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Analyst meeting-SFAF
12th September 2012
NATUREX Interim Results 2012
NATUREX at a glance
Interim results 2012 A very well-oriented first half
Focus on the expenses related to the acquisition program
Innovation at the heart of NATUREX development strategy
A sustainable and responsible development
NATUREX and the Stock Market
Agenda and contacts
Appendix
2
Contents
3
NATUREX at a glance
4
NATUREX at a glance
World leader in specialty plant-based natural ingredients
Three markets: Food & Beverage, Nutrition & Health, Personal Care
A wide product range with over 1,500 referenced products
Created in 1992 in Avignon (Head Office) and listed on NYSE Euronext Paris since 1996
More than 1,300 employees worldwide
Of which 15% within the Science Direction
A worldwide geographic footprint in 22 countries
21 sales offices for a close relationship with more than 2,000 customers
15 flexible and efficient industrial facilities for customised solutions
A high sourcing capacity all over the World
5
Interim Results 2012 A very well-oriented first half
6
Highlights in 1st half 2012
A strengthened industrial presence
Integration of BURGUNDY (France and Spain)
Acquisition of PEKTOWIN (Poland) and VALENTINE (India)
Increased capabilities
A high value-added differentiating offer
A wider range of ingredients and purified extracts
Customised innovative solutions
Enriched technical and scientific expertise
A dynamic international sales network
Three additional sales offices: Morocco, Poland and India
Three regional centers (Americas / Europe-Africa / Asia-Oceania) to strengthen customer relationships
A global network improving local market penetration
7
A very well-oriented 1st half
Sales*
€147.2 m
+15.0%
EBIT current**
17.9 M€ 12.2%
of sales
Net Result
9.0 M€ 6.1%
of sales
Financial data as at 30th June 2012 vs 30th June 2011
* Sales at constant FX, up 11.1%
** EBIT non current: €16.2 m at 11.0% of sales
A value-added growth
Sustained growth across all markets
Food & Beverage
Good growth,
partly due to scope effects
A strengthened product portfolio
that meets international customers
Nutrition & Health
Leadership in the US market, 1st market
worldwide for nutraceutical products
Success of the range NATlife™ : innovative
extracts backed with clinical studies
Personal Care
Take-off in sales
due to the acquisition of BURGUNDY
Toll and Miscellaneous
Slower start-up of the toll extraction activity
but good outlook for H2 2012
H1 2012 vs H1 2011
Current Exchange rate
F&B N&H Personal
Care
Toll &
Misc.
Total
94.3 44.3 2.6 5.9 147.2
+10.2% +28.0% +96.3% -7.6% +15.0% Sale
s in €
m
8
64.1%
30.1%
1.8% 4.0%
Food & Beverage Nutrition & Health
Personal Care Toll & Miscellaneous
A value-added growth
Good performance in the three geographical regions
Developed countries
Good resilience despite the economic
downturn
Demand from consumers increasingly oriented
towards high-end products with scientific
evidence (health claims, scientific and clinical
studies)
Delayed launches of new products from the
industrial
Emerging countries
Growing strongly
Higher weight in Group sales:
15.2% in H1 2012 vs 12.4% in H1 2011
Broader commercial coverage
Three new commercial locations in three
emerging countries: Morocco, Poland, India
Local penetration of the markets strengthened
due to the rise of commercial subsidiaries (Asia,
Americas)
9
H1 2012 vs H1 2011
Current exchange rate
Europe/
Africa
Americas Asia/Pacific Total
73.5 57.9 15.8 147.2
+3.4% +32.6% +19.6% +15.0% Sale
s in €
m
49.9%
39.3%
10.7%
Europe / Africa Americas Asia / Pacific
10
Good level in current operating income
after the acquisitions
In €m
IFRS
H1 2012 H1 2011 % var. FY 2011
Revenue 147.2 127.9 +15.1% 253.6
Gross margin 91.5 75.4 +24.1% 148.6
% gross margin 62.2% 59.0% 58.6%
Current operating income 17.9 16.0 +11.9% 30.1
% current operating margin 12.2% 12.5% 11.9%
Other operating expenses (1.7) - - (1.6)
Other operating income - - - -
Operating income 16.2 16.0 +1.3% 28.5
% operating margin 11.0% 12.5% 11.3%
