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FOURTH QUARTER REPORT PRESENTATION THOMAS ELDERED CEO
3
FOURTH QUARTER 2017
• Positive ending of an eventful year • Good recovery in current business • Strong performance in D&T • All the major projects now on track • Still impact from expansion projects and material shortage • Material non-recurring cost provision related to Swedish closures • New Spanish site taken over and integration ongoing
• Financial highlights • Flat sales YoY • EBITDA margin 16.1% (17.2) • Operating cash flow at 74 MSEK
• Events after closing • Acquisition of 26% minority in Indian Nitin Lifesciences Ltd • Board will propose no dividend to the AGM
6%
16%
6%
16%
5%
-3% -1% 0%
Q12016
Q2 Q3 Q4 Q12017
Q2 Q3 Q4
Quarter sales YoY growth
Adjusted for Fx and acquisitions
-60
139
180
83
-25
154 149
74
Q12016
Q2 Q3 Q4 Q12017
Q2 Q3 Q4
Operating cash flow (MSEK)
4
ONGOING SIGNIFICANT CAPEX PROJECTS UPDATE
1
4
3
2
Lyophilisation and packaging capacity expansion in Wasserburg, Germany
Blow-fill-seal capacity expansion in Kaysersberg, France
Lyophilisation capacity expansion in Masate, Italy
Serialisation technology, globally
Q4
Q1 2018
Q2 Q3 Q4 Q1 2019
Q2
Capex Start-up Commercial
FINANCIALS Henrik Stenqvist (currency SEK million)
6
Q4 P&L DEVELOPMENT (EXCL. NON RECURRING ITEMS)
Q4 2017 Q4 2016
Net sales 1,403 1,333
EBITDA 226 229
EBITDA margin 16.1 17.2
D&A -145 -108
EBIT 80 122
Financial Items -15 -25
Profit before Tax 65 96
Tax -9 -20
Net profit 57 76
7
EARNINGS EXCLUDING NON RECURRING ITEMS – Q4 2017
SEK million 2017 Non-recurring items
2017 excluding non- recurring
items Operating income Net sales 1,403 - 1,403 Other operating revenue 62 - 62 1,465 - 1,465 Operating expenses Raw materials and consumables -401 -19 -382 Other external costs -425 -100 -325 Employee benefits expense -597 -86 -511 Depreciation and amortisation -180 -35 -145 Other operating expenses -25 - -25 Share of result in participations 3 - 3 -1,625 -240 -1,385 Operating profit -160 -240 80 Interest income and similar revenues 17 - 17 Interest expenses and similar costs -32 - -32 Net financial income/expense -15 -15 Profit before tax -174 -240 65 Income tax -9 - -9 Profit for the period -183 -240 57
EBITDA 21 -205 226
Restructuring costs 141 msek
Onerous contracts 64 msek
Total EBITDA impact 205 msek
Fixed asset impairment 35 msek
Total Provision 240 msek
8
MANUFACTURING SERVICES – STERILE LIQUIDS
EBITDA BRIDGE, OCTOBER – DECEMBER
SALES BRIDGE, OCTOBER – DECEMBER
SEK million EBITDA
2016 125
Currency 0
Acquisitions 0
Other -4
Total -4
2017 121
Sales, MSEK Sales, % 2016 548
Currency -2 -0.4
Acquisitions 0 0.0
Organic 0 0.0
Total -2 -0.4 2017 546
400
420
440
460
480
500
520
540
560
Q4 2016 Currency Organic growth Q4 2017
0
20
40
60
80
100
120
140
Q4 2016 Currency Other Q4 2017
9
MANUFACTURING SERVICES – SOLIDS & OTHERS
SALES BRIDGE, OCTOBER – DECEMBER
EBITDA BRIDGE, OCTOBER – DECEMBER
Sales, MSEK Sales, % 2016 634 Currency 0 0.1
Acquisitions 73 11.5 Organic -33 -5.4 Total 40 6.2 2017 674
SEK million EBITDA
2016 97
Currency 0
Acquisitions 13
Other -34
Total -21
2017 75
400
450
500
550
600
650
700
750
Q4 2016 Currency Acquisitions Organic growth Q4 2017
0
20
40
60
80
100
120
Q4 2016 Currency Acquisitions Other Q4 2017
10
DEVELOPMENT & TECHNOLOGY
SALES BRIDGE, OCTOBER– DECEMBER
EBITDA BRIDGE, OCTOBER–DECEMBER
Sales, MSEK Sales, % 2016 185 Currency -1 -0.5
Acquisitions 11 6.2
Organic 27 14.7 Total 37 20.4 2017 222
SEK million EBITDA 2016 32
Currency 1
Acquisitions 0
Organic 23
Total 24
2017 56
0
50
100
150
200
250
300
Q4 2016 Currency Acquisitions Organic growth Q4 2017
0
10
20
30
40
50
60
Q4 2016 Currency Organic growth Q4 2017
11
EBITDA BRIDGE VS Q4 2016
0
50
100
150
200
250
Q4 2016 Sterile Liquids Solids & Others Development &Technology
Other Q4 2017
EBITDA 229msek
EBITDA 226msek
4 msek 22 msek 24 msek 1 msek
12
CASH FLOW BY QUARTER
mSEK Q1-17 Q2-17 Q3-17 Q4-17 2017
Operating Cash Flow 81 192 3 180 456
Total nwc changes -106 -38 146 -106 -104
Operating cash flow after w.c. -25 154 149 74 352
Maintenance capex -65 -70 -68 -110 -312
Free cash flow -89 84 81 -36 40
Expansion capex -971 -128 -86 -89 -1,274
Cash flow after investing activities -1,060 -44 -4 -125 -1,234
THOMAS ELDERED CEO
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5,000 We have approximately
5,000 employees
SEK 5.3bn
Turnover (EUR 530m)
500 More than 500 products in 2,700+ presentations
100 Supplying 100+ markets
Public company - listed on Nasdaq Stockholm since 2014
20+ facilities in Europe, USA and
India
BECOMING A LEADING CDMO ON THE GLOBAL ARENA
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EXECUTING ON OUR FOCUSED STRATEGY
On track to reach our financial targets Sales target of at least SEK 8 bn by 2020 At least 16% EBITDA margin
• Q4: ”Showing that we are on the right track”
• Commercial supply from all three major expansion projects ‒ All during 2018
• Manufacturing network optimization and streamlining ‒ End of operations two Swedish sites
• Important contract wins ‒ Roche from Leganés, full year 2018
• Catch-up in Bengaluru, India ‒ Implementation of existing and new contracts
• Optimised development offering
16
CONTACT INFORMATION
Thomas Eldered
CEO & Managing Director
+46 (0)8 602 52 00
Henrik Stenqvist
CFO & EVP
+46 (0)8 602 52 00, ir@recipharm.com
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