FULL Y EAR RESULTS FY 2018 - Another year of good growth in revenue and profit - Consort Medical
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FULL YEAR RESULTS FY2018
Another year of good growth in revenue
and profit
14 June 2018
Jon Glenn, CEO
Paul Hayes, CFO
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
1
IMPORTANT DISCLAIMER
The information contained in this presentation is being supplied and communicated to you on a confidential basis solely for your information and may not be
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contained in part viii of the Financial Services and Markets Act 2000 (the “Act”):
(i) you must not pass this information to any person; and
(ii) you must not base any behaviour in relation to any securities or other Qualifying Investment (as that term is defined in the Act), which would amount to
market abuse for the purposes of the Act, on the information in this presentation until after it is made generally available. Nor should you use the information in
this presentation in any way which would constitute "market abuse".
This presentation is being communicated in the United Kingdom only: to (a) persons who have professional experience in matters relating to investments falling
within Article 19 (5) of the Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the “Order”); (b) high net worth companies and other bodies
falling within Article 48 (2) of the Order; and (c) persons to whom this presentation may otherwise lawfully be distributed (all such persons being referred to as
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themselves about and observe any such restrictions. Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate
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investigations as they deem necessary.
THIS PRESENTATION IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. NO PUBLIC OFFER OF SECURITIES IS BEING MADE IN
THE UNITED STATES. ANY OFFER OF SECURITIES MUST BE MADE BY MEANS OF A PROSPECTUS THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND
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PURCHASE OR SUBSCRIBE FOR ANY SECURITIES.
2
AGENDA
• Highlights
• Delivering Consort’s Established Strategy
• Financial Review
• Bespak:
o Operational Review and Business Development
• Aesica:
o Operational Review and Business Development
• Summary and Outlook
3
FINANCIAL HIGHLIGHTS
Good growth in revenue and profit across the Group
• Revenue +5.8%, +4.4% @CER1 to £311.1m
o Bespak +4.8%
o Aesica +6.5%
+5.8%
• EBIT2 +6.8%, +5.3% @CER1 to £42.7m Revenue
o Bespak +1.5%
o Aesica +16.5%
• PBT2 +7.3% to £38.2m
+6.8%
• Adjusted basic EPS2 -0.9% to 64.5p EBIT2
• Net debt of £95.5m - 1.7x EBITDA
• Full year total dividend increased to 21.0p
(FY2017: 20.3p) +3.4%
TOTAL
DIVIDEND
1 At
constant exchange rates
2Before special items of £20.9m that include amortisation of acquired intangibles, reorganisation and
impairment costs (FY2017: £13.7m)
4
OPERATIONAL HIGHLIGHTS
Bespak injectables building momentum / new contract wins at Aesica
CONTINUED
GROWTH ACROSS
BROAD RANGE
• Supporting Mylan in potential launch of OF DRUG
generic Advair programme DELIVERY
DEVICES
• Further progress on auto-injector
development contract with leading global
ADDITIONAL
biopharma SYRINA /
• Record volumes manufactured in German VAPOURSOFT
AUTO-INJECTOR
and Italian facilities OPPORTUNITIES
• Award in Cramlington of a significant
multi-year API commercial contract for an
innovative new product INVESTMENTS
IN NEW
• Record metered-dose inhaler (MDI) valve PRODUCTION
volumes LINES TO SUPPORT
GROWTH
5
CONSORT MEDICAL AT A GLANCE – SINGLE SOURCE MANUFACTURING
A world leading one-stop developer and manufacturer of drugs and premium
drug delivery devices
Competitive Competencies Customers Facilities
Advantage
• Device Innovation, Pharma companies Cambridge UK
• Long term, heavily- Development & including: Cramlington UK
embedded customer Manufacturing • AstraZeneca King’s Lynn UK
relationships • Finished Dose • Boehringer Ingelheim Milton Keynes UK
• Considerable technical Development and • Chiesi Nelson UK
expertise Formulation (FDD) • Dr. Reddy’s Queenborough UK
• Strong cash-generation • Finished Dose • GSK Monheim GER
• Driven by innovation Manufacturing (FDM) • Noramco (ex J&J) Zwickau GER
• Highly regulated • API Manufacturing (API) • Merck Pianezza IT
• High barriers to entry • Teva
• UCB
Bespak - Devices
Device Device high
Device feasibility, Device
pilot, clinical & volume
concept detailed design
low volume commercial
& initial design & development Drug /
production production
Drug Drug API device
discovery development manufacture assembly
(fill / finish)
Drug formulation Finished product
development manufacture
