UDG Healthcare plc FY18 Results Presentation & Group Overview - - PowerPoint PPT Presentation
UDG Healthcare plc FY18 Results Presentation & Group Overview Year to 30 th September 2018 Contents Page No. FY18 Overview 5-9 FY18 Financial Overview 10-19 Divisional Overview: Ashfield 20-28 Divisional Overview: Sharp 29-31 FY18
Year to 30th September 2018
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Page No. FY18 Overview 5-9 FY18 Financial Overview 10-19 Divisional Overview: Ashfield 20-28 Divisional Overview: Sharp 29-31 FY18 Summary 32-34 UDG Healthcare Group & Divisional Overview 35-50 Financial Appendices 51-59
London Stock Exchange, 27thNovember 2018 Brendan McAtamney & Nigel Clerkin
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This Presentation has been prepared by UDG Healthcare plc and contains certain forward-looking statements, beliefs or opinions, including statements with respect to the Group's business, financial condition and operational results.
They represent expectations for the Group’s business, including statements that relate to the Group’s future prospects, developments and strategies, and involve risks and uncertainties both general and specific. The Group has based these forward-looking statements on assumptions regarding present and future strategies of the Group and the environment in which it will operate in the future. However, because they involve known and unknown risks, uncertainties and other factors including but not limited to general economic, political, financial and business factors, which in some cases are beyond the Group’s control, actual results, performance, operations or achievements expressed or implied by such forward looking statements may differ materially from those expressed or implied by such forward-looking statements and accordingly you should not rely on these forward looking statements in making investment decisions. Except as required by applicable law or regulation, neither the Group nor any
looking statements after the date these statements are published, whether as a result of new information, future events or otherwise.
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UDG Healthcare is a global leader in the healthcare advisory, communications, commercial, clinical and packaging services industry. The Group is organised and managed across two divisions, Ashfield and Sharp, and employs over 8,500 people in 26 countries.
Operating divisions
Employees
Pharma companies as clients
Listed
Dividend growth
Countries
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Business Unit Operating Profit Split*
43% 25% 32%
Geographic Revenue Split
54% 23% 23%
Customer Concentration (net revenue)
7% 30% 63%
Ashfield Communications & Advisory Ashfield Commercial & Clinical Sharp North America UK Rest of World / Other # 1 Customer # 2 -10 Customers Other Customers
* Excluding Aquilant
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+24%
+22% constant currency
+10%
+6% constant currency
+14%
+12% constant currency
13.1%
Increased from 12.6%
+17%
+15% constant currency
16.0c
Full year increase +20%
EPS* NET REVENUE OPERATING PROFIT* NET OPERATING MARGIN PROFIT BEFORE TAX* DIVIDEND
*Operating profit, profit before tax and EPS are before the amortisation of acquired intangible assets, acquisition costs and exceptional items
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Acquisitions of CreateNYC and SmartAnalyst in July 2018 Disposal of Aquilant in August 2018 Strong Sharp US second half momentum Three Sharp facilities upgraded during the year Continued rollout of Future Fit initiatives (HR, Finance, IT) Ashfield Commercial & Clinical technology investments Restructuring & reinvestment programme Ashfield Communications continues to differentiate its offering with a global network of businesses driven by a “science first” perspective Ashfield Communications & Advisory now accounts for 63% of Ashfield’s
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The average 2018 exchange rates were $1:€0.8403 and $1:£0.7436 (2017 $1:€0.9047 and $1:£0.7891) * Before amortisation of acquired intangible assets, transaction costs and exceptional items
2017 2018 2018 Increase Con Constant t FX Incr ncrease Net Revenue
