Slide 1: Q4 '10 & Preliminary 2010 Results
Q4 ‘10 & Preliminary 2010 Results February 14th
Slide 2: Q4 10 highlights
Q4 10 highlights ● Strong revenue growth at current and constant exchange rates, driven by DiaSorin business and enhanced by Murex contribution: +38.2% Q4 10 vs Q4 09 (+32.6% at constant exchange rates) +26.3% Q4 10 vs Q4 09 excl. Murex (+20.7% at constant exchange rates) ● Strong growth in all
Slide 3: Net Revenues by Quarter 2008 - 2010
Net Revenues by Quarter 2008 - 2010 120 108 109,3 100,5 100 86,7 79,5 79,1 80 71,4 74,2 68,5 56,6 59,6 59,9 2008 60 2009 2010 40 20 0 Q1 Q2 Q3 Q4 Q4 10 conf. call Feb. 14 2010 2
Slide 4: Q4 Results: Income Statement
Q4 10 Results: Income Statement millions € Q4 2010 Q4 2009 D Net Revenues 109.3 79.1 +38.2% Gross profit 76.4 55.9 +36.6% Margin 69.9% 70.7% G&A (12.0) (9.1) R&D (5.7) (4.7) S&M (19.4) (15.7) Total Operating Expenses (37.2) (29.5) % on sales (34.0%) (37.3%) Other operating Income/(Expenses) (3.3) (0
Slide 5: Q4 Revenues break down: by technology
Q4 10 Revenues break down : by technology CLIA sales continue to represent revenues growth driver +36.4% Q4 10 vs. Q4 09 • Vit. D sales boost • Installed base enlargement : +194 new instruments placed in Q4 10 Revenues mix by technology improved towards CLIA kits, from 66.1% in Q4 09 to 71.4% in Q4
Slide 6: Q4 Revenues break down: by geography
Q4 10 Revenues break down : by geography Q4 millions € 2010 2009 Δ% Europe/ Africa 47.3 41.9 12.9% Latin America 7.3 4.7 56.5% Asia/Pacific 9.9 6.2 60.2% North America 35.5 26.4 34.4% Murex 9.4 - - Total 109.3 79.1 38.2% ● In Europe/Africa, healthy growth in several strategic markets: France +48.2%
Slide 7: Continuous improvement in profitability
Continuous improvement in profitability Continuous improvement in profitability temporarily diluted by Murex business and 2010 one off items: Gross Margins +36.6% Q4 10 vs Q4 09 from 70.7% to 69.9% of tot sales EBITDA +37.1% Q4 10 vs Q4 09 from 38.8% to 38.5% of tot sales EBIT +37.5% Q4 10 vs Q4 09
Slide 8: FY 2010E Results: income statement
FY 2010E Results: income statement millions € FY 2010E FY 2009 D Net Revenues 404.5 304.1 +33.0% Gross profit 285.1 213.6 +33.5% Margin 70.5% 70.2% G&A (41.8) (32.4) R&D (19.4) (16.1) S&M (69.8) (56.9) Total Operating Expenses (130.9) (105.4) % on sales (32.4%) (34.7%) Other operating Income/(Expens
Slide 9: Continuous improvement in profitability
Continuous improvement in profitability Continuous improvement in profitability offset Murex dilutive effect and 2010 one off items: Gross Margins +33.5% FY 10 vs FY 09 from 70.2% to 70.5% of tot sales EBITDA +34.2% FY 10 vs FY 09 from 40.3% to 40.7% of tot sales EBIT +35.5% FY 10 vs FY 09 from 34.7
Slide 10: 4Q results: balance sheet & cash flow
4Q results: balance sheet & cash flow millions € 31/12/2010 31/12/2009 Total tangible asset 57.6 42.0 Total intangible asset 126.9 96.0 Other non-current asset 20.7 19.5 Net Working Capital 105.2 74.5 Other non-current liabilities (27.2) (25.3) Net Capital Employed 283.0 206.6 Net Debt 33.0 11.2 Tot
Slide 11: Solid financial structure
Solid financial structure ● Operating cash flow € 23.9 MM in 4Q 10 (bef. Capex of 6.3 MM) vs. € 17.8 MM in 4Q 09 (bef. Capex of 6.6 MM); ● Positive financial position of € 33.0 MM at 31/12/10 vs. positive financial position of € 11.2 MM at 31/12/09 after: share capital increase of € 8.5 MM (€ 1.2
Slide 12: 2011 business outlook
2011 business outlook As of January 1st , Diasorin business continues according to expectations and showing positive growth trends. In view of the relative stability of the exchange rates for the Euro versus the Group’s main currencies and in anticipation of the success of the LIAISON XL on the main