Siemens Healthineers Ag · XETR:SHL
Siemens Healthineers — Q4 FY2022 Earnings Presentation
23 slides from Siemens Healthineers's earnings presentation, Nov 9, 2022
Slide 1: Q4 Analyst Call
Q4 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO November 09, 2022
Slide 2: Safe Harbour Statement
Safe Harbour Statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Successful first year of “New Ambition” phase
Successful first year of “New Ambition” phase Key achievements in FY2022 Upgraded guidance achieved • Outstanding operational performance: Continued market share gains, agility to Comparable revenue growth1 adapt and support our customers in a more than challenging environment As of Aug 22 5.5 to 7.
Slide 4: Outlook 2023: A further year of strong performance ahead – Mid-term guidance confirmed
Outlook 2023: A further year of strong performance ahead – Mid-term guidance confirmed Comparable revenue growth1, 2 Adj. basic earnings per share2 Outlook 2023 Outlook 2023 -1 to +1% €2.00 to €2.20 Ex antigen: +6 to +8% Ex antigen growth: +13 to +24% Mid-term guidance3 Mid-term guidance3 +6 to +8%
Slide 5: Our unique capabilities
Our unique capabilities Patient Twinning Precision Therapy Personalization of diagnosis, Intelligent and image guided therapy selection and monitoring, treatment for the most after care and managing health threatening diseases Digital, Data and AI Leveraging digital, data and AI and advance provider
Slide 6: New Ambition: The foundation of continued strong performance
New Ambition: The foundation of continued strong performance Patient Twinning Precision Therapy Imaging Varian Fighting the most threatening diseases Enabling efficient operations Expanding access to care Diagnostics Advanced Therapies Digital, Data and AI Q4 FY2022 Unrestricted © Siemens Healthinee
Slide 7: Diagnostics: External headwinds outweighing operational improvements – next level of measures initiated
Diagnostics: External headwinds outweighing operational improvements – next level of measures initiated Operational execution vs. Decisive next level of measures Targets updated new external headwinds ✓ Stabilization of Atellica Solution • Portfolio simplification following ✓ Continued strong compet
Slide 8: Varian combination: Accelerating our cancer care impact
Varian combination: Accelerating our cancer care impact Varian with continued strong momentum HyperSight • Continued market share gains The power of Siemens Healthineers and Varian together • Record order book (equipment book-to-bill of >1.3 in 2022) - unlocking a new leap in radiation therapy Break
Slide 9: Imaging & Advanced Therapies: Successful growth engine running at full steam
Imaging & Advanced Therapies: Successful growth engine running at full steam • Major product innovations launched over the last 12 months (e.g, MAGNETOM Free.Max; NAEOTOM Alpha) Innovate • Unprecedented equipment order growth in attractive markets Value Innovator • Continuously gaining market share
Slide 10: A unique investment case: Structural and innovation driven growth paired with attractive earnings growth and resilience
A unique investment case: Structural and innovation driven growth paired with attractive earnings growth and resilience Structural and innovation driven growth • Essential technologies and leading innovations for fighting the most threatening diseases Unique Enabling and advancing Attractive • Conti
Slide 11: Q4 – a strong finish in a more than challenging year
Q4 – a strong finish in a more than challenging year Revenue (€m) Comparable +6.8% Growth1 6,000 • 8th consecutive quarter with impressive equip. order growth 5,164 • Excellent equipment book-to-bill of 1.21, with Varian above 1.5, Imaging and Advanced Therapies above 1.1 Q4 FY2021 Q4 FY2022 • Stron
Slide 12: Imaging with excellent growth and conversion; Diagnostics with slowing antigen contribution
Imaging with excellent growth and conversion; Diagnostics with slowing antigen contribution q-o-q, growth in the core business Imaging (€m) Diagnostics (€m) Adjusted revenue Adj. EBIT (margin) Adjusted revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +8.1% Y-o-Y +100 bps Growth
Slide 13: Varian and Advanced Therapies with strong growth; softer margins at Varian
Varian and Advanced Therapies with strong growth; softer margins at Varian due to supply chain and FX headwinds Varian (€m) Advanced Therapies (€m) Adjusted revenue Adj. EBIT (margin) Adjusted revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +5.2% Y-o-Y -710 bps Growth +6.2% Y-o
Slide 14: Successful focus on pricing
Successful focus on pricing Adj. EBIT margin H1 H2 • Market adaptive pricing mechanisms are working – FY2023 without compromising the strengths of our business • Equipment order pricing measures turned “traditional” price erosion to price accretion in H2 FY22, with continuing momentum • Sequential m
Slide 15: Outlook FY2023
Outlook FY2023 Comparable revenue growth1, 2 Adj. basic earnings per share2 Growth ex antigen3: Growth ex antigen3: 6 to 8% 13 to 24% 5.9% €2.29 €2.00 to €2.204 -1 to +1%4 Antigen Antigen accretion ~2% accretion ~55ct FY2022 FY2023E FY2022 FY2023E • Imaging growth at 7 to 9% • Imaging margin at 21 t
Slide 16: Appendix
Appendix Q4 FY2022 Unrestricted © Siemens Healthineers AG, 2022 l 16
Slide 17: Free cash flow higher than in prior-year quarter; strong Q4 revenue built up receivables
Free cash flow higher than in prior-year quarter; strong Q4 revenue built up receivables at year-end Q4 FY22 Siemens Healthineers EBIT to Free cash flow (€m) Imaging 0.9 CCR1 Diagnostics <0 Varian 3.1 Adv. Therapies 0.4 CCR1 0.66 1″211 980′ 231′ -323′ 955′ 880′ 100′ 65′ -94′ 96′ 647′ 25′ -284′ -25′
Slide 18: FY22 balance sheet and net debt bridge
FY22 balance sheet and net debt bridge Net debt overview Capital structure development in FY22 (in €bn) in €bn Sep 30, 2021 Sep 30, 2022 Leverage1 3.5x 3.0x Cash and cash equivalents 1.3 1.4 12.8 12.7 Receivables from the Siemens 0.9 0.7 Group from financing activities 0.6 0.7 Pensions 1.8 -2.5 0.9
Slide 19: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Sep 30th, 20221 (in €m) Comments Other ▪ Total loan volume ~€13bn equivalent EUR ▪ Average interest rate ~0.6% in FY20223 USD 2,182 96 Top 10 loans ranked in € volume Notional Volume Volume Interest 1,736 Maturity Currency in m in €m rate 264 1,51
Slide 20: In fiscal year 2022, provisions for pensions decreased mainly due to increased discount rates
In fiscal year 2022, provisions for pensions decreased mainly due to increased discount rates Q4 FY2022 Key financials – Pensions and similar obligations Q1 Q2 Q3 Q4 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2022 FY2022 FY2022 Defined benefit (3.4) (3.8) (3.8) (4.1) (4.1) (3.8) (3.4) (3.3) obliga
Slide 21: Restatement: Cancer Therapy business transfers from Imaging to Varian
Restatement: Cancer Therapy business transfers from Imaging to Varian, and Varian Proton Solutions to Central Items Restated figures comparable to new organization (effective as of Oct 1st, 2022) Q1 Q2 Q3 Q4 in €m FY2022 FY2022 FY2022 FY2022 FY2022 Imaging (restated for organizational change) Adjust
Slide 22: Glossary
Glossary Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. Comparable revenue growth is defined as the development of adjusted r
Slide 23: Q4 FY2022 Unrestricted © Siemens Healthineers AG, 2022 l 23
Q4 FY2022 Unrestricted © Siemens Healthineers AG, 2022 l 23
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