Aap Implantate Ag · XETR:AAQ1
Aap Implantate — German Equity Forum 2013
28 slides from Aap Implantate's conference presentation, Nov 11, 2013
Slide 1: German Equity Forum 2013
German Equity Forum 2013 aap Implantate AG Biense Visser, CEO Marek Hahn, CFO November 11, 2013
Slide 2: Safe Harbor Statement
Safe Harbor Statement Our publication may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual
Slide 3: aap Overview
aap Overview • German based international MedTech company Sales 9m/2013 €28.4 million (+3%) • Strategy: Profitable growth with IP- protected products under own label • Focus on Trauma and Biomaterials • Quotation in Germany – WKN: 506660, Prime Standard, public since 1999 – Market Cap: approx. €46.7
Slide 4: aap´s Strategy
aap´s Strategy Core goals • Value creation for shareholders • Long term financial performance • Profitable growth • Reducing risks Products Customers • Trauma • Hospitals • IP protected like LOQTEQ® • Distributors • Biomaterials • Gels, Liquids and Bone Materials • Global Orthopaedic companies Strat
Slide 5: The Transformation Process - Strategic focus and efficiency development
The Transformation Process - Strategic focus and efficiency development - Strategy point of view: Focus on 2 core businesses 2010 2011 2012 2013 Recon + + + Contract Manufacturing + + + (+) Biomaterials + + + + Trauma + + + + aap Joints GmbH (33% Joint Venture for Recon business) - Sales for quarter
Slide 6: The Transformation Process - Development of financial figures
The Transformation Process - Development of financial figures - Profit & Loss in € million 2010 2011 2012 2013e Sales 28.4 29.2 36.4 40.0 EBITDA 3.4 4.1 6.1 7.0 Cash-EBT1 -2.1 -1.2 2.1 3.2 R&D costs ratio 14% 12% 8% 8% Freshness-Index* 13% 13% 15% >20% • 1 Cash-EBT: EBT excluding capitalized develop
Slide 7: The Transformation Process - Value creation development
The Transformation Process - Value creation development - Shares* 10/31/2013 2012 Change Total amount of shares in millions 30.7 30.7 0% Share price (closing) (€) 1.52 1.34 13% Market Capitalisation (€ million) 46.7 41.1 14% Share price (average) (€) 1.37 1.02 34% Share price (high) 52 weeks (€) 1.6
Slide 8: Trauma Products
Trauma Products LOQTEQ® Anatomical plating system Autodynamic Plating System Cannulated Screws LOQTEQ® Small & Large fragments Plates, Screws, LOQTEQ® AcroPlate© Radius Set 2.5 Standard Osteosynthesis LOQTEQ® Humerus Sales (incl. LOQTEQ®) 2013: >€10 million Forecast Sales (incl. LOQTEQ®) 2014: >€16
Slide 9: LOQTEQ® IP-protected Technology
LOQTEQ® IP-protected Technology 9
Slide 10: LOQTEQ® Benefits
LOQTEQ® Benefits Health benefits – Surgeon: With 1 screw in 1 hole, 1 step-locking and compression – Patient: affordable price, no cold welding, less infection risk, only 1 operation – Hospital: economic benefits (cost efficient) Innovation Growth – 2014: New patented technology – Shipments: into 20
Slide 11: The LOQTEQ® Value Capture Concept
The LOQTEQ® Value Capture Concept - of the $6.1 billion market, growing 6% per annum - • Innovation & Customer Benefit • Positioning & Differentiation – LOQTEQ®-technology – LOQTEQ® as “masstige” product – IP based – One hole-one-step-locking compression – Mainstream as well as indication based – No
Slide 12: Upper Extremities - Plates 2013
Upper Extremities - Plates 2013 2013 LOQTEQ®-portfolio will cover approx. 80% of the most common indications 12
Slide 13: Lower Extremities - Plates 2013
Lower Extremities - Plates 2013 2013 LOQTEQ®-portfolio will cover approx. 80% of the most common indications 13
Slide 14: Biomaterials
Biomaterials BonOs® R BonOs® Inject VerteStable® Bone Cements, Mix- and Application systems Jason ®/ Jason® G Cerabone®/ PE- Arthosal® EASYMIX® Restriktor Sales driver PMMA-Bone Cements Sales 2013 (Products and Projects): >€22.5 million Forecast Sales 2014 (Products and Projects): >€23.0 million Sal
Slide 15: Global Partnerships
Global Partnerships Global Ortho League 2004 2013 15
Slide 16: Contract Manufacturing
Contract Manufacturing Osnatal® Gels, Liquids and Bone Material C-Plug® C~ment® Artosal® Sales driver Supercritical carbon dioxide technology Sales 2013: >€6.5 million Forecast Sales 2014: >€7.0 million Sales 2015: >€7.5 million 16
Slide 17: Core-Financial Figures (in € million)
Core-Financial Figures (in € million) 9m/2012 9m/2013 Sales 27.5 28.4 EBITDA 4.8 5.3 Cash-EBITDA 2.5 3.8 Cash-EBT 0.8 2.4 Q3/2012 Q3/2013 Sales 8.6 8.8 EBITDA 1.2 1.1 Cash-EBITDA 0.4 0.7 Cash-EBT -0.2 0.2 17 Cash-EBITDA/EBT: EBITDA/EBT excluding capitalized development work and depreciation thereof
Slide 18: Sales-Bridge 9m/2013 vs. 9m/2012 (in €k)
Sales-Bridge 9m/2013 vs. 9m/2012 (in €k) 18
Slide 19: Sales Distribution 9m/2013 vs. 9m/2012
Sales Distribution 9m/2013 vs. 9m/2012 -1% -2% +16% +9% €K Share in total sales Total sales 9m 2012: 27.468 €K 19 Total sales 9m 2013: 28.402 €K
Slide 20: Net debt / Cash flow ratio
Net debt / Cash flow ratio €million 26.4x 1.6x 3.4x 2.2x 0.6x 1.6x 20
Slide 21: Outlook 2013/2014
Outlook 2013/2014 • Outlook Q4/2013 - Sales: between €10.5 million and €11.6 million - EBITDA: between €1.3 million and €1.7 million • Outlook 2013: – Confirming total sales: approx. €40 million (+10%) – EBITDA: approx. €7 million (+15%) • Management Agenda 2013: - Profitable growth and achievement
Slide 22: Outlook 2013 - Positive Economic Profit
Outlook 2013 - Positive Economic Profit €K 22
Slide 23: Share Development (2Y) compared to “Peers”
Share Development (2Y) compared to “Peers” Legend: aap Implantate AG / Exactech / Orthofix / Wright Medical / Tornier Source: http://finance.yahoo.com/ 23
Slide 24: Analyst Opinion
Analyst Opinion Analysts: - Dr Philippa Gardner Source: Research Report 17/10/2013 by - Dr Mick Cooper 24 - Robin Davison
Slide 25: Stockholder Structure
Stockholder Structure direct and indirect, according to our information Capital Stock: 30,670,056 * According to own calculation 25
Slide 26: Thank you for your Attention
Thank you for your Attention 26
Slide 27: Notes
Notes 27
Slide 28: Contact
Contact aap Implantate AG Lorenzweg 5 12099 Berlin Marc Heydrich Investor Relations Tel.: +49 30 750 19 – 134 Fax: +49 30 750 19 – 290 E-Mail: ir@aap.de Website: www.aap.de IR-app: 28