Data Book Half Year Ended September 30, 2016
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Data Book Half Year Ended September 30, 2016 Corporate Communications Group Tel: 06-4802-9360 Fax: 06-6359-3827 E-mail: [email protected] Stock Code: 4536 Contents Financial highlights 2 ■Consolidated financial summary 2 ■Consolidated statement of financial position summary 2 ■Consolidated financial indexes 2 ■Exchange rates 2 Consolidated information 4 Consolidated statement of profit and loss 4 Revenue details 5 ■Revenue by business segment 5 ■Overseas revenue by region 5 ■Overseas profit contribution 5 ■Revenue of major pharmaceuticals 6 Consolidated statement of financial position 7 ■Assets 7 ■Equity and liabilities 7 Consolidated statement of cash flows 8 Other consolidated information 9 ■R&D expenses 9 ■Capital expenditures 9 ■Depreciation and amortization 9 ■Amortization on intangible assets associated with products 9 ■Additional information of statement of financial position 9 ■Number of employees 9 Reference information 10 Research & development 10 ■Pipeline of prescription pharmaceuticals (Clinical trials) 10 ■Changes from 1Q FY16 (August 2, 2016) 11 Pharmaceutical market in Japan 12 ■Revision of National Health Insurance (NHI) drug prices 12 ■Market shares 12 ■Market shares by therapeutic area - prescription ophthalmics 12 Stock information 13 ■Stock price (Tokyo Stock Exchange First Section) 13 ■Major shareholders (top 10) 13 ■Major stock information 13 ■Breakdown of shareholding by number of shares 14 ■Breakdown of shareholding by number of shareholders 14 Consolidated subsidiaries 15 News releases 16 The Santen Group has adopted International Financial Reporting Standards (IFRS) from the fiscal year ended March 31, 2015, for the purpose of enhancing the international comparability of its financial information. Forecasts in this report are based on the currently available information. Forecasts in this report are based on the currently available information.Actual results may differ materially depending on a number of factors including adverse economic conditions, delays in new products launch, currency exchange rate, legislative and regulatory developments. 1 November 2, 2016 Financial highlights ■Consolidated financial summary (Millions of yen) 2015 2016 2017 Fiscal year ended March 31 % FY % H1 FY H1 FY H1 Change forecast Change Revenue 71,920 161,831 97,873 195,291 97,829 (0.0) 200,000 2.4 Operating profit 14,235 35,374 65,385 80,180 18,787 (71.3) 36,300 (54.7) Net profit for the year 9,759 24,032 43,657 53,373 12,601 (71.1) 25,300 (52.6) Dividend per share (yen) #1 10 22 12 25 13 8.3 26 4.0 - - Dividend payout ratio 42.3% 37.8% 11.4% 19.4% #REF!42.7% 42.4% Core operating profit 15,298 39,088 24,541 43,067 22,464 (8.5) 44,100 2.4 Core net profit for the year 10,138 25,948 16,392 29,163 16,712 2.0 30,200 3.5 Core dividend payout ratio 40.7% 35.0% 30.3% 35.5% 32.2% - 35.7% - ■Consolidated statement of financial position summary (Millions of yen) 2015 2016 2017 Fiscal year ended March 31 % 9.30 FY end 9.30 FY end 9.30 Change Total assets 268,708 304,200 352,080 355,399 323,555 (8.1) Total equity 194,637 211,779 250,899 260,009 255,065 1.7 Interest-bearing debt 35,127 