PCAS_SFAF_Res2013_ 20 fevrier2014_EN-BD

2013 Results
February 20, 2014
The Group
Sales by market
Sales by geographic zone
Pharmaceutical Synthesis,
Custom Synthesis and
Pharma Chemicals
11,12%
Pharmaceutical Synthesis
Generics
6,53%
2,76%
20,83%
France
33,25%
41,49%
Performance Fine Chemicals
Europe
North America
17,04%
9,28%
Asia Pacific
Fragrance, Flavors, Cosmetics
23,82%
PCAS Group | February 20, 2014
New Technologies
Other
33,88%
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One European base – a global presence
Saint-Jean
Photochimie
Quebec
France
PCAS Finland
TURKU
(GMP site)
NJ
PCAS-NANOSYN
GMP Kilo-Lab
Santa-Rosa - CA
PCAS Group | February 20, 2014
Business Office
Production Site
PCAS Asia
Shanghai 3
PCAS
Ownership of share capital
9,93%
Christian
Moretti/Anblan
14,71%
Eximium
Stock market prices
Management
20,73%
Public
53,04%
1,59%
Treasury shares
Other information
Isin code
FR 0000053514 – PCA
At February 10, 2014:
Number of shares
Excluding treasury shares
Market compartment
Share price
Net asset per share
Market capitalization
Groupe PCAS | February 20, 2014
15,112,225
13,612,225
Euronext C
€3.64
€5.69
€55.0 million
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2013 RESULTS
PCAS Group
Highlights of financial year 2013
PCAS – Dynaction merger
approved by PCAS and Dynaction shareholders on June 26, 2013
an increase in PCAS's share capital, up from 13.8 million euros to 15.1 million euros
PCAS retains 1.5 million treasury stocks
simplified structures, cost savings and greater liquidity of the PCAS stocks
Capital increase of Enersens
capital increase of 3.7 million euros in May 2013, including 3.2 million euros subscribed by a private
investor and 0.5 million euros subscribed by PCAS by offsetting receivables
an implicit valuation of Enersens of 12.7 million euros, making €0.85 per share
PCAS's stake in Enersens lowered from 100% to 75.21%
Sale of SBS:
finalized on March 20, 2013
a major loss-making center eliminated
Positive FDA audits of all Pharma sites
PCAS Group | February 20, 2014
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PCAS Group
Sales
in million of euros
Net sales
Pharmaceutical Synthesis
Fine Speciality Chemicals
2012
171,1
109,8
61,4
2013
100%
64%
36%
164,9
107,7
57,2
Variation
100%
65%
35%
-6,2
-2,1
-4,2
-3,6 %
-1,9 %
-6,8 %
Sales were down 3.6 % in 2013 compared to 2012.
Pharmaceutical Synthesis
Pharmaceutical Synthesis activities, affected by the planned slowdown of a contract, posted a slight
fall (1.9%) in 2013 compared to 2012, whereas the patented molecule activity showed very
satisfactory growth throughout the year 2013, while the generics activity slowed down in the fourth
quarter.
Fine Specialty Chemicals
Fine Specialty Chemicals activities posted a 6.8% fall in 2013 compared to 2012, reflecting shrinking
demand more particularly on European markets regarding the new technology segments, whereas
Performance Chemicals and Fragrance-Flavors-Cosmetics activities showed continued growth in
2013.
PCAS Group | February 20, 2014
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PCAS Group
Key figures
In millions of euros
Net sales
including Pharmaceutical Synthesis
Including Fine Speciality Chemicals
2012
2013
171,1
109,8
61,4
164,9
107,7
57,2
EBITDA (*)
EBITDA margin
22,9
13,4%
17,8
10,8%
Current Operating Income (*)
12,3
8,3
Other Operating income and expense
Financial Result
Taxes
Share of profit/loss of associates
-1,9
-3,1
-1,0
-0,3
-1,4
-2,6
-0,7
-0,1
Net Result from continuing operations
6,1
3,5
Net Result on discontinued operation (**)
-3,1
0,0
3,0
3,5
71,1
52,5
0,74
5,26
78,3
47,0
0,60
5,69
Total Net Result
Equity (***)
Net debt
Gearing
Net asset (attributable to the Group) per share
Current Operating Income below
expectations compared to 2012,
affected by the downturn in business,
primarily in New Technologies
Net income rose to 3.5 million
euros as against 3.0 million euros in
2012
2012 had been affected by the
negative contribution of SBS, the
sale of which was finalized on March
20, 2013
Net debt also improved, falling to
47.0 million euros at December 31,
2013 compared to 52.5 million euros
at December 31, 2012
(*) of which research tax credit (CIR): 2.9 M€ in 2013 and 2012.
(**) corresponding to SBS in 2012 whose sale was completed March 20, 2013.
(***) Including the impact of the new requirements of IAS 19 Employee Benefits for an estimated amount of - 1.2 M€
(net of deferred tax assets).
Audit procedures have been performed and auditor’s report is in progress of being issued.