Customer Aesica - Drugs
6
THE GROUP’S WELL -ESTABLISHED STRATEGY
Sustainable • Market leading technologies and products
organic revenue
• Highest levels of technical and regulatory expertise
growth
• Deep, long-term customer relationships & contracts
• Broad range of programmes and capabilities
Margin
• High margin drug delivery device business
improvement
• Delivering continued margin improvement in Aesica
• Good operational leverage
• Well established development programmes in both divisions
Investing in • Developing our own product innovations while committed to
innovation investing in new patient, clinician and customer-driven treatments
• Differentiated “one-stop” capability
Selective M&A • Track record of successful acquisitions and integration
and • Strategy to access new geographic markets & complementary
technologies
investments
• Clear criteria to generate sustainable long-term shareholder value
7DELIVERING ON THE STRATEGY IN FY2018
• Bespak continued to grow sales of core MDI valves & DPI devices
and strengthen development pipeline of device opportunities
Sustainable • Aesica delivered 4.2% of underlying1 sales growth with contract
organic revenue renewals and a number of new business wins
growth • Significant activity on API manufacturing and finished dose
development with Aesica quoting for and winning a number of new
opportunities
• Continued improvement in Group margins
• Bespak’s EBIT2 margin maintained at a sector leading 20.9%
Margin (FY2017: 21.6%)
improvement • Aesica’s EBIT2 margin grew by 80bps to 8.8% (FY2017: 8.0%).
Another successive increase from 5.2% at acquisition and on
track for double digit margin aspiration
1 Underlying,
at constant exchange rates
2Before special items of £20.9m that include amortisation of acquired intangibles, reorganisation and
impairment costs (FY2017: £13.7m)
8DELIVERING ON THE STRATEGY IN FY2018 (CONT.)
• Commitment to invest in developing new technology platforms
on a range of opportunities
Investing in
• Innovation team exceedingly busy, particularly with the growing
interest in the injectables franchise
innovation
• Further new customers secured on our semi-continuous
processing line at Queenborough
• Commencing industrialisation of Syrina®/Vapoursoft® auto-injector
• Focused on organic growth while considering selective
Selective M&A acquisitions and investments in new geographic markets and
and complementary technologies
investments • Clear acquisition criteria
• Targeting opportunities that present attractive long-term
shareholder value
9FINANCIAL
REVIEW
PAUL HAYES,
CFO
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
10INCOME STATEMENT FY2018
Good growth in revenue and operating profit
Δ% Δ%
GBPm FY2018 FY2017 Growth Reported at CC1
Revenue 311.1 294.0 17.1 5.8% 4.4%
EBIT2 42.7 40.0 2.7 6.8% 5.3%
EBIT margin % 13.7% 13.6%
Net finance costs (4.5) (4.4) (0.1)
Earnings before tax2 38.2 35.6 2.6 7.3%
Taxation before special items (6.6) (3.8) (2.8)
Tax rate % 17.3% 10.7%
Earnings after tax2 31.6 31.8 (0.2) (0.6%)
Adjusted earnings per share2 64.5p 65.1p (0.6p) (0.9%)
1 Underlying– FY2018 less FY2017 at constant exchange rates (FY2017 reported at FY2018 average FX)
2 Before special items of £20.9m that include amortisation of acquired intangibles, reorganisation and impairment costs
(FY2017: £13.7m)
11BESPAK
Continued Revenue and EBI T growth
Δ%
GBPm FY2018 FY2017 Reported
> Revenue growth of 4.8% with
Revenue 126.9 121.1 4.8% good core respiratory product
sales
EBITDA1 32.7 32.1 1.9% > Service income lower
reflecting the successful
EBITDA margin % 25.8% 26.5% commercialisation of
development programs
> Sector leading EBIT margin at
EBIT1 26.5 26.1 1.5%
20.9%
> Good progress on
EBIT margin % 20.9% 21.6% development pipeline
1 Before special items of £6.4m that include amortisation of acquired
intangibles, reorganisation and impairment costs (FY2017: £0.8m)
12AESICA
Sales growth and continued margin improvements
Δ% Δ%
GBPm FY2018 FY2017 Reported at CC1
Revenue 184.2 172.9 6.5% 4.2% > Revenue grew 6.5%
with record sales
performances in
EBITDA2 23.6 20.6 14.6% 11.3% Germany and Italy
> Benefit of significant
EBITDA margin % 12.8% 11.9% multi-year API *
contract
EBIT2 16.2 13.9 16.5% 12.4% > Further 80bps
improvement in margin
EBIT margin % 8.8% 8.0%
1 Underlying – FY2018 less FY2017 at constant exchange rates (FY2017 reported at FY2018
average FX)
2 Before special items of £14.5m that include amortisation of acquired intangibles,
reorganisation and impairment costs (FY2017: £12.2m)
*API – Active Pharmaceutical Ingredient
13CASH FLOW STATEMENT FY2018
GBPm FY2018 FY2017
Operating profit1 42.7 40.0
Depreciation & amortisation 13.7 12.7
EBITDA 56.4 52.7 > Higher level of
