Embed Size (px)
Citation preview
SFAF meeting
4 September 2013
Palais Brongniart - Paris
NATUREX H1 2013 consolidated results
Content
2
NATUREX
World leader in specialty plant-based natural ingredients
Presentation of H1 2013 consolidated results
Focus on strategic challenges
Prospects
Agenda and contacts
Appendices
NATUREX World leader in specialty plant-based
natural ingredients
World leader in specialty plant-based natural ingredients
4
Key figures
300€m Sales
2012
EMPLOYEES
WORLDWIDE 1,400
5% SALES
in R&D
PRODUCTION
SITES 15
Plus de 20 COMMERCIAL
LOCATIONS
€
5
A unique position in the value chain
Worldwide Sourcing in more than 50 countries
8 sourcing offices
Industrial Capabilities 15 production sites
o/w 3 pharmaceutical sites
Scientific Expertise Research & Development
Front Labs and Innovation
Sales Network In more than 20 countries
Developed / Emerging countries
Diversified customer base around 3 markets
World leader in specialty plant-based natural ingredients
Presentation of H1 2013
Consolidated results
Highlights 1st half 2013 activities
7
A dynamic activity
+13.4% growth at constant exchange rate
11.0% organic growth
Positive effects of the measures initiated
2.4% scope effect
Success of Pacran® range from DBS
Solid bases to continue
our development
Pursuing the structuring of the Group
Extending financial means by issuing
convertible bonds (OCEANE) of 18€m
Changes in the perimeter bearing
strategic projects
Valencia site (Spain)
Securing the industrial tool and increased
expansion capabilities in Europe
JV with AKER BioMarine (United States)
Collaborative approach and sharing of expertise
DBS (United States)
Scientific expertise and product portfolio
Capital restructuring completed
Takeover of the participation of Mr DIKANSKY’s
family in SGD by FINASUCRE
8
Two long-term and stable shareholders at our side
Capital 7.839.785 shares
Voting rights 8.820.908 votes
SGD / FINASUCRE
21.35%
CARAVELLE 15.13%
Free Float 63.43%
Auto-Detention 0.09%
Public 58.79%
CARAVELLE 13.45%
SGD / FINASUCRE
27.77%
Source: SGSS/GIS – August 2013
FINASUCRE Group : Purchase of DIKANSKY’s family participation in SGD on 22 February 2013
CARAVELLE Group: Purchase of the participation of NATRACEUTICAL in NATUREX on 5 December 2012
Highlights Shareholding: Capital restructuring achieved
9
Securing the industrial tool and increased
expansion capabilities in Europe
Completion of the acquisition of the land and buildings of
the plant located in Valencia (Spain) in July 2013 (post-
closure), which Naturex was renting since the acquisition
of Natraceutical’s Ingredients Division end 2009
In accordance with the agreement conclude in November
2011
Takeover of Natraceutical Industrial SL (renamed
Naturex Industrial SL) whose main assets consist of
land and buildings in Valencia
Transaction of 8.5 €m to be paid on 30 June 2017
Future Group development pole in Europe
Large size site (terrain de 103.000 sqm and more than
10.000 sqm of buildings) with expansion capabilities
Significant extraction capacities and strong technical
potential
NATUREX Industrial (Spain)
Highlights 1st half 2013 activities
10
A promising collaboration for sharing
know-how
AKER BioMarine. a long-time customer for Naturex
AKER BioMarine. Norway Group. worldwide leader
in krill fishery (70% of world fisheries)
Extraction of krill. rich in Omega-3, processed by
Naturex in Valencia site (Spain)
Creation of a joint-venture: AKBM Manufacturing
Development of a production capability in the United
States (Houston), starting in 2014
In addition to the site in Valencia
Strategic interest for the Group
Pursuing the partnership with AKER BioMarine
New collaborative approach, complementary to the
external growth strategy
AKBM Manufacturing (United States)
Euphasia Superba: krill
Highlights 1st half 2013 activities
11
Scientific expertise and product portfolio
First half of full activity within the Group
Integration of the distribution in Europe previously performed by
