Gedeon Richter Press presentation 2013Q2 final2 · 2014. 5. 9. · Summary – 2013 H1 13H1 2013 H1...
Transcript of Gedeon Richter Press presentation 2013Q2 final2 · 2014. 5. 9. · Summary – 2013 H1 13H1 2013 H1...
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Richter Group13H1
Richter Group
Interim Report, 13H1 1 August 2013
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Summary – 2013 H113H1
Summary 2013 H1
Consolidated sales: + 6.9% (EUR), + 7.1% (HUF)− good growth in China in EU15 countries and in Ukrainegood growth in China, in EU15 countries and in Ukraine− price erosion
Profit for the period*: +1.3% (EUR), +1.6% (HUF)+ increasing gross profit− higher level of S&M expensesg p
*Net income attributable to owners of the parent
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Consolidated financial highlights13H1
Consolidated financial highlights
HUF Change EUR Changeg g
Total revenues 177.9 bn 7.1% 601.1 m 6.9%
Profit from operations 30.0 bn 4.2% 101.3 m 3.9%
Profit for the period* 28 6 bn 1 6% 96 5 m 1 3%Profit for the period 28.6 bn 1.6% 96.5 m 1.3%
EPS (diluted) 1,532 1.6% 5.18 1.3%
*Net income attributable to owners of the parent
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Geographical composition of Group sales13H1
Geographical composition of Group sales
10%
7%
Hungary
RussiaPoland
10%6%
Hungary
Russia Poland7%
12%
31%
Romania2012 H1
2013 H1
6%29%
12% Romania
8 %
5 %
10%
7%
%
EU9Ukraine
H1 H1
6 % 7%
8 % 10%3%
EU9
Oth CIS
Ukraine
1%4% EU15USA
Other CIS 5%
RoW
4% 5%
China
3% EU15USA
Other CIS
RoW
1%
China
Total: HUF 166.0bnEUR 562.4m
Total: HUF 177.9bnEUR 601.1m
7.1% HUF6.9% EUR+
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P&L13H1
P&L
HUFmH1 2013
Change %
EURmH1 2013
Change %
as % of total revenues
Total revenues 177,877 7.1 601.1 6.9
Gross profit 113,695 10.0 384.2 9.8 63.9
S&M expenses (55,468) 19.4 (187.4) 19.1 31.2
A&G expenses (9,618) -11.3 (32.5) -11.4 5.4
R&D expenses (20,769) 3.7 (70.2) 3.5 11.7
Other income and other expenses 2,120 -23.1 7.2 -23.4 1.2
Profit from operations 29,960 4.2 101.3 3.9 16.8
Net financial income 451 -39.3 1.5 -40.0 0.3
Profit for the period* 28,557 1.6 96.5 1.3 16.1
*Profit attributable to owners of the parent
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Increasing gross profit and gross margin13H1
Increasing gross profit and gross margin
+ higher than average increase of turnover in China, in Ukraine, in EU15 countries and in other CIS 63.9%
HUF
60%
62%
64%
200000
250000region
+ increasing share of
62.2%HUFm
52%
54%
56%
58%
50000
100000
150000g
own-developed products
decline in the high margin US48%
50%
0
50000
2006 2007 2008 2009 2010 2011 2012 12H1 13H1
- decline in the high margin US business
Gross profit Gross margin
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Slight decline of operating margin13H1
Slight decline of operating margin
Sales and marketing expensesSales and marketing expenses− expanding sales network in
Western Europe− Esmya® launches HUFm
15,0%
20,0%
25,0%
40000
50000
60000
70000y
− S&M activities in China
Research and development 17.3% 16.8%
5,0%
10,0%
15,0%
10000
20000
30000
40000p
expenses− Forest, PregLem, biosimilar
research
0,0%0
10000
2006 2007 2008 2009 2010 2011 2012 12H1* 13H1
Profit from operation Operating margin
Amortisation− Esmya® + Grünenthal OCs
*Restated due to reclassification of innovation fee.
