Resultados preliminares 2023
Resultados preliminares 2023
Uniphar plc, an international diversified healthcare services business, announces its full year results for the year ended 31 December 2023, delivering a strong performance with EBITDA growth of 17.7%, ROCE of 15.2% and year-end leverage of 1.6x.
ASPECTOS FINANCIEROS MÁS DESTACADOS
Crecimiento | ||||
Año terminado el 31 de diciembre | 2023 ?'000 | 2022 ?'000 | reportado % | Constante Moneda2 % |
| ||||
Ingresos | 2,553,062 | 2,070,669 | 23.3% | 23.6% |
Beneficio bruto | 389,984 | 306,744 | 27.1% | 27.8% |
Cadena de suministro y venta minorista de Uniphar | 186,927 | 139,012 | 34.5% | 34.5% |
Uniphar Medtech | 99,870 | 90,931 | 9.8% | 10.7% |
Unifarmacia | 103,187 | 76,801 | 34.4% | 36.0% |
Gross profit margin (Group) | 15.3% | 14.8% | ||
anual1,4 | 115,985 | 98,575 | 17.7% | 17.9% |
Beneficio operativo | 67,708 | 53,155 | 27.4% | 27.8% |
Beneficio antes de impuestos excluyendo partidas excepcionales | 53,321 | 57,900 | (7.9%) | (7.8%) |
Deuda bancaria neta1 | (149,947) | (91,217) | ||
EPS básico (centavo) | 16.4 | 16.7 | ||
EPS ajustado (centavo)1,4 | 18.3 | 18.6 |
· Crecimiento del beneficio bruto del 27.1% (5.6% orgánico3), with organic growth across all divisions.
· Progresión continua en el margen de beneficio bruto del 14.8% al 15.3%, lo que refleja el enfoque y el crecimiento en actividades de mayor margen.
· EBITDA growth of 17.7% to ?116.0m (2022: ?98.6m), reflecting the strong organic performance of the Group and the benefit of recent acquisitions.
· Adjusted EPS of 18.3 cents representing a decline of 0.3 cents primarily due to increased financing costs.
· Acquisition of the McCauley Pharmacy Group ("McCauley") completed in January 2023 enhances our retail pharmacy footprint and service offering. McCauley are recognised as a market leader in the delivery of health, wellbeing and beauty products.
· Net bank debt of ?149.9m as at 31 December 2023 (2021: ?91.2m) and leverage at 1.6x.
· Total dividend for the year of ?5.0m (?0.0183 per ordinary share) representing an increase of 5.2% year-on-year, including a ?1.8m interim (?0.0064 per ordinary share) dividend paid in October and a final dividend of ?3.2m (?0.0119 per ordinary share) subject to approval at the AGM.
· For 2024, Uniphar expects continued organic gross profit growth across all divisions and is well positioned to deliver on expectations.
1. Se proporciona información adicional en la sección Medidas alternativas de desempeño (MPA).
2. Constant currency growth is calculated by applying the prior year's actual exchange rate to the current year's result.
3. El crecimiento orgánico se calcula como el crecimiento de la ganancia bruta del negocio subyacente en el período ajustado por la contribución de las adquisiciones y desinversiones del período anterior para garantizar una comparación comparable.
4. The definition of this APM has been changed in 2023 to add back share-based payment expense as it is a non-cash expense with prior year comparatives updated accordingly.
ASPECTOS DESTACADOS ESTRATÉGICOS Y OPERACIONALES
· The Group performed strongly in 2023, achieving its target of doubling 2018 pro-forma EBITDA ahead of the timeframe committed to at the time of IPO.
· The Group announced a new ambitious medium-term target of growing Group EBITDA to ?200m over the medium-term. This will be achieved through a combination of strong organic growth complemented with acquisitions that meet our disciplined strategic and financial criteria.
· The Group has created a new divisional structure to capitalise on the attractive growth opportunities in our target markets and better aligns with our customers and stakeholders during this next phase of growth:
§ Uniphar Supply Chain & Retail: This division remains unchanged in the new divisional structure.
§ Uniphar Medtech: The Medtech business unit of Commercial & Clinical is now a standalone division reflecting its position as a leading specialist Medtech player in Europe.
§ Uniphar Pharma: The Pharma business unit of Commercial & Clinical has been combined with Product Access to create 'Uniphar Pharma'. This platform will enable Uniphar to provide an enhanced service offering across the entire lifecycle of an asset, providing patients with access to innovative medicines in global and often complex markets.
· Organic gross profit growth of 5.6% in 2023, driven by growth across each of our three divisions:
§ Uniphar Supply Chain & Retail: 34.5% gross profit growth of which 5.9% is organic growth. This outperformance highlights our strong market position, the resilience of the Irish market and supports our investment in the division to build future capacity to ensure continued growth.
§ Uniphar Medtech: 9.8% gross profit growth, all of which is organic. The performance reflects strong market growth, the diversity of our business and the teams' success in attracting clients to move into new markets.
§ Uniphar Pharma: Delivered 34.4% gross profit growth of which 1.2% is organic growth. The On Demand business performed very well in 2023, while the Pharma Services business is refocusing and investing to capitalise on the market opportunities that the new divisional structure will enable it to better capitalise on.
· Reported free cash flow conversion of 78.5%. When adjusted for temporary favourable timing movements, the adjusted free cash flow is 69.3% which is within our target range of 60-70%.
· We have commenced our multi-year strategic capital expenditure in an IT and ERP investment programme and this is progressing to plan.
· The Group completed the acquisition of the McCauley Pharmacy Group in January 2023. In August 2023, the Group completed the acquisition of certain assets from Pivot Digital, an omni-channel and digital strategy consulting business.
· Integration of 2022 acquisitions including BModesto Group, Inspired Health and Orspec Pharma are complete and delivering expected benefits.
· The Group made continued progress on Sustainability across all five of our sustainability pillars. The Group's MSCI rating was upgraded to "AAA" during 2023 and it maintained its CDP 'B' rating for a second consecutive year. Furthermore, the Group formally submitted Science Based Targets to SBTi for validation.
Ger Rabbette, director ejecutivo de Uniphar Group, dijo:
"The Group performed strongly throughout 2023, making further progress against our financial and strategic objectives. Organic profit growth across all divisions contributed to 17.7% growth in EBITDA and a 15.2% ROCE. Following early delivery on our IPO targets, we have created a new divisional structure to capitalise on our attractive growth opportunities and are now focused on reaching our ambitious new target of ?200m EBITDA over the medium-term"
Presentación del analista
A conference call for analysts and investors will be held at 9.00 am (GMT), today, 27th February 2024. To register for the call please visit www.uniphar.ie.
The details for the conference call are as follows: Ireland: +353 (0) 169 178 42, United Kingdom: +44 (0) 20 3936 2999, United States: +1 646 664 1960, all other locations +44 20 3936 2999.
Código de acceso: 963047
Una copia de la presentación y el anuncio estarán disponibles en nuestro sitio web en el momento de la llamada.
Los datos de contacto
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Acerca de Uniphar plc
Headquartered in Dublin, Ireland, the Uniphar Group is an international diversified healthcare services business servicing the requirements of more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions - Uniphar Supply Chain & Retail, Uniphar Medtech and Uniphar Pharma. The Group is active in Europe, North America, APAC and MENA and delivers to 160+ countries.
La visión de la empresa es mejorar el acceso de los pacientes a los productos y tratamientos farmacológicos mediante la mejora de la conectividad entre los fabricantes y las partes interesadas en el cuidado de la salud. Uniphar representa una sólida combinación de escala, crecimiento y rentabilidad.
Cadena de suministro y venta minorista de Uniphar
Uniphar Supply Chain & Retail es el mayorista farmacéutico líder en Irlanda con una creciente oferta de farmacias minoristas como grupo simbólico. La estrategia del Grupo para Uniphar Supply Chain & Retail es aumentar nuestra participación en el mercado mayorista, nuestra red de grupos de símbolos y nuestra cartera de productos de consumo, con licencia y de marca propia.
Uniphar Medtech
Uniphar Medtech is a leading pan-European medical device distributor and solutions partner. The Group's strategy for Uniphar Medtech is to grow our service offering across Europe and expand our addressable market by serving new specialities and new manufacturers.
Unifarmacia
Uniphar Pharma operates a global business with high value services across the lifecycle of a pharmaceutical product. We enable pharma and biotech companies to bring innovative medicines to global markets and provide healthcare professionals with access to medicines they cannot source through traditional channels. Our strategy is to build a leading platform to provide the specialist support and expertise needed to improve access to these medicines.
Declaración de precaución
Este anuncio contiene ciertas proyecciones y otras declaraciones prospectivas con respecto a la situación financiera, los resultados de las operaciones, los negocios y las perspectivas del Grupo Uniphar. Estas declaraciones se basan en expectativas actuales e implican riesgo e incertidumbre porque se relacionan con eventos y dependen de circunstancias que pueden ocurrir o no en el futuro. Hay una serie de factores que podrían causar que los resultados o desarrollos reales difieran materialmente de aquellos expresados o implícitos en estas proyecciones y declaraciones prospectivas. Cualquiera de las suposiciones subyacentes a estas proyecciones y declaraciones prospectivas podría resultar inexacta o incorrecta y, por lo tanto, es posible que los resultados contemplados en las proyecciones y declaraciones prospectivas no se logren realmente. Se advierte a los destinatarios que no confíen indebidamente en las proyecciones y declaraciones prospectivas contenidas en este documento. Salvo que lo exija la ley o cualquier autoridad reguladora apropiada, el Grupo Uniphar no asume ninguna obligación de actualizar o revisar (públicamente o de otro modo) cualquier proyección o declaración prospectiva, ya sea como resultado de nueva información, eventos futuros u otras circunstancias.
General
Uniphar delivered a robust performance in 2023, achieving significant growth in gross profit and EBITDA. Gross profit growth of 27.1% was driven by organic growth of 5.6% in addition to the impact of recent acquisitions. The diversity and geographic breadth of our service offering enables the business to deliver consistent growth.
Uniphar Supply Chain & Retail delivered a very strong performance in a market characterised by medicine shortages and inflationary pressure on costs. Uniphar Medtech delivered an excellent performance and has been successful in attracting clients to move into new markets. In Uniphar Pharma, the On Demand business performed very well, underpinned by the acquisitions of BModesto and Orspec Pharma. The Pharma Services business has been refocusing and aligning its services behind the Uniphar Pharma brand.
Gross profit margin increased to 15.3% (2022: 14.8%), reflecting the continued shift towards higher margin sectors and businesses.
EBITDA has increased by 17.7% (?17.4m) to ?116.0m (2022: ?98.6m) reflecting organic growth achieved across all divisions and the positive contribution of recent acquisitions. Adjusted EPS of 18.3 cents declined by 0.3 cent reflecting the impact of higher financing costs on the Group.
Return on capital employed (ROCE) for the rolling 12-month period closed at 15.2% (2022: 17.3%) and is at the upper end of the Group's medium-term target of 12-15%. The change in ROCE is reflective of recent acquisitions and investment in multi-year strategic capital expenditure programmes that will deliver improved growth and returns in the medium-term.
The Group's Balance Sheet remains robust. Net bank debt at 31 December 2023 amounted to ?149.9m (31 December 2022: ?91.2m) with the increase attributable to completing the McCauley acquisition and strategic capital investment. The Group's banking facility, renewed in August 2022, consists of a ?400m revolving credit facility and ?150m of an uncommitted accordion facility and provides a stable platform to support the Group's growth and investment strategy. The Group's leverage of 1.6x as at 31 December 2023 remains within its medium-term target of not exceeding 2.5x.
The Group remains focused on delivering its vision of improving patient access to innovative therapies and treatments by enhancing connectivity between manufacturers and stakeholders. Having achieved the commitments made at the time of IPO, the Group announced ambitious new medium-term targets and a new divisional structure that reflects our strategic ambition. We are confident we have the right strategy, the best people and the market opportunity to continue to deliver for our stakeholders.
Sostenibilidad
Uniphar recognise the importance of being an industry leader in operating in the most sustainable and socially responsible way possible and places a high priority on sustainability, sensitive to our impact on the planet, on our communities and on our people. Our progress in 2023 was reflected in continued strong external sustainability rankings; MSCI ESG rating improved to 'AAA' from 'AA' and we maintained our CDP score of 'B' for the second consecutive year.
The Unity@Uniphar initiative is an umbrella for inclusivity, community and charitable activities that Uniphar colleagues get involved in across all divisions and geographies. Our major initiative in 2023 was Unity for Hope which collectively raised ?150,000 for mental health charities in Ireland, the USA and the UK.
Our teams also made progress under our environmental pillar, improving our carbon footprinting initiatives and focusing on ways to decarbonise our business. We completed the Group's third Group-wide carbon footprinting exercise to assess our Scope 1 & 2 carbon emissions (based on 2022 data) and we also completed our second assessment of our Scope 3 emissions. Furthermore, the Group formally submitted Science Based Targets to SBTi for validation.
We are also actively preparing to align our sustainability reporting with the Corporate Sustainability Reporting Directive (CSRD) to ensure compliance.
Perspectivas y comercio actual
Uniphar has entered the year with strong momentum and is trading in-line with expectations.
The Group is well positioned to deliver organic gross profit growth across all divisions and to deliver on expectations for the full year. Consistent with its new medium-term targets, the Group is targeting organic gross profit growth in 2024 as follows:
· Uniphar Supply Chain & Retail: Low single-digit
· Uniphar Medtech: High single-digit
· Uniphar Pharma: Double-digit
Las fusiones y adquisiciones seguirán desempeñando un papel importante en la estrategia de crecimiento de Uniphar, y el Grupo continúa teniendo un enfoque disciplinado para la asignación de capital mientras gestiona una cartera activa de oportunidades de adquisición para mejorar aún más el potencial de crecimiento del Grupo.
