November

Transcription

1 November enrico.petocchi@twiceresearch.it

2 The history since

3 May 2015: IPO on AIM Italia Transaction Share capital increase Floating 10,1% Offer Value 4 mio Share price 3.55 per share Lock-up 12 months Listing May 20, 2015 Dividend per share: (6 June 2016) Fonte : Borsa Italiana 3

4 Shareholders As of 6 June % % % 0.397% 0.397% 1.376% 0.291% % Benedetti Ruffo Benedetti Vanni Galletti Tamara Nisica Roberto Russo Enrico Sforazzini Luca Guesti Pierluigi Honeyfarm S.r.l. Market (new IPO Shares) % Share capital 4,005, represented by # 11,148,900 ordinary shares 4

5 Business model BioDue S.p.A develops, manufactures and distributes: Medical devices «Skinceuticals» (i.e. cosmetics suggested by physicians) Food supplements (solid and liquid, such as drops, capsules, tablets and powders) The Company is organized into two divisions: Industrial Division: dedicated to the production on behalf of third parties of liquid and solid food supplements, cosmetics, medical devices and herbal products; Own Brand Division: dedicated to the production and marketing of dermatological products Pharcos, ophthalmic products BiOfta, herbal products Selerbe, In addition, BioDue integrates its offering with products "Private Label" for retail (pharmacies, drugstores, health food stores). Medical devices Skinceuticals Food supplements (liquid) Food supplements (solid) 5

6 Production facilities Our offices, manufacturing and warehousing are located in Tavarnelle Val di Pesa Sambuca (Florence Area) On a property area of around 17,000 square meters Registered under Reg. CE 852/2004 GMP certified (Good Manufacturing Practice) Quality and Safety Standards in accordance with Code of Federal Regulations, Title 21, Volume 2, part 111, of April 1, 2013) U.S. FDA Registration Number production lines (estimated replacement value significantly higher than the net amount) risk production fragmented, i.e. disaster recovery 6

7 Industrial process Full vertical integration of the production process, either directly or through subsidiaries and related parties. Any kind of production (liquid, solid and medical devices) is located in a different plant (135 production lines) BioDue VALUE CHAIN FORMULA COSTUMER SPECIFICATION PROCESSING RAW MATERIALS PRIMARY AND SECONDARY PACKAGING COMPOUND TRANSFORMATION PACKING QUALITY CHECK (#) (*) (#) (*) (#) Subsidiary (*) Related party S.r.l. 7

8 Distribution model Industrial Division s products are distributed directly to customers client through pharmacies CUSTOMER «INDUSTRIAL» Branded & Private Label products are marketed under the brands Pharcos (dermatology), BiOfta (ophthalmic) and Selerbe (herbal produtcs) Pharcos and BiOfta are distributed through a network of 50 mono-firm agents that reaches all Italian dermatologists (Pharcos) and about 75% of Italian ophthalmologists (BiOfta). Selerbe products are distributed through a network of over 45 mono and multi-firm agents covering Italian territory 8

9 Own brands: distribution channels 50 MONO-FIRM SALES REPRESENTATIVES 45 MONO AND PLURI-FIRM AGENTS OPHTHALMOLOGIST DERMATOLOGIST PHARMACIES HERBALISTS Final customer is induced to purchase by medical reporting, the so called «blank prescription»; this scheme obtains remunerative prices avoiding the counter generic competition. The "Private Label" acts as a customer loyalty scheme to single pharmacy or herbalist s shop 9

10 Subsidiaries Established in 2011 in partnership with a competitor It extracts active ingredients from plants with technology and proprietary know-how LaBiotre provides BioDue raw materials for herbal s products and natural plant extracts to be used in the production cycle : from the seed to the final product S.r.l. Established in 2014, in partnership with Enzo Emanuele, a interdisciplinary clinical pathologist and researcher with over 130 international publications, cooperating with BioDue since 2007 Developing, patenting and selling raw materials to be used in cosmetics, food and medical devices It provides raw materials to BioDue for cosmetics These Companies are functional and complementary to the business of BioDue 10

11 Profit & Loss account as of June 30, 2016 euro thousands % % Var. % Revenues from sales and services 17, % 16, % 6.5% Other revenues (Royalties incl.) % % -6.8% VALUE OF PRODUCTION 18, % 16, % 6.5% Cost of raw materials, consumables and goods 8, % 8, % 0.9% Services 4, % 3, % 9.2% Leases and rentals % % 39.6% Personnel 2, % 2, % 8.0% Change in inventories of raw materials, consumables finished products (833) -4.6% (1,053) -6.2% -20.9% Other costs % % -24.6% EBITDA (*) 2, % 2, % 10.8% Ammortization % % 25.1% Write-down of receivables held as current assets % % 53.3% EBIT (**) 2, % 1, % 6.7% Financial charges (48) -0.3% (12) -0.1% 300.0% Extraordinary items 0 0.0% 0 0.0% Earnings before income taxes (EBT) 1, % 1, % 4.9% Income taxes % % -14.8% Net profit 1, % 1, % 16.1% 11

12 Balance sheet as of June 30, 2016 euro thousands Inventories 4,681 3,848 4,160 Trade receivables 11,382 10,018 11,208 Other current receivables Current Assets 16,912 14,757 16,061 Trade payables (6,542) (5,995) (5,210) Other current payables (1,667) (1,526) (2,537) Current Liabilities (8,209) (7,521) (7,747) NET WORKING CAPITAL 8,703 7,237 8,314 Fixed assets 11,344 9,445 9,502 Other non current assets & liabilities NET INVESTED CAPITAL (**) 20,069 16,712 17,958 Share capital 4,006 4,006 4,006 Reserve 9,146 7,547 7,547 Profit for the period 1,401 2,367 1,207 NET EQUITY 14,553 13,919 12,760 Other Long Term Liabilities (***) 1, Net Financial Position (****) 4,468 1,838 4,242 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20,069 16,712 17,958 12

13 Cash Flow Statement as of June 30, Cash Flow from operating activities (A) 467 3, Cash Flow from investing activities (B) (2,455) (1,269) (879) Cash Flow from financing activities (C) 952 (421) 831 Incr. (decr.) on Cash and Cash Equivalents (A ± B ± C) (1,036) 1, Cash and Cash Equivalents at period starting 1, Cash and Cash Equivalents at period ending 653 1,

14 Breakdown 3Q2016 sales Euro/000 Sept 30, 2016 % Sept 30, 2015 % Delta % By Division Industrial Division 14, % 14, % -0.9% Pharcos Brand 5, % 6, % -10.3% Selerbe Brand 3, % 2, % 24.9% BiOfta Brand 1, % 1, % 13.5% Other minor % % -25.0% Total sales 25, % 25, % 0.1% By Geographical Area Local (Italy) 22, % 22, % -0.9% Foreign (other UE and Extra UE contries) 3, % 2, % 8.0% Total sales 25, % 25, % 0.1% 14

15 Contacts Marco Ulivagnoli Board Member Investor Relations BioDue spa Via A. Lorenzetti, 3/a Tavarnelle Val Pesa (FI) Nomad Baldi Finance S.p.A. Antonio Boccia Via San Damiano, Milano Tel: Fax: antonio.boccia@baldifinance.it Specialist Integrae SIM S.p.A Via Meravigli, Milano Tel: Fax: