04.2011 corporate presentation uk · 11 food & beverage nutrition & health natural colors...
TRANSCRIPT
NATUREXA World Leader in specialty plant-based natural ingredients
April 2011
� NATUREX at a glance
� A world leader in specialty plant-based natural ingredients
� A unique expertise in the manufacturingof specialty plant-based natural ingredients
� Three strategic and complementary markets
� A worldwide sales network
� Well positioned on fast growing end-markets
� New challenges in “natural” and “health” perception
� Customized solutions’ Provider for diversified and international customers
� Main players by product range
� The keys for a continuous growth
� A growth story
� The consolidation of the market is a growth driver
� High barriers to entry: A sustainable and profitable competitive advantage
� Strategy and outlook: Driving profitable growth
� A growth and ISR value
� Sustainability and Corporate Responsibility
� Capital and shareholders
� Financial Communications Agenda and Upcoming events
� Appendices
2
Agenda
NATUREX at a glance
3
� World leader in specialty plant-based natural ingredients for Food & Beverage, Nutrition & Health and Personal Care markets
� Created in 1992Head Office in Avignon (France)
� Listed on the Stock Market since 1996 NYSE EURONEXT Paris Compartment B
Stock market capitalisation: €324 million(As at April 18th, 2011)
� Worldwide geographical presencevia a dedicated sales network in 19 countries
� High sourcing capacityall over the World
� High performance industrial resources through 11 industrial sites
� Strong Research & Development
� Preferred customer relations with over 2,000 customers
� A wide product range with over 1,500 listed products
� 950 employees worldwideof which 15% working with the Scientific Department
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A world leader in specialty plant-based natural ingredients
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A unique expertise in the manufacturing of specialty plant-based natural ingredients
Sourcing
Selection of premium botanicals
Production
Huge capabilities and technologies
Quality Control
Tight monitoring for traceability
InnovationCreation of added-value ingredients
Naturex controls all the stages of the
manufacturing process
6
Three strategic and complementary markets
Nutrition & Health Personal Care
NAT stabil® NAT arom®
NAT color® NAT healthy™
F&V powders Pectins
NAT life™ NAT activ®
NAT pharma™
NAT beauty™ NAT select™
NAT protect™
Food & Beverage
Plant extractsSubstitute to
chemical antioxydants
Flavoring extractsThrough a rich palette
of oleoresins and essential oils
Natural colorsColor solutions
with natural pigments
Botanical extracts With beneficial effects on health (antioxidant,
stress, digestive health…)
Powders from fruits and
vegetables
Apple and Citrus pectins for
Confectionary, Jam…
Branded ingredient concepts
Registered trademarks
Innovative plant extracts (cognitive performance,
anti stress, weight management,menopause…)
Botanical extracts
With beneficial effects on health
Plant extracts With Active Substance / Master Files (ASMFS)
Branded active ingredients
Registered trademarksWith In Vitro researchInnovative solutions
(anti-aging from Peruvian Maca, slimming active
from decaffeinated green coffee…)
Botanical extracts
For cosmetic applications
Natural ExtractsWith preservative
properties (antioxidants,
antimicrobials)
Natural flavoring, coloring,
preservative and healthy ingredients
Botanical extracts and
branded ingredients concepts
Natural ingredients concepts,
botanical extracts and
functional raw materials
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New Jersey
Milan
Avignon
A worldwide sales network
Singapore
Shanghai
Tokyo
Birmingham
Brussels
Köln
Sao Paulo
Sydney
Valencia
Dubai
Moscow
Bischofszell
Bangkok
Ontario
Seoul
Mexico
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Well positioned on fast growing end-markets
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New challenges in « natural » and « health » perception
Natural and Health
claims create value
Source: World Nutraceutical
Ingredients study Freedonia
Group – November 2009
Personal Care
Natural personal care products
2004-2009 / Worldwide
+15%
Natural cosmetics products
2010 / Europe €2.0bn
+12%
Source: Kline Group – March 2010
Organic Monitor – Oct. 2009
Source: NBJ 2010
Euromonitor 2009
Food & Beverage
Natural and organic foods
2012 / Worldwide
+10%
F&B with health claim
2007-2012 / Worldwide
+22%
$179bn
F&B Bio
2007-2012 / Worldwide
+34%
$30.5bn
Nutrients and minerals
2010-2013 / Worldwide
Nutraceuticalingredients
2010-2013 / Worldwide
$12.6bn
$21.8bn
+6.4%
+6.2%
Nutrition & Health
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� Strong customer’s relationship with « best-of-class” players of Food&Beverage, Nutrition,
Pharmaceutical and Cosmetics Industries