Actualización de adquisiciones e integraciones
In January 2023, the Group completed the acquisition of the McCauley Pharmacy Group. This acquisition added 34 pharmacies. The McCauley Pharmacy Group is widely recognised as a leading brand across health, wellbeing and beauty, and their expertise and advanced digital offering will complement our fast-growing consumer business in the Supply Chain & Retail division.
In August 2023 the Group acquired certain assets and contracts from Pivot Digital. Pivot provide omni-channel consultancy, digital strategy and execution services to global pharma and biotech clients. Pivot's capabilities are being integrated into the consultancy arm of Uniphar Pharma broadening the group's digital offering.
The integration of the 2022 acquisitions, including BModesto Group, Orspec Pharma and Inspired Health are complete and are performing in line with expectations.
Principales riesgos e incertidumbres
The Group's Risk Management Policy provides the framework to identify, assess, monitor, and manage the risks associated with the Group's business. It is designed to enable the Group to meet its business objectives by appropriately managing, rather than eliminating, these risks.
2023 Destacados
The Group continues to ensure that the Risk Management Framework is integrated in the day-to-day activities across the business. During the year ended 31 December 2023, the Group carried out the following:
· Reviewed the Group Risk Register, updating for all the key risks facing the Group at this time.
· Performed a review of emerging and new risks, including considering the risks associated with ongoing geopolitical events.
· Reviewed the relevance of existing risks and identified the current principal risks, noting some risks such as Brexit have reduced in materiality.
· Continued to focus on Cybercrime related risks.
The key principal risks and uncertainties faced by the Group for the year ended 31 December 2023 are summarised as follows:
Riesgos estratégicos
· Economic, geopolitical and external environment risk - The global macroeconomic, regulatory, political, and legal environment may impact the markets in which we operate and in turn our client and supplier base. This may adversely affect the financial and operational results of the Group. The Group continues to monitor the ongoing conflicts in Ukraine and the Middle East and the challenges posed by elevated interest rates and inflation on the Group and its stakeholders.
· Adquisiciones: el crecimiento a través de adquisiciones sigue siendo una estrategia clave para el Grupo. No identificar, completar e integrar adquisiciones con éxito puede afectar directamente el crecimiento proyectado del Grupo.
· Key personnel and succession planning - Failure to attract, retain and develop the skills and expertise of its people may adversely impact the Group's performance.
· Market perception and reputational risk - Failure to deliver in line with market expectations may result in reputational damage, impacting the Group's ability to achieve its strategic targets.
· Pérdida de posición competitiva - Falta de respuesta del Grupo a cualquier cambio en el entorno en el que opera. puede resultar en la pérdida de participación de mercado, lo que puede ejercer presión sobre la rentabilidad y los márgenes.
· Environment and sustainability - The increasing global focus on environmental and sustainability governance is recognised by the Group, and by its stakeholders. Failure to appropriately assess, monitor, report and manage the Group's impact on the environment and the communities in which it operates may result in reputational damage, impacting the Group's ability to deliver results. Furthermore, failure to comply with environmental and climate change regulations and legislation may negatively affect the Group.
· Transformational project execution - The Group has embarked on several transformational projects that will provide the platform and capacity to grow over the coming years. Failure of the Group to effectively deliver such projects may result in cost overruns or reputational damage impacting the Group's ability to deliver strategic targets.
Riesgos operacionales
· Ciberdelincuencia: no protegerse contra la amenaza constante de un ciberataque podría provocar una brecha en la seguridad, lo que afectaría las operaciones, las transacciones financieras y la información confidencial. El impacto de un ataque a uno de nuestros socios comerciales también es un área de riesgo para el Grupo.
· IT systems - Digital capabilities are a specific strategic offering of Uniphar; interruption or downtime may have a negative impact on the Group's operations, financial, and competitive positions.
· Pandemic risk - Global pandemics have the potential to cause significant disruption to the Group and the wider global economy. Covid-19 no longer represents an immediate threat but there is still a risk that other variants or pandemics may arise in the future. Such a pandemic could severely impact our financial results or cause supply chain disruption that would impact the business and its operations.
· Interrupción comercial: los factores externos, como los desastres naturales, los peligros ambientales o las disputas industriales, pueden provocar una posible pérdida de ventas y pérdida de la lealtad del cliente.
· Health & safety - Failure to implement and follow proper health and safety procedures may have adverse effects on employees and patients.
· Leyes, regulaciones y cumplimiento: no operar bajo cualquiera de las leyes y regulaciones estrictas a las que está sujeto el Grupo podría resultar en sanciones financieras, daño a la reputación y un riesgo para las operaciones comerciales.
Riesgos financieros
· Foreign currency - The Group's reporting currency is euro. Exposure to foreign currency is present in the normal course of business, together with the Group operating in jurisdictions outside of the Eurozone.
· Tesorería - El Grupo está expuesto a riesgos de liquidez, tipos de interés y de crédito. El Grupo está expuesto a aumentos en las tasas de interés y riesgos crediticios debido a cambios en las condiciones económicas.
Resumen operativo
Cadena de suministro y venta minorista de Uniphar
Crecimiento | ||||
Año terminado el 31 de diciembre |
2023 ?'000 |
2022 ?'000 |
reportado
|
Constante moneda |
| ||||
Ingresos | 1,711,620 | 1,557,035 | 9.9% | 9.9% |
Beneficio bruto | 186,927 | 139,012 | 34.5% | 34.5% |
Margen de beneficio bruto | 10.9% | 8.9% | ||
Aspectos destacados del rendimiento
- 34.5% growth in gross profit of which 5.9% is organic growth
- Wholesale volumes increased by 4% with growth seen in several categories
- Continued growth in our consumer business with both our agency and own brands performing well
- Acquisition of the McCauley Pharmacy Group completed in January 2023 with integration substantially complete and expected synergies being realised
- Multi-year investment in a new state-of-the-art distribution facility and IT infrastructure progressing to plan
Quiénes somos
Uniphar Supply Chain & Retail is the integrated pharmaceutical distribution and retail pharmacy division of the Group. Our mission is to make a positive impact on the provision of healthcare in Ireland by supplying the medicines patients need every day. The division comprises Pre-wholesale, Wholesale and Retail pharmacy businesses that work together to supply medicines, consumer products and value-adding pharmacy services to our customers. Uniphar holds c.53% of the wholesale market and c.60% of the hospital market.
Qué hacemos
Pre-venta al por mayor
The pre-wholesale business unit supports pharmaceutical manufacturers with tailored and innovative distribution solutions to bring their products to the Irish market. Pre-wholesale is a key element of the vertically integrated offering that Supply Chain & Retail brings to the market. The business has continued to support manufacturers in navigating the challenges posed by supply chain disruptions in recent years to ensure continued supply of product into Ireland. The Pre-wholesale business performed strongly in 2023.
The business enters 2024 in a strong position with contract renewals completed with a number of long-standing manufacturers and new business opportunities being progressed with some key client partners. The increasing growth in specialist medicines that require temperature-controlled storage and distribution together with the expertise provided by the Pre-wholesale business make it well positioned to meet the increasing demand from customers.
Venta al por mayor
The Wholesale business supplies critical medicines to pharmacies and hospitals in Ireland efficiently, reliably and securely to positively impact the health of patients. The core of the business is the provision of prescription and OTC (over the counter) products. Furthermore, we supply a wide range of consumer products, which continue to be a source of strong growth, and provide pharmacies with a reliable and integrated offering across a range of brands to fully service the needs of the customer. Shortages of medicines continued to be an issue in 2023 as manufacturers faced supply chain challenges but the business was well positioned to respond to the challenge and support customers with strong procurement know-how, market intelligence and flexible stock levels.
Investment in next generation distribution and IT infrastructure continued throughout 2023. This multi-year investment is essential to provide the increased capacity required to deliver distribution excellence and future-proof our market-leading Uniphar Supply Chain & Retail division, whilst also enabling us to scale our Pharma platform. The investment will deliver a state-of-the-art distribution facility supported by an upgraded ERP platform that provides the necessary infrastructure to support the Group's growth strategy.
Mercado
Our Retail pharmacy business unit comprises 429 pharmacies that are owned, franchised or supported by the Group. The business operates across four brands - Hickeys, McCauleys, Allcare and Life Pharmacy - and together form one of the largest pharmacy groups in Ireland. Community pharmacy plays a prominent role as a trusted support to patients and increasingly as a primary care destination in the provision of vaccinations and other services. During 2023, the Allcare Pharmacy brand was voted number one retail brand in Ireland and number two brand overall for Customer Experience both of which highlight the commitment of our teams to servicing their customers and communities.
In January 2023, the division completed the acquisition of the McCauley Pharmacy Group which added 34 pharmacies to the Uniphar network. McCauleys is widely regarded as a leading brand across health, wellbeing and beauty and its expertise and advanced digital offering complements our growing consumer business. The integration of the McCauley acquisition is substantially complete and the acquisition has performed to plan in 2023.
Rendimiento en 2023
The Uniphar Supply Chain & Retail division delivered a very strong performance in 2023 with gross profit growth of 34.5% of which 5.9% was organic growth. This growth was achieved by robust volume growth in Wholesale in addition to new business opportunities in the Pre-wholesale business. The Retail division has performed strongly in 2023 against the backdrop of increasing costs and ongoing supply challenges and was further enhanced by the impact of the McCauley acquisition.
Outlook
The success of the Uniphar Supply Chain & Retail division continues to be defined by its commitment to operational excellence and service delivery that our customers rely on. The relationships we hold with manufacturers, suppliers, community pharmacists and patients combined with the knowledge of our people, are leveraged across the Group to enable us to offer a wide range of services to clients. The focus for 2024 is to continue to provide an essential service in the Irish market while using our deep market expertise to respond to market challenges and identify the growth opportunities that these challenges present. The medium-term organic gross profit growth target for the division is low single-digit growth. The investment in our new distribution facility and IT platform will deliver the infrastructure needed to scale the division further and deliver the comprehensive range of products and services that both community and hospital pharmacies are seeking in addition to supporting the digital pharmacy of the future.
Uniphar Medtech
| Crecimiento | |||
Año terminado el 31 de diciembre |
2023 ?'000 |
2022 ?'000 | reportado
| Constante moneda |
| ||||
Ingresos | 249,216 | 233,204 | 6.9% | 7.8% |
Beneficio bruto | 99,870 | 90,931 | 9.8% | 10.7% |
Margen bruto % | 40.1% | 39.0% | ||
|
Aspectos destacados del rendimiento
- Gross profit growth of 9.8% all of which is organic.
- 72 manufacturers represented in more than one country
- Realigning and rebranding of the Uniphar Medtech business to capitalise on the market opportunity in the European medtech market with a number of new supplier contracts signed
- Establishment of a US facility that enables us to support our medtech partners supply the US market
Quiénes somos
Uniphar Medtech is the partner of choice for manufacturers seeking to bring innovative Medtech products to market. We provide expertise across sales, marketing, quality, compliance, regulatory and market access to the world's top medical device manufacturers across a pan-European platform. The business is headquartered in Ireland with a presence in 16 markets primarily across Europe. During 2023, the business opened a facility in the US to support clients seeking to access this market.
Qué hacemos
Uniphar Medtech was formerly a business unit within the Commercial & Clinical division and in 2023 became a standalone division. This change allows the Group to better showcase the role Medtech plays in delivering critical products, innovative technology and transformative solutions at the forefront of modern healthcare whilst positively impacting patients' health.
We are a high-growth diversified healthcare services provider, offering best-in-class products and services across multiple specialities to both public and private sectors. We are experts across a wide range of specialisms with market leading positions in interventional cardiology/radiology, orthopaedics, ophthalmology, minimally invasive surgery, diagnostic imaging and critical care. Uniphar Medtech holds long-standing exclusive distribution agreements with some of the worlds pre-eminent manufacturers of medical devices.
Innovation
The Medtech sector has been at the forefront of the healthcare industry in harnessing the power of innovation to improve the quality of patients' lives. New products and technologies have been developed in recent years that deliver operational and cost efficiencies for healthcare providers and better clinical outcomes for patients. The use of robotics in surgery is one area that continues to experience growth as physicians increasingly look to technology to augment their skills with greater precision especially for routine procedures. Uniphar Medtech is representing global robotic manufacturers in the orthopaedic and minimal access surgery specialisms, further supporting the acceleration of healthcare's digital transformation.
Relaciones
People and the relationships they nurture are at the centre of Uniphar Medtech and the business focuses on fostering and growing these connections. Supplier expansion is a key strategic pillar of our growth strategy. The long-standing relationships with manufacturers enables our growth into new geographical regions as well as a number of other opportunities. Uniphar Medtech is one of only a handful of companies in Europe that is fully accredited with service licence agreements for several global brands. Our specialist teams work hand-in-hand with our manufacturer partners to deliver tailored end-to-end solutions for our customers.
Our manufacturers trust us to represent them in daily interactions with healthcare professionals and so our relationships with the medical community are critical. The majority of our sales representatives in the Medtech division have a clinical background which enables them to engage with customers in a peer-to-peer manner. Our specialist experts are trusted partners in sourcing and supporting the delivery of innovative technology in the clinical setting to meet the varying needs of patients. As Medtech solutions become more sophisticated, decision-making is increasingly physician-led as they seek to ensure the right solution for their patients' circumstances. Our relationship's with these front-line professionals are a critical asset for the business.
Rendimiento en 2023
The business performed strongly in the year delivering continued growth in earnings and executing its strategy of consolidating its position as a leading pan-European medical device player. The division delivered gross profit growth of 9.8% all of which was achieved through organic growth. This growth was achieved due to a combination of market and supplier expansion across five targeted growth specialisms.
The rebranding exercise completed in the year has simplified the division and enables the team to focus on growing the service offering under a common brand identity.
