Slide 1: Q1 interim report 2014/15
Q1 interim report 2014/15 October 1 2014 – December 31 2014 CEO Lars Marcher CFO Michael Højgaard
Slide 2: Agenda and Disclaimer
Agenda • Q1 Highlights • Status on business • Status on projects Disclaimer • Financials Forward-looking statements, especially such relating to future sales and operating profit, are subject to risks and uncertainties. Various factors, many of which are outside Ambu’s control, may cause the • Outlo
Slide 3: Q1 Highlights
Q1 Highlights Organic growth 9% • Growth of 9% in local currencies and 13% in Danish kroner. All organic Q1 Q3 Q1 13/14 13/14 14/15 • Strong growth in Europe and ROW • Lower than expected growth in North America due to a troublesome start with outsourced warehouse operations. Gross margin Will be ba
Slide 4: Strong growth in Europe and ROW
Strong growth in Europe and ROW Q1 organic growth Europe • Organic growth of 13% 13% • Growth across all major markets 2% • Strong sales of new as well as classic Ambu products 24% North America Q1 revenue split • Organic growth of 2% • Outsourcing of warehousing causing delays • Strong start of aSc
Slide 5: Anaesthesia continues to deliver outstanding growth
Anaesthesia continues to deliver outstanding growth Q1 organic growth Anaesthesia • Organic growth of 16% 16% • Continued double-digit growth 4% • Strong development in sales of aScope 3 -9% Patient Monitoring & Diagnostics • 4% organic growth Q1 revenue split • Solid growth in Cardiology and Neurol
Slide 6: Growth drivers
Growth drivers aScope 3 King Vision Laryngeal masks SmartInfuser 6
Slide 7: Growth drivers – aScope 3
Growth drivers – aScope 3 Production Almost 1,500 capacity hospitals expanded worldwide use aScope 7
Slide 8: Continued strong aScope development
Continued strong aScope development • aScope 3 launched globally • Increasing repurchase rates • The demand for Ambu aScope now exceeds our previous production capacity (60,000 units a year) • New aScope factory in Malaysia has been operating since end of December. New capacity is 120,000 units/year
Slide 9: Growth drivers – King Vision
Growth drivers – King Vision King Vision New aBlade continues to versions to be show double- introduced in digit growth Q3 9
Slide 10: Growth drivers – Laryngeal masks
Growth drivers – Laryngeal masks Sales of AuraGain show strong performance Double-digit growth in laryngeal mask portfolio10
Slide 11: Growth drivers – SmartInfuser
Growth drivers – SmartInfuser High double- New unique digit growth bolus in pain pump introduced sales 11
Slide 12: Centralised distribution in US
Centralised distribution in US • Warehouse and distribution services outsourced to third party logistics provider • Simplified supply chain will lead to lower distribution costs • Outsourcing project has led to backlog in US of approx. DKK 8m • Leaner sales office and manufacturing setup
Slide 13: Sales focus and execution
Sales focus and execution • Split of German sales force into two teams • Dedicated sales teams for our two primary business areas on all major markets – including USA, the UK, Denmark, Sweden, Finland and Germany • Continued expansion of sales resources in Anaesthesia globally 13
Slide 14: Financial results
Financial results DKKm Q1 14/15 Q1 13/14 • Organic growth of 9% and 13% in Revenue 388 342 Danish kroner Gross profit 182 175 Gross Margin (%) 46.9 51.2 • Impact from appreciating USD on Capacity costs (167) (159) top-line and EBIT EBIT before special items 15 16 • Decline in gross margin due to mix
Slide 15: Balance sheet
Balance sheet DKKm Total assets Q1 14/15 2,107 Q1 13/14 1,886 • Working capital increase due Working capital 482 377 to new products and backlog Net Interest Bearing Debt 843 732 (NIBD) in US Gearing (NIBD/EBITDA b.s.i.) 2.9 3.2 • NWC ratio of 30% which is NWC to 12 months revenue inflated by curren
Slide 16: Full-year 2014/15 outlook
Full-year 2014/15 outlook Outlook for 2014/15 Local currency Danish kroner 13 November, 2014 13 November, 2014 2 February, 2015 Revenue 7-8% ~10% ~16% EBIT-margin 13.5-14% ~12.5-13% ~12.5% Free cash flows - DKK 130-140m DKK 130-140m Gearing - ~ 2.2 ~ 2.2 16
Slide 17: In summary
In summary • Full-year plan on target • Above market growth in all geographical markets • Strong growth in Anaesthesia • Significant momentum in growth products • Strong US dollar impacts full-year guidance in DKK 17
Slide 18: Q&A
Q&A 18
Slide 19: Read more at www.ambu.com Contact
Read more at www.ambu.com Contact CEO Lars Marcher, lm@ambu.com or +45 5136 2490 CFO Michael Højgaard, miho@ambu.com or +45 4030 4349 19