Slide 1: Elekta Q2 report 2012/13
Elekta Q2 report 2012/13 Tomas Puusepp, President and CEO Håkan Bergström, CFO
Slide 2: Good demand, deliveries and improved cash flow
Good demand, deliveries and improved cash flow • Order bookings up 17%* during first six months – Good demand in all regions • Net sales grew 22%* – Strong deliveries • EBIT up 40% to SEK 480** M (344) • Cash flow after investments of SEK 223 M (182) – Improved working capital • Outlook unchanged *B
Slide 3: Agility - Strong demand and good progress in roll-out
AgilityTM - Strong demand and good progress in roll-out Over 100 systems delivered “Agility provides a unique combination of exceptional resolution, high speed and low leakage. This allows me as a user to adapt the treatment to any shape of tumor without compromise.” Prof. Dr. Frederik Wenz, Univers
Slide 4: North and South America
Regional overview North and South America May – Oct May – Oct SEK M Change 2012/13 2011/12 Order bookings +26% 1,920 1,525 Net sales +19% 1,485 1,247 • Order bookings grew with 19%* during the first half • Growth in North America • Continued expansion expected • Good growth in South America • Tender
Slide 5: Europe, Middle East and Africa
Regional overview Europe, Middle East and Africa May – Oct May – Oct SEK M Change 2012/13 2011/12 Order bookings +4% 1,563 1,502 Net sales +22% 1,344 1,106 • Order bookings increased with 2%* during first half • Good order development in Northern, Central- and Eastern Europe • Signs of stabilization
Slide 6: Asia Pacific
Regional overview Asia Pacific May – Oct May – Oct SEK M Change 2012/13 2011/12 Order bookings +27% 1,741 1,375 Net sales +34% 1,351 1,011 • Order bookings increased with 15%* • Strong growth in China where Elekta is the market leader • Continued good project pipeline in India • Slower development i
Slide 7: Continued good demand and strong deliveries
Continued good demand and strong deliveries • Strong deliveries in Q2 – Net sales grew 22%* in H1 • Improved gross margin – Gross margin at 45% (43) • Operating profit** grew 40% to SEK 480 M (344) – R&D expenses of SEK 438 M (10% of net sales) – One-off costs related to US lawsuits of SEK 17 M • Ne
Slide 8: Improved cash flow and net working capital
Improved cash flow and net working capital Cash conversion, % Net working capital / net sales, % 100% 16% 90% 91% 14% 80% 86% 70% 12% 60% 10% 59% 57% 50% 8% 51% 40% 47% 6% 30% 4% 20% 10% 2% 0% 0% 2007/08 2008/09 2009/10 2010/11 2011/12 H1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012/13 2010/11 2011/12 2012/13 •
Slide 9: Currency – effects on net sales and EBIT
Currency – effects on net sales and EBIT • Currency had a positive effect of 2% on SEK M FX exposure 11/12 net sales and SEK -5 M on EBIT in H1 • At today’s currency levels the effect on net sales for 2012/13 is assumed to be neutral • Including hedges, currencies are also expected to have a neutral
Slide 10: Strong balance sheet
Strong balance sheet Q2 12/13 Liquid assets (SEK M) 1,589 (364) Net debt (SEK M) 2,896 (2,968) Equity (SEK M) 4,699 +23% ROE 27% (28%) ROCE 22% (26%) Net debt/equity 0.62 (0.77) Net debt / EBITDA 1.34 (1.75) 10
Slide 11: Outlook for fiscal year 2012/13
Outlook for fiscal year 2012/13 • For the fiscal year 2012/13, net sales is expected to grow by more than 15 percent in local currency • Operating profit in SEK is expected to grow by more than 15 percent • Currency is estimated to have a neutral effect, including hedges 11
Slide 12: Human Care Makes the Future Possible
Human Care Makes = the Future Possible