Geti_Q3_2003gb by xiangpeng

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									Getinge overview
An expanding Medical-Technology group with focus on
comprehensive solutions for infection control, surgical systems
and care of elderly and disabled people

Customers             Acute care
                      Long term care
                      Industry / Laboratories
Net Sales             8.6 billion SEK
Associates            5 600
Manufacturing         18 production units in 9 countries
Distribution          70 sales companies in 25 countries
                      Distributors in 100 countries
(ex Jostra and LSS)
Business Scope

                      Business Areas
Infection Control       Extended Care   Surgical Systems
         40%                31 %              29 %



       Industry          Acute Care     Long Term Care
           I0 %             60 %              30 %
                  Customer Segments
(ex Jostra and LSS)
Group objectives & focus




                           3
Getinge Group Objectives



Strategic

   To develop world leading positions in prioritized
    niches of the health care industry




                                                        4
Strong Global Positions


                       Business unit           Position   Market shares

BA Infection Control   Sterilization                # 1        24 %
                       Disinfection                 # 1        27 %

BA Surgical Systems    Surgical Tables              # 1        40 %
                       Surgical Lights              # 1        38 %
                       Ventilators                   #1        28 %
                       Cardiopulmonary              # 3        22 %
                       Ceiling Service Units        # 3        15 %
                       Anaesthesia                   #3         6%

BA Extended Care       Hygiene Systems              # 1        60 %
                       Patient Handling             # 1        40 %
                       Wound Care                   # 4         5%
Getinge Group Objectives



Strategic

   To develop world leading positions in prioritized
    niches of the health care industry
Financial

   To increase profit before tax with an average of I5%
    per annum
   Internally generated cash flow to sustain an external
    growth rate of I0% per annum



                                                            6
The Getinge Group



10000
 9000                                                       1000
 8000
 7000                                                       800
 6000
                                                            600
 5000
 4000
                                                            400
 3000
 2000                                                       200
 1000                                                              CAGR 24 %
    0                                                       0
        1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

                   Invoiced sales   Profit before tax




                                                                               7
 The Getinge Group - Focus & Development




Infection Control    Extended Care    Surgical Systems


Improved Operating   Organic Growth     External Growth
   Performance
Review of Business Areas




                           9
Infection Control

Create a customer focused group from a number of
companies acquired over the last 10 years
 INFECTION CONTROL




 1990 - 2000             2000 - 2002                     2003 


Growth through           Restructuring                     Business
  acquisition                                             development


                 - Improve production structure   - Organic growth
                 - Organisational focus           - Product development
                 - Brand identity                 - Integrated solutions
                                                  - Logistics / distribution
                                                  - Service provider concept
Infection Control
Orders received MSEK


                     2003   2002     Adj curr      2003    2002     Adj curr

per market
                      Q3     Q3    flucs & acqs   9 mon   9 mon   flucs & acqs

Western Europe       386    358        11%        1 134   1 134       2%


USA and Canada       331    313       30%           863   1 062       3%


Asia and Australia   107      99       9%           292     278       9%


Rest of the world     66      59      13%           192     142      38%


Business area tot.   890    829       18%         2 481   2 616       5%
Infection Control
Results MSEK

                      2003    2002    2003    2002    2002

                       Q3      Q3    9 mon   9 mon     FY




Net sales              745     745   2,302   2,288   3,359

Gross margin %       37.7%   34.3%   39.2%   35.0%   36.2%

Operating cost        -199    -215    -630    -679    -910


Operating profit        82      40     273     121     306


Operating margin %   11.0%   5.4%    11.9%    5.3%   9.1%
Extended Care

Focus on growth from a solid platform through product
innovation, market penetration and geographical expansion
HIGHLIGHTS 2003

GROWTH
   Market penetration
   Strong product pipeline
   Geographical expansion

COMPETITIVENESS
   Global sourcing
   Improved production
    structure
   Improved logistics
Extended Care
Orders received MSEK

                     2003   2002     Adj curr      2003    2002     Adj curr


per market
                      Q3     Q3    flucs & acqs   9 mon   9 mon   flucs & acqs

Western Europe       380    406        -1%        1 235   1 218       6%


USA and Canada       199    248        -7%          577     734       -5%


Asia and Australia    19     20        -1%           56      56       7%


Rest of the world      5      6        -2%           13      20      -34%


Business area tot.   603    680        -3%        1 881   2 028       2%
Extended Care
Results     MSEK

                      2003    2002    2003    2002    2002

                       Q3      Q3    9 mon   9 mon     FY




Net sales              583     640   1,798   1,981   2,720


Gross margin %       47.2%   50.0%   47.8%   50.4%   51.0%


Operating cost        -181    -223    -595    -682    -900


Operating profit        95      98     265     317     488


Operating margin %   16.2%   15.3%   14.7%   16.0%   17.9%
Surgical Systems

Create a global leader in the field of Surgical workstations as
a platform for further growth in the surgical systems market
SURGICAL WORKSTATIONS


   Growth opportunities
        Japan and USA


   Product development
        AWIGS / VIWAS
        New Pendant generation
        New Light technology



   Cross selling

   Heraeus integration
OPERATING THEATRE

                              The Equipped OR, Value = $0.75 million
       Ceiling                                                                   VARIOP   20.6%
    pendant 3.4%


                                                                                OR lights 5.0%

  Gas supply system
        3.5%


   Data                                                                         MIS unit 8.8%
   management
   and monitoring
   together 10.5%