a distributor
Pacran®. flagship product of DBS perfectly integrated within
NatLife™ range
Strong involvement of the existing management. developer of
DBS project. involved in the capital
Strategic interest for the Group
Relutive acquisition of the leader of Cranberry extracts
Positioning as a specialist in high-end plant extracts and
fruits native from North America based on the
Cranberry’s development model
NATUREX DBS (United States)
Bog of Cranberry
Highlights 1st half 2013 activities
Key figures H1 2013 Continued good dynamics
12
Financial data as at 30 June 2013 vs 30 June 2012
Sales at constant exchange rate up 13.4%
Operating result: 19.3 €m at 11.7% of sales
Sales
165.8 €m
+12.6%
Current Operating
Results
19.9 €m
12.0% of sales
Net Result
10.1 €m
6.1% of sales
Sales by market: Positive sales trends
13
Food & Beverage
Good growth in antioxidants and fruit and
vegetable powders range (Baby Food applications)
Activity hit by the limited growth in Australia
Nutrition & Health
Strong growth driven by positive market trends in
the United States
Good success of NatLife™ range Pacran® from DBS and other extracts
Personal Care
Promising market. still marginal despite fierce
growth
Toll Manufacturing and miscellaneous
Very good in H1 2013
H1 2013 vs H1 2012
Constant Exchange rate
F&B N&H Personal
Care
Toll-
Manufacturing and
miscellaneous
Total
94.1 59.1 3.0 9.5 165.8
+0.9% +33.6% +17.2% +60.2% +13.4% Sale
s in €
m
56.8%
35.6%
1.8% 5.7%
Food & Beverage Nutrition & Health
Personal Care Toll-Manufacturing and misc.
Activity H1 2013 Continued good dynamics
14
Sales by geographic area: Strong positions
Europe /
Africa
Americas Asia /
Pacific
Total
78.3 68.5 18.9 165.8
+10.1% +19.6% +6.6% +13.4%
Sale
s in €
m
47.3%
41.3%
11.4%
Europe / Africa Americas Asia / Pacific
H1 2013 vs H1 2012
Constant Exchange rate
Strong growth in all geographic areas thanks to the
dynamism of the sales network
Europe / Africa
Sluggish market despite a stronger contribution of some
Western European countries
Important weight of Toll manufacturing activity
Americas
Dynamic market in the US (mainly nutraceuticals)
Continued development in Latin America
Asia / Pacific
Recent integration of VALENTINE went well
Asia remains a dynamic market in our business (51.2%
of the Asia / Pacific zone sales)
Emerging countries
Good development with significant success
in Latin America and Eastern Europe
16.4% of Group sales
Activity H1 2013 Continued good dynamics
H1 2013 results Current operating margin in line
15
In €m
IFRS
H1 2013 H1 2012
Restated*
%
change
FY
2012
Revenue 165.8 147.2 +12.6% 299.8
Gross margin 100.9 88.9 +13.6% 175.5
Gross margin (%) 60.9% 60.4% - 58.5%
Current operating income (EBIT) 19.9 18.7 +6.7% 35.9
Current operating margin (%) 12.0% 12.7% - 12.0%
Other non-current operating expenses (0.5) (1.7) - (4.4)
Other non-current operating income - - - 6.1
Net operating income 19.3 16.9 +14.0% 37.6
Operating margin (%) 11.7% 11.5% - 12.5%
Share of net income of equity-accounted associates - - - -
Operating income after equity-accounted associates 19.3 16.9 +14.0% 37.6
Net borrowing costs (2.9) (2.4) - (5.1)
Other financial income and expenses (1.1) (0.6) - (0.9)
Income before tax 15.4 14.0 +9.8% 31.7
Tax expense (5.2) (4.3) - (8.7)
Net income attributable to the Group 10.1 9.7 +4.2% 22.9
Net margin (%) 6.1% 6.6% - 7.6% * R
esta
ted
in a
cco
rda
nce
wit
h A
men
ded
IAS
19
H1 2013 results A balance sheet reflecting the growth of the activity
16
In €m
IFRS
ASSETS
30/06/13 31/12/12
Non-current assets 255.3 251.3
Goodwill 113.8 114.9
Other intangible assets 12.4 12.2
Tangible assets 120.0 117.0
Financial assets 1.8 4.9
Companies under the equity method 4.6 -
Derived instruments non-current - -
Deferred tax assets 2.8 2.3
Current assets 255.9 220.4
Inventories 160.2 137.2
Derived instruments current 0.2 0.3
Payable tax assets 0.1 1.2
Customers and other debtors 80.1 71.1
Cash and cash equivalent 15.3 10.6
TOTAL ASSETS 511.2 471.6
In €m