Cost of net financial debt (2.4) (2.8) - (4.8)
Other financial income and expenses (0.6) 0.9 0.2
Income before tax 13.2 14.1 -6.4% 23.9
Tax expense (4.2) (4.4) - (8.3)
Net income, Group share 9.0 9.7 -7.2% 15.6
% net profitability 6.1% 7.6% 6.2%
Earnings per share (base) 1.17 1.52 2.32
11
Good level in current operating income
after the acquisitions
16.0
17.9
H1 2011 H2 2012
Curr
en
t E
BIT
in
€m
Increase of current EBIT
in line with the growth of the activity
Strong growth of the gross margin
The gross margin rate improved by 3.2
point vs H1 2011 at 62.2% of sales
Evolution of the product mix towards
increasingly technical solutions with high
value-added
Contribution of the acquisitions,
BURGUNDY and PEKTOWIN
Non current operating charges impacted the
operating result by €1.7m
Acquisition fees for €1.2m
• All fees linked with the acquisition program
o/w €0.5m for PEKTOWIN and €0.3m for
VALENTINE
Restructuring costs for €0.5m
€0.3m regarding BURGUNDY
(finalisation)
€0.2m regarding PEKTOWIN
(reorganisation of the activities)
Additional operating charges due to the change of scope
Impact of the structuring efforts on fix costs
Low contribution of the companies acquired over the
period
12
A strong balance sheet
In €m
IFRS
ASSETS
30/06/12 31/12/11
Non-current assets 229.3 209.9
Goodwill 103.2 93.5
Intangible assets 9.6 9.3
Tangible assets 110.7 103.2
Financial assets 1.7 1.2
Derived instruments non-current 0.2 0.3
Deferred tax assets 4.0 2.5
Current assets 225.5 216.3
Inventories 135.1 115.2
Derived instruments current 0.4 1.2
Payable tax assets 0.7 0.7
Customers and other debtors 73.6 61.6
Cash and cash equivalent 15.7 37.7
TOTAL ASSETS 454.9 426.2
In €m
IFRS
LIABILITIES
30/06/12 31/12/11
Shareholders’ equity 247.3 236.1
Non-current liabilities 111.1 103.9
Non-current financial debts 93.1 87.3
Derived instruments non-current 2.0 2.3
Employee benefits 4.2 2.9
Deferred tax liabilities 11.9 11.4
Current liabilities 96.5 86.2
Current financial debts 23.0 17.6
Derived instruments current 0.9 0.9
Current provisions - -
Payable tax liabilities 4.0 1.6
Suppliers and other creditors 66.9 65.2
Bank overdrafts 1.6 0.9
TOTAL LIABILITIES 454.9 426.2
13
Financial debt
Breakdown of the net financial debt by currency as at 30.06.2012
49.6%
36.5%
13.9%
EUR USD CHF
A well managed financial debt
Solid shareholders’ equity
Financial debt reflects the different acquisitions completed
In €m
30/06/2012 31/12/2011
Shareholders’ equity 247.3 236.1
Net financial debt 102.0 68.2
EBITDA 43.4* 39.7
Gearing (Net financial debt / Shareholders’ equity)
41.2% 28.9%
Leverage (Net financial debt / EBITDA)
2.3* 1.7
* Calculated on a 12-month basis
14
Focus on the expenses related to the acquisition program
15
Focus on the expenses related to the acquisition program
The capital increase of October 2011 allows to raise €48.8 million, with main objective to finance the new round of acquisitions in 2011/12
Funding objective of the acquisition program
70% by equity
30% by debt
16
Focus on the expenses related to the acquisition program
Integration of BURGUNDY achieved, well on track for PEKTOWIN and VALENTINE
Return to profitability according to the Group standards in the course of 2013
Acquired
companies
EV Acquisition
fees
Capex Restructuring
costs
Sub-
Total
Coming TOTAL
In € million
BURGUNDY 17.0 0.6 4.0 0.8 22.4 5.0* 27.4
PEKTOWIN 8.2 0.5 0.9 0.7 10.3 5.5** 15.8
VALENTINE 6.8 0.3 - - 7.1 - 7.1
TOTAL 32.0 1.4 4.9 1.5 39.8 10.5 50.3
The acquisition program is still on-going, further projects are currently under review
Three acquisitions completed between Q4 2011 and Q1 2012 : BURGUNDY (France-Spain), PEKTOWIN (Poland), VALENTINE (India) representing €20m additional sales estimated for 2012
Detail of the expenses realised since the beginning of the acquisition program and future expenses
* BURGUNDY: o/w €4.5m of buy back of the assets of Burgundy Reyssouze II (lease Communauté des Communes)
** PEKTOWIN: o/w €1.5m of finalisation of the restructuring of the secondary activities and €4m to achieve the investment of a separate line of juice concentrates
17
