2017 annual results - pharmagest...apr 03, 2018 · 3 april 2018 2017 annual results 3 in france...
TRANSCRIPT
1 3 April 2018 2017 ANNUAL RESULTS
2017
Annual
Results
Information meeting
3 April 2018
2 3 April 2018 2017 ANNUAL RESULTS
1. Introduction Thierry Chapusot
2. 2017 financial results Jean-Yves Samson
3. Business developments & Outlook Dominique Pautrat
4. Conclusion Thierry Chapusot
Table of contents
3 3 April 2018 2017 ANNUAL RESULTS
In France and Europe
Comparable trends throughout Europe
• Population aging :
growth in healthcare demand,
without an increase in the number of doctors.
• Ensuring continuity in care across the patient pathway:
managing the patient care process is a major healthcare priority.
to ensure this coordination and traceability the information flow must be
optimised between the different healthcare stakeholders, for both the
non-hospital and hospital segments
• New technologies are providing highly efficient solutions to address
these issues: with the growth in patient-related data, market players must
offer innovative solutions for organising and processing collected data.
• And while technology is indispensable to effectively integrate the human
dimension, the pharmacist in Europe is becoming THE coordinator of
health. Their proximity to patients means they are more accessible and more
often consulted. For that reason, they are destined to assume an increasingly
active role in the patient care management process.
4 3 April 2018 2017 ANNUAL RESULTS
Our global vision of healthcare
Pharmagest Group has been anticipating these trends for more than
5 years • Offering a solution for the shortage of doctors: actively engaged in
research and development for telemedicine solutions.
• The priority of continuity in care for the patient pathway:
AXIGATE's acquisition contributes to continuity of care and improved
information flows across both non-hospital and hospital segments.
Pharmagest is the only player offering a solution for structuring
healthcare coordination across non-hospital and hospital segments
to be rolled out in 2019.
• Organisational innovation: the Group has been working for several years
on building its patient-centred technology infrastructure and services, a
dedicated global ecosystem where the pharmacist can legitimately be
considered to fulfil a role as primary care provider and coordinator.
Pharmagest is the first company to propose a global "patient-
centred" ecosystem through a healthcare platform to date unique in
Europe.
5 3 April 2018 2017 ANNUAL RESULTS
Our global vision of healthcare
A broad strategic vision for Europe
All of Pharmagest Group's acquisitions are focused on this ambition to become
a key contributor to the transformation of the healthcare in France and
Europe:
• SABCO
• SAILENDRA
• CAREMEDS / MULTIMEDS
• AXIGATE
• MACROSOFT
6 3 April 2018 2017 ANNUAL RESULTS
Financial results
2017
2017 Annual Results
7 3 April 2018 2017 ANNUAL RESULTS 7
2017 financial highlights
2017 Annual Results
113,5 128,4
146,8
2015 2016 2017
Revenue (€m)
18,8 20,6
23,1
2015 2016 2017
Net profit attributable to equity holders of the Parent
(€m)
+ 12.5 %
19
21,5
24,3
2015 2016 2017
Net profit (€m)
+ 13 %
+ 14.35 %
1,25
1,37
1,55
2015 2016 2017
Basic earnings per share (in €)
+ 12.7 %
8 3 April 2018 2017 ANNUAL RESULTS
2017 revenue
2017 Annual Results
(€m) 2017 2016 Change
Q1 35.42 30.46 + 16.30 %
Q2 36.60 33.07 + 10.69 %
Q3 35.24 30.00 + 8.46 %
Q4 42.24 34.86 + 21.19 %
Annual Revenue 146.81 128.38 + 14.35 %
9 3 April 2018 2017 ANNUAL RESULTS
Financial results
Profit and loss statement
(€m) 2017 2016 Change
REVENUE 146.81 128.38 + 14.35 %
OPERATING PROFIT 34.52 31.39 + 10 %
NET PROFIT 24.25 21.46 + 13 %
NET PROFIT ATTRIBUTABLE
TO THE PARENT 23.13 20.57 + 12.5 %
BASIC EARNINGS
PER SHARE (en €) 1.55 1.37 + 12.7 %