The business will continue to leverage its position as a leading distributor of medical devices in Europe to offer manufacturers access to a broad network of healthcare professionals in the market. Continued investment in our UK and European infrastructure throughout 2023 further supports the platform to facilitate strong growth in those markets in the future.
Outlook
The outlook is strong for Uniphar Medtech with organic gross profit growth of high single-digit over the medium-term. The Medtech industry is a leader in innovation and continues to experience high rates of growth as a result of structural tailwinds. Such tailwinds include ageing populations with associated chronic disease management needs, innovative emerging technologies and an increasingly complex regulatory environment that specialists such as Uniphar Medtech can support manufacturers in navigating through. Uniphar Medtech has the market access, strong platform, leadership team, skilled expertise and proven track record to capitalise on the opportunities before it.
Unifarmacia
Crecimiento | ||||
Año terminado el 31 de diciembre |
2023 ?'000 |
2022 ?'000 |
reportado
|
Constante moneda |
| ||||
Ingresos | 592,226 | 280,430 | 111.2% | 112.8% |
Beneficio bruto | 103,187 | 76,801 | 34.4% | 36.0% |
Margen de beneficio bruto | 17.4% | 27.4% | ||
Aspectos destacados del rendimiento
- Gross profit growth of 34.4% achieved in 2023, of which 1.2% was organic
- Gross profit generated from outside of Ireland representing 74% of divisional gross profit
- New divisional structure that leverages common platforms and infrastructure to better serve our clients
- Strong performance in the On Demand business responding to the challenge of shortages in the market
- 14 new Expanded Access Programs (EAPs) onboarded in the year
Quiénes somos
Uniphar Pharma unites what was previously our Product Access division and the pharma services business unit of the former Commercial and Clinical division. The division operates a global business, providing integrated high value services across the lifecycle of a pharmaceutical product.
Qué hacemos
We work with pharma and biotech companies to meet the challenges of today's healthcare market, whether it is bringing innovative medicines to global markets or providing healthcare professionals with access to medicines they cannot source through traditional channels.
Over recent years, we have increased our scale and geographical reach and invested in our infrastructure and resources to create a global sourcing and service platform that provides solutions to manufacturers and healthcare professionals to the challenges of getting medicines to patients. We have created a world-class set of capabilities across the pharma product lifecycle to meet the needs of our global clients.
On Demand
Our On Demand teams performed strongly in 2023. The acquisitions of BModesto Group and Orspec Pharma in late 2022 significantly expanded the business' reach. Well established in Ireland and the UK, our On Demand business now has a sizeable presence in Europe, along with a growing footprint in the important US and Asia-Pacific markets. With this strong and growing platform with worldwide reach, we are focused on providing medicines that are unlicenced, difficult to source or in short supply to healthcare professionals on a global basis.
Servicios farmacéuticos
During 2023 we attracted a number of new major pharma clients as well as biotechs, particularly in our Expanded Access business, where our unparalleled experience in areas like cell and gene therapy is differentiating us in the market. 2023 created a strong platform for growth in 2024 and beyond.
Our service platform supports pharma and biotech through high value-add services across the lifecycle of a product globally, with particular strength in Europe and the US. Our capabilities include Outsourced Product Development, Regulatory Affairs, Clinical Trial Supply, Medical Affairs, Insights driven Sales & Marketing, Quality and Supply Chain. We continue to build our capabilities in this division both in Europe and the US. The business was reorganised and rebranded during 2023 and we look forward to seeing the benefit of these efforts in 2024.
Future of Pharma
There are a number of important changes in the pharmaceutical industry that present challenges for both manufacturers and healthcare professionals and their patients. New complex treatments, reduced production capacity, growing regulatory burden and a focus on larger markets have changed the balance and the flow of the healthcare sector. As a result, pharma/biotech companies are seeking partners with the global expertise and reach to help them to supply and commercialise their specialist products in smaller markets, and healthcare professionals everywhere are looking for support to deal with ongoing shortages in the medicines they need to treat their patients. We have built the capabilities to meet these differing needs, right across the product lifecycle.
Rendimiento en 2023
Uniphar Pharma delivered a solid performance in 2023 with gross profit growth of 34.4% and organic growth of 1.2% being reflective of a year of refocusing and investing in the division's capabilities to address evolving market opportunities. Growth was driven by On Demand, with the 2022 acquisitions of BModesto Group and Orspec Pharma providing growth platforms into the continental European and Asia Pacific markets. The gross profit margin of the division has reduced to 17.4% in the year attributable to the differing margin profile of the newly acquired BModesto Group. The Uniphar Pharma global sourcing and service platform is well positioned to take advantage of market opportunities.
Outlook
Uniphar Pharma has strengthened its service offering considerably in recent years through acquisition and the development of new capabilities. Uniphar Pharma's target for organic gross profit growth is to deliver double digit growth over the medium-term. Our flexible and progressive approach to providing solutions, combined with our enhanced scale and reach, will allow us to take a leadership position in this market in the medium-term.
Financial Review,en
Summary Financial Performance
Crecimiento | ||||
Año terminado el 31 de diciembre |
2023 ?'000 |
2022 ?'000 |
reportado
|
Constante moneda |
Medidas NIIF | ||||
Ingresos | 2,553,062 | 2,070,669 | 23.3% | 23.6% |
Beneficio bruto | 389,984 | 306,744 | 27.1% | 27.8% |
Beneficio operativo | 67,708 | 53,155 | 27.4% | 27.8% |
EPS básico (centavo) | 16.4 | 16.7 | ||
Medidas de desempeño alternativas | ||||
Margen de beneficio bruto | 15.3% | 14.8% | ||
anual | 115,985 | 98,575 | 17.7% | 17.9% |
EBITDA% | 4.5% | 4.8% | ||
EPS ajustado (centavo) | 18.3 | 18.6 | ||
Deuda bancaria neta | (149,947) | (91,217) | ||
Rendimiento del capital invertido | 15.2% | 17.3% |
Ingresos
Revenue exceeded ?2.5bn in the year increasing by 23.3% (23.6% constant currency). Revenue increased in all three divisions with the most significant increase being in Uniphar Pharma which is attributable to the full year impact of the acquisition of the BModesto Group.
Beneficio bruto
Gross profit growth of 27.1% (27.8% constant currency) was achieved in the year through a mix of 5.6% organic growth and the impact of the McCauley acquisition in early 2023 together with the acquisitions completed towards the end of 2022. Growth was achieved across each of the divisions with Uniphar Pharma delivering 34.4% gross profit growth largely due to the acquisition of BModesto Group. Uniphar Medtech and Uniphar Supply Chain & Retail both delivered strong organic gross profit growth of 9.8% and 5.9% respectively. Gross profit margin increased from 14.8% to 15.3% reflecting a shift towards higher margin sectors and businesses. In 2023, 30% (2022: 32%) of the Group's gross profit was generated outside of Ireland.
Beneficio bruto divisional
Crecimiento | |||||
Año terminado el 31 de diciembre |
2023 ?'000 |
2022 ?'000 |
reportado
|
Constante Moneda |
Organic
|
Uniphar Medtech | 99,870 | 90,931 | 9.8% | 10.7% | 9.8% |
Unifarmacia | 103,187 | 76,801 | 34.4% | 36.0% | 1.2% |
Cadena de suministro y venta minorista de Uniphar | 186,927 | 139,012 | 34.5% | 34.5% | 5.9% |
389,984 | 306,744 | 27.1% | 5.6% | ||
Gastos administrativos
Administrative expenses have increased by ?68.4m to ?235.6m in 2023. This increase is principally attributable to the full year impact of the 2022 acquisitions together with the acquisition of the McCauley Pharmacy Group in early 2023.
anual
EBITDA increased by ?17.4m to ?116.0m. This represents growth of 17.7% in the year (constant currency 17.9%). The full year impact of 2022 acquisitions including the BModesto Group, Orspec Pharma and Inspired Health together with the 2023 acquisition of McCauley Pharmacy has driven an increase in EBITDA. There has been a continued focus on cost management and this has been particularly important given the inflationary challenges experienced in the year.
Artículos excepcionales
Exceptional items in the year amounted to a charge of ?0.4m before tax (2022: ?3.2m). This includes costs of ?10.0m primarily relating to acquisition, integration, redundancy, restructuring, loss on disposal of businesses and assets and strategic business transformation costs. This was offset by a release of deferred contingent consideration of ?9.6m, following a review of the expected performance against earn-out targets and contractual obligations. Further details can be found in Note 3.
Ganancias por acción
Basic earnings per share for the year at 16.4 cent is a reduction of 0.3 cent on 2022 which reflects strong growth in operating profit being offset by an increase in finance costs due to increased levels of borrowing together with the impact of significantly higher interest rates. The weighted average number of shares also marginally increased in 2023, reflecting the full year impact of LTIP shares on which the performance conditions were satisfied.
Adjusted earnings per share is calculated after adjusting for amortisation of acquisition related intangibles, exceptional costs and share-based payment expenses. The Group's adjusted earnings per share for 2023 was 18.3 cent (2022: 18.6 cent). Underlying earnings have decreased marginally by 1.3% from ?50.6m in 2022 to ?50.0m in 2023. There was a 0.2% increase in the weighted average number of shares in issue compared to 2022.
Cash Flow and Net Bank Debt
The Group delivered a strong cash performance during the year, with a free cash flow conversion of 78.5% and a net bank debt position of ?149.9m (2022: ?91.2m).
Año terminado el 31 de diciembre | 2023 ?'000 | 2022 ?'000 |
| ||
Entrada neta de efectivo de las actividades operativas | 52,511 | 82,831 |
Salida neta de efectivo de las actividades de inversión | (90,428) | (106,332) |
Entrada neta de efectivo por actividades de financiación | 19,630 | 50,405 |
Movimiento de conversión de moneda extranjera | 235 | (1,225) |
(Disminución)/aumento de efectivo y equivalentes de efectivo en el año | (18,052) | 25,679 |
Movimiento en efectivo restringido | 173 | - |
Movimiento no monetario en préstamos | 577 | 14,423 |
Flujo de caja por movimiento en préstamos | (41,428) | (83,022) |
Movimiento de la deuda bancaria neta | (58,730) | (42,920) |
The Group continues to maintain a strong focus on working capital management, and this is reflected in the cash generated from operating activities of ?52.5m. The main year on year movements in cash generated from operating activities reflects higher interest and tax paid in the year together with a one off increase of ?15m in 2022 relating to an increase in our non-recourse facility. Free cash flow conversion for the period was 78.5%, which exceeds the medium-term free cash flow conversion target of 60-70%.
The net cash outflow from investing activities of ?90.4m principally consisted of acquisitions completed during the year of ?29.8m (net of cash acquired), capital investment of ?32.0m (including strategic capital invested), deferred and deferred contingent consideration payments of ?9.4m and repayment of debt acquired on the McCauley acquisition of ?22.7m. This is offset by receipts from disposals of property, plant and equipment and businesses (net of cash disposed and disposal expenses) of ?1.7m and receipts from disposal of assets held for sale of ?1.6m.
The net cash inflow from financing activities of ?19.6m was due to a net increase in borrowings and invoice discounting facilities offset by principal lease payments and the payment of dividends.
Facilidad de deuda
In August 2022, we entered a new five-year debt facility (with one option remaining to extend by a further one year) which provides a revolving credit facility of ?400m with an additional uncommitted accordion facility of ?150m. There are seven international banks in the current banking syndicate. Net bank debt was ?149.9m (2022: ?91.2m) at year-end and leverage remained modest at 1.6x. The expanded facility combined with modest leverage and strong free cash flow provides the Group with the platform to support future growth and investment.
Taxation
The Group's tax charge has decreased by ?1.2m to ?7.8m driven largely by the reduction in pre-exceptional profits on account of the higher global interest rates environment. The effective tax rate before exceptional items has decreased from 17.4% to 16.6% reflective of the financial performance over multiple tax jurisdictions. The effective tax rate is calculated as the pre-exceptional income tax charge for the year as a percentage of the profit before tax and exceptional items.
Exposición a divisas
The Group continues to expand into new geographies which, together with the continued growth in existing geographies outside of the Eurozone, results in a foreign exchange exposure for the Group being the translation of local income statements and balance sheets into Euro for consolidation purposes.
On a constant currency basis, revenue increased by 23.6% vs 23.3% reported growth, gross profit increased 27.8% vs 27.1% reported growth and operating profit increased by 27.8% vs 27.4% reported growth.
2023 | 2022 | |
Normal | Normal | |
GBP | 0.870 | 0.852 |
Dólar estadounidense | 1.081 | 1.051 |
Corona sueca | 11.473 | 10.623 |
Retorno sobre el capital empleado (ROCE)
Group ROCE in 2023 of 15.2% (2022: 17.3%) is lower than prior year but ahead of the Group's target of 12% - 15%. The reduction from 2022 reflects the impact of the multi-year investment in a new high-tech distribution facility in Ireland. This facility will be operational in the second half of 2026 delivering efficiencies and supporting growth in the longer term. The investments made during 2023 are performing well and will deliver further benefits and growth in the future.
Details on how this was calculated are included in the APMs section.
Dividendos
The Board remains committed to a progressive dividend policy as stated at the time of IPO. The Directors are proposing a final dividend of ?3.2m (?0.0119 per ordinary share), subject to approval at the Company's AGM. It is proposed to pay the dividend on 14 May 2024 to ordinary shareholders on the Company's register at 5pm on 19 April 2024. Together with the interim dividend of ?1.8m (?0.0064 per ordinary share) paid in October 2023 this brings the total dividend for the year to ?5m (?0.0183 per ordinary share) representing an increase of 5.2% on 2022.
