Convatec FY24 Results

About this update from Convatec Group Plc

[{"type":"text","content":"\n \n 26 February 2025 \n \n Preliminary results for the year ended 31 December 2024 \n Operational and strategic delivery drives double-digit adjusted EPS and cashflow growth \n Confidence in FY25 outlook & medium-term guidance \n   \n \n \n \n \n Key financial highlights for year to 31 December \n \n \n Reported \n \n \n Adjusted 5 \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n CC change \n \n \n \n \n Revenue \n \n \n $2,289m \n \n \n $2,142m \n \n \n 6.9% \n \n \n $2,289m \n \n \n $2,142m \n \n \n 6.9% \n \n \n 7.6% \n \n \n \n \n Operating profit \n \n \n $325m \n \n \n $263m \n \n \n 23.7% \n \n \n $485m \n \n \n $432m \n \n \n 12.4% \n \n \n 16.4% \n \n \n \n \n Operating profit margin \n \n \n 14.2% \n \n \n 12.3% \n \n \n 1.9%pts \n \n \n 21.2% \n \n \n 20.2% \n \n \n 1.0%pts \n \n \n 1.6%pts \n \n \n \n \n Diluted EPS \n \n \n 9.3 cents \n \n \n 6.3 cents \n \n \n 45.9% \n \n \n 15.2 cents \n \n \n 13.4 cents \n \n \n 13.7% \n \n \n   \n \n \n \n \n Free cash flow to equity \n \n \n $302m \n \n \n $228m \n \n \n 32.2% \n \n \n $302m \n \n \n $228m \n \n \n 32.2% \n \n \n   \n \n \n \n \n Dividend per share \n \n \n 6.416c \n \n \n 6.229c \n \n \n 3.0% \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Percentage movements throughout this release are calculated on actual unrounded numbers. \n FY24 highlights: we have pivoted to broad-based, sustainable and profitable growth \n ·    Our FISBE strategy continued to deliver strongly, with organic revenue growth of 7.7% 1 (6.9% reported). This was our sixth consecutive year of accelerating, broad-based organic growth \n ·    Adjusted operating margin 2 increased to 21.2% (+160 bps YoY in constant currency to 21.8%; +350 bps since 2021) driven by strong execution of our FISBE strategy and improved productivity \n ·    14% adjusted EPS 2 growth, 32% free cash flow to equity 5 growth and 97% equity cash conversion \n Broad-based growth in all four chronic care categories \n ·    AWC 4 : 7.4% 1 driven by Aquacel Ag+ Extra TM and InnovaMatrix ® , plus a growing contribution from ConvaFoam TM \n ·    OC 4 : 5.3% 1 driven by Convatec ostomy products, including a strong contribution from the Esteem Body TM launch \n ·    CC 4 : 8.3% 1 driven by US volume and share growth, excellent customer service and accelerating international sales \n ·    IC 4 : 11.2% 1 driven by customers leveraging our innovative infusion sets in new products, plus sales to new customers \n ·    Group organic growth excluding InnovaMatrix ® 3 was 6.8% (note: in FY24 this represented 96% of Group revenues) \n Successful product launches and our strongest-ever new product pipeline \n We are actively targeting the fastest growing segments by developing innovative new products . These include: \n ·    In AWC , positive clinician feedback and high success rate in new customer product evaluations in ConvaFoam TM   \n ·   Also in AWC , On-track to obtain EU regulatory approval for ConvaNiox TM , our highly innovative advanced wound dressing powered by nitric oxide, in H1 25 \n ·    In OC, excellent customer response to Esteem Body TM and in CC GentleCath Air TM for Women \n ·    In IC , broadening customers and applications including partnerships with AbbVie (Parkinson's disease), plus Beta Bionics and Ypsomed (Diabetes). Continued growth with Medtronic and Tandem in Diabetes \n Confidence in FY25 outlook: reiterating guidance for double-digit adjusted EPS growth \n ·    We continue to expect 5-7% organic growth in non-InnovaMatrix® 3 revenues (FY24: 96% of Group revenue), based on our broadening product portfolio, strongest-ever innovation pipeline and focused commercial execution \n ·    InnovaMatrix ® was 4% of Group revenues in 2024 ($99m). Based on implementation of the LCDs 3 in April 2025, we expect a reduction in revenue of approximately $50m, approximately 2% of Group revenue \n ·    Irrespective of the LCD, we expect adjusted operating profit margin 2 of 22.0-22.5%, underpinned by detailed productivity improvement programmes across operations, commercial and G&A \n ·    Another year of double-digit growth in adjusted EPS 2 , and strong operating cash conversion (>80%) \n On-track to deliver our medium-term guidance \n ·    We are well positioned to deliver sustainable 5-7% p.a. organic revenue growth, underpinned by our broadening new product pipeline and enhanced commercial execution. We are also on-track to reach mid-20's% adjusted operating profit margin 2 by 2026 or 2027, supported by further productivity improvements and operating leverage \n Karim Bitar, Chief Executive Officer, commented: \n \"Our FY24 results demonstrate that Convatec has successfully pivoted to broad-based, sustainable and profitable growth. Our FISBE strategy is delivering strongly, evidenced by our sixth year of accelerating revenue growth, further operating profit margin expansion, double digit growth in adjusted EPS and strong cash conversion . \n \"We expect FY25 to be another year of strong strategic progress. This will be driven by our strongest-ever innovative, new product pipeline and further simplification and productivity improvements . We are on-track to deliver our medium-term guidance of 5-7% annual organic revenue growth, mid-20's operating margin by 2026 or 2027 and double-digit compound annual growth in adjusted EPS and free cash flow to equity (5) . This is underpinned by our leading positions in structurally growing chronic care markets, our specific targeting of the fastest growing market segments and a clear focus on execution excellence by our dedicated team of over 10,000 colleagues worldwide.\" \n   \n FY24 financial summary & dividend \n ·    Adjusted operating profit margin2 of 21.2% (21.8% in constant currency). Expansion of 100 bps (160 bps at constant currency) driven by our FISBE strategy and productivity improvements \n ·    Adjusted operating profit 2 up 12% to $485m. Reported operating profit of $325m (2023: $263m) \n ·    Adjusted EPS 2 increased 14% to 15.2 cents. Reported EPS increased 46% to 9.3 cents \n ·    Free cash flow to equity 5 up 32% to $302 (2023: $228m). Equity cash conversion 5 of 97% (2023: 83%) \n ·   Net debt to adjusted EBITDA ratio of 1.8x (FY23: 2.1x). This was after investing $122m in capex, c.$23m in transformation and $90m in M&A \n ·    As a sign of confidence in our outlook and strategy, the Board recommends a final dividend of 4.594 cents, resulting in a full year dividend of 6.416 cents, an increase of 3%. The payout ratio of 42% (2023: 46%) of adjusted net profit is within our target range of 35-45% \n ·   Our capital allocation priorities are: 1) organic investment to drive future revenue growth and innovation, 2) annual dividend consistent with 35-45% payout ratio 3) focused M&A to strengthen our competitive position 4) any surplus capital would be available for return to shareholders \n Additional FY25 modelling and guidance \n We expect the following organic revenue growth for each category: \n -       AWC 4 : mid-single digit growth excluding InnovaMatrix ® 3 \n -       OC 4 : mid-single digit growth \n -       CC 4 : mid-to-high single digit growth \n -       IC 4 : high single digit growth \n   \n We expect adjusted net finance expense for 2025 will be $70-75m (2024: $78m), assuming no material changes in US interest rates. Our adjusted book tax rate is expected to be c.24%, with the cash tax rate again materially lower. Reflecting our ongoing investments in innovation and efficiency programmes, we expect capex of $130-150m, opex R&D spend of c.