PCAS Group | February 20, 2014
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PCAS Group
Balance Sheet
in million of euros
2012 (*)
2 013
2012 (*)
2 013
Total equity
71,1
78,3
Intangible fixed assets
Tangible fixed assets
Deferred tax assets
Other non-current assets
18,7
60,7
6,5
0,9
18,5
63,3
6,4
0,6
Provisions for liabilities and charges
Long-term debt
Other non-current liabilities
9,5
37,2
2,8
8,5
34,4
2,6
Total non-current assets
86,8
88,8
Total non-current liabilities
49,5
45,5
Inventories
Accounts receivable
Other current assets
Cash and cash equivalents
42,9
27,8
15,1
4,2
42,5
25,6
18,1
6,8
Current portion for liabilities and charges
term debt
Accounts payable
Other current liabilities
1,4
19,5
17,1
17,8
1,3
19,3
18,0
19,4
Total current assets
90,0
93,0
Total current liabilities
55,8
58,0
1,9
0,0
2,3
0,0
178,7
181,8
178,7
181,8
Assets classified as held for sale
Total assets
Liabilities classified as held for sale
Total liabilities
(*) Including the impact of the new requirements of IAS19 (Employee Benefits) applied from 1st January 2013 with an estimated amount of – 1.2 M€
(net of deferred tax assets) on equity as of 31 December 2012.
PCAS Group | February 20, 2014
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PCAS Group
Cash Flow Statement
In millions of euros
2012
2013
Cash flow
18.9
16,5
Changes in work ing capital
(4.0)
1.2
Income tax
(1.2)
(1.2)
13.7
16.5
(9.2)
(11.7)
-
0.4
Operating activities
Property, plant & equipment and intangibles
Financial assets
Investing activities
Capital increase Enersens
Net interest expense on debt
Net debt variation
Financing activities
Net change in cash and cash equivalents
PCAS Group | February 20, 2014
(9.2) (11.3)
-
3,2
(3.0)
(2.6)
0.2
(0,9)
(2.8)
(0.3)
1.7
4.9
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Prospects
Our customers
Over 80% of PCAS's sales are
made for customers whose sales
exceed €1 billion.
Relations with the leaders in each
business line: the world's five largest
companies in our market segments
are PCAS customers.
Selective support for start-ups or
emerging
companies
that
are
technological leaders in their field.
PCAS Group | February 20, 2014
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Our customers
PCAS Group | February 20, 2014
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Our customers
PCAS Group | February 20, 2014
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PCAS Group strategy
Confirm its status as privileged partner for
the development of its customers' new
products,
pharmaceutical
laboratories,
chemical laboratories or start-ups.
Develop proprietary product ranges (Generic
APIs, Cosmetics, Performance Products, etc.).
Geographical
business development in
strategically
important
and
high-growth
countries (BRIC).
Committed involvement in green chemistry
and sustainable development.
Investment and development of subsidiary
Enersens.
Developments
targeted
markets formative projects.
PCAS Group | February 20, 2014
on
high-growth
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PCAS Group strategy
Selective growth in our sales in favor of sustainable and
more profitable activities, based on the development of
proprietary products and technologies.
Continually improving performance and processes
Continued efforts in R&D and sustained industrial
investment.
Profitability target of 15% EBITDA.
PCAS Group | February 20, 2014
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Health and Well
Well-being
PCAS is one of the world leaders in the production and marketing of active pharmaceutical
ingredients for the Generics and Princeps market, active ingredients for cosmetics or polymers for
excipients.
PCAS offers differentiating technologies and exclusive services for the development and marketing
of new therapeutic
molecules.
Photo Source:
PCAS site
PCAS Group | February 20, 2014
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PCAS Group
Strategic growth project
The group's development in Health and Well-being is:
Gathering pace thanks to the success of "phase 3"
molecules, which have boosted invoicing of "R&D
sales" based on the Group's experience and expertise.
Encouraged by regulatory effects aimed at regulating
stiff "price" competition on generics in Europe and the
USA.
Favored by the future development of excipients,
which will soon have to comply with cGMPs.
Sustained by our balanced Custom/Proprietary
products development strategy, under control when
they go into R&D, the resources of which are
maintained.
Geographical extension of sales in the Americas,
with a special trade and regulatory effort in Asia.
PCAS Group | February 20, 2014
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Renewable
energies
Photo Source:
http://commons.wikimedia.org/wiki/F
ile:Tuebingen-sporthalle.jpg
PCAS
plays a part in the production and design of active ingredients
conferring their performance on products intended for the industrial
lubricants, microelectronics or special polymers markets.
PCAS Group | February 20, 2014
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Photo: Björn Appel, 2005 (CC BY-SA 3.0)
New materials
PCAS Group
Strategic growth project
The growth of PCAS depends on a necessary
rebalancing of the group's activities towards Specialty
Chemicals, by:
Refocusing on innovation and development of
Specialty Chemicals in niche markets where we can
become a leading player on a global scale.
Intensification of the commercial process, sustained
by chemical and application R&D.
Geographical development.
European growth vectors in the green chemistry
platform,
biodegradability,
biolubricants,
the
environment and clean technologies.
