GN Store Nord A/S · OMXCOP:GN
GN Store Nord A/S — Q2 2009 Earnings Presentation
19 slides from GN Store Nord A/S's earnings presentation, Aug 14, 2009
Slide 1: GN Q2 Interim Report 2009
GN Q2 Interim Report 2009 CEO GN ReSound Mike van der Wallen CEO GN Netcom Mogens Elsberg CFO GN Netcom Anders Boyer Finance, IR & Comm. GN Store Nord Jens Bille Bergholdt Copenhagen, August 14, 2009
Slide 2: Safe Harbour Statement
Safe Harbour Statement The forward-looking statements in this interim report reflect management's current expectations of certain future events and financial results. Statements regarding 2009 are, of course, subject to risks and uncertainties which may result in material deviations from the outlook
Slide 3: Q2 Summary
Q2 Summary • GN’s Q2 results were in line with expectations and the full-year guidance is unchanged. • Mogens Elsberg announced as new CEO of GN Netcom on June 26. • GN’s short-term focus for 2009 is primarily on generating cash flow, improving earnings and proactively addressing challenging market
Slide 4: Profit and Loss
Profit and Loss Q2 YTD Q2 YTD (DKK million) 2008 2008 2009 2009 Revenue 1,363 2,774 1,196 2,394 Gross Profit 734 1,463 644 1,271 SG&A, R&D etc. (696) (1,398) (642) (1,334) EBITA 38 65 2 (63) Amort., finance, associates etc. (43) (77) (13) (67) EBT (5) (12) (11) (130) • Revenue was DKK 1,196 million
Slide 5: Balance & Cash Flow
Balance & Cash Flow End FY End End Q2/2008 2008 Q1/2009 Q2/2009 (DKK million) Goodwill 2,424 2,655 2,794 2,651 Other intangible assets 1,141 1,163 1,182 1,169 Tangible & other non-current assets 1,488 1,592 1,614 1,414 Current assets 2,481 2,468 2,269 2,265 Equity 4,252 4,507 4,607 4,427 Liabilities
Slide 6: GN Netcom
GN Netcom 6 August 14, 2009 Slide 6
Slide 7: Mogens Elsberg New CEO GN Netcom
Mogens Elsberg New CEO GN Netcom Mogens Elsberg, new CEO GN Netcom as of August 10, 2009 Born: February 4, 1955 Nationality: Danish Education: M.Sc. (Engineering) from the Technical University of Denmark and B.Sc. (Marketing) from Copenhagen Business School. Career: 2009- Investor and interim CEO, P
Slide 8: GN Netcom Income Statement
GN Netcom Income Statement (DKK million) Q1 Q2 Q3 Q4 2008 Q1 Q2 Revenue 636 584 595 615 2,430 421 435 Organic growth (8)% 3% (6)% (23)% (9)% (36)% (30)% Gross margin 41% 43% 38% 37% 40% 35% 42% SG&A, R&D etc. (260) (277) (254) (248) (1,039) (229) (224) EBITA 3 (28) (28) (18) (71) (82) (43) EBITA mar
Slide 9: GN Netcom Balance Sheet and Cash Flow
GN Netcom Balance Sheet and Cash Flow Balance sheet selected items Q2 FY Q1 Q2 (DKK million) 2008 2008 2009 2009 Inventories 228 271 179 128 Trade receivables 424 362 279 275 Trade payables 163 208 97 118 Cash flow (DKK million) Cash flow before working capital 34 213 14 34 Change in working capital
Slide 10: Two New Industry-first Unified Communication Headsets from GN Netcom
Two New Industry-first Unified Communication Headsets from GN Netcom • Jabra GO™ 6400 and Jabra PRO™ 9400 Series are both industry-first Bluetooth and DECT headset Jabra PRO 9400 solutions to feature a touch screen base. • Both series combine the sound, range and quality performance of a professiona
Slide 11: Status on the FAST Program
Status on the FAST Program Two dedicated and simplified supply chain organizations. Went live at Supply Chain the end of Q2 2009 as planned. Customers Previously, the Mobile division had around 700 customers. Now focus is on 100 large customers generating 90% of revenue. Completed. Number of product
Slide 12: GN ReSound
GN ReSound 12 August 14, 2009 Slide 12
Slide 13: GN ReSound Income Statement
GN ReSound Income Statement (DKK million) Q1 Q2 Q3 Q4 2008 Q1 Q2 Revenue 772 776 787 843 3,178 774 757 Organic growth 1% (1)% 9% 10% 5% (4)% (7)% Gross margin 60% 62% 57% 62% 60% 62% 61% SG&A, R&D etc. (432) (410) (447) (465) (1,754) (448) (405) EBITA 31 72 4 56 163 29 54 EBITA margin 4.0% 9.3% 0.5%
Slide 14: GN ReSound Balance Sheet & Cash Flow
GN ReSound Balance Sheet & Cash Flow Balance sheet selected items Q2 FY Q1 Q2 (DKK million) 2008 2008 2009 2009 Inventories 390 391 373 332 Trade receivables 758 744 741 687 Trade payables 161 206 155 126 Cash flow (DKK million) Cash flow before working capital 104 462 100 113 Change in working capi
Slide 15: Transformation of Organization on Track
Transformation of Organization on Track Cost reductions: Annual cost base in 2010 to be reduced by more than DKK 200 million relative to 2008 Costs: Costs related to the restructuring program is DKK 53 million 2009 YTD. Total costs of ~DKK 75m is expected in 2009 Working Cap.: Cash impact from reduc
Slide 16: Refined strategic focus
Refined strategic focus Customer focused – Key accounts & tenders – Emerging markets – Germany and France Market innovation – Regain position in top end – Launch effectiveness – Meeting needs for end-users and dispensers – Execution excellence / Reducing costs Efficient – End to end supply chain Cul
Slide 17: ReSound Live and dot2 by ReSound
ReSound Live and dot2 by ReSound Great, meaningful solutions to all end user needs and preferences: • ReSound Live: For users that primarily value the many options & flexibility • dot2 by ReSound: For users who primarily value cosmetics/invisibility and simplicity in use. 17 August 14, 2009
Slide 18: GN's Outlook for 2009
GN’s Outlook for 2009 GN Store Nord GN Netcom GN ReSound Contact Center & Hearing Instruments Office Headsets, and Audiologic • Listed company Mobile Headsets Diagnostics Equip. • Supervisory Board • Equally ranked CEO’s GN Netcom and GN ReSound Outlook 2009: Outlook 2009: Outlook 2009: EBITA DKK ~(
Slide 19: GN Q2 Interim Report 2009 Q&A
GN Q2 Interim Report 2009 Q&A