Dermapharm Holding Se · XETR:DMP
Dermapharm — H1 2024 Earnings Presentation
22 slides from Dermapharm's earnings presentation, Aug 27, 2024
Slide 1: Investors' and Analysts' Conference Call H1 2024
INVESTORS’ AND ANALYSTS’ CONFERENCE CALL H1 2024 Grünwald, 27 August 2024
Slide 2: Agenda H1 2024
AGENDA H1 2024 1. Financial figures H1 2024 2. Outlook 2024 3. Q&A 2
Slide 3: Financial figures H1 2024
Financial figures H1 2024 Image: Günther Fotodesign
Slide 4: Strong growth of the existing product portfolio
Strong growth of the existing product portfolio more than compensates for Arkopharma’s weaker first half-year Excluding the expiring vaccine business Significant revenue growth driven by branded Revenue +€24.4m1 pharmaceuticals‘ segment, more than compensating for decline in other healthcare product
Slide 5: Dermapharm Group
Dermapharm Group Strong organic growth in the high-margin existing business of the branded products’ segment more than compensates for the decline of the expiring vaccine business Total Revenue Adj. EBITDA1 EAT2 Revenue decline of -0.6% to €578.5m €m €m €m Increased revenue in Branded -0.6% Pharma
Slide 6: Challenging circumstances for Arkopharma
Challenging circumstances for Arkopharma Recent market trends indicate increasing revenues over the remaining months Challenges Outlook Overall reluctance in spendings New leadership in France Recent market trends in France positive Intensified / growing competition Strong launches expecte
Slide 7: Earnings after tax (EAT)
Earnings after tax (EAT) Increase driven by strong organic growth of existing branded portfolio business, a favourable M2M valuation of the SWAPs and lower depreciation charges EAT Arkopharma decline partly compensated €m by positive Montavit result 59.9 -12.6 -1.7 -3.5 5.7 +9.8 +22.6 39.6 ∆ Financi
Slide 8: EBITDA adjustments
Dermapharm Group EBITDA adjustments €m H1 2023 H1 2024 PPA-effects 8.8 Arkopharma PPA customer contracts Derecognition of PPA effects from sale of 0.7 Property in Berlin (Branded pharmaceuticals) property Additional cost of property 1.8 Arkopharma (Carros) Acquisition costs 8.4 Arkopharma, Candoro e
Slide 9: Net debt reduction
Net debt reduction by €72m since June 2023 proofs the underlying ability of the business to generate cash Net debt Ongoing net debt reduction in 2024 €m 984 compared to June 2023 by 991 €25m repayment of term loan B, 937 €25m reduction of RCF, partly offset by 921 919 initial recognition of
Slide 10: Balance Sheet of Dermapharm Group
Balance Sheet of Dermapharm Group Balance sheet as of 30 June 2024 Total assets increased to €2,207m €m (31 December 2023: €2,161m) Decrease of non-current assets 2,207 2,207 (€1,512m; 31 December 2023: €1,530m) and higher current assets (€495m; Equity 31 December 2023: €630m) Non-current 47 Div
Slide 11: Working capital
Working capital Moderate net working capital increase by ~3% driven by higher inventory levels, cash cycle improves by 10 days €m H1 2024 H1 2023 YoY Higher inventory levels driven by Inventory 350.7 326.9 +7.3% Underlying growth in revenues1 Trade payables 111.8 109.9 +1.7% Inflationary product
Slide 12: Strong cash flows and cash conversion ratio
Strong cash flows and cash conversion ratio Cash conversion 6M 2023 favourably impacted by vaccine production Cash flow and cash conversion ratio1 CF from operating activities in 6M 2024 €m and in % of Group EBITDA declines by €32.1m Cash conversion ratio CF from investing activities reflecting
Slide 13: Cash Flow from operating activities
Cash Flow from operating activities 6M 2024 6M 2023 YOY EBT 90.7 66.9 +23.8 Depreciation / amortisation fixed 41.9 48.8 -6.9 H1 2023 showed higher PPA amortisation of Arkopharma’s customer assets contracts recorded as part of the PPA (Net) increase in working capital -47.9 -30.1 -17,8 Higher inv
Slide 14: Outlook 2024
2 Outlook 2024 Image: Günther Fotodesign
Slide 15: Outlook 2024
Outlook 2024 Strong performance of the existing portfolio in the Branded products’ segment compensates for the current underperformance of other segments Overall, the H1 2024 trend at Group level is in line with the underlying assumptions. In particular, the strong performance of the existing port
Slide 16: Backup
Backup Image: Günther Fotodesign
Slide 17: Branded pharmaceuticals
Branded pharmaceuticals Strong organic growth almost offset decline from expiring vaccine business Revenue EBITDA1 Revenue increase of +5.0% to €277.1m €m €m, adjusted +5.0% Strong organic growth of existing portfolio EBITDA YoY and consideration of Montavit (initially Margin 263.9 277.1 48.2% c
Slide 18: Other healthcare products
Other healthcare products Lower consumer spending drives decline in Arkopharma revenues in H1 2024 Revenue EBITDA1 Revenue declined by -7.8% to €179.5m, €m €m, adjusted driven by -7.8% EBITDA YoY Ongoing reluctant consumer spending in Margin France, Arkopharma’s largest sales 194.7 179.5 21.3% mar
Slide 19: Parallel import business
Parallel import business … affected by poor product availability over the last months and a temporary adverse change in product mix Revenue EBITDA Revenues slightly decreased by -1.2% to €m €m, adjusted €122.0m, driven by -1.2% EBITDA YoY Margin a poor availability of goods from import 123.5 122.0
Slide 20: Earnings before tax (Group EBT)
Earnings before tax (Group EBT) EBT increase due to higher (unadjusted) EBITDA and reduced appreciation Earnings before tax (EBT)1 EBT increased by +35.5% to €90.7m €m translating to a margin of 15.7% EBT Margin Significantly higher EBT result mainly 15.7% driven by 11.5% 90.7 +35.5% higher (una
Slide 21: Disclaimer
Disclaimer This publication includes statements, estimates, opinions and projections with respect to the anticipated future performance of Dermapharm Holding SE (together with its consolidated subsidiaries, “Dermapharm”) and such statements, estimates, opinions and projections (“Forward-Looking Stat
Slide 22: For information, please contact
For information, please contact Britta Hamberger Investor Relations & Corporate Communications Dermapharm Holding SE E-Mail: ir@dermapharm.com Phone: +49 (0) 89 641 86 233 Dermapharm FY 2021 22