Customized solutions’ Provider for diversified and international customers
Pharmaceutical, nutritional
supplement, dietary… companies
Cosmetics, Personal Care & Beauty brands
Multinational companies in Food &
Beverage
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Food & BeverageNutrition &
Health
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Chris Hansen (Denmark) �
CPKelco (USA) �
Cargill (USA) �
Danisco (Denmark) � �
D.D Williamson (USA) �
Diana Naturals (France) �
Euromed (Spain) �
Finzelberg-Plantextrakt (Germany) �
Frutarom (Israel) �
GNT (Germany) �
Indena (Italy) �
Kalsec (USA) � �
Kerry (Ireland) �
Sensient (USA) �
Vitiva (Slovenia) �
Main playersby product range
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The keys for a continuous growth
13
A growth storyNet sales x20 in 10 years
12.216.1
29.6 28.134.8
50.1
66.2
79.5
93.2101.9
186.1
226.3
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 PF 2010
Sale
s i
n €
m
Solid fundamentals
� Strong organic growth
� A track-record of 8 successful acquisitions in 8 years
Substantial upside to expect
� Major synergies and cross-selling
� Numerous strategic geographical build up opportunities
2009 PF sales include sales generated by the Ingredients Division of Natraceutical Group which were consolidated as of January 1, 2010
January 2007HAMMER PHARMA€8m
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January 2002BRUCIA€8m
April 2004HAUSER RFI€3m
July 2005PURE WORLD€31m
The consolidation of the market is a growth driver
April 2007HP BOTANICALS€3m
� A spectacular know-how of acquisition and integration
December 2007CHART CORPORATION€8m
January 2008BERKEM ACTIFS INNOVANTS€4m
December 2009NATRACEUTICAL INGREDIENTS DIVISION€85m
� Skills in supplying unique natural raw materials, strong purchasing power to secure prices and quantities
� Technological know-howManufacturing sites, advanced extraction capabilities and sales networks worldwide
� Tailor-made solutions through innovative specialty plant-based natural ingredients
� Coverage of a wide customer needs range through our big size and large product portfolio
� Constant review of EFSA (European Food Safety Authority)
for products with “health” or “natural” claims
� Ability to handle EDMF (European Drug Master File)
for pharmaceuticalcompounds
CRITICAL SIZE
PREFERRED PARTNER
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High barriers to entry: A sustainable and profitable competitive advantage
REGULATIONS
INNOVATION
� Strong R&D and high level of Quality Control15% of employees working in Science Department
� Several patents and publications in peer-reviewed
scientific journals
� Go on with strong organic growth and rise in operating margin
� Optimize the synergies and cross-selling opportunities through our different locations
� Increase market focus innovation through R&D and quality certifications
� Consider new opportunities of acquisitions to complete our range of products and reinforce our geographical positions
16
Strategy and OutlookDriving profitable growth
17
A growth and ISR value
� Social Responsibility
� Member of the United Nations Global CompactCommitted to the principles of human rights, labour, environment and anti-corruption
� Member of SedexTo share with our suppliers ethical data and to improve ethical performance of our supply chains
� Environmental sustainabilityFor sustainable sourcing, manufacturing and offerings
� Quality, safety and environment certifications
� ISO 9001, ISO 14001
� OHSAS 18001
� Food BRC
� USDA Organic
� cGMP (NSF)
� API (Active Pharmaceuticals Ingredients)
� Bio european label
� All manufacturing sites are Kosher and Halal approved
Sustainability and Corporate Responsibility
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Sustainability and Corporate Responsibility
� Community involvementTo manage the impacts of our business on communities and to fit their lifestyles
� NATUREX FoundationCreated in March 2008
� Dedicated to improving life conditionsin communities from which Naturex derives plantmaterials
� Supports in particular education, medicine, environmentand basic necessities, outside of any economic interest
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20
Equity story of a premium company
� Number of shares: 6,410,931NYSE Euronext Paris – B Compartment
since October 1996
� 4,959,935 ordinary shares (FR0000054694)
� 1,450,996 preference shares (FR0000010833251)
� Market capitalisation: €324.0m(As at April 18th, 2011)
� Fiscal year: from 1st January to 31 December
� General Meeting: June
� Contract of liquidity: NATIXIS
� Last dividend distribution: September 2010€0.11/share – Payment option in shares followed at 85.6%
� Analysts: ID Midcaps, KEPKER Capital Markets,
NATIXIS, PORTZAMPARC, RB Milestone
�Evolution over the last 12 months: +63.80%
�Evolution over the last 6 months: +21.00%
REUTERS: NATU.PA ; BLOOMBERG: NRX:FP
