Elekta Ab Class B · OMXSTO:EKTA_B
Elekta Ab Class B — Investor Day (2010)
19 slides from Elekta Ab Class B's investor day presentation, 2010
Slide 1: Financial Performance
Financial Performance Håkan Bergström CFO
Slide 2: 2009/10: Excellent performance
2009/10: Excellent performance • Demand remained strong – Elekta continued to gain market share • Order bookings up 13%* – Increased in all regions and product areas • Net sales increased by 9%* • Operating profit up 48% to SEK 1,232 M – EBIT margin 16.7% (12.4) • Earnings per share increased 50% to
Slide 3: Strong margin development
Strong margin development SEK M EBIT result EBIT margin 1 250 20% 1 000 16% 750 12% 500 8% 250 4% 0 0% 05/06 06/07 07/08 08/09 09/10
Slide 4: Larger installed base
Larger installed base - driver for sustainable profitable growth SEK M Net sales 8 000 7 000 6 000 5 000 whereof Aftermarket & S/W 4 000 Net Sales 3 000 2 000 1 000 0 04/05 05/06 06/07 07/08 08/09 '09/10
Slide 5: Sharp increase in operating profit
Sharp increase in operating profit SEK M EBIT result EBIT Increase 1 250 50% 1 000 40% 750 30% 500 20% 250 10% 0 0% 05/06 06/07 07/08 08/09 09/10
Slide 6: Improved operational leverage 2009/10
Improved operational leverage 2009/10 • EBIT improved SEK 157 M (+19%) in fixed currencies • Gross margin improved to 46.1% (45.3) + COGS reduction + Service efficiency – Geographical expansion • SG&A improved to 22.7% (23.5) + Streamlining organization and realizing synergies – Expenses increased 7
Slide 7: North and South America
Regional overview North and South America May – April May – April SEK M Change 2009/10 2008/09 Order bookings 6% 3,415 3,235 Net sales 3% 2,792 2,709 • Order bookings in local currency increased by 6% • North America: Strong Q4 - Early signs of recovery • Latin America: Excellent in Brazil • Contrib
Slide 8: Europe, Middle East and Africa
Regional overview Europe, Middle East and Africa May – April May – April SEK M Change 2009/10 2008/09 Order bookings 23% 3,242 2,642 Net sales 9% 2,735 2,518 • Order bookings in local currency increased by impressive 22% • Mature markets mostly replacement • Russia and Middle East showing fast expan
Slide 9: Asia Pacific
Regional overview Asia Pacific May – April May – April SEK M Change 2009/10 2008/09 Order bookings 18% 2,100 1,779 Net sales 28% 1,865 1,462 • Order bookings in local currency increased by 14% • Growth strong for all technology – Strong growth for Neuroscience in Japan – Excellent development in Chi
Slide 10: Currency - exposure and sensitivity
Currency - exposure and sensitivity • Given Elekta’s current exposure a 1% SEK M FX exposure 09/10 4 000 shift against all currencies towards the Operating expenses SEK would effect EBIT by ca SEK 18 M 3 000 Revenues – Hedging is done for forecasted 2 000 exposures up to 24 mth forward 1 000 • Curre
Slide 11: Strong balance sheet
Strong balance sheet Liquid assets (SEK M) 1,174 (828) Equity (SEK M) 3,244 +27% ROCE 30% (24%) Net debt/equity -0.04 (0.31) Equity/assets ratio 38% (32%)
Slide 12: Cash flow
Cash flow • Operating cash flow improved to SEK 1,056 M (740) – Strong earnings driving cash flow – Working Capital basically unchanged • Excellent cash conversion rate at 91% – Proves good quality in earnings • Cash flow and working capital 2010/11 expected to follow the historical seasonal pattern
Slide 13: Focus on capital efficiency - drivers
Focus on capital efficiency - drivers Cashflow from continuous operations excl. acquisitions SEK M 900 • Tight inventory 800 management 700 600 • Reduced lead times 500 • DSO and payment terms 400 300 200 100 0 Change in working capital -100 Operating cash flow -200 Investments -300 Q4 07/08 Q1 08/0
Slide 14: Building shareholder value
Building shareholder value SEK 10 35% EPS ROE 30% 8 25% 6 20% 15% 4 10% 2 5% 0 0% 04/05 05/06 06/07 07/08 08/09 09/10
Slide 15: Shareholder distribution
Shareholder distribution SEK M 400 Policy for shareholder 350 distribution entailing 300 increase to at least 30%(20) of net profit 250 * 200 Repurchase 150 Dividend 100 50 0 05/06 06/07 07/08 08/09 09/10 * Proposed dividend for fiscal year 09/10
Slide 16: Outlook
Outlook Human Care Makes .° the Future Possible “ ) ELEKTA
Slide 17: Order bookings – growth in line with guidance
Order bookings – growth in line with guidance 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 05/06 06/07 07/08 08/09 09/10
Slide 18: Backlog at all time high level
Backlog at all time high level SEK M 9 000 • Backlog increased 19% 8 000 in local currencies in 09/10 7 000 • Normal book-to-bill ratio 6 000 for 2010/11 5 000 • Visibility of sales growth 4 000 3 000 2 000 1 000 0 06/07 07/08 08/09 09/10
Slide 19: Guidance for fiscal year 2010/11
Guidance for fiscal year 2010/11 • Net sales are expected to grow by more than 10% in local currency • Operating profit in SEK is expected to grow by more than 15% – Currency effect expected to be positive on results FY10/11 by SEK 50 M – Increased R&D capitalization – Operating profit in FY10/11 is