Aap Implantate Ag · XETR:AAQ1
Aap Implantate — German Equity Forum 2012
24 slides from Aap Implantate's conference presentation, Nov 13, 2012
Slide 1: German Equity Forum 2012
German Equity Forum 2012 aap Implantate AG Biense Visser, CEO Marek Hahn, CFO November 13, 2012
Slide 2: Safe Harbor Statement
Safe Harbor Statement Our publication may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual
Slide 3: aap Overview
aap Overview • German based and listed international MedTech company, - WKN: 506660, Prime Standard, public since 1999 - Market Cap: approx. €40 million (as of 10/2012) • Transformation from a highly diversified Healthcare company (2007) to a focused Medical Technology company • Strategy: Profitable
Slide 4: aap´s Strategy
aap´s Strategy Products Profitable growth • Trauma • Earnings growth > top line growth (CAGR > 20%) • IP protected like LOQTEQ® • Biomaterials • Gels, Fluids and Bone Materials Strategy Markets today Organization • Focus on R&D • US & • Product Quality • BRICS beyond • Center of Excellence • EU • At
Slide 5: Snapshot of Transformation
Snapshot of Transformation Profit & Loss point of view in € million 2008 2009 2010 2011 2012e Product sales* 29.5 25.8 27.5 29.2 33.3 EBITDA (products)* 3.4 1.2 2.8 4.1 4.6 – 4.9 Cash-EBIT1 (products)* -6.6 -3.7 -2.2 -0.7 0.2 – 0.4 • 1 Cash-EBIT: EBIT excluding capitalized development work and depre
Slide 6: Snapshot of Transformation
Snapshot of Transformation Efficiency point of view 2008 2009 2010 2011 2012e Number of Sites 6 5 4 3 3 Legal Entities 11 10 7 5 3 Employees (FTE*) 292 227 241 251 251 Sales (Products) /FTE* €114 k €110 k €117 k €123 k € 133 k EBITDA (Products) /FTE* €13 k €5 k €12 k €16 k €18.3 k - €20.0 k Balance
Slide 7: Trauma-Products
Trauma-Products Sales forecast (incl. LOQTEQ®) 2012: €7 million Sales forecast (incl. LOQTEQ®) 2013: €11 million 7
Slide 8: LOQTEQ® Anatomical Areas 2012
LOQTEQ® Anatomical Areas 2012 Proximal Tibia Proximal Humerus Distal Distal Tibia Femur 8
Slide 9: Product Line Extension LOQTEQ® 2013
Product Line Extension LOQTEQ® 2013 Elbow system Clavicle System Femur Osteotomy system Tibia Proximal Proximal Distal Osteotomy Medial Lateral Tibia Anterolateral system Tibia Plate Plate 3.5 Tibia Plate LOQTEQ®-portfolio will cover approx. 80% of the most common indications 9
Slide 10: Biomaterials
Biomaterials BonOs® R BonOs® Inject VerteStable® PE-Restriktor Jason ®/ Cerabone®/ Jason® G Arthosal® Sales forecast 2012 (Products and Projects): €21 million Sales forecast 2013 (Products and Projects): €21 million EASYMIX® 10
Slide 11: Gels, Fluids and Bone Materials
Gels, Fluids and Bone Materials C-Plug® Osnatal® Artosal® C~ment® Focus: - Sterile filling of inflammable materials - Sterile filling and formulation of Gels/Liquids - Cleaning and sterilization of Human Allografts (Tissue Processing) Unique selling points: - FDA approved - CE approved - Pharmaceuti
Slide 12: aap – Products of international standard
aap – Products of international standard Global Ortho/Spine League Global Ortho/Spine League 2004 2012 12
Slide 13: Recent M&A Transactions
Recent M&A Transactions • Stryker Completes Acquisition of Privately-Held Memometal Technologies S.A. for $162 million - (July 6, 2011) – Memometal has a broad range of products for the foot and ankle as well as the hand and wrist market – Memometal: Total sales in 2010: $30 million; EBITDA: $0 mill
Slide 14: Orthopedic Devices (Trauma Fixation) Value By Geography Global 2004-2018
Orthopedic Devices (Trauma Fixation) Value By Geography Global 2004- 2018 in US$ Millions 10.000 9.000 CAGR (2012-2018): 8% 8.000 7.000 6.000 South and Central America North America 5.000 Middle East and Africa Europe 4.000 Asia-Pacific 3.000 2.000 1.000 - Quelle: Online-Datenbank von GlobalData 14
Slide 15: Sales-Bridge 9M 2012 vs. 9M 2011 (in €k)
Sales-Bridge 9M 2012 vs. 9M 2011 (in €k) 15
Slide 16: Sales by region 9M/2012 vs. 9M/2011
Sales by region 9M/2012 vs. 9M/2011 +6 % +25 % +63 % +113 % +93 % 16
Slide 17: EBITDA-Bridge 9M 2012 vs 9M 2011 (in €k)
EBITDA-Bridge 9M 2012 vs 9M 2011 (in €k) 17
Slide 18: Financial Figures 2012
Financial Figures 2012 In € million Q1-Q3/2012 Q1-Q3/2011 Change on year Sales 27.5 21.0 +31% EBITDA 4.7 2.9 +62% EBIT 2.4 0.8 >100% Cash-EBIT 1.2 -0.6 n.a. Operative cash flow 6.1 1.9 >100% In € million Q3/2012 Q3/2011 Change on year Sales 8.9 6.9 +25% EBITDA 1.2 0.8 +50% EBIT 0.5 0.1 >100% Cash-EB
Slide 19: Outlook 2012/2013
Outlook 2012/2013 • Outlook 2012: – Confirming total sales: approx. €35.5 million (+22%) – Increasing EBITDA: from approx. €5.2 million to between €5.7 million and €5.9 million (+39% to +44%) • Focus in 2012: - LOQTEQ® total sales in 2012 of approx. €2.0 million - Signing new distribution partners i
Slide 20: Share Development 2012 (YTD) compared to Peers
Share Development 2012 (YTD) compared to “Peers” Legend: aap Implantate AG / Stryker / Exactech / Zimmer / Orthofix / S&P 500 Source: http://finance.yahoo.com/ 20
Slide 21: Analyst Opinion
Analyst Opinion Analyst: Dr. Christa Bähr Rating History Date Recommendation Since March 31, 2010 Buy April 29, 2009 Hold September 2, 2008 Buy Source: Research Report 10/4/2012 by 21
Slide 22: Stockholder Structure
Stockholder Structure direct and indirect, according to our information 09/30/2012 Capital Stock: 30,670,056 Elocin B.V. 20.89% Noes Beheer B.V. 17.82% Jürgen W. Krebs 11.99% Deepblue Holding AG 5.30% Other Investors with a close relationship to aap approx. 10% Total (Holdings of Investors close to
Slide 23: Thank you for your Attention
Thank you for your Attention 23
Slide 24: Contact
Contact aap Implantate AG Lorenzweg 5 12099 Berlin Marc Heydrich Investor Relations Tel.: +49 30 750 19 – 134 Fax: +49 30 750 19 – 290 E-Mail: ir@aap.de Website aap: www.aap.de 24