Diasorin S.p.a. · MIL:DIA
Diasorin — H1 2016 Earnings Presentation
23 slides from Diasorin's earnings presentation, Aug 4, 2016
Slide 1: Q2 and H1 2016 Results
Q2 and H1 2016 DIASORIN SPA August 4, 2016 Results
Slide 2: Disclaimer
Disclaimer These statements are related, among others, to the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation rela
Slide 3: Overview
Overview Highlights Q2 and H1 2016 Main Topics Revenues • Breakdown by Technology • Breakdown by Geography Installed Base Expansion Profitability Profile Q2 and H1 2016 Financials FY 2016 Company Guidance Q2 and H1 2016 Results 3
Slide 4: Highlights
Highlights
Slide 5: Q2 2016 and H1 2016 Main Topics
Q2 2016 and H1 2016 Main Topics Q2 2016 H1 2016 LIAISON & LIAISON XL PLACEMENTS Q2 2016 H1 2016 @ JUNE 30, 2016 REVENUES €/mln 141.7 €/mln 266.2 +11.2% +8.6% LIAISON XL +143 +275 2,567 LFL* @ CER +7.2% LFL* @ CER +6.9% LIAISON +37 -7 4,037 CLIA ex Vit D 25 OH +11.4% +13.4% TOTAL +180 +268 6,604 @ CE
Slide 6: Revenues
Revenues Q2’16 H1’16 vs. Vs. Q2’15 H1’15 Growth driven by all CLIA tests, in particular Infectious Diseases, Hepatitis, ToRCH, Stool Testing and Vitamin D @ current +11.2% +8.6% 1,25 Revenues Growth in almost all geographies LFL @ CER +7.2% +6.9% Forex negative impact * LFL = Like-for-Like (excludin
Slide 7: Revenues: breakdown by technology
Revenues: breakdown by technology H1 2015 H1 2016 Like-for-Like CLIA tests: 73.4% CLIA tests: 75.7% ELISA + RIA tests: ELISA + RIA tests: 14.1% 12.0% Molecular Molecular Tests: 0.6% Instruments & Tests: 0.6% Instruments & Consumables: 11.9% Consumables: 11.7% H1 2016 as reported CLIA tests: 73.2% EL
Slide 8: Revenues: breakdown by technology
Revenues: breakdown by technology Q2’16 H1’16 vs. vs. Q2’15 H1’15 @ current +11.4% +13.4% CLIA ex Vitamin D 25 OH tests LFL @ CER +14.5% +15.7% CLIA Vitamin D @ current -5.1% -1.5% 25 OH test (CLIA) LFL @ CER -2.7% -0.6% @ current -11.1% -10.3% ELISA + RIA tests LFL @ CER -8.6% -8.4% @ current +13.3
Slide 9: Revenues: breakdown by geography
Revenues: breakdown by geography EUROPE & AFRICA 123.3 €/MLN NORTH AMERICA 47.9% of sales 65.6 €/mln +5.0% 25.5% of sales +4.6% GERMANY FRANCE +6.8% +5.6% USA +4.4% ITALY CHINA -4.8% +45.5% ASIA PACIFIC MEXICO 49.6 €/MLN +9.6% BRAZIL 19.2% of sales +1.3% +13.6% LATIN AMERICA 19.0 €/MLN 7.4% of sales
Slide 10: Revenues: breakdown by geography
Revenues: breakdown by geography H1 2015 H1 2016 Like-for-Like Europe and Africa: North America: Europe and Africa: North America: 48.1% 25.6% 47.9% 25.5% Asia Pacific: Asia Pacific: 18.4% 19.2% Latin America: Latin America: 7.9% 7.4% H1 2016 as reported North America: Europe and Africa: 24.6% 46.3%
Slide 11: Revenues: breakdown by geography
Revenues: breakdown by geography Q2’16 Q4’15 H1’16 Q2’16 H1’16 vs. vs. vs. vs. Q2’15 Q4’14 H1’15 Q2’15 H1’15 EUROPE & Continuous growth on all CLIA tests, mainly +5.8% +5.0% Germany +7.1% +6.8% AFRICA Stool testing, Infectious Diseases, ToRCH and Vitamin D 1,25 Italy -5.2% -4.8% Sales decrease for T
Slide 12: Revenues: breakdown by geography