Operating profit*
PBT*
EPS (C)*
ROCE%
DPS (C)
Net debt to EBITDA
12 12 : UDG Healthcare plc 81.6 41.3 98.4 45.8
Ashfield Sharp
+21% ↗ +11% ↗
^ Throughout this presentation, references to underlying growth are financial metrics adjusted for the impact of currency translation movements and any acquisition or disposal activity. * Net operating margin adjusts for pass-through revenues upon which no margin is earned
after incremental Future Fit operating costs (+5% excluding Future Fit costs)
12.9%)
growth +11%
the year
OPERATING PROFIT ($M)
NET OPERATING MARGIN*
12.9% 13.4% 13.7% 14.7%
UNDERLYING GROWTH RATE
0% +11%
UNDERLYING GROWTH RATE (EX FUTURE FIT)
+5% +11%
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GROUP EPS ($c) +24%
(+22% CONSTANT CURRENCY)
0.5 37.1 45.9 +10% +2% 4.8 3.5 +12%
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* Includes Aquilant disposal proceeds & deferred consideration payments
EBITDA/NET DEBT 0.34x (SEPTEMBER 2017 EBITDA/NET DEBT: 0.32x);
83 (50) (2) (61) (53) +182 (18) (26) (50) (61) (18) (26) (33)
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Working Capital
FY17 WC outflow $(19)m:
FY18 WC outflow $(50)m:
Targeting medium term Free Cash Flow conversion of 60
60-65% 65%
$m $m FY17 FY18
EBITDA
157 182
Working capital
(19) (50)
Capex
(51) (61)
FCF CF 87 87 71 FCF CF Con Conversio ion % 55% 55% 39% 39%
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Category Description $m FY18
Aq Aquilant Net charge in relation to the impairment of goodwill on Aquilant, in part offset by one-off payments received relating to the exit of contracts with VSI and Link, and loss on disposal
($91.7m)
Def Deferred Tax ax Credit Gain reflecting a one-off benefit from a reduction in the Group’s deferred tax liabilities following US tax changes
$9.7m
Def Deferred Con
sideration Release in respect of Cambridge BioMarketing, MicroMass and SellXpert following a review of performance against expected earn-
$10.6m
Rest Restructuring Redundancy and onerous lease costs ($14.4m)
Ne Net exc exceptional item tems af after r tax tax ($85.8m)
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Strong balance sheet to support continued investment priorities
Acquisitions in line with strategic priorities Reinvestment to support continued sustainable growth Progressive shareholder returns policy
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Do Do you hav have thi his log logo? 2014 2016 2018
DISPOSALS
2012 2013 2014 2016 2017 2017 2018
ACQUISITIONS
2014
Bethlehem site
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1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Historic dividends translated from € to $
16.0
30 year+ history of consistent dividend growth ($ cent)
in FY18
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62.1 36.3 98.4
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0
Communications & Advisory Commercial & Clinical Totals
+44% ↗
OPERATING PROFIT ($M)
* Net operating margin adjusts for pass-through revenues. Pass through revenues of $191.3m in 2017 and $185.5m in 2018
NET OPERATING MARGIN*
22.9% 21.6% 8.7% 8.1% 12.9% 13.4%
UNDERLYING GROWTH RATE
+10%
0%
UNDERLYING GROWTH RATE (EX FUTURE FIT)
+13%
+5%
43.0 38.6 81.6
↗
22 22 : UDG Healthcare plc 43.0 62.1
Operating Profit
OPERATING PROFIT ($M)
* Net operating margin adjusts for pass-through revenues. Pass through revenues of $28.9m in 2017 and $36.2m in 2018
NET OPERATING MARGIN*
22.9% 21.6%
UNDERLYING GROWTH RATE
+10%
Reported operating profit increased by +44% Underlying operating profit +10%. Excluding the impact of additional Future Fit costs, underlying operating profit +13% Outl utlook: Strong underlying growth dynamics expected to continue in FY19. Reported growth will be tempered by planned investments, including STEM aXcellerate
UNDERLYING GROWTH RATE (ex Future Fit)
+13%
Ashfield Communications & Advisory accounted for 63% of Ashfield’s
FY17
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What we do
Scientific and brand creative communications, digital and patient-centred content, specialised agencies in behavioural science, rare disease, PR and
Where we do it
Offices in New York, New Jersey, Raleigh, Manchester, London, Boston and Brighton.