Estado de resultados del grupo
para el año terminado el 31 de diciembre de 2023
Notas | 2023 Pre- Servicio ?'000 | 2023 Excepcional (Nota 3) ?'000 | 2023 Total
?'000 | 2022 Pre- Servicio ?'000 | 2022 Excepcional (Nota 3) ?'000 | 2022 Total
?'000 | |
Ingresos | 2 | 2,553,062 | - | 2,553,062 | 2,070,669 | - | 2,070,669 |
El costo de ventas | (2,163,078) | - | (2,163,078) | (1,763,925) | - | (1,763,925) | |
Beneficio bruto | 389,984 | - | 389,984 | 306,744 | - | 306,744 | |
Costos de venta y distribución | (76,976) | - | (76,976) | (70,055) | - | (70,055) | |
Gastos administrativos | (235,648) | (8,865) | (244,513) | (167,275) | (16,415) | (183,690) | |
Otros ingresos / (gastos) operativos | 395 | (1,182) | (787) | 156 | - | 156 | |
Beneficio operativo | 77,755 | (10,047) | 67,708 | 69,570 | (16,415) | 53,155 | |
| |||||||
Costo financiero | 4 | (25,024) | 9,624 | (15,400) | (11,766) | 13,191 | 1,425 |
Ingresos financieros | 4 | 590 | - | 590 | 96 | - | 96 |
Beneficio antes de impuestos | 53,321 | (423) | 52,898 | 57,900 | (3,224) | 54,676 | |
Ingreso por gastos de impuesto | (8,834) | 1,084 | (7,750) | (10,076) | 1,106 | (8,970) | |
Beneficio del ejercicio | 44,487 | 661 | 45,148 | 47,824 | (2,118) | 45,706 | |
Atribuible a: | |||||||
Propietarios del padre | 44,815 | 45,587 | |||||
Participaciones no controladoras |
|
| 333 |
|
| 119 | |
Beneficio del ejercicio | 45,148 | 45,706 | |||||
| |||||||
Atribuible a: | |||||||
Operaciones continuas | 45,148 | 45,706 | |||||
Beneficio del ejercicio | 45,148 | 45,706 | |||||
| |||||||
Utilidad por acción ordinaria (en porcentaje): | |||||||
Operaciones continuas | 16.4 | 16.7 | |||||
Utilidad por acción básica y diluida (en porcentaje) | 5 |
|
| 16.4 |
|
| 16.7 |
Estado de resultados integrales del grupo
para el año terminado el 31 de diciembre de 2023
| 2023 ?'000 | 2022 ?'000 | |
Beneficio del ejercicio | 45,148 | 45,706 | |
Otros ingresos / (gastos) integrales | |||
Elementos que pueden reclasificarse en el estado de resultados: | |||
Ajustes de conversión de moneda extranjera no realizados | 697 | (3,356) | |
Resultado integral total del ejercicio | 45,845 | 42,350 | |
| |||
Atribuible a: |
|
|
|
Propietarios del padre | 45,512 | 42,231 | |
Participaciones no controladoras | 333 | 119 | |
Resultado integral total del ejercicio | 45,845 | 42,350 | |
| |||
Atribuible a: |
|
|
|
Operaciones continuas | 45,845 | 42,350 | |
Resultado integral total del ejercicio | 45,845 | 42,350 | |
Balance general del grupo
Al 31 de diciembre de 2023
BIENES |
Notas | 2023 ?'000 | 2022 ?'000 |
Activos no corrientes | |||
Activos intangibles - fondo de comercio | 7 | 517,087 | 482,981 |
Activos intangibles - otros activos | 7 | 44,565 | 24,192 |
Propiedad, planta y equipo, y activos por derecho de uso | 8 | 206,700 | 166,628 |
Activos financieros - Inversiones en instrumentos de patrimonio | 25 | 25 | |
Activos por impuestos diferidos | 11,792 | 9,020 | |
Otros ingresos | 1,458 | 509 | |
Total del activo no corriente | 781,627 | 683,355 | |
Activos circulantes | |||
Inventario | 184,549 | 157,673 | |
Cuentas comerciales y otras cuentas por cobrar | 237,560 | 164,462 | |
Efectivo y equivalentes de efectivo | 85,652 | 103,704 | |
Efectivo restringido | 173 | - | |
Los activos mantenidos para la venta | 9 | - | 1,600 |
Total de activos corrientes | 507,934 | 427,439 | |
los activos totales |
| 1,289,561 | 1,110,794 |
| |||
EQUIDAD | |||
Capital y reservas | |||
Capital social solicitado presentado como patrimonio | 10 | 21,841 | 21,841 |
Compartir premium | 176,501 | 176,501 | |
Reserva de pago basada en acciones | 3,542 | 718 | |
Otras reservas | 2,705 | 2,008 | |
Ganancias retenidas | 128,213 | 88,476 | |
Atribuible a los propietarios | 332,802 | 289,544 | |
Atribuible a intereses minoritarios | 818 | 239 | |
Equidad total | 333,620 | 289,783 | |
| |||
PASIVO | |||
Pasivos no corrientes | |||
Préstamos | 11 | 222,604 | 187,431 |
Contraprestación contingente diferida | 12 | 31,538 | 56,683 |
Provisiones | 13 | 1,752 | 2,262 |
Obligaciones de arrendamiento | 14 | 126,083 | 105,919 |
Total pasivo no corriente | 381,977 | 352,295 | |
Pasivo circulante | |||
Préstamos | 11 | 13,168 | 7,490 |
Contraprestación contingente diferida | 12 | 43,523 | 35,115 |
Obligaciones de arrendamiento | 14 | 20,134 | 14,315 |
Comerciales y otras cuentas a pagar | 490,283 | 407,206 | |
impuesto de sociedades | 6,856 | 4,590 | |
Total pasivo corriente | 573,964 | 468,716 | |
Pasivos totales | 955,941 | 821,011 | |
Total patrimonio y pasivos | 1,289,561 | 1,110,794 | |
|
Estado de flujo de caja del grupo
Año terminado el 31 de diciembre de 2023
Notas | 2023 ?'000 | 2022 ?'000 | |
Actividades de explotación | |||
Entrada de efectivo de las actividades operativas | 16 | 82,149 | 82,704 |
Proceeds from non-recourse financing | - | 15,000 | |
Pago interesado | (16,186) | (5,293) | |
Interés recibido | 590 | 96 | |
Intereses pagados sobre pasivos por arrendamiento | 14 | (4,884) | (3,644) |
Pagos del impuesto de sociedades | (9,158) | (6,032) | |
Entrada neta de efectivo de las actividades operativas | 52,511 | 82,831 | |
| |||
Actividades de inversión | |||
Pagos para adquirir propiedades, planta y equipo - Proyectos estratégicos | (14,066) | (5,657) | |
Pagos para adquirir propiedades, planta y equipo - Mantenimiento | (7,192) | (8,299) | |
Cobros por enajenación de propiedades, planta y equipo (neto de gastos de enajenación) | 991 | 128 | |
Receipts from disposal of businesses (net of cash disposed and disposal expenses) | 718 | - | |
Pagos para adquirir activos intangibles - Proyectos estratégicos | (6,925) | (2,517) | |
Pagos para adquirir activos intangibles - Mantenimiento | (3,771) | (3,448) | |
Cobros por enajenación de activos mantenidos para la venta | 9 | 1,600 | - |
Pagos para adquirir empresas filiales (neto de efectivo adquirido) | (29,809) | (67,248) | |
Amortización de deuda adquirida en la adquisición de empresas filiales | (22,664) | (9,420) | |
Pagos de adquisiciones de años anteriores | (842) | (937) | |
Pago de contraprestación contingente diferida y diferida | (8,568) | (9,282) | |
Recepción de contraprestación diferida por cobrar | 100 | 348 | |
Salida neta de efectivo de las actividades de inversión | (90,428) | (106,332) | |
| |||
Actividades de financiación | |||
Producto de préstamos | 35,750 | 98,174 | |
Amortizaciones de empréstitos | (1,600) | (19,769) | |
Increase/(decrease) in invoice discounting facilities | 7,278 | (9,806) | |
Movimiento en efectivo restringido | (173) | - | |
Pago de dividendos | (4,832) | (4,666) | |
Elemento principal de los pagos por arrendamiento | (16,604) | (13,192) | |
Acquisition of further equity in subsidiaries | (189) | (336) | |
Entrada neta de efectivo por actividades de financiación | 19,630 | 50,405 | |
(Disminución)/aumento de efectivo y equivalentes de efectivo en el año | (18,287) | 26,904 | |
Foreign currency translation on cash and cash equivalents | 235 | (1,225) | |
Saldo inicial efectivo y equivalentes de efectivo | 103,704 | 78,025 | |
Saldo de cierre efectivo y equivalentes de efectivo | 15 | 85,652 | 103,704 |
|
Estado de cambios en el patrimonio neto del grupo
para el año terminado el 31 de diciembre de 2023
Compartir capital | Compartir producto de más alta calidad. | Compartir- basado pago reserva | Extranjero moneda traducción reserva | Revalorización reserva | Capital redención reserva | retenido ganancias | Atribuible a no- CONTROL intereses | Total accionistas equidad | |
?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | |
Al 1 de enero de 2022 | 21,841 | 176,501 | 183 | 4,604 | 700 | 60 | 47,555 | 120 | 251,564 |
Beneficio del ejercicio | - | - | - | - | - | - | 45,587 | 119 | 45,706 |
Otro gasto integral | |||||||||
Movimiento de la reserva de conversión de moneda extranjera | - | - | - | (3,356) | - | - | - | - | (3,356) |
Transacciones reconocidas directamente en patrimonio: | |||||||||
Movimiento en la reserva de pagos basados en acciones | - | - | 535 | - | - | - | - | - | 535 |
Dividendos pagados | - | - | - | - | - | - | (4,666) | - | (4,666) |
Al 31 de diciembre de 2022 | 21,841 | 176,501 | 718 | 1,248 | 700 | 60 | 88,476 | 239 | 289,783 |
Al 1 de enero de 2023 | 21,841 | 176,501 | 718 | 1,248 | 700 | 60 | 88,476 | 239 | 289,783 |
Beneficio del ejercicio | - | - | - | - | - | - | 44,815 | 333 | 45,148 |
Otro resultado integral | |||||||||
Movimiento de la reserva de conversión de moneda extranjera | - | - | - | 697 | - | - | - | - | 697 |
Transacciones reconocidas directamente en patrimonio: | |||||||||
Movimiento en la reserva de pagos basados en acciones | - | - | 2,824 | - | - | - | - | - | 2,824 |
Compra de participación no controladora | - | - | - | - | - | - | (246) | 246 | - |
Dividendos pagados | - | - | - | - | - | - | (4,832) | - | (4,832) |
Al 31 de diciembre de 2023 | 21,841 | 176,501 | 3,542 | 1,945 | 700 | 60 | 128,213 | 818 | 333,620 |
|
Notas a los estados financieros consolidados
1. Información general
Base de preparación
The 2023 financial statements have been audited, with an unqualified audit report and have been approved by the Board of Directors. The financial information set out in this document does not constitute full statutory financial statements but has been derived from the Group financial statements for the year ended 31 December 2023. In accordance with the AIM and Euronext Growth Rules the consolidated financial statements of Uniphar plc and its subsidiaries (the 'Group') have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS, as adopted by the EU and as applied in accordance with the Companies Acts 2014.
The financial information in the consolidated financial statements has been prepared on a basis consistent with that adopted for the year ended 31 December 2022.
The Group's consolidated financial statements are prepared for the year ended 31 December 2023. The consolidated financial statements incorporate the Company and all of its subsidiary undertakings. A subsidiary undertaking is consolidated by reference to whether the Group has control over the subsidiary undertaking. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Uniphar plc está constituida en la República de Irlanda con el número de registro 224324 con domicilio social en 4045 Kingswood Road, Citywest Business Park, Co. Dublin, D24 V06K.
The statutory financial statements will be filed with the Companies Registration Office in line with the Annual Return date.
Preocupación continua
The Directors have made appropriate enquiries and carried out a thorough review of the Group's forecasts, projections and available banking facilities taking account of committed outflows including deferred contingent consideration and committed capital expenditure. Consideration was also given to possible changes in trading performance and potential business risk. The forecasts indicate significant liquidity headroom will be maintained above the Group's borrowing facilities and applicable financial covenants will be met throughout the period.
The Group has a robust capital structure with strong liquidity, supported into the future by the banking facility with a remaining term extending to August 2027 (with one option remaining to extend by a further one year). The Group renewed and expanded its banking facility during 2022 to provide it with the platform to fund continued growth.
Having regard to the factors outlined above the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of 12 months from the date of approval of these financial statements. As a result, the Directors consider that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
Nuevos estándares, enmiendas e interpretaciones
El Grupo ha aplicado las siguientes normas y modificaciones por primera vez para su período de información anual que comienza el 1 de enero de 2023:
· Modificaciones a la NIC 1 y al Documento de Práctica de las NIIF 2 - Información a Revelar sobre Políticas Contables
· Modificaciones a la NIC 8 - Definición de estimación contable
· Amendment to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction
· NIIF 17 Contratos de seguro
· Amendment to IAS 12 - International tax reform - Pillar two model rules.
Las modificaciones enumeradas anteriormente no tuvieron ningún impacto en los montos reconocidos en períodos anteriores y no se espera que afecten significativamente los períodos actuales o futuros.
Nuevos estándares e interpretaciones aún no adoptados
The following accounting standards and interpretations have been published but are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group:
· Discusión de la agenda - Definition of a Lease - Substitution Rights (IFRS 16)
· Classification of Liabilities as Current or Non-current - Amendments to IAS 1 Non-current Liabilities with Covenants - Amendments to IAS 1
· Pasivo por arrendamiento en una venta con arrendamiento posterior - Modificaciones a la NIIF 16
· Supplier finance arrangements - Amendments to IAS 7* and IFRS 7
· Amendments to IAS 21* to clarify the accounting when there is a lack of exchangeability
· Amendments to IAS 1, 'Presentation of financial statements', on classification of liabilities
· Modificaciones a la NIC 1, Pasivos no corrientes con convenios.
*These amendments have not yet been endorsed by the European Union
These standards are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.
2. Ingresos y segmentos
| 2023 ?'000 | 2022 ?'000 |
Ingresos | 2,553,062 | 2,070,669 |
Información segmentaria
La información segmentaria se presenta con respecto a las regiones geográficas y segmentos operativos del Grupo. Los segmentos operativos se basan en la gestión del Grupo y las estructuras de información interna.
Análisis geográfico
The Group operates in three principal geographical regions being the Republic of Ireland, the Netherlands and the UK. The Netherlands became material in 2023 and therefore we have included the Netherlands split in 2022 for comparison purposes. The Group also operates in several other European countries, the US and the Asia Pacific region which are not material for separate identification.
The following is a geographical analysis presented in accordance with IFRS 8 'Operating Segments' which requires disclosure of information about the country of domicile (Ireland) and countries with material revenue.
| 2023 | 2022 |
?'000 | ?'000 | |
Irlanda | 1,952,604 | 1,765,064 |
UK | 186,820 | 142,157 |
Países Bajos | 205,905 | 49,396 |
Resto del mundo | 207,733 | 114,052 |
2,553,062 | 2,070,669 | |
Segmentos operativos
IFRS 8 'Operating Segments' requires the reporting information for operating segments to reflect the Group's management structure and the way the financial information is regularly reviewed by the Group's Chief Operating Decision Maker (CODM), which the Group has defined as the Board of Directors. The Group changed its operating segments with effect from 1 January 2023 and comparative amounts have been restated.
The Group operates with three divisions: Uniphar Medtech, Uniphar Pharma, and Uniphar Supply Chain & Retail. These divisions align to the Group's operational and financial management structures:
· Uniphar Medtech provides outsourced services, specifically sales, distribution and support services to medical device manufacturers. Uniphar Medtech was a business unit within the former Commercial & Clinical division but became a standalone division in 2023. The business is headquartered in Ireland with a presence in 16 markets primarily across Europe. During 2023, the business opened a facility in the US to support clients seeking to access the North American market.
· Uniphar Pharma operates a global business with high value services across the lifecycle of a pharmaceutical product. The business enables pharma and biotech companies to bring innovative medicines to global markets and provide healthcare professionals with access to medicines they cannot source through traditional channels. Our strategy is to build a leading platform to provide the specialist support and expertise needed to improve access to these medicines. The division operates through its On Demand and Pharma Services business units; and
· Uniphar Supply Chain & Retail provides both pre-wholesale and wholesale distribution of pharmaceutical, healthcare and animal health products to pharmacies, hospitals and veterinary surgeons in Ireland. Uniphar operates a network of pharmacies under the Life, Allcare, Hickey's and McCauleys brands. Additionally, through the extended Uniphar symbol group, the business provides services and supports that help independent community pharmacies to compete more effectively.
Resultados de los segmentos operativos
El Grupo evalúa el desempeño de los segmentos operativos sobre la base de la utilidad bruta de las operaciones.
| 2023 Uniphar Medtech ?'000 | 2023 Unifarmacia ?'000 | 2023 Uniphar Supply Chain & Venta minorista ?'000 | 2023 Total
?'000 |
| ||||
Ingresos | 249,216 | 592,226 | 1,711,620 | 2,553,062 |
Beneficio bruto | 99,870 | 103,187 | 186,927 | 389,984 |
| 2022 Uniphar Medtech ?'000 | 2022 Unifarmacia ?'000 | 2022 Uniphar Supply Chain & Venta minorista ?'000 | 2022 Total
?'000 |
| ||||
Ingresos | 233,204 | 280,430 | 1,557,035 | 2,070,669 |
Beneficio bruto | 90,931 | 76,801 | 139,012 | 306,744 |
Los activos y pasivos se informan al Consejo a nivel de Grupo y no se informan por segmentos.
3. Exceptional income/(charge)
| 2023 ?'000 | 2022 ?'000 |
Honorarios profesionales incluidos los costes de adquisición | (2,206) | (6,607) |
Costos de redundancia y reestructuración | (2,679) | (6,165) |
Costos de integración de adquisiciones | (2,611) | (3,337) |
Transformación estratégica del negocio | (1,413) | - |
Loss on disposals of businesses and assets | (1,182) | - |
Other exceptional income/(costs) | 44 | (306) |
Cargo excepcional reconocido en la utilidad operativa | (10,047) | (16,415) |
Disminución de la contraprestación contingente diferida | 9,624 | 12,030 |
Decrease in deferred acquisition consideration | - | 109 |
Change in discount rates on deferred contingent consideration | - | 1,405 |
Refinancing costs impairment | - | (353) |
Crédito excepcional reconocido en el costo financiero | 9,624 | 13,191 |
Exceptional credit recognised in income tax | 1,084 | 1,106 |
Total exceptional income/(charge) | 661 | (2,118) |
Professional fees including acquisition costs:
Professional fees including acquisition costs incurred during 2023 are primarily costs relating to the acquisitions disclosed in note 18 together with costs incurred on transactions under consideration in the year.
Redundancy and Restructuring:
Redundancy and restructuring costs include redundancy, ex gratia and termination costs and other costs arising on reorganisations and recent acquisitions.
Acquisition integration costs:
Los costos de integración de adquisiciones se relacionan principalmente con los costos incurridos en la integración de adquisiciones recientes en el Grupo ampliado. También incluyen honorarios profesionales relacionados con conocimientos especializados de la industria y el mercado para optimizar la integración de adquisiciones recientes.
Strategic business transformation:
Strategic business transformation are costs incurred associated with reorganising and establishing a strategic presence in the US market. The costs include initial setup costs, relocation costs and a long-term incentive plan associated with building a strategically significant business in the US market.
Deferred contingent consideration:
Deferred contingent consideration relates to a release of ?6,768,000 following a review of expected performance against contractual earn out targets in relation to US-based acquisitions completed in prior years. A further amount of ?2,856,000 was released in respect of three other acquisitions that have reached the end of their contractual earn out periods.
In the prior year, deferred contingent consideration relates to a release of ?12,030,000 following a review of expected performance against earn out contractual targets in relation to Diligent Health Solutions, LLC and the EPS Group.
Deferred acquisition consideration:
In 2022, an amount of ?109,000 was released from deferred acquisition consideration for one independent community pharmacy.
Change in discount rates on deferred contingent consideration:
The discount rates used to compute the present value of the deferred contingent consideration liability are reviewed periodically. At 31 December 2022, the discount rates were increased resulting in a credit of ?1,405,000 to the Income Statement. The discount rates remain unchanged at 31 December 2023.
Costos de refinanciamiento:
The Group entered a new and enlarged borrowing facility in August 2022 ahead of the expiration of the previous facility. As the previous facility has been superseded, the remaining fees capitalised in respect of it have been charged to the Income Statement in the prior year.
Pérdida por enajenación de negocios y activos
| Notas | Las empresas 2023 | Activos 2023 | Total 2023 | ||
?'000 | ?'000 | ?'000 | ||||
Propiedad, planta y equipo, y activos por derecho de uso | (1,230) | (118) | (1,348) | |||
Goodwill | 7 | (1,984) | - | (1,984) | ||
Los inventarios | (523) | - | (523) | |||
Cuentas comerciales y otras cuentas por cobrar | (229) | - | (229) | |||
Efectivo dispuesto | (135) | - | (135) | |||
Comerciales y otras cuentas a pagar | 522 | - | 522 | |||
Otros pasivos no corrientes | 791 | - | 791 | |||
(2,788) | (118) | (2,906) | ||||
Consideración | ||||||
Efectivo recibido | 1,436 | 968 | 2,404 | |||
Costos relacionados con la eliminación | (583) | (97) | (680) | |||
853 | 871 | 1,724 | ||||
(Loss)/Profit on disposal of businesses and assets | (1,935) | 753 | (1,182) |
Entrada neta de efectivo por enajenación: | Las empresas 2023 ?'000 | Activos 2023 ?'000 | Total 2023 ?'000 | |||
Efectivo recibido | 1,436 | 968 | 2,404 | |||
Menos: Efectivo dispuesto | (135) | - | (135) | |||
Menos: Costos relacionados con la eliminación pagados | (583) | (97) | (680) | |||
Entrada neta de efectivo por enajenación | 718 | 871 | 1,589 |
Pérdida por enajenación de empresas
On 31 May 2023 the Group disposed of 100% of the share capital of McHugh's Pharmacy Limited and Sam McCauley Chemists (Bunclody) Limited together with the assets of a retail pharmacy in Navan, Co. Meath all of which traded as retail pharmacies. These disposals were completed as a binding commitment from Uniphar to the CCPC associated with the acquisition of the McCauley Pharmacy Group. The loss on disposal of these businesses was ?1,935,000.
Beneficio por enajenación de activos
During the period, the Group disposed of a property included in property, plant and equipment. The consideration from this disposal amounted to ?968,000 resulting in a net profit on disposal of ?753,000.
4. Finance cost and Finance income
| 2023 ?'000 | 2022 ?'000 |
Ingresos financieros | ||
Ingresos por intereses | (590) | (96) |
(590) | (96) | |
Costo financiero | ||
Interest on lease obligations (Note 14) | 4,884 | 3,644 |
Interest payable on borrowings and non-recourse financing | 17,199 | 5,646 |
Fair value adjustment to deferred and deferred contingent consideration | 2,510 | 2,137 |
Amortización de comisiones por operaciones de refinanciación | 431 | 339 |
Costo financiero antes de crédito excepcional | 25,024 | 11,766 |
Decrease in fair value of deferred contingent consideration (Note 3) | (9,624) | (13,544) |
Release of refinancing transaction fees (Note 3) | - | 353 |
Crédito excepcional reconocido en el costo financiero | (9,624) | (13,191) |
Costo financiero/(ingreso) | 15,400 | (1,425) |
Finance costs do not include capitalised borrowing costs of ?791,000 (2022: ?66,000) on qualifying assets (Notes 7 and 8). Interest is capitalised at the Group's weighted average interest rate for the period 5.3% (2022: 2.1%).
5. Beneficio por acción
Basic and diluted earnings per share have been calculated by reference to the following:
2023 | 2022 | |
Profit for the financial year attributable to owners (?'000) | 44,815 | 45,587 |
Número medio ponderado de acciones ('000) | 273,015 | 272,557 |
Utilidad por acción ordinaria (en porcentaje): | ||
- Básico | 16.4 | 16.7 |
- Diluido | 16.4 | 16.7 |
In 2023, the weighted average number of shares in the year equalled the number of issued ordinary shares of the Company. In 2022, the weighted average number of ordinary shares includes the effect of 6,543,620 shares (2022: 2,822,264 on a weighted basis) granted under the LTIP that have met the share price performance conditions, but will not vest until 31 December 2024. There is no impact on the weighted average number of ordinary shares granted under new senior management share option schemes in the year (2022: nil shares).
Adjusted earnings per share is an Alternative Performance Measure (APM). Adjusted earnings per share supports the understanding of performance by excluding the impact of exceptional items and non-cash items that may not correlate to the underlying performance of the business. During 2023, the Group amended the definition of Adjusted earnings per share to addback share-based payment expense since it is a non-cash expense arising from the grant of share-based awards to employees. This change enhances the understanding and comparability of the financial statements as such non-cash expenses may not correlate to the underlying performance of the business. Comparative amounts for 2022 have been updated accordingly for comparability.
Las ganancias por acción ajustadas se han calculado tomando como referencia lo siguiente:
| 2023 ?'000 | 2022 ?'000 |
Profit for the financial year attributable to owners | 44,815 | 45,587 |
Exceptional (credit)/charge recognised in Income Statement (Note 3) | (661) | 2,118 |
Pagos basados en acciones | 2,824 | 535 |
Amortización de intangibles relacionados con adquisiciones | 3,341 | 2,708 |
Crédito fiscal sobre intangibles relacionados con la adquisición | (363) | (329) |
Beneficio después de impuestos excluyendo partidas excepcionales | 49,956 | 50,619 |
| ||
Weighted average number of shares in issue in the year (000's) | 273,015 | 272,557 |
Utilidad básica y diluida ajustada por acción ordinaria (en porcentaje) | 18.3 | 18.6 |
|
6. Dividendos
The Directors have proposed a final dividend of ?3.2m (?0.0119 per ordinary share), subject to approval at the AGM. This results in a total shareholders dividend of ?5.0m (?0.0183 per ordinary share) in respect of the year ended 31 December 2023 as the Board declared and paid a 2023 interim dividend of ?1.8m (?0.0064 per ordinary share). If approved, the proposed dividend will be paid on 14 May 2024 to ordinary shareholders on the Company's register on 19 April 2024. This dividend has not been provided for in the Balance Sheet at 31 December 2023, as there was no present obligation to pay the dividend at year end.
A final dividend of ?3.1m (?0.0113 per ordinary share) relating to 2022 was paid in May 2023.