2017 Annual Results
10 3 April 2018 2017 ANNUAL RESULTS
2017 financial highlights by Division
2017 Annual Results
In € thousands Revenue Operating
profit
Operating
margin (%)
Pharmacy Europe 101,953 23,999 23.54%
Health and Social Care Facilities
14,863 6,578 44.26%
Other e-Health & Fintech
29,990 3,942 13.14%
Total 146,806 34,519 23.51%
11 3 April 2018 2017 ANNUAL RESULTS
Financial highlights by Division (IFRS 15)
2017 Annual Results
In € thousands Revenue Operating
profit
Operating
margin (%)
in IFRS 15
Pharmacy Europe 101,731 23,879 23.47%
Health and Social Care Facilities
14,863 6,578 44.26%
Other e-Health & Fintech
12,986 3,847 29.63%
Total 129,580 34,304 26.47%
12 3 April 2018 2017 ANNUAL RESULTS
(€m) Dec. 2017 Dec. 2016 Dec. 2017 Dec. 2016
NON-CURRENT ASSETS 84.37 66.75 SHAREHOLDERS' EQUITY 115.83 103.65
R&D 13.60 10.07 Attributable to the Parent 113.25 101.96
Goodwill 38.82 30.45
Non-current financial assets 19.08 15.04 NON-CURRENT LIABILITIES 21.96 8.18
Other non-current assets 12.87 11.19 Long-term debt 14.20 3.44
Other non-current liabilities 7.75 4.74
CURRENT ASSETS 90.16 83.94
Trade receivables 22.94 20.25 CURRENT LIABILITIES 36.74 38.87
Other current assets 11.51 8.53 Short-term debt 2.68 6.96
Cash & cash equivalents 27.58 27.57 Trade payables 9.56 8.20
Available-for-sale securities* 28.13 27.59 Other current liabilities 24.50 23.71
TOTAL 174.53 150.70 TOTAL 174.53 150.70
* and other financial assets
Financial results
Balance sheet
2017 Annual Results
13 3 April 2018 2017 ANNUAL RESULTS
(€m)
Net cash at 31/12/2016 (**) 63.72
Cash flow + 28.57
Change in WCR -1.09
Operating investments (*) - 7.94
Financial investments - 10.54
Dividends - 10.04
Borrowings + 9.64
Other financing activities + 0.36
Net cash at 31/12/2017 (**) 72.68
Cash flow highlights
2017 Annual Results
(*) Of which €5,864,000 for R&D
(**) Of which available-for-sale securities (€28.13m) + non-current
financial assets (€18.46 m) = €46.59m
14 3 April 2018 2017 ANNUAL RESULTS
Capital expenditures for R&D
2017 Annual Results
In € thousands 2017 2016
Pharmacy Europe 2,868 1,993
Health and Social Care Facilities
752 231
e-Health Solutions 1,662 1,008
& Fintech 582 596
Total 5,864 3,828
15 3 April 2018 2017 ANNUAL RESULTS
Ratios
2017 Annual Results
2015 2016 2017
Cash Flow €21.1m €23.96m €28.57m
GEARING (*) -58.48 % -57.34 % -49.45%
ROE 21% 20.2% 20.4%
(*) net debt including available-for-sale securities and other financial assets
16 3 April 2018 2017 ANNUAL RESULTS
2017 Annual Results
at 03/04/2017:
share price of €33.76
Share price trends over the year 03.04.2017 => 26.03.2018 - Source - BOURSORAMA
at 26/03/2018 :
share price of €53.50
+58.47%
17 3 April 2018 2017 ANNUAL RESULTS
Pharmacy France
• Good growth for equipment sales
and market share gains.
• Growth of recurrent revenue.
• Success of our comprehensive
pharmacy management package
(LMO).
• The "Patient-Centred" strategy has
started to deliver results.
• An excellent business performance
in Belgium, with two major contracts
with the MULTIPHARMA and COOP
networks.
2017 revenue: +3.9% to €101.95m
Representing 69.5%
of total Group revenue
Solutions for Pharmacy Division Europe - 2017
2017 operating profit:
€23.999m
+ 1.13% / 2016
• The slower rise in profit for this
Division reflects the
reorganisation and restructuring
costs linked to the Group's
international development.
• The profit margin registered
further gains in line with growth in
sales.
18 3 April 2018 2017 ANNUAL RESULTS
Retirement Homes Health and Social Care Facilities Solutions Division - 2017
• The acquisition of AXIGATE: a
French Hospital Information Systems
leader.
• On this basis, Pharmagest Group is
able to propose an original and
exclusive solution covering both the
health and social care facilities and
non-hospital care pathway.