Index: CAC Small, Gaïa Index
Eligible for DSS “long-only”
Share price evolutionJanuary 2010-April 2011
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A well-balanced shareholders’ structure
Capital6,410,931 shares
Voting Rights5,037,250 rights
� Sharehoders’ agreement between SGD / J. DIKANSKY and NATRA Group
Action in concert
SGD / J. DIKANSKY
and
NATRA Group
Source: SGSS/GIS – March 31, 2011
SGD / J. DIKANSKY
16.22%
NATRA Group36.11%
Public47.52%
Auto-Detention0.15%
Public62.20%
NATRA Group17.15%
SGD / J. DIKANSKY
20.65%
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Financial Communications Agenda
FY 2011
1st quarter results 30 may 2011
1st half-year sales 26 july 2011
1st half year results 31 august 2011
3rd quarter sales 4 november 2011
3rd quarter results 30 november 2011
Annual sales 24 january 2012
Annual results 30 march 2012
Release after the close of market
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Upcoming Events
2011
NYSE EURONEXT Food & Beverage
Conference
19 May 2011
Annual General Meeting 27 june 2011
SFAF meeting (half-year results)
Paris
16 september 2011
Midcap Event
Paris
22-23 september 2011
Actionaria
Paris
18-19 november 2011
Thank you for your attention
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Thierry LambertVice-President and CFO
E-mail : [email protected]
Tel. : :+ 33 (0)4 90 23 96 89
Carole AlexandreInvestor Relations
E-mail : [email protected]
Tel. : :+ 33 (0)4 90 23 78 28
Contacts
www.naturex.com
25
Appendices
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Growth in all markets andall geographic zones
2010 vs 2009 PF
� Revenues per market � Revenues per geographic zone
F&B N&H Personal Care
Misc. Total
137.1 75.5 2.7 11.0 226.3
+22.7% +13.7% +68.8% +71.9% +21.6%
Vente
s en M€
2010 vs 2009 PF
Europe/Africa
Americas Asia/Pacific
Total
117.7 84.1 24.5 226.3
+28.2% +15.5% +14.0% +21.6%V
ente
s en M€
60.6%
33.4%
1.2% 4.8%
Food & Beverage Nutrition & health Personal Care Miscellaneous
52.0%
37.2%
10.8%
Europe / Africa Americas Asia / Pacific
27
Net profit multiplied by nearly 3 compared with 2009
In € millionsIFRS
2010 2009 Pro forma
2009
Revenues 226.3 186.1 101.9
Gross margin 132.1 103.2 68.5
gross margin % 58.4% 55.5% 67.2%
Operating income 27.3 16.8 13.1
operating margin % 12.1% 9.0% 12.8%
Net cost of financial debt (5.6) (5.3) (4.1)
Other income and financial charges (0.7) (0.2) (0.5)
Net pre-tax profit 21.1 11.3 8.4
Tax expense (6.2) (3.3) (1.9)
Income from companies, equity method - (1.2) (1.2)
Net profit, Group share 14.8 6.8 5.2
Net profitability % 6.5% 3.7% 5.1%
Average exchange rate for dollar ($) 1.3220 1.3876 1.3876
2009 PF accounts include the Ingredients Division of the Natraceutical Group, consolidated as from January 1st, 2010
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A sound balance sheet
In € mIFRSASSETS
31/12/10 31/12/09
Non-current assets 189.4 164.0
Goodwill 83.9 74.1
Intangible assets 6.3 3.0
Tangible assets 92.3 83.7
Financial assets 0.7 1.4
Deferred tax assets 5.7 1.8
Derived instruments non current assets 0.5 -
Current assets 168.7 133.3
Inventory 98.2 76.8
Payable tax assets 3.1 1.5
Customers and other debtors 49.6 39.4
Derived instruments current assets 0.3 -
Cash and cash equivalent 17.5 15.6
Non-current assets held for sale - 0.8
TOTAL ASSETS 358.1 298.1
In € mIFRSLIABILITIES
31/12/10 31/12/09
Shareholder equity 168.8 144.8
Non-current liabilities 124.3 91.9
Non-current financial debts 108.4 82.8
Non-current provisions 2.2 1.5
Deferred taxes 11.2 7.6
Derived instruments non-current liabilities 2.5 -
Current liabilities 65.0 61.4
Current provisions 0,6 2.8
Payable tax liabilities 1.3 0.4
Suppliers and other creditors 51.2 36.7
Other financial liabilities 9.9 16.3
Derived instruments current liabilities 0.7 -
Bank advances 1.3 5.2
TOTAL LIABILITIES 358.1 298.1
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A tightly controlled financial debt
In € m 31/12/2010 31/12/09
Shareholder capital 168.8 144.8
Net financial debt 102.1 88.8
Gearing(Net debt/shareholder capital)
60.5% 61.3%
� Split of the net financial debt by currency as at 31.12.2010
� A healthy financial structure
39.0%
43.0%
18.0% Euros
Dollars
Swiss Francs
Spain -Valencia
France - Avignon
Italy- Milan
Approved by the Italian Ministry of Health for
the manufacture of Active Pharmaceuticals
Ingredients (API)
USA - California
FDA registered and follows cGMP
recommendations
USA - New JerseycGMP certified (NSF),
Approved by the FDA for the
manufacture of Active
Pharmaceutical Ingredients (API)
Morocco -Casablanca
UK- Birmingham
Switzerland -Bischofszell and Burgdorf
Brazil - Manaus
ISO 9001ISO 14001
OHSAS 18001
Australia - Sydney
All sites are Kosher and Halal approved
Follows HACCP
recommendations
Quality, safety and environment certifications to improve our manufacturing performance
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www.naturex.com