7. Activos intangibles
| Módulo software ?'000 | Trademark & licences ?'000
| Goodwill
?'000 | Activos tecnológicos ?'000 | Nombres de marca ?'000 | Relaciones del cliente ?'000 | Total
?'000 |
Cost | |||||||
Al 1 de enero de 2023 | 41,680 | 189 | 501,690 | 3,047 | 11,238 | 3,322 | 561,166 |
Movimiento FX | 14 | - | (1,760) | (83) | - | (115) | (1,944) |
Adquisiciones (nota 18) | - | - | 37,850 | 468 | 10,947 | - | 49,265 |
Adiciones | 16,829 | 15 | - | - | - | - | 16,844 |
Disposiciones / jubilaciones | (3,805) | - | (1,984) | - | - | - | (5,789) |
Al 31 de diciembre de 2023 | 54,718 | 204 | 535,796 | 3,432 | 22,185 | 3,207 | 619,542 |
Amortización | |||||||
Al 1 de enero de 2023 | 30,033 | 154 | 18,709 | 1,319 | 2,339 | 1,439 | 53,993 |
Movimiento FX | 4 | - | - | (33) | - | (64) | (93) |
Amortización | 2,853 | 10 | - | 558 | 2,127 | 656 | 6,204 |
Disposiciones / jubilaciones | (2,214) | - | - | - | - | - | (2,214) |
Al 31 de diciembre de 2023 | 30,676 | 164 | 18,709 | 1,844 | 4,466 | 2,031 | 57,890 |
| |||||||
Cantidades contables netas | |||||||
Al 31 de diciembre de 2022 | 11,647 | 35 | 482,981 | 1,728 | 8,899 | 1,883 | 507,173 |
Al 31 de diciembre de 2023 | 24,042 | 40 | 517,087 | 1,588 | 17,719 | 1,176 | 561,652 |
Activos intangibles | 24,042 | 40 | 517,087 | 1,588 | 17,719 | 1,176 | 561,652 |
Activos por derecho de uso | - | - | - | - | - | - | - |
Al 31 de diciembre de 2023 | 24,042 | 40 | 517,087 | 1,588 | 17,719 | 1,176 | 561,652 |
|
Included in computer software are assets under construction with a net book value of ?16,663,000. Amortisation has not commenced on these assets. Included in the cost of additions are borrowing costs and payroll costs capitalised into computer software amounting to ?194,000 (2022: ?9,000) and ?2,245,000 (2022: ?753,000) respectively.
8. Propiedades, planta y equipo y activos por derecho de uso
| Propiedad vitalicia tierra y edificios | Arrendamiento mejoras | Planta y equipo | Accesorios y guarniciones | Módulo equipo | Motor vehículos | Instrumentos | Total
| ||||||||
| ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ?'000 | ||||||||
Cost | ||||||||||||||||
Al 1 de enero de 2023 | 149,672 | 16,183 | 39,662 | 14,192 | 6,742 | 7,825 | 6,568 | 240,844 | ||||||||
Movimiento de divisas | (151) | (45) | (9) | 49 | 1 | 32 | - | (123) | ||||||||
Adiciones | 12,910 | 2,998 | 14,927 | 2,106 | 1,464 | 3,650 | 1,758 | 39,813 | ||||||||
Adquisiciones (nota 18) | 23,531 | 4,092 | 349 | 3,182 | 1,059 | 12 | - | 32,225 | ||||||||
Disposiciones / jubilaciones | (4,079) | (289) | (413) | (949) | (899) | (3,280) | (595) | (10,504) | ||||||||
Reclasificación | 679 | 3,599 | (69) | (3,243) | 22 | (1) | - | 987 | ||||||||
Al 31 de diciembre de 2023 | 182,562 | 26,538 | 54,447 | 15,337 | 8,389 | 8,238 | 7,731 | 303,242 | ||||||||
Depreciación acumulada | ||||||||||||||||
Al 1 de enero de 2023 | 34,557 | 4,622 | 17,397 | 6,245 | 4,097 | 3,851 | 3,447 | 74,216 | ||||||||
Movimiento de divisas | 26 | 8 | 37 | 39 | 13 | 15 | - | 138 | ||||||||
Cobrar por el año | 15,283 | 2,056 | 3,096 | 2,392 | 1,741 | 2,599 | 2,035 | 29,202 | ||||||||
Disposiciones / jubilaciones | (2,187) | (122) | (409) | (830) | (873) | (3,001) | (579) | (8,001) | ||||||||
Reclasificación | 679 | 1,218 | - | (922) | 12 | - | - | 987 | ||||||||
Al 31 de diciembre de 2023 | 48,358 | 7,782 | 20,121 | 6,924 | 4,990 | 3,464 | 4,903 | 96,542 | ||||||||
Cantidades contables netas | ||||||||||||||||
Al 31 de diciembre de 2022 | 115,115 | 11,561 | 22,265 | 7,947 | 2,645 | 3,974 | 3,121 | 166,628 | ||||||||
Al 31 de diciembre de 2023 | 134,204 | 18,756 | 34,326 | 8,413 | 3,399 | 4,774 | 2,828 | 206,700 | ||||||||
Propiedad, planta y equipo | 7,305 | 18,756 | 34,187 | 8,413 | 3,399 | 494 | 2,828 | 75,382 | ||||||||
Activos por derecho de uso | 126,899 | - | 139 | - | - | 4,280 | - | 131,318 | ||||||||
Valor neto contable a 31 de diciembre de 2023 | 134,204 | 18,756 | 34,326 | 8,413 | 3,399 | 4,774 | 2,828 | 206,700 | ||||||||
| ||||||||||||||||
Included in property, plant and equipment are assets under construction with a net book value of ?23,703,000 (2022: ?10,708,000). Depreciation has not commenced on these assets.
Included in the cost of additions is borrowing costs and payroll costs capitalised into assets amounting to ?597,000 (2022: ?57,000) and ?73,000 (2022: ?310,000) respectively.
9. Activos mantenidos para la venta
| Propiedades |
?'000 | |
| |
Al 1 de enero de 2022 | 1,600 |
Al 31 de diciembre de 2022 | 1,600 |
Al 1 de enero de 2023 | 1,600 |
Disposiciones | (1,600) |
Al 31 de diciembre de 2023 | - |
During 2023, the Group disposed of ?1,600,000 (2022: ?nil) of property which was previously classified as held for sale. Uniphar plc acquired Bradley's Pharmacy Group from examinership in November 2018, and in accordance with the application of the examinership scheme arrangement acquired non-recourse borrowings of ?4,000,000 which were secured by this property. These borrowings had a carrying value of ?1,600,000 at the date of disposal (2022: ?1,600,000) and the disposal proceeds were used to settle the borrowings.
10. Capital social solicitado
2023 |
| |
?'000 |
| |
Autorizado: |
| |
453.2 millones (2022: 453.2 millones) de acciones ordinarias de 8c cada una | 36,256 |
|
16.0 millones (2022: 16.0 millones) de acciones ordinarias "A" de 8 centavos cada una | 1,280 |
|
37,536 |
| |
| ||
Movement in the year in issued share capital presented as equity |
| |
| ||
Acciones ordinarias adjudicadas, recuperadas y totalmente desembolsadas |
| |
Al 1 de enero - 273,015,254 acciones ordinarias de 8c cada una | 21,841 |
|
At 31 December - 273,015,254 ordinary shares of 8c each | 21,841 |
|
| ||
Capital social total asignado: | ||
At 31 December - 273,015,254 (2022: 273,015,254) ordinary shares | 21,841 |
There have been no changes to the authorised or issued share capital in either 2023 or 2022.
11. Préstamos
Bank loans are repayable in the following periods after 31 December:
| 2023 ?'000 | 2022 ?'000 |
Cantidades que vencen dentro de un año | 13,168 | 7,490 |
Cantidades que vencen entre uno y cinco años | 222,604 | 187,431 |
235,772 | 194,921 | |
|
The Group's total bank loans at 31 December 2023 were ?235,772,000 (2022: ?194,921,000). Borrowing under invoice discounting (recourse) as at the balance sheet date was ?13,168,000 (2022: ?5,890,000).
During 2023, the Group disposed of the property acquired with the Bradley's Pharmacy Group which was previously classified as held for sale. The associated non-recourse borrowings with a carrying value of ?1,600,000 at the date of disposal were repaid in conjunction with the property disposal (Note 9).
The Group entered into a new facility in August 2022. The total loan value of the revolving credit facility available for use within this agreement is ?400,000,000, with an additional uncommitted accordion facility of ?150,000,000. This facility runs for five years to 2027 with one option remaining to extend by a further one year with repayment of all loans on termination of the facility in August 2027.
At 31 December 2023, the Group's revolving credit facility loans in use were at an interest margin of +1.9% (2022: +1.5%) on inter-bank interest rates (EURIBOR, GBP SONIA and USD SOFR).
Seguridad bancaria
Bank overdrafts (including invoice discounting) and bank loans of ?235,772,000 (2022: ?194,921,000) are secured by cross guarantees and fixed and floating charges from the Company and certain subsidiary undertakings.
12. Deferred contingent consideration
2023 ?'000 | 2022 ?'000 | |
| ||
Al 1 de enero de 2023 | 91,798 | 88,918 |
Desenrollamiento de descuento | 2,506 | 2,073 |
Que surgen en la adquisición | - | 17,519 |
Utilizado durante el año | (8,234) | (5,127) |
Lanzado durante el año | (9,624) | (12,030) |
Cambio en la tasa de descuento | - | (1,405) |
Movimiento de moneda extranjera | (1,385) | 1,850 |
Al 31 de diciembre de 2023 | 75,061 | 91,798 |
Current | 43,523 | 35,115 |
No corriente | 31,538 | 56,683 |
Total deferred contingent consideration | 75,061 | 91,798 |
Contraprestación contingente diferida
Deferred contingent consideration represents the present value of deferred contingent acquisition consideration which would become payable based on pre-defined performance thresholds being met. During the year payments of ?8,234,000 (2022: ?5,127,000) were made in respect of prior year acquisitions. Deferred contingent consideration of ?9,624,000 (2022: ?12,030,000) in respect of prior year acquisitions were released in the year following a review of expected performance against earn-out targets. The discount rates used to discount the provisions to present value did not require update at 31 December 2023 resulting in no change arising from changes in discount rates (2022: ?1,405,000). Further details on the measurement of deferred contingent consideration is provided in note 17.
13. Provisiones
Arrendar dilapidación
2023 ?'000 | Garantía provisión
2023 ?'000 | Otro
2023 ?'000 | Total
2023 ?'000 | Total
2022 ?'000 | |
| |||||
Al 1 de enero | 488 | 133 | 1,641 | 2,262 | 1,483 |
Recognised during the year | - | 28 | - | 28 | 1,729 |
Que surgen en la adquisición | 350 | - | - | 350 | - |
Utilizado durante el año | - | - | (789) | (789) | (952) |
Lanzado durante el año | (62) | - | - | (62) | (35) |
Movimiento de moneda extranjera | - | 3 | (40) | (37) | 37 |
Al 31 de diciembre | 776 | 164 | 812 | 1,752 | 2,262 |
Arrendamiento dilapidación
La provisión por dilapidación del arrendamiento cubre el costo de reinstalar ciertas propiedades del Grupo al final del plazo del arrendamiento. Esto se basa en los términos de los contratos de arrendamiento individuales que establecen las condiciones relativas a la devolución de la propiedad. El momento de las salidas coincidirá con la finalización de los arrendamientos relevantes con varias fechas hasta 2049.
Provisión de garantía
La provisión de garantía se refiere a una garantía de producto proporcionada a los clientes sobre ciertos dispositivos médicos. El costo estimado de la garantía se proporciona al reconocer la venta del producto. Los costos se estiman con base en la experiencia histórica real de los gastos incurridos y en los gastos futuros estimados relacionados con las ventas actuales y se actualizan periódicamente. Los costos reales de garantía se cargan contra la provisión de garantía.
Otro
Otras provisiones se relacionan con un bono de retención de la gerencia pagadero en relación con la adquisición de RRD International, LLC en 2020.
14. Arrendamientos
(i) Importes reconocidos en el Balance
As at 31 December, the Balance Sheet shows the following amounts relating to leases:
2023 | 2022 | |
?'000 | ?'000 | |
Activos por derecho de uso: | ||
Edificios | 126,899 | 107,268 |
Planta y equipo | 139 | 278 |
Vehículos motores | 4,280 | 3,441 |
Software de ordenador | - | 1,139 |
Valor neto contable de los activos por derecho de uso | 131,318 | 112,126 |
Pasivos por arrendamiento: | ||
Current | 20,134 | 14,315 |
No corriente | 126,083 | 105,919 |
Pasivos totales por arrendamiento | 146,217 | 120,234 |
Right-of-use assets are included in the lines 'Intangible assets' and 'Property, plant and equipment, and right-of-use assets' on the Balance Sheet, and are presented in notes 7 and 8.
Additions to the right-of-use assets during the year ended 31 December 2023 were ?16,498,000 (2022: ?7,961,000).
Los pasivos por arrendamiento se presentan por separado en el balance general.