Strategy & Differentiation
Key focus to increase collaboration between agencies Strategy to continue to expand into aligned adjacencies to core scientific communication capabilities
Global network of business and talent driven by a ‘science first’ perspective Supplemented by strong creative communications, digital, data and analytics expertise
Our people
We have 1,200 peo
people le, including 400 with a PhD or equivalent
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165+ people
across 51 countries
120 + people
based in Philadelphia, Boston and London Acquired in
2016
Acquired in
2017
Healthcare consulting focused on brand strategy, planning and launch Acquired in
2018
Strategic commercial, consulting and analytics business
140 + people
based in New York, India and London
STRATEGY STRATEGY STRATEGY
International expansion Client and service expansion & cross-selling Q Q – do do we e ne need ano another ST STEM X slid slide be beyond thi his Accelerating excellence in brand strategy execution
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+50 during Q4 18 and into 2019
120 + people
based in Philadelphia, Boston and London External supported research to prioritise market opportunity Acquired in
2017
Healthcare consulting focused on brand strategy, planning and launch Acquired in
2018
Strategic commercial, consulting and analytics business
140 + people
based in New York, India and London
STRATEGY STRATEGY STRATEGY
International expansion Client and service expansion & cross-selling Q Q – do do we e ne need ano another ST STEM X slid slide be beyond thi his Maximize Biopharma market opportunity & pilot Medical Device and Clinical Trials market
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Client A + = + Client B + = + Client C + = +
27 27 : UDG Healthcare plc 38.6 36.3
Operating Profit
OPERATING PROFIT ($M)
* Net operating margin adjusts for pass-through revenues. Pass through revenues of $162.4m in 2017 and $149.3m in 2018
NET OPERATING MARGIN*
8.7% 8.1%
UNDERLYING GROWTH RATE
Reported operating profit declined by -6% Underlying operating profit -10%. Excluding the impact of additional Future Fit costs, underlying operating profit -5% Outl utlook: Market conditions that impacted underlying growth rates in FY18 are expected to continue in FY19
UNDERLYING GROWTH RATE (ex Future Fit)
Con Content???
↗
Ashfield Commercial & Clinical accounted for 37% of Ashfield’s operating profit in FY18
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Ashfield continues to invest to expand and differentiate its offering.
Recent activity includes:
50% 50%
from commercial/CSO related activities
patient support, medical information, pharmacovigilance, meetings and events and market access services
Where we do it
Ashfield Commercial and Clinical provides services across
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+15% ↗ +11% ↗
OPERATING PROFIT ($M)
(1.1)
OPERATING MARGIN
16.1% 17.5% 0.8%
13.7% 14.7% 40.9 0.4 41.3 46.9 45.8
US Europe Totals
UNDERLYING GROWTH RATE
+15% N/A +11%
Strong performance with reported and underlying
Sharp US delivered a strong performance, driven by
improving momentum during the second half of the year. Reported and underlying operating profit increased by
+15% Sharp Europe operating loss of $1.1 m due to activity levels
with some clients being lower than previously anticipated. Outl utlook: Sharp division well positioned to deliver underlying
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Sharp Investments 10 Year Anniversary of Sharp US Acquisition Increasing biotech and injectables focus
Sharp Bethlehem Sharp Rhymney Sharp Heerenveen
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New drug launches in the US are expected to average 40-45 per annum to 2022, a significant increase compared to the approval rates over the past 5 years3 The total number of molecules in development in 2018 was 15,267, a 2.7% increase vs. 20172 Global healthcare spend forecasted to grow at 5-6% p.a. to reach $1.4 trillion by 20221 Specialty drugs forecasted to represent 52% of the top 100 product sales by 2024, accounting for 48% of spend in developed markets3 Orphan drug sector forecasted to double in size to 2024, accounting for approximately 20% of prescription sales3 Pharmaceutical R&D spend remains positive with forecasted growth rate of 3% to 20244 Keith – can you confirm what you need here
1 2018 and Beyond: Outlook and Turning Points. IQVIA Institute. March 2018. 2 Pharma R&D Annual Review. Pharma Intelligence. February 2018. 3 World Preview 2018: Outlook to 2024. Evaluate Pharma. June 2018. 4 Medicines Use and Spending in the US: A Review of 2017 and Outlook to 2022.
IQVIA Institute. April 2018.
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Lucy – any ideas how we could better title this slide
Continued investments in infrastructure to support sustainable growth 20% increase in full year dividend to 16.0c $ per share Net debt of $60.8 million at year end (0.34x) providing significant capacity for continued M&A Market dynamics remain favourable Diversified client base with limited exposure to drug pricing Strong EPS growth
(22% constant currency)
November 2018
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A global leader in contract clinical, manufacturing, packaging and technology services
Clinical – A comprehensive integrated clinical trial supply and management service, from pre-clinical through to commercialisation. Manufacturing – Clinical manufacturing services including analytical services, formulation development, over-encapsulation and placebo manufacture. Packaging – Commercial packaging solutions in multiple formats including bottles, blisters, specialty and secondary packaging.
