Elekta Ab Class B · OMXSTO:EKTA_B
Elekta Ab Class B — FY2012/13 Earnings Presentation
17 slides from Elekta Ab Class B's earnings presentation, 2013
Slide 1: Elekta Full year report 2012/13
Elekta Full year report 2012/13 Tomas Puusepp, President and CEO Håkan Bergström, CFO
Slide 2: All financial targets exceeded
All financial targets exceeded • Order bookings +14%* • Net sales growth +16%* • EBIT growth +17%** • Cash conversion 76% *Based on constant exchange rates ** Excluding non –recurring items
Slide 3: Strong growth with increased profitability
Strong growth with increased profitability SEK M Net Sales SEK M EBIT 2 000 10 000 CAGR CAGR 8 000 1 500 16% 24% Aftermarket and 6 000 Software sales 1 000 4 000 Hardware 500 2 000 0 0
Slide 4: Versa HD – exceeding expectations
Versa HD™ – exceeding expectations
Slide 5: Elekta is the pioneer of modern radiation therapy
Elekta is the pioneer of modern radiation therapy MR-guided radiation MOSAIQ® OIS therapy SRS Stereotactic Radiosurgery IGRT Digital linear Image guided accelerators radiation therapy Integrated solutions Versa HDTM Technological shift Brachytherapy SRT in collimation and high dose Stereotactic Radi
Slide 6: MRI-guided radiation therapy
MRI-guided radiation therapy • MRI magnet full on and able to image • Linac able to radiate All in • MLC able to move leaves real time • Gantry able to rotate Consortium members: • University Medical Center Utrecht Increased • Texas MD Anderson Cancer Center investments • Sunnybrook Health Sciences
Slide 7: Extra dividends proposed
Extra dividends proposed MSEK • Ordinary dividend of 800 SEK 1.50 (1.25) per share CAGR • 3 year program with 600 35% extraordinary dividend of SEK 0.50 per share and 400 year 200 0 * 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 Dividend Extra dividend / repurchase
Slide 8: North and South America
Regional overview North and South America • Order bookings up 9%* in FY • North America – Elekta’s order and sales growth was strong in Q4 – Uncertainty on market related to reimbursement and health care reform • Strong momentum in Canada • South America – tender for 80 linear accelerators ongoing i
Slide 9: Europe, Middle East and Africa
Regional overview Europe, Middle East and Africa • Order bookings increased by 29%* in Q4 and grew with 10%* for the fiscal year • Good order development in all major European markets • Improvements in the Middle East during Q4 • Contribution margin: 36% (35) May – Apr May – Apr SEK M Change 2012/13
Slide 10: Asia Pacific
Regional overview Asia Pacific • Order bookings up 23%* in FY • Strong growth in China and India where Elekta is the market leader • Good contribution from “new” emerging Asian markets • Business in Japan continue to grow – positive trend for Toshiba collaboration • Contribution margin: 32% (32) May
Slide 11: Best year ever
Best year ever • Net sales grew by 16%* • Gross margin at 46.3% (46.6) – Impact from currency, geographical mix and US medical device tax • Operating profit** of SEK 2,058 M (1,837) – R&D expenditures, before capitalization, increased 15% to SEK 894 M (778) representing 8,6% of net sales – SG&A redu
Slide 12: Strong cash generation in Q4
Strong cash generation in Q4 Cash conversion, % Net working capital/ net sales, % 16% 91% 86% 14% 76% 12% 10% 59% 57% 8% 47% 6% 4% 2% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 07/08 08/09 09/10 10/11 11/12 12/13 11 11 11 12 12 12 12 13 13 13 13 • Average 6 year cash conversion: • Net working capital in Q4
Slide 13: Negative currency effects
Negative currency effects • Continued volatility on currency markets. End of April changes (Y/Y) SEK M FX exposure 4 000 – USD: -2% - GBP: -7% Operating expenses – JPY: -20% - EUR: -4% Revenues 3 000 • Negative currency effect 2012/13: 2 000 – Net sales: -2% 1 000 – EBIT: SEK 90 M 0 • Estimated curr
Slide 14: Strong balance sheet
Strong balance sheet 12/13 11/12 Liquid assets (SEK M) 2,567 1,895 Net debt (SEK M) 1,985 2,635 Equity (total, SEK M) 5,560 5,010 ROE 27% 29% ROCE 21% 28% Net debt/equity 0.36 0.53 Net debt / EBITDA* 0.82 1.24 * Excluding non –recurring items 14
Slide 15: 2013/14 - another strong year expected
2013/14 - another strong year expected • Capture all opportunities in emerging markets • Strengthen positions in established markets • R&D investments increase by >20% • Continued leverage on SG&A
Slide 16: Outlook for fiscal year 2013/14
Outlook for fiscal year 2013/14 • For the fiscal year 2013/14, net sales is expected to grow by more than 10%* • EBITA is expected to grow with approximately 10%* • Currency is estimated to have a negative impact of about 3 percentage points on EBITA growth * In local currencies
Slide 17: Human Care Makes the Future Possible
Human Care Makes : = the Future Possible