Pelion Healthcare Group
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- Andra Lambert
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1 Pelion Healthcare Group Innovation and safety IH 2014 Financial results Warsaw, August 28 th 2014
2 Agenda Key facts Market environment Pelion activities Financial performance Attachements IH 2014 Financial results / Key facts Warsaw, August 28 th 2014 page 2
3 Key facts in figures MARKET PELION Growth of wholesale to pharmacies market in Poland IH 2014 / IH % Increase of sales revenues IH 2014 / IH % Growth of retail market in Poland IH 2014 / IH 2013 Growth of hospital market in Poland IH 2014 / IH % +16.0% Decrease of gross profit IH 2014 / IH 2013 Decrease of costs IH 2014 / IH 2013 Decrease of EBITDA IH 2014 / IH % -1.9% -39.3% Growth of wholesale to pharmacies market in Lithuania IH 2014 / IH % Increase of ratio net debt / EBITDA annualized IH 2014 / IH p. Wyniki po I półroczu IH Financial roku results / Kluczowe / Key dane facts Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 3 3
4 Agenda Key facts Market environment Pelion activities Financial performance Attachments IH 2014 Financial results / Market environment Warsaw, August 28 th 2014 strona page 4 4
5 Challenges faced by the healthcare sector Main challenges faced by entities from healthcare sector* Global phenomena (i.e. aging population, lifestyle diseases, consolidation of global market) Navigating healthcare reforms Complying with regulatory changes Innovation * On the basis of Deloitte report Global life sciences outlook. Resilience and reinvention in a changing marketplace Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 5 5
6 GDP per capita in Poland has grown over the past two decades % 60 The distance between Poland and Western Europe countries has been reduced and this trend will continue GDP per capita in Poland as the percentage of GDP per capita in Western Europe Source: in-house analysis on the basis of OECD data Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 6 6
7 Healthcare market in Poland compared to other EU countries Poland Lithuania Czech Republic Germany France Great Britain Netherlands Spain Population (million) GDP per capita (USDk ) Expenditure on health, % GDP 6, , , , ,6 9, , ,3 9.3 Pharmaceutical market value (EURbn; at ex-factory prices) Reimbursable drugs Not all prescription drugs are reimbursed; flat charge or 30 50% reimbursement Not all drugs are reimbursed; drugs on reimbursement list are 10%, 20%, 50% or 100% reimbursable Kč 30 for dispensing a prescription drug 10% of the price of unit packaging, but not less than 5 and not more than 10 Life-saving drugs are 100% reimbursable; 65%, 35%, 15% Flat-rate charge of 7.85 on each prescription 100% reimbursement Patient co-payment: 40%; 10% for the chronically ill; nil for old age pensioners, disability pensioners and the disabled Source: in-house analysis on the basis of OECD, KE, IMS Health data, 2011 Public refund shares in the expenditure on drugs in selected countries With healthcare spending representing 6.9% of GDP, Poland has one of the least expensive healthcare systems in Europe the distance the country has to cover to catch up with the European average drives market growth Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 7 7
8 The growth trend in the Polish pharmaceutical market is strongly correlated with population ageing and the rising share of healthcare spending '000 39,000 38,500 38,000 37,500 37,000 36,500 36,000 Total population and ages 65+ as percentage of total population Poland's population is ageing the percentage of people aged 65 and older has grown by over 2 p.p. in 2013 vs % Total population (thousands) (as at Dec 31) 65 or more Source: GUS (Polish Central Statistics Office) PLN 1, , , Average monthly income and spending per capita in a household and share of healthcare expenses in total spending by households Rising share of health expenditure in total household spending Disposable income Spending share of health expenditure in total household spending % 4, , , , , , , ,4 3.4 Source: GUS (Polish Central Statistics Office) Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 8 8