32%*
Operating Profit
>10%
Medium term
growth outlook**
**Underlying growth
A global leader in healthcare advisory, communication, commercial and clinical services for the pharmaceutical and healthcare industries
* Excluding Aquilant
Advisory – Healthcare advisory, strategic consulting, analytics and benchmarking audit services. Communications –Scientific and brand creative communications, digital and patient-centred capabilities, specialised agencies in behavioural science, rare disease, PR and on-demand advertising services. Commercial & Clinical – Commercial and clinical services including sales reps, patient services, contact centres, medical affairs and meetings and events.
5-10% 68%*
Operating Profit Medium term
growth outlook** Technology – Technology to support both commercial and clinical packaging services including design, serialisation solutions and clinical IRT.
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PHASE 1-3 PRELAUNCH LAUNCH IN MARKET ADVISORY HEALTHCARE COMMUNICATIONS COMMERCIAL & CLINICAL COMMERCIAL CLINICAL
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Our strategy is to capitalise on the increasing trend among pharmaceutical, biotech and medtech companies to
Transform through people
Talent & leadership Quality & compliance Values based culture
Improve productivity
Capital deployment Margin expansion Operational excellence
Grow & expand market leading positions
Geographic & services expansion Client focus & commercial excellence Supplementary sources of growth Our vision to improve the lives of patients around the world by partnering with pharmaceutical clients and healthcare providers
39 39 : UDG Healthcare plc
Positive market dynamics with growing FDA approvals and trend towards increased
Global presence and strong market positions, diversified by geography, services and customers Not directly linked to drug pricing, fee for service model Clear medium term underlying
growth guidance Investments to support sustainable growth
1 2 3 4 5 6
Strong balance sheet to support M&A
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41.7 57.5 68.3 70.6
FY12 FY13 FY14 FY15 FY16 FY17 FY18
*Adjusted for amortisation of acquired intangible assets, transaction costs, and exceptional items ~ Excluding Aquilant
Operating profit* ($m)
81.6 26.7
A gl global lea eader in hea healthcare ad advis isory, com communicatio ion, com commercial an and clin clinical serv services 7,000+
People across 25 countries Delivering services in more than 50
COUNTRIES
Partnering with the top
30 GLOBAL PHARMA COMPANIES 10 YEARS
data within STEM with over 300,000
COMPLETED 2 ACQUISITIONS
In FY18, committed
acquisitions
TRANSFORMED
Communications and Advisory now accounts for >63% of operating profits of Ashfield 98.4
~
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ACQUIRED IN JUNE 2018
Broadens Ashfield Communications service offering to provide entry into the area of disruptive creative communications
DEAL STRUCTURE
Initial consideration
$58.4m
US-BASED
HQ in Greenwich Village, NYC
FOUNDED IN 2009
Healthcare creative communications focused on the tactical execution of marketing and advertising plans
PEOPLE
LOCATIONS
Operations in New York, London and India
FOUNDED IN 2001
Strategic consulting services that helps pharma and biopharma companies identify the best products in their pipeline to prioritise and develop
PEOPLE
DEAL STRUCTURE
Initial consideration of $18m rising to $24m
ACQUIRED IN JUNE 2018
Expands Advisory’s capabilities and provides an
establish a base of
43 43 : UDG Healthcare plc
Competitive landscape
global pure-play consultancies (McKinsey, Accenture) in addition to niche healthcare consultancies
Key Growth Drivers
therapies and launches
research to improve decision marking
development and positive FDA approval
Estimated Ashfield market share <5% Outsourced Market size $2.9bn Estimated market growth rate 6-8% Estimated
rate 40-50% Margin profile 15%-30%
44 44 : UDG Healthcare plc
Competitive landscape
Broad range of peers including:
Havas, Omnicom),
businesses (Hunstworth, Precision Health, Intouch Group, Syneos)
independent agencies
Key Growth Drivers
increased demand for multi-channel and digital comms
developed and approved
Estimated Ashfield market share <5% Outsourced Market size $7.3bn Estimated market growth rate 3-8% Estimated
rate 40-45% Margin profile 15%-25%
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Competitive landscape
Competitive landscape includes large players Syneos, IQVIA and Publicis. In-county competitors varies by geographic market.
