637,486 x HUF1,000 HUF 18,6 bn− after split: 186,374,860 x HUF100 = HUF 18,6 bn
23
Ownership structure13M9
Ownership structure
30 September 2013
Domestic investors
65 39%9 37%International
investors
65.39%9.37%
Hungarian State Holding Company
25.24%
2424
13M9
Thank you for your attention!y y
25
Appendix13M9
Appendix
Exchange rates
26
Evolution of currency exchange rates13M9
Evolution of currency exchange rates
320
340
HUF
280
300
240
260
EUR/HUF
USD/HUF
180
200
220
27
Exchange rates13M9
Exchange rates
At i d dAt period end30.09.2013 30.06.2013 31.03.2013 31.12.2012 30.09.2012
EUR/HUF 298.48 295.16 304.30 291.29 283.71
USD/HUF 221.06 226.18 237.36 220.93 219.17
RUB/HUF 6.80 6.91 7.65 7.26 7.09
Average
RUB/HUF 6.80
2013 M9 2013 H1 2013 Q1 2012 M12 2012 M9
EUR/HUF 296.5 295.9 296.1 289.1 291.3
USD/HUF 225.1 225.1 224.0 225.0 227.3
RUB/HUF 7.1 7.3 7.4 7.2 7.3
28