(ii) Importes reconocidos en la Cuenta de Resultados:
La Cuenta de Resultados muestra los siguientes importes relacionados con los arrendamientos:
2023 | 2022 | |
?'000 | ?'000 | |
Depreciation/amortisation charge on right-of-use assets: | ||
Edificios | 14,893 | 11,131 |
Planta y equipo | 191 | 414 |
Vehículos motores | 2,452 | 2,434 |
Cargo por depreciación de activos por derecho de uso | 17,536 | 13,979 |
Software de ordenador | 189 | 380 |
Cargo por amortización de activos por derecho de uso | 189 | 380 |
Intereses por obligaciones de arrendamiento (nota 4) | 4,884 | 3,644 |
Reembolsos de principal | 16,604 | 13,192 |
Salida de efectivo total con respecto a los arrendamientos | 21,488 | 16,836 |
15. Análisis de la deuda neta
| 2023 | 2022 |
?'000 | ?'000 | |
Efectivo y equivalentes de efectivo | 85,652 | 103,704 |
Efectivo restringido | 173 | - |
85,825 | 103,704 | |
Préstamos bancarios reembolsables en un año | (13,168) | (7,490) |
Préstamos bancarios pagaderos después de un año | (222,604) | (187,431) |
préstamos bancarios | (235,772) | (194,921) |
Deuda bancaria neta | (149,947) | (91,217) |
Obligaciones de arrendamiento | (146,217) | (120,234) |
Deuda neta | (296,164) | (211,451) |
|
|
|
16. Conciliación de la utilidad de explotación con el flujo de efectivo de las actividades de explotación
| 2023 | 2022 |
?'000 | ?'000 | |
Operating profit before operating exceptional items | 77,755 | 69,570 |
Partidas excepcionales relacionadas con el efectivo | (17,784) | (7,768) |
59,971 | 61,802 | |
Depreciación | 29,202 | 23,356 |
Amortización | 6,204 | 5,114 |
Incremento de inventario | (16,868) | (15,130) |
(Aumento) / disminución de cuentas por cobrar | (67,073) | 2,934 |
Aumento de las cuentas por pagar | 67,717 | 2,700 |
Gastos de pago basados en acciones | 2,824 | 535 |
Ajustes de conversión de moneda extranjera | 172 | 1,393 |
Entrada de efectivo de las actividades operativas | 82,149 | 82,704 |
17. Instrumentos financieros
Instrumentos financieros por categoría
Las políticas contables para instrumentos financieros se han aplicado a los siguientes rubros:
| Finanzas activos en FVOCI * | Finanzas activos en amortizado el costo | Total | Suficientemente bueno propuesta de |
?'000 | ?'000 | ?'000 | ?'000 | |
Activos financieros | ||||
31 2023 diciembre: | ||||
Inversiones en instrumentos de patrimonio | 25 | - | 25 | 25 |
Comerciales y otras cuentas a cobrar ** | - | 213,202 | 213,202 | 213,215 |
Efectivo y equivalentes de efectivo | - | 85,652 | 85,652 | 85,652 |
Efectivo restringido | - | 173 | 173 | 173 |
25 | 299,027 | 299,052 | 299,065 | |
* Fair value through other comprehensive income.
** Excluding prepayments, accrued income and deferred consideration receivable.
| Finanzas pasivos en FVTPL *** | Finanzas pasivos en amortizado el costo | Total | Suficientemente bueno propuesta de |
?'000 | ?'000 | ?'000 | ?'000 | |
Pasivos financieros | ||||
31 2023 diciembre: | ||||
Préstamos | - | 235,772 | 235,772 | 235,772 |
Contraprestación de adquisición diferida | - | 100 | 100 | 100 |
Comerciales y otras cuentas a pagar **** | - | 465,350 | 465,350 | 465,350 |
Contraprestación contingente diferida | 75,061 | - | 75,061 | 75,061 |
Pasivos por arrendamiento | - | 146,217 | 146,217 | 146,217 |
75,061 | 847,439 | 922,500 | 922,500 | |
*** Fair value through profit and loss.
**** Excluding non-financial liabilities.
Medición de valores razonables
En la preparación de los estados financieros, el departamento de finanzas del Grupo, que reporta directamente al Director Financiero (CFO), revisa y determina los principales métodos y supuestos utilizados para estimar los valores razonables de los activos y pasivos financieros que se detallan a continuación. :
Inversiones en instrumentos de patrimonio
Las inversiones en instrumentos de patrimonio se miden a valor razonable a través de otro resultado integral (FVOCI).
Cuentas comerciales y otras cuentas por cobrar / comerciales y otras cuentas por pagar
Para cuentas por cobrar y cuentas por pagar con una vida restante de menos de 12 meses o saldos a la vista, se considera que el valor en libros menos la provisión por deterioro, cuando corresponda, refleja el valor razonable.
Efectivo y equivalentes de efectivo, incluidos depósitos bancarios a corto plazo
For short-term bank deposits and cash and cash equivalents, all of which have a maturity of less than three months, the carrying amount is deemed to reflect fair value.
Préstamos y empréstitos que devengan intereses
For floating rate interest-bearing loans and borrowings with a contractual repricing date of less than 6 months, the nominal amount is deemed to reflect fair value. For loans with repricing dates of greater than 6 months, the fair value is calculated based on the present value of the expected future principal and interest cash flows discounted at appropriate market interest rates (level 2) effective at the Balance Sheet date and adjusted for movements in credit spreads.
Contraprestación de adquisición diferida
Se utilizó el método de flujo de efectivo descontado para capturar el valor presente de los beneficios económicos futuros esperados que saldrán del Grupo derivados de la contraprestación de adquisición diferida.
Contraprestación contingente diferida
El valor razonable de la contraprestación contingente diferida se calcula descontando el pago futuro esperado al valor presente. El pago futuro esperado representa la contraprestación contingente diferida que se volvería pagadera en función de los umbrales de ganancias predefinidos que se cumplan y se calcula en función de las mejores estimaciones de la administración de las salidas de efectivo futuras esperadas utilizando las previsiones presupuestarias actuales. La provisión para contraprestación contingente diferida se refiere principalmente a adquisiciones completadas de 2015 a 2022.
Las entradas no observables importantes son:
· Expected future profit forecasts which have not been disclosed due to their commercial sensitivities; and
· Risk adjusted discount rate of between 2.5% and 4.0% (2022: 2.5% and 4.0%).
For the fair value of deferred contingent consideration, a 1% increase in the risk adjusted discount rate at 31 December 2023, holding the other inputs constant would reduce the fair value of the deferred contingent consideration by ?1.0m. A 1% decrease in the risk adjusted discount rate would result in an increase of ?1.0m in the fair value of the deferred contingent consideration.
Jerarquía de valor razonable
La siguiente tabla establece la jerarquía de valor razonable para los instrumentos financieros que se miden a valor razonable.
| Nivel A1 | Nivel A2 | Nivel A3 | Total |
| ?'000 | ?'000 | ?'000 | ?'000 |
Mediciones recurrentes del valor razonable | ||||
Al 31 de diciembre de 2023 | ||||
Inversiones en instrumentos de patrimonio | - | - | 25 | 25 |
Contraprestación contingente diferida | - | - | (75,061) | (75,061) |
- | - | (75,036) | (75,036) | |
No hubo transferencias entre los niveles de valor razonable para las mediciones de valor razonable recurrentes durante el período. La política del Grupo es reconocer las transferencias dentro y fuera de los niveles de jerarquía de valor razonable al final del período sobre el que se informa.
Nivel 1: El valor razonable de los instrumentos financieros negociados en mercados activos se basa en los precios de mercado cotizados al final del período sobre el que se informa. El precio de mercado de cotización utilizado para los activos financieros mantenidos por el Grupo es el precio de oferta actual. Estos instrumentos se incluyen en el nivel 1.
Nivel 2: El valor razonable de los instrumentos financieros que no se negocian en un mercado activo se determina utilizando técnicas de valoración que maximizan el uso de datos de mercado observables y se basan lo menos posible en estimaciones específicas de la entidad. Si todos los datos de entrada importantes requeridos para el valor razonable de un instrumento son observables, el instrumento se incluye en el nivel 2.
Nivel 3: Si una o más de las entradas importantes no se basan en datos de mercado observables, el instrumento se incluye en el nivel 3.
Mediciones del valor razonable utilizando datos importantes no observables (nivel 3)
The following table presents the changes in level 3 items for the year ended 31 December 2023:
| Acciones no estante en la lista empresas | Diferido contingente consideración | Total | |
| ?'000 | ?'000 | ?'000 | |
Al 1 de enero de 2023 | 25 | (91,798) | (91,773) | |
Utilizado durante el año | - | 8,234 | 8,234 | |
Desenlace de descuento * | - | (2,506) | (2,506) | |
Released during the year * | - | 9,624 | 9,624 | |
Movimiento de moneda extranjera | - | 1,385 | 1,385 | |
Al 31 de diciembre de 2023 | 25 | (75,061) | (75,036) | |
* These amounts have been credited/(charged) to the Income Statement in finance (income)/costs.
Deferred contingent consideration is provided based on management's assessment of the fair value of the liability taking into account the expected profitability of the acquisition. The maximum amount of additional deferred contingent consideration not provided for in the financial statements is ?67,608,000 assuming the acquisitions satisfy all performance conditions as set out in their acquisition.
Gestion de riesgos financieros
Las operaciones del Grupo lo exponen a diversos riesgos financieros. El Grupo cuenta con un programa de gestión de riesgos que busca limitar el impacto de estos riesgos en el desempeño financiero del Grupo y es política del Grupo administrar estos riesgos de manera no especulativa.
The Group has exposure to the following risks from its use of financial instruments: credit risk, liquidity risk, currency risk, interest risk and price risk. These consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's Annual Report.
Under the terms of the invoice discounting non-recourse agreement, the Group has transferred substantially all credit risk and control of certain trade receivables. The balance of the facility as at 31 December 2023 is ?111,765,000 (2022: ?111,765,000). The Group has recognised an asset within trade and other receivables of ?16,765,000 (2022: ?16,765,000), being the fair value of the amount receivable from the financial institutions, representing 15% of the trade receivables transferred to the financial institutions in accordance with the terms of the receivables purchase arrangement. The total interest expense associated with this receivables purchase agreement during the year ended 31 December 2023 was ?4,765,000 (2022: ?1,866,000).
18. Acquisitions of subsidiary undertakings and business assets
A key strategy of the Group is to expand into higher growth sectors and extend the capabilities the Group can offer our clients. In line with this strategy, the Group completed the following acquisitions during the financial year:
· Grupo de farmacia McCauley
The Group acquired 100% of the ordinary share capital of LXV Remedies Holdings Limited in January 2023 for consideration of ?26,613,000. LXV Remedies Holdings Limited operates a network of retail pharmacies in Ireland.
· Pivot Digital Health
The Group acquired part of the business and assets of Pivot Digital Health Limited in August 2023 for consideration of ?382,000.
· Kieran Hughes Pharmacy Limited
The Group acquired 100% of the ordinary share capital of Kieran Hughes Pharmacy Limited in November 2023 for consideration of ?2,346,000. Kieran Hughes Pharmacy Limited currently operates an independent retail pharmacy in Ireland.
· Katari Artane Limited and Katari Coolock Limited
The Group acquired 100% of the ordinary share capital of Katari Artane Limited and Katari Coolock Limited in November 2023 for consideration of ?3,649,000. Katari Artane Limited and Katari Coolock Limited currently operate as independent retail pharmacies in Ireland.
Goodwill is attributable to the future economic benefits arising from assets which are not capable of being individually identified and separately recognised. The significant factors giving rise to the goodwill include the value of the teams within the businesses acquired, the enhancement of the competitive position of the Group in the marketplace and the strategic premium paid by Uniphar Group to create the combined Group.
The fair value of the deferred and contingent consideration recognised at the date of acquisition is calculated by discounting the expected future payment to present value at the acquisition date. In general, for deferred contingent consideration to become payable, pre-defined profit thresholds must be exceeded. On an undiscounted basis, the future payments for which the Group may be liable in respect of acquisitions completed in the current year range from ?nil to ?0.1m.
The initial assignment of fair values to net assets acquired has been performed on a provisional basis in respect of the acquisitions completed during 2023 (apart from the McCauley Pharmacy Group which has been finalised), due to their recent acquisition dates. The Group has 12 months from the date of acquisition to finalise the fair value of the assets/liabilities acquired, and any amendments to these fair values within the twelve-month period from the date of acquisition will be disclosable in the 2024 Annual Report as stipulated by IFRS 3, Business Combinations.
The acquisitions completed in 2023 have contributed ?82.4m to revenue and ?34.6m of gross profit for the year since the date of acquisition. The proforma revenue and operating profit for the Group for the year ended 31 December 2023 would have been ?2,565m and ?68m respectively had the acquisitions been completed at the start of the current reporting year.
The provisional fair value of the assets and liabilities acquired as part of the acquisitions completed during the financial year (apart from the McCauley Pharmacy Group which has been finalised) are set out below:
de McCauley ?'000 | Otros ?'000 | Total ?'000 | |
BIENES | |||
Activos no corrientes | |||
Activos intangibles | 10,947 | 468 | 11,415 |
Propiedad, planta y equipo. | 8,636 | 58 | 8,694 |
Propiedades, plantas y equipos - Activos por derecho de uso | 20,567 | 2,964 | 23,531 |
Otros ingresos | 1,000 | - | 1,000 |
41,150 | 3,490 | 44,640 | |
Activos circulantes | |||
Inventario | 10,225 | 306 | 10,531 |
Cuentas comerciales y otras cuentas por cobrar | 5,705 | 486 | 6,191 |
Otros activos corrientes | 48 | - | 48 |
Efectivo y equivalentes de efectivo | 2,874 | 206 | 3,080 |
18,852 | 998 | 19,850 | |
los activos totales | 60,002 | 4,488 | 64,490 |
| |||
PASIVO | |||
Pasivos no corrientes | |||
Pasivos por arrendamiento | 22,304 | 2,703 | 25,007 |
Préstamos bancarios | 22,664 | - | 22,664 |
44,968 | 2,703 | 47,671 | |
Pasivo circulante | |||
Pasivos por arrendamiento | 3,901 | 260 | 4,161 |
Comerciales y otras cuentas a pagar | 16,406 | 248 | 16,654 |
Pasivo por impuestos diferidos | 773 | 91 | 864 |
21,080 | 599 | 21,679 | |
Pasivos totales | 66,048 | 3,302 | 69,350 |
| |||
Identifiable (net liabilities)/net assets acquired | (6,046) | 1,186 | (4,860) |
| |||
Participación no controladora que surge en la adquisición | - | - | - |
Group share of (net liabilities)/net assets acquired | (6,046) | 1,186 | (4,860) |
| |||
Fondo de comercio derivado de la adquisición | 32,659 | 5,191 | 37,850 |
Consideración | 26,613 | 6,377 | 32,990 |
|
The acquisition in the 2023 financial year of McCauley Pharmacy Group has been determined to be a substantial transaction and separate disclosure of the fair values of the identifiable assets and liabilities has therefore been made. None of the remaining business combinations completed during the period were considered sufficiently material to warrant separate disclosure of the fair values attributable to those combinations.
