Gn Store Nord A/s · OMXCOP:GN
Gn Store Nord A/s — Investor Day (September 2016)
99 slides from Gn Store Nord A/s's investor day presentation, Sep 26, 2016
Slide 1: GN Store Nord — Capital Markets Day
GN STORE NORD — CAPITAL MARKETS DAY 26 SEPTEMBER 2016 Making Life Sound Better 1
Slide 2: Safe Harbor statement
Safe Harbor statement The forward-looking statements in this interim report reflect the management's current expectations of certain future events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in considerable deviations fr
Slide 3: Capital Markets Day agenda
Capital Markets Day agenda Time Topic Divestment of Otometrics and strategic partnership with Natus Presenters Anders Hedegaard, CEO, GN Hearing Marcus Desimoni, CFO, GN Store Nord 11:00 “Hear more, do more, be more” Executive Management 12:00 Lunch Anders Hedegaard, CEO, GN Hearing 13:00 GN Hearing
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Slide 5: Divestment of Otometrics and strategic partnership with Natus
Divestment of Otometrics and strategic partnership with Natus Anders Hedegaard – CEO, GN Hearing Marcus Desimoni – CFO, GN Store Nord 5
Slide 6: Divestment of non-core diagnostics business
Divestment of non-core diagnostics business Strategic partnership established with Natus as a new natural owner of Otometrics 6
Slide 7: Otometrics: an ideal and natural fit as part of Natus
Otometrics: an ideal and natural fit as part of Natus Se otometrics natus. 2015 Revenue: DKK 649 million 2015 Revenue: USD 376 million 2015 EBITA: DKK 74 million 2015 Operating profit': USD 71 million 2015 EBITA margin: 11% 2015 Operating profit margin’: 19% Listed on Nasdaq in North America Note 1:
Slide 8: Transaction overview
Transaction overview Total purchase price of USD 145m Se otometrics (on debt and cash free basis) ff PN © Closing is targeted by end of 2016 G N n at u S Contingent up on approval from relevant competition authorities and certain other common closing conditions Unlocks attractive value for our share
Slide 9: Transaction will have positive impact on GN's financials
Transaction will have positive impact on GN’s financials Otometrics financials 2013-2015 ee Impact on GN Hearing a 2013 2014 2015 Stronger organic growth Increased earnings margins 11% a) A Il Revenue (DKKm) EBITA margin (%) Note 1: Organic growth GN Making Life Sound Better 9 GN
Slide 10: Updated GN Hearing financial guidance
Updated GN Hearing financial guidance EBITA (DKKm) 1,200 1,100 7 2015A Updated 2016 Original 2016 guidance guidance HE Otometrics [MJ Hearing Instruments [) GN Hearing GN Making Life Sound Better 10 Guidance = Otometrics will be reported as “results from discontinuing activities” starting in Q3 2016
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Slide 12: Strategy 2017-2019
Strategy 2017-2019: Executive Management Making Life Sound Better
Slide 13: We are in the business of helping people
We are in the business of helping people 13
Slide 14: World leading sound expertise — all under one roof
World leading sound expertise — all under one roof Leading sound brands united under the GN Group umbrella... .. with common strategic focus on Cee our financial targets GN Making Life Sound Better 14 GN
Slide 15: GN's purpose, vision and proposition
GN’s purpose, vision and proposition Making life sound better The leader in intelligent audio solutions, transforming lives through the power of sound Intelligent audio solutions that let you and than you ever thought possible Making Life Sound Better 15
Slide 16: Hear more, do more, be more throughout the GN organisation
Hear more, do more, be more throughout the GN organisation HEAR We listen intently to users, partners and the market so all MORE our R&D and innovation can better serve our customers DO We constantly challenge ourselves to excel and outperform the MORE market — with technology leadership and commerc
Slide 17: We have delivered strongly… and will deliver again
We have delivered strongly… and will deliver again 2017 – 2019 ”Hear more, do more, 2008 - 2009 2010 - 2013 2014 - 2016 be more” • Innovation excellence • Commercial excellence “Innovation • People excellence & Growth” “SMART” Operations “FAST” R&D focus 17
Slide 18: Innovation excellence: Core technology forms a strong base
Innovation excellence: Core technology forms a strong base for the next generation of products Continuous focus on efficient R&D through the winning formula of structured, result-driven innovation frameworks Innovation strongly supported by technological partnerships ReSound LiNX2 Jabra Evolve –
