Diasorin S.p.a. · MIL:DIA
Diasorin — Investor Day (September 2011)
10 slides from Diasorin's investor day presentation, September 2011
Slide 1: 2012-2015: Riding a New Business Wave
2012-2015: RIDING A NEW BUSINESS WAVE Andrea Senaldi Senior Corporate VP and Chief Financial Officer Carlo Rosa Chief Executive Officer
Slide 2: Historical Financials
HISTORICAL FINANCIALS ¤/MLN FY 2010 FY 2009 2010 VS. 2009 FY 2008 FY 2007 SALES 404.5 304.1 + 33.0% 244.6 202.3 EBITDA 167.1 123.6 + 35.2% 85.6 64.0 % 41.3% 40.7% 35.0% 31.6% EBIT 145.5 106.4 + 36.8% 70.8 50.1 % 36.0% 35.0% 28.9% 24.7% NET RESULT 90.4 70.0 + 29.1% 37.5 25.2 % 22.4% 23.0% 15.3% 12.5%
Slide 3: 2010 Key Numbers
2010 KEY NUMBERS 2010 SALES BREAKDOWN SALES BY GEOGRAPHY IN €/MLN +23.1 404.5 +43.2 +6.8 +10.3 MUREX 19.6% 304.1 +17.0 LATAM APAC NORTH EUROPE & AMERICA AFRICA 5.2% 9.3% 65.9% RIA ELISA LIASON INSTRUMENTS + OTHER FY 2009 FY 2010 2010 COSTS BREAKDOWN COSTS COMPONENTS IN €/MLN 3.2% +5.5 259.0 +3.3 +9.
Slide 4: Historical Balance Sheet and Cash Flow
HISTORICAL BALANCE SHEET AND CASH FLOW ¤/MLN FY 2010 FY 2009 FY 2008 FY 2007 TANGIBLE ASSETS 57.6 42.0 35.4 33.9 INTANGIBLE ASSETS 126.9 96.6 93.3 65.4 OTHER NON-CURRENT ASSETS 20.2 19.6 10.1 9.2 NET WORKING CAPITAL 106.4 74.5 57.7 46.2 OTHER NON-CURRENT LIABILITIES (28.2) (25.3) (22.9) (22.3) NET C
Slide 5: Installed Base and Revenue per Box
INSTALLED BASE AND REVENUE PER BOX 80.6K 10 –2 0 3,912 4 2 00 % R >10 3,641 C AG 2,975 LIAISON REVENUE 2,510 PER BOX 44.6K 0 2,070 01 0 2 04– R 20 4% G >2 990 CA LIAISON INSTALLED BASE 2004 2007 2008 2009 2010 H1 11 4,000 INSTALLED MACHINES TARGET ALREADY ACHIEVED
Slide 6: H1 2011 Results
H1 2011 RESULTS ¤/MLN H1 2011 H1 2010 H1’11 VS. H1’10 PROFITABILITY IMPROVEMENT DESPITE NEGATIVE FX IMPACT ON SALES SALES 227.1 187.2 +21.3% EBITDA 101.4 80.4 +26.2% IMPROVED TECHNOLOGY MIX % 44.7% 42.9% CLIA revenues: 73.2% (+450bps vs. H1’10) EBIT 88.4 70.9 + 24.6% Higher incidence of high margins
Slide 7: H1'11 Key Numbers
H1’11 KEY NUMBERS H1 2011 SALES BREAK DOWN SALES BY GEOGRAPHY IN €/MLN +16.8 227.1 19.1% +7.1 +1.6 187.2 +9.0 +5.4 MUREX NORTH LATAM APAC AMERICA 4.2% EUROPE & AFRICA 9.3% 67.4% RIA ELISA LIASON INSTRUMENTS + OTHER H1 2010 H1 2011 H1 2011 COSTS BREAKDOWN COSTS COMPONENTS IN €/MLN +3.8 138.8 2.7% +2.
Slide 8: 2011 Expected Results
2011 EXPECTED RESULTS GROWTH ¤/MLN FY 2011 E FY 2010 AS REPORTED CER* SALES ~ 450 405 ~ 11% ~ 13% EBITDA ~ 200 167 ~ 20% ~ 23% * FX change as of 2010 MARGIN ~ 44% 41% CHALLENGING AND TOUGH ECONOMIC ENVIRONMENT, BUT: • STILL DOUBLE DIGIT GROWTH IN SALES • FURTHER IMPROVEMENT IN PROFITABILITY HEALTHY
Slide 9: Stock Price Performance
STOCK PRICE PERFORMANCE 350 300 250 +120.1% 200 150 100 -8.6% 50 -66.5% 7 7 08 8 8 8 8 8 08 9 9 9 9 9 09 0 0 0 0 0 10 1 1 1 1 1 01 01 01 01 01 00 00 00 00 00 00 00 00 00 00 00 00 01 01 01 01 01 20 20 20 20 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 9/ 19 19 19 19 19 9/ 9/ 9/ 1
Slide 10: Target Prices and Ratings
TARGET PRICES AND RATINGS STOCK CURRENTLY TRADING AT A HIGHER DISCOUNT VS. CONSENSUS ESTIMATES AND THE AVG. 12 MONTHS TP 8 7 7 7 7 8 9 9 9 10 11 11 13 # of Brokers 40 38 36 34 32 30 28 26 24 Sep´10 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep´11 Buy + Overweight Hold Sell + Underweight Price Targ