37,161 31,248 22,484 20,665 (33.9) ■Consolidated financial indexes 2015 2016 2017 Fiscal year ended March 31 % FY % H1 FY H1 FY H1 Change forecast Change EPS (yen) #1 23.63 58.18 105.55 128.99 30.44 (71.2) 61.09 (52.6) Core EPS (yen) #1 24.55 62.82 39.63 70.48 40.37 1.9 72.92 3.5 BPS (yen) 471.23 511.14 606.31 627.78 617.90 1.9 - - Debt equity ratio (times) 0.2 0.2 0.1 0.1 0.1 (34.9) - - PER (times) 26.0 30.1 7.6 13.1 24.4 221.1 - - Core PER(times) 25.0 27.9 20.2 24.0 18.4 (8.9) - - PBR (times) 2.6 3.4 2.6 2.7 2.4 (7.7) - - ROE (%) 10.2 12.0 37.8 22.6 9.8 (74.1) 9.5 - Core ROE 10.6 13.0 14.2 12.4 13.0 (8.5) 11.4 - ROA (%) 7.4 8.9 26.6 16.2 7.4 (72.2) - - Core ROA (%) 8.0 9.6 10.0 8.8 9.8 (1.5) - - Equity ratio(%) 72.2 69.6 71.0 73.2 78.8 11.0 - - Free cash flow (millions of yen) #2 (54,527) (41,054) 8,536 13,433 (9,866) (215.6) - - EBITDA (millions of yen) #3 12,907 32,988 20,952 38,598 21,579 3.0 - - #1 Santen conducted a five-for-one share split of ordinary shares on the effective date of April 1, 2015. Per share data have been retrospectively adjusted to reflect the impact of the share split. #2 Free cash flow = (Cash flows from operating activities) - (Payments for acquisition of property, plant and equipment, and intangible assets) #3 EBITDA = (Core profit before tax) + (Interest expense) + (Depreciation and amortization) ■Exchange rates (Yen) 2015 2016 2017 Fiscal year ended March 31 FY H1 FY H1 FY H1 forecast Exchange rate: US dollar 103.12 110.14 121.82 120.45 105.86 105.00 : Euro 138.98 139.01 134.95 132.46 118.59 115.00 : RMB 16.71 17.84 19.67 19.05 16.04 15.00 2 November 2, 2016 Financial highlights ■Consolidated financial summary (graph) Revenue (Millions of yen) Core operating profit (Millions of yen) H1 FY H1 FY 200,000 50,000 40,000 150,000 30,000 100,000 20,000 50,000 10,000 0 0 3/2015 3/2016 3/2017 3/2015 3/2016 3/2017 Core net profit for the year (Millions of yen) Total equity (Millions of yen) H1 FY 300,000 30,000 25,000 250,000 20,000 200,000 15,000 10,000 150,000 5,000 0 100,000 3/2015 3/2016 3/2017 9/2014 3/2015 9/2015 3/2016 9/2016 Core EPS (yen) Core PER (times) H1 FY H1 FY 150 50 40 100 30 20 50 10 0 0 3/2015 3/2016 3/2017 3/2015 3/2016 3/2017 Core ROE (%) Core dividend payout ratio (%) H1 FY H1 FY 40 60 35 50 30 40 25 20 30 15 20 10 10 5 0 0 3/2015 3/2016 3/2017 3/2015 3/2016 3/2017 3 November 2, 2016 Consolidated statement of profit and loss ■IFRS basis (Millions of yen) 2015 2016 2017 Fiscal year ended March 31 % H1 FY H1 FY H1 Change Revenue 71,920 161,831 97,873 195,291 97,829 (0.0) Cost of sales (26,587) (56,373) (36,501) (72,829) (36,836) 0.9 (Percent of revenue) 37.0% 34.8% 37.3% 37.3% 37.7% - Gross profit 45,333 105,458 61,372 122,463 60,993 (0.6) (Percent of revenue) 63.0% 65.2% 62.7% 62.7% 62.3% - Selling, general and administrative expenses (21,865) (48,893) (27,588) (59,406) (28,738) 4.2 (Percent of revenue) 30.4% 30.2% 28.2% 30.4% 29.4% - Research and development expenses (8,170) (17,477) (9,243) (19,990) (10,304) 11.5 (Percent of revenue) 11.4% 10.8% 9.4% 10.2% 10.5% - Amortization on intangible assets associated (1,297) (3,979) (2,999) (6,205) (3,169) 5.6 with products (Percent of revenue) 1.8% 2.5% 3.1% 3.2% 3.2% - Other income 288 