Slide 19: Commercial excellence: Past performance is the foundation
Commercial excellence: Past performance is the foundation for continued profitable growth Hearing strongly increased its market share | CC&O consistently outgrows competition Market share (value) Organic revenue growth ~15% Qi Q2 Q3 4] Q1 Q2 Q3 Q4/ Q1 Q2 2014 2015 2016 i cca&o |) Main competitor = O
Slide 20: People excellence: Investing in our people to excel
People excellence: Investing in our people to excel GN Leadership Principles Strong and shared leadership Leadership Empowerment Grow empowered Right people with right mindset employees delivering the right performance Lean and efficient Continuously optimising processes business and organisational
Slide 21: Consistent strong, profitable growth delivered
Consistent strong, profitable growth delivered “SMART” “Innovation & Growth” : Vl : 1 8,404 7,340 6.251 6,791 Revenue . growth? 5,564 11% 1,233 1,357 1,457 674 846 2011 2012 2013 2014 2015 Ml Revenue (DKKm) [) EBITA (DKKm)! Note 1: Excl. TPSA, non-recurring costs in “Other", SMART costs, reversal of
Slide 22: GN Hearing: Driving profitable growth through 2019
GN Hearing: Driving profitable growth through 2019 Continuously outpacing the market… 6-8% Focus areas Clear path to drive margins by expanding on the 3-5% proven winning strategy in the US, and by leveraging US best practices in the rest of the world Manage shift in channel mix and focus on the
Slide 23: GN Audio: High growth environment drives profitability improvement
GN Audio: High growth environment drives profitability improvement Capturing market share in a high growth environment… Revenue growth of Focus areas 6-9% p.a. Continued strong momentum in CC&O and UC reflecting strong product portfolio and execution of commercial excellence initiatives Repositi
Slide 24: Sources of cash
Sources of cash Profit and loss Balance sheet Cash flow Productivity, process optimisation and Very capital efficient business due to low Cash conversion improvements remain procurement savings lead to capex requirements priority COGS reductions Growth, streamlined processes and 1.8% 2.1% GN
Slide 25: Capital allocation follows strict principles
Capital allocation follows strict principles Organic growth investments = Breakthrough innovations = Market and channel investments = Financial support arrangements Share buyback Targeting = More than DKK 4.7 billion distributed 1-2x NIBD/ EBITDA during the last five years Dividends = 15-25% of net
Slide 26: We have set ambitious targets for 2017 - 2019
We have set ambitious targets for 2017 - 2019 GN Hearing GN Audio * Continued investments fuelling growth Organic |= Clear path to drive margins . : a ° : “ = Maintaining lean business model * — Ongoing working capital optimization = More actively managed tax regime = Delivering great shareholder re
Slide 27: Hear more, do more, be more
“Hear more, do more, be more” https://youtu.be/E6DhOKLYFng 27
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Slide 29: GN Hearing 2017-2019
GN Hearing 2017-2019 Anders Hedegaard — CEO, GN Hearing Making Life Sound Better
Slide 30: GN Hearing has been transformed in recent years
GN Hearing has been transformed in recent years... 2014 - 2016 “INNOVATION & GROWTH” » Sustainable profitable revenue growth 2010 - 2013 “SMART” - Restructuring phase — resulting in peer level profitability 2008 — 2009 “FAST” - Key strategic decision not to own retail » New structured R&D approach —
Slide 31: Innovation leader creating best-in-class technology
... and is today innovation leader creating best-in-class technology Long-term competitive edge based on a structured approach to innovation 2015 ReSound LiNX?™ 2014 8 ReSound LiNX™ iy 2012 3 2010 S ReSound Verso™ 3 ReSound Alera™ . a 4 3 oe a € J - we J y 1st generation 2"4 generation 34 generation
Slide 32: 24 consecutive quarters of organic growth above market growth
24 consecutive quarters of organic growth above market growth driven by innovative product launches TM ReSound AleraTM ReSound VersoTM ReSound LiNXTM ReSound LiNX2 Average annual market growth of ~3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010
Slide 33: Strong financial results in our last strategy period
We have delivered strong financial results in our last strategy period Innovation & Growth 2013 2014 2015 2016 LTM' (0) Revenue (DKKm) Note 1: Total revenue Q3 2015 — Q2 2016 GN GN Making Life Sound Better 3
Slide 34: Growth across all geographical markets in 2014-2016
Innovation leadership and commercial excellence have driven growth across all geographical markets in 2014-2016 Market segment Growth performance1 Drivers Strong market share jump from 7% to 20% in VA Growing strongly with Costco North America ~40% Outgrowing competition in the independent mar
Slide 35: The next step in GN Hearing's successful evolution
The next step in GN Hearing’s successful evolution GN Making Life Sound Better 2017 - 2019 ”Hear more, do more, be more” * Innovation excellence * Commercial excellence « People excellence GN
Slide 36: Innovation excellence: From wireless to real life connectivity
Innovation excellence: From wireless to real life connectivity = The world’s best hearing aids SURROUND SOUND by ReSound = Wireless and true wireless 2.4 GHZ WIRELESS GN Making Life Sound Better = Real life connectivity: — Better sound — more freedom = Greater personalization and engagement User cen
Slide 37: Innovation excellence: The next generation of products
Innovation excellence: The next generation of products using core technology ——v 2017 _ 2015 ReSound Future ( ’ nex’ » product 2014 ReSound generation launches sot ReSound driven by LiNX™ ; focused innovation 2010 S framework = ReSound and user E Alera™ centric 3 research 3 4 a JX J. y, 4st generati
Slide 38: Innovation excellence: New innovations and the next leap forward
Innovation excellence: New innovations and the next leap forward Further improvements The next leap forward = Next large obstacles to solve in order to get higher user Satisfaction: = Active user involvement to create Smarter Fitting = Mimic Natural Hearing GN Making Life Sound Better 38 Our ambitio
Slide 39: Commercial excellence: Expanding in the open market
Commercial excellence: Expanding in the open market The open market! Current position Strategic objectives Largest segment in the GN is currently underpenetrated in = Improve sales execution hearing aid market today the open market? = Partner with retail ~17% all | Stable market ~13-15% = Share Best
Slide 40: Sales excellence: The GN Way of Selling
Sales excellence: “The GN Way of Selling” = Sales representatives = Plan Increase number of reps Profile Onboarding Incentives Territory Customer segments Reporting & KPI = Coaching Management of representatives Training GN Making Life Sound Better Representatives Keep it simple Coaching \ Three Key
Slide 41: Commercial excellence: Continuation of successful partnerships
Commercial excellence: Continuation of successful partnerships Key customers Current position Strategic objectives Ww Local and regional retail Strong relationship with leading 1. Establish long-term alliance relations chains channels across the globe with customers ee amplifon ; 2. Integrate produc
Slide 42: Commercial excellence: Go digital and engage end users
Commercial excellence: Go digital and engage end users The digital consumer Current situation Strategic objectives Ve The average age of new [ } ) hearing aid users is slowly decreasing 1. Utilize our digital products (apps) 2. Build loyalty programs +60% of hearing aid users use the internet to res
Slide 43: People excellence: Empower leaders
People excellence: Empower leaders to drive efficient strategy execution while developing new talents ( : oe : (| . >) GN Leadership Principles: Listen — Growing talents Challenge — Transform eee Ongoing follow tater up in’s GN Leadership Principles Extended talent GN talent Annual 360 development f
Slide 44: The next step in GN Hearing's successful evolution
The next step in GN Hearing’s successful evolution 2017 - 2019 ”Hear more, do more, be more” * Innovation excellence * Commercial excellence « People excellence GN Making Life Sound Better 44 GN
Slide 45: GN Hearing in the US
GN Hearing in the US Kim Lody — SVP North America, GN Hearing Making Life Sound Better 45
Slide 46: US is a key part of GN Hearing's strong performance
US is a key part of GN Hearing’s strong performance Ground-breaking products The winning formula Recent achievements Revenue development? 2010 2011 2012 2013 2014 2015 3. Launch 4. Build loyal fy y ‘So aA 7% +20 % excellence customers ReSound GN 1. Culture of 2. Customer winning engagement Note 1: R
Slide 47: Commercial excellence: Executing in North America
Commercial excellence: Executing in North America 2017 - 2019 ”Hear more, do more, be more” * Commercial excellence « Expansion of sales force and best practice to accelerate profitable growth « Leverage Audigy « Beltone: Strengthening a network for the future GN Making Life Sound Better 47 GN
Slide 48: Aiming to become #1 in the US
Aiming to become #1 in the US = Three key drivers will drive GN Hearing to #1 in the US become #1 in the US: Expanding sales force and best practice AUDIGY GROUP: — Supporting the open market s Beltone prengthening the network for the GN Making Life Sound Better 48 GN
Slide 49: Expansion of sales force and best practice
Expansion of sales force and best practice Expand North America Capitalise on managed care advantage Continue strong Key Account execution Deliver practice management services GN Making Life Sound Better Enter new sales territories Leading commercial excellence capabilities in the open market Furthe
Slide 50: Audigy acquisition - partnering with the open market in the US
Audigy acquisition - partnering with the open market in the US Leveraging Audigy will further strengthen GN Hearing’s position in the US open market 250 network members across North America Founded in 2004 Leading US provider of business and performance management solutions 80,000 units sold
Slide 51: Beltone is strengthening the network for the future
Beltone is strengthening the network for the future Actions Strategic objectives network Corrine Perritano hired as new Av , President of the Beltone network ( ( ] ( | | Transformational growth of the Ambitious strategy plan Create a culture of continuous ready improvement Aid Strong increase in num
Slide 52: GN Hearing in APAC & Emerging Markets
GN Hearing in APAC & Emerging Markets Mikkel Danvold - SVP APAC & EM, GN Hearing Making Life Sound Better 52
Slide 53: GN Hearing has a strong position in APAC and Emerging Markets
GN Hearing has a strong position in APAC and Emerging Markets GN Hearing in APAC and Emerging Markets Strategy balanced between partnerships and own subsidiaries Wholesale unit market share = Regional sales head office in Singapore @ Above global average @ Equal or below global average e = Local sub
Slide 54: A region with highly diverse market characteristics
A region with highly diverse market characteristics (— Conceptual overview of selected markets 4 S = :°: Short to medium term market growth Current adoption rates GN Making Life Sound Better 54 GN
Slide 55: Commercial excellence: The winning formula executed in APAC & EM
Commercial excellence: The winning formula executed in APAC & EM GN Making Life Sound Better 2017 - 2019 ”Hear more, do more, be more” * Commercial excellence * Sales force culture * Customer engagement « Launch excellence « Know your playing field GN
Slide 56: Making sales a key competitive advantage
Making sales a key competitive advantage Product selling GN Making Life Sound Better 56 Solution selling Business support Relationship and training Products, price and fittings GN
Slide 57: Deep dive 1: Managing sales across cultures
Deep dive 1: Managing sales across cultures Australia and New Zealand = Developed market where Business Support is becoming no. 1 priority for customers Solution selling = Market dominated by large chains and Australian Hearing, and the open market is relatively small Business Relationship = Competi
Slide 58: Deep dive 2: Managing sales across cultures
Deep dive 2: Managing sales across cultures Japana rea Solution selling = Business culture based on relationships = Market characterized by having limited regulation, high ASPs and a large open market = Competitors conducting continuous vertical integration Relationship and training = Weare successf
Slide 59: Deep dive 3: Managing sales across cultures
Deep dive 3: Managing sales across cultures China and India = Huge populations but underdeveloped hearing aid markets with notably low penetration rate = Limited regulation and limited reimbursement = Markets characterized by being highly competitive, price segment mix dominated by the low-end, and
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Slide 61: GN Audio 2017-2019
GN Audio 2017-2019 René Svendsen-Tune — CEO, GN Audio GN Making Life Sound Better 61 GN
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Slide 63: GN Audio has continuously improved through successful strategy execution
GN Audio has continuously improved through successful strategy execution 2014 - 2016 “INNOVATION & GROWTH” » Sustainable profitable revenue growth - Fortified CC&O market leadership 2010 - 2013 “SMART” * Embarking on UC growth * Mobile turned profitable 2008 — 2009 “FAST” - Restructuring phase resul
Slide 64: GN Audio has delivered exceptional products for calls and music
GN Audio has delivered exceptional products for calls and music for work, life and health CC&O Mobile Contact centers Call-centric office Task-based office BT stereo (incl. sports) Bluetooth mono Preference for great Calls for a living Office-based Mobile and hands- calls, music and an (e.g. contact
Slide 65: Strong position in growing CC&O market and room to expand
Strong position in growing CC&O market and room to expand in fast- growing segments of large consumer market CC&O Mobile BT stereo Call-centric Task-based BT mono (incl. sports) Market development Relative market size (indicative) New #2 #1 #2 position Total relevant market of around DKK 20bn 65
Slide 66: Our approach to the Call-Centric use case
Our approach to the Call-Centric use case Delivering high-quality calls through: Efficiency Value solutions solutions Examples: Examples: Contact center agents Traders and brokers In- and outsourced call centers Financial advisors Public sector service agents Accountants, Lawyers and con
Slide 67: Our approach to the task-based office use case
Our approach to the task-based office use case Enabling office productivity through: = - vee vans Better Better Mg Hands-free | i\y concentration collaboration Pgh mobiity =a -- | = —A = Less office space/more noise ® Increasing virtual/online meetings = Increased recognition of productivity = Incre
Slide 68: Our approach to the consumer use cases
Our approach to the consumer use cases New ‘ al =a Calls and - Sports and | 5 Calls on music music the go m1 y a = Excellent calls and music quality = Excellent call and music quality combined = Excellent calls quality combined with design with design = Value for money = Integration to digital assis
Slide 69: Prominent history of launching iconic & innovative products
Prominent history of launching iconic & innovative products A Most technically Elite : Sport advanced true wireless po sports earbuds World-first in-ear heart | Pulse rate monitor SY Industry leading UC series headset platform ‘SJeJ-=).<) Industry leading UC ely speaker platform , . i . PRO Industry
Slide 70: The next step in GN Audio's successful evolution
The next step in GN Audio’s successful evolution 2017 - 2019 be more” * Innovation excellence * Commercial excellence « People excellence GN Making Life Sound Better 70 ”Hear more, do more, GN
Slide 71: Five key objectives rooted in the strategy
Five key objectives rooted in the “Hear more, do more, be more” strategy Va \. GN “nce” gy ie be more J ——___EE ( NY JS. J \ S NG NG Innovation Commercial People excellence excellence excellence Financial framework GN Making Life Sound Better Accelerate the Expand Uc | Grow share in | Cloud & digita
Slide 72: Accelerate the call-centric category
Accelerate the call-centric category Call-centric category Current position Strategic objectives «J Moving from the need for #2 with In creasi ng 1. Accelerate portfolio relevance and hardware compatibility to strength software integration market share 2. Be preferred headset partner for Particularl
Slide 73: Expand UC strength for office
Expand UC strength for office Current position Strategic objectives continue Strong growth in UC ( ] market is expected to Driven by corporate productivity targets and employees’ ‘prosumer’ attitude Increasing amount of cloud based communication solutions Note 1: Unified communication GN Making Life
Slide 74: Grow share in focus markets: SME strategy
Grow share in focus markets: SME strategy SME market! Current position Strategic objectives Highly relevant product portfolio 1. Build SME portfolio and approach in of employees globally are Y High quality . collaboration with existing B2B employed by SMEs? conversations channel partners 2. Establis
Slide 75: Grow share in focus markets: North America
Grow share in focus markets: North America q Largest CC&O market Mature call center market Rapid uptake in office market GN Making Life Sound Better Current position Strategic objectives Current competitor stronghold 1. Commercial excellence through orchestrated direct-touch and channel execution 2.
Slide 76: Cloud and digital first
Cloud and digital first Accelerate e-commerce Best-in-class customer experience Digital proposition innovation = Expand into new markets = Integrate inbound efforts, = Build connected devices on and digital channels outbound efforts and our consistent foundation platform GN Making Life Sound Better
Slide 77: Grow consumer profitability
Grow consumer profitability Establish sustainable position in market for music and calls with differentiated propositions = Single-function devices = Multi-function devices and multiple use cases, incl. active/sports = Accessory / low involvement = Consumer electronics device / high involvement Gain
Slide 78: People excellence: Empower leaders
People excellence: Empower leaders to drive efficient strategy execution while developing new talents ( : oe : (| . >) GN Leadership Principles: Listen — Growing talents Challenge — Transform eee Ongoing follow tater up in’s GN Leadership Principles Extended talent GN talent Annual 360 development f
Slide 79: The next step in GN Audio's successful evolution
The next step in GN Audio’s successful evolution 2017 - 2019 be more” * Innovation excellence * Commercial excellence « People excellence GN Making Life Sound Better 79 ”Hear more, do more, GN
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Slide 81: Innovation for the future
a Innovation for the future Brian Dam Pedersen, CTO, GN Hearing Morten Hansen, VP New Business, GN Audio GN Making Life Sound Better 81 GN
Slide 82: GN's purpose, vision and proposition
GN’s purpose, vision and proposition Making life sound better The leader in intelligent audio solutions, transforming lives through the power of sound Intelligent audio solutions that let you and than you ever thought possible Making Life Sound Better 82
Slide 83: Key themes for future innovation
Key themes for future innovation We have a transformative effect on users’ lives The leader in intelligent audio solutions, transforming lives We develop audio solutions with in-built intelligence through the power of sound We go first and lead the market 83
Slide 84: One potential version of the future…
One potential version of the future… https://youtu.be/444cI8bfgls 84
Slide 85: Aiming for technology that has a transformative effect on users' lives
We are aiming for technology that has a transformative effect on users’ lives Delivering an aspirational experience to the users… …requires significant technology challenges to be overcome Wearable/relevant through the day Spatial awareness Environmental noise suppression Enhancing communica
Slide 86: Less is more
Less is more NOISE Key user and technology challenge shared between GN Audio & GN Hearing Making Life Sound Better 86
Slide 87: Less is more
Less is more First Active Noise Industry’s most accurate Cancelling UC noise reduction headset for office users Reduces background noise 3 x better than competitive , 30% better office solutions speech clarity’ 73% of end users feel their productivity has increased with use of Award winning Evolve 8
Slide 88: Don't miss out
Don’t miss out GN Making Life Sound Better Easy to finda solution... but not to find the right solution! 88 BTE mic position Open ear Spatial Sense GN
Slide 89: Transparency
Transparency In pursuit of a transparent hearing experience - and overcoming stigma tA ; i i ANE Hens Making Life Sound Better 89
Slide 90: Transparency
Transparency Challenging development of miniaturization of antennas la a First BTE with 2.4 7X better antenna GHz Ear-to-Ear performance 23% smaller GN Making Life Sound Better 32 patent families granted 42 patent families pending 6 Awards for best conference paper and outstanding engineering skill
Slide 91: New ways of interacting
New ways of interacting Making Life Sound Better #1 World's first office headset to be “Cortana” certified
Slide 92: Sound experience guided by situation
Sound experience guided by situation Using connectivity to make our solutions SMART Making Life Sound Better 92
Slide 93: ReSound connectivity evolution
ReSound connectivity evolution —_— Optimising the personal hearing \ experience ' a). Making Life Sound Better 93
Slide 94: Key themes for future innovation
Key themes for future innovation We have a transformative effect on users’ lives The leader in intelligent audio solutions, transforming lives We develop audio solutions with in-built intelligence through the power of sound We go first and lead the market 94
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Slide 96: Wrap-up
Wrap-up Executive Management Making Life Sound Better 9
Slide 97: We have delivered strongly… and will deliver again
We have delivered strongly… and will deliver again 2017 – 2019 ”Hear more, do more, 2008 - 2009 2010 - 2013 2014 - 2016 be more” “Innovation & Growth” “SMART” Operations “FAST” R&D focus 97
Slide 98: The next step in our corporate strategy
The next step in our corporate strategy ( Hear more, a) ' GN do more, $) ad be more —$<$—__ " Continue the winning formula from our (- \ 5 \ 7 ~ “Innovation & Growth” strategy and focus on our core competencies Innovation Commercial People excellence excellence excellence * Maintain a KPl-driven app
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