IFRS
LIABILITIES
30/06/13 31/12/12
Shareholders’ equity 267.6 258.6
Non-current liabilities 101.6 86.1
Non-current financial debts 85.5 69.3
Derived instruments non-current 1.0 1.6
Employees benefit 5.0 4.9
Deferred tax liabilities 10.0 10.3
Current liabilities 142.1 126.9
Current financial debts 53.1 51.0
Derived instruments current 1.0 1.0
Current provisions 0.3 0.4
Payable tax liabilities 5.3 2.8
Supplier and other creditors 80.9 64.5
Bank overdrafts 1.5 7.2
TOTAL LIABILITIES 511.2 471.6
H1 2013 results Net financial debt
17
In €m
30/06/2013 31/12/2012
Shareholders’ equity 267.6 258.6
Net financial debt 124.9 116.9
Ebitda 53.5* 50.6
Gearing (Net financial debt/ Shareholders’ equity)
46.7% 45.2%
Leverage (Net financial debt/ EBITDA)
2.3 2.3
Breakdown of the net financial
debt by currency
Detail of the financial debt
situation
Net financial debt consists primarily
The debt component of the convertible bonds (OCEANE)
for16.4 €m
A line of CAPEX drawn for 15.0 €m
58.6%
31.6%
9.8%
EUR USD CHF
* Calculated on a 12-month basis
Focus on
strategic challenges
Focus on strategic challenges
19
On our markets The need of proximity with customers is increasing
Demand for innovation is becoming stronger with a firm orientation towards
“sustainability”
How NATUREX meets these strategic challenges?
Our scientific expertise
As a growth driver with high value added (Presentation of the main R&D issues during Annual results meetings)
Our sales organisation
Through a dynamic sales network, closer to our customers worldwide
Our sustainable development initiative Which covers our entire value chain
Sustainable development Key element of our Business Model
Sustainable development Key element Business Model
21
Demand for sustainability is growing strongly
Essential in Personal Care
Increasingly significant for Food & Beverage customers
Growing in Nutrition & Health
This issue is at the heart of NATUREX strategy through
Our responsible sourcing (integrated agricultural sectors, sustainable)
Our industrial policy (management of waste, quality and certification)
Our R&D strongly committed into innovation (objectivation of botanical extracts, innovative processes)
Need to formalize our principles on this subject to better structure our approach
Acting throughout the value chain, at every stage of our industrial process, from the sourcing of raw materials to
the delivery of our products, and minimize the environmental impact of our activities
Differentiating element for our partners, including our customers and communities in the countries where we
source our raw materials
Sustainable development Our project in Ivory Coast
Renovation of 3 classrooms
at Ingrakon elementary school (village of 3,000 inhabitants located at 7 km from Alépé)
Renovation of roofs,
structure, stairs, doors and windows
These improvements will
maintain the school opened all the year
with 120 pupils (from 6 to 10 years)
22
Sustainable development Launch of our « sustainability program »
23
Environmental stewardship
Economic prosperity
Social responsibility
An initiative that integrates all strategic aspects
of our business around three key principles
A Charter detailing our principles and commitments
€
24
Chris Kilham Medicine Hunter
« Sustainability Ambassador »
of Naturex
Collaboration with Naturex since 2005 as
ethnobotanist
Travels the Globe looking for unknown
and exotic plants
Very involved in sustainability
A collaborative program
involving the commitment of all
A Sustainability Committee
Led by Serge Sabrier
Purchasing and Supply-Chain Director
With a multi-disciplinary team
A « Sustainability Ambassador »
Spokesperson
of our sustainable development strategy
A social and environmental reporting
Monitoring of relevant indicators related to our Business
Steering of the actions undertaken
Chris Kilham, Chuchuhuasi, Peruvian Amazon
Sustainable development Launch of our « sustainability program »
25
Which dimension, meaning and benefit for our customers?
