NATUREX A World Leader in specialty plant-based natural ingredients

Transcription

1 NATUREX A World Leader in specialty plant-based natural ingredients April 2011

2 Agenda NATUREX at a glance A world leader in specialty plant-based natural ingredients A unique expertise in the manufacturing of specialty plant-based natural ingredients Three strategic and complementary markets A worldwide sales network Well positioned on fast growing end-markets New challenges in natural and health perception Customized solutions Provider for diversified and international customers Main players by product range The keys for a continuous growth A growth story The consolidation of the market is a growth driver High barriers to entry: A sustainable and profitable competitive advantage Strategy and outlook: Driving profitable growth A growth and ISR value Sustainability and Corporate Responsibility Capital and shareholders Financial Communications Agenda and Upcoming events Appendices 2

3 NATUREX at a glance World leader in specialty plant-based natural ingredients for Food & Beverage, Nutrition & Health and Personal Care markets Created in 1992 Head Office in Avignon (France) Listed on the Stock Market since 1996 NYSE EURONEXT Paris Compartment B Stock market capitalisation: 324 million (As at April 18 th, 2011) Worldwide geographical presence via a dedicated sales network in 19 countries High sourcing capacity all over the World High performance industrial resources through 11 industrial sites Strong Research & Development Preferred customer relations with over 2,000 customers A wide product range with over 1,500 listed products 950 employees worldwide of which 15% working with the Scientific Department 3

4 A world leader in specialty plant-based natural ingredients 4

5 A unique expertise in the manufacturing of specialty plant-based natural ingredients Naturex controls all the stages of the manufacturing process Innovation Creation of addedvalue ingredients Sourcing Selection of premium botanicals Quality Control Tight monitoring for traceability Production Huge capabilities and technologies 5

6 Three strategic and complementary markets Food & Beverage Natural flavoring, coloring, preservative and healthy ingredients Nutrition & Health Botanical extracts and branded ingredients concepts Personal Care Natural ingredients concepts, botanical extracts and functional raw materials NAT stabil NAT arom NAT life NAT activ NAT beauty NAT select NAT color NAT healthy NAT pharma NAT protect F&V powders Pectins Plant extracts Substitute to chemical antioxydants Natural colors Color solutions with natural pigments Powders from fruits and vegetables Flavoring extracts Through a rich palette of oleoresins and essential oils Botanical extracts With beneficial effects on health (antioxidant, stress, digestive health ) Apple and Citrus pectins for Confectionary, Jam Branded ingredient concepts Registered trademarks Innovative plant extracts (cognitive performance, anti stress, weight management, menopause ) Plant extracts With Active Substance / Master Files (ASMFS) Botanical extracts With beneficial effects on health Branded active ingredients Registered trademarks With In Vitro research Innovative solutions (anti-aging from Peruvian Maca, slimming active from decaffeinated green coffee ) Natural Extracts With preservative properties (antioxidants, antimicrobials) Botanical extracts For cosmetic applications 6

7 A worldwide sales network Birmingham Köln Bischofszell Seoul Brussels Moscow Ontario Valencia Tokyo Mexico New Jersey Milan Shanghai Dubai Bangkok Sydney Sao Paulo Singapore Avignon 7

8 Well positioned on fast growing end-markets 8

9 New challenges in «natural» and «health» perception Food & Beverage Nutrition & Health Natural and organic foods 2012 / Worldwide F&B with health claim / Worldwide F&B Bio / Worldwide +10% +22% $179bn +34% $30.5bn Natural and Health claims create value Personal Care Nutraceutical ingredients / Worldwide Nutrients and minerals / Worldwide +6.2% $21.8bn +6.4% $12.6bn Source: NBJ 2010 Euromonitor 2009 Natural cosmetics products +12% 2010 / Europe 2.0bn Source: World Nutraceutical Ingredients study Freedonia Group November 2009 Natural personal care products +15% / Worldwide Source: Kline Group March 2010 Organic Monitor Oct