   Furniture 5.8%
                                                                                Heart lung
                                                                                machine (Jostra)
                                                                                13.0%




                      Anaesthesia & Ventilation unit   OR table system 13.7 %
                              (LSS) 14.5 %
   EXTERNAL GROWTH Surgical Systems




     Radiology                        Disposables




Patient monitoring                     Surgical instruments




   Life Support                       Ancillary Equipment
Acquisition of Jostra - business unit Cardiopulmonary




                                                  22
Jostra in brief

 Sales approx 90 M EUR in 2002

 Associates ~ 600


 Sales in 100 countries, own sales companies in:
  DE, FR, IT, JP, CA, ES, GB, NL, SE, CN, HK

 Production: Germany (2 sites), Sweden and Denmark


 Products: Heart-lung machines, Oxygenators, Centrifugal pumps,
  related Disposables, Minimal Invasive on-pump Equipment

 Excellent technology and product pipeline, 55 issued patents

 Good track record of organic growth 10% +
Jostra Integration and Restructuring

 New management team from 1st August 2003

 Integration of Jostra’s sales and marketing
  organisation with that of Surgical Systems

 Consolidation of Jostra production structure from 4 to
  2 sites

 Reinforce sales and marketing organisation to drive
  market penetration in Europe and emerging markets

 Focus the R&D pipeline to deliver new technologies in
  a speedy and timely manner
Jostra Acquisition Financials


  The target is to improve Jostra’s EBIT margin to
   12 - 15% within 3 years after goodwill amortization

  Contribution to group earnings in 2003 will be
   slightly negative to neutral

  Contribution to group pre-tax profit including
   goodwill amortization and related financial charges
   will be in the range of EUR 5 - 6 million in 2004
Acquisition of Siemens LSS - business unit Critical Care




                                                     26
Key Data of LSS

Life Support Systems (LSS)
LSS is one of the world’s leading providers of ventilation and anaesthesia products in the
critical care equipment market
In 2002/03, LSS have projected revenues of around 205 MEUR
The worldwide ventilation and anaesthesia hospital markets account for approx 550 MEUR
annual sales volume each, with an expected annual growth of approx. 5% p.a.


 LSS-Ventilation                                LSS-Anaesthesia


Sales of 175 MEUR                               Sales of 30 MEUR
Global market shares 27%                        Global market shares 6%
Total LSS Sales in 2002 by Region




      23%          15%


                                    Japan 15%

                                    USA 28%
                         28%
                                    Europe 34%

       34%                          RoW 23%
Financials



LSS will contribute with 10 - 12 MEUR to
pretax profit in fiscal 2004

LSS will contribute with 17 - 20 MEUR to
pretax profit in fiscal 2005

Operating margins after goodwill depreciation is targeted
at 15% longterm
Surgical Systems
Orders received MSEK

                     2003   2002     Adj curr      2003    2002     Adj curr


per market            Q3     Q3    flucs & acqs   9 mon   9 mon   flucs & acqs

Western Europe       446    387       -12%        1 234   1 054       3%


USA and Canada       136    154       -23%          366     381       4%


Asia and Australia   122     75       33%           354     284      15%


Rest of the world     66     32       51%           128     129      -20%


Business area tot.   770    648        -6%        2 082   1 848       3%
Surgical Systems
Results   MSEK

                      2003    2002    2003    2002    2002

                       Q3      Q3    9 mon   9 mon     FY



Net sales              754     660   2,101   1,743   2,521

Gross margin %       49.7%   50.5%   48.7%   49.1%   47.6%

Operating cost        -296    -283    -782    -694    -946


Operating profit        78      51     241     162     255


Operating margin %   10.4%   7.7%    11.4%    9.3%   10.1%
Results Q3 2003




                  32
Getinge AB
Results MSEK
                     2003   2002    Change    2003    2002   Change   2002

                      Q3     Q3              9 mon   9 mon              FY



Net sales           2 091   2 054    2%      6 231   6 041    3%      8 640


EBITDA               361     289     25%     1 080     894    21%     1 438


Operating profit     255     188     36%       779     601    30%     1 050


Operating margin    12,2%   9,2%             12,5%    9,9%            12,1%


Profit before tax    216     146     48%       664     471    41%      876
Getinge AB Balance sheets MSEK
Assets                               2003-09-30   2002-09-30   2002-12-31
Fixed assets                              4,751        4,577        4,564
Current assets                            4,735        4,822        4,852
Total assets                              9,486        9,399        9,416


Shareholders' equity & liabilities
Shareholders' equity                      3,230        2,893        3,158
Provisions                                1,955        2,084        1,943
Long-term liabilities                     1,383        2,835        2,441
Current liabilities                       2,918        1,587        1,874
Total Equity & Liabilities                9,486        9,399        9,416


Key figures
Net debt/equity, multiple                  1.01         1.32         1.07
Equity/Assets ratio, per cent            34.1%        30.8%        33.5%
Getinge AB
Key figures
                                    Q3     Q3     9 mon    9 mon    FY



Operating Cash Flow, MSEK            495    365    1,424    1,107   1,784



Net debt, MSEK                                     3,259    3,817   3,376



Equity / Assets ratio, %                          34.0%    30.8%    33.5%



Net debt / Equity ratio, multiple                   1.01     1.32    1.07



Interest cover, multiple                             7.7      5.3     5.9

								
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