The gross contractual value of the trade and other receivables as at the respective dates of acquisition amounted to ?6.2m. The fair value of these receivables is ?6.2m, all of which is expected to be recoverable. In 2023, the Group incurred acquisition costs of ?2.2m (2022: ?6.6m). These have been included in administrative expenses in the Group Income Statement
2022 Adquisiciones
The initial assessment of the fair values of the major classes of assets acquired and liabilities assumed in respect of the acquisitions which were completed in 2022 was performed on a provisional basis. The fair values attributable to the assets and liabilities of these acquisitions have now been finalised. The amendments to these fair values were made to the comparative figures during the subsequent reporting window within the measurement period imposed by IFRS 3. The provisional fair value of these assets and liabilities recorded at 31 December 2022, together with the adjustments made to those carrying values to arrive at the final fair values are detailed in the Annual Report.
19. Contabilizar eventos relacionados con el balance
On 14 February 2024, the Group acquired the remaining 20% shareholding in Dialachemist Limited resulting in the entity becoming a wholly owned subsidiary of the Group.
There were no other material events subsequent to 31 December 2023 that would require adjustment to or disclosure in this report.
20. Cantidades comparativas
The comparative amounts have been updated for amendments to the fair value of assets and liabilities acquired
during 2022, these amendments were within the measurement period imposed by IFRS 3. Certain balances from 2022 have been restated to allow for consistent presentation with the current year.
21. Aprobación por el Consejo de Administración
The preliminary results announcement was approved by the Board of Directors on 26 February 2024.
Información adicional
MEDIDAS ALTERNATIVAS DE RENDIMIENTO
El Grupo reporta ciertas mediciones financieras que no son requeridas bajo NIIF. Estas medidas de desempeño alternativas clave (APM, por sus siglas en inglés) representan medidas adicionales para evaluar el desempeño y para informar tanto internamente como para los accionistas y otros usuarios externos. El Grupo cree que la presentación de estos APM proporciona información complementaria útil que, cuando se ve junto con la información financiera IFRS, proporciona a las partes interesadas una comprensión más significativa del desempeño financiero y operativo subyacente del Grupo y sus divisiones. Estas mediciones también se utilizan internamente para evaluar el desempeño futuro histórico y planificado de las operaciones del Grupo.
Ninguna de estas APM debe considerarse como una alternativa a las mediciones financieras derivadas de acuerdo con las NIIF. Las APM pueden tener limitaciones como herramientas analíticas y no deben considerarse de forma aislada o como un sustituto de un análisis de resultados según lo informado según las NIIF.
During 2023, the Group amended the definition of EBITDA and Adjusted earnings per share to add back share-based payment expense. Share-based payment expense is a non-cash expense arising from the grant of share-based awards to employees. This change enhances the understanding and comparability of the financial statements as such non-cash expenses may not correlate to the underlying performance of the business.
Las principales APM utilizadas por el Grupo, junto con las conciliaciones en las que las APM no son fácilmente identificables en los estados financieros, son las siguientes:
| Definición | Por que lo medimos |
anual
&
EBITDA ajustado | Earnings before exceptional items, net finance expense, income tax expense, depreciation, intangible assets amortisation and share-based payment expense.
Earnings before exceptional items, net finance expense, income tax expense, depreciation, intangible assets amortisation and share-based payment expense, adjusted for the impact of IFRS 16 and the pro-forma EBITDA of acquisitions. | El EBITDA proporciona a la administración una evaluación del desempeño comercial subyacente del Grupo y excluye las transacciones que no reflejan las operaciones en curso del negocio, lo que permite comparar el desempeño comercial del negocio a través de períodos y / o con otros negocios.
El EBITDA ajustado se utiliza para los cálculos de apalancamiento. |
Deuda bancaria neta | La deuda bancaria neta representa el total neto de préstamos corrientes y no corrientes, efectivo y equivalentes de efectivo, y efectivo restringido tal como se presenta en el Balance general del Grupo. | Net bank debt is used by management as an input into the Group's current leverage calculation which management will consider when evaluating investment opportunities, potential acquisitions, and internal resource allocation. |
Deuda neta | La deuda neta representa el total de la deuda bancaria neta, más las obligaciones de arrendamiento corrientes y no corrientes según se presenta en el Balance General del Grupo. | La administración utiliza la deuda neta, ya que brinda una imagen completa de la deuda del Grupo, incluido el impacto de los pasivos por arrendamiento reconocidos según la NIIF 16. |
Apalancamiento | Deuda bancaria neta dividida por EBITDA ajustado del período. | Leverage is used by management to evaluate the group's ability to cover its debts. This allows management to assess the ability of the Company to use debt as a mechanism to facilitate growth. |
Beneficio operativo ajustado
| This comprises operating profit as reported in the Group Income Statement before amortisation of acquired intangible assets and exceptional items (if any). | El beneficio operativo ajustado se utiliza para evaluar el rendimiento operativo subyacente, excluyendo el impacto de los elementos no operativos. Esta es una medida clave utilizada por la gerencia para evaluar el desempeño operativo del negocio. |
Ganancias ajustadas por acción
&
Like-for-Like adjusted earnings per comparte
| This comprises profit for the financial period attributable to owners of the parent as reported in the Group Income Statement before exceptional items (if any), amortisation of acquisition related intangibles (and related tax thereon) and share-based payment expense, divided by the weighted average number of shares in issue in the period.
Like-for-like adjusted earnings per share is calculated for both the current and prior period by dividing the profit of the relevant period attributable to owners of the parent as reported in the Group Income Statement before exceptional items (if any), amortisation of acquisition related intangibles and share-based payment expense, by the weighted average number of shares in issue in the current period. | Adjusted EPS is used to assess the after-tax underlying performance of the business in combination with the impact of capital structure actions on the share base. This is a key measure used by management to evaluate the businesses operating performance, generate future operating plans, and make strategic decisions.
Like-for-like adjusted EPS is used to assess the after-tax underlying performance of the business assuming a constant share base. |
Conversión de flujo de caja libre | Free cash flow conversion is calculated as EBITDA, less investment in working capital, less maintenance capital expenditure and foreign currency translation adjustments, divided by EBITDA. | El flujo de caja libre representa los fondos generados por las operaciones en curso del Grupo. Estos fondos están disponibles para reinversión y adquisiciones futuras como parte de la estrategia de crecimiento del Grupo. Un alto nivel de conversión del flujo de caja libre es clave para mantener un balance sólido y líquido. |
Rentabilidad del capital empleado (ROCE) | ROCE is calculated as the 12 months rolling operating profit before the impact of exceptional costs and amortisation of acquisition related intangibles, expressed as a percentage of the adjusted average capital employed for the same period. The average capital employed is adjusted to ensure the capital employed of acquisitions completed during the period is appropriately time apportioned. | Esta medida permite a la gerencia monitorear el desempeño comercial, revisar las oportunidades de inversión potenciales y la asignación de recursos internos. |
anual
| 2023 ?'000 | 2022 ?'000 | |
Beneficio operativo | Estado de resultados | 67,708 | 53,155 |
Cargo excepcional reconocido en la utilidad operativa | notas 3 | 10,047 | 16,415 |
Depreciación | notas 8 | 29,202 | 23,356 |
Amortización | notas 7 | 6,204 | 5,114 |
Gastos de pago basados en acciones |
| 2,824 | 535 |
anual | 115,985 | 98,575 | |
Ajuste por el impacto de la NIIF 16 | (21,666) | (16,837) | |
EBITDA proforma de adquisiciones | 543 | 10,167 | |
EBITDA ajustado | 94,862 | 91,905 | |
Deuda bancaria neta
| 2023 ?'000 | 2022 ?'000 | |
Efectivo y equivalentes de efectivo | Balance | 85,652 | 103,704 |
Efectivo restringido | Balance | 173 | - |
Préstamos bancarios reembolsables en un año | Balance | (13,168) | (7,490) |
Préstamos bancarios pagaderos después de un año | Balance | (222,604) | (187,431) |
Deuda bancaria neta |
| (149,947) | (91,217) |
Deuda neta
| 2023 ?'000 | 2022 ?'000 | |
Deuda bancaria neta | Medidas de desempeño alternativas | (149,947) | (91,217) |
Obligaciones de arrendamiento actuales | Balance | (20,134) | (14,315) |
Obligaciones de arrendamiento no corrientes | Balance | (126,083) | (105,919) |
Deuda neta |
| (296,164) | (211,451) |
Apalancamiento
| 2023 ?'000 | 2022 ?'000 | |
Deuda bancaria neta | Medidas de desempeño alternativas | (149,947) | (91,217) |
EBITDA ajustado | Medidas de desempeño alternativas | 94,862 | 91,905 |
Apalancamiento (veces) |
| 1.6 | 1.0 |
Beneficio operativo ajustado
| 2023 | 2022 | ||
?'000 | ?'000 | |||
Beneficio operativo | Estado de resultados | 67,708 | 53,155 | |
Amortización de intangibles relacionados con adquisiciones |
| 3,341 | 2,708 | |
Cargo excepcional reconocido en la utilidad operativa | notas 3 | 10,047 | 16,415 | |
Beneficio operativo ajustado |
| 81,096 | 72,278 | |
Ganancias ajustadas por acción
| 2023 ?'000 | 2022 ?'000 |
Las ganancias por acción ajustadas se han calculado tomando como referencia lo siguiente: | ||
Profit for the financial year attributable to owners | 44,815 | 45,587 |
Exceptional (credit)/charge recognised in Income Statement (Note 3) | (661) | 2,118 |
Amortización de intangibles relacionados con adquisiciones | 3,341 | 2,708 |
Crédito fiscal sobre intangibles relacionados con la adquisición | (363) | (329) |
Gastos de pagos basados en acciones | 2,824 | 535 |
Beneficio después de impuestos excluyendo partidas excepcionales | 49,956 | 50,619 |
Weighted average number of shares in issue in the year (000's) | 273,015 | 272,557 |
Utilidad básica y diluida ajustada por acción ordinaria (en porcentaje) | 18.3 | 18.6 |
| ||
Like-for-like weighted average number of shares (000's) | 273,015 | 273,015 |
Like-for-like adjusted earnings per ordinary share (in cent) | 18.3 | 18.5 |
|
Conversión de flujo de caja libre
| 2023 ?'000 | 2022 ?'000 | |
anual | Medidas de desempeño alternativas | 115,985 | 98,575 |
Incremento de inventario | notas 16 | (16,868) | (15,130) |
(Aumento) / disminución de cuentas por cobrar | notas 16 | (67,073) | 2,934 |
Aumento de las cuentas por pagar | notas 16 | 67,717 | 2,700 |
Ajustes de conversión de moneda extranjera | notas 16 | 172 | 1,393 |
Pagos para adquirir propiedades, planta y equipo - Mantenimiento | Estado de flujo de efectivo | (7,192) | (8,299) |
Payments to acquire intangible assets - Mantenimiento | Estado de flujo de efectivo | (3,771) | (3,448) |
Flujo de caja libre | 88,970 | 78,725 | |
Adjustment for settlement of acquired financial liabilities* | 2,068 | 2,138 | |
91,038 | 80,863 | ||
anual | 115,985 | 98,575 | |
Conversión de flujo de caja libre | 78.5% | 82.0% | |
*El ajuste al flujo de caja libre asegura que los pagos realizados después de una adquisición para liquidar préstamos con antiguos accionistas de empresas adquiridas, u otros pasivos financieros similares, se excluyen del movimiento de las cuentas por pagar en el cálculo de conversión del flujo de caja libre.
Rendimiento del capital invertido
2023 ?'000 | 2022 ?'000 | 2021 ?'000 | |
Beneficio operativo acumulado de 12 meses | 67,708 | 53,155 | |
Adjustment for exceptional costs | 10,047 | 16,415 | |
Amortización de intangibles relacionados con adquisiciones | 3,341 | 2,708 | |
Beneficio operativo ajustado de 12 meses consecutivos | 81,096 | 72,278 | |
Equidad total | 333,620 | 289,783 | 251,564 |
Deuda bancaria neta | 149,947 | 91,217 | 48,297 |
Deferred contingent consideration (Note 12) | 75,061 | 91,798 | 88,918 |
Contraprestación diferida por pagar | 100 | 523 | 4,295 |
Capital total empleado | 558,728 | 473,321 | 393,074 |
Capital medio empleado | 516,025 | 433,198 | |
Adjustment for acquisitions (Note A / B below) | 18,556 | (15,552) | |
Capital empleado medio ajustado | 534,581 | 417,646 | |
Rendimiento del capital invertido | 15.2% | 17.3% | |
Nota A: Ajuste por adquisiciones (2023)
| Capital empleado ?'000 | Cierre Fecha | del Riesgo
?'000 |
Grupo de farmacia McCauley | 49,407 | Febrero 2023 | 20,586 |
Other acquisitions completed during 2023 | 6,564 | Varios | (2,030) |
Adjustment for acquisitions during 2023 | 18,556 | ||
Nota B: Ajuste por adquisiciones (2022)
| Capital empleado ?'000 | Cierre Fecha | del Riesgo
?'000 |
Grupo Modesto | 41,901 | Noviembre 2022 | (13,967) |
Other acquisitions completed during 2022 | 47,464 | Varios | (1,585) |
Adjustment for acquisitions during 2022 | (15,552) |
El ajuste asegura que el capital empleado de las adquisiciones completadas durante el período se distribuya adecuadamente en el tiempo. El ajuste incluye contraprestación en efectivo, contraprestación contingente diferida y diferida, deuda adquirida, efectivo adquirido y cualquier impacto en efectivo de préstamos de accionistas u otros pasivos financieros similares reembolsados después de la adquisición.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.