10 Customized solutions Provider for diversified and international customers Strong customer s relationship with «best-of-class players of Food&Beverage, Nutrition, Pharmaceutical and Cosmetics Industries Pharmaceutical, nutritional supplement, dietary companies Multinational companies in Food & Beverage Cosmetics, Personal Care & Beauty brands 10

11 Main players by product range Food & Beverage Nutrition & Health Natural colors Flavoring extracts Antioxidant Rosemary extract Fruit and Vegetable powders Fruit pectins Extracts with beneficial effects on health 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) 11

12 The keys for a continuous growth 12

13 A growth story Net sales x20 in 10 years Sales in m PF PF sales include sales generated by the Ingredients Division of Natraceutical Group which were consolidated as of January 1, 2010 Solid fundamentals Strong organic growth Substantial upside to expect Major synergies and cross-selling A track-record of 8 successful acquisitions in 8 years Numerous strategic geographical build up opportunities 13

14 The consolidation of the market is a growth driver A spectacular know-how of acquisition and integration December 2007 CHART CORPORATION 8m December 2009 NATRACEUTICAL INGREDIENTS DIVISION 85m January 2007 HAMMER PHARMA 8m April 2004 HAUSER RFI 3m July 2005 PURE WORLD 31m April 2007 HP BOTANICALS 3m January 2008 BERKEM ACTIFS INNOVANTS 4m January 2002 BRUCIA 8m 14

15 High barriers to entry: A sustainable and profitable competitive advantage Constant review of EFSA (European Food Safety Authority) for products with health or natural claims Ability to handle EDMF (European Drug Master File) for pharmaceutical compounds REGULATIONS CRITICAL SIZE Skills in supplying unique natural raw materials, strong purchasing power to secure prices and quantities Technological know-how Manufacturing sites, advanced extraction capabilities and sales networks worldwide Strong R&D and high level of Quality Control 15% of employees working in Science Department Several patents and publications in peer-reviewed scientific journals INNOVATION PREFERRED PARTNER Tailor-made solutions through innovative specialty plant-based natural ingredients Coverage of a wide customer needs range through our big size and large product portfolio 15

16 Strategy and Outlook Driving profitable growth Go on with strong organic growth and rise in operating margin Optimize the synergies and cross-selling opportunities through our different locations Increase market focus innovation through R&D and quality certifications Consider new opportunities of acquisitions to complete our range of products and reinforce our geographical positions 16

17 A growth and ISR value 17

18 Sustainability and Corporate Responsibility 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 chains Environmental sustainability For sustainable sourcing, manufacturing and offerings Quality, safety and environment certifications ISO 9001, ISO OHSAS Food BRC USDA Organic cgmp (NSF) API (Active Pharmaceuticals Ingredients) Bio european label All manufacturing sites are Kosher and Halal approved 18

19 Sustainability and Corporate Responsibility Community involvement To manage the impacts of our business on communities and to fit their lifestyles NATUREX Foundation Created in March 2008 Dedicated to improving life conditions in communities from which Naturex derives plant materials Supports in particular education, medicine, environment and basic necessities, outside of any economic interest 19

20 Equity story of a premium company Share price evolution January 2010-April 2011 Number of shares: 6,410,931 NYSE Euronext Paris B Compartment since October ,959,935 ordinary shares (FR ) 1,450,996 preference shares (FR ) Market capitalisation: 324.0m (As at April 18 th, 2011) Fiscal year: from 1 st January to 31 December General Meeting: June Evolution over the last 12 months: % Evolution over the last 6 months: % REUTERS: NATU.PA ; BLOOMBERG: NRX:FP Index: CAC Small, Gaïa Index Eligible for DSS long-only Contract of liquidity: NATIXIS Last dividend distribution: September /share Payment option in shares followed at 85.6% Analysts: ID Midcaps, KEPKER Capital Markets, NATIXIS, PORTZAMPARC, RB Milestone 20