Innovation at the heart of NATUREX development strategy
18
A structured organisation to manage the development
C.E.O Thierry LAMBERT
Operational subsidiaries 15 industrial sites and 21 sales offices
Implementation of the strategy and action plans
Functional Pole
Human Resources
IT Systems
Marketing & Markets
Corporate Finance & Accounting
Financial Control
Legal Financial
Communications
Support to operations and strategy
Exe
cuti
ve C
om
mit
tee
Operational Directions
Dir. of Operations Americas_Asia S. DUCROUX
Scientific Dir.
M. ROLLER
Industrial Dir.
F. SEGUIN
Commercial Dir. Europe-Africa M. ANGELUCCI
Purchase/Supply Chain Dir.
S. SABRIER
19
A technical and scientific integrated expertise
Worldwide
sourcing
Selection of Premium plants
Supply in more than 50
countries Worldwide
Control and
Quality
Insurance
Production Formulation /
Applications
Full traceability
Advanced analytical
equipment
Continuous scientific and technical innovation
20 years of expertise in the
process of extraction, drying,
purification
Quality and Environment
certified sites
Dedicated R&D teams
too support customer
projects
8 laboratories of new
product development,
5 laboratories of
technical support
and 1 Pilot Center
20
A range of innovative products for a differentiating offer
A wide and scalable product range
« One-stop-shop » in specialty plant-based natural ingredients
A global offer for customised solutions
A value-added and differentiating offer
A proven marketing know-how Trade shows, brochures, product sheets, websites, …
High scientific potential products Health claims, ASMF supports, scientific and clinical studies
A capacity of innovation recognized by professionals Numerous Awards: SVETOL, TALIN, CEREBOOST, UTIROSE
A very active collaboration between our R&D teams and our customers’ laboratories
Assistance to new customer projects (more than 2,000 developments/year)
Proactive on innovative ingredients (Maca, Talin…) and specific applications
21
Product Focus
Svetol®, an innovative concept developed by NATUREX
Premium Product from NATUREX R&D
Plant extract of decaffeinated green coffee, rich in active constituents (chlorogenic acid, caffeic acids), obtained from unroasted coffee beans
Sourcing highly targeted to select a variety and quality of coffee that have a special profile of chlorogenic acid
The extraction process used by NATUREX aims to preserve the plant and the identity of the extract while protecting the active molecules present in coffee
A concentrated plant extract with a proven efficacy « Slimming & Beauty »
The benefits of Chlorogenic acids to our health have been demonstrated in numerous scientific studies (antioxidants, decrease in blood sugar after a meal)
A clinical study scientifically proved slimming Svetol Action ® (weight reduction, clearance of lipid reserves)
Flagship of NATLife range
Unique and patented composition
Many applications in co-branding with leading actors in the nutraceutical market
22
A global sales network for a strong local presence
Data as at 30 August 2012
Sales offices
3 regional
centers
21 sales
offices
o/w 8 in
emerging
countries
South
Hackensack
Milan
Avignon
Singapore
Shanghai
Tokyo
Birmingham
Brussels
Köln
Sao Paulo
Sydney
Valencia
Dubai
Moscow
Bangkok
Casablanca
Seoul
Toronto
Mexico
Warsaw
Mumbai
EUROPE / AFRICA / MIDDLE EAST AMERICAS ASIA / PACIFIC
Los
Angeles
Opening scheduled
23
A sustainable and responsible development
24
A sustainable and responsible development
Our action in Peru
Maca (Lepidium meyenii) is one of the oldest plants that grows naturally in the highlands of the Andes between 3,800 and 4,500 meters in extremely harsh climatic conditions (temperatures between 4° and 7°, winds, regular rainfall)
This tubercule is grown by local farmers in the Altiplano in accordance with traditional methods. It is for this population a significant portion of their resources and their supply
Maca has medicinal properties, subject to numerous scientific studies: physical energizing, mental action on stress and fatigue ...
