COLTENE Holding AG · SIX:CLTN
COLTENE — FY2012 Earnings Presentation
26 slides from COLTENE's earnings presentation, Mar 8, 2013
Slide 1: Financial Year 2012 Media and Financial Analysts Meeting
Financial Year 2012 Media and Financial Analysts Meeting Zurich, March 8, 2013
Slide 2: Safe Harbour Statement
Safe Harbour Statement The information made available in this conference may include forward-looking statements that reflect the intentions, beliefs or current expectations and projections of COLTENE Holding AG about the future results of operations, financial condition, liquidity, performance and s
Slide 3: 2012 Review
2012 Review Martin Schaufelberger, CEO 3 2012 Results, March 8, 2013
Slide 4: Achievements 2012
Achievements 2012 Exploiting the Group’s expertise • Revenue of CHF 158.1 158 1 million; reflecting growth of 8 8.2%, 2% or 7 7.1% 1% at constant exchange rates (CER) • North American markets with strong revenue growth of 18.4% (11.9% in local currencies) • EBIT margin increased to 10.8% from 8.4% d
Slide 5: COLTENE at a Glance
COLTENE at a Glance Global dental specialist Swiss based small cap with Highly recognized worldwide sales through dental global brands for chair-side distributors and about 200 dental consumables sales representatives Development and Strong emerging market operations in Europe, position with 28% of
Slide 6: Breakdown by Product Groups
y Product Groups Breakdown by p Increasing demand for aesthetic dentistry Comments • Focusing on innovative, yp aesthetically-pleasingg restoration materials and innovative treatment auxiliaries • Comprehensive R&D portfolio with evolutionary and revolutionaryy product p improvement in all major seg
Slide 7: Regional Breakdown
g Regional Breakdown North America Sets the Course Comments • Strong performance achieved in North America with increased sales of 11.9% (18.4% in CHF) • Most European countries with solid sales development • Sales in Brazil increased by 5.7% (-3.5% in CHF) p • Expanded distribution network supporte
Slide 8: Dental Consumables Market
Dental Consumables Market Improving economic conditions • North American markets – On-going positive market outlook for 2013 – COLTENE leading g the chart of US sales increase by y dental manufactures according to SDM market research • Traditional markets in Europe and South America – Moderate growt
Slide 9: Management Actions 2012
g Management Actions 2012 Operational advances and strategy review • Continued roll roll-out out of Group-wide Group wide ERP system – Integration of all manufacturing sites, including the US subsidiary starting as of Jan 1, 2013 – Completion of project and corresponding investments • Operational ad
Slide 10: Proposals to AGM
p Proposals to AGM • Election of Roland Weiger as a member of the Board • Re-election of the current members of the Board with the exception of Jerry Sullivan who will step down from his function in April 2013 • Re-election of Ernst & Young AG as auditors • Distribution of CHF 1 1.80 80 from past ca
Slide 11: 2012 Financial Review
2012 Financial Review Dr. Hans Grüter, CFO 11 2012 Results, March 8, 2013
Slide 12: Financial Summary
y Financial Summary Upwards trend confirmed • Upwards trend of first half half-year year 2012 reinforced – Regained momentum in sales growth to 8.2% – Increased EBIT margin g from 8.4% to 10.8% • Strong increase of net profit for the period – 68 68.5% 5% abo above epprior o yea year – Earnings per s
Slide 13: Restatement Prior Years
Restatement Prior Years In CHF million 1.1.11 Comments Balance Sheet 31.12.10 restated • Since 2002, the Deferred tax liabilities 6.3 2.5 8.8 German subsidiaryy Equity 97.8 -2.5 95.4 amortizes the goodwill in its tax books • After IFRS changed to 2011 an “impairment test only Profit & Loss Stateme
Slide 14: Income Statement
Income Statement Better performance In CHF million 2012 % 2011 % % YoY Comments • Sales increase by 8.2%, at CER 7.1% Net Sales 158.1 158 1 100 0% 100.0% 146.1 146 1 100 0% 100.0% 8.2% 8 2% • Operating expenses Material expenses* -46.8 -29.6% -44.5 -30.4% 5.2% increased by 5.8%, Operating expenses -
Slide 15: Net Sales Development
p Net Sales Development Focus products with best performance 160 158.1 Comments 146.1 Treatment • The three largest Auxiliaries g segments showed ggood Infection Control 120 growth: Laboratory +14.8% Endodontics (18.6% of total sales) Restoration 80 +13.5% Restoration Rotary (27.1% of total sales) P
Slide 16: Profit Development
p Profit Development Net income significantly increased 16.0 Comments 14.0 • The profit increased from CHF 5.7 million in 12.0 +1 3 +1.3 2011 to CHF 9.5 million 10.0 9.5 in 2012. -4.9 -0.1 8.0 -2.2 • Positive drivers: 5.7 Higher margins due to 6.0 the good sales growth +9.7 4.0 Lower (negative)
Slide 17: Cash Flow Statement
Cash Flow Statement Free cash flow suffers from higher inventories In CHF million 2012 2011 % YoY Comments • Cash flow from Net pprofit 9.5 5.7 p operations down byy Non cash items 16.3 12.2 CHF 1.9 million due to Changes in NWC -8.5 1.7 increased inventories Interest, tax paid/received -4.6 -5.0 •
Slide 18: Balance Sheet Structure
Balance Sheet Structure Solidly financed In CHF million 31.12.12 31.12.11 Comments • Inventory increased by Cash & cash equivalents 4.0 3.1 0.9 CHF 4.3 million Receivables 35.1 34.1 1.0 • Bank loans reduced by Inventory 34.2 29.9 4.3 CHF 5.6 million to CHF Property, plant & equipment 28.7 30.5 -1.
Slide 19: Corporate Values, Principles and Strategy Outlook
Corporate Values Values, Principles and Strategy Outlook Martin Schaufelberger, CEO 19 2012 Results, March 8, 2013
Slide 20: Corporate Values and Principles
Corporate p Values and Principles p Focus on people Our core aim is to enhance dental treatments and applications to offer health, aesthetics and lifestyle choice to patients. Our success is driven by our people. Innovation is the key to our successful future. Our marketing concept is based on coope
Slide 21: Corporate Values: Focus on People's Know-how
p Corporate Values Focus on People’s Know-how “II enjoy the opportunity of contributing in the innovation process, seeing the development of a new product from scratch and its final outcome offering new benefits to practitioners and patients.” Dr. Ralf Böhner, Dr Böhner Manager Research and Developm
Slide 22: Corporate Values: Focus on People's Know-how
p Corporate Values Focus on People’s Know-how “The The work with high- high precision carbide and diamond instruments offers a wide range of interesting challenges every day that allows us to consistently improve the manufacturing process and the quality of our products.” James Chance, Production Te
Slide 23: Corporate Values: Focus on People's Know-how
p Corporate Values Focus on People’s Know-how “As As a dental expert I accompany the development of our products from R&D to market maturity. This process is carefully monitored throughout the entire value chain to ensure flawless quality.” Cigdem Yigit, Yigit Professional Services Application Techn
Slide 24: COLTENE Group Strategy
COLTENE Group p Strategy gy Focus on profitable growth Marketing & Operational Product Focus Sales Push Excellence • Streamline existing six • Intensified market High performance product segments expansion in emerging organization thanks to: • Focus of innovation and markets • Aligned organization C
Slide 25: Outlook
Outlook Focus on profitable growth • Attractive Att ti position iti in i the th chair-side h i id d dental t l market k t – Positive demographic change – Favorable social and lifestyle y trends – High technological expertise and broad offering – Balanced presence in established and emerging markets
Slide 26: Thank you for your Attention
“” COLTENE’® Thank you for your Attention Exploiting the Group's Expertise