723 44,705 44,999 216 - Other expenses (54) (458) (861) (1,681) (211) - Operating profit 14,235 35,374 65,385 80,180 18,787 (71.3) (Percent of revenue) 19.8% 21.9% 66.8% 41.1% 19.2% - Finance income 459 768 450 782 445 (1.0) Finance expenses (154) (279) (500) (1,492) (2,206) 341.6 Profit before tax 14,540 35,863 65,335 79,470 17,027 (73.9) (Percent of revenue) 20.2% 22.2% 66.8% 40.7% 17.4% - Income tax expenses (4,781) (11,831) (21,679) (26,097) (4,426) (79.6) Net profit for the period 9,759 24,032 43,657 53,373 12,601 (71.1) (Percent of revenue) 13.6% 14.9% 44.6% 27.3% 12.9% - ROE (%) 10.2 12.0 37.8 22.6 9.8 - ■Core basis (Millions of yen) 2015 2016 2017 Fiscal year ended March 31 % H1 FY H1 FY H1 Change Revenue 71,920 161,831 97,873 195,291 97,829 (0.0) Cost of sales (26,587) (56,373) (36,501) (72,829) (36,836) 0.9 (Percent of revenue) 37.0% 34.8% 37.3% 37.3% 37.7% - Gross profit 45,333 105,458 61,372 122,463 60,993 (0.6) (Percent of revenue) 63.0% 65.2% 62.7% 62.7% 62.3% - Selling, general and administrative expenses (21,865) (48,893) (27,588) (59,406) (28,224) 2.3 (Percent of revenue) 30.4% 30.2% 28.2% 30.4% 28.9% - Research and development expenses (8,170) (17,477) (9,243) (19,990) (10,304) 11.5 (Percent of revenue) 11.4% 10.8% 9.4% 10.2% 10.5% - Operating profit 15,298 39,088 24,541 43,067 22,464 (8.5) (Percent of revenue) 21.3% 24.2% 25.1% 22.1% 23.0% - Profit before tax 15,298 39,088 24,541 43,067 22,464 (8.5) (Percent of revenue) 21.3% 24.2% 25.1% 22.1% 23.0% - Income tax expenses (5,160) (13,140) (8,149) (13,904) (5,752) (29.4) Net profit for the period 10,138 25,948 16,392 29,163 16,712 2.0 (Percent of revenue) 14.1% 16.0% 16.7% 14.9% 17.1% - ROE (%) 10.6 13.0 14.2 12.4 13.0 - 4 November 2, 2016 Revenue details ■Revenue by business segment (Millions of yen) 2015 2016 2017 Fiscal year ended March 31 FY H1 FY H1 FY H1 % Change forecast Pharmaceuticals 70,651 159,262 96,540 192,554 96,302 (0.2) 196,774 Prescription pharmaceuticals 67,403 152,556 91,634 181,550 90,215 (1.5) 182,925 Ophthalmics 61,732 136,059 84,521 172,545 89,251 5.6 180,887 Anti-rheumatics 4,835 9,629 3,514 3,495 - - - Other pharmaceuticals 837 6,868 3,599 5,510 965 (73.2) 2,038 OTC pharmaceuticals 3,248 6,706 4,906 11,004 6,087 24.1 13,849 Others 1,268 2,569 1,334 2,737 1,528 14.5 3,226 Medical devices 1,154 2,313 1,179 2,394 1,272 7.8 2,642 Others 114 256 154 343 256 66.1 583 Total revenue 71,920 161,831 97,873 195,291 97,829 (0.0) 200,000 [Domestic] (Millions of yen) 2015 2016 2017 Fiscal year ended March 31 FY H1 FY H1 FY H1 % Change forecast Pharmaceuticals 56,051 122,310 69,102 139,196 70,354 1.8 145,724 Prescription pharmaceuticals 52,839 115,672 64,238 128,278 64,322 0.1 131,968 Ophthalmics 47,710 105,345 60,374 124,165 64,143 6.2 131,323 Anti-rheumatics 4,805 9,568 3,514 3,495 - - - Other pharmaceuticals 325 759 350 617 180 (48.7) 646 OTC pharmaceuticals 3,212 6,638 4,864 10,918 6,032 24.0 13,756 Others 1,257 2,526 1,300 2,654 1,455 11.9 2,976 Medical devices 1,143 2,269 1,146 2,323 1,259 9.8 2,576 Others 114 256 154 330 197 27.5 400 Total revenue 57,308 124,835 70,402 141,849 71,809 2.0 148,700 (Percent of revenue) 79.7% 77.1% 71.9% 72.6% 73.4% - 74.3% [Overseas] (Millions of yen) 2015 2016