9 Growth of pharmaceutical market in Poland and Lithuania Y-o-y growth of wholesale to pharamcies market in Poland IH 2014 vs IH % 25% Sales in PLNm 20% 16.8% 15, % 15% 11.9% 12,511 12, % 8.1% 10% 6.8% 6.7% 7.3% 6.3% 10, % 5.9% 6.0% 5.2% 5% 1.7% 0.3% -0.1% -5.0% 5,000 0% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% 0-10% IH 2013 IH 2014 Source: IMS Health Y-o-y growth of retail market in Poland IH 2014 vs IH % 25% 20% 15% 10.2% 10% 3.9% 5.7% 3.6% 3.1% 2.8% 3.2% 1.3% 2.9% 4.6% 4.5% 5% -3.3% -0.6% 2.0% 1.4% 1.9% -3.3% 0% -5% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -10% Source: Barometer PharmaExpert 15,000 10,000 5, ,712 13,966 IH 2013 IH 2014 Y-o-y growth of hospital market in Poland IH 2014 vs IH % Y-o-y growth of wholesale market in Lithuania IH 2014 vs IH % 25% 21.8% 20% 15.2% 17.2% 14.7% 11.7% 12.5% 15.5% 13.8% 15.2% 12.6% 15% 10.5% 7.8% 6.7% 7.7% 10% 5% 0.7% -2.9% 3.6% 0% FEB -5% MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -10% Source: IMS Health (quarterly and monthly reports, 2014) 20% 16.6% 13.7% 13.1% 15% 12.3% 11.4% 9.5% 10% 5.9% 6.9% 2.8% 6.2% 5% 4.0% 1.7% -1.1% -0.8% 4.2% 0.5% 0% FEB -5% MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -10% -15% -14.2% Source: IMS Health 2,500 2,000 1,500 1, , ,826 2,118 IH 2013 IH 2014 Sales in LTLm IH 2013 IH 2014 Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 9 9
10 Growth and structure of retail market in Poland Y-o-y growth of reimbursable drugs market IH 2014 vs IH % Sales in PLNm 15% 14.9% 10% 5.2% 3.4% 2.7% 2.7% 4.2% 5.1% 2.1% 5.1% 5% -1.1% -0.2% 0.7% 1.7% 3.4% -0.5% 0% -2.1% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% 4,964 5,066 5,000 3,000-10% 1, % -15% IH 2013 IH 2014 Source: Barometer PharmaExpert Y-o-y growth of fully-paid Rx drugs market IH 2014 vs IH % 15% 7.9% 8.7% 10% 6.0% 3.5% 3.6% 4.4% 5% 2.7% 3.9% 1.3% 0.6% 0.9% 3.2% 0.0% -2.6% -3.4% -0.9% 0% -5.5% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% -10% Source: Barometer PharmaExpert 5,000 3,000 1,000 3,087 3,095 IH 2013 IH 2014 Y-o-y growth of OTC market IH 2014 vs IH % 15% 10% 8.2% 6.9% 7.0% 5.9% 4.2% 4.6% 4.7% 2.6% 3.7% 4.6% 5% 2.5% 2.5% 2.4% 2.1% 0.4% -0.3% 0% -4.8% FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN -5% -10% Source: Barometer PharmaExpert 5,000 3,000 1,000 5,564 5,700 IH 2013 IH IH 2014 Structure of retail market Change of retail market structure after introduction of new Act 36% 45% 41% 37% 41% 37% 41% 37% Rx Reimbursable refundowane Rx Rx Fully-paid pełnopłatne Rx 19% 22% 22% 22% OTC Reimbursement 31% 26% 26% 26% Source: in-house analysis on the basis of Barometer PharmaExpert Wyniki IH po 2014 I półroczu Financial 2014 results roku / / Market Otoczenie environment rynkowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 10 10
11 Agenda Key facts Market environment Pelion activities Financial performance Attachments Wyniki Wyniki po IH po I 2014 półroczu I Financial roku results roku / Działalność / Pelion Kluczowe activities Pelion dane Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 11 11
12 Pelion Healthcare Group operates on the healthcare market in Poland and Lithuania Pelion Healthcare Group is: Among the five largest pharmacy network in Europe The largest company of healthcare sector in Poland in terms of sales The lider on the market of supplies to hospitals The second largest company in the market of wholesale distribution to pharmacies in Poland Ranked 29th in Lista 500 Największych Firm Rzeczpospolitej - a ranking of Poland's 500 largest companies put together by the Rzeczpospolita daily, as the first company from the Łódź region and from the healthcare sector to be included in the list Consolidated revenues of top 3 players in the market of wholesale distribution to pharmacies in (PLNm) Annual sales revenue Employment The structure of consolidated sales revenue in IH 2014 wholesale hospital supplies retail services for manufacturers other business c.a. PLN 7.5bn over 7 thousand people 0.03% 25.4% 16.8% 0.3% 0.4% 57.1% 9.23% Pelion Farmacol Neuca Consolidated revenues in IQ 2014 (PLNm) 1,947 1,451 1, % Polska Poland Wlk. Great Brytania Britain Litwa Lithuania Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 12 12
13 Pelion is building its business on the foundation of innovative solutions Pelion promotes innovative solutions to meet growing market expectations. Pelion cares for people's health and good relationships with its partners m-orders Automated distribution processes e-orders Automated handling of drug insurances Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 13 13
14 Pelion is building its business on the foundation of innovative solutions New distribution centre in Lodz and IT centre investment including in IH 2014 PLN 68m PLN 25m (cumulatively CF from investing activities relevant to acquisition of intangible assets and property, plant and equipment PLN -59m, including in IH 2014 PLN -36m) New warehouse in Kaunas investment including in IH 2014 PLN 23m PLN 15m (cumulatively CF from investing activities relevant to acquisition of intangible assets and property, plant and equipment PLN -23m, including in IH 2014 PLN -17m) Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 14 14
15 Business is developed in four lines WHOLESALE HOSPITAL SUPPLIES RETAIL SERVICES FOR MANUFACTURERS The broadest product mix on the market with more than 25,000 items (including drugs from all therapeutic groups, dietary supplements, herbs, cosmetics, medical equipment) Cooperation with all major manufacturers of pharmaceuticals Over 1m drugs sold every day 13 centrally managed modernized warehouses which service over 9 thousand pharmacies (PGF S.A.) and over 70 local warehouses (Pharmapoint Sp. z o.o.) The growth higher than market in recent years Leader in drug distribution for hospital treatment in Poland (support for over 80% of Polish hospitals) The largest range of drugs on the market Centralized scoring system for hospitals Transport in controlled temperature including cold chain distribution Safe level of receivables Leader in the number of pharmacies in Central Europe - ca 1 thousand I Care for My Health Pharmacies in Poland (including 0.6 own, 0.3 franchise and 0.1 partnership) and 480 pharmacies Gintarine Vaistine, Norfos Vaistine and BVG in Lithuania Traditional pharmacy sales model backed up by modern tools: website devoted to the health in Poland (almost 54m visits in 2013, ca 3.5m unique users per month), online pharmacy in Lithuania Specialized logistics operator, providing services of management, storage and distribution of drugs in the pharmaceutical industry Distribution leader in cold chain deliveries Cooperation with over 100 companies, including primarily manufacturers of drugs and pharmaceutical wholesalers Precursor of modern system of temperature tracking in transport Support companies: OTHER BUSINESSES Other companies: DARUMA Sp. z o.o., Bez Recepty Sp. z o.o., Pharmauto Sp. z o.o., Eubioco S.A., Pharmena S.A., other companies Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 15 15
16 Wholesale Consolidating shares in the pharmacy distribution market Sales revenue in the first half of 2014: Y-o-y growth: +7% PLN 2.2bn Activities in IH 2014 PGF shares in distribution to pharmacies market in Poland Jan 2011 Jun 2014 Development of services for manufacturers 24% Implementation of solutions supporting independent pharmacies and small pharmacy chains 22% 21.6% 2011 Development of e-commerce Project under way to raise financing for further growth 20% 18% 16% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: IMS Health Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 16 16
17 PGF s strategic objectives Reliable partner in pharmaceutical distribution Partner for pharmaceutical manufacturers PGF is not a competitor to manufacturers it has no proprietary brands of pharmaceuticals and it actively supports sales of manufacturers' products. Partner for pharmacies PGF is not a competitor to pharmacies it creates tools supporting the development of independent pharmacies and small pharmacy chains. Continued development of non-core services, e.g. product range management, promotional support, business analysis, sales optimisation. Equal partners in the drug delivery system close cooperation between PGF and pharmaceutical manufacturers, independent pharmacies and small pharmacy chains. Zdrowy Wybór (Healthy Choice) a set of marketing tools which support independent pharmacies and small pharmacy chains by leveraging the scale of PGF's cooperation with manufacturers. Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 17 17
18 Hospital supplies The lider on the market of supplies to hospitals Sales revenue in the first half of 2014: Y-o-y growth: PLN 0.6bn -3% Activities in IH 2014 Maintaining high volumes of deliveries, with payments closely monitored and receivables kept at a safe level Implementation of a profitability improvement plan PLNm % 200 Total receivables and share of due receivables in total receivables 25 Percentage of sales to different customer groups (June 2014) 8% 4% CZE GRU CZE 2013 GRU 2013 CZE 2014 June 2012 Dec 2012 June 2013 Dec 2013 June Total Należności receivables całkowite Udział % of należności due przeterminowanych receivables w total należnościach receivables ogółem 88% lecznictwo inpatient zamknięte facilities ZOZ ZOZ pozostali others Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 18 18
19 Retail Focus on patient Sales revenue In the first half of 2014: Y-o-y growth: -4% PLN 1.0bn 1,492 Pharmacies Poland Lithuania Own pharmacies Franchise pharmacies Partnership pharmacies Total 1, Activities in IH 2014 as of June 30th, 2014 Broad range of products Products and services tailored to needs Convenient location DOZ direct new distribution centre for DOZ pharmacies a platform for safe and fullycontrolled drugs distribution Competitive prices focus on patient Professional expertise and support Attractive interior design New warehouse in Kaunas area of 9.6 thousand m 2 CEDP N.V. signed a conditional agreement for the purchase of the Natura chemist chain Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 19 19
20 DOZ direct platform for safe and fully-controlled distribution Manufacturer Patient DOZ direct: Closed, tightly-controlled distribution system for guaranteed sale of pharmaceuticals to patients in Poland Online management of the product range, stock, prices and pharmacy sales Guaranteed product availability and continuity Effective management of shortages (continuous monitoring of stock) Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 20 20
21 Natura chemist chain 258 stores located all over the country both on streets and in shopping malls One of the most recognizable chemist chains in Poland The company employs almost 1,500 people Over PLN 420m revenues in 2013 Positive EBITDA and long-term loan financing secured by Alior Bank and Erste Group Bank Central warehouse located near Warsaw and 14 local warehouses The main objectives of the transaction*: Diversification of CEPD Group operations Strengthening CEPD Group position in Poland and securing further revenues growth Widening products and services offer in health and beauty segment and strengthening of relations with customers Ensuring further rapid development of Natura network * The transaction closing is subject to Competition Council (UOKiK) clearance. Wyniki po IH I 2014 półroczu Financial 2014 roku results / Działalność / Pelion activities Pelion Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 21 21
22 Agenda Key facts Market environment Pelion activities Financial performance Attachments IH Wyniki 2014 po Financial I półroczu results 2014 / Financial roku / Kluczowe performance dane Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 22 22
23 Cash flows from operating activities CF form operating activities PLNm IH 2013 IH 2014 Profit before tax Income tax expense (31.0) (11.5) (12.9) (32.3) (13.9) (11.1) (8.7) (27.3) Depreciation and amortisation Change in working capital (66.0) (0.9) (141.9) (113.4) Gain/loss on disposal of non-current assets (22.6) (32.0) 2.5 (1.6) Others Cash flows from operating activities (41.2) (70.3) Cash flows from operating activities (PLNm) 1, , , IH 2014 Przeplywy Cash flows pieniężne from operating z dzialalności activities operacyjnej Przeplywy Cumulative pieniężne cash flows z dzialalności from operating operacyjnej skumulowane activities IH IH Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 23 23
24 Key consdolidated figures and financial ratios IH 2013 IH 2014 Change 2014/ 2013* IIQ 2013 IIQ 2014 Change 2014/ 2013* Sales revenue PLNm 1 3, , % 1, , % Gross profit PLNm % % Operating expenses PLNm % % EBITDA PLNm % % Net profit PLNm % % 3 Operating expenses down by around PLN 7m in H on H1 2013, with SG&A ratio down by 0.5 pp. In H1 2014, operating expenses included the cost of launching a new distribution and logistics centre in Łódź (in June), of ca. PLN 1.9m 4 One-off items: unfavourable ruling in a court case in Lithuania decreased the H EBITDA by PLN 5.8m; goodwill write-off related to sale of pharmacies outside the Group drove down the result by PLN 1.1m 1 2 Sales revenue increase in IH 2014 vs IH 2013 by 2.7%, while rise in wholesale by 4.8%, decrease in retail by 3.8% Gross margin down on a lower margin ratio as a consequence of reduced regulatory mark-up on reimbursable drugs and growing competition in other product groups, both in the wholesale and retail segments IH 2013 IH 2014 Change 2014/ 2013* IIQ 2013 IIQ 2014 Change 2014/ 2013* Gross profit margin 12.1% 10.6% -1.5 p.p. Operating expenses ratio 9.6% 9.1% -0.5 p.p. EBITDA margin 2.9% 1.7% -1.2 p.p. Net margin 1.5% 0.7% -0.8 p.p. 12.2% 10.4% -1.8 p.p. 10.0% 9.3% -0.7 p.p. 2.5% 1.1% -1.4 p.p. 1.2% 0.1% -1.1 p.p. * Changes calculated according to data expressed in PLN thousand Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 24 24
25 Working capital and cash flows Working capital ratios Cash flows (PLNm) Ratio (in days) IH 2013 IH 2014 change at the end of 2013 Inventory cycle Collection period (trade and other receivables relating to operating activities change IH 2013 IH Payment period (trade and other payables) Working capital cycle Inventory cycle = inventories as of the end of the period / total revenue * no. of days Collection cycle = trade and other receivables relating to operating activities as of the end of the period / total revenue * no. of days Payment cycle = trade and other payables as of the end of the period / total revenue * no. of days CF Operating Operacyjny CF CF Investing Inwestycyjny CF CF Financial Finansowy CF The increase of working capital in comparison to the end of 2013 (PLN -42.7m as of the end of June 2014 vs PLN -150m as of the end of 2013) was the reason of negative cash flows from operating activities Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 25 25
26 Net debt and debt ratios EBITDA, equity, net debt IH IH 2014 Debt ratios EBITDA PLNm EBITDA annualized PLNm Equity PLNm Net debt PLNm IH 2013 IH 2014 Dług Net netto/kapitał debt / equity własny Dług Net netto/ebitda debt / zannualizowana annualized The increase of debt as a result of the rise of working capital and investments. Net debt / EBITDA annualized ratio was 3.6 and rose by 1.6 in comparison to IH 2013 as the result of increase of debt and lower annualized EBITDA. Debt net / equity ratio grew by 0.1 compared to the end of IH 2013 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Financial / Wyniki performance finansowe Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 26 26
27 Agenda Key facts Market environment Pelion activities Financial performance Attachments IH 2014 Financial results / Attachements Warsaw, August 28 th 2014 strona page 27 27
28 Consolidated statement of financial position (in PLN thousand) ASSETS (unaudited, restated) (restated) (unaudited) I. NON-CURRENT ASSTES 923, ,461 1,045, Goodwill 569, , , Intangible asstes 48,069 45,493 42, Property, plant and equipment 203, , , Investment property 11,084 9,100 9, Investments accounted for with equity method 828 5,780 4, Other non-current financial assets 30,717 19,820 24, Non-current receivables 25,348 25,656 27, Deferred tax assets 32,685 67,262 73, Other non-current assets 2,172 2,138 2,072 II. CURRENT ASSETS 1,885,896 1,746,297 1,806, Inventories 834, , , Other current financial assets 67,926 64,119 64, Current receivables 698, , ,310 Trade and other receivables 692, , ,081 Non-current tax assets 6,102 3,094 1, Cash and cash equivalents 277, , , Other current assets 6,327 6,320 10,121 TOTAL ASSETS 2,809,705 2,739,758 2,852,064 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 28 28
29 Consolidated statement of financial position (in PLN thousand) EQUITY AND LIABILITIES (unaudited, restated) (restated) (unaudited) I. TOTAL EQUITY 572, , , Equity attributable to owners of the parent 565, , , Share capital 24,139 23,145 22, Statutory reserve funds 423, , , Treasury shares (26,635) (16,085) (1,497) 1.4 Other capital reserves 152, , , Exchange differences on translation of subordinates 28,672 17,462 18, Reserves from actuarial gains and losses on post-employment benefits Retained earnings (36,538) 6,710 (25,559) - profit (loss) brought forward (93,157) (93,455) (52,077) - net profit 56, ,165 26, Non-controlling interests 6,322 8,299 6,451 II. NON-CURRENT LIABILITIES 412, , , Non-current liabilities and provisions 402, , , Other financial liabilities 396, , , Deferred tax liabilities 4,155 6,806 7, Long-term provisions 2,244 1,993 1, Deferred income 10,546 8,933 6,902 III. CURRENT LIABILITIES 1,824,683 1,751,857 1,797, Current liabilities and provisions 1,795,499 1,717,627 1,773, Other financial liabilities 269,095 37, , Short-term provisions 4,508 4,802 3, Trade and other payables 1,519,853 1,660,384 1,618, Current tax payable 2,043 14,907 4, Accruals and deferred income 29,184 34,230 23,956 TOTAL EQUITY AND LIABILITIES 2,809,705 2,739,758 2,852,064 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 29 29
30 Consolidated income statement (in PLN thousand) CONTINUING OPERATIONS 3 months ended June (unaudited, restated) 3 months ended June (unaudited) 6 months endedy June (unaudited, restated) 6 months ended 30 June 2014 (unaudited) Revenue 1,773,625 1,851,927 3,699,511 3,798,766 Cost of sales (1,557,991) (1,659,386) (3,251,483) (3,395,477) Gross profit 215, , , ,289 Distribution costs (149,820) (150,875) (299,635) (299,481) Administrative costs (26,779) (21,934) (53,647) (47,254) Other income 1,222 1,734 3,697 6,020 Other expenses (5,705) (9,793) (8,433) (13,553) Share in net profit/(loss) of associates and joint ventures accounted for withequity method (473) (501) (614) (1,246) Operating profit 34,079 11,172 89,396 47,775 Profit/(loss) of investments Finance income ,045 9,551 12,666 Finance cost (9,686) (10,462) (17,899) (18,758) Profit before tax 30,117 5,767 81,050 41,695 Income tax expense (8,699) (3,102) (22,717) (13,733) Net profit from continuing operations 21,418 2,665 58,333 27,962 Total net profit 21,418 2,665 58,333 27,962 Attributable to: Owners of the parent 20,723 2,033 56,619 26,518 Non-controlling interests ,714 1,444 Profit of the reporting period 20,723 2,033 56,619 26,518 Weighted average number of ordinary shares 11,270,072 11,165,280 11,350,461 11,184,921 Diluted weighted average number of ordinary shares 11, ,450,180 11,691,461 11,469,821 Earnings per ordinary share (PLN) - basic diluted Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 30 30
