Slide 1: Q1 Interim report 2013/2014
Q1 Interim report 2013/2014 October 1 2013 - December 31 2013 CEO Lars Marcher CFO Michael Højgaard
Slide 2: Agenda
Agenda • Q1 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 • Financials the compa
Slide 3: Q1 Highlights
Q1 Highlights Revenue • 27% revenue increase but lower organic growth DKK 342m due to periodical shift in sales Q1 Q3 Q1 • Underlying organic growth of 4% which supports 12/13 12/13 13/14 FY revenue target Gross Margin • Strong market acceptance of aScope 3 51.2% • Gross Margin increasing due to syn
Slide 4: Q1 underlying growth supports FY target
Q1 underlying growth supports FY target Reported organic growth North America affected by a structural • Underlying organic growth of 5% change in sales to a few • Improved competitiveness due to scale and large US distributors. stronger product portfolio End sales to customers unaffected and shows
Slide 5: Anaesthesia and PMD as a platform for growth
Anaesthesia and PMD as a platform for growth Anaesthesia Q1 revenue split • Solid underlying growth in Q1 • Stronger market position 9% • Strong development in sales of aScope 3 54% 37% Patient Monitoring & Diagnostics • 5% organic growth in Q1 Anaesthesia • Stronger market position PMD Emergency Ca
Slide 6: Growth drivers
Growth drivers • Strong uptake of aScope 3 in current markets aScope 3 • Introduction in USA in Q2 • Investment in additional production capacity • Launch of aBlade in Q2 opening up the hospital King Vision market in addition to emergency care • Introduction of pediatric sizes later this year • 19%
Slide 7: Profit drivers
Profit drivers Operational optimization: • Further optimization and cost reductions on production Lowest costs sites in China and Malaysia in industry Synergy • King Systems’ manufacturing site in USA fully integrated effects and • Moving of production to Asia where relevant economies of • Aggregati
Slide 8: Market trends and our response
Market trends and our response Increased focus on Innovation: Continuous investment and costs and benefits launch of products which set new from single use standards products Value selling: Building sales organizations Price pressure in which understand complex products and mature markets hospital p
Slide 9: Financial results
Financial results DKKm Q1 12/13 Q1 13/14 • Q1 is difficult to compare year Revenue 269 342 over year due to acquisitions Gross profit 140 175 • Underlying growth about 4% Gross Margin (%) 52.0 51.2 • Solid gross margin Capacity costs (115) (158) improvement from previous EBIT before special items 27
Slide 10: Balance sheet
Balance sheet DKKm Q4 12/13 Q1 13/14 NWC to 12 months Revenue* 28% Total assets 1,891 1,902 Working capital 393 375 27% 2012/13 Net Interest Bearing Debt 721 732 26% 2013/14 (NIBD) 25% Gearing (NIBD/EBITDA b.s.i.) * 2.9 3.1 24% * Pro forma adjusted for King Systems Q1 Q2 Q3 Q4 • Improved working cap
Slide 11: 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 12: Ambu is now ready to deliver on growth and profit targets
Ambu is now ready to deliver on growth and profit targets • Q1 is traditionally a low quarter for Ambu • We have the products to secure our growth aspirations • aScope, aBlade, Pain Pump & Laryngeal Masks • Sales synergies from King Systems will kick-in • The US sales organization is in place and fu
Slide 13: Q&A
Ambu* Ideas that work for life Q&A 13
Slide 14: Read more at www.ambu.com
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 14