bioMerieux SA · EURONEXT:BIM
bioMerieux SA — H1 2012 Earnings Presentation
26 slides from bioMerieux SA's earnings presentation, Sep 5, 2012
Slide 1: 2012 First-Half Review
2012 First-Half Review Paris - September 5, 2012
Slide 2: Disclaimer
Disclaimer This presentation contains information, assumptions and estimates that were used by the Company to determine its objectives on a reasonable basis. They are subject to change or modification due to economic, financial and competitive uncertainties in France or in other countries. Further i
Slide 3: Overview
Overview Introduction First-Half 2012 Sales First-Half 2012 Financial Results Objectives, Recent Developments and Conclusion
Slide 4: Strong fundamentals confirmed in first-half 2012
Strong fundamentals confirmed in first-half 2012 In vitro diagnostics: an attractive, yet contrasted market environment Increasing role in medicine and industry Many development opportunities, especially in emerging countries Austerity measures in the healthcare sector in Southern Europe Resilience
Slide 5: bioMérieux: poised to meet current public health challenges
bioMérieux: poised to meet current public health challenges “Acinetobacter baumannii (ABRI) is resistant to drugs” August 16, 2012 “Gonococcus develops resistance to antibiotics” June 8, 2012 “China takes aim at rampant antibiotic resistance” May 18, 2012 “Disease outbreaks from imported foods on th
Slide 6: Overview
Overview Introduction First-Half 2012 Sales First-Half 2012 Financial Results Objectives, Recent Developments and Conclusion
Slide 7: First-half 2012 sales: strong momentum in emerging countries
First-half 2012 sales Strong momentum in emerging countries North America: - 0.4% EMEA*: 0.0% 53% 22% €750m 17% + 8.7%, currency neutral + 2.9%, organic growth 8% Latin America: + 4.2% Asia--Pacific: + 17.5% Asia Emerging countries: ~ 27% of sales with double-digit growth Growth rates at constant ex
Slide 8: bioMérieux China, the Group's 3rd largest company
bioMérieux China, the Group’s 3rd largest company Main market opportunities Healthcare reform: Healthcare reform A 90% coverage, Equipment needs to improve patient care with a budget of 850b yuans National campaign for better use of antibiotics Building ~ 2,000 hospitals and ~ 7,500 health centers O
Slide 9: First-half 2012 sales: Efficient diversity
First-half 2012 sales Efficient diversity Microbiology First-half % Change 51% 2012 Other €8 m Clinical Applications €597m + 1.9% Molecular Biology 5% Microbiology €379m + 3.5% (a) Immunoassays €176m + 0.3% Molecular Biology €34m - 8.7% Industry 20% Industrial Applications €153m + 8.2% 23% TOTAL €75
Slide 10: First-half 2012 expansion of our installed base
First-half 2012 expansion of our installed base Installed base - number of instruments Analysis of first-half 2012 sales + 1,500 66,300 (1) 64,800 Instruments 10.7% 11.3% Services and Other 5.5% 6.0% 59,900 55,700 53,100 Reagents and Reagents 83.8% 82.7% Services Growing at +> 3% 2008 2009 2010 2011
Slide 11: Overview
Overview Introduction First-Half 2012 Sales First-Half 2012 Financial Results Objectives, Recent Developments and Conclusion
Slide 12: Consolidated financials (in € millions)
Consolidated financials (in € millions) H1 2012 As a % H1 2011 As a % % Change of sales of sales Net sales 750 100% 673 100% + 11.4%* Operating income before non- 128 17.0% 120 17.8% + 6.5% recurring items Operating income 125 16.6% 119 17.6% + 5.0% Net income 80 10.6% 75 11.1% + 6.5% Free cash flow
Slide 13: Net sales
Net sales Changes in business base Net sales + €40m Organic growth Currency + €19m effect Acquisitions of AES and ARGENE €750m Net sales + €18m Divestiture of Dima U.S. dollar + 2.9% €673m + 8.7% + €77m + 11.4% H1 2011 H1 2012 12
Slide 14: Gross margin
