20 slides from Grifols, S.a. Class A's earnings presentation, Jul 29, 2011
Slide 1: Grifols
GRIFOLS | new ea becns
Slide 2: Disclaimer
DISCLAIMER The facts and figures contained in this report which do not refer to historical data are “projections and forward-looking statements”. The words and expressions like “believe”, “hope”, “anticipate”, “predict”, “expect”, “intend”, “should”, “try to achieve”, “estimate”, “future” and simila
Slide 3: Grifols completes the acquisition of Talecris and initiates integration
GRIFOLS COMPLETES BIOSCIENCE GENERATES OVER 80% OF THE NEW GRIFOLS’ THE ACQUISITION OF 80% 1 OF THE NEW SALES ARE GENERATED IN TALECRIS AND INITIATES THE GROUP’S INCOME INTERNATIONAL MARKETS. INTEGRATION PROCESS. IT IS EXPECTED SALES IN US THE HIGHER SALE VOLUMES OF AND CANADA WILL ACCOUNT SALES INC
Slide 4: Sales trends and profit and loss main indicators first half 2011
SALES TRENDS by 4.4% to 56.8 million Euros and Hospital by 9.2% PROFIT AND LOSS: MAIN to 49.3 million Euros. Both divisions reduce their INDICATORS FIRST HALF Grifols turnover increased by 30.2% in the first half weight on the global turnover to 8.9% and 7.8% 2011 of 2011 and reached 635.3 million E
Slide 5: Margin analysis and financial expenses from the new financing structure
MARGIN ANALYSIS Pro-forma 3 results of Grifols and Talecris show how FINANCIAL EXPENSES recurrent 2 EBITDA between January and June 2011 ARISING FROM THE NEW The effect of healthcare reforms that had not would reach 305.6 million Euros, or 26.8% of sales, FINANCING STRUCTURE yet affected first half
Slide 6: Balance sheet: main indicators
BALANCE SHEET: building works of a new fractionation plant in Parets MAIN INDICATORS del Vallès (Barcelona, Spain), which will have capacity to fractionate 1 million liters per year (expandable to PROJECTED CAPITAL 2 million); the investments undertaken in the new INVESTMENT (CAPEX) albumin producti
Slide 7: Net financial debt and new financing structure
NET FINANCIAL DEBT NEW FINANCING STRUCTURE BEATS ESTIMATES SENIOR SECURED DEBT AMOUNT TERM CONDITIONS Grifols’ net financial debt stand, at the end of the MILLIONS OF DOLLARS first half of 2011, at 2,595.3 million Euros, 4.4 x over recurring 2 EBITDA, lower than the 5.2 x anticipated TRANCHE A $1,50
Slide 8: Grifols' net equity doubles
GRIFOLS’ NET EQUITY As a result of the new share issue, and in addition DOUBLES to increasing the share capital of the company, the share premium has also increased by 768.5 The acquisition of Talecris has entailed a significant million Euros, reaching 890.3 million Euros. Grifols increase of the gr
Slide 9: Analysis by business areas: Bioscience Division
ANALYSIS BY BUSINESS Bioscience Division: 82% of revenues1 such as Germany, Chile and Argentina. In global AREAS: terms, Australia and Canada join in as important Sales of the Bioscience divisions, including June generators of hemoderivatives demand from Grifols, FAVORABLE EVOLUTION IN 2011 Talecris
Slide 10: Diagnostic and Hospital Divisions
Diagnostic Division: 8.9% of sales 1 of Immunohemathology and Blood Bank in the Hospital Division: 7.8% of turnover 1 so-called Transfusion Medicine area. Highlights of Diagnostic increases its turnover by 4.4% to 56.8 the period are the test implementation of the Wi-Fi Revenues from the Hospital di
Slide 11: Second quarter of 2011 highlights
