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CONSOLIDATED RESULTS
First quarter 2013
Press conference, Warsaw, 9th May 2013
Financial summary Q1 2013
Significant results’
amelioration despite
dropping fixed wholesale
margin
Financial prognosis
execution as planned
Sales and management
costs drop
Significant growth of net
profitability
Systematic drop of
interest debt
2
32 mn Net result
58.7% Growth y/y
Dynamic development
of private brands
segment
1,99
1,69 1,64
1,81
1,54
1,4 1,36
1,57 1,67
31,50%
30,80% 30,40% 30,80%
29,50% 28,40%
26,70% 27,40%
26,20%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
6,31
5,54 5,54
5,95
5,42 5,37 5,30
5,74
6,40
11,54% 7,76% 8,90% 7,15%
-14,15% -3,05% -4,38%
-3,48%
18,00%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
NEUCA market position
3
Quarterly market value and quarterly
dynamics y/y Q1 2011 – Q1 2013*
[PLN bn]
Quarterly revenues value and NEUCA
market shares Q1 2011 – Q1 2013
[PLN bn]
* data IMS, NEUCA SA pharmaceuticals wholesale before discounts
• Return of stable growth to the level from
before the Reimbursed Act
• High market dynamics result of the low
January base
• Market growth higher than first predictions
Market
NEUCA’s market position
• Leader’s position with 26.2% shares in Q1
• Change in clients’ structure – bigger
concentration on independent
pharmacies
2011 2012 2013
2011 2012 2013
Financial results
4
1 459,1 1 532,3
IQ 2012 IQ 2013
Revenues
5
Sales revenues
[PLN mn]
+5,0%
Pharmaceuticals wholesale market
growth by 18%
Changes in clients’ structure; bigger
concentration on independent
pharmacies
29,1
37,7
IQ 2012 IQ 2013
EBIT
6
EBIT
[PLN mn] EBIT excluding non-recurring items
[PLN mn]
+29,3% +10,5%
Growth of operating profit despite falling fixed margin
Significant fall of sales and management costs
30,5
33,7
IQ 2012 IQ 2013
20,1
31,9
IQ 2012 IQ 2013
21,2
27,2
IQ 2012 IQ 2013
Net profit
7
+58,7%
+28,3%
Net profit
[PLN mn]
Net profit
excluding non-recurring items
[PLN mn]
Net margin level above 2% vs. 1.4% one year ago
Positive influence on transactions clearing after Prosper take-over, worth PLN 4.6
mn
21,2
37,4
55,8
71,6
27,2
77*
30,3%
53,4%
79,7%
102,3%
35,3%
1Q 2Q 3Q 4Q
wynik kwartału
narastajaco
2013 wynik kwartału
narastajaco
wykonanie prognozy
2012
wykonanie prognozy
2013
* Excluding non-recurring items
• PLN 77 mn net profit in 2013
(8% growth y/y)
• Expected market growth of
minimum 3-4% in a yearly scale
• Lower level of wholesale margin
estimated at the level of PLN 20
mn
Prognosis assumption
[PLN mn]
Prognosis execution 2013
Realisation of 35% of financial prognosis after the first quarter
8
Private brands
9
Dynamic development of private brands
2009
2011
2010
• 134 products in portfolio at the end of March
• 17 new launches of Apteo brand in the Q1
• Significant profit on the net level in Q1
• Debut of gynaecological line - Hialuvagin
• Full readiness for the debuts of the Rx products on the Reimbursed List
2013
10
2012
• Launch of Synoptis
Pharma activity,
introduction of
Nursea brand
• 12 products in
Synoptis portfolio
• Apteo brand launch,
40 products in
Synoptis portfolio
• Exceeding break
even point
• 115 products in
portfolio
• Test sale of Rx
Genoptim brand
11
Economy pharmaceuticals brand
Brands portfolio development
Brand containing products of higher class
Prescription drugs brand (RX)
Sub-brand APTEO offering OTC products
Dedicated paediatrics brand
Specialised gynaecological line
Challenges for future quarters 2013
Introduction of first
pharmaceuticals to the
reimbursement list, sales
start – beginning of May
Service quality
amelioration, growth of
clients’ satisfaction
Organic growth of
market shares Key challenges Execution of financial
prognosis
12
Further lowering of interest debt
Thank you for your attention