Medmix Ag · SIX:MEDX
Medmix — Investor Day (June 2021)
91 slides from Medmix's investor day presentation, Jun 15, 2021
Slide 1: medmix
Slide 2: Disclaimer
Disclaimer IMPORTANT The presentation has been prepared by Sulzer Ltd. (“Sulzer”, and together with its subsidiaries, the "Sulzer Group") and the Applicator System (“APS”) division of the Sulzer Group to be spun off and re-named medmix (“medmix”) for information and background purposes only. This do
Slide 3: Section 1: Introduction
4 medmix Section1 Introduction
Slide 4: Sulzer: technology incubator since 1834
Sulzer: technology incubator since 1834 Pumps since 1834 Heating and air condition 1841 – 2001 Thermal energy systems 1841 – 1997 Steam engines 1854 – 1952 Shipbuilding 1867 – 1934 Rock drilling machine / Tunneling 1876 – 1905 Refrigeration systems 1877 – 2001 Reciprocating compressors 1878 – 2002 D
Slide 5: Transaction rationale
Transaction rationale Two focused leaders for attractive end-markets Flow control specialist for water, chemical, industry and energy Innovative, high-precision delivery devices • A global leader in industrial flow control • Leading positions in dental, pharma, adhesives and beauty • Continuous shif
Slide 6: Why spin-off medmix now?
Why spin-off medmix now? medmix originated within Sulzer and was strengthened with acquisitions Today, it has no synergies with Sulzer and serves different end-markets A future separation was always part of our strategic plan Specific triggers for doing it now: ▪ Strategic platform in Healthcare bui
Slide 7: Spin-off transaction structure
Spin-off transaction structure Symmetrical split for high transparency and corporate governance standards Pre-transaction Post-transaction Sulzer Shareholders Sulzer Shareholders New Shareholders Sulzer AG APS Sulzer AG medmix ▪ Spin-off APS division (to be named medmix going forward) in the form of
Slide 8: Capital increase transaction rationale
Capital increase transaction rationale Spin-off and capital increase important for Sulzer and medmix future strategy Concurrently with the spin-off and listing of medmix on the Swiss Stock Exchange (SIX), medmix will raise CHF200-300m of capital (excluding preferential subscription rights) at time o
Slide 9: Indicative transaction timetable
Indicative transaction timetable 15 June 2021 2021 Capital Markets Day 22 July 2021 Publication of H1 2021 results Late Q3 2021 Extraordinary Shareholder Meeting H2 2021 Spin-off and capital increase / first trading day of medmix at SIX 9
Slide 10: Section 2: medmix
4 medmix Section 2 medmix
Slide 11: Key investment highlights
Key investment highlights 1 A global market leader in high-precision delivery devices in attractive niches 2 Attractive macro trends expected to drive strong growth across segments 3 A technology and innovation leader with strong IP, resulting in high entry barriers 4 Broad post COVID-19 end-market
Slide 12: medmix overview
medmix overview Global footprint 12 ~1,900 employees production sites CHF ~450m ~25% revenue (expected 2021) adj. EBITDA margin (expected 2021) >2.5bn Products per year ~900 active patents 12
Slide 13: Our aspiration and mission
Our aspiration and mission ASPIRATION Be the global leader in high precision delivery devices for the healthcare, consumer and industrial end-markets MISSION Providing innovative solutions to help millions of people live a healthier and more confident life 13
Slide 14: Our core competencies
Our core competencies ▪ We design, develop and manufacture cutting-edge mixing, dispensing and high-precision delivery devices ▪ We are a leader in IP with a strong innovation pipeline ▪ We have built crucial quality assurance / regulatory affairs expertise in highly regulated industries ▪ We are a
Slide 15: Our business