Key Growth Drivers
reps
multi-channel offerings
increased complexity and support requirements
Ashfield market share varies by geography Outsourced Market size $6.1bn Estimated market growth rate 5% Estimated
rate 15% Margin profile 7%-15%
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Strategic Fit / Capabilities People & Cultural Fit ROCE 15%+ within 3 years
M&A REMAINS A KEY PRIORITY FOR THE GROUP:
Ashfield advisory
Outcomes Research
Ashfield communications
incorporating: – Scientific health comms – Commercial / Creative comms – Patient engagement & behaviour – Public relations – Digital, data & analytics solutions
Ashfield commercial & clinical
and commercial call centres
ASHFIELD KEY FOCUS AREAS INCLUDE:
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*Adjusted for amortisation of acquired intangible assets, transaction costs, and exceptional items ~ Excluding Aquilant
20.6 25.9 34.0 38.2 41.3
FY12 FY13 FY14 FY15 FY16 FY17 FY18
Operating profit* ($m)
18.8
Sharp US Sharp EU Sharp Clinical A gl global lea eader in con contract pack packaging an and clin clinical tria rial l su supply ly ser servic ices 1,600
Employees Operations in
4 COUNTRIES
Belgium, Netherlands USA, UK
9 GMP & FDA
Approved facilities 45.8
~
48 48 : UDG Healthcare plc
Competitive landscape
Competitors include:
Packaging Organisations (CPO) such as PCI
Organisations (CMO)
Key Growth Drivers
products
technology solutions and capabilities
Outsourced Market size $5-7bn Estimated market growth rate 6-8% Estimated
rate c. 25% Sharp market share US
49 49 : UDG Healthcare plc
Competitive landscape
Large competitors include ThermoFisher, Catalent and Almac
Key Growth Drivers
companies for end-to-end integrated services
services and ‘Track and Trace’ Outsourced Market size $6-8bn Estimated market growth rate 6-8% Estimated
rate 45-55% Sharp market share < 5%
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Strategic Fit / Capabilities People & Cultural Fit ROCE 15%+ within 3 years
M&A REMAINS A KEY PRIORITY FOR THE GROUP:
Sharp commercial
provide additional capacity
businesses and facilities
biotech / injectables / finished dose formulation
Sharp Clinical
integrated offering
and manufacturing
SHARP KEY FOCUS AREAS INCLUDE:
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12 mths to Sept 2018 Change
Net^ Revenue $m Op Profit* $m Net^ Margin Net^ Revenue Net^ Revenue Underlying Op Profit* reported Op Profit* Underlying Net^ Margin
Ashfield
$735.9 $98.5 13.4% 17% (1%) 21% 0.4%** +50bp
Sharp
$311.1 $45.8 14.7% 3% 1% 11% 11% +100bp
Aquilant
$82.7 $3.3 4.0% (14%) (1%) (49%) (29%) (270bp)
Total $1,129.7 $147.5 13.1% 10% (1%) 14% 2%** +50bp
^ Adjusted for pass-through revenues. Pass through revenues of $185.5m in 2018 *Operating profit before amortisation of acquired intangible assets, acquisition costs and exceptional items ** Without additional Future Fit costs, Ashfield underlying operating profit growth would have been +5% and Group underlying operating profit growth would have been +5%. Group underlying
53 53 : UDG Healthcare plc
12 mths to Sept 2017 2017 2017 2018 2018 2018 % Change % Change % Change % Change
Net^ Revenue $m Op Profit* $m Net^ Margin Net^ Revenue $m Op Profit* $m Net^ Margin Net^ Revenue Net^ Revenue Underlying Op Profit* Op Profit* Underlying
Communications & Advisory $187.8 $43.0 22.9% $287.7 $62.1 21.6% 53% 10% 44% 10%**
Commercial & Clinical $442.3 $38.6 8.7% $448.2 $36.4 8.1% 1% (6%) (6%) (10%)** Total $630.1 $81.6 12.9% $735.9 $98.5 13.4% 17% (1%) 21% 0%**
^ Adjusted for pass-through revenues. Pass through revenues of $191.3m in 2017 and $185.5m in 2018 *Operating profit before amortisation of acquired intangible assets, acquisition costs and exceptional items ** Without additional Future Fit costs, Ashfield underlying operating profit growth would have been 5% - Ashfield Communications & Advisory +13% and Ashfield Commercial & Clinical -5%