• Operating Profit boosted by
acquisitions, AXIGATE (07/2017)
and DICSIT (03/2016).
• These entities market exclusively
high added-value services.
• On a pro forma basis, Operating
Profit was up 14.64%.
2017 revenue: +44.5% to €14.86m
Representing 10.1%
of total Group revenue
2017 operating profit:
€6.578m
+ 64% / 2016
19 3 April 2018 2017 ANNUAL RESULTS
Retirement Homes AXIGATE FOCUS - With Vincent LECLERC - AXIGATE
CHAIR-CEO
AXIGATE facilitates the shift away from a "hospital-centric"
approach by integrating the hospital environment within a "patient-
centred" paradigm.
• Providing complete functional coverage: AXIGATE provides a
comprehensive solution for managing hospital-based patient care.
• The only "Web Responsive" solution guaranteeing complete mobility for the
application on all devices (tablets, smartphones).
• A multi-establishment solution capable of managing through a single
database the patient pathway across the different hospital establishments at
the territorial, and as applicable, the national level.
• With Pharmagest Group's backing, AXIGATE benefits from major financial
support. It will be able to carry out the improvements of its offering, and notably
interconnecting all participants in the healthcare chain and developing a
dedicated portal for patient allowing them to access their medical file in both
non-hospital and hospital environments.
• Strong international potential: the global management capabilities of this
system (soon available in English), particularly for EMR will interest
industrialised countries that are universally concerned by the healthcare
economy challenges.
20 3 April 2018 2017 ANNUAL RESULTS
e-Health Division Solutions & Fintech - 2017
• Positive impacts from
newly added companies: NOVIATEK, innovative
systems for home-based
healthcare
SAILENDRA, artificial
intelligence
CAREMEDS/MULTIMEDS,
innovative solutions for
medication compliance
2017 revenue: +16.3%
to €11.58m
Representing 7.9%
of total Group revenue
2017 operating
profit: €3.942m
+ 8.1% / 2016
• These Divisions are
in the launch phase
for their offerings,
with at this stage a
less favourable
Product Mix (Fintech
effect).
• Innovation
expenditures
reducing profitably in
the short term.
• An increase in the number
of lease financing
providers connected to the
NANCEO financing
platform.
• A constantly growing
service offering combined
with even better financial
terms.
2017 revenue: +83.8%
to €18.41m
Representing 12.5%
of total Group revenue
e-Health Solutions Fintech Global performance
21 3 April 2018 2017 ANNUAL RESULTS
Outlook
Outlook
H1 2018
22 3 April 2018 2017 ANNUAL RESULTS
Pharmacy Europe
Solutions Division
23 3 April 2018 2017 ANNUAL RESULTS
Outlook - Pharmacy Europe Solutions Division
• Creation of a new sales force: Business Development Manager, Customer
Portfolio Manager, Consultants and Digital Equipment Manager => new
recruitments in H1 2018.
• A new breakdown of solutions and services.
• Objectives:
making the offering easier to understand and renewing promotional
initiatives.
achieving competitive differentiation.
developing Pharmacy Europe's sales.
Bolstering business momentum.
24 3 April 2018 2017 ANNUAL RESULTS
• The Italian leader in IT equipment and services for pharmacy wholesalers-
distributors.
• MACROSOFT recently rolled out an innovative software solution for Italian
pharmacies.
• Creation of Pharmagest Italia, the new subsidiary of the Pharmacy
Division - Europe Solutions.
• Objective: equip 20% of the Italian pharmacy market within five years.
• An acquisition in line with the Group's strategy for building a dedicated
global ecosystem at the European level.
FOCUS: Pharmagest is continuing its European development and
has entered Italy => acquisition of a 60% majority stake in the
capital of MACROSOFT Holding.
Outlook - Pharmacy Europe Solutions Division
25 3 April 2018 2017 ANNUAL RESULTS
Outlook - Pharmacy Europe Solutions Division
FOCUS: the creation of Pharmagest Italia
• Contributing its expertise and experience in marketing information
management solutions to pharmacies.
• Supporting Pharmagest Italia in creating a network of agencies capable
of adapting to the scalability of its economic model.
• Sharing this vision of a "patient-centred" solution to address an emerging
need of Italian pharmacies.