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Pharmaceutical sales*13H1
Pharmaceutical sales
Key drivers of growth:
China, EU15 countries and Ukraine
Female healthcare
Successful product launches
*89% of turnover originates from outside of Hungary
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g g y
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Hungary13H1
Hungary
Turnover *Sales increase: 3.8% in HUF
HUFbn
30
40Successful product launches− Esmya®
10
20
02007 2008 2009 2010 2011 2012 12H1 13H1
*Turnover of the pharmaceutical segment
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EU – composition of sales*13H1
EU composition of sales
Traditional EU member states 38%states− strengthening our position
in key Western-European markets
62%
markets− own gynaecological sales
and marketing network
Poland, Romania, EU9− well established in the region for
decades− own specialized sales network* Turnover of the pharmaceutical segment p
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EU1513H1
EU15
120
Turnover*
10.1% (EUR) sales increase
R tl t bli h d S&MEURm
80
100
120Recently established S&M network
20
40
60
Female healthcare products: Richter OC portfolio, acquired OCs Esmya®
02007 2008 2009 2010 2011 2012 12H1 13H1
OCs, Esmya®
*Turnover of the pharmaceutical segment
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Poland, Romania, EU913H1
Poland, Romania, EU9
M d t d li f t
Turnover*
Moderate decline of turnover
Unfavourable macroeconomic EURm
100
150
200environment
Poland:
0
50
100Poland: – sales decrease of 5.9% in PLN− expiry of Avonex licensing
agreement 2007 2008 2009 2010 2011 2012 12H1 13H1
Poland Romania EU9
agreement− adjusted sales with Avonex:
+5.7% in PLN
Romania:– flat sales levels
*Turnover of the pharmaceutical segment
– delays in payment12
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CIS13H1
CIS
Turnover*
Slight sales increase (+3.9% EUR)
EURm
300
400
500Dynamic growth: Ukraine
100
200
300
Russia: expiry of Suprax licencing agreement
02007 2008 2009 2010 2011 2012 12H1 13H1
Russia Ukraine Other CIS
*Turnover of the pharmaceutical segment
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Russia13H1
Russia
Sales increase (+2 4% RUB;
Turnover*
Sales increase (+2.4% RUB; +0.9% EUR)
EURm
300
400Expiry of Suprax licensing agreement(revenue loss: RUB 0.5 bn/
100
200(EUR 11.5 m)
Adjusted sales with Suprax0
2007 2008 2009 2010 2011 2012 12H1 13H1
Adjusted sales with Suprax(+9.7%RUB; +8.0%EUR)
Effective marketing activity
Increase of manufacturing and
*Turnover of the pharmaceutical segment
Increase of manufacturing and warehousing capacities
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Ukraine, Other republics13H1
Ukraine, Other republics
Turnover*Ukraine
23 6% increase (USD)USDm
150
200− 23.6% increase (USD)− effective marketing activity
Oth bli50
100Other republics− 5.2% increase (USD)
02007 2008 2009 2010 2011 2012 12H1 13H1
Ukraine Kazakhstan Other CIS
*Turnover of the pharmaceutical segment
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USA13H1
USA
Turnover*Revenue loss (-23.0% USD)
USDm
160
200
Significant proportion of gynaecology – 90%
40
80
120gy gy
Declining female healthcare l
02007 2008 2009 2010 2011 2012 12H1 13H1
sales
*Turnover of the pharmaceutical segment
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China13H1
China
Dynamically expanding pharmaceutical market
From 2013 JV operates with Richter majority stake
Sales network: 200 medical representatives
S l i 2013 H1 EUR 24 9 illiSales in 2013 H1: EUR 24.9 million
Preshipments: EUR 9 5 millionPreshipments: EUR 9.5 million
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Pharmaceutical sales by therapeutic areas13H1
Pharmaceutical sales by therapeutic areas
OtherCentral nervous
system
13%
6%
17%Muscle
relaxants
28%4%Gastrointestinal Cardiovascular2013 H1
32%Gynaecology
Total: EUR 525.9m
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Female healthcare sales by region13H1
Female healthcare sales by region
806% CEE
Hungary
CIS
HUFbn
20
40
6013%31%
Ex-Grünenthal
0
20
28%
10%4%
8%
EU15
portfolio
China
Gynaecological sales Non‐gynaecological sales
USARoW
EU15
Total: HUF 49.0bnEUR 165.5m
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Sales network13H1
Sales network
1800
staff
1200
1400
1600
1800
600
800
1000
0
200
400
2005 2006 2007 2008 2009 2010 2011 2012 12H1 13H12005 2006 2007 2008 2009 2010 2011 2012 12H1 13H1
CIS CEE Hungary EU15 China
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Wholesale and retail13H1
Wholesale and retail
W&R sales contributions is 15% of total sales
71% of the W&R turnover originates in Romania
2121
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Ownership structure13H1
Ownership structure
30 June 2013
Domestic investors
International investors
65.98%
25 24%
8.78%
Hungarian State Holding Company
25.24%
2222
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13H1
Thank you for your attention!y y
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Appendix13H1
Appendix
Exchange rates
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Evolution of currency exchange rates13H1
Evolution of currency exchange rates
HUF
300
330
270
300
210
240
EUR/HUF
USD/HUF
150
180
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Exchange rates13H1
Exchange rates
At i d dAt period end30.06.2013 31.03.2013 31.12.2012 30.09.2012 30.06.2012
EUR/HUF 295 16 304 30 291 29 283 71 288 22EUR/HUF 295.16 304.30 291.29 283.71 288.22
USD/HUF 226.18 237.36 220.93 219.17 229.13
RUB/HUF 6.91 7.65 7.26 7.09 6.96
Average2013 H1 2013 Q1 2012 M12 2012 M9 2012 H1
EUR/HUF 295.9 296.1 289.1 291.3 295.2
USD/HUF 225.1 224.0 225.0 227.3 227.7
RUB/HUF 7.3 7.4 7.2 7.3 7.4
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