Warsaw, 18th March Results summary 2014

Transcription

1 Warsaw, 18th March 2015 Results summary 2014

2 Agenda 2014 summary Financial results and forecast realisation Profit share for 2014 Activity outside pharmacies New business areas Challenges and forecast for 2015 page 2 RESULTS SUMMARY 2014

3 2014 SUMMARY page 3 RESULTS SUMMARY 2014

4 2014 summary PLN 93.4 mn net profit in 2014 PLN 86.3 mn net profit excluding non-recurring items in 2014 page 4 RESULTS SUMMARY 2014

5 The most important events in 2014 Net result growth despite lowering of state fixed margin Leader s position strengthening and ACP Pharma takeover Clients satisfaction growth Private label products segment development (Pharmacist's Brands) Investment in primary medical care page 5 RESULTS SUMMARY 2014

6 Growing pharmaceutical wholesale market Pharmaceutical wholesale market quarterly value and YoY quarterly dynamics Q Q (PLN billion) 6,40 18,1% 5,75 7,1% 6,51 5,95 5,89 12,4% 2,6% 1,7% 5,99 6,24 4,4% 4,9% 6,47 9,9% 5,2 % market growth in Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Continuously growing market dynamics throughout the year Significant growth in Q4 linked with seasonal illnesses and small basis page 6 RESULTS SUMMARY 2014

7 NEUCA market shares 2014*: 30.1 % 2013*: 25.9 % * Data for Q and page 7 RESULTS SUMMARY 2014

8 Our mission We provide a better future to all the independent Pharmacies in Poland. page 8 RESULTS SUMMARY 2014

9 Client satisfaction* - NEUCA vs biggest competition Transport services 4,35 Logistics services 4,36 4,28 4,61 4,53 4,46 4,51 4,45 4,04 4,23 4,19 4,14 NEUCA Pelion Farmacol 1Q Q 2014 NEUCA Pelion Farmacol 1Q Q 2014 Telemarketing services 4,52 4,45 4,37 4,17 4,02 4,11 Complaint service 4,46 4,29 4,12 4,06 4,01 3,90 NEUCA Pelion Farmacol 1Q Q 2014 NEUCA Pelion Farmacol 1Q Q 2014 * Data from Pharmaceutical Monitoring published by IMS for Q and Q$ 2014 page 9 RESULTS SUMMARY 2014

10 Client satisfaction* - NEUCA vs biggest competition Regular offer Promotional offer 4,07 4,13 4,02 3,93 4,57 4,14 4,24 3,98 4,11 3,43 3,46 3,77 NEUCA Pelion Farmacol 1Q Q 2014 NEUCA Pelion Farmacol 1Q Q ,81 4,39 Supply continuity 4,89 4,71 4,28 4,27 4,82 4,94 Assortment width 4,47 4,28 4,25 4,25 NEUCA Pelion Farmacol 1Q Q 2014 NEUCA Pelion Farmacol 1Q Q 2014 * Data from Pharmaceutical Monitoring published by IMS for Q and Q$ 2014 page 10 RESULTS SUMMARY 2014

11 Client satisfaction* - NEUCA vs biggest competition Trade conditions Sense of security 4,40 4,41 4,49 4,32 4,54 4,35 4,21 4,40 4,34 4,24 4,47 4,28 NEUCA Pelion Farmacol 1Q Q 2014 NEUCA Pelion Farmacol 1Q Q 2014 * Data from Pharmaceutical Monitoring published by IMS for Q and Q$ 2014 page 11 RESULTS SUMMARY 2014

12 FINANCIAL RESULTS 2014 page 12 RESULTS SUMMARY 2014

13 Revenues % % % revenues increase in Q Q Q Q 2014 Increase of activity scale due to ACP Pharma takeover Client satisfaction growth despite complicated process of integration with ACP Pharma Favourable market dynamics page 13 RESULTS SUMMARY 2014

14 Operating profit EBIT [PLN mn] 102,5 EBIT excluding non-recurring items [PLN mn] 97,6-25% 76,6-14% 84,2 17,1 19,4 16,9 +14% +30% 21,9 4Q Q Q Q Q Q Q Q 2014 First effects of synergy with ACP Pharma visible in Q4 page 14 RESULTS SUMMARY 2014

15 Net profit Net profit [PLN mn] Net profit excluding non-recurring items [PLN mn] 85,3 +9% 93,4 80,5 +7% 86,3 34,1 36,1 13,9 +146% +163% 13,8 4Q Q Q Q Q Q Q Q 2014 Creation of assets for the tax loss in Q for the total of PLN 16 million page 15 RESULTS SUMMARY 2014

