Slide 1: Q3 Interim report & full-year outlook
Q3 Interim report & full-year outlook April 1 - June 30 2013 CEO Lars Marcher CFO Michael Højgaard
Slide 2: Agenda
Agenda • Highlights Disclaimer Forward-looking statements, especially such as relate to future sales and operating profit, are subject to risks and • Business trends uncertainties. Various factors, many of which are outside Ambu’s control, may cause the actual development of the company to differ ma
Slide 3: Highlights
Highlights Revenue +44% DKK 378m • Solid 7% organic growth (local currency) • Revenue of DKK 378m Q1 Q3 Q3 11/12 12/13 12/13 • EBITDA before special items increased to DKK 62m • Lower cost percentage EBITDA b.s.i. +22% • Integration of King Systems on track DKK 62m • Acquisition of First Water Heath
Slide 4: All regions contributing to growth
All regions contributing to growth Q3 growth rates* USA 97% • 1% organic growth 13% • Integration of King Systems • Solid platform for growth 24% Europe USA Europe Rest of World • 9% organic growth • Winning market shares Q3 revenue split • Introduction of King Vision 8% Rest of World 44% 48% • 21%
Slide 5: Growth in all business areas
Growth in all business areas Anaesthesia Q3 growth rates* • 2% organic growth 94% • Lower growth in US due to integration • EMEA and ROW on track 13% • Sales expected to pick up in Q4 18% Patient Monitoring & Diagnostics Anaesthasia PMD Emergency Care • 8% organic growth • Unilect shows strong perfo
Slide 6: Innovation
Innovation DKK 10bn Ambu anaesthesia disposables segment Other Supraglottic DKK 100m airways New King Vision Flexible DKK 970m Ventilator • Launch in calendar year 2013 intubation circuits • USD 10m milestone payment HMEs scopes DKK 600m DKK 1,500m DKK 670m Laryngoscopes aScope 3 and aView DKK 930m
Slide 7: Integration
Integration Building a stronger Ambu 7
Slide 8: King Systems – integration on track
King Systems – integration on track Q3 – integration completed • Functions and processes • Permanent organisations in place • US sales and sales support • Global support functions Streamlining Integration September Assessment June March Planning Next step February • Integration of internatio
Slide 9: King Systems – Q3 financials
King Systems – Q3 financials • Revenue of DKK 91m • Slightly lower sales growth due to integration. Normalized sales run-rate Q1 • Exclusive contract with HPG • HEALTHTRUST PURCHASING GROUP • +1,000 hospitals and ~4,000 general members • Potential >USD 63m revenue over 3 years • Temporary adverse ef
Slide 10: King Systems – status on synergies
King Systems – status on synergies Sales Go-to market strategy Product coverage Cross sales outside US Global systems Operations Automation of manufacturing Logistics and sourcing Elimination of double functions Scale effects Planned In progress Completed ~DKK 40m synergies estimated
Slide 11: First Water Heathcote
First Water Heathcote • Manufacturer of high-quality gels • GBP 1.2m and earn-out of GBP 0.6m • Strategic rationale • In-house hydrogel competencies • Control over the entire value chain • 60% of current volumes sold to Ambu • Restructuring • Consolidation of British production units (Unilect electr
Slide 12: Financials and full-year outlook
Financials and full-year outlook Strong revenue growth from acquisitions 12
Slide 13: Financial results
Financial results DKKm Gross margin Q3-11/12 Q3-12/13 48.2% Revenue 263 378 (53.9%) Gross profit 142 182 EBITDA b.s.i. 51 62 Cost pct. EBIT b.s.i. 37 39 37.9% (39.7%) Special items (1) (14) EBIT margin b.s.i. 10.3% (14.2%) DKKm YTD-11/12 YTD-12/13 Revenue 762 982 EBITDA b.s.i. 147 154 EBIT b.s.i. 10
Slide 14: Strong balance sheet
Strong balance sheet DKKm Debt structure Q3-11/12 Q3-12/13 (DKKm) Total assets 1,009 1,949 87 55 Working capital 385 417 NIBD 113 766 701 Free cash flow before acquisitions 59 10 Gearing (NIBD/EBITDA b.s.i.) 0.6 3.6 Short-term bank debt Equity ratio (%) 64 34 Long-term bank debt Corporate bonds • So
Slide 15: Minor adjustments of full-year outlook
Minor adjustments of full-year outlook Guidance 2012/13 Revised Revenue ~DKK1,400m - EBITDA-margin b.s.i. ~17.5% - EBIT-margin b.s.i. ~12% - Integration costs including First Water Heathcote DKK 50m X (DKK 45m) CAPEX before acquisitions ~4% X (~7%) FCF before acquisitions, special items and mileston
Slide 16: Ambu – Ideas that work for life
Ambu* Ideas that work for life
Slide 17: Read more at www.ambu.com
READ MORE AT WWW.AMBU.COM For further information, please contact: CEO Lars Marcher, lm@ambu.com or +45 5136 2490 CFO Michael Højgaard, miho@ambu.com or +45 4030 4349 17