Slide 1: Q3 Interim report 2013/2014
Q3 Interim report 2013/2014 April 1 2014 - June 30 2014 CEO Lars Marcher CFO Michael Højgaard
Slide 2: Agenda
Agenda • Q3 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: Q3 Highlights
Q3 Highlights • Organic growth of 8% Organic growth • >60% increase in aScope 3 sales compared to 8% previous quarter • Gross margin improved to 51.6% as per plan Q3 12/13 Q1 13/14 Q3 13/14 • Continued strong development in cost% and NWC • EBIT increased by 41% Gross margin 51.6% • Corporate IT plat
Slide 4: Continued strong growth development in all regions
Continued strong growth development in all regions Q3 organic growth North America • Organic growth of 5% 5% • King Systems on Ambu’s ERP system 4% • Launch of aScope 3, KV aBlade and AuraGain 40% North America Europe Europe • Organic growth of 4% Rest of world • Continued strong aScope 3 sales • Gr
Slide 5: Anaesthesia maintains strong momentum
Anaesthesia maintains strong momentum Q3 organic growth Anaesthesia 14% • Organic growth of 14% 2% • Strong development in sales of aScope 3 -5% • King Systems contributing to organic growth • Launch of KV aBlade and AuraGain Anaesthesia PMD Patient Monitoring & Diagnostics • 2% organic growth, in l
Slide 6: King Systems integrated
King Systems integrated Sales Go-to market strategy Product coverage Cross sales outside US Global systems Operations Automation of manufacturing Logistics and sourcing Elimination of double functions Scale effects Planned In progress Completed 6
Slide 7: Gross margin improving
Gross margin improving - approaching level before acquisition of King Systems Gross margin development 53% 52% 51% 50% 49% 48% 47% Acquisition of King Systems 46% dragging gross margin down 45% Q1 12/13 Q2 12/13 Q3 12/13 Q4 12/13 Q1 13/14 Q2 13/14 Q3 13/14 • High margin products driving revenue grow
Slide 8: Ambu ready to accelerate growth
Ambu ready to accelerate growth Growth drivers launch status North America Europe Rest of World aScope 3 Launched Launched Launched KV aBlade Launched Launched Launched AuraGain Launched Launched Launched Pain Pump Launched N/A N/A • High single-digit organic growth in recent quarters • Recent produ
Slide 9: Market outlook
Market outlook Trends Initiatives • Organise sales force to • Strong growth in some maximise growth product categories potential Anaesthesia • Visualisation in demand • Cost and benefit • Outpatient growing analysis to prove value • Cost focus of single-use • One-stop-shop • Low growth environment •
Slide 10: Financial results
Financial results DKKm Q3 13/14 Q3 12/13 Revenue 397 378 • Organic growth of 8% in Q3 Gross profit 205 182 • Solid improvement in gross Gross Margin (%) 51.6 48.1 margin Capacity costs (150) (143) • Cost development under EBIT before special items 55 39 control EBIT-margin before special items 13.9
Slide 11: Balance sheet
Balance sheet DKKm Q3 13/14 Q3 12/13 NWC to 12 months Revenue* Total assets 1,974 1,935 29% Working capital 410 419 28% 2012/13 Net Interest Bearing Debt 784 767 27% 2013/14 (NIBD) 26% Gearing (NIBD/EBITDA b.s.i.) 3.0 3.6 25% Q1 Q2 Q3 Q4 * Pro forma adjusted for King Systems • Working capital improv
Slide 12: Full-year 2013/14 outlook is maintained
Full-year 2013/14 outlook is maintained - Organic growth and EBIT guidance are specified Guidance Revenue ~DKK1.6bn Organic growth ~6-7% (previously ~5-7%) EBIT-margin ~13% (previously ~12-14%) FCF before acquisitions DKK 100-120m Gearing (NIBD/EBITDA) ~2.5 12
Slide 13: In summary
In summary • Full year target on plan • Growth drivers have good traction and are well received in the market place • Expansion of EBIT-margin and increased free cash flow • Q3 leaves Ambu well positioned for Q4 and forth to accelerate growth and improve profitability 13
Slide 14: Ambu
Ambu* s that work for life
Slide 15: 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 15