$100-110m and transformation costs of c.$20m. \n Investor and analyst presentation \n The results presentation will be held at 09:00hrs (UK time) today. The event will be simultaneously webcast and the link can be found here . The full text of this announcement and the presentation for the analyst and investors meeting can be found on the 'Results, Reports & Presentations' page of the Convatec website www.convatecgroup.com/investors/reports . \n Scheduled events \n \n \n \n \n AGM & trading update for the 4 months ending 30 April 2025: \n \n \n 22 May 2025 \n \n \n \n \n Interim results for the 6 months ended 30 June 2025: \n \n \n 29 July 2025 \n \n \n \n \n   \n Dividend calendar \n \n \n \n \n Ex-dividend \n \n \n 17 April 2025 \n \n \n Payment date \n \n \n 29 May 2025 \n \n \n \n \n Record date \n \n \n 22 April 2025 \n \n \n \n \n \n \n \n \n \n \n About Convatec \n Pioneering trusted medical solutions to improve the lives we touch: Convatec is a global medical products and technologies company, focused on solutions for the management of chronic conditions, with leading positions in Advanced Wound Care, Ostomy Care, Continence Care, and Infusion Care. With more than 10,000 colleagues, we provide our products and services in around 90 countries, united by a promise to be forever caring. Our solutions provide a range of benefits, from infection prevention and protection of at-risk skin, to improved patient outcomes and reduced care costs. Convatec's revenues in 2024 were over $2 billion. The company is a constituent of the FTSE 100 Index (LSE:CTEC). To learn more please visit http://www.convatecgroup.com \n Contacts \n \n \n \n \n Analysts & Investors \n \n \n David Phillips, Head of Investor Relations & Treasury \n Sheebani Chothani, Director, Investor Relations \n \n \n +44 (0) 7909 324994 \n +44 (0) 7805 011046 \n [email protected] \n \n \n \n \n Media \n \n \n FGS Global             \n \n \n [email protected] \n \n \n \n \n (1) Organic growth of 7.7% is calculated by applying the applicable prior period average exchange rates to the Group's actual performance in the respective period and excluding acquired and disposed/discontinued businesses. Acquisitions and disposals added 10 bps to organic growth in FY24, shown on page 3. \n (2) Consistent with prior years, management present adjustments to the reported figures, to produce more meaningful measures in monitoring the underlying performance of the business. These are set out in the table on page 12 \n (3) In November 2024, Medicare Administrative Contractors published Local Coverage Determinations (LCDs) for Skin Substitute Grafts/Cellular and Tissue-Based Products for the Treatment of Diabetic Foot Ulcers (DFU) and Venous Leg Ulcers (VLU). Convatec's InnovaMatrix® was not covered by Medicare for DFU/VLU treatments in the LCDs. As stated in our regulatory news announcement of 14 November 2024 , we believe this reduces patient and practitioner choice and availability of effective medical solutions in the near-term. We continue to build our clinical evidence portfolio in DFU/VLU including through real-world evidence and have already initiated randomised controlled trials which we expect to report in 2026. See page 4 of this statement for further InnovaMatrix® guidance. \n (4) AWC is Advanced Wound Care; OC is Ostomy Care; CC is Continence Care and IC is Infusion Care. \n (5) Certain financial measures in this document, including adjusted results, are not prepared in accordance with International Financial Reporting Standards (IFRS). All adjusted measures are reconciled to the most directly comparable measure prepared in accordance with IFRS in the Non-IFRS Financial Information below pages 18 to 23. \n \n Chief Executive Officer's review - delivering, sustainable and profitable growth \n 2024 represented another year of strong operational and strategic delivery for Convatec, evidenced by accelerating organic revenue growth, improving operating margin, 14% adjusted EPS2 growth and strong cash conversion. \n   \n We announced our FISBE strategy in 2020, having just reported 2019 organic revenue growth of 2.3%. Our annual R&D spend was c.$50m, and our innovation pipeline was very limited. Our adjusted operating margin 2 was 19.4%, and we had no mid-term targets. In 2024, organic revenue growth accelerated to 7.7%, the sixth consecutive year of accelerating growth and exceeding the top end of our target range for the second year running. We invested over $100m in R&D, our product portfolio is systematically broadening to enhance our offering, and we have our strongest-ever innovative, new product pipeline. Adjusted operating margin 2 was 21.2%, and we are on track to deliver our mid-20s% target by 2026 or 2027. Given these strong results and consistent delivery of our strategy, we can now say that we have successfully pivoted to sustainable and profitable growth. \n   \n Looking ahead, we have leading positions in structurally growing, recurring revenue, chronic care markets. We are targeting the fastest growing segments by developing innovative and differentiated new products. Our resilient business model is highly scalable and is well-positioned to deliver sustainable double-digit compound annual growth in adjusted EPS 2 and free cash flow to equity 5 . \n   \n Outperforming our structurally growing markets \n Convatec operates in four chronic care categories. These have a combined market size of c.$15.5 billion p.a. and market growth rates varying between 4-8% p.a. We are among a small number of leaders in the categories in which we operate and expect to consistently grow revenue faster than each market. \n   \n We sell over 900 million high-quality consumable products for a diverse range of chronic conditions annually. There are notable synergies across the Convatec categories in areas such as polymer and biomaterial sciences, adhesive technologies, product and clinical development, automated manufacturing, supply chain capabilities and sales & marketing. In recent years we have been rationalising our production network while automating and expanding capacity in the most appropriate locations and increasing our business resilience and efficiency. \n   \n Increasing margins, driven by simplification and productivity improvements \n We delivered another strong year of adjusted operating margin 2 improvement, up 100 bps to 21.2% (21.8% on a constant FX basis). Operating margin has now increased by 350 bps since 2021 (+390 bps in constant currency). Our strong cash generation is supporting continued organic and inorganic investment for growth, consistent with our capital allocation priorities and broader strategy. \n   \n In FY24 we remained focused on delivering for our customers and patients. New product innovation accelerated, including four key new products launches or major geographic expansions in 2024. In addition to the R&D spend noted above, we invested $122m in capex and increased our emphasis on clinical and regulatory engagement. Additionally, we invested c.$90m in earn-outs and one small acquisition in France in our Home Services Group.  \n Our simplification and productivity initiatives continued to progress well. In Global Quality & Operations, we increased automation in our facilities and continued to optimise our plant network for scale and efficiency by completing the closure of our EuroTec facility in the Netherlands and closing our small Herlev site in Denmark. In commercial areas, we created an integrated Global Marketing & Sales Centre of Excellence, further developed our Market Access & Reimbursement CoE, and rationalised our use of marketing agencies globally. We are encouraged by the potential for AI to drive productivity improvements in areas such as customer service, marketing content generation and translation. In addition, we delivered further G&A savings by expanding the scope of our Global Business Services centres across Finance, IT and HR activities. Adjusted G&A 2 declined by 4.7% to $165m (2023: $173m), representing 7.2% of revenue (2023: 8.1%). Further details on the progress made under each pillar can be found on pages 6 and 7. \n Revenue and category details \n Revenue increased by 6.9% on a reported basis, and by 7.6% on a constant currency basis. On an organic basis, Group revenue rose 7.7%, which was broad-based across all categories. \n   \n \n \n \n \n \n \n \n 2024 \n $m \n \n \n 2023 \n $m \n \n \n Reported growth / (decline) \n \n \n Foreign exchange impact \n \n \n Constant currency 2 growth / (decline) \n \n \n Organic 4 growth \n \n \n \n \n Revenue by Category \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Advanced Wound Care \n \n \n 742.7 \n \n \n 695.3 \n \n \n 6.8% \n \n \n (0.6)% \n \n \n 7.4% \n \n \n 7.4% \n \n \n \n \n Ostomy Care \n \n \n 634.0 \n \n \n 608.3 \n \n \n 4.2% \n \n \n (1.4)% \n \n \n 5.6% \n \n \n 5.3% \n \n \n \n \n Continence Care \n \n \n 501.4 \n \n \n 457.2 \n \n \n 9.7% \n \n \n (0.1)% \n \n \n 9.8% \n \n \n 8.3% \n \n \n \n \n Infusion Care \n \n \n 410.9 \n \n \n 370.9 \n \n \n 10.8% \n \n \n (0.4)% \n \n \n 11.2% \n \n \n 11.2% \n \n \n \n \n Revenue excluding hospital care exit \n \n \n 2,289.0 \n \n \n 2,131.7 \n \n \n 7.4% \n \n \n (0.7)% \n \n \n 8.1% \n \n \n 7.7% \n \n \n \n \n Exit of hospital care and related industrial \n \n \n 0.2* \n \n \n 10.7* \n \n \n (98.1)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Total \n \n \n 2,289.2 \n \n \n 2,142.4 \n \n \n 6.9% \n \n \n (0.7)% \n \n \n 7.6% \n \n \n 7.7% \n \n \n \n \n (*) Relates solely to residual stock sales following exit of this business  \n Advanced Wound Care \n Revenue of $743m increased by 6.8% on a reported basis, and 7.4% on both a constant currency and organic basis. This included $99m of InnovaMatrix ® revenue, up 34% YoY, demonstrating the clinical efficacy and popularity with HCPs and patients of our product. Excluding InnovaMatrix ®, AWC growth was 4.2% on an organic basis. \n Geographically, growth was supported by good performance in North America and GEM. By product type, in antimicrobials, Aquacel TM Ag+ Extra continued to perform strongly. In foam, recently launched ConvaFoam TM started to take market share in the US and our European launch progressed well, including Germany and the UK . \n AWC key focus areas are: \n ·    Building on our strong positions and rolling out recent launches to new markets: \n ·      Continuing to grow Aquacel TM Ag+ Extra globally \n ·      Ongoing launch of ConvaFoam TM in the US, Europe and GEM \n ·      Progressing InnovaMatrix ® randomised controlled trials and starting to launch outside the USA \n ·    Continuing to develop new products and develop the AWC pipeline with: \n ·      ConvaNiox TM , our break-through nitric oxide dressing, launching in Europe in 2026 \n ·      ConvaFiber TM , our new enhanced hydrofibre dressing, launching in Europe in 2026 \n ·      ConvaVac TM , our single-use negative pressure wound therapy product, launching in 2026 \n   \n Update on InnovaMatrix ® \n InnovaMatrix ® performed well in FY24, with revenue up 34% YoY to $99m. \n In November 2024, US Medicare Administrative Contractors published Local Coverage Determinations (LCDs) for Skin Substitute and Tissue-Based Products for the Treatment of Diabetic Foot Ulcers (DFU) and Venous Leg Ulcers (VLU) removing coverage under Medicare for the majority of products, including InnovaMatrix ® . Implementation of the LCDs was subsequently postponed from 12 February until 13 April 2025.   Medicare DFU/VLU sales represented c.75% of overall InnovaMatrix ® sales in 2024. If the LCDs are implemented, InnovaMatrix ® would no longer be covered for these indications. \n InnovaMatrix ® is an excellent product with strong real-world evidence and significant clinical benefits. It has 510k clearance from the US Food & Drug Administration based on an established predicate product and offers a popular and effective choice to patients and HCPs. We believe the LCDs, if implemented, would reduce patient and HCP choice, and availability of effective medical solutions in the near-term. \n We published real-world evidence of the effectiveness of InnovaMatrix ® for DFU and VLU treatment in December 2024 and we are making good progress in our two InnovaMatrix ® randomised controlled trials, which we expect to report in 2026. Convatec remains confident of securing DFU/VLU coverage in the future and is committed to working collaboratively with the new US Administration, including at the Centers for Medicare & Medicaid Services (CMS), and their contractors, in the best interests of patients. \n The outlook for InnovaMatrix ® revenue in FY25 is therefore uncertain: \n ·    In DFU/VLU indications, the implementation of LCDs in April 2025 would lead to Medicare sales being removed. This would create a revenue hiatus while we complete our clinical data generation and re-apply for coverage \n ·    Non-DFU/VLU indications are outside the scope of the LCDs. Revenue in these indications grew strongly in FY24, up 70% to c.$25m. Non-DFU/VLU comprise c.55% of the US wound biologics segment and we expect further strong growth in our non DFU/VLU sales in 2025 \n ·    Overall, based on implementation of the LCDs 3 in April 2025, we expect a reduction in revenue of approximately $50m, approximately 2% of Group revenue  \n Ostomy Care \n Revenue of $634m grew by 4.2% on a reported basis, by 5.6% in constant currency and 5.3% on an organic basis. \n Esteem Body TM , o ur first new ostomy product launch in over a decade, proved to be very successful with patients and clinicians and took Convatec into the one-piece soft convex segment in t he US and Europe. Growth was also strong in our existing Plus TM product range, and in a ccessories. In North America, we grew sales, supported by our Home Services Group (HSG) with continued increased new patient starts. We delivered double-digit growth in Global Emerging Markets, outpacing market growth. \n Key focus areas are: \n ·    Continuing to progress our innovation pipeline: \n ·      Broadening the launch of new Esteem Body TM globally \n ·      Developing Natura ® Body, our two-piece soft convex product launching in 2027 \n ·      Launching Flexi-Seal TM Air, a refresh of our market-leading fecal management product, in the US in H2 25 \n ·    Further improving commercial execution across the continuum of care (acute, post-acute and community): \n ·      Improving US new patient starts, with continued close collaboration with HSG and