Synergy with the Pharmagest Group in market with strong growth potential
26 3 April 2018 2017 ANNUAL RESULTS
Health and Social Care
Facilities Solutions
Division
27 3 April 2018 2017 ANNUAL RESULTS
Outlook - Health and Social Care Facilities Solutions Division
• This patient-centred solution helps networks consolidate their information
more effectively.
• 100% cloud-based and responsive, this solution contributes to a smoother
patient management process between establishments.
=> A selling point for larger retirement home networks, and, even more so
for public facilities attached to hospitals.
Deploying AXIGATE's significant expertise for solutions for elderly
residential care facilities
Developing in the connected objects sector
• Developing a special monitoring application for elderly residential care
facilities => this unique offering creates a competitive edge that will
ensure substantial business for 2018.
• In line with this strategy, confirmation of the development of connected
objects for Hospital-at-Home programmes.
28 3 April 2018 2017 ANNUAL RESULTS
SOIN ORDO ORDO ORDO ATCD PATHO
FOCUS: opportunities with regional hospital groups
Outlook - Health and Social Care Facilities Solutions Division
The Government requires all regional Hospital groups to adopt common reporting
formats => a good opportunity for AXIGATE.
29 3 April 2018 2017 ANNUAL RESULTS
e-Health Solutions Division
30 3 April 2018 2017 ANNUAL RESULTS
Outlook - e-Health Solutions Division
• Supporting the development of medication dispensing applications in
Europe:
accelerating synergies with CAREMEDS/MULTIMEDS.
optimising the deployment of medication dispensing application solutions
by creating a dedicated sales force (8 people).
supporting the technological developments by integrating the robot of the
Japanese company YUYAMA.
• Within the framework of the Fragile Individuals programme (36 more
months at home):
finalise the development of new NOVIACARE and CARELIB technological
solutions to market, these offerings starting in H1 2018
support initiatives addressing social housing organisations and senior
housing operators for equipping living units.
DIGITAL
COMMUNICATIONS
FOR PHARMACIES
TELEMEDECINE
Remote monitoring PATIENT
COMPLIANCE
FRAIL
INDIVIDUALS
31 3 April 2018 2017 ANNUAL RESULTS
Fintech Division
32 3 April 2018 2017 ANNUAL RESULTS
• Accelerating business development by creating a channel of independents
using the Leasa by Nanceo platform.
• Continuation of studying European development projects.
Reinforcing the business momentum.
Outlook - Fintech Division
33 3 April 2018 2017 ANNUAL RESULTS
Outlook
FOCUS ON
OUR INTERNATIONAL
DEVELOPMENT
34 3 April 2018 2017 ANNUAL RESULTS
Our international development
Healthcare challenges in Europe:
• promoting good health for patients and people.
• supporting dynamic, efficient and profitable health systems.
Our "patient centred" approach for developing a coordinated
ecosystem is making inroads in all European countries.
• the technology and innovation of our solutions ensures that all participants
in the healthcare chain are interconnected and can share patient
information: greater efficiency for improving patient well-being and health.
• continuity in care spanning the non-hospital and hospital pathways
facilitates the patient care process while contributing to a global economic
management of the healthcare system.
• the pharmacists' role in coordinating shared information guarantees greater
efficiency in the healthcare system.
35 3 April 2018 2017 ANNUAL RESULTS
2017 Annual Results
Conclusion
36 3 April 2018 2017 ANNUAL RESULTS
Conclusion
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The development of our "patient-centred" platform
Today, this platform exists and functions.
• Possessing structured patient data, to safely and efficiently ensure an
improved patient management process.
• Giving and sharing the right information about the patient to all
healthcare professionals in a manner that is fully integrated with their
work practices.
37 3 April 2018 2017 ANNUAL RESULTS
Next key dates
Financial publications:
• Release of the 2017 Registration Document: end of April 2018
• 16 May 2018: Publication of Q1 revenue
• 9 August 2018: Publication of H1 revenue
Investor events:
• 28 June 2018: Annual General Meeting, Head Office
38 3 April 2018 2017 ANNUAL RESULTS
Chief Executive Officer
Dominique PAUTRAT
Shareholder and Investor Relations
Jean-Yves SAMSON
Tel.: +33 (0)3 83 15 90 67 - [email protected]
Press Relations
FIN’EXTENSO
Isabelle APRILE
Tel.: +33 (0)1 39 97 61 22 - [email protected]
Contacts
39 3 April 2018 2017 ANNUAL RESULTS