Laboratorio Reig Jofre, S.A. · BME:RJF
Laboratorio Reig Jofre — FY2014 Earnings Presentation
24 slides from Laboratorio Reig Jofre's earnings presentation, Mar 23, 2015
Slide 1: Hecho Relevante (CNMV filing letter)
D. Iñigo de la Lastra Director General de Mercados Secundarios CNMV Edison, 4 28006 Madrid Barcelona, 23 de marzo de 2015 HECHO RELEVANTE Muy Sr. mío: A los efectos de dar cumplimiento a lo establecido en la Ley 24/1988, de 28 de julio, reguladora del Mercado de Valores y disposiciones concordantes,
Slide 2: 2014 Results following the merger with Natraceutical
REIG [Q/ JOFRE 2014 Results FOLLOWING THE MERGER WITH NATRACEUTICAL Audio web cast March 23, 2015
Slide 3: Disclosure
DISCLOSURE This presentation contains no confidential material and may include publicly available market information which has not been independently verified by Reig Jofre. This information is given in summary form and does not purport to be complete. Information in this presentation should not be
Slide 4: Contents
CONTENTS 01. HIGHLIGHTS Merger highlights Shareholders and new board of directors 02. OPERATING RESULTS Business highlights Business areas Business structure Turnover and EBITDA Sales mix Top products and customers Operating expenses and amortization 03. FINANCIAL RESULTS Financial results and debt
Slide 5: 01. Highlights
01. HIGHLIGHTS
Slide 6: Merger Highlights
MERGER HIGHLIGHTS The merger between Natraceutical (NTC) and former Reig Jofre (RJ) was formalized on December 31, 2014. From a legal point of view, Natraceutical took over Reig Jofre and this explains why the resulting company kept Natraceutical’s tax identification number and the shares former ID
Slide 7: Shareholders and Board of Directors
SHAREHOLDERS AND BOARD OF DIRECTORS Objective: to guarantee a balanced management of the company and increase the stock liquidity BOARD OF DIRECTORS SHAREHOLDERS Chairman: Reig Jofre Investments SL Represented by Mrs. Isabel Reig CEO: Mr. Ignasi Biosca Reig Upon proposal of Reig Jofre Investments SL
Slide 8: 02. Operating Results
02. OPERATING RESULTS
Slide 9: Business Highlights
BUSINESS HIGHLIGHTS Through the merger with former Reig Jofre, Natraceutical benefits from: larger size to position itself in the pharma market and also as a listed company; diversification of product portfolio with medicines, OTC and consumer healthcare products; access to the Nordic countries thro
Slide 10: Business Areas
BUSINESS AREAS Leveraging on R&D and specialised production capabilities Own-product development Specialized contract manufacturing 2014 (RJF Pharma) (RJF CMO) sales: 152.5 M€ 41% 13% 78% Direct sales 22% Betalactam antibiotics and injectable generics 118.2 M€ 37% 34.3 M€ Third-party distribution 9%
Slide 11: Business Structure
BUSINESS STRUCTURE Diversified product portfolio and international presence MANUFACTURING SITES PRODUCTS / R+D / REGULATORY (*) MARKETS Barcelona Antibiotics and injectables Direct sales Spain Spain Betalactam antibiotics France Lyophilized injectable generics Nordic countries Toledo (2) Benelux Spa
Slide 12: Turnover and EBITDA
TURNOVER AND EBITDA Sound evolution in 2012-2014 ... RJ NTC 2012 RJ NTC 2013 RJ NTC 2014 CAGR Turnover 105.2 29.9 135.1 121.6 31.4 152.9 123.0 29.5 152.5 6.2% Growth +15.6% +5.0% +13.2% +1.2% -6.1% -0.3% EBITDA 10.6 0.9 11.5 15.7 2.6 18.2 14.5 0.5 15.0 14.1% Growth +48.1% +188.9% +58.3% -7.6% -80.8%
Slide 13: Sales Mix
SALES MIX .... and strong complementarity for future growth SALES SPLIT BY GEOGRAPHICAL AREAS 2014 Spain 40.3% Rest of Europe 49.7% Asia 3.8% America 2.7% Af rica 2.7% Oceania 0.8% After the merger with Natraceutical, RJF’s pharma The flat growth of sales in 2014 was a consequence business increased
Slide 14: Top Products and Customers
TOP PRODUCTS AND CUSTOMERS Balancing mature products with higher value-added developments TOP PRODUCTS IN RJF PHARMA TOP CLIENTS IN RJF CMO 2014 2014 Product Category % sales Client % sales #1 Antibiotic 16% #2 Antibiotic 10% #1 13% #3 Antibiotic 5% #2 13% #4 Specialty medicine 5% #3 7% #5 Food supp
Slide 15: Operating Expenses and Amortization
OPERATING EXPENSES AND AMORTIZATION Ready to increase investments in R&D and capex significantly 2012 2013 2014 CAGR With 820 employees, headcounts represent the Other operating income 0.9 0.6 0.1 highest item in the operating expenses, accounting Headcounts -36.4 -38.5 -38.9 for 25.5% of sales in 2
Slide 16: 03. Financial Results
03. FINANCIAL RESULTS
Slide 17: Financial Results and Debt
FINANCIAL RESULTS AND DEBT Strong cash generation and less than 1x NFD/EBITDA NET FINANCIAL DEBT 2012 2013 2014 CAGR EBIT 6.3 13.4 10.0 26.0% 14 Growth 114% -25% % sales 5% 9% 7% 12 10 Financial income 0.2 0.3 0.3 Financial expenses -6.3 -1.3 -0.9 8 Results from disposal of non-current assets 3.3 0.
Slide 18: Taxes and Net Result
TAXES AND NET RESULT Tax credits will significant reduce effective tax rate in the coming years 2012 2013 2014 CAGR EBT 2.7 12.0 9.2 84.6% Growth 344% -23.3% % sales 2% 8% 6% Tax 0.1 -3.4 -2.4 % EBT 4.9% 28% 26% Net result 2.9 8.6 6.9 54.3% Growth 196.6% -19.8% % sales 2% 6% 5% On December 31, 2014
Slide 19: 04. Some Guidelines for the Future
04. SOME GUIDELINES FOR THE FUTURE
Slide 20: Reig Jofre in 2019
REIG JOFRE IN 2019 Reig Jofre has identified several industrial and commercial synergies following the merger with Natraceutical (in-site production of Natraceutical’s products, cross-selling in complementary markets and channels, R&D and regulatory support, etc). Additionally, the company has ident
Slide 21: Research Projects
RESEARCH PROJECTS PRESCRIPTION Area Patent Preclinical I II III Registry IV Launch Ginecology Y 2015 Pediatrics Y 2015 Dermatology Y 2018 Dermatology N 2018 Antibiotics N 2018 Dermatology N 2021 OTC Area Patent Preclinical I II III Registry IV Launch Ginecology Y 2020 Dermatology N 2016 Dermatology
Slide 22: 05. 2014 Balance Sheet
05. 2014 BALANCE SHEET
Slide 23: 2014 Balance Sheet
(in euros) 31/12/2014 2014 BALANCE SHEET EQUITY AND LIABILITIES Equity: (in euros) 31/12/2014 Capital 126,426,841 ASSETS Reserves (6,790,195) Treasury shares (4,901,950) Non-current assets: Interim dividend paid during the year - Goodwill 25,405,979 Profit attributable to the parent company 2,308,39
Slide 24: Contact and Investor Relations
Av. de les Flors 08970 Sant Joan Despi Barcelona, Spain T. +34 93 480 67 10 www.reigjofre.com Investor Relations [email protected]
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