EBITDA % 18.1% 17.9% receivables of which
Working capital - underlying (18.4) (2.9) 91% aged < 30 days
Share based payments & other 1.1 1.7 > Special items funded
Cash generated from operations1 39.1 51.5 successful
Special items (2.0) (2.7) streamlining of
Cash generated from operations 37.1 48.9 business completed
Interest (2.7) (2.9) during the year
Tax 0.3 (3.3) > Increased capital
Capital expenditure (22.2) (18.1) expenditure to
Free cash flow 12.5 24.6 support growth
Operating cash flow conversion3 87% 122%
Trade working capital to sales2 17.3% 16.1%
1 Before special items
2 Trade working capital consists of inventory, trade receivables and trade payables
3 Cash generated from operations after special items to operating profit
14NET DEBT EVOLUTION
Slight increase in level of net debt
15TAX, DIVIDENDS AND CURRENCY SENSITIVITY
Tax
• Effective tax rate on EBT increased to 17.3% (FY2017: 10.7%)
o Prior year effective tax rate particularly low due to utilising brought forward tax losses
o FY2018 effective tax rate reflects the benefits of the Patent Box and strong performance
from higher tax jurisdictions (Germany & Italy)
o ETR expected to be c.18% in FY2019
Dividend
• Final dividend increased by 2.6% to 13.56p / share
• Full year total dividend increased 3.4% to 21.0p / share
o Dividend Cover of 3.1x (FY2017: 3.2x)
Currency sensitivity
• Full year results prepared using £1.00:€1.13 average exchange rate
• 10¢ strengthening of EUR:GBP FX increases revenue by £8.4m and EBIT by £1.1m
16OTHER FINANCIAL ITEMS
Pension plans
• IAS19 pension valuation – total deficit decreased to £14.7m (30 April 2017: £44.6m)
o Decrease primarily due to higher discount rates, lower inflation and reduction in life
expectancy
• Triennial actuarial valuation based on a £37.3m actuarial valuation agreed as at 30
April 2017 with deficit recovery contributions planned as follows:
o November 2017 – October 2019: £2.5m per annum
o November 2019 – October 2021: £3.0m per annum
o November 2021 – November 2029: £3.5m per annum
Bank facilities
• Net debt of £95.5m at period end (FY2017: £92.6m)
• Gearing of 1.7x Net Debt:EBITDA (FY2017: 1.7x)
• Total committed facilities: c.£160m (before £65m potential accordion)
• Bank facilities to be renegotiated in FY2019
17FINANCIAL REVIEW: SUMMARY
Good growth in revenue and profit
• Good underlying revenue and profit growth in both divisions
• Aesica delivers continued improvement in margins
• Full year dividend increased by 3.4% to 21.0p per share
• Strong balance sheet and clear growth strategy
18B E S P AK :
O P E RATI ONAL
RE VI E W,
DE VE L O P ME N T
P I P E LI NE AN D
I NNO VAT I ON
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
19BESPAK - OVERVIEW
50+ years experience in drug delivery solutions and innovation
• Long term, heavily-embedded customer relationships
90+ marketed MDI products and 50+ years track
MDI valves
record of partnering with many of the world’s largest
pharma companies in providing innovative life
MDI & DPI
improving/saving treatments
Core contract
manufacturing
Core
business business • Highly regulated industry - manufacturing 2.6bn
components, assembled into >500m devices pa
Medical
check
valves • High barriers to entry - world-leader in valve
technology development and manufacture; strong
market position in both pMDI and DPI technologies
• Considerable technical expertise & highly complex
manufacturing - one of only a handful of operators
Injectables globally with know-how & expertise to consistently
deliver above Six Sigma quality for high volume
Primary Nasal
Key regulated pharmaceutical components and devices
growth Biologics growth • Driven by innovation - committed to investing in
drivers delivery
drivers patient, clinician and customer driven innovation to
create new treatments
Point of care
consumables • Exposure to growth markets - proprietary injectables
technology provides access to high growth biologics
market
Every second over 1,000 patients use one of Bespak’s devices to help them breathe
20BESPAK OPERATIONAL HIGHLIGHTS
Another solid performance from core respiratory MDI Valves - Unit Volumes
business (Millions)
• Good growth of MDI respiratory business
o Supplying MDI valves to over 90 commercial
products
o Record 247 million valves manufactured
o New products include Easifill primeless MDI
valve
• Continued growth in sales of DPI products
Mylan’s generic Advair – DEV610
• Mylan expected to receive a response from the
FDA by 27June 2018
• Mylan publicly confirmed they are building
Pic of valves
inventory ahead of a potential launch
• If the programme is approved, Bespak’s sales will
reflect Mylan’s launch strategy and level of
inventory they are carrying
21BESPAK OPERATIONAL HIGHLIGHTS (CONT.)
