Laboratorio Reig Jofre, S.a. · BME:RJF
Laboratorio Reig Jofre — 11º Foro MedCap 2015
33 slides from Laboratorio Reig Jofre's conference presentation, May 27, 2015
Slide 1: 11º Foro MedCap
11º FORO MEDCAP BME Madrid, 27-28 May 2015
Slide 2: 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 3: Contents
CONTENTS 01. HIGHLIGHTS 04. 2014 RESULTS OF THE NEW COMPANY Merger highlights Business highlights Shareholders and new board of directors Business areas Business structure 02. THE COMPANIES PRIOR TO THE MERGER Turnover and EBITDA Natraceutical: Main figures Sales mix Natraceutical: Product ranges To
Slide 4: 01. Highlights
01. HIGHLIGHTS
Slide 5: 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 I
Slide 6: 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 7: 02. The Companies Prior to the Merger
02. THE COMPANIES PRIOR TO THE MERGER
Slide 8: Natraceutical: Main figures
NATRACEUTICAL Main figures Figures in million euros 8
Slide 9: Natraceutical: Product ranges
NATRACEUTICAL Product ranges
Slide 10: Natraceutical: International presence
NATRACEUTICAL International presence Direct marketing in pharmacies in France, Spain, Benelux and Portugal and network of distributors in over 20 countries 1. Calculated over the target 2. Including 20 countries: Greece, Ucrania, Bulgaria, Morocco, Tunisia, Lebanon, French Antilles, Reunion Island,
Slide 11: Reig Jofre: Main figures
REIG JOFRE Main figures Figures in million euro 11 Data prior to 2012 not available in IFRS accounting rules. Not included as it is not comparable. Reig Jofre’s year closing before the merger: September
Slide 12: Reig Jofre: Business areas
REIG JOFRE Business areas 2013 sales: 18.3 M€ Development and manufacture of own products Therapeutic areas Dermatology, gynecology, respiratory, antibiotics and healthcare consumer Products Pharmaceuticals (prescription and non-prescription), generic products based on special technologies, medical
Slide 13: Reig Jofre: International presence
REIG JOFRE International presence Own network of sales representatives for doctors(1), hospitals and pharmacies in Spain and the Nordic countries and presence in 87 countries through over 180 distributors and/or licensees 1. General practitioner, dermatologists and gynecologists, mainly 2. Including
Slide 14: 03. Strategic Rational of the Merger
03. STRATEGIC RATIONAL OF THE MERGER
Slide 15: A Complementary Evolution
A COMPLEMENTARY EVOLUTION Natraceutical Reig Jofre * Over-the-counter: Pharma product without medical prescription ** Rx: Pharma product with medical prescription 15
Slide 16: Two Synergistic Industries
TWO SYNERGISTIC INDUSTRIES Other similar transactions or organic developments The multinational Merck is promoting its food supplements The Japanese pharma company Otsuka has its line of area under the brand "Bion", mainly in the vitamins range. slimming products biManán through its subsidiary Nutri
Slide 17: 03. 2014 Results of the New Company
03. 2014 RESULTS OF THE NEW COMPANY
Slide 18: 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 higher medicinal- and scientific-based approach, complementary to a consumer a
Slide 19: Business Areas
BUSINESS AREAS Leveraging on R&D and specialised production capabilities RJF Pharma RJF CDMO (Specialised contract development 2014 (Own development’s manufacture and sale) and manufacturing) sales: 152.5 M€ 41% 78% 22% 13% Direct sales Betalactam antibiotics and injectable generics 118.2 M€ 37% 34.
Slide 20: Business Structure
BUSINESS STRUCTURE Diversified product portfolio and international presence DEVOLOPMENT AND PRODUCTS / R+D / REGULATORY (*) MARKETS PRODUCTION SITES Barcelona Antibiotics and injectables Direct sales Spain Spain Betalactam antibiotics Injectables, freeze dried France products and oral Lyophilized in
Slide 21: 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 22: 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 incre
Slide 23: 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 24: 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
Slide 25: 04. Financial Results
04. FINANCIAL RESULTS
Slide 26: 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 27: 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, 201
Slide 28: 05. Some Guidelines for the Future
05. SOME GUIDELINES FOR THE FUTURE
Slide 29: 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 i
Slide 30: 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 31: 06. 2014 Balance Sheet
06. 2014 BALANCE SHEET
Slide 32: 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 33: Contact
Av. de les Flors 08970 Sant Joan Despi Barcelona, Spain T. +34 93 480 67 10 www.reigjofre.com Investor Relations investors@reigjofre.com