SECOND QUARTER OF 2011 HIGHLIGHTS Grifols successfully completes the purchase of Talecris On 2 June 2011, Grifols concluded the acquisition of 100% of Talecris shares, becoming the third producer of plasma derivatives worldwide by sales volumes. Grifols is, in addition, the leading European company
Slide 12: Opening of new corporate headquarters and US Chamber of Commerce award
Opening of Grifols’ new corporate headquarters The US Chamber of Commerce in Spain award in Spain to Mr. Víctor Grifols Roura, Chairman and Chief Executive Officer of Grifols In June, Grifols opened its new head office in San Cugat del Vallès (Barcelona, Spain), in an act chaired Víctor Grifols has
Slide 13: Corporate responsibility: research as a commitment
CORPORATE Grifols has approved the new Environmental RESPONSIBILITY: Programme for the period 2011-2013, focused on the following strategic lines: Research as a commitment • Consumptions: Foster a reduction of consumption of raw materials such as alcohol In the first half of 2011 Grifols’ investment
Slide 14: Firm commitments towards human resources
Firm commitments towards Human Resources years and always committed to equal opportunities associations and hospitals, schools and universities, employment for men and women alike (Gender split: among others. This approach stems from drawing In June 2011, with the Talecris acquisition, the 46% men a
Slide 15: Profit and loss account
PROFIT AND LOSS ACCOUNT 1 IN THOUSANDS OF EUROS 1st H 2011 1st H 2010% Var. TOTAL REVENUE 635,341 487,809 30.2 COST OF SALES 349,400 249,647 40.0 GROSS PROFIT 285,941 238,162 20.1 % ON SALES 45.0 48.8 R&D 30,165 15,299 97.2 SGA 187,047 96,743 93.3 OPERATING EXPENSES 217,212 112,042 93.9 OPERATING PR
Slide 16: Cash flow
CASH FLOW 1 IN THOUSANDS OF EUROS 1st H 2011 1st H 2010 NET PROFIT 19,269 66,408 DEPRECIATION AND AMORTITZATION 28,156 21,434 NET PROVISIONS 14,455 129 OTHER ADJUSTMENTS 30,818 11,936 CHANGES IN INVENTORIES 752 (11,982) CHANGES IN TRADE RECEIVABLES (67,041) 25,966 CHANGES IN TRADE PAYABLES (9,715) 7
Slide 17: Balance sheet
BALANCE SHEET 1 IN THOUSANDS OF EUROS 1st H 2011 2010 ASSETS NON-CURRENT ASSETS 3,234,553 744,900 FIXED ASSETS 639,735 434,131 GOODWILL AND OTHER INTANGIBLE 2,410,170 267,747 OTHER NON-CURRENT ASSETS 184,648 43,022 CURRENT ASSETS 2.109,666 1,144,082 INVENTORIES 997,826 527,865 TRADE AND OTHER RECEIV
Slide 18: Proforma summary of sales by region and division
PROFORMA SUMMARY OF SALES BY REGION 3 IN THOUSANDS OF EUROS 1st H 2011 % on sales 1st H 2010 % on sales % Var % Var. CC * EU 308,128 27.1 292,779 27.5 5.2 4.8 US+CANADA 678,365 59.6 622,267 58.5 9.0 10.9 R.O.W. 150,817 13.2 146,628 13.8 2.9 1.5 SUBTOTAL 1,137,310 99.9 1,061,674 99.8 7.1 7.9 RAW MATE
Slide 19: Proforma profit and loss account
PROFORMA 3 PROFIT AND LOSS ACCOUNT 2 IN THOUSAND OF EUROS 1st H 2011 1st H 2010% Var. TOTAL REVENUE 1,138,967 1,063,508 7.1 COST OF SALES 602,335 538,177 11.9 GROSS PROFIT 536,632 525,331 2.2 % ON SALES 47.1 49.4 R&D 61,091 45,417 34.5 SGA 217,181 204,456 6.2 OPERATING EXPENSES 278,272 249,873 11.4
Slide 20: Grifols' daily ordinary share price vs IBEX
GRIFOLS’ DAILY ORDINARY SHARE PRICE VS IBEX 35 (BASE 100, FROM JANUARY 1 TO JUNE 30 2011) 1 Includes Talecris’ results for June 2011, first month consolidated 2 Excluding costs associated to the transaction of Talecris and non recurring costs 3 Pro-forma unaudited figures obtained from the consolida