Revenues: breakdown by geography Q2’16 Q4’15 H1’16 Q4’15 Q2’16 H1’16 vs. vs. vs. vs. Q2’15 Q4’14 H1’15 Q4’14 Q2’15 H1’15 ASIA Growth driven by CLIA tests, among which +10.1% +13.6% China +29.3% +45.5% PACIFIC Hepatitis, ToRCH, Tumour Markers, Infectious Diseases and Murex products Distributors -15.5
Slide 13: Installed base expansion
Installed base expansion TOTAL UNITS AT NET PLACEMENTS IN TOTAL UNITS AT JUNE DECEMBER 31, 2015 H1 2016 30, 2016 4,044 -7 4,037 2,292 +275 2,567 TOTAL 6,336 +268 6,604 Q2 and H1 2016 Results 13
Slide 14: Profitability profile
Profitability profile Q2’15 Q2’16 H1’15 H1’16 EBITDA 37.9% 38.8% +90 bps 37.3% 38.4% +110 bps margin Raise in marginality compared to Q2’15 and H1’15 mainly driven by: Increase in Gross Profit, as a result of higher sales and the different geographic and product mix Lower incidence of operating expe
Slide 15: Q2 and H1 2016 Financial Data
Q2 and H1 2016 Financial Data
Slide 16: Q2'16 results: Income Statement
Q2’16 results: Income Statement Q2 Change Data in € million 2015 2016 amount % Net revenues 127.5 141.7 +14.2 +11.2% Gross profit 87.3 97.6 +10.3 +11.8% Gross Margin 68.4% 68.8% +40 bps S&M (24.8) (27.1) -2.3 +9.4% R&D (6.6) (9.5) -2.9 +43.8% G&A (13.8) (14.6) -0.8 +5.4% Total operating expenses (45
Slide 17: H1'16 results: Income Statement
H1’16 results: Income Statement H1 Change Data in € million 2015 2016 amount % Net revenues 245.1 266.2 +21.1 +8.6% Gross profit 166.3 183.3 +17.0 +10.2% Gross Margin 67.9% 68.9% +100 bps S&M (48.7) (51.4) -2.7 +5.5% R&D (12.7) (16.7) -4.0 +31.9% G&A (27.0) (28.2) -1.2 +4.5% Total operating expenses
Slide 18: Balance Sheet
Balance Sheet Data in € million 12/31/2015 06/30/2016 Change Total intangible assets 117.9 348.9 +231.0 Total tangible assets 74.5 89.6 +15.1 Other non-current assets 21.2 21.5 +0.4 Net Working Capital 144.0 163.1 +19.1 Other non-current liabilities (38.3) (40.1) -1.7 Net Capital Employed 319.2 583.
Slide 19: Q2'16 results: Cash Flow Statement
Q2’16 results: Cash Flow Statement Q2 Data in € million Change 2015 2016 Cash and cash equivalents at the beginning of the period 196.0 292.1 +96.1 Operating activities 21.5 34.3 +12.8 Investing activities (8.5) (8.7) -0.2 Financing activities (36.0) 17.9 +53.9 Acquisitions of companies and business
Slide 20: H1'16 results: Cash Flow Statement
H1’16 results: Cash Flow Statement H1 Data in € million Change 2015 2016 Cash and cash equivalents at the beginning of the period 144.9 212.2 +67.3 Operating activities 55.8 68.1 +12.4 Investing activities (16.2) (14.5) +1.8 Financing activities (11.3) 12.8 +24.1 Acquisitions of companies and busine
Slide 21: FY 2016 Company Guidance
FY 2016 Company Guidance
Slide 22: FY 2016 Company Guidance
FY 2016 Company Guidance New FY 2016 Company Guidance, at constant scope of consolidation Growth between +6% and +7% at CER compared with 2015 Revenues (previous guidance: growth between +5% and +6% at CER compared with 2015) Growth equal to ca. +9% at CER compared with 2015 EBITDA (previous guidanc
Slide 23: Slide 23