MACA : The Sacred plant of the INCA Empire of Peru
25
Mission to support the village of Ninacaca
A sustainable and responsible development
Our action in Peru
Village of 1,780 inhabitants located in the mountainous region of Pasco (Peru) at 3,984 meters of altitude
Very remote area with difficult access where NATUREX harvests Maca
People face many difficulties in access to health care, education, means of communication…
26
Help to improve living conditions
A medical dispensary was opened with a dental center fully equipped. A dentist and his assistant down from Cerro de Pasco (main town located at 4,338 meters of altitude and 31 km from Ninacaca) 2 to 3 times a week. Approximately 1,200 care was provided since the opening of the dental office.
An IT center has been built, equipped with a satellite dish for Internet access and twenty computers. A teacher comes to teach children five days a week, averaging 50 students per month.
A sustainable and responsible development
Our action in Peru
27
Acting for a better World
Support for education, medicine and basic needs of populations
Since 2008 in the countries where NATUREX sources and produces its plants, herbs, spices…
Creation of an endowment Fund to collect donations to our Foundation
Installments to NATUREX Fund
www.fondation.naturex.com
A sustainable and responsible development
28
NATUREX and the Stock Market
29
Shareholding structure
SGD (Partnership Limited by Share) is controlled by J. DIKANSKY
The capital of SGD is owned by J. DIKANSKY/Family for 38.80% and by FINASUCRE for 59.99%
There is no more Shareholders Agreement nor action in concert between SGD / J. DIKANSKY
and NATRACEUTICAL
The subscription for the payment of the dividend in respect of 2011 was followed by nearly 80%
Source: SGSS/GIS – 31st August 2012
Capital 7,728,079 actions
Voting rights 7,178,312 votes
SGD / J. DIKANSKY
21.19%
Natraceutical 17.71%
Public 61.00%
Auto-Detention 0.10%
Public 68.69%
Natraceutical 8.49%
SGD/J. DIKANSKY
22.82%
30
Strong share price outperformance
Number of shares: 7,728,079 NYSE Euronext Paris – Compartment B since Octobre 1996
6,968,924 ordinary shares (FR0000054694)
759,155 preferred shares (FR0010833251)
Stock Capital Market: €400m (As at 7th Septembre 2012)
Sponsored Level I, ADR program Depositary Bank: BNY Mellon Trade on over-the-counter market in the US under symbol NTUXY Ratio: 4 ADRs for 1 ordinary share of NATUREX
Fiscal Year: from 1st January to 31st December
AGM: June
Liquidity contract: NATIXIS
Analysts: BERENBERG Capital Markets, CM-CIC Securities, DAVY RESEARCH, ID Midcaps, KEPLER Capital Markets, NATIXIS, PORTZAMPARC, SOCIETE GENERALE, ARROWHEAD
Share value January 2011 - September 2012
TICKER: NRX - REUTERS: NATU.PA ; BLOOMBERG: NRX:FP ;
DR Symbol: NTUXY
Indices: CAC Small, Gaïa Index
Eligible at SRD “long-only” (Deferred Settlement Service)
Sponsored, Level I, American Depositary Receipt program with BNY Mellon
31
Agenda and contacts
32
Financial communications agenda
Release of financial information after the market close
Financial information
3rd quarter sales 2012 November 5th, 2012
3rd quarter results 2012 November 29th, 2012
Annual sales 2012 January 24th, 2013
Annual results 2012 March 27th, 2013
Next events
Autumn Conference (Cheuvreux) Paris September 20th, 2012