Our business Healthcare Consumer and Industrial Drug Dental Surgery Industry Beauty Delivery Q1 2021 revenue 27% 10% 3% 34% 28% split1 Gold standard in dental Award winning, Pioneer in bone cement Leader in industrial Leading Microbrush mixing device systems proprietary injection mixing devices mixi
Slide 16: Our strategy and business model
Our strategy and business model Innovative, high-precision delivery devices in attractive Healthcare, Consumer and Industrial end-markets ▪ Attractive and resilient B2B niche markets Niche ▪ Exciting underlying macro growth trends leader ▪ Leverage trends across segments early ▪ Fragmented competiti
Slide 17: Our M&A track record
Drug delivery Disposable plastic devices with mixers based on own-IP SMX, X-Grid or Our M&A track record Bone cement and biomaterial delivery helix geometry 2020 devices used during Haselmeier surgeries 15 years of successful integrations 2020 acquisition Dental high precision dosing for multiple an
Slide 18: Our innovation track record
Our innovation track record <1970 1988 1997 2000 2011 2015 2020 C-System, large S-System, BD-System, B-System with CPhI pharma BigDose Two- cartridge system blockbuster large full range of innovation award unit dose component for industrial dental cartridge cartridges and for Barrel Dose dispensers
Slide 19: Our ESG commitment
Our ESG commitment Leveraging success in early adopter Beauty throughout all segments Successes in Beauty leading the way for other segments… …and driving our future commitments until 2025 ✓ #1 make-up supplier in CSR ranking of largest customer • Reduce CO2 footprint by 30% ✓ Products can contain u
Slide 20: Our global footprint
Our global footprint Example sites 12 manufacturing 6,450m2 sites present in Europe, Americas and Asia, of which 6 have Kiel clean room Hungerford Wroclaw capabilities Buchen Dnesice Haag, Switzerland Paris Bechhofen Haag 12,000m2 Half of manufacturing sites cover multiple Haslett segments Elgin Sal
Slide 21: Today's presenters
Today's presenters Girts Cimermans Jennifer Dean CEO medmix CFO medmix Holger Arens Marco Linari Dominik Vonier Head of Dental Head of Drug Delivery Head of Surgery & medmix strategy 21
Slide 22: Section 3: Key investment highlights
Section 3 Key investment highlights
Slide 23: Key investment highlights
Key investment highlights 1 A global market leader in high-precision delivery devices in attractive niches 2 Attractive macro trends expected to drive strong growth across segments 3 A technology and innovation leader with strong IP, resulting in high entry barriers 4 Broad post COVID-19 end-market
Slide 24: A global market leader in attractive niches
1 A global market leader in attractive niches High-precision delivery devices to B2B customers Business area Addressed medmix market Addressable Revenue gross profit market6 share in market split margin 2020 addressed 2020 Q1 20211 Q1 20212 (CHFm) market 2020 (CHFm) medmix market position Dental 27%
Slide 25: Attractive fundamental macro trends
2 Attractive fundamental macro trends Expected to drive strong growth across segments Market growth forecast post Macro trends recovery to 2025E (CAGR)1,2 Main segment trends • Emerging markets shift away from hand- to device-mixing Growing Dental middle-class market 4% • Trend to unit-dose to avoid
Slide 26: Technology leadership
3 Technology leadership Backed by strong IP and innovation pipeline Industry leading innovations based on Strong legacy of setting industry standards end-customer understanding through continuous innovation • Inventor of dental mixing devices Selected independent innovation Co-development • Market s
Slide 27: Broad post COVID-19 end-market recovery
4 Broad post COVID-19 end-market recovery… Market1 Market growth1 growth forecast 2019-2020 2020-2021E Key considerations • Temporary decline in dental market due to closure of dental practices Dental (~14%) ~14% • Recovery to 2019 levels expected by end of 2021 given strong recovery in core regions
Slide 28: …driving high growth
