PGF - financial results 2Q2006 Łódź, August 2006 r.

Transcription

1 PGF - financial results 2Q2006 Łódź, August 2006 r. Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 1

2 Almost 1500 pharmacies operating under one brand APTEKI dbam o zdrowie The biggest pharmaceutical full-line wholesaler with modern logistic and warehouse base Szczecin Gdańsk Gdańsk Olsztyn Bydgoszcz Łomża Pozna Warszawa ń Łódź Wrocław Lublin Opole Katowice Kraków Tarnów

3 1H2006 achievements The highest ever turnover more than 2 bn PLN Increasing all profitability ratios in a consolidated P&L statement High positive operating cash flow Decreasing debt level

4 Stable growth Operating cash flow (PLN m) ,8 74,8 44,9 55 Net profit (PLN m) 52,6 47, * 2005* IH 2006* ,5 36,6 28,0 11 * Data according to IAS and IFRS * 2005* IH2006* Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 4

5 Stable dividend policy Dividend per share (PLN) 2,4 2 1,6 2,00 2,20 2,40 1,2 0,8 1,00 0, Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 5

6 Summarry of the PGF s second stock option plan The plan has been implemented in the period covered by the PGF s consolidated financial statement for The issue price of shares depended on the consolidated profit growth the higher the profit growth, the lower the issue price During the period covered by stock option plan the net profit grew by 114,8% The maximum number of shares in the plan has been set by shareholders on the level of 390,000. The final number is 355,800 Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 6

7 Net profit growth during management stock option plan (PLN m) ,6 47,0 52,6 +114,8% 20 24, * 2005* * Data according to IAS and IFRS Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 7

8 Summarry of the new stock option plan adopted by shareholders The plan will be implemented in the period covered by the PGF s consolidated financial statement for The company shall issue up to 496,000 shares (no more than 124,000 in a one year ) The criteria for granting the option are: 75% of the number of Shares shall be granted in the event of an increase in the consolidated earnings per a PGF share (EPS) in relation to the base value of EPS (EPSO) in the each year of the Plan term 25% of the number of Shares shall be granted in the event of achieving a rate of return on investment in the PGF S.A. shares in a given year of the Plan that is not lower than the WIG index change for that year Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 8

9 Summarry of the new stock option plan adopted by shareholders Participants shall have the right to acquire the shares no sooner than 3 years from the day of the conditional acquisition of the right to exercise the Option, if it becomes final. The issue price of the shares shall be equal to the average stockexchange price (computed based on the closing price) in the first quarter of Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 9

10 PGF - the biggest pharmaceutical wholesaler in Poland Celesio the biggest pharmaceutical wholesaler in Europe Celesio key facts: Sales 1H2006: 10,6 EUR bn Net profit 1H 2006: 206 EUR m Employment : more than 35,000 employees Number of own pharmacies: over 2000 Source: Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 10

11 PGF vs Celesio - 1H2006 profit growth PGF Celesio Gross profit on sales 18,3% 10,1% EBITDA 22,8% 8,0% EBIT 20,4% 8,3% Net profit 10,9% 14,4% Source: company data and

12 PGF vs Celesio 1 H2006 profitability PGF Celesio Gross margin on sales EBITDA margin 10,39% 11,19% 2,53% 3,67% EBIT margin 2,00% 3,20% Net margin 1,39% 1,95% Source: company data and

13 Sales and margin on sales I-II Q 2005 I-II Q 2006 change y/y IIQ 2005 IIQ 2006 change y/y Sales (PLN m) 1 958, ,7 +2,6% 960,9 975,8 +1,6% Gross profit on sales (PLN m) 176,6 208,8 +18,2% 85,1 100,5 +18,1% Gross margin on sales (%) 9,02% 10,39% +1,37 p.p. 8,86% 10,30% +1,44 p.p. Operating costs I-II Q 2005 I-II Q 2006 change y/y IIQ 2005 IIQ 2006 change y/y Selling costs (mln PLN) 108,4 130,1 +20,0% 53,5 66,9 +25,0% General and administrative expenses ( PLN m) 41,6 37,1-10,8% 22,4 19,4-13,4% Total (PLN m) 150,0 167,2 +11,5% 75,9 86,3 +13,7% Total as a% of sales 7,66% 8,32% +0,66 p.p. 7,90% 8,84% +0,95 p.p. Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 13

14 Working capital change Stocks (PLN m) 502,4 438,4-12,7% Short-term accounts receivables (PLN m) 431,4 449,3 +4,1% Stock rotation ratio (days) 47,1 39,5-7,6 Short-term receivables rotation ratio (days) 40,5 40,5 0,0 Cash flow (PLN m) I-II Q 2005 I-II Q 2006 Operating CF Investing CF Financing CF Total net CF 51,6-39,2-27,8-15,4 44,9-14,5-39,9-9,2 Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 14

15 Kapitały własne i dług change Shareholders equity (PLN m) 257,4 256,7-0,3% Total debt (PLN m) 378,8 349,1-7,8% Cash and short term investments (PLN m) 38,6 29,3-24,1% Net debt (PLN m) 340,2 319,8-6,0% debt / equity 1,32 1,25-5,7% debt / EBIDTA 3,7 3,1-13,9% Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 15

16 Zyski i wskaźniki rentowności EBITDA PLN m I-II Q 2005 I-II Q 2006 change y/y IIQ 2005 IIQ 2006 change y/y 41,5 50,9 22,7% 15,6 21,4 37,2% EBIT 33,3 40,1 20,4% 11,5 15,3 33,0% Gross profit 33,1 36,1 9,1% 12,7 14,7 15,7% Net profit attributable to equity holders 25,3 28,0 10,7% 9,3 11,9 28,0% EBITDA margin 2,12% 2,53% +0,41 p.p 1,62% 2,20% +0,58 p.p EBIT margin 1,70% 2,00% +0,30 p.p. 1,20% 1,57% +0,37 p.p. Pre-tax margin 1,69% 1,79% +0,10 p.p. 1,32% 1,51% +0,19 p.p. Net margin 1,29% 1,39% +0,10 p.p. 0,97% 1,22% +0,25 p.p. Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 16