Slide 1: Q2 Interim report 2013/2014
Q2 Interim report 2013/2014 January 1 2014 - March 31 2014 CEO Lars Marcher CFO Michael Højgaard
Slide 2: Agenda
Agenda • Q2 Highlights Disclaimer Forward-looking statements, especially such relating to future sales and operating profit, are subject to risks and • Business trends uncertainties. Various factors, many of which are outside Ambu’s control, may cause the actual development of • Growth drivers the c
Slide 3: Q2 Highlights
Q2 Highlights Revenue DKK 403m • 20% revenue increase; organic growth of 8% Q2 Q4 Q2 • 40% increase in aScope 3 sales compared to 12/13 12/13 13/14 previous quarter • Double-digit growth in Europe and Rest of the Cost ratio world 37% • Cost effectiveness improved Q2 12/13 Q4 12/13 Q2 13/14 • EBIT in
Slide 4: Double-digit organic growth in Europe and Asia
Double-digit organic growth in Europe and Asia Q2 growth rates North America • Organic growth of 4% 28% • Improved competitiveness due to scale and 12% stronger product portfolio 29% • Launch of key growth-drivers in the works North America Europe Europe • Organic growth of 11%. Strong aScope 3 sale
Slide 5: Anaesthesia is driving growth
Anaesthesia is driving growth Q2 growth rates Anaesthesia • Organic growth of 16% 46% • Strong development in sales of aScope 3 2% • Synergies from cross-selling -2% • Good development in King sales Anaesthesia Patient Monitoring & Diagnostics • 3% organic growth, above market PMD • Increasing contr
Slide 6: Growth drivers - status
Growth drivers - status • Strong uptake of aScope 3 in all markets aScope 3 • Launch in USA in Q3 to selected hospitals • Investment in additional production capacity • Launch of aBlade in Q3 opening up the hospital King Vision market in addition to emergency care • Introduction of pediatric sizes l
Slide 7: Growth drivers – aScope 3
Growth drivers – aScope 3 aScope 1 aScope 2 aScope 3 (2009) (2011) (2013) • Concept planted • Concept accepted • Needed improve- • Technology not • Valuable in-use ments developed ready insights gained • Strong demand from practitioners Launch insights by Q2 2013/14 • Strong rebuy-rate in launched c
Slide 8: Growth drivers – aScope 3
Growth drivers – aScope 3 - Market feedback very encouraging “We have established aScope successfully in the anesthesia “We need it and we “It’s a well-established and department and don’t use resuable want it. I’ll write you a proven tool in our daily routine bronchoscopes anymore” cheque, is that
Slide 9: Growth drivers – AuraGain
Growth drivers – AuraGain - Ambu’s 3rd gen. laryngeal mask to open up high-end market AuraGain key features • Gastric access (2nd gen. market capability) • Intubation capability (unique capability) • High seal pressure • Integrated bite absorption • Rapid placement Laryngeal mask market Laryngeal ma
Slide 10: Growth drivers – Pain Pump
Growth drivers – Pain Pump Market info Product advantages • US market size is more than 3m units. • Faster patient discharge and decreased need Ambu market share ~1%. for narcotics during treatment • Same call points and customers as most of • Reduces post-operative risk from side effects our other
Slide 11: GPOs
GPOs What is it How we do it • Group Purchasing Organisations are used by • Expansion of product portfolio to improve IDN’s* and hospitals to negotiate price and to get relevance the best product assortment • Full control of value chain to ensure quality • Increasing dominance of GPOs. They work wit
Slide 12: Financial results
Financial results DKKm Q2 13/14 Q2 12/13 Revenue 403 335 • Organic growth of 8% in Q2 Gross profit 195 163 • Gross margin of 50% for 1H Gross Margin (%) 48.4 48.7 • Cost ratio improved Capacity costs (148) (127) compared to Q1 and LY EBIT before special items 47 36 • Profitability significantly EBIT
Slide 13: Balance sheet
Balance sheet DKKm Q2 13/14 Q2 12/13 NWC to 12 months Revenue* Total assets 1,925 1,986 30% Working capital 394 422 28% 2012/13 Net Interest Bearing Debt 729 781 2013/14 (NIBD) 26% Gearing (NIBD/EBITDA b.s.i.) 3.0 3.9 24% Q1 Q2 Q3 Q4 * Pro forma adjusted for King Systems • Working capital continuing
Slide 14: Full-year 2013/14 outlook is maintained
Full-year 2013/14 outlook is maintained Guidance Assumptions Revenue ~DKK1.6bn • Continue to gain market shares • Cross sales King Systems-Ambu products • Launching new and higher-margin products Organic growth ~5-7% • Ambu will continue to outgrow markets EBIT-margin ~12-14% • Global efficiencies •
Slide 15: In summary
In summary • Full year target on plan • Our growth drivers show solid progress in the countries where launched • We are well-positioned to accelerate growth with the current product launches • Improved cost percentage and NWC • Synergies from acquisitions are materializing 15
Slide 16: Ambu
Ambu* s that work for life
Slide 17: For further information, please contact
READ MORE AT WWW.AMBU.COM For further information, please contact: CEO Lars Marcher, lm@ambu.com or +45 5136 2490 CFO Michael Højgaard, miho@ambu.com or +45 4030 4349 17