presentation jan peeters
Post on 12-Jul-2015
803 Views
Preview:
TRANSCRIPT
One-Stop-Shop for a Healthy Future
© 2010-2011 Arseus. All rights reserved.
Jan Peeters, CFO Arseus NV
10 November 2011
Key Facts Arseus
Products, services and concepts for professionals in the healthcare sector
Strong focus on innovation, service and added value
Number 1 or 2 position in selected market segments
Present in 19 countries in Europe, the US, Brazil and Argentina
Listed on NYSE Euronext Brussels/Amsterdam
Included in the BEL-Mid index and in the AScX-index
Current market capitalization of € 350 million
2
Our Markets
Founded 2007
Headquarters Rotterdam (NL)
Waregem (B)
CEO Ger van Jeveren
CFO Jan Peeters
Turnover 2010 € 424 million
Countries 22
FTE 2,300
3
Arseus Dental
6
- Partner to all professionals in the dental market
- Focus on dental cabinets and dental labs
- Market 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
7
- Innovative solutions to support medical professionals to deliver
superior care to their patients
- Focus on doctors, hospitals and rest homes
- Market leader in selected segments in Belgium and the Netherlands
- 2010: Sales € 52.2 million, REBITDA € 5.2 million, 176 FTE
Corilus
8
- Total ICT-solutions for medical professionals
- Market leader in Belgium, also active in the Netherlands and France
- 2010: Sales € 31.1 million, REBITDA € 9.2 million, 210 FTE
10
Fagron
• 1H 2011: Sales 108.8 million and Rebitda 22.4 million€ €
• Global roll-out of Fagron strategy to revitalize compounding
• Worldwide market leader after acquisitions in the US and Brazil
Sales Rebitda
+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%
Mission
• We revitalize compounding in order to widen the therapeutic scope of the
prescriber, to enable tailor-made pharmaceutical care for the patient
• By doing so, we are supporting the unique selling point of pharmacists:
Compounding
Acquisition Track-Record
2007
2008
2009
2010
2011
Acquisition
Acquisition
Acquisition
Acquisition
Greenfield
Partnerships
Greenfield
Greenfield
Acquisition
Acquisitions
Huge In All Aspects
Brazil Global Ranking
Compounding market US$ 4,000 million 1
Area 8,154,877 sq km. 5
Population 203.4 million 5
Labor force 103.6 million 6
Unemployment rate 6.7% 62
GDP (2011E)
Total US$2.517 trillion 6
Per capita US$ 12,916 54
Inflation (2010E) 5.o% 146
15
Acquisition Of DEG
www.deg.com.br
Location São Paulo
Founded 1974
Market position #2
Turnover 2010 € 25 mln
EBITDA-margin 16%
Employees 177
17
Acquisition Of Pharma Nostra
www.pharma-nostra.com.br
Location Rio de Janeiro
Anápolis
Campinas
Founded 2000
Market position #1
Turnover 2010 € 45 mln
EBITDA-margin 15%
Employees 316
18
Culture
• Very formal at first but after gaining confidence => very informal and relaxed (big “hug” culture)
• Entrepreneurial
• Latin temperament, sometimes emotional or theatrical
• Disciplined, proud and hard workers
• Only senior level speak good English or other foreign languages / analphabets are still not an exception
• Very cash-driven (because of high inflation “trauma”)
• Meetings often start late and end late
19
Business Environment• Governmental inefficiency
• Legal and bureaucratic complications
• Decreasing informal economy (f.i. bribery)
• High taxation
• Poor infrastructure: transport is extremely expensive
• Security related issues
• High (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
20
Fiscal structure
• Federation
• One federal district
• 26 States
• 5,564 Municipalities
• Central Government, States and Municipalities all collect their own taxes
21
Fiscal
• Very high import taxes
• ‘Tax wars’ between the 26 Brazilian states
⇒Huge amount of litigations
⇒Political problem
• Transfer pricing: not in line with OECD transfer pricing
guidelines
• Goodwill: can be fiscally amortized in some cases
22
Financing• Local financing is very expensive
• Taxes to be paid on the import of capital
• Major local banks: Banco do Brasil and Itau
• Major international banks: Banco Santander and HSBC
• Brazilian business people still think and breath « dollar »
23
Advisors
• Law firms : precific regime for international law firms
• Accounting firms
25
It’s important to work closely with local lawyers and accountants. This is extremely useful in overcoming many of the unfathomable local complexities.
Conclusion
• Brazil is a very promising economy with a lot of upside
potential
• Latin, entrepreneurial culture
• Social democratic environment
• Infrastructure and education: need to be improved
• Import and export of capital and foreign ownership is no
issue
• (Increasing) protectionist approach (high import taxes)
• Complex fiscal environment and high level of burocracy
26
top related