Sustainable development A strategic challenge in customer relationship
26
Control the value chain
Sustainable development is,
Ensuring a preserved and available for years resource
Traceability, resource sector, backward integration
Checking that on the entire value chain, best practices, agricultural, industrial and
logistics are applied
Rational or biological agriculture, Carbon footprint, recycling…
Providing a good repartition of the value chain for every one
Benefit sharing, fair trade…
Around this « life cycle », there is a social responsibility, concerns towards
communities, a Brand Awareness for NATUREX and its customers
Sustainable development A strategic challenge in customer relationship
27
Promote the value creation
These values are increasingly
acclaimed by our customers
Differentiation by meanings,
« Consocrate » purchase
Positive communication beyond the
intrinsic values of the product
Place the consumption in front of
sustainability issues and release
consumer behaviour
Excellent support to viral
communication
Sustainable development A strategic challenge in customer relationship
28
Sustainable development A strategic challenge in customer relationship
Sustainability is a differentiating value
Increasingly essential for the future
NATUREX is well positioned in this field
…by nature
Our sales organisation Optimize and maximize interactions
with our clients
30
Our sales organisation Optimize et maximize interactions with our clients
A large number of markets
with a strong regional specificity
A large variety of clients
looking for innovation and services
Identify market maturity and growth potential
Nutrition & Health
Personal Care
Food & Beverage
Food manufacturers
Multinational and local companies
Intermediaries
Flavorists, solutions providers, mix &
seasonings…
Food & Beverage
Different distribution networks (mainly in the United States)
Supermarkets and pharmacies, Health Food
stores, home sales, prescribers, Internet, TV
shopping…
Nutrition & Health
Multinational groups,
major players in the cosmetics market
Companies specialised in Oral Care and Home
Care markets
Personal Care
S
E
G
M
E
N
T
A
T
I
O
N
31
Target our commercial and marketing approach through our network
Proximity Create a proximity link
cultural, geographic…
More than 20 commercial
locations
Markets Anticipate and understand the
expectations of the different markets
Service Support our clients
at every stage of the process
More than
100 sales
engineers
mature Markets
and/or
emerging
Segmentation
and catzgorization of the customer portfolio
BU (Business Unis)
by market
KAM (Key Account
Managers)
Global et
Regional
Local sales
admin. In
each
subsidiary
Communication
strengthened between
production sites and sales
network
Strong presence at trade fairs
Local
logistics Expertise
Our sales organisation Optimize et maximize interactions with our clients
32
Develop our business expertise
Develop commercial expertise
Training to sales techniques
Training to products
Improve business practices
CRM tool
(Customer Relationship Management)
Permanent and personal connection with our
customers
A high quality customer relationship, perfectly
targeted
Our sales organisation Optimize et maximize interactions with our clients
Trade fairs
Dedicated websites
Marketing Digital
Social networks
33
Extend the customer experience by enhancing our offer
Svetol Facebook
page
Professional trade
fairs
Website
Natlife™ range
Touch pads
Pastry Chef/
Demonstration