Investment in the Protéus, Enersens and Biomatrix
projects.
PCAS Group | February 20, 2014
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PCAS BioMatrix
Entity created in 2009 and specialized in the
synthesis of polypeptides on solid supports.
Replacement of traditional solid supports based
on polystyrene or polymer polystyrenepolythene glycol mixtures.
PCAS
BioMatrix
industrially
develops
ChemMatrix, a 100% PEG resin, born of the
research carried out by Canadian start-up Matrix
Innovation.
Acknowledged for its performance, this resin is
used to achieve far greater polypeptides purities
than the current systems.
PCAS Group | February 20, 2014
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Protéus
Extreme biodiversity
Protein
Engineering
HTS
technologies
PCAS Group | February 20, 2014
Enzymes Screening
Scale-up and
production
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Integration of biotechnology:
access to new value chains
Biomass
Biotechnology
• By-products of
farming
and agroindustries
• Municipal waste
• Industrial waste
• Bio-catalytic
chemistry
• Bioenergy
• Environment
• Plant chemistry
PCAS Group | February 20, 2014
Industrial
chemistry
capacities
• From 100 kg to 100
tonnes
• Industrial expertise
(scaling) and
regulatory expertise
• Industrial customer
base and global
trade network
Markets
• Cosmetics
Fragrances
ingredients
• Lubricating
additives,
"biolubricants"
• Special polymers
• Biomaterials
• Proprietary APIs
• Early phase
screening
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Recent news: Inauguration of PIVERT,
TREC project, ….
PCAS Group | February 20, 2014
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ENERSENS
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PCAS Group | February 20, 2014
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ENERSENS
Formed in 2010 for the development, production
and marketing of a range of silica aerogels
offering exceptional heat insulation performance.
Breakthrough
patented
technology
developed thanks to the backing of ADEME
(French Environment and Energy Management
Agency)
Main industrial application targeting energy
efficiency in buildings through SKOGAR® blanket
products or ISOGEL® granules.
Funding the ongoing investment in an industrial
demonstrator with a partner at the Bourgoin
Jallieu site.
Public funding sought for a second industrial pilot.
A global market potential of several hundreds
million euros.
PCAS Group | February 20, 2014
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Super-insulants, for what purpose?
Automotive
Fire
Protection
Construction
Opaque walls
Solar
Aerospace
Aviation
Navy
PCAS Group | February 20, 2014
Oil
and gas
Construction
Daylighting
Systems
LNG
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Accelerated needs, reinforced by
regulations
access to
energy
European energy
deficit in 2012:
380 billion euros
(source IEA)
Urban
population and
density
Very demanding thermal
regulations
PCAS Group | February 20, 2014
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A patented process and
two product lines
2
Humid ISOGEL®
SKOGAR®
blankets and
panels
1
ISOGEL®
granules/powders
Composite
Panels
additives
Mortars and
renders
PCAS Group | February 20, 2014
natural lighting: "daylighting"
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Our ambition
Become a major contributor to the energy transition by
becoming a world leader in high-performance
insulants
in the next 10 years
through technological innovation and top class manufacturing
Leveraging on strong partnerships
Develop a sector of excellence in super-insulants.
PCAS Group | February 20, 2014
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PCAS Group | February 20, 2014
© J.L. Girod
Growth
projects
Examples of commercial projects
potentially worth more than €10 million
(1)
Highperformance
polymers
partnership
Long-term potential
> €10 million
Fine Specialty Chemicals
Industrialization
Marketing
Exclusive pharmaceutical fine chemistry
Commercial
molecule new
application
ANDA in the USA
Marketing/new therapeutic application
Generics
Esomeprazole
(Princeps:
Nexium ®)
Generic API for
urinary
incontinence,
OTC in the USA
RD and intellectual property protection
FDA agreement
2012
PCAS Group | February 20, 2014
Industrialization
Industrialization
2013
Production
Commercial US launch
Commercial launch
2014
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Examples of commercial projects
potentially worth more than €10 million
(2)
Long-term potential
> €10 million
API for the
processing of
infertility
Modification of synthesis route
DMFs (drug master files)
NDA in the USA Commercial launch
Exclusive pharmaceutical fine chemistry
RSM (phase 3)
anti hepatitis C
RD and scale up
Building Block
for a next
generation of
hypoglycemic
drugs
Industrialization
Industrialization
Production
FDA agreement
1st production runs
Marketing
Next generation
contraceptive
Preliminary RD study
2013
PCAS Group | February 20, 2014
RD pilot and clinical batches
2014
Industrialization
2015
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Conclusion
Faith in 2014 sales forecast with a
lot of promising projects that, combined
with efforts to improve industrial
performance, should lead to increased
profitability.
Continuation of our CAPEX plan and
of our efforts in R & D.
PCAS
recognition by its major
partners, on the U.S. market, and in
the innovation and Biotechnology.
Within 10 years PCAS will have a
very different
profitability.
size
Groupe PCAS | February 20, 2014
profile
and
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Thank you for your attention
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