Midcap event Paris September 24th and 25th, 2012
Specialty Ingredients and Chemicals Conference
(Berenberg) London
October 2nd, 2012
Consumer Ingredients Conference (JP Morgan) London November 20th, 2012
Actionaria Trade show Paris November 23rd and 24th, 2012
Midcap Event Geneva December 10th and 11th, 2012
33
Merci de votre attention
Contacts
www.naturex.com
Thierry Lambert
VP and CEO
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
34
Appendix
35
Cash flow statement
In €m- IFRS 30/06/2012 30/06/2011 31/12/2011
Net cash flow from operating activities,
before change in WCR 24.0 20.9 42.1
Tax paid (2.7) (3.0) (4.5)
Change in working capital requirement (28.2) (11.6) (11.9)
Net cash flow from operating activities (6.8) 6.3 25.6
Net cash flow from investment activities (21.7) (7.4) (25.9)
Net cash from financing activities 6.9 (3.3) 20.9
Change in cash flow (21.6) (4.4) 20.6
Closing cash position 14.1 10.6 36.7
Opening cash position 36.7 16.2 16.2
Effects of foreign exhange rate changes on cash held 1.0 1.1 (0.1)
36
A global offer into three complementary markets
Innovative active natural ingredients, plant extracts and
functional raw material
Natural ingredients with aromatic, preservative, healthy,
texturing and sweetening properties
Plant extracts and innovative active ingredients for nutraceutical applications
and pharmaceuticals
37
A balanced worldwide presence
in both developed and emerging countries
Shingle Springs
South Hackensack
Milan
Avignon
Singapore
Shanghai
Tokyo
Birmingham
Brussels
Köln
Production facilities
Sales offices
Manaus
Sao Paulo
Sydney
Valence
Dubai
Moscow
Bischofszell
and Burgdorf
Casablanca
Bangkok
Seoul
Toronto
Mexico
Palafolls
Reyssouze
New acquisitions
Jaslo and
Warsaw
Mumbai
38
A still fragmented market
Main competitors
by product range
Food & Beverage Nutrition
& Health
Natu
ral
co
lors
Fla
vo
rin
g
ex
trac
ts
An
tio
xid
an
t
Ro
se
ma
ry
ex
trac
ts
F&
V p
ow
de
rs
an
d ju
ice
co
nc
en
tra
tes
Fru
it
pec
tin
s
E
xtr
ac
ts
wit
h
ben
efi
cia
l
eff
ec
ts o
n
hea
lth
Chris Hansen (Denmark)
CPKelco (USA)
Cargill (USA)
Danisco (Denmark)
D.D Williamson (USA)
Diana Naturals (France)
Euromed (Spain)
Finzelberg-Plantextrakt (Germany)
Frutarom (Israel)
GNT (Germany)
Indena (Italy)
Kalsec (USA)
Kerry (Ireland)
Sensient (USA)
Vitiva (Slovenia)
Sustainability and Corporate Responsibility
39
Social Responsibility
Member of the United Nations Global Compact
Committed to the principles of human rights, labour,
environment and anti-corruption
Member of Sedex
To share with our suppliers ethical data and to improve ethical
performance of our supply chain
Environmental sustainability For sustainable sourcing, manufacturing and offering
Quality, safety and environment certifications
ISO 9001, ISO 14001
OHSAS 18001
Food BRC
USDA Organic
cGMP (NSF)
API (Active Pharmaceuticals Ingredients)
Bio european label
Kosher and Halal certifications
40
Acting for a better World
Support for education, medicine and basic needs of populations
Since 2008 in the countries where NATUREX sources and produces its plants, herbs, spices…
Creation of an endowment Fund to collect donations to our Foundation
Installments to NATUREX Fund
www.fondation.naturex.com
A sustainable and responsible development
www.naturex.com