Our sales organisation Optimize et maximize interactions with our clients
34
Touch pads: A commercial tool set up for NATUREX
Our sales organisation Optimize et maximize interactions with our clients
Prospects
Prospects Trends continue
36
Worldwide population Sharply increase
+ 2 billion people
in 2050
Emerging countries Increasing urbanization and
higher purchasing power
Concerns Health and wellness growing
820 million people
aged over 65 in
2025 in the World vs 470 million today
Increasing demand for
natural ingredients
Sustainability Responsible consumption
84% consumers consider
Sustainability
when making purchase
decision
Emerging countries
will account for
50% of global GDP
in 2020 Health / Dietary
supplements
Ingredients
Cosmetic
Ingredients
Food
Ingredients
Prospects Capitalize on our fundamentals
37
A less likely strong growth due to
higher base effect in 2012
Moreover, the Group structuration will
weigh slightly on current operating
income
2013 second-half outlook
In the longer term
Capitalize on our strengths
Organic growth
Sourcing
Industrial know-how
R&D
Commercial organisation
External growth
Well targeted acquisitions
By pure acquisition or
collaborative approach
(equity interests or joint ventures)
Agenda and contacts
Agenda Financial Communications
39
Diffusion des communiqués de presse après la clôture du marché
Financial information
Sales Q3 2013 5 November 2013
Results Q3 2013 29 November 2013
Annual sales 2013 4 February 2014
Annual results 2013 27 March 2014
Contacts
40
www.naturex.com
Thierry Lambert
President and CEO
E-mail : [email protected]
Tel. : + 33 (0)4 90 23 96 89
Thierry Bertrand Lambert
CFO
E-mail : [email protected]
Tel. : + 33 (0)4 90 23 96 89
Carole Alexandre
Investor Relations
E-mail : [email protected]
Tel. : + 33 (0)4 90 23 78 28
Anne-Catherine Bonjour
Press relations
Actus Finance
E-mail : [email protected]
Tel. : + 33 (0) 1 53 67 36 93
Appendices
Number of shares: 7,839,785
NYSE Euronext Paris – Compartment B Since October 1996
ISIN Code FR0000054694
Market capitalisation: 457 M€ (30 August 2013)
Fiscal year: from 1st January to 31 December
AGM: June
Liquidity contract: EXANE BNP PARIBAS
Analysts: BERENBERG Capital Markets.
CM-CIC Securities. DAVY RESEARCH. ID
Midcaps. KEPLER CHEUVREUX. NATIXIS.
PORTZAMPARC. SOCIETE GENERALE
TICKER: NRX - REUTERS: NATU.PA ;
BLOOMBERG: NRX:FP ;
DR Symbol: NTUXY
Indices: CAC Small, Gaïa Index
Eligible at SRD “long-only” (Service Réglement Différé)
ADR (American Depositary receipt) with BNY Mellon
Share value January 2011- August 2013
NATUREX share
42
Cash flow statement
43
In €m - IFRS 30/06/2013 30/06/2012
Net cash flow from operating activities
before change in WCR 28.0 24.0
Tax paid (3.1) (2.7)
Change in WCR (18.1) (28.2)
Net cash flow from operating activities 6.8 (6.8)
Net cash flow from investment activities (14.9) (21.7)
Net cash flow from financing activities 18.1 6.9
Change in cash flow 10.0 (21.6)
Closing cash position 13.7 14.1
Opening cash position 3.5 36.7
Effect of foreign exchange rate changes on cash held (0.3) 1.0
44
Acting for a better World
Sustainable development
And Social responsibility
Support for education, medicine and basic needs for populations in countries producing our plants,
herbs and spices
Endowment Fund to collect donations Instalments to “Naturex Fund”
Contact Antoine Dauby - Secretary of the Fondation NATUREX Jacques Dikansky
Site d’Agroparc - BP1218 - Avignon Cedex 08 [email protected]
www.fondation.naturex.com
www.naturex.com
