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  • One-Stop-Shop for a Healthy Future 2010-2011 Arseus. All rights reserved.Jan Peeters, CFO Arseus NV10 November 2011

  • Key Facts ArseusProducts, services and concepts for professionals in the healthcare sectorStrong focus on innovation, service and added valueNumber 1 or 2 position in selected market segmentsPresent in 19 countries in Europe, the US, Brazil and ArgentinaListed on NYSE Euronext Brussels/AmsterdamIncluded in the BEL-Mid index and in the AScX-indexCurrent market capitalization of 350 million

    *

  • Our Markets

    Founded2007HeadquartersRotterdam (NL)Waregem (B)CEOGer van JeverenCFOJan PeetersTurnover 2010 424 millionCountries22FTE2,300

    *

  • Turnover per division

    Chart1

    96.7107.647.325.3

    110118.349.526.6

    136.9144.247.326.2

    150.7161.250.628.8

    179.3161.552.231.1

    Fagron

    Dental

    Medical

    Corilus

    96.7

    110.0

    136.9

    150.7

    179.3

    107.6

    118.3

    144.2

    161.2

    161.5

    47.3

    49.5

    47.3

    50.6

    52.2

    25.3

    26.6

    26.2

    28.8

    31.1

    Blad1

    FagronDentalMedicalCorilus

    200696.7107.647.325.3

    2007110118.349.526.6

    2008136.9144.247.326.2

    2009150.7161.250.628.8

    2010179.3161.552.231.1

    Als u de afmetingen van het gegevensbereik van de grafiek wilt wijzigen, versleept u de rechterbenedenhoek van het bereik.

  • Four Divisions

  • Arseus Dental*Partner to all professionals in the dental marketFocus on dental cabinets and dental labsMarket leader in selected segments in Belgium, the Netherlands and France (active in five European countries)2010: Sales 161.5 million, REBITDA 10.0 million, 637 FTE

  • Arseus Medical*Innovative solutions to support medical professionals to deliver superior care to their patientsFocus on doctors, hospitals and rest homes Market leader in selected segments in Belgium and the Netherlands2010: Sales 52.2 million, REBITDA 5.2 million, 176 FTE

  • Corilus*Total ICT-solutions for medical professionalsMarket leader in Belgium, also active in the Netherlands and France2010: Sales 31.1 million, REBITDA 9.2 million, 210 FTE

  • FagronGlobal One-Stop-Shop for Pharmaceutical Compounding

  • *Fagron1H 2011: Sales 108.8 million and Rebitda 22.4 millionGlobal roll-out of Fagron strategy to revitalize compoundingWorldwide market leader after acquisitions in the US and BrazilSalesRebitda+28.2%20.1%+10.1%+15.2%18.6%+24.5%+20.2%17.8%+13.7%+15.0%18.4%+19.0%+85.4%+104.5%

    Chart1

    17.6

    20.3

    24.4

    28.1

    36

    Sales Arseus

    17.6

    20.3

    24.4

    28.1

    36.0

    Blad1

    Sales ArseusReeks 2Reeks 3

    200617.62.42

    200720.34.42

    200824.41.83

    200928.12.85

    201036

    Als u de afmetingen van het gegevensbereik van de grafiek wilt wijzigen, versleept u de rechterbenedenhoek van het bereik.

    Chart1

    96.7

    110

    136.9

    150.7

    179.3

    Sales Arseus

    96.7

    110.0

    136.9

    150.7

    179.3

    85.1

    Blad1

    Sales ArseusReeks 2Reeks 3

    200696.72

    20071102

    2008136.93

    2009150.75

    2010179.3

    S1-1085.1

    Als u de afmetingen van het gegevensbereik van de grafiek wilt wijzigen, versleept u de rechterbenedenhoek van het bereik.

  • MissionWe revitalize compounding in order to widen the therapeutic scope of the prescriber, to enable tailor-made pharmaceutical care for the patientBy doing so, we are supporting the unique selling point of pharmacists:Compounding

  • Acquisition Track-Record20072008200920102011AcquisitionAcquisitionAcquisitionAcquisitionGreenfieldPartnershipsGreenfieldGreenfieldAcquisitionAcquisitions

  • Brazil is the Future!

  • *

  • Huge In All Aspects*

    BrazilGlobal RankingCompounding marketUS$ 4,000 million1Area8,154,877 sq km.5Population203.4 million5Labor force103.6 million6Unemployment rate6.7%62GDP (2011E) TotalUS$2.517 trillion6 Per capitaUS$ 12,91654Inflation (2010E)5.o%146

  • Testimonial Acquiring companies In Brazil

  • Acquisition Of DEGwww.deg.com.brLocationSo PauloFounded1974Market position#2Turnover 2010 25 mlnEBITDA-margin16%Employees177*

  • Acquisition Of Pharma Nostrawww.pharma-nostra.com.brLocationRio de JaneiroAnpolisCampinasFounded2000Market position#1Turnover 2010 45 mlnEBITDA-margin15%Employees316*

  • CultureVery formal at first but after gaining confidence => very informal and relaxed (big hug culture)EntrepreneurialLatin temperament, sometimes emotional or theatricalDisciplined, proud and hard workersOnly senior level speak good English or other foreign languages / analphabets are still not an exceptionVery cash-driven (because of high inflation trauma)Meetings often start late and end late*

  • Business EnvironmentGovernmental inefficiencyLegal and bureaucratic complicationsDecreasing informal economy (f.i. bribery)High taxationPoor infrastructure: transport is extremely expensiveSecurity related issuesHigh (but decreasing) inflation => structural yearly wage increases (about 8% per annum last 3 years)Increasing lease and real estate prices (SP is becoming more expensive than NY)Skilled academic people are very expensive

    *

  • Fiscal structureFederationOne federal district26 States5,564 MunicipalitiesCentral Government, States and Municipalities all collect their own taxes*

  • FiscalVery high import taxesTax wars between the 26 Brazilian statesHuge amount of litigationsPolitical problemTransfer pricing: not in line with OECD transfer pricing guidelinesGoodwill: can be fiscally amortized in some cases*

  • FinancingLocal financing is very expensiveTaxes to be paid on the import of capitalMajor local banks: Banco do Brasil and ItauMajor international banks: Banco Santander and HSBCBrazilian business people still think and breath dollar*

  • US Dollar vs Brazilian Real*

  • AdvisorsLaw firms : precific regime for international law firmsAccounting firms*Its important to work closely with local lawyers and accountants. This is extremely useful in overcoming many of the unfathomable local complexities.

  • ConclusionBrazil is a very promising economy with a lot of upside potentialLatin, entrepreneurial cultureSocial democratic environmentInfrastructure and education: need to be improvedImport and export of capital and foreign ownership is no issue (Increasing) protectionist approach (high import taxes)Complex fiscal environment and high level of burocracy*

  • Questions

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