strategic partners \n ·      Enhancing digital engagement with patients, through our me+ Companion TM service, and increased interactions with healthcare professionals (HCPs) in our education and training programmes \n   \n Continence Care \n Revenue of $501m increased by 9.7% on a reported basis and 9.8% on a constant currency basis. Organic revenue growth was 8.3%. \n Performance was led by growing volume and market share in the US. This was further supported by a modest increase in reimbursed pricing and increasing patient adoption of Convatec-manufactured products (including Cure Medical and GentleCath TM ), which now represent over 50% of our 180 Medical sales. Hydrophilic catheters represented 60% of our sales, having increased by c.5% percentage points in our mix since 2020. \n Our GentleCath Air TM for Women 2.0 has been very well-received by HCPs and customers, launching in key markets in Europe and the US . We also made further progress starting to build our international presence, resulting in accelerating growth in GEM and Europe. \n Key focus areas are: \n ·    Rolling out launches to new markets: \n ·      Extending the launch of GentleCath Air TM for Women internationally \n ·      Introducing Cure TM products in Europe and GEM \n ·      Developing GentleCath Air TM for Men Pocket and Set in 2026/27 \n ·    Further improving commercial execution globally: \n ·      Continuing to build out and strengthen commercial teams in Europe and GEM \n   \n Infusion Care \n Revenue of $411m increased 10.8% on a reported basis, and by 11.2% on both a constant currency and organic basis . Growth was driven by strong demand for Convatec infusion sets in both diabetes and non-diabetes treatments. \n In diabetes, durable insulin pump penetration accelerated led by increasing adoption of automated insulin delivery and continuing innovation. This included Medtronic's 780G, Beta Bionics iLet, Tandem Mobi and YpsoMed's YpsoPump. Diversification of our products and customers progressed very well, both within and outside diabetes. \n For non-insulin therapies, our Neria TM brand infusion sets achieved excellent double-digit growth and included the launch of AbbVie's new Parkinson's medicine therapy, which is approved in 35 countries, including the US where approval was received in October 2024. \n Key focus areas are: \n ·    Supporting customer expansion in diabetes: \n ·      Medtronic's 780G extended wear infusion set, Tandem Mobi, Beta Bionics iLet \n ·    Continuing to diversify patient base outside diabetes \n ·      Supporting AbbVie's Parkinson's launch globally; preparing for the Mitsubishi Tanabe launch \n ·      Increasing penetration of infusion sets for other therapies such as pain management \n ·    Enhancing operations: \n ·    Increasing production capacity to meet accelerating demand \n Historical category revenue data \n FY24 represented Convatec's sixth year of accelerating Group organic revenue growth: \n \n \n \n \n Reported revenue $m \n \n \n 2019 \n \n \n 2020 \n \n \n 2021 \n \n \n 2022 \n \n \n 2023 \n \n \n 2024 \n \n \n \n \n Advanced Wound Care  \n \n \n 570 \n \n \n 547 \n \n \n 592 \n \n \n 621 \n \n \n 695 \n \n \n 743 \n \n \n \n \n Ostomy Care \n \n \n 569 \n \n \n 590 \n \n \n 615 \n \n \n 583 \n \n \n 608 \n \n \n 634 \n \n \n \n \n Continence Care \n \n \n 342 \n \n \n 363 \n \n \n 405 \n \n \n 426 \n \n \n 457 \n \n \n 501 \n \n \n \n \n Infusion Care  \n \n \n 238 \n \n \n 283 \n \n \n 316 \n \n \n 341 \n \n \n 371 \n \n \n 411 \n \n \n \n \n Group \n \n \n 1,719 \n \n \n 1,783 \n \n \n 1,928 \n \n \n 1,971 \n \n \n 2,131 \n \n \n 2,289 \n \n \n \n \n Discontinued: Hospital care & industrial  \n \n \n 108 \n \n \n 112 \n \n \n 110 \n \n \n 102 \n \n \n 11 \n \n \n 0 \n \n \n \n \n Total reported revenue \n \n \n 1,827 \n \n \n 1,895 \n \n \n 2,038 \n \n \n 2,073 \n \n \n 2,142 \n \n \n 2,289 \n \n \n \n \n \n \n \n \n \n Organic 1 growth/(decline) % \n \n \n 2019 \n \n \n 2020 \n \n \n 2021 \n \n \n 2022 \n \n \n 2023 \n \n \n 2024 \n \n \n \n \n Advanced Wound Care  \n \n \n 0.5% \n \n \n (2.7)% \n \n \n 9.2% \n \n \n 6.8% \n \n \n 9.5% \n \n \n 7.4% \n \n \n \n \n Ostomy Care \n \n \n 1.0% \n \n \n 4.5% \n \n \n 2.0% \n \n \n 1.7% \n \n \n 4.2% \n \n \n 5.3% \n \n \n \n \n Continence Care \n \n \n 5.4% \n \n \n 5.4% \n \n \n 3.4% \n \n \n 5.1% \n \n \n 6.5% \n \n \n 8.3% \n \n \n \n \n Infusion Care  \n \n \n 2.2% \n \n \n 18.5% \n \n \n 11.5% \n \n \n 9.2% \n \n \n 8.7% \n \n \n 11.2% \n \n \n \n \n Group \n \n \n 2.3% \n \n \n 4.2% \n \n \n 5.3% \n \n \n 5.6% \n \n \n 7.2% \n \n \n 7.7% \n \n \n \n \n Group ex-InnovaMatrix (acquired in 2022) \n \n \n - \n \n \n - \n \n \n - \n \n \n 5.6% \n \n \n 5.9% \n \n \n 6.8% \n \n \n \n \n \n FISBE strategy: FY24 progress \n \n Our FISBE (Focus, Innovate, Simplify, Build, Execute) strategy again delivered strongly in 2024. \n Focus \n We continued to drive focus in our four chronic care categories and 12 focus markets. Over 90% of our revenues arise from supporting patients with chronic illnesses, resulting in high recurring revenues. The US was our largest market and grew strongly, supported by the contribution from recent launches (InnovaMatrix ® , ConvaFoam TM , Esteem Body TM and GentleCath Air TM for Women). \n In 2024, we continued to strengthen our focus on customer centricity and advanced the use of customer Net Promoter Score (cNPS) as the key measure of customer satisfaction and loyalty within Convatec, rolling out the programme across 20 countries, including all our FISBE markets. We are working towards capturing cNPS for all our main customer groups, initially starting with Healthcare Professionals (HCPs) and expanding to users and our key B2B customers. Acting on customer feedback is critical to the success of our business, as we look to deliver a frictionless experience from our front-line clinical colleagues to customer support functions. \n Innovate \n Innovation is a key part of our strategy and is helping to drive growth in the fastest growing segments of our markets. We continued to strengthen our Technology & Innovation capabilities; adjusted R&D expenditure of $102m (2023: $104m) was equivalent to c.5% of revenue. \n New product innovation accelerated with a broadening pipeline across our chronic care markets, including eight new products launched between 2022-24 . Our vitality index, which measures the percentage of Group revenues generated from new or significantly upgraded products launched in the last five-years, reached our target of 30%, a year ahead of target. \n Products launched since 2022 are: \n ·      InnovaMatrix ® in the US and starting to launch in Latin America \n ·      Esteem Body TM in the US and key European markets \n ·      ConvaFoam TM in the US and key European markets \n ·      GentleCath Air TM for Women in the US and key European markets \n ·      Infusion set with Beta Bionics new iLet Bionic Pancreas system \n ·      Extended Wear Infusion Set in US with Medtronic 780G \n ·      Infusion set for new Tandem Mobi pump \n ·      Neria TM Guard Infusion set for AbbVie Parkinson's therapy \n We expect continued momentum from future launches including: \n ·     In AWC, ConvaVac TM , a single use negative pressure treatment on track to launch in 2026; ConvaNiox TM , which is expected to obtain EU regulatory approval in H1 2025, and to launch in