Good progress on Syrina® / VapourSoft®
auto-injectors development contract with
leading global pharmaceutical customer
• Programme now progressing to
industrialisation for potential product Pic of auto
launch injector
• Planning to invest in production processes
and tooling at our Milton Keynes facility
• Examining additional opportunities with this
customer and other potential customers
22BESPAK’S DEVELOPMENT PORTFOLIO
Continued good progress with the development pipeline – after
successful transition of some into commercial manufacturing
Project Description Customer Status
VAL020 MDI valve Global Pharma Programme under review by customer
Combined Chlamydia / Gonorrhoea test cartridge
POC010 POC test cartridge Atlas Genetics
development progressing
NAS020 Nasal device Global Generic Programme under review by customer
DEV610 DPI Mylan Awaiting FDA approval
NAS030 Nasal device Pharma Co. Early stage programme
INJ650 ASI® auto-injector Global Generic Early stage programme
INJ700 Lila Mix® Injector Pharma Co. Development programme on track
Customer received minor Complete Response Letter
IDC300 Oral IDC Pharma Co.
(CRL); Launch still expected in 2018
VAL050 MDI valve / actuator Aeropharm Development contract ongoing
Ocular device /
OCU050 Oxular Early stage programme
formulation / filling
Global
SYR075 Syrina® / Vapoursoft® Progressing well towards commercialisation
Biopharma
23BESPAK INNOVATION
Continuing to generate strong interest in our proprietary technology
platforms
• Continuing to fund significant
investment in developing new
proprietary technology platforms
• Innovation Team remains very
busy, particularly with growing
interest in injectables franchise
• Bespak proprietary nasal
programmes (Unidose® Xtra) in
conjunction with Aesica sterile fill
capability provide significant
growth opportunities for the
Group
Pic of Nasal product
24AE SI CA:
O P E RATI ONAL
RE VI E W,
DE VE L O P ME N T
P I P E LI NE AN D
I NNO VAT I ON
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
25AESICA - OVERVIEW
The whole supply chain simplified – from early stage development
to full scale manufacture
API Aesica develops, formulates and manufactures APIs and
finished dose drugs to the highest quality standards.
>1,000 tonnes of
Finished Dose wet granulation • Heavily-embedded customer relationships - long
>4bn tablets
history of global supply with a track record in building
Formulation partnerships; good customer service with established
Core >1bn capsules customer relationships and a diverse customer base
Contract
business 2.3m L liquids • Long-term customer contracts – with contracts
Manufacturing
35m ampoules typically longer than 5 years, Aesica works closely with
Semi-continuous blue-chip customers to support their growth
30m vials
manufacturing • Strong regulatory track record - compliance expertise
and experience with FDA, MHRA, ANVISA, Russia and
Japan
• High barriers to entry – end-to-end service with API,
Development Centre and Finished Dose capabilities
Highly potent at facilities in the UK, Germany and Italy
&
Primary Controlled • Considerable technical expertise and highly complex
manufacturing - mature brands and the ability to
growth drugs
manage the complexity of multiple lower volume
drivers Aseptic fill/finish SKUs; highly potent and controlled drug capabilities
• Driven by innovation - benefitting from being an early
Serialisation provider of semi-continuous manufacturing
capabilities and serialisation technology
The only independent CDMO with semi-continuous manufacturing capabilities
26AE S I CA B USI N E SS DE VE L O P ME N T
Significant growth in underlying EBIT and continuing margin improvement
Another successive year of sales growth Aesica EBIT Margin
& margin improvement
• Reported 6.5% revenue growth New pic
• Record sales in our German and Italian
businesses
• Significant new multi-year API contract
for Cramlington
• Further improved margins in a
streamlined business structure with EBIT
up 16.5%
• 80bps improvement in margin and on
track for delivery of double-digit
margins
27AESICA OPERATIONAL REVIEW
Contract renewals and a number of new business wins
API
• Supporting a customer on a new
innovative API with a multi-year supply