31 Consolidated statement of cash flows (in PLN thousand) A. Cash flows from operating activities 6 months ended (unaudited, restated) 6 months ended (unaudited) I. Profit/(loss) before tax 81,050 41,695 II. Total adjustments (122,267) (111,970) 1. Share in net profit/(loss) of subordinates accounted for with equity method 614 1, Depreciation and amortisation 18,285 17, Foreign exhange (gains)/losses 1, Interest and profit distributions (dividends) 7,175 6, (Gain)/loss on disposal of non-current assets 597 3, Change in inventories (45,646) 37, Change in receivables (81,401) (106,918) 8. Change in current liabilities (net of borrowings) (14,900) (43,741) 9. Income tax paid (8,702) (27,273) 10. Other adjustmnets, net (15) 104 III. Net cash from operating activities (I +/- II) (41,217) (70,275) B. Cash flows from investing activities I. Cash provided by investing activities 86, , Disposal of intangible assets and property, plant and equipment 4,656 2, Disposal of subsidiaries, net of cash acquired Repayment of loans advanced 75, , Interest 5,482 3, Other cash provided by investing activities, net II. Cash used in investing activities (130,116) (179,790) 1. Acquisition of intangible assets and property, plant and equipment (21,330) (62,636) 2. Advanced payment for shares in associate (8,140) - 3. Acquisition of subsidiaries, net of cash acquired (2,825) (7,632) 4. Cost of acquisition (78) (79) 5. Loans advanced (97,611) (105,164) 6. Other cash used in investing activities, net (132) (4,279) III. Net cash from investing activities (I - II) (43,993) (71,911) Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 31 31
32 Consolidated statement of cash flows (in PLN thousand) C. Cash flows from financing activities 6 months ended (unaudited, restated) 6 months ended (unaudited) I. Cash provided by financing activities 317, , Increase in borrowings and issue of debt securities 317, ,372 II. Cash used in financing activities (69,110) (76,394) 1. Repurchase of shares (15,729) (4,252) 2. Purchase of non-controlling interests - (531) 3. Dividends and other distributions to shareholders (22,620) (33,557) 4. Dividends and other distributions to non-controlling interests (3,037) (3,330) 5. Repayment of borrowings and redemption of debt securities (15,209) (23,931) 6. Other financial liabilities (702) (902) 7. Interest (11,813) (9,881) 8. Other cash used in financing activities, net - (10) III. Net cash from financing activities (I - II) 248, ,978 D. Total net cash flow (A.III +/-B.III +/- C.III) 163,137 (8,208) E. Increase/decrease in cash, including: 163,137 (8,208) - Change in cash resulting from exchange differences 1, F. Cash at beginning of the period 114, ,405 G. Cash at the end of the period (F+/- D) 277, ,197 Wyniki IH 2014 po Financial I półroczu results 2014 roku / Attachements / Załączniki Warszawa, Warsaw, August 28 sierpnia 28 th 2014 strona page 32 32
33 The data and information contained in this presentation do not provide a comprehensive or consistent evaluation of the Company s financial performance, neither do they present the Company s product portfolio, and have been compiled for information purposes only. All the data and information have been obtained from sources which the Company considers reliable and accurate, and may be changed at any time without notice. This presentation has not been audited. Thank you
34 Contact details PELION S.A. ul. Zbąszyńska Łódź, Poland Executive Board Office T: (+48 42) , F: (+48 42) biuro_zarzadu@pelion.eu Investor Relations T: (+48 42) , F: (+48 42) investor_relations@pelion.eu Press Office T: (+48 42) , F: (+48 42) biuro_prasowe@pelion.eu WHOLESALE Polska Grupa Farmaceutyczna S.A. ul. Zbąszyńska Łódź, Poland T: (+48 42) , F: (+48 42) pion_handlowy@pgf.com.pl Pharmapoint Sp. z o.o. ul. Zbąszyńska Łódź, Poland T: (+48 42) , F: (+48 42) info@pharmapoint.pl HOSPITAL SUPPLIES PGF Urtica Sp. z o.o. ul. Krzemieniecka 120, Wrocław, Poland T: (+48 71) , F: (+48 71) sekretariat@urtica.pgf.com.pl RETAIL CEPD N.V. WTC Amsterdam, Tower A-7 Strawinskylaan 709, 1077 XX Amsterdam, The Netherlands T: (+31 20) , F: (+31 20) office@cepd.nl Executive Board Office T: (+48 22) , F: (+48 22) pr@cepd.nl DOZ S.A. ul. 17 Stycznia 45B, Warszawa, Poland T: (+48 22) , F: (+48 22) bzarzad@doz.pl UAB NFG Gedimino st 13, LT Kaunas, Lithuania T: , F: SERVICES FOR MANUFACTURERS Pharmalink Sp. z o.o. ul. Zbąszyńska 3, Łódź, Poland T: (+48 42) , F: (+48 42) logistyka@pharmalink.pl
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