54 54 : UDG Healthcare plc
12 mths to Sept 2017 2017 2017 2018 2018 2018 % Change % Change % Change % Change
Revenue $m Op Profit* $m Margin Revenue $m Op Profit* $m Margin Revenue Revenue Underlying Op Profit* Op Profit* Underlying
US $254.0 $40.9 16.1% $267.7 $46.9 17.5% 5% 5% 15% 15% Europe $48.1 $0.4 0.8% $43.4 ($1.1) (2.5%) (10%) (17%) N/a N/a Total $302.1 $41.3 13.7% $311.1 $45.8 14.7% 3% 1% 11% 11%
*Operating profit before amortisation of acquired intangible assets, acquisition costs and exceptional items
55 55 : UDG Healthcare plc
12 mths to Sept 2017 2017 2017 2018 2018 2018 % Change % Change % Change % Change
Revenue $m Op Profit* $m Margin Revenue $m Op Profit* $m Margin Revenue Revenue Underlying Op Profit* Op Profit* Underlying
Aquilant
$96.3 $6.4 6.7% $82.7 $3.3 4.0% (14%) (1%) (49%) (29%)
*Operating profit before amortisation of acquired intangible assets, acquisition costs and exceptional items
56 56 : UDG Healthcare plc
The Group reports certain financial measurements that are not required under International Financial Reporting Standards (IFRS) which represent the generally accepted accounting principles (GAAP) under which the Group
information which, when viewed in conjunction with IFRS financial information, provides stakeholders with a more meaningful understanding of the underlying financial and operating performance of the Group and its divisions. These measurements are also used internally to evaluate the historical and planned future performance of the Group’s operations and to measure executive management’s performance based remuneration. None of the non- IFRS measurements should be considered as an alternative to financial measures derived in accordance with IFRS. The non-IFRS measurements can have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of results as reported under IFRS.
57 57 : UDG Healthcare plc
Calculation
2018 $’000 2017 $’000
Net assets Net debt 87 874,0 4,093 93 60 60,78 ,787 880,656 53,266 Assets before net debt Historical intangible amortisation Historical restructuring costs 93 934,8 4,880 80 18 189,2 9,206 06 38 38,36 ,365 933,922 176,997 47,494 Total Capital Employed 1,162,451 1,158,413 Average total capital employed Adjusted operating profit 1,16 1,160,4 ,432 14 147,5 7,506 06 1,006,869 129,280 Return on Capital Employed 12.7% 12.8%
ROCE is the adjusted operating profit expressed as a percentage of the Group’s net assets employed. Net assets employed is the average of the opening and closing net assets in the year excluding net debt adjusted for the historical amortisation of acquired intangible assets and restructuring charges.
58 58 : UDG Healthcare plc
Calculation
As per Preliminary Statement 2018 $’000 2017 $’000
Adjusted Operating Profit Share-based payment expense Depreciation Amortisation of computer software Joint venture profit share (Profit)/loss on disposal of property, plant and equipment Income Statement Cash Flow Statement Cash Flow Statement Note 10 Income Statement Cash Flow Statement 147,5 ,506 5,06 5,069 24 24,47 ,477 6,03 6,036 (958) 958) (340) 340) 129,280 3,613 21,221 3,384 (667) 55 Adjusted EBITDA 181,790 156,886
Adjusted EBITDA is continuing and discontinued earning before net interest, tax, depreciation, share-based payment expense, amortisation of intangible assets, transaction costs, exceptional items adjusted for the share of joint venture profits, dividends received from joint ventures, profit/(loss) on disposal of property, plant and equipment and impairment of intangible assets.
UDG HEALTHCARE PLC 20 Riverwalk Citywest Business Campus Citywest Dublin 24 Ireland investorrelations@udghealthcare.com +353 1 468 9000