Coloplast A/S Class B · OMXCOP:COLO_B
Coloplast A/S Class B — Investor Day (June 2012)
86 slides from Coloplast A/S Class B's investor day presentation, Jun 13, 2012
Slide 1: Accelerating global growth
Accelerating global growth Lars Rasmussen, President & CEO 13 June 2012 Accelerating global growth Page 1
Slide 2: Agenda
Agenda • Recap the Coloplast journey • Outline our ambitions for the years ahead • Describe our main priorities to deliver on these ambitions • Discuss your reflections and questions 13 June 2012 Accelerating global growth Page 2
Slide 3: Our journey has delivered a very successful turnaround
Our journey has delivered a very successful turnaround… EBIT margin, % Organic revenue growth, % ROIC, % Our legacy Our turnaround 30 25 23 EBIT margin 21 16 16 16 16 15 Organic 13 12 12 revenue growth 11 11 10 10 10 11 9 7 10 6 6 8 8 ROIC 7 6 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 13
Slide 4: Strong foundation for the future
... and we have a strong foundation for the future #1 regarded medical device company … and highly motivated among our patients employees throughout our Group • 300 patient groups from 42 Engagement Survey, May 2012 countries in Patient View study • Coloplast ranked 1st on all six +18% indicators, e
Slide 5: Our ambition and clear priorities
Our ambition is to be among the world’s best medical device companies – to deliver on this, we have set clear priorities How we do business… …supports us where we do business A. 1 Become even closer to our E. 5 Continued growth in the core customers developed markets in Europe 2 Develop and market t
Slide 6: Coloplast Care and DtC form a new sales channel (1/2)
Become even closer to our customers Coloplast Care and DtC form a new sales channel that gets us even closer to our customers (1/2) Objective Through Coloplast Care we… … with positive results so far Connect to end users and • Close to 100,000 end users* form lifetime bond enrolled NPD gain • More
Slide 7: Coloplast Care and DtC form a new sales channel (2/2)
Become even closer to our customers Coloplast Care and DtC form a new sales channel that gets us even closer to our customers (2/2) Objective DtC is direct individualized marketing… … with positive results so far Market to the • Current database of more individual’s need than 300,000 end users* Cu
Slide 8: Innovation on our agenda with clear commercial direction
Develop and market the world’s best products Innovation is on our Agenda with a clear commercial direction setting: To develop the world’s best products Advisory Boards Innovation Innovation Brief Ideation User friendly Roadmap 10/11 11/12 12/13 13/14 14/15 programme L1 Antropological studies L2 C
Slide 9: Very strong pipeline with the highest NPV ever
Develop and market the world’s best products We have a very strong pipeline with the highest NPV ever… Products launched Future launches 10/11 11/12 12/13 13/14 13/14 Slot 1 Slot 2 Slot 1 Slot 2 Slot 1 Slot 2 Slot 1 Slot 2 Slot 1 Slot 2 Ostomy SenSura® Care Mio Brava™ Speedi- Continence Cath® Desi
Slide 10: Launching a new coherent Design DNA
Develop and market the world’s best products …and we will be launching a new coherent Design DNA in Coloplast 13 June 2012 Accelerating global growth Page 10
Slide 11: Sales Leadership initiative
Operate a highly professional and dedicated sales force We are focusing on driving better execution and maximising sales impact through our Sales Leadership initiative Focused on up-scaling 1st line sales From winning big accounts to being experts managers globally in sales leadership Best medtech
Slide 12: Clear priorities for where we do business
We have set clear priorities for where we do business How we do business… …supports us where we do business A. 1 Become even closer to our E. 5 Continued growth in the core customers developed markets in Europe 2 Develop and market the world’s B. 6 Increased growth in the developed F. best products
Slide 13: Stepping up to the challenge in Europe
Continued growth in the core developed markets in Europe We are stepping up to the challenge in Europe and leveraging our market leader position Our situation Key priority 40-50% market share* Sustain high market share and capture 67% of our net revenues profitable * Chronic Care market share grow
Slide 14: Sales excellence and innovation drive European Chronic Care growth
Continued growth in the core developed markets in Europe Focus on sales excellence and innovation will drive growth in our European Chronic Care business Monthly MAT growth Germany Italy Nordics >3%-pts 1.5x 2.0x Perfor- mance May 2011 April 2012 May 2011 April 2012 May 2011 April 2012 • Positive
Slide 15: Changing momentum in European Wound Care
Continued growth in the core developed markets in Europe And we are actively working on changing the challenged momentum in our European Wound Care business France Spain New organisational setup 1 1 Create strong dedicated team with increased sales pressure Maximise effectiveness of 2 Increase com
Slide 16: Taking larger market shares outside Europe
Increased growth in the developed markets outside Europe High potential for taking larger market shares in the developed markets outside EU Our situation Key priority 20-30% market share* Capture market share 21% of our net revenues to grow in developed * Chronic Care market share markets 13 June
Slide 17: Growth opportunities in North America
Increased growth in the developed markets outside Europe Developed markets in North America hold opportunities for increased growth… USA Canada • Breakthrough in Ostomy Care • Accelerate New Patient Discharge Ostomy through NPE and end user retention • Improve retention & drive conversion Care Con
Slide 18: Untapped potential in developed Asia-Pacific
Increased growth in the developed markets outside Europe … while our developed markets in Asia-Pacific also hold untapped potential Australia Japan • Increase investments in the market • Leverage market leader position Ostomy • Strong focus on NPD and SenSura® success Care • Optimise product mix t
Slide 19: Potential to build market share in Emerging Markets
Further expansion and growth in Emerging Markets Coloplast sees great potential to build and capture market shares in Emerging Markets Our situation Key priority Educate, 20-30% market share* create and 12% of our net revenues grow selected markets from * Chronic Care market share focused effort 1
Slide 20: Emerging Markets growth driven by Ostomy and Wound Care
Further expansion and growth in Emerging Markets Our growth in Emerging Markets will be driven by Ostomy Care and Wound Care Emerging Markets breakdown per business area Comments Percent Ostomy Ostomy • Assura® line is the main brand ~60 Care Care but SenSura® is growing rapidly Wound Wound • Matu
Slide 21: Geographical expansion holds longer term potential
Further expansion and growth in Emerging Markets And geographical expansion also holds significant longer term potential for us Build on and accelerate growth platform e.g. in • China • Brazil • Russia Develop growth • Argentina platform e.g. in • MENA • Mexico • India • South Africa • South East
Slide 22: China holds the greatest growth opportunity
Further expansion and growth in Emerging Markets We already have a strong presence in selected emerging markets where China holds the greatest growth opportunity Strong momentum in China Levers for continued growth Growth, CAGR Increasing coverage of hospital and a community health center beds Win
Slide 23: Geographic footprint will gradually change
As a result of our new strategy, our geographic footprint will gradually change… Actual revenue split in FY2010/11 Revenue split in our future ambition Rest of world Rest of world 33% 40% Region Europe Region Europe 67% 60% 13 June 2012 Accelerating global growth Page 23
Slide 24: Accelerating our global growth
We believe we can accelerate our global growth from… Becoming even closer to our customers Developing and marketing the world’s best products Operating a highly professional and dedicated sales force 13 June 2012 Accelerating global growth Page 24
Slide 25: Globalising Urology Care - an opportunity for growth
Globalising Urology Care - an opportunity for growth Steffen Hovard,, SVP Urology gy Care 13 June 2012 Globalising Urology Care Page 1
Slide 26: Forward-looking statements
Forward-looking Forward looking statements The forward-looking g statements contained in this p presentation,, including g forecasts of sales and earnings performance, are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict. The forw
Slide 27: Agenda
Agenda • Our current Urology Care set-up • The market for urological devices as we see it • Outline our ambitions for the years ahead 13 June 2012 Globalising Urology Care Page 3
Slide 28: Coloplast operates within selected areas of urology
Today, Coloplast operates within selected areas of the large urology playing field Disease areas • Urinary incontinence • Pelvic organ prolapse • Erectile dysfunction • Enlarged prostate • Kidney and urinary stones Customer • Surgeons groups • Purchasing departments and organisations g Minneapolis H
Slide 29: One global SBU created in 2011
In 2011, we created one global SBU combining valuable complementary competences and organisational skills Surgical Urology Disposable Surgical Urology • 40 years of history in urology • 120 years heritage in urology • SBU set-up complete with functional • SBU set-up complete with functional manageme
Slide 30: Business platform to provide scale
The aim was to create a business platform to provide scale and position ourselves for revenue growth Coloplast Urology Care Surgical Urology Disposable Surgical Urology • Narrow portfolio in Inflatable Penile • Good competitive platform, platform especially Implants, meshes for Stress Urine in the e
Slide 31: Focus on innovative surgical solutions
We want to focus on innovative surgical solutions for the urologist and urogynaecologist in focused growth product segments Female Pelvic Health Growth opportunity with strong IP protected Urinary Incontinence Pelvic Floor Repair technology, significant growth opportunity in EU and US Endourology La
Slide 32: Agenda
Agenda • Our current Urology Care set-up • The market for urological devices as we see it • Outline our ambitions for the years ahead 13 June 2012 Globalising Urology Care Page 8
Slide 33: Urology Care represents a DKK 9bn market
Urology Care represents a DKK 9bn market with an estimated annual growth of 4-6% Estimated Global Market Share (Selected segments) Stress Urinary Pelvic Floor Male Stone Other urological Penile Implants Incontinence Repair Incontinence Management devices Market DKK bn 1,1 0,7 0,7 0,4 2,0 0,8 Growth
Slide 34: Agenda
Agenda • Our current Urology Care set-up • The market for urological devices as we see it • Outline our ambitions for the years ahead 13 June 2012 Globalising Urology Care Page 10
Slide 35: Opportunities for growth define our aspirations
Opportunities pp for g growth define our aspirations p for the upcoming years Aspiration Strategic theme We want to double our business A Continued development of A. 1 geographical coverage We deliver a broad portfolio to our urology customers 2 B. Accelerate growth with new products We want to be t
Slide 36: Globalizing Urology represents a large growth opportunity
Continued development of geographical coverage Globalizing our Urology business represents a large growth opportunity…. 10/11 Total Urology Care Global Sales 0% 0% <10% 10-25% 10-25% 10-25% >75% >75% >75% >75% >75% North America RoW <10% <10% 10-25% 10 25% 10-25% EU Men’s Female Endourology BPH Ge
Slide 37: Matching product segments with geographical opportunities
Continued development of geographical coverage ….by matching our product segments with the right geographical opportunities Europe • Capture leadership position • Investing in selected markets will increase North America market share • Light-weight mesh market • New endourology products growth rep
Slide 38: New products complete portfolio and add growth
Accelerate growth with new products New p products complete p p portfolio and adds new sources for growth New products in 2012 R&D R&D spend in line Endourology Gen. Surgery with key competitors Market drivers Large, under-penetrated population Lack of gold standard Retrace® No-Tip™ Cobra(R)
Slide 39: Global footprint reduces time to market
Accelerate growth with new products And by y utilising gag global footprint p we will reduce time to market significantly No clinical evidence required q US User Product Development US US EU EU Before needs Appr launch Appr launch Global User US US Future needs Product Development p Appr launch EU
Slide 40: Female Pelvic Health has highest growth opportunity
Advance Female Pelvic Health position Female Pelvic Health is the segment with the highest growth opportunity within Urology Female Pelvic Health Market Dynamics Increasing barriers will Stress Urinary change competitive Incontinence environment • Altis® – Single Incision Abdominal procedures
Slide 41: Advancing endourology position globally
Advance endourology position globally Advancing our endourology position globally adds significant growth potential Endourology gy Market data (estimated) Market size DKK 2bn Stone Management BPH Market growth 5-6% Portfolio Bi Biopsy Pioneering portfolio Competitive breadth Ureteric Co
Slide 42: Establish Urology Care as a global leader
Over the next five years, we want to establish Urology Care as a g global leader in urology gy by y extending g our existing g portfolio to our core geographies 1 • Continued development of geographical coverage through development of sales organisation and distributor network 2 • Accelerate growth
Slide 43: Coloplast US - Back to basic
Coloplast US - Back to basic Claus Bjerre, j , President US Chronic Care & Senior Vice President,, Canada,, Australia and Japan 13 June 2012 Coloplast US Page 1
Slide 44: Forward-looking statements
Forward-looking Forward looking statements The forward-looking g statements contained in this p presentation,, including g forecasts of sales and earnings performance, are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict. The forw
Slide 45: Long and eventful history in the US
Coloplast has a long and eventful history in the US Sales, USD Key milestones before 2000 ‘08: New HQ Minneapolis 1983 Sales subsidiary ’06: 06: Sold Mills & established Amoena 1994 Amoena acquired ’06: Acquired Mentor, sold ld St Sterling li 1994 HQ moved from Tampa to Marietta 1995 Sween acquired
Slide 46: Improved profitability since Mentor, but growth suffered
Since the acquisition of Mentor, we significantly improved our profitability, but growth began to suffer Our “Profitable America” strategy has …but growth has slowed down, greatly improved profitability profitability… especially in 10/11 Market contribution, USD Growth, USD +18% CAGR 06/07 07/08 08/
Slide 47: A new direction for Coloplast US
Therefore, a new direction became the logical next step for Coloplast US US growth horizons Horizon 3 “Towards our full potential” Horizon 2 “Back to Basics - regaining our Horizon 1 growth “Profitable momentum” America” 2010/11 2013/14 Timing of impact Focus of new plan 13 June 2012 Coloplast US Pa
Slide 48: New growth strategy: Back to Basics
Our new growth strategy seeks to bring Coloplast “Back Back to Basics” in the US Issue Strategic themes Ostomy Care business has lost focus on Breakthrough in OC through new patient the basics discharge (NPD) capture and end-user retention Continence Care no longer growing from Defend and grow CC th
Slide 49: Moving from mid-single to double-digit growth
By pursuing this “Back Back to Basics Basics” strategy, our ambition is to move from mid-single digit growth to double-digit growth “Back to Basics” - Strategic themes US Chronic Care growth ambition “double digit 1 Breakthrough in OC through NPD capture growth” and end user retention 2 Defend and g
Slide 50: Organisation adjusted to address strategic themes
To do so, we have adjusted our organisation to fully address our strategic themes “Back to Basics” Organisational priorities Field sales force 1 Breakthrough in OC through NPD • Established national OWSC sales force focused capture and end user retention on the Acute and Home Health channels • Estab
Slide 51: OC Market Fundamentals
Breakthrough in OC through NPD capture and end-user retention OC Market Fundamentals The US Ostomy market is a large but mature market growing at approximately 4% per year US Market – Ostomy Care Market Highlights 1-Piece DKK bn • Approximately 112,000 new surgeries take 2-Piece place p p per yyea
Slide 52: OC Priorities
Breakthrough in OC through NPD capture and end-user retention OC Priorities We wantt to W t break b k th through h in i OC th through h NPD capture t and d end-user d retention, t ti b pursuing by i three commercial priorities Commercial p priorities US Ostomy y Care ambition 1 Position p portfoli
Slide 53: OC Performance
Breakthrough in OC through NPD capture and end-user retention OC Performance We are making W ki progress iin OC OC, b butt our A Acute t Care C sales l performance f iis nott yett strong t enough OC progress OC Master Dealer OC Acute Care OC NPEs* against plan sales sales Target • Dedicated D di t
Slide 54: CC Market Fundamentals
Defend and grow CC through NPD capture and new product introductions CC Market Fundamentals The CC market Th k t grew rapidly idl iin 2008 due d tot a significant i ifi t reimbursement i b t improvement, i t but b t growth has since declined US Market – Continence Care Reimbursement reform drove m
Slide 55: CC Priorities
Defend and grow CC through NPD capture and new product introductions CC Priorities We wantt to W t defend d f d and d grow CC th through h NPD capture t and d new product d t iintroductions, t d ti b by pursuing three commercial priorities C Commercial i l priorities i iti US Continence Care ambit
Slide 56: CC Performance
Defend and grow CC through NPD capture and new product introductions CC Performance SpeediCath® S diC th® re-launch l h activities ti iti and d our NPE processes are progressing i wellll and d will ill drive full-line growth in FY11/12 CC progress Self Cath® Self-Cath® CC NPEs* NPE * S SpeediCath®
Slide 57: WSC Market Fundamentals
Re-commit to Skin Care growth and stabilize Wound Care WSC Market Fundamentals The ffragmented Th t d Skin Ski & Wound W d Care C market k t has h stable t bl low l growth th d driven i b by demographics and cost pressure US Wound & Skin Market Trend Market Highlights Skin Care, DKK bn +4% CAGR Sk
Slide 58: WSC Priorities
Re-commit to Skin Care growth and stabilise Wound Care WSC Priorities We wantt to W t re-commitit to t Skin Ski Care C growth th and d stabilise t bili Wound W d Care C b pursuing by i ththree commercial priorities C Commercial i l priorities i iti US S Wound and S Skin Care C ambition 1 Drive sal
Slide 59: WSC Performance
Re-commit to Skin Care growth and stabilize Wound Care WSC Performance Enhancing E h i positions iti on GPO GPOs and d select l td dealer l conversion i opportunities t iti provide id th the foundation for future growth WSC progress Number of WSC SC wins i WC sales l against plan GPO contracts • W
Slide 60: Push/Pull Priorities
Clearly link commercial push and pull efforts Push/Pull Priorities We wantt to W t clearly l l lilink k our commercial i l push h and d pullll efforts, ff t through th h cooperation ti b between t different departments From silos working independently... ...to close cooperation to drive business D
Slide 61: Push/Pull Performance
Clearly link commercial push and pull efforts Push/Pull Performance We have W h b been working ki on a number b off marketing k ti campaigns i tto iimprove our commercial i l push and pull efforts Marketing campaigns are being executed with key providers Examples of marketing campaigns Ostomy • Ex
Slide 62: Investment Priorities
Selectively invest to grow Investment Priorities We want to selectively invest to grow our business We have specifically allocated funds for investing in commercial activities I Investment t t areas Expand Direct to C Consumer activities ti iti Increase coverage of Index GPO/IDNs 100 Invest in the
Slide 63: What is working and what to improve in each business area
We know what is working and what we need to improve within each business area in order to achieve our ambition OC Key OC Acute Care OC NPEs* Provider sales sales Use NPE momentum, OC Sensura® Mio and Brava™ to win IDNs SpeediCath® Self-Cath® CC NPEs* sales straight sales Expand SpeediCath® CC in reh
Slide 64: Progress against Back to Basics strategy
We are making progress against our “Back Back to Basics Basics” strategy and early results are encouraging “B k tto B “Back Basics” i ” - Strategic St t i themes th US Chronic Ch i Care C growth th ambition biti “high double Break through in OC through NPD digit growth” 1 capture and end-user retent
Slide 65: Financial impact of our growth agenda
Financial impact of our growth agenda Lene Skole,, Executive Vice President & CFO 13 June 2012 Financial impact of our growth agenda Page 1
Slide 66: Forward-looking statements
Forward-looking Forward looking statements The forward-looking g statements contained in this p presentation,, including g forecasts of sales and earnings performance, are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict. The forw
Slide 67: Agenda
Agenda • Building a profitable base for growth • Margin expansion potential • Our capital structure • Q&A 13 June 2012 Financial impact of our growth agenda Page 3
Slide 68: Significant value creation through margin expansion
We have delivered significant value creation - mainly through margin expansion 33 ROIC after tax (%) 10 2007/08 Special Items EBIT margin Revenue growth Invested Capital Tax H1 2011/12 2007/08 expansion 13 June 2012 Financial impact of our growth agenda Page 4
Slide 69: EBIT margin expanded by 14% points
EBIT margin has expanded by 14% points as a result of transfer of production and optimisation of cost structure 20 • 85% of production in low 65,7 64,6 cost countries 65 61,3 • Reduction of 340 white 15 59,1 60 collar FTE in production 57,9 • Improving efficiency in back 55 office functions in 10 10
Slide 70: Continuous investment in sales activities
We have continuously invested in sales activities • Coloplast Care • CRM system & account specific action plans • Segmentation and targeting Building a strong • New organisational set set-up up in b base ffor sales subs profitable growth • Strengthening sales leadership • Sales force expansion in WC
Slide 71: Selling and marketing cost to sales ratio among highest in sector
This has resulted in a selling and marketing cost to sales ratio among the highest in the healthcare sector Marketing and selling expenses to sales 32% 30% 28% New growth initiatives 26% over the coming 3-5 24% yyears could result in 22% an unchanged ratio of 20% around 29% jun-09 9 jun-10 0 jun-11
Slide 72: Agenda
Agenda • Building a profitable base for growth • Margin expansion potential • Our capital structure • Q&A 13 June 2012 Financial impact of our growth agenda Page 8
Slide 73: Priorities for future value creation
With our priorities for future value creation..... We invest to: With the aim of: • Become even closer to our • Continued growth in the core customers t d developed l d markets k t iin Europe E • Develop and market the world’s • Increased growth in the developed best products markets outside Europe
Slide 74: Invest in sales initiatives and expand margins further
.....we expect to invest significantly in sales initiatives and we see potential to expand our margins further Margin expansion through: While absorbing negative impact from: A.1 Operating leverage 3 Price pressure C. B.2 Executing on our global B D4 Changes in our geographical D. operations plan fo
Slide 75: Operating leverage will generate funds for growth
Operating leverage Operating leverage will generate funds for investments in growth Generates G t funds f d High value growth in Europe for investments in growth and leaves potential Continued cost discipline for improving cost ratios 13 June 2012 Financial impact of our growth agenda Page 11
Slide 76: On track with Global Operations plan
Executing on our global operations plan We are on track with our Global Operations plan Lean in volume production Re-design for manufacturing Will contribute 50 – Global sourcing and supplier relations 100 bps to gross management margini annually ll with ith the current outlook on Focus on fixed c
Slide 77: Estimated annual price decline of 1% unchanged
Price pressure Our estimate of an annual price decline of 1% 1% is unchanged We work actively with Market Access & Public Affairs • Product reimbursement • Value based pricing • Clinical evidence • Monitoring of reform environment in o r markets our • Dialogues with decision makers, patient organ
Slide 78: Lower EBIT margins outside Europe limit Group margin increase
Changes in our geographical footprint Lower EBIT margins outside Europe limit potential to increase Group EBIT margins G Gross Margin 100 90 80 70 60 We will W ill absorb b b the th 50 Europe Developed markets Emerging negative impact outside Europe Markets through g continued high value growth in
Slide 79: Summary: invest in sales and potential for margin expansion
To sum up: We are able to invest significantly in sales initiatives and have potential for margin expansion Generates funds for sales investments and 1 Operating leverage holds potential for improving cost ratios 2 Global operations Expected to contribute 50-100 bps annually 3 Price pressure Price d
Slide 80: Our long-term ambition remains unchanged
Our long-term ambition remains unchanged Our long-term ambition is to …deliver profitability in line with outgrow the market and… the best performing medical device companies EBIT margin latest quarter (%) Chronic Urology Wound Medtronic 32,5 Care Care Care Coloplast 28,6 CR Bard 28,2 St Jude 25,6 G
Slide 81: Agenda
Agenda • Building a profitable base for growth • Margin expansion potential • Our capital structure • Q&A 13 June 2012 Financial impact of our growth agenda Page 17
Slide 82: Seeking inorganic opportunities supporting growth agenda
We continue to seek inorganic opportunities where they support our growth agenda... M&A llandscape d OC CC WC UC Key target characteristics EU • Strong growth outlook • Superior technology US platforms • Building on our capabilities RoW Scale deals unlikely1 Opportunities Primary focus (1) For OC an
Slide 83: Revised target for the capital structure
…and having identified sufficient organic growth possibilities, we have revised our target for the capital structure We have cancelled our target Net Debt to EBITDA range of 1.5 to 2.5 DKKm 4.000 2,5 2,2 2,2 3.500 2,0 428 2,0 3 000 3.000 3.4 3.181 3.069 2.500 1,5 1,2 2.000 2.297 1,0 1.500 06 0,6 1.0
Slide 84: New capital structure based on DKK 1 billion liquidity reserve
Our new capital p structure will be based on a liquidity q y reserve of DKK 1 billion and holds substantial flexibility for M&A Coloplast financing capacity In DKK billion As of H1 FY11/12 New capital structure 56 5.6 No debt 5.3 2.3 2.3 2.0 DKK 1bn in cash reserve 3.3 2.3 2.3 2.0 2.0 2.3 Existing F
Slide 85: Increasing cash returns to shareholders
We expect increasing cash returns to shareholders – provided no major acquisitions Continued strong cash flow generation is Dividend policy unchanged converted into increasing dividend yield if no suitable acquisitions • Excess liquidity is returned to shareholders in the form of dividend and share
Slide 86: Stable growth, margin expansion and increasing dividend yield
Offering a unique potential of stable growth, further margin expansion and increasing dividend yield 13 June 2012 Financial impact of our growth agenda