Mid-Term Financial Targets & Capital Allocation
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1 Mid-Term Financial Targets & Capital Allocation Matthias Zachert Chief Financial Officer Darmstadt, 15 May, 2012
2
3 Agenda 1. Introduction 2. Savings 3. Financial Targets 4. Capital Allocation & Others 3
4 The Group We are introducing new divisional peers Biopharmaceuticals Consumer Health Performance Materials Life Science Amgen Bayer CH Croda Bio-Rad Biogen GSK CH Givaudan Life Technologies Lundbeck NBTY Novozymes Pall NovoNordisk Rohto Symrise Sartorius Shire Omega Sigma UCB Novartis CH Thermo Fisher 4
5 Pharma Where do we stand in pharma? Biopharmaceuticals vs. peers Consumer Health vs. peers 2011 EBITDA pre margin Peer Mean: ~34% 2011 EBITDA pre margin Peer Mean: ~20% 28% 45% 40% 28% 38% 35% 21% 12% 24% 15% 21% 23% 15% 19% Merck KGaA, Darmstadt, Germany Source: sell-side research A B C D E F Merck KGaA, Darmstadt, Germany A B C D G H Strong We have and considerable healthy business room compared for improvement to peers 5
6 Chemicals Where do we stand in chemicals? Performance Materials vs. peers Life Science vs. peers 2011 EBITDA pre margin 2011 EBITDA pre margin Peer Mean: ~24% Peer Mean: ~26% 47% 24% 26% 41% 21% 19% 30% 26% 20% 29% 20% 19% Merck KGaA, Darmstadt, Germany Source: sell-side research A B C D Merck KGaA, Darmstadt, Germany A B C D E F Overall, we are on track 6
7 The Group Strong and healthy business with attractive gross margins compared to the industry 2011 Gross margins vs. industry average % of sales 100% Industry high Industry low 80% 60% 40% 20% 88% 69% 60% 58% 76% 0% Biopharmaceuticals Consumer Health Performance Materials Life Science The Group 7 Source: company analysis Strong gross Strong profits and healthy reflect attractiveness business compared of products to peers and brands
8 Agenda 1. Introduction 2. Savings 3. Financial Targets 4. Capital Allocation & Others 8 Capital Market Day 2012
9 Biopharmaceuticals Restructuring Savings will predominantly ramp up in 2013 and 2014 Net 300m of savings Impact of savings by year m R&D Close down R&D hub Geneva Reduce fixed costs Trim HQ costs SG&A Reduce admin & marketing along with globalization of organization Ensure appropriate levels of customer facing contacts E 2013E 2014E Strong SG&A and healthy biggest business lever for compared improvement to peers 9
10 Biopharmaceuticals Restructuring We will incur 600m in restructuring costs Timing of one-time costs Timing of cash outflows 400m 50% 25% R&D 25% 150m SG&A 50m SG&A 2012E 2013E 2014E 2012E 2013E 2014E Majority Strong of and one-time healthy costs business are cash-related compared to expenses peers 10
11 Agenda 1. Introduction 2. Savings 3. Financial Targets 4. Capital Allocation & Others 11 Capital Market Day 2012
12 The Group We strive for realistic Group targets Sales ( m) EBITDA pre ( m) EPS pre ( ) +4% - 8% +10% - 17% 10,350-10,700 3,000-3, % - 32% ,906 2, E E E * % of sales 27.5%* 29% 30%* Assumptions: Unchanged economic environment FX: EUR/USD = 1.35; EUR/CHF =
13 Pharma Biopharmaceuticals mid-term financial targets Sales ( m) EBITDA pre ( m) +2% - 6% +15% - 21% 5,700-5,900 1,800-1, Assumptions: No new product launches Austerity measures will continue to put pressure on developed markets Emerging Markets will continue to fuel growth Royalty income to be expected to decrease to 180m 200m in 2014 * % of sales E E 28.2%* 31% 32%* Exploit Cost market savings potential will outside fundamentally Europe, especially improve in profitability Emerging Markets 13
14 Pharma Consumer Health mid-term financial targets 494 Sales ( m) EBITDA pre ( m) +1% - 7% +27% - 53% Assumptions: Cost Containment, notably: Efficiencies on fixed cost structure Improvement on sales promotion activities Exit unprofitable products * % of sales E E 11.8%* ~15% 17%* Exploit Marketing market potential & selling outside savings Europe, drive especially profitability in Emerging improvement Markets 14
