Getinge Ab Class B · OMXSTO:GETI_B
Getinge Ab Class B — Investor Day (January 2011)
16 slides from Getinge Ab Class B's investor day presentation, Jan 28, 2011
Slide 1: Getinge Capital Markets Day
GETINGE CAPITAL MARKETS DAY Ulf Grunander, CFO Stockholm 28 January, 2011
Slide 2: Cash flow 2010
Cash flow 2010 Strong cash flow Cash conversion target overachieved 2
Slide 3: Operating cash flow (MSEK)
Operating cash flow (MSEK) +3,1% 4 500 4 124 4 000 4 000 3 500 3 000 2 500 2 000 1 774 1 515 1 496 1 500 1 000 500 0 2006 2007 2008 2009 2010 3
Slide 4: Operating cash flow statement
Operating cash flow statement MSEK 2010 2009 2008 EBITDA 5 111 4 446 3 846 Restructuring charged to P/L 180 336 221 Restructuring paid -163 -202 -223 Adjustment for non-cash items 38 41 43 Financial net -573 -436 -751 Taxes paid -596 -653 -618 Change in working capital 127 468 -744 Operating cash fl
Slide 5: Working capital development
Working capital development • Progress in all areas: WCap (Bars) WCap Days (line) MSEK Days + Inventory: 190 MSEK + A/R: 320 MSEK - A/P: 120 MSEK Total decrease in average WCap: 630 MSEK • 2011 estimated additional reduction of 500 MSEK in average WCap in 2011 5
Slide 6: Cash conversion
Cash conversion Target 60 – 70% 100% 90% 90% 81% 80% 67% 70% 60% 51% 46% 50% 40% 30% 20% 10% 0% 2006 2007 2008 2009 2010 6
Slide 7: Capital Expenditure (Capex)
Capital Expenditure (Capex) 2.5% 3.2% 3.5% 4.0% 3.0% 1000 915 900 800 659 700 667 600 521 500 324 907 400 300 642 588 200 468 100 165 0 2006 2007 2008 2009 2010 Gross Net 7
Slide 8: Capital Expenditure (CAPEX)
Capital Expenditure (CAPEX) • Capex level of 3.5% to 4.0% in 2011-2012 • Building IT infrastructure • New manufacturing infrastructure in low cost environment • Long term target is 3% 8
Slide 9: Net debt
Net debt MSEK 2010 2009 Net Debt 13 377 16 072 Change in Net Debt currency adjusted - 1 776 - 1 758 Net Debt / EBITDA 2.53 3.36 Net gearing 1.01 1.26 9
Slide 10: Interest bearing financial liabilities as of December 31, 2010
Interest bearing financial liabilities as of December 31, 2010 millions Local currency MSEK Interest Rate Average Interest Rate 2010 Actual Forecast 2011 weighted USD 897 6 105 EUR 367 3 299 CAD 54 370 SEK 1 964 1 964 GBP 70 739 Other 180 Total 12 657 3,4% ~3,4% 10
Slide 11: Maturity of debts
Maturity of debts Lender/Facility 2011 2012 2013 2014 2015 US Private placement Nov 50 MUSD Committed facility SEB April 1 200 MSEK Term loan Mediobanca Oct 150 MEUR Syndicated Credit Facility with 9 banks April 810 MEUR Nordic Investment Bank June 500 MSEK European Investment Bank June 53.4 MEUR Te
Slide 12: Group currency effects 2010 – 2011
Group currency effects 2010 – 2011 Estimates 2011 Actual 2010 USD 6.60 7.21 EUR 8.90 9.55 GBP 10.60 11.13 CAD 7.00 7.00 Translation -199 -202 Hedging +200 +264 Financial net +16 +44 Total +17 +106 12
Slide 13: Currency effects per Business Area 2010 – 2011
Currency effects per Business Area 2010 – 2011 Medical Medical Extended Extended Infection Infection Systems Systems Care Care Control Control Est 2011 Act 2010 Est 2011 Act 2010 Est 2011 Act 2010 Translation -122 -124 -46 -47 -31 -31 Hedging 106 120 18 102 76 42 Total -16 ´-4 -28 55 45 11 13
Slide 14: Net currency effects 2011 per major profit and loss line
Net currency effects 2011 per major profit and loss line MSEK Gross profit -420 EBITA before restructuring -35 EBIT +1 Profit before tax +17 14
Slide 15: Currency exposure 2011
Currency exposure 2011 Currency rates used for Net remaining currency Currency exposure at group estimates 2011 exposure volumes in 5% change in currency 2011, million rates, MSEK USD 6.60 USD 168 +/- 55 EUR 8.90 EUR 119 +/- 53 GBP 10.60 GBP 67 +/- 36 CAD 7.00 CAD 37 +/- 13 15
Slide 16: Tax rate
Tax rate Estimate 2011 2010 2009 Tax rate 26.0% 26.8% 27.3% Tax charge (MSEK) 836 720 Paid tax (MSEK) 596 653 16