Europe in 2026; and ConvaFiber TM , our new enhanced hydrofibre dressing, launching in Europe in 2026 \n ·      In OC, Natura Body TM , our two-piece convex product launching in 2026/27, and FlexiSeal TM Air, a new market-leading fecal management product in the US in H2 2025 \n ·      In CC, GentleCath Air TM for Men Pocket & Set and Cure Aqua in 2026; and \n ·      In IC, infusion technology innovations including a potential new Parkinson's therapy for Mitsubishi Tanabe \n Simplify \n We continued to make progress simplifying the organisation and improving productivity. \n In operations, as part of our Plant Network Optimisation programme, for scale and efficiency, we completed the closure of our EuroTec facility in the Netherlands and closed our small Herlev site in Denmark in December 2024. Our Global Quality & Operations function continued to introduce smart factory tools and automation to the manufacturing footprint to drive enhanced productivity. \n In commercial, the newly created Global Marketing & Sales Centre of Excellence (GMS CoE) drove supplier consolidation across research, advertising and media agencies, delivering cost efficiencies and simplified ways of working. \n In G&A, costs reduced to 7.2% of revenue (2023: 8.1%), declining by $8m to $165m (2023: $173m). We continued to improve, standardise and automate processes, build internal expertise and reduce external third party spend. We also continued to transition activities to our Global Business Services (GBS) centres, which has helped enable a reduction in G&A costs from c.12% of revenue to 7% in three years. In Finance, our initiative in procure-to-pay has enhanced process, reduced cost, improved cash generation and improved employee experience, with transactional NPS (tNPS) up significantly. In IT, we insourced our service desk capability, at a lower cost and resulting in higher colleague satisfaction scores. In HR, we made significant progress with our transformation, refreshing our operating model and transitioning certain activities (e.g. payroll) to our GBS centres to align to standardised processes and ways of working. \n Build \n During the year we established our Market Access & Reimbursement CoE. This team supports access and reimbursement for our existing brands and new product pipeline. Our GMS CoE brings together separate legacy Marketing and Salesforce teams to nurture and drive customer engagement, provide sales leadership training and further improve commercial productivity. \n Our focus remains on strengthening employee engagement and building high-performing teams. We launched a new employee engagement platform to support ongoing dialogue and feedback. We achieved a top decile employee engagement score during the year, with 95% of colleagues sharing feedback. \n Execution \n Our Strategic Pricing Centre of Excellence (CoE), in collaboration with our business units, supported the delivery of 60 bps of pricing improvement, included in our gross margin. \n Our GMS CoE continued to leverage the single CRM platform to drive enhanced salesforce productivity. We increased call rates and improved targeting, with c.70% of calls made to priority (A,B,X) accounts (2023: c.60%). \n We continued to focus on execution excellence within our Global Quality & Operations function. This was through continuous improvement initiatives such as our further automation of production lines at Deeside, UK, and our global packaging project to improve terms and pricing. \n We also made further progress embedding 'Convatec Cares', which underpins our commitment to generating value responsibly and embedding environmental, social and governance (ESG) practices. \n In line with our goal to achieve net zero by 2045, we reduced Scope 1 and Scope 2 greenhouse gas emissions by 14% in 2024 and continued to make progress towards our near-term targets. We also received a B-rating from the Carbon Disclosure Project (CDP) and a Silver award from EcoVadis in their 2024 ratings, recognising our continued progress. \n More than 230,000 HCPs and patients participated in Convatec's educational programmes in 2024, across categories and geographies. This has been a key execution pillar helping the success of new product launches such as Esteem Body TM . We also supported more than 2,300 HCPs with medical education grants. \n Consistent with our commitment to building an inclusive business, we finished 2024 with 45% of the senior management team being women. \n Principal risks \n The Board reviews and agrees our principal risks on a bi ‐ annual basis, taking account of our risk appetite together with our evolving strategy, current business environment and any emerging risks that could impact the business. Our system of risk management and internal control continues to develop and mature, and updates to the principal risks and mitigation plans are made as required in response to changes in our risk landscape. Details of our enterprise risk management framework are set out in the Group's 2024 Annual Report and Accounts to be published in early March. \n The Board has reviewed the principal risks as at 31 December 2024 and made a number of changes to reflect our assessment of their movement from those identified in 2023, the effect on the Group, our evolving strategy and the current business environment. The principal risks have been assessed against the context of the global economic pressures that are impacting all businesses at present and the wider uncertain geopolitical climate. The overall profile of our risks remains consistent with the position presented in the Group's 2023 Annual Report and Accounts. Our principal risks are set out below and listed in order of their potential impact on our ability to successfully deliver on our strategy: \n   \n \n \n \n \n 1.     Operational Resilience & Quality; \n \n \n 5.     Innovation & Regulatory; \n \n \n \n \n 2.     Customer & Markets; \n \n \n 6.     Legal, Compliance & Privacy; \n \n \n \n \n 3.     Cyber & Information Security; \n \n \n 7.     People; and, \n \n \n \n \n 4.     Political & Economic Environment; \n \n \n 8.     Environment & Communities \n \n \n \n \n   \n The risk landscape has changed for the following principal risks since the publication of the 2023 Annual Report and Accounts: \n ·    Customer & Markets - elevated due to the consequences of global macroeconomic factors that may manifest themselves through financial constraints impacting healthcare pricing and reimbursement models \n ·      Tax and Treasury - removed as a principal risk as it was not assessed as having a high residual impact or likelihood but still underpins and is a key component to the delivery of the Group's strategic objectives. We do not forecast any significant issues in this area over the next three years as we have limited tax uncertainties and a robust financial balance sheet with no debt maturities due until 2027 \n The Board assesses the overall risk profile of the Group to ensure it is within our risk appetite. In making this assessment the Board considered the broader risk landscape (including the sustained levels of inflation and interest rates, ongoing supply chain challenges and the continuing impacts of the wars in Ukraine and the Middle East) on the business environment and any continued or additional impact on the Group's business and principal risks, coupled with the controls and mitigations in place to address these challenges. In the main, as our processes and risk mitigations further develop and mature, we have continued to manage the challenges facing the wider business landscape and build further resilience into our operations. Principal risks continue to be appropriately mitigated, and we work to ensure that each risk remains within our risk appetite. \n \n Forward Looking Statements \n This document includes certain forward-looking statements with respect to the operations, performance and financial condition of the Group. Forward-looking statements are generally identified by the use of terms such as \"believes\", \"estimates\", \"aims\", \"anticipates\", \"expects\", \"intends\", \"plans\", \"predicts\", \"may\", \"will\", \"could\", \"targets\", continues\", or their negatives or other similar expressions. These forward-looking statements include all matters that are not historical facts. \n Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies that are difficult to predict and many of which are outside the Group's control. As such, no assurance can be given that such future results, including guidance provided by the Group, will be achieved. Forward-looking statements are not guarantees of future performance and such uncertainties and contingencies, including the factors set out in the \"Principal Risks\" section of the Strategic Report in our Annual Report and Accounts, could cause the actual results of operations, financial condition and liquidity, and the development of the industry in which the Group operates, to differ materially from the position expressed or implied in the forward-looking statements set out in this document. Past performance of the Group cannot be relied on as a guide to future performance. \n Forward-looking statements are based only on knowledge and information available to the Group at the date of preparation of this document and speak only as at the date of this document. The Group and its directors, officers, employees, agents, affiliates and advisers expressly disclaim any obligations to update any forward-looking statements (except to the extent required by applicable law or regulation). \n \n Financial Review \n Revenue grew by 6.9% on a reported basis, 7.6% on a constant currency basis and 7.7% on an organic basis. \n Adjusted operating profit margin was 21.2%, representing an increase of 100bps over the previous year. On a constant currency basis, adjusted operating profit margin expanded by 160bps to 21.8%, with improved productivity, cost control, pricing and mix benefits more than offsetting inflation and continued investment in commercial and R&D capabilities. Adjusted operating profit margin has increased by 350bps over the past three years. \n Adjusted diluted EPS increased by 13.7% year-on-year to 15.2 cents per share (2023: 13.4 cents per share). Reported diluted EPS increased by 45.9% to 9.3 cents per share (2023: 6.3 cents per share). \n Net cash generated from operations improved by 17.3% to $575.5 million (2023: $490.6 million), with free cash flow to equity increasing by 32.2% to $301.8 million (2023: $228.3 million), primarily driven by higher EBITDA. Equity cash conversion improved to 96.6% (2023: 83.3%). \n For 2025, we expect further expansion of Group adjusted operating margin to 22.0-22.5% and to deliver another year of double-digit growth in adjusted EPS. This will be driven by 5-7% organic growth in non-InnovaMatrix® sales based on our broadening product portfolio, strongest ever innovative pipeline and focused commercial execution.   \n Reported and Adjusted results   \n The Group's financial performance, measured in accordance with IFRS, is set out in the Condensed Consolidated Financial Statements and Notes thereto on pages 24 to 40 and referred to as \"reported\" measures. \n The commentary in this Financial review includes discussion of the Group's reported results and alternative performance measures (or adjusted measures) (APMs). Management and the Board use APMs as meaningful measures in monitoring the underlying performance of the business. These measures are disclosed in accordance with the ESMA guidelines and are explained and reconciled to the most directly comparable reported measures prepared in accordance with IFRS on pages 18 to 23.   \n Revenue and revenue growth on constant currency and organic bases are non-IFRS financial measures and should not be viewed as replacements of IFRS reported revenue and revenue growth. Constant currency and organic growth are defined in the Glossary to the Annual Report and Accounts. Percentage movements throughout this report are calculated on actual unrounded numbers. \n Group financial performance   \n   \n \n \n \n \n \n \n \n Reported \n \n \n Reported \n \n \n Adjusted 1 \n \n \n Adjusted 1 \n \n \n Adjusted @ CC 2 \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n 2024 \n \n \n 2023 \n \n \n 2024 \n \n \n Change \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n % \n \n \n \n \n Revenue \n \n \n 2,289.2 \n \n \n 2,142.4 \n \n \n 2,289.2 \n \n \n 2,142.4 \n \n \n 2,304.6 \n \n \n 7.6% \n \n \n \n \n Gross profit \n \n \n 1,283.6 \n \n \n 1,200.6 \n \n \n 1,396.4 \n \n \n 1,320.7 \n \n \n   \n \n \n \n \n \n \n \n Operating profit \n \n \n 324.9 \n \n \n 262.7 \n \n \n 485.3 \n \n \n 431.8 \n \n \n 502.4 \n \n \n 16.4% \n \n \n \n \n Profit before income taxes \n \n \n 245.9 \n \n \n 167.4 \n \n \n 410.9 \n \n \n 357.2 \n \n \n   \n \n \n \n \n \n \n \n Net profit \n \n \n 190.5 \n \n \n 130.3 \n \n \n 312.4 \n \n \n 274.1 \n \n \n   \n \n \n \n \n \n \n \n Basic earnings per share \n (cents per share) \n \n \n 9.3¢ \n \n \n 6.4¢ \n \n \n 15.3¢ \n \n \n 13.4¢ \n \n \n   \n \n \n \n \n \n \n \n Diluted earnings per share \n (cents per share) \n \n \n 9.3¢ \n \n \n 6.3¢ \n \n \n 15.2¢ \n \n \n 13.4¢ \n \n \n 15.8¢ \n \n \n 18.5% \n \n \n \n \n Dividend per share (cents) \n \n \n 6.416¢ \n \n \n 6.229¢ \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 1 These non-IFRS financial measures are explained and reconciled to the most directly comparable financial measures prepared in accordance with IFRS on pages 18 to 23.   \n 2 Adjusted 2024 at constant currency is calculated on 2024 adjusted results translated at 2023 actual FX rates. \n   \n Revenue \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n Reported growth \n \n \n Foreign \n exchange \n impact \n \n \n Constant currency growth \n \n \n Organic growth \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n % \n \n \n % \n \n \n % \n \n \n % \n \n \n \n \n Advanced Wound Care (AWC) \n \n \n 742.7 \n \n \n 695.3 \n \n \n 6.8% \n \n \n (0.6)% \n \n \n 7.4% \n \n \n 7.4% \n \n \n \n \n Ostomy Care (OC) \n \n \n 634.0 \n \n \n 608.3 \n \n \n 4.2% \n \n \n (1.4)% \n \n \n 5.6% \n \n \n 5.3% \n \n \n \n \n Continence Care (CC) \n \n \n 501.4 \n \n \n 457.2 \n \n \n 9.7% \n \n \n (0.1)% \n \n \n 9.8% \n \n \n 8.3% \n \n \n \n \n Infusion Care (IC) \n \n \n 410.9 \n \n \n 370.9 \n \n \n 10.8% \n \n \n (0.4)% \n \n \n 11.2% \n \n \n 11.2% \n \n \n \n \n Revenue excluding hospital care exit \n \n \n 2,289.0 \n \n \n 2,131.7 \n \n \n 7.4% \n \n \n (0.7)% \n \n \n 8.1% \n \n \n 7.7% \n \n \n \n \n Exit of hospital care and related industrial sales \n \n \n 0.2 \n \n \n 10.7 \n \n \n (98.1)% \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n Total \n \n \n 2,289.2 \n \n \n 2,142.4 \n \n \n 6.9% \n \n \n (0.7)% \n \n \n 7.6% \n \n \n 7.7% \n \n \n \n \n   \n Group reported revenue for 2024 of $2,289.2 million (2023: $2,142.4 million) increased 6.9% year-on-year on a reported basis and 7.6% on a constant currency basis. \n Adjusting for foreign exchange and acquisition and divestiture-related activities 3 , Group revenue grew by 7.7% on an organic basis. This was driven by broad-based growth across Advanced Wound Care, Ostomy Care, Continence Care and Infusion Care. For more details about category revenue performance, refer to the Operational reviews on pages 4 to 5.  \n 3 Acquisitions in 2024 related to Livramedom whilst in 2023, acquisitions related to Starlight Science, A Better Choice Medical Supply and All American Medical Supply. Divestitures related to the 2022 discontinuation of hospital care, related industrial sales and associated Russia operations. The Group discontinued operations (including all sales and marketing activities) in Russia in 2022. We are in the process of managing our exit from the Group's dormant entity, and from 1 March 2025, will have no remaining employees in the country. We have no plans to recommence operations.   \n Net profit \n Adjusted gross profit increased by 5.7% to $1,396.4 million ( 2023 : $1,320.7 million) and adjusted gross profit margin decreased by 60bps to 61.0%. The Group delivered pricing and mix benefits of 100bps and productivity improvements of 50bps. These were more than offset by inflationary pressures of 160bps and foreign exchange headwinds of 50bps. On a reported basis, gross profit increased by 6.9% to $1,283.6 million ( 2023 : $1,200.6 million).  \n Adjusted operating expenses saw a net increase of $22.2 million to $911.1 million (2023: $888.9 million), with increases in adjusted selling and distribution (S&D) expenses partially offset by reductions in adjusted general and administrative (G&A) expenses. \n Increases in adjusted S&D of $31.8 million to $643.7 million (2023: $611.9 million), were primarily driven by higher investment in the sales force associated with growing the business. Reported S&D increased by $32.7 million to $645.2 million ( 2023 : $612.5 million). Adjusted R&D of $102.4 million (2023: $103.9 million) remained consistent year-on-year and, combined with an increase in R&D capital expenditure, reflected the ongoing investment in our future pipeline of new products and new R&D talent joining the business through recent acquisitions. On a reported basis, R&D increased by 1.5% to $111.7 million ( 2023 : $110.0 million). \n Adjusted G&A decreased by $8.1 million year-on-year to $165.0 million (2023: $173.1 million), reflecting the Group's focus on simplification and productivity, notably as we continued to standardise technology and processes, build internal expertise and reduce external third party spend and expand the scope of our Global Business Services (GBS). Adjusted G&A as a percentage of revenue fell to 7.2% ( 2023 : 8.1%) - over the past three years, adjusted G&A expenses as a percentage of revenue has fallen by 450bps. Reported G&A decreased by 8.4% to $195.0 million ( 2023 : $212.9 million). \n A reconciliation between reported and adjusted operating expenses is provided in the Non-IFRS financial information section on pages 18 to 23. \n The Group delivered adjusted operating profit of $485.3 million ( 2023 : $431.8 million), representing an adjusted operating margin of 21.2% ( 2023 : 20.2%). This was equivalent to 21.8% on a constant currency basis, an increase of 160bps versus 2023. Reported operating profit increased by 23.7% to $324.9 million ( 2023 : $262.7 million). \n Adjusted net profit increased by 14.0% to $312.4 million ( 2023 : $274.1 million), with the increase in adjusted income tax expense (explained below) more than offset by the increase in adjusted operating profit as explained above. \n On a reported basis, net profit increased by 46.2% to $190.5 million (2023: $130.3 million). Adjusting items are explained below. \n Earnings per share (EPS) \n Adjusted basic EPS for 2024 was 15.3 cents (2023: 13.4 cents) and adjusted diluted EPS was 15.2 cents (2023: 13.4 cents), representing increases of 13.5% and 13.7% respectively. \n Basic reported EPS rose 45.6% to 9.3 cents (2023:  6.4 cents), reflecting the reported net profit divided by the basic weighted average number of ordinary shares of 2,047,643,498 (2023: 2,038,653,228). \n   \n Taxation  \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n \n \n \n \n \n 2023 \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n Effective tax rate \n \n \n $m \n \n \n Effective tax rate \n \n \n \n \n Reported income tax expense \n \n \n (55.4) \n \n \n 22.5% \n \n \n (37.1) \n \n \n 22.2% \n \n \n \n \n Tax effect of adjustments \n \n \n (40.2) \n \n \n   \n \n \n (38.5) \n \n \n \n \n \n \n \n Other discrete tax items \n \n \n (2.9) \n \n \n   \n \n \n (7.5) \n \n \n \n \n \n \n \n Adjusted income tax expense \n \n \n (98.5) \n \n \n 24.0% \n \n \n (83.1) \n \n \n 23.3% \n \n \n \n \n   \n The Group's reported income tax expense was $55.4 million (2023: $37.1 million). The increase in the reported effective tax rate was due to the variance of profit mix between jurisdictions, an increase in uncertain tax positions and the impact of the 2023 benefit from a successful resolution of an uncertain tax position. The increase was net of a reduction due to the release of a $2.9 million tax liability relating to business restructuring and a benefit from prior year tax filings in the UK. \n The adjusted effective tax rate of 24.0% for the year ended 31 December 2024 (2023: 23.3% ) was after reflecting the tax impact of items treated as adjusting items (further details can be found in the Reconciliation of reported earnings to adjusted earnings table in the Non-IFRS financial information section on page 20). The increase in the adjusted effective tax rate was due to the variance of profit mix between jurisdictions in which the Group had a taxable presence and an increase in uncertain tax positions. This increase was net of a benefit from prior year tax filings in the UK. \n Alternative Performance Measures (APMs) \n   \n Management and the Board make adjustments to the reported figures, where appropriate, to produce more meaningful measures in monitoring the underlying performance of the business - Alternative Performance Measures (APMs). These are also referred to as adjusting items in the Annual Report and Accounts. The Group's APM policy can be found in the Non-IFRS financial information section on pages 18 to 19 and the following adjustments were made to derive adjusted operating profit and adjusted net profit. \n   \n \n \n \n \n \n \n \n Operating profit \n $m \n \n \n Fair value movement of contingent consideration \n $m \n \n \n Non-operating income/(expense) \n $m \n \n \n Income tax \n $m \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n 2024 \n \n \n 2023 \n \n \n 2024 \n \n \n 2023 \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n Reported \n \n \n 324.9 \n \n \n 262.7 \n \n \n (4.6) \n \n \n (24.6) \n \n \n 3.7 \n \n \n 4.8 \n \n \n (55.4) \n \n \n (37.1) \n \n \n \n \n Amortisation of acquired intangibles \n \n \n 136.3 \n \n \n 136.2 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (33.6) \n \n \n (32.6) \n \n \n \n \n Acquisitions and divestitures \n \n \n 1.8 \n \n \n 10.1 \n \n \n 4.6 \n \n \n 24.6 \n \n \n - \n \n \n (3.9) \n \n \n (1.3) \n \n \n (0.7) \n \n \n \n \n Termination benefits and related costs \n \n \n 6.3 \n \n \n 9.5 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.5) \n \n \n (2.0) \n \n \n \n \n Other adjusting items \n \n \n 16.0 \n \n \n 13.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3.8) \n \n \n (3.2) \n \n \n \n \n Other discrete tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (2.9) \n \n \n (7.5) \n \n \n \n \n Adjusted \n \n \n 485.3 \n \n \n 431.8 \n \n \n - \n \n \n - \n \n \n 3.7 \n \n \n 0.9 \n \n \n (98.5) \n \n \n (83.1) \n \n \n \n \n   \n Adjustments made to derive adjusted operating profit in 2024 included the amortisation of acquired intangibles of $136.3 million (2023: $136.2 million), of which $94.1 million (2023: $93.2 million) resulted from intangible assets arising from the spin-out from Bristol-Myers Squibb in 2008 and will be fully amortised by December 2026. \n Acquisition and divestiture-related costs of $1.8 million consisted of costs in respect of the Livramedom acquisition and certain prior acquisitions partially offset by the release of previously recognised provisions in respect of the hospital care exit.  \n Termination costs of $6.3 million were in respect of one-off, fundamental transformation projects in line with our simplification and productivity initiatives. Other adjusting items of $16.0 million largely consisted of the impairment of right-of-use assets and property, plant and equipment, inventory write offs and charges wholly related to the office footprint optimisation programme and closure of certain manufacturing sites as previously announced. \n Of the total $160.4 million of adjusting items recognised within operating profit (excluding tax impact), only $10.8 million was cash-impacting in 2024 (2023: $16.1 million). There was also a cash outflow of $11.7 million (2023: $7.5 million) during the year in respect of adjusting items recorded as accruals in the prior year. In 2025, the total cash impact of adjusting items to be recognised within operating profit (including amounts accrued in previous years), is currently expected to be similar to 2024. For further information on Non-IFRS financial information, see pages 18 to 23. \n In 2024, other discrete tax items related to a tax benefit of $2.9 million resulting from the release of a tax liability relating to restructuring activities in Switzerland. In 2023 , other discrete tax items related to a tax benefit of $15.1 million resulting from a provision release following the successful resolution of an uncertain tax position, partially offset by tax expenses of $7.6 million in respect of a restructuring of activities in Switzerland. \n The Board, through the Audit and Risk Committee, annually reviews the Group's APM policy to ensure that it remains appropriate, aligns with regulatory guidance and reflects the way in which the performance of the Group is managed. \n Acquisitions \n In 2024, the Group completed the acquisition of Livramedom - a homecare service provider, based in France, for a net cash outflow of $13.6 million to further strengthen our Home Services Group. There was no contingent consideration associated with this acquisition. \n During the year, the Group paid $70.9 million in respect of final earn out amounts associated with the acquisitions of Cure Medical in 2021 and Triad Life Science in 2022 (of which $69.7 million had been provided at 31 December 2023). As at 31 December 2024, the discounted fair value of contingent consideration arising on acquisitions was $70.3 million (2023: $138.0 million). Refer to Note 7 - Acquisitions of the Condensed Consolidated Financial Statements for further details. \n Dividends \n Dividends are distributed based on the realised distributable reserves of the Company, which are primarily derived from the dividends received from subsidiary companies and are not based directly on the Group's consolidated retained earnings. The realised distributable reserves of the Company at 31 December 2024 were $1,474.7 million (2023: $1,539.4 million). \n The Board declared an interim dividend of 1.822 cents per share in July 2024 and has recommended a final 2024 dividend of 4.594 cents per share, which would bring the full-year dividend to 6.416 cents per share (2023: 6.229 cents per share), an increase of 3.0% and a pay-out ratio when compared to adjusted net profit of 42% (2023: 46%). Our stated policy is a pay-out ratio of 35% to 45% of adjusted net profit but this is interpreted flexibly over time to reflect the underlying performance of the business and the Board's confidence in its future growth prospects. \n Refer to Note 6 - Dividends of the Condensed Consolidated Financial Statements for further information. \n   \n Cash Flow and Net Debt \n   \n \n \n \n \n \n \n \n Adjusted \n \n \n Adjusted \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Adjusted EBITDA 1,6 \n \n \n 590.5 \n \n \n 527.1 \n \n \n \n \n Working capital inflow/(outflow) 1,6 \n \n \n 7.5 \n \n \n (12.9) \n \n \n \n \n Adjusting items 2,6 \n \n \n (22.5) \n \n \n (23.6) \n \n \n \n \n Capital expenditure \n \n \n (122.1) \n \n \n (129.2) \n \n \n \n \n Operating cash flow 1 \n \n \n 453.4 \n \n \n 361.4 \n \n \n \n \n Tax paid \n \n \n (52.1) \n \n \n (35.9) \n \n \n \n \n Free cash flow to capital 1 \n \n \n 401.3 \n \n \n 325.5 \n \n \n \n \n Net interest paid \n \n \n (79.1) \n \n \n (65.6) \n \n \n \n \n Lease payments \n \n \n (24.7) \n \n \n (22.7) \n \n \n \n \n Other 3 \n \n \n 4.3 \n \n \n (8.9) \n \n \n \n \n Free cash flow to equity 1 \n \n \n 301.8 \n \n \n 228.3 \n \n \n \n \n Dividends 4 \n \n \n (130.2) \n \n \n (110.7) \n \n \n \n \n Acquisitions and other 5 \n \n \n (89.5) \n \n \n (178.8) \n \n \n \n \n Purchase of own shares \n \n \n (10.9) \n \n \n - \n \n \n \n \n Movement in net debt \n \n \n 71.2 \n \n \n (61.2) \n \n \n \n \n Net debt 1 at 1 January (excluding lease liabilities) \n \n \n (1,129.3) \n \n \n (1,068.1) \n \n \n \n \n Net debt 1 at 31 December (excluding lease liabilities) \n \n \n (1,058.1) \n \n \n (1,129.3) \n \n \n \n \n   \n 1.       These non-IFRS financial measures are explained and reconciled to the most directly comparable financial measure prepared in accordance with IFRS in the Non-IFRS financial information section on pages 18 to 23. \n 2.      Details of adjusting items are provided in the adjusting items cash movement table in the Non-IFRS financial information section on page 23. Of the total cash outflow of $22.5 million during the year, $11.7 million related to accruals recorded in the prior year. \n 3.       Other consisted of financing fees amortisation $3.0 million (2023: $2.8 million) offset by a net FX gain on cash and borrowings of $4.6 million (2023: $6.7 million FX loss) and proceeds from PP&E sales of $2.7 million (2023: $0.6 million). \n 4.        Dividend cash payments of $130.2 million (2023: $110.7 million) were made to shareholders during the year. \n 5.        Acquisition and other payments of $89.5 million consisted of the consideration payment of $13.6 million in respect of the acquisition of Livramedom, a $5.0 million SAFE note investment in BlueWind Medical and $70.9 million in respect of the final earn out payments associated with the acquisitions of Cure Medical in 2021 and Triad