Getinge Ab Class B · OMXSTO:GETI_B
Getinge Ab Class B — Investor Day (January 2012)
17 slides from Getinge Ab Class B's investor day presentation, Jan 31, 2012
Slide 1: Getinge Capital Markets Day
GETINGE CAPITAL MARKETS DAY Ulf Grunander, CFO Boston 31st of January, 2012
Slide 2: Cash Flow 2011
Cash Flow 2011 Strong operating cash flow in Q4 Cash conversion target achieved Continued reduction in average Working Capital 2
Slide 3: Cash conversion in target range
Cash conversion in target range 100% 90% 90% 81% 80% 70% 65% Target range: 60 – 70% 60% 51% 50% 46% 40% 30% 2007 2008 2009 2010 2011 3
Slide 4: Key Operating Cash Flow drivers
Key Operating Cash Flow drivers □ Active product portfolio management and shift in product mix □ Manufacturing consolidation and successful lean projects in Operations positively impacting inventory & Accounts Payable □ Successful logistics programs □ Improved inventory efficiency in Service and Ins
Slide 5: Operating cash flow (MSEK)
Operating cash flow (MSEK) 5 000 4 000 4 124 4 000 Comments 3 497 Solid cash flow development in Q4 3 000 2011 +31,2% vs. Q4 LY Sales growth of 10,7% in Q4 2011 vs. Q4 LY 2 000 1 774 1 496 Strong profit performance in Q4 2011 EBITDA + 20% vs. Q4 LY 1 000 0 2007 2008 2009 2010 2011 5
Slide 6: Working Capital Development
Working Capital Development Average WCap (bars) WCap Days (line) MSEK Days Comments Continued Working Capital progress despite challenging environment Working Capital development [SEK] : Inventory: -120 m A/R: -130 m A/P: - 30 m Total -220 m Committed efforts in 2012 to render further
Slide 7: Capital Expenditure (Capex)
Capital Expenditure (Capex) 3.2% 3.5% 4.0% 3.0% 3.5% 1000 915 900 800 766 700 667 659 600 521 500 907 400 642 688 300 588 200 468 100 0 2007 2008 2009 2010 2011 Gross Net 7
Slide 8: Net debt
Net debt MSEK 2011 2010 Net Debt 17 109 13 377 Change in Net Debt currency adjusted/acquisition -970 - 1 776 Net Debt / EBITDA 3.10 2.53 Net gearing 1.17 1.01 8
Slide 9: Interest bearing financial liabilities as of December 31, 2011
Interest bearing financial liabilities as of December 31, 2011 millions Local currency MSEK Interest Rate Average Interest Rate 2011 Actual Forecast 2012 weighted USD 1 570 10 869 EUR 368 3 292 CAD 50 339 SEK 1 553 1 553 GBP 40 427 Other 209 Total 16 689 3,2% 3,2-3,4% 9
Slide 10: Getinge Average Interest Rate Debt Portfolio
Getinge Average Interest Rate Debt Portfolio 2009-2012 2012 MSEK 2009 2010 2011 Estimate Average Interest Rate 3,10% 3,40% 3,20% 3,2-3,4% Hedge ratio fixed vs floatir 80% 80% 75% 80%
Slide 11: Maturity of debts
Maturity of debts Lender/Facility 2012 2013 2014 2015 2016 2017 2018 US Private placement 50 MUSD Nov Commercial Paper Back-stop Facility SEB, Danske, SHB & Nordea Nov Nov Nov 2 000 MSEK Term loan Mediobanca October 150 MEUR Syndicated Credit Facility with 10 banks July July July 1 200 MEUR Nordic I
Slide 12: Group currency effects 2011 – 2012
Group currency effects 2011 – 2012 Estimates 2012 Actual 2011 USD 6.85 6.50 EUR 8.80 9.03 GBP 10.55 10.40 JPY 8.95 8.15 Translation +45 -250 Hedging +10 +300 Financial net -10 +30 Total +45 +80 12
Slide 13: Currency effects per Business Area 2011 – 2012
Currency effects per Business Area 2011 – 2012 Medical Medical Extended Extended Infection Infection Systems Systems Care Care Control Control Est 2012 Act 2011 Est 2012 Act 2011 Est 2012 Act 2011 Translation 22 -135 10 -83 13 -32 Hedging 3 156 3 58 4 86 Total 25 21 13 -25 17 54 13
Slide 14: Net currency effects 2012 per major profit and loss line
Net currency effects 2012 per major profit and loss line MSEK Gross profit 210 EBITA before restructuring 80 EBIT 55 Profit before tax 45 14
Slide 15: Currency exposure 2012
Currency exposure 2012 Currency rates used for Net remaining currency Currency exposure at group estimates 2012 exposure volumes in 5% change in currency 2012, million rates, MSEK USD 6.85 USD 210 +/- 70 EUR 8.80 EUR 100 +/- 45 GBP 10.55 GBP 60 +/- 30 JPY 8.95 JPY 1 300 +/- 5 15
Slide 16: Tax rate
Tax rate Estimate Actual 2012 2011 2010 Tax rate 26.0% 26.3% 26.8% Tax charge (MSEK) 907 836 Paid tax (MSEK) 826 596 16
Slide 17: Questions
GETINGE GROUP QUESTIONS