agreement for a complicated multi-
stage process
Finished Dose Manufacturing
• New contract awards for our German
finished dose business
• New customers for semi-continuous
processing line installed at
Queenborough
Good compliance record
• Established partner providing good
regulatory compliance track record
28AESICA INNOVATION
Continued investment in growth
Investing to support growth
• Expanding our packaging capabilities
in Germany
• Investing in increasing oral production
capacity in Italy
• Future investment in pre-filled syringes
to provide full fill/finish alongside auto-
injector capabilities
Serialisation*
• Continued progress and further
investment in serialisation capabilities
• Well advanced in developing the
service for next wave of countries
adopting serialisation
*Serialisation allows the identification of products at the individual pack level
29SUMMARY AND
OUTLOOK
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
30SUMMARY AN D OUT L O O K
• Another year of underlying revenue and profit growth in both divisions
• Continued growth in Bespak’s core respiratory business
• Significant progress on developing innovative Syrina® / VapourSoft® auto-
injectors
• Good organic revenue growth and continued margin improvement at
Aesica
• New business wins including API, finished dose and packaging contracts in
a streamlined business structure
• Board remains confident of future prospects supported by a robust
financial position and a strong development pipeline. The Board’s
expectations for the current financial year remain unchanged.
31Questions
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
32APPENDICES
ONE SOURCE FI TS ALL
FROM DRUG DEVELOPMENT
TO DELIVERY DEVICES
33HISTORICAL REVENUE AND OPERATING PROFITS
Revenue (£’m) Operating Profit (£’m)
> Revenue benefited from acquisition of Aesica in November 2014
> Strong track record in operating profit growth
> EBIT growth from revenue and operational improvements
> Bespak margins sector leading at 20.9%
> Aesica margins up 360bps since acquisition to 8.8%
34ADJUSTED EPS AND DIVIDENDS
Confidence in Group’s prospects reflected in dividend increase
Basic Adjusted EPS (pence) Dividends Per Share (pence)
> Adjusted EPS progression reflects growth in operating profits with FY2017
benefitting from a one-off low tax charge
> 2018 DPS increased by 3.4% to 21.0 pence
> Dividend cover at 3.1 times
> Steady increase in dividend since FY2015 in line with EPS growth
35WORKING CAPITAL ANALYSIS
Working capital reflects higher level of receivables
Movement in working capital excluding special items
£'m FY2018 FY2017
Increase in inventories (0.7) (2.7)
(Increase) / decrease in receivables (16.7) 0.7
Decrease in payables (0.9) (0.9)
Total (18.4) (2.9)
Movement in receivables
£'m FY2018 FY2017 Movement
Gross trade receivables 56.2 44.5 (11.7)
Other receivables 16.1 10.5 (5.7)
FX movement 0.6
Total 72.4 55.0 (16.7)
Gross trade receivables ageing
£'m FY2018 FY2017
1 - 30 days 51.1 91% 41.1 92%
30 - 90 days 4.1 7% 2.3 5%
> 90 days 1.0 2% 1.2 3%
Total 56.2 100% 44.5 100%
36ALTERNATIVE PERFORMANCE MEASURES
Reconciliation of PBT before special items to statutory P BT
£'m FY2018 FY2017
PBT before special items 38.2 35.6
Special items
Amortisation of intangibles (12.1) (13.0)
Asset impairment (4.2) -
Reorganisation costs (4.6) (0.7)
Statutory PBT 17.3 21.9
> PBT before special items is calculated as PBT before charges associated
with the amortisation of acquired intangibles, reorganisation costs and
impairment of fixed assets
> Adjusted EPS is calculated as profit after tax divided by the weighted
average number of ordinary shares in issue during the financial year
37CURRENCY RATES AND SENSITIVITY
£1 : €
FY2018 FY2017
Euro rate assumptions
Period end exchange rate 1.14 1.19
Average exchange rate 1.13 1.18
10¢ appreciation in £/€ has following effect: £m
Revenue 1 (8.4)
EBIT 1 (1.1)
1 Currency sensitivity in a full financial year
38GROUP CUSTOMERS ANALYSIS
Customer Dependency Top 20 Group Customers
FY2018 FY2018
FY2017 FY2017
39BESPAK – FY2018 REVENUE BY PRODUCT ANALYSIS
Revenue by Category Product Revenues
FY2018 FY2018
FY2017 FY2017
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