Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Q1 2014 Earnings Presentation
15 slides from Grifols, S.a. Class A's earnings presentation, May 6, 2014
Slide 1: First Quarter 2014 Report
(or ast \ QUARTER 2014 REPORT GRIFOLS
Slide 2: Disclaimer
2 FIRST QUARTER 2014 REPORT The facts and figures contained in this report which do not refer to historical data are “projections and forwardlooking statements”. The words and expressions like “believe”, “hope”, “anticipate”, “predict”, “expect”, “intend”, “should”, “try to achieve”, “estimate”, “fu
Slide 3: Net profit grows 32.9% during the first quarter
3 FIRST QUARTER 2014 REPORT NET PROFIT FOR THE GROUP 121.0 MILLION EUROS +32.9% GROWTH 15.2% PROFIT TO REVENUES RATIO ADJUSTED EBITDA1 279.9 MILLION EUROS +21.6% GROWTH 35.1% OF REVENUES BUSINESS REVENUE 798.0 MILLION EUROS +16.7% GROWTH APPROXIMATELY 93% OF SALES IN NON-DOMESTIC MARKETS NET PROFIT
Slide 4: Profit and loss account: main indicators during the first quarter of 2014
4 FIRST QUARTER 2014 REPORT 1. PROFIT AND LOSS ACCOUNT: MAIN INDICATORS DURING THE FIRST QUARTER OF 2014 SALES PERFORMANCE Revenues of approximately 800 million euros to March 2014, and changes in relative weight of divisions Grifols’ revenues rose by 16.7% during the first quarter of the year to 79
Slide 5: Sales by division
5 FIRST QUARTER 2014 REPORT SALES BY DIVISION IN THOUSANDS OF EUROS 1Q 2014 % VENTAS 1Q 2013 % SALES % VAR. % VAR. CC* BIOSCIENCE 600,957 75.3% 604,786 88.5% -0.6% 2.4% HOSPITAL 24,262 3.0% 27,155 4.0% -10.7% -7.3% DIAGNOSTIC ** 146,550 18.4% 32,559 4.8% 350.1% 361.7% SUBTOTAL 771,769 96.7% 664,500
Slide 6: Margins and profits
6 FIRST QUARTER 2014 REPORT that it is at the center of a large zone of influence. In the six countries that form the Gulf Cooperation Council alone (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) there are 15 hospital projects in progress. MARGINS AND PROFITS Excellent evo
Slide 7: Balance sheet: key indicators as of March 2014
7 FIRST QUARTER 2014 REPORT 2. BALANCE SHEET: KEY INDICATORS AS OF MARCH 2014 Total consolidated assets at March 2014 were 7,192.4 million euros, a significant increase compared to the figure of 5,841.0 million euros reported in December 2013. The differences primarily reflect the acquisition of the
Slide 8: Net equity; investment areas: capex, acquisitions, R&D
8 FIRST QUARTER 2014 REPORT NET EQUITY The net equity of Grifols to March 2014 rose to 2,224.4 million euros, primarily as a result of profits earned during the period, as there were no significant changes compared to December 2013. At March 2014, Grifols’ share capital stood at 119.6 million euros,
Slide 9: Acquisitions: completion of the purchase of Novartis diagnostic unit
9 FIRST QUARTER 2014 REPORT Acquisitions: completion of the purchase of Novartis diagnostic unit The acquisition of the transfusion diagnostic and immunology unit from Swiss company Novartis was completed on January 9, 2014 for a total of 1,653 million dollars (1,215 million euros). The operation wa
Slide 10: Analysis by division: Bioscience
10 FIRST QUARTER 2014 REPORT 4. ANALYSIS BY DIVISION The acquisition of Novartis’ transfusion diagnostic unit in January 2014 has changed the relative weight of the different business divisions of Grifols, and confirms the company’s leadership in transfusion medicine. BIOSCIENCE DIVISION: 75.3 % OF
Slide 11: Hospital division
11 FIRST QUARTER 2014 REPORT HOSPITAL DIVISION: 3.0% OF INCOME Further internationalization to offset restrictions on healthcare spending in Spain The Hospital division generates most of its sales in Spain and therefore continues to be the division most directly affected by the measures to rationali
Slide 12: Profit and loss account
12 FIRST QUARTER 2014 REPORT PROFIT AND LOSS ACCOUNT IN THOUSANDS OF EUROS 1Q 2014 1Q 2013 % VAR. NET REVENUE (NR) 797,998 683,698 16.7% COST OF SALES (377,283) (333,712) 13.1% GROSS PROFIT 420,715 349,986 20.2% % NR 52.7% 51.2% R&D (37,895) (29,308) 29.3% SGA (158,956) (133,274) 19.3% OPERATING EXP
Slide 13: Cash flow
13 FIRST QUARTER 2014 REPORT CASH FLOW IN THOUSANDS OF EUROS 1Q 2014 1Q 2013 GROUP PROFIT 120,973 91,002 DEPRECIATION AND AMORTIZATION 46,354 31,030 NET PROVISIONS (196) 1,193 OTHER ADJUSTMENTS AND OTHER CHANGES IN WORKING CAPITAL 21,035 40,613 CHANGES IN INVENTORIES (11,339) 18,838 CHANGES IN TRADE
Slide 14: Balance sheet
14 FIRST QUARTER 2014 REPORT BALANCE SHEET IN THOUSANDS OF EUROS MARCH 2014 DECEMBER 2013 ASSETS NON-CURRENT ASSETS 4,775,754 3,701,376 GOODWILL AND OTHER INTANGIBLE 3,730,765 2,775,576 PROPERTY PLANT & EQUIPMENT 942,446 840,238 INVESTMENTS IN EQUITY ACCOUNTED INVESTEES 34,890 35,765 NON-CURRENT FIN
Slide 15: Grifols' daily share price vs IBEX 35
15 FIRST QUARTER 2014 REPORT 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 100 99 98 97 (BASE 100, FROM JANUARY 1 TO MARCH 31 2014) JAN 2014 FEB MAR APR GRIFOLS B: 115.32 GRIFOLS: 114.41 IBEX : 104.27 GRIFOLS’ DAILY SHARE PRICE, CLASS A & CLASS B VS IBEX 35