16 Net profit vs forecast execution GROUP S NET PROFIT 86.3 PLN mn 96%* forecast page 16 RESULTS SUMMARY 2014

17 Net profit forecast 2014 assumptions vs execution* [PLN mn] Non-recurring items Wynik Grupy NEUCA w 2013 r. Prognoza wzrostu wyniku Wynik NEUCA Wynik netto ACP Pharma Execution after 4 quarters of 2014 Korzyści z integracji Koszty restrukturyazacji Koszty finansowe Wynik Grupy NEUCA bez zdarzeń jednorazowych Koszty doradztwa i restrukturyzacji Optymalizacja podatkowa Wynik księgowy netto 2014 r. Forecast page 17 RESULTS SUMMARY 2014

18 Net indebtedness net debt/ebitda ratio at the end of Zadłużenie netto Return to similar indebtedness ratio compared with pre-acp Pharma takeover Cash conversion cycle improvement Quick, positive lowering of net debt/ebitda page 18 RESULTS SUMMARY 2014

19 Integration with ACP Pharma Telemarketing in Łódź consolidation Warehouses reduction from 5 to 2 Human resources restructuring PLN 40 mn costs effectiveness in years Q Q Q ACP Pharma takeover finalisation Management structures and IT systems integration Switch to trade offices model of the rest of ACP Pharma structures Sale of warehouse in Bydgoszcz page 19 RESULTS SUMMARY 2014

20 PROFIT SHARE FOR 2014 page 20 RESULTS SUMMARY 2014

21 Profit share for 2014 Dividend value [PLN thousand] Dividend value per share [PLN] 14% YoY * CAGR 17.8% ,80 4,33* , , , , ,48 1,85 2,00 1,00 1, Board s recommendation regarding payment of dividend 4.33 per share Preserving/maintaining current dividend policy Buy back execution * Board s recommendation page 21 RESULTS SUMMARY 2014

22 ACTIVITIES OUTSIDE PHARMACIES page 22 RESULTS SUMMARY 2014

23 Synergies with pharmaceutical wholesale market page 23 RESULTS SUMMARY 2014

24 Private label products development (Pharmacist s Brands) Gross profit PLN 12.4 million, YoY increase by 52% Sales growth from PLN 42 million in 2013 to PLN 60 million in 2014 Packaging line in Swarzędz commissioning page 24 RESULTS SUMMARY 2014

25 Results' increase in the private label products (Pharmacist s Brands) Gross result from the private label; products segment and number of SKUs [PLN mn, items] ,2 8,2 12, Gross yearly result Number of products Private label products segment development (Pharmacist s Brands) as planned Significant capital expenditures in 4th quarter page 25 RESULTS SUMMARY 2014

26 Packaging line in Swarzędz Pharmaceuticals packaging and re-packaging line commissioning in December 2014 Investment value at the level of PLN 13 mn Plant capacity reaches 6 million packaging yearly Increase of private label products segment profitability Possibility to import modern products from outside the EU page 26 RESULTS SUMMARY 2014

27 Pharmacies programmes and regional marketing programmes Active co-operation with pharmacies as part of the pharmacies programmes around 900 operating in the ZYSK+ programme nearly 300 pharmacies in Partner+ Regional Marketing Programmes comprise 2800 pharmacies page 27 RESULTS SUMMARY 2014

28 NEW BUSINESS AREAS page 28 RESULTS SUMMARY 2014

29 Świat Zdrowia Primary Care Outpatient Clinics Further investments planned for the coming months Profitability level reached in December 2014 Planned return in investment in 2016 Introduction of a mutual brand for Group s outpatient clinics page 29 RESULTS SUMMARY 2014

30 Clinical trials and telemedicine PLN 860 mn clinical trials market value in 2014* 3 mn Poles suffering from diabetes vs 700 diabetes specialists** ClinPort takeover a company that conducts clinical trials Purchase of a company offering monitoring for diabetic Clinical trials market in Poland grows steadily Diabdis technology operating with glucometers Expected synergies with other areas within the Group Company cooperation with outpatient clinics * PMR forecast ** national consultant for diabetology information page 30 RESULTS SUMMARY 2014

31 CHALLENGES AND FORECAST FOR 2015 page 31 RESULTS SUMMARY 2014

32 Challenges for 2015 ACP PHARMA SYNERGY EFFECT CONSUMPTION CLIENTS SATISFACTION INCREASE KEY CHALLENGES DEVELOPMENT OF PRIMARY OUTPATIENT CLINICS NETWORK DEVELOPMENT OF NEW BUSINESS AREAS: CLINICAL TRIALS AND TELEMEDICINE page 32 RESULTS SUMMARY 2014

33 Net result forecast excluding non-recurring items for 2015 PLN 100 mn net profit in % PLN 86.3 mn net profit in 2014 page 33 RESULTS SUMMARY 2014

34 THANK YOU FOR YOUR ATTENTION