Gross margin Other Gross profit Acquisitions + €5m + €15m Mainly change impact Organic growth €393m + €10m Gross profit 52.4% AES & ARGENE acquisition of sales accounting entries: - €3.2m €363m Sales: + €19m x 53.9% 53.9% of sales + €30m + 8.3% H1 2011 H1 2012 13
Slide 15: Operating income before non-recurring items
Operating income before non-recurring items Gross profit SG&A Operating - €16m R&D income before Operating Business dev. non-recurring income before + €30m R&D tax credits & 26.4% of sales - €7m Royalties received items non-recurring (27% H1 2011) items 10.5% of sales (10.7% H1 2011) R&D tax AES & A
Slide 16: Net result (in € millions)
Net result (in € millions) H1 2012 As a % H1 2011 As a % % Change of sales of sales Operating income before non- 128 17.0% 120 17.8% + 6.5% recurring items Non-recurring items -3 - 0.4% -1 - 0.2% Operating income 125 16.6% 119 17.6% + 5.0% Net financial expense -5 - 0.6% -3 - 0.4% Income tax (tax ra
Slide 17: Cash flow statement (in € millions)
Cash flow statement (in € millions) Robust increase in free cash flow H1 2012 H1 2011 Change EBITDA (1) 172 159 + 13 Income tax and financial expense - 39 - 36 -3 Operating working capital requirement - 11 - 48 + 37 Capital expenditure (2) - 54 - 45 -9 Other 1 6 -5 Free cash flow 69 36 + 33 Business
Slide 18: Summarized balance sheet
Summarized balance sheet Assets Liabilities Goodwill €334m (€334m ) Instruments €65m (€65m ) Other non-current Equity assets €568m €1,158m (€1,103m) (€573m ) Operating WCR: 24.6%* WCR vs. 25.4% H1 2011 (€262m ) €285m €94m Net debt (€131m ) * At constant scope of consolidation 17 H1 2012 operating WC
Slide 19: Overview
Overview Introduction First-Half 2012 Sales First-Half 2012 Financial Results Objectives, Recent Developments and Conclusion
Slide 20: 2012 Objectives
2012 Objectives 2012 A challenging economic context 2011 trends to continue An investment year 2012 sales growth objective between 3 - 5% at constant exchange rates and comparable business base between 6 - 8% at constant exchange rates 2012 operating result between €255 - 270m before non-recurring i
Slide 21: 2012 - 2015 Roadmap
2012 - 2015 Roadmap bioMérieux’s commitment First-half 2012 achievements Industrial applications, up 8.2%* Drive market growth for selected bioMérieux China, our # 3 company, up 48%* positions, leveraging our assets Creation of our 40th commercial subsidiary in Malaysia Preparation of 5 new system l
Slide 22: RAS acquisition, advancing in molecular biology for emerging countries
RAS acquisition, advancing in molecular biology for emerging countries A private, Indian start-up, specialized in molecular biology Based in Hyderabad 26 reagents, mainly for infectious disease diagnosis: developed, manufactured, and registered in India Early-stage commercialization in specialized l
Slide 23: BRAF, a promising companion diagnostic test
BRAF, a promising companion diagnostic test Collaboration between bioMérieux and GSK Since May 2010 To assist oncologists in choosing the appropriate treatment For patients with BRAF V600 mutation positive metastatic melanoma (~ 20,000 patients) A real-time PCR test For qualitative detection of the
Slide 24: Conclusion: Financial and operating strengths confirmed
Conclusion: Financial and operating strengths confirmed Solidity of our financials… Robust expansion in emerging countries Higher earnings Significant cash generation … and competitiveness confimed in first-half 2012 A well-balanced geographic footprint Clear leadership in clinical and industrial ap
Slide 25: Appendix
Appendix ) Finance sone
Slide 26: Public customer receivables in Southern Europe
Public customer receivables in Southern Europe Public customer Net amount June 2012 DSO* June 2012 Change in 6 months receivables In € millions In days Italy 47 302 - 15 Spain 13 157 - 243 Portugal 12 540 + 85 Greece 7** 876 *** - 210 Total 79 414 - 85 * Day sales outstanding ** Including bonds 25 *