21 A well-balanced shareholders structure Capital 6,410,931 shares Voting Rights 5,037,250 rights Auto-Detention 0.15% SGD / J. DIKANSKY 16.22% SGD / J. DIKANSKY 20.65% Action in concert SGD / J. DIKANSKY and NATRA Group Public 47.52% NATRA Group 36.11% NATRA Group 17.15% Public 62.20% Sharehoders agreement between SGD / J. DIKANSKY and NATRA Group Source: SGSS/GIS March 31,

22 Financial Communications Agenda FY st quarter results 30 may st half-year sales 26 july st half year results 31 august rd quarter sales 4 november rd quarter results 30 november 2011 Annual sales 24 january 2012 Annual results 30 march 2012 Release after the close of market 22

23 Upcoming Events 2011 NYSE EURONEXT Food & Beverage Conference 19 May 2011 Annual General Meeting 27 june 2011 SFAF meeting (half-year results) Paris Midcap Event Paris Actionaria Paris 16 september september november

24 Thank you for your attention Contacts Thierry Lambert Vice-President and CFO Carole Alexandre Investor Relations t.lambert@naturex.com Tel. : :+ 33 (0) c.alexandre@naturex.com Tel. : :+ 33 (0)

25 Appendices 25

26 Growth in all markets and all geographic zones Revenues per market Revenues per geographic zone 1.2% 4.8% 10.8% 33.4% 60.6% 37.2% 52.0% Food & Beverage Nutrition & health Personal Care Miscellaneous Europe / Africa Americas Asia / Pacific F&B N&H Personal Care Misc. Total Europe/ Africa Americas Asia/ Pacific Total Ventes en M % +13.7% +68.8% +71.9% +21.6% Ventes en M % +15.5% +14.0% +21.6% 2010 vs 2009 PF 2010 vs 2009 PF 26

27 Net profit multiplied by nearly 3 compared with 2009 In millions IFRS Pro forma 2009 Revenues Gross margin gross margin % 58.4% 55.5% 67.2% Operating income operating margin % 12.1% 9.0% 12.8% Net cost of financial debt (5.6) (5.3) (4.1) Other income and financial charges (0.7) (0.2) (0.5) Net pre-tax profit Tax expense (6.2) (3.3) (1.9) Income from companies, equity method - (1.2) (1.2) Net profit, Group share Net profitability % 6.5% 3.7% 5.1% Average exchange rate for dollar ($) PF accounts include the Ingredients Division of the Natraceutical Group, consolidated as from January 1st,

28 A sound balance sheet In m IFRS ASSETS 31/12/10 31/12/09 Non-current assets Goodwill Intangible assets Tangible assets Financial assets Deferred tax assets Derived instruments non current assets Current assets Inventory Payable tax assets Customers and other debtors Derived instruments current assets Cash and cash equivalent Non-current assets held for sale TOTAL ASSETS In m IFRS LIABILITIES 31/12/10 31/12/09 Shareholder equity Non-current liabilities Non-current financial debts Non-current provisions Deferred taxes Derived instruments non-current liabilities Current liabilities Current provisions 0,6 2.8 Payable tax liabilities Suppliers and other creditors Other financial liabilities Derived instruments current liabilities Bank advances TOTAL LIABILITIES

29 A tightly controlled financial debt A healthy financial structure In m 31/12/ /12/09 Shareholder capital Net financial debt Gearing (Net debt/shareholder capital) 60.5% 61.3% Split of the net financial debt by currency as at % Euros 39.0% 43.0% Dollars Swiss Francs 29

30 Quality, safety and environment certifications to improve our manufacturing performance UK- Birmingham France - Avignon USA - New Jersey cgmp certified (NSF), Approved by the FDA for the manufacture of Active Pharmaceutical Ingredients (API) ISO 9001 ISO OHSAS Switzerland - Bischofszell and Burgdorf USA - California FDA registered and follows cgmp recommendations Brazil - Manaus Australia - Sydney Morocco - Casablanca Follows HACCP recommendations Spain - Valencia Italy- Milan Approved by the Italian Ministry of Health for the manufacture of Active Pharmaceuticals Ingredients (API) All sites are Kosher and Halal approved 30

31