15 Chemicals Performance Materials mid-term financial targets Sales ( m) EBITDA pre ( m) ~2% -9% - 0% , Assumptions: Slight margin erosion (volume up, price down) No new liquid crystal technologies launched * % of sales E E 46.6%* ~41% 45%* Exploit Performance market potential Materials outside remains Europe, especially an attractive in Emerging business Markets 15
16 Chemicals Life Science mid-term financial targets Sales ( m) EBITDA pre ( m) +11% - 15% % ~2,650-2,750 ~ Assumptions: Growth drivers predominantly: Asia Higher production of biologic drugs New products Bolt-on acquisitions High R&D maintained * % of sales E E 23.6%* ~23% 24%* Exploit market potential Solid outside growth Europe, business especially in Emerging Markets 16
17 The Group The first step of the transformation program will be to close the operational gap with peers Strong catch up in Biopharmaceuticals and Consumer Health with average industry profitability Solid (above industry) performance in Performance Materials Life Science will continue to deliver stable top-line and operating results with a moderate risk profile 17
18 Agenda 1. Introduction 2. Savings 3. Financial Targets 4. Capital Allocation & Others 18
19 The Group Ensure effective cash allocation 2012/2013 Deleveraging 03/2012: 500m bond (interest rate = 2.125%) 12/2012: 500m bond (interest rate = 3.75%) 09/2013: 750m bond (interest rate = 4.875%) Restructuring One-time costs : ~ 600m External Growth Bolt-on acquisitions 2012/2013 In-licensing deals in pharma No large, transformational transactions Dividend Stable dividend payment: 35-40% payout ratio (on adjusted net income, i.e. before one-time costs) 19
20 The Group Strengthened balance sheet through deleveraging bn Gross Financial Debt bn bn Interest savings Bond 03/12: 10m p.a. Bond 12/12: 20m p.a. Bond 09/13: 40m p.a Dec Dec Dec We will continue to reduce our gross and net debt 20
21 The Group Reliable dividend policy Dividend Payment Dividend Policy: Minimum Dividend* : Target payout ratio: 35-40% of net income adjusted for onetime items (i.e. transformation costs) 1.00 Stable dividend will be assured over next three years despite one-time costs E 2013E 2014E *Forward Looking Statement: Subject to operational performance and approval at the AGM 21 Stable dividend payments ensure minimum return for shareholders
22 The Group New compensation system with LTIP 1 focus on share price development Prerequisite: One-time co-investment in Group shares = 10% of gross annual base salary External Key Performance Indicator KPI (70%) Multiplier A: Relative Share Performance (0%-150%) SURs 2 x 70% x Multiplier A Total number SURs by share price FINAL VALUE Internal Key Performance Indicator KPI (30%) Multiplier B: EBITDA premargin (0%-150%) SURs 2 x 30% x Multiplier B 1 LTIP: Long-Term Incentive Plan 2 SUR = Share Unit Rights of Merck KGaA, Darmstadt, Germany 22
23 The Group.and bonus based on increased performance Old System Lower emphasis on individual performance Focus on complex collective objectives with lots of different scorecards and KPI Merck KGaA, Darmstadt, Germany Business Target MBT New System Stronger emphasis on individual performance Collective objectives with a common set of KPIs: Financials: EBITDA pre and Sales Must deliver on cash flow and working capital as prerequisite for bonus payment 23
24 The Group Summary 1 The Group has identified areas to be improved and will implement a restructuring program 2 Shareholders will benefit from: Cost improvements Stable growth A stable dividend policy 3 We will embark on a continued transformation process over the next several years 24
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