4 …driving high growth Quarterly order intake and revenue (CHFm) Highlights Order intake +11% Revenue +13% 125 ▪ End-markets stalled in Q2-20 due to lockdowns: 124 to 130 stores and dental clinics closed, less traffic 110 114 113 to 115 110 102 98 95 ▪ Strong recovery started summer 2020 84 68 ▪ Con
Slide 29: Profitable growth track record with high, resilient margins
5 Profitable growth track record with high, resilient margins… Revenue and margin evolution (CHFm) Highlights FY19: CHF421m FY20: CHF351m Q1-21: CHF113m 113 105 98 102 ▪ Track record of 25%+ adj. EBITDA margin 84 ▪ Business area gross profit margin1 stable 68 Q1-21: throughout 2020 FY19: FY20: 48% 4
Slide 30: …and further organic growth opportunities
5 …and further organic growth opportunities Organic growth rates – 2016-2019 range Organic growth rates – mid-term ambition ▪ Drug Delivery ambition to reach CHF100m revenue within 5 years Approaching 10% p.a. ▪ Beauty recovery under way 8% p.a. with Bechhofen site already capturing new customers 5%
Slide 31: Motivated and experienced leadership team
6 Motivated and experienced leadership team Executive management 25 26 23 Girts Cimermans Jennifer Dean Friedrich von Gadow CEO CFO Head of HR Previously at: Previously at: Previously at: 27 20 16 21 29 32 18 26 Holger Arens Marco Linari Dominik Vonier Roman Thoenig Florent Lafond Paul Jutzi Levi Qu
Slide 32: Section 4a: Healthcare: Dental
Section 4a Healthcare: Dental
Slide 33: Dental – Overview
Dental – Overview Comprehensive offering and wide-spread daily use Selected products Selected applications Selected customers Prosthetics Prevention Anaesthetics Aesthetics Selected competitors Restorative materials Restoratives Dispensers, cartridges, mixing tips, syringes, unit dose, full-service
Slide 34: Dental – Business snapshot
Dental – Business snapshot Segment overview Key revenue split (Q1 2021) By customer type By application Dental ▪ Provider of application solutions, mixers, needles, syringes distribution Aesthetics Anaesthetics 2% 2% and filling solutions for the dental consumable industry 8% Restoratives1 Private l
Slide 35: Dental – Case study
Dental – Case study MIXPACTM System Solutions Dispenser Cartridge Application tips ▪ Internally developed mixing tips significantly changed the mixing, dispensing and application of multicomponent materials, by providing an all-in-one solution ▪ Our products ensure safety and save time Mixing tips −
Slide 36: Dental – Market overview (1/2)
Dental – Market overview (1/2) Further room to grow in under-represented sub-segments Market size 2020: ~CHF350m – Market growth forecast (CAGR 21E-25E): 4.0% – Market share of medmix 2020: ~20% Prosthetics Restoratives Anaesthetics Endodontics Aesthetics Market share <60% <15% <5% <5% <20% Treatmen
Slide 37: Dental – Market overview (2/2)
Dental – Market overview (2/2) Moving into growing applications Dental market (CHFm) How we grow into new applications and regions CAGR 21E-25E (%) Prosthetics Prosthetics Endodontics Restoratives Aesthetics 487 4.0 470 453 17 Periodontics 3.3 438 17 422 415 16 59 16 57 Prevention 5.5 16 15 54 52 16
Slide 38: Dental – Strategic priorities and initiatives
Dental – Strategic priorities and initiatives Focus on product expansion and new regions Strategic growth vectors Strategic priorities Product 1 Develop new products for adjacent applications expansion 2 Expand coverage and increase customer base in China, India and Brazil Customer development 3 Gro
Slide 39: Dental – Expand addressable market to accelerate growth
Dental – Expand addressable market to accelerate growth Past focus market Today's addressed market Future addressable market ~CHF1,000m1 ~CHF350m1 ~CHF100m1 Products: prosthetics Products: core dental applications Products: core plus set-up and facial aesthetics Full-service offering medmix share me
Slide 40: Section 4b: Healthcare: Drug Delivery
Section 4b Healthcare: Drug Delivery
Slide 41: Drug Delivery – Overview
Drug Delivery – Overview Selected products Selected applications Selected customers Disposable, variable dose Fertility and diabetes Axis-D Reusable, variable dose Growth and other hormones i-pen Selected competitors High-quality pen at an Diabetes affordable cost i-pen2 Disposable for fixed and Ost
Slide 42: Drug Delivery – Business snapshot
Drug Delivery – Business snapshot Segment overview Key revenue split (Q1 2021) Introduced in 2019 By product By customer location ▪ Established with acquisition of Haselmeier (closed in October 2020), well recognised in the industry i-pen2 Asia with presence of ~100 years D-Flex 2% 7% 13% ▪ Speciali
Slide 43: Drug Delivery – Case studies
Drug Delivery – Case studies D-Flex™Platform D-Flex™Ecosystem Red dot Design Award Good Design Award 2020 D-Flex 2020 D-Flex Ecosystem ▪ High quality disposable pen - bridges gap between fixed and variable dose ▪ Connected Cap as core (incl. mobile app and cloud data platform) ▪ Ecosystem for secure
Slide 44: Drug Delivery – Market overview (1/3)
Drug Delivery – Market overview (1/3) Market size 20201: ~CHF900m – Market growth forecast (CAGR 21E-25E)1: 7.1% – Market share of medmix 20201: ~4% Fertility Diabetes2 Other Market share ~50% <1% <5% Treatment ▪ Fertility ▪ Diabetes ▪ Growth hormones areas ▪ Diabetes related diseases ▪ Osteoporosis
Slide 45: Drug Delivery – Market overview (2/3)
Drug Delivery – Market overview (2/3) Drug Delivery market (pen injectors only) (CHFm) How we grow into new indications CAGR 21E-25E disorders and rare (%) Osteoroposis, metabolic diseases 1’301 7.1 1’218 1’135 1’059 987 573 Diabetes1 8.6 916 Fertility, growth other hormones 526 diabetes and 864 hor
Slide 46: Drug Delivery – Market overview (3/3)
Drug Delivery – Market overview (3/3) Selected patent expiries in the next 5 years1 Number of biologics in development2 Expiry Indication Alzheimer's Manufacturer Trade Name Substance EU US Area Heart and Stroke GSK Benlysta belimumab 2021 2023 Immune Diabetes and related UCB Cimzia certolizumab Jul
Slide 47: Drug Delivery – Strategic priorities and initiatives
Drug Delivery – Strategic priorities and initiatives Focus on offering and business model expansion Strategic growth vectors Strategic priorities 1 Scale-up to serve mid to high manufacturing volumes Product development 2 Leverage full potential of existing devices (in particular D-Flex) Geographic
Slide 48: Drug Delivery – Expand addressable market to accelerate growth
Drug Delivery – Expand addressable market to accelerate growth Grow into adjacent markets with new products (D-Flex, autoinjector, connected cap) Past focus market Today's addressed market Future addressable market ~CHF1,600m1 ~CHF900m1 ~CHF150m1 Pens: fertility, niche insulins, growth hormones Pens
Slide 49: Section 4c: Healthcare: Surgery
Section 4c Healthcare: Surgery
Slide 50: Surgery – Overview
Surgery – Overview Selected products Selected applications Selected customers Prefilled Ergosyringe double syringe system Bone cement for trauma surgeries Selected competitors Bone putty delivery system – minimally invasive Captive OEMs: Liquid/powder mixing Bone cement Cardiovascular sealant and de
Slide 51: Surgery – Business snapshot
Surgery – Business snapshot Segment overview Key revenue split (Q1 2021) By customer group By region ▪ Established with acquisition of Medmix Systems in 2018, RoW 3% nearly doubled sales since acquisition Tissue bank 19% ▪ A leading provider of highly specialised surgical delivery EMEA 33% devices f
Slide 52: Surgery – Case studies
Surgery – Case studies Prefilled Double Syringe System (tissue treatment) Bone-Putty Delivery System (bone repair) ▪ A leading double syringe application system replacing manual ▪ Delivery system for pre-mixed bone-putty for trauma mixing in the operation room ▪ Mid-sized customer uses our system fo
Slide 53: Surgery – Market overview (1/2)
Surgery – Market overview (1/2) Market size 20201: ~CHF150m – Market growth forecast (CAGR 21E-25E)1: 7.5% – Market share of medmix 20201: ~7% Tissue treatment Bone repair Market position Among top 3 specialised Treatment ▪ Abdominal, vascular and cardiovascular surgeries ▪ Trauma, spine fusion and
Slide 54: Surgery – Market overview (2/2)
Surgery – Market overview (2/2) Growing into addressable market Surgery market1 (CHFm) How we grow into new markets CAGR 21E-25E replacement (%) 7.52 Joint 217 203 Product development 190 Bone repair 43 5.0 178 (joint replacement) 42 171 162 42 40 35 147 treatment 35 Tissue 29 medmix core market 170
Slide 55: Surgery – Strategic priorities and initiatives
Surgery – Strategic priorities and initiatives Focus on growing new business and expanding current footprint Strategic growth vectors Strategic priorities 1 Offer tailor-made devices to large OEMs (key differentiator) Grow customer base 2 Expand portfolio with devices for joint replacement (PMMA) su
Slide 56: Surgery – Expand addressable market to accelerate growth
Surgery – Expand addressable market to accelerate growth Grow into adjacent markets (joint replacement) with new products Past focus market Today's addressed market Future addressable market ~CHF200m1 ~CHF150m1 ~CHF40m1 Bone repair (trauma): Bone repair (trauma), tissue treatment: Bone repair and ti
Slide 57: Section 5a: Consumer and Industrial: Industry
Section 5a Consumer and Industrial: Industry
Slide 58: Industry – Overview
Industry – Overview Selected products Selected applications Selected customers Cartridges (from 10ml to 1,500ml filling volumes) Selected competitors Mixers Dispensers Construction, transportation (e.g. aerospace, (manual, pneumatic, battery-driven automotive), electronics (e.g. smart phones), for o
Slide 59: Industry – Business snapshot
Industry – Business snapshot Segment overview Key revenue split (Q1 2021) By product By region ▪ Specialised in hand-held mixing and dispensing delivery devices for two-component adhesives and sealants Special products ▪ Mixing tips, cartridges and hand-held dispensers, offering a 5% RoW comprehensi
Slide 60: Industry – Case studies
Industry – Case studies Smart phone bonding technology EV battery business in China ▪ A leading provider of cartridges and mixing tip for smart ▪ Provider of cartridges and mixers for EV battery business in phone assembly China ▪ >4m mixers sold in 2020 ▪ >90,000 mixers sold in 2020 ▪ Majority of as
Slide 61: Industry – Market overview (1/2)
Industry – Market overview (1/2) Market size 20201: ~CHF500m – Market growth forecast (CAGR 21E-25E)1: 5.3% – Market share of medmix 20201: ~25% Construction Transportation General industries Electronics Market share ~25% Application ▪ Durability for architectural ▪ Bonding components in ▪ Adhesives
Slide 62: Industry – Market overview (2/2)
Industry – Market overview (2/2) Industry market (2K hand-held adhesive dispensing systems only) (CHFm) Clear growth path within current market CAGR 21E-25E (%) Growth with 644 5.3 China 611 core products 580 49 Other 6.0 and ecopaCC in 551 46 25 Electronics 5.6 44 tile grout 514 524 23 Core porfoli
Slide 63: Industry – Strategic priorities and initiatives
Industry – Strategic priorities and initiatives Focus on product innovation to serve current markets and potential adjacencies Strategic growth vectors Strategic priorities 1 Grow share in industrial and construction markets Product expansion 2 Grow in new regions such as India 3 Achieve a leading m
Slide 64: Industry – Expand addressable market to accelerate growth
Industry – Expand addressable market to accelerate growth Past focus market Today's addressed market Future addressable market Further adjacencies to potentially add additional market size of CHF600m ~CHF700m1 ~CHF500m1 ~CHF200m1 2K hand-held devices 2K hand-held devices 2K hand-held devices All mar
Slide 65: Section 5b: Consumer and Industrial: Beauty
Section 5b Consumer and Industrial: Beauty
Slide 66: Beauty – Overview
Beauty – Overview Selected products Selected applications Selected customers Selected competitors Colour cosmetics and other beauty areas such as skin care, hair care and accessories Non-beauty areas such as microbrushes Microbrushes, applicators, full service for cleaning 66
Slide 67: Beauty – Business snapshot
Beauty – Business snapshot Segment overview Key revenue split (Q1 2021) By customer type1 By region ▪ Specialised in the design and production of high-precision microbrush applicators for make-up, in particular for Prestige4 RoW mascara (majority of revenue) 5% 11% ▪ Products include, among others,
Slide 68: Beauty – Case studies
Beauty – Case studies Twisted wire brush Bi-material mascara brushes Microbristles applicator ▪ Unique vertical brush grooves ▪ Internally developed bi-material ▪ Innovative applicator with delicate − Short bristles: volume reservoir mascara brushes, with soft material for microbristles for precise,
Slide 69: Beauty – Market overview (1/2)
Beauty – Market overview (1/2) Market size 2020: ~CHF800m – Market growth forecast (CAGR 21E-25E): 5.6% – Market share of medmix 2020: ~15% Mascara Concealer Lip gloss1 Eyeliner Nail polish Market share <25% <1% <15% <5% <5% Application Applicators used for applying colour cosmetic liquids to the re
Slide 70: Beauty – Market overview (2/2)
Beauty – Market overview (2/2) Addressed Beauty market (CHFm) Growing beyond mascara CAGR 21E-25E Beyond colour (%) cosmetics 1’093 5.6 1’049 1’009 39 Nail polish 6.3 967 972 37 79 35 76 Eyeliner 5.1 33 879 33 74 71 71 Lip gloss 813 30 207 7.0 64 197 (incl. liquid lipstick) 29 187 179 60 178 158 Col
Slide 71: Beauty – Strategic priorities and initiatives
Beauty – Strategic priorities and initiatives Focus on product expansion and new regions Strategic growth vectors Strategic priorities 1 Leverage new facility for full service, decoration and shorter lead times Product expansion 2 Push into fast growing Indies and mid-sized customers Geographic expa
Slide 72: Beauty – Expand addressable market to accelerate growth
Beauty – Expand addressable market to accelerate growth Past focus market Today's addressed market Future addressable market ~CHF800m1 >CHF800m1 ~CHF400m1 Colour cosmetics Colour cosmetics Beyond beauty Mainly mascara Beyond mascara New applications for microbrushes EMEA and NA focus Worldwide medmi
Slide 73: Section 6: Financials
4 medmix Section 6 Financials
Slide 74: Financial highlights
Financial highlights Attractive financial profile with substantial revenue growth and highly resilient margins 2021E revenue CHF450m ~25% adj. EBITDA margin Revenue growth Mid-term Healthcare share in revenue Adj. EBITDA margin target targets ~8% CAGR >50% ~30% Expected leverage post capital increas
Slide 75: Revenue by business area
Revenue by business area Growing across businesses Revenue by business area (CHFm) Highlights Adj. EBITDA 2019 25% 26% 19% ~25% >26% margin ▪ Consumer and Industrial revenue drop due to Beauty (halt in Quarterly development PMI1 product, influencers capturing growth from cosmetics 98 84 102 113 incu
Slide 76: Gross profit by business area
Gross profit by business area Resilient business area gross profit margin1 of ~45% Gross profit by business area (CHFm)1 Highlights Business area gross profit margin1 2019 medmix 44% 46% 46% ▪ Increase in business area gross profit margin1 due to Healthcare 65% 68% 64% Healthcare growth and operatio
Slide 77: Adjusted EBITDA
Adjusted EBITDA Growth in Healthcare drives adj. EBITDA margin increase Adj. EBITDA (CHFm) Highlights Adj. EBITDA 2019 25% 26% 19% ~25% >26% margin ▪ Growth in Healthcare and operational improvement led to increased adj. EBITDA margin 2020 ▪ Q2-20 collapse in demand amid closure of beauty retailers
Slide 78: Capex
Capex Capex (CHFm) Highlights Capex 2019-2020 7% 9% 12% ~9% 7-8% as % of revenue Depreciation ▪ Exceptional spend for Beauty transformation in Germany 4% 5% 7% as % of revenue ▪ Excluding exceptional spend, average capex as % of revenue of ~6% 43 2021E 36 ▪ Higher spend due to postponements during C
Slide 79: Leverage and capital increase considerations
Leverage and capital increase considerations Leverage ratio1 of ~1-2x for medmix post Transaction Net debt2 (CHFm) and leverage ratio (~1-2x) at split Considerations ▪ Capital increase of CHF200-300m concurrent with split ~400 (together "Transaction") intended to provide a sustainable capital struct
Slide 80: medmix results update
medmix results update Continued strong rebound Quarterly order intake and revenue (CHFm) Highlights ▪ Q1 orders up 12.6% QoQ organic and up 1.7%1 YoY organic (up 125 9.9%2 YoY including Haselmeier acquisition) 124 to 130 110 114 110 113 to 115 ▪ Q1 revenue up 11.1% QoQ organic and up 5.1%1 YoY organ
Slide 81: Section 7: Conclusion and outlook
Section 7 Conclusion and outlook
Slide 82: Change ongoing – Delivering first results
Change ongoing – Delivering first results Lean, innovative and customer centric Lay the foundations ...with strong results Strengthen Healthcare segment Acquisition of Haselmeier ✓ Transform Beauty segment Expansion of Bechhofen facility and closure of Bamberg facility, adding full-service capabilit
Slide 83: Targets 2025 – Continuing in full swing
Targets 2025 – Continuing in full swing Lean, innovative and customer centric Ready for growth ...with specific initiatives and targets Further grow in Healthcare 20+ organic initiatives and active M&A pipeline Become a local player in China Acquisition opportunities identified for Beauty and Indust
Slide 84: Disciplined M&A with clear focus and active pipeline
Disciplined M&A with clear focus and active pipeline M&A focus – Healthcare M&A focus – China Niche ▪ Small to mid-sized companies in adjacencies leader ▪ Shanghai production facility focusing on export and international OEMs distributing in China − Strong own IP ▪ Need to be present in country with
Slide 85: Financial outlook
Financial outlook 2021E 2022E Mid-term ambition Revenue ~CHF450m High-single digit growth 8% CAGR (growth) adj. EBITDA ~25% >26% ~30% margin Capex1 ~9% of revenue ~7-8% of revenue Tax rate 12-15% Mid-teens Dividend Dividend targeted not lower than CHF0.50 per share policy Note: 85 1 Purchase of prop
Slide 86: Wrap-up: Why invest?
Wrap-up: Why invest? ✓ High growth ✓ High margins ✓ Powered by technology 86
Slide 87: Appendix
4 medmix Appendix
Slide 88: Basis for preparation
Basis for preparation ▪ Historical financial information for the years 2018-2020 based on combined and carve-out financial statements of medmix, prepared under IFRS − Financial statements currently in draft form and unaudited, therefore may be subject to change prior to completion of the audit − Ful
Slide 89: Transitional Service Agreements – Overview
Transitional Service Agreements – Overview ▪ Corporate and shared finance services Expected scope of TSA ▪ IT services Duration ▪ Planned to be in place from split and expected to last 18-24 months 89
Slide 90: EBITDA adjustments
EBITDA adjustments CHFm 2018A 2019A 2020A Highlights Reported EBITDA 106 81 61 ▪ Closing of Bamberg facility and extension of Beauty transformation 3 22 2 Bechhofen facility One-off restructuring 0 3 2 ▪ Acquisition and integration one-offs Other non operational adjustments 5 3 0 ▪ Product line and
Slide 91: Historical financials summary
Historical financials summary CHFm 2018A 2019A 2020A Revenue 454 421 351 % growth - (7%) (16%) Business area gross profit1 201 195 162 % margin1 44% 46% 46% Gross profit 173 162 121 % margin 38% 39% 34% Adjusted EBITDA 114 109 66 % margin 25% 26% 19% Capex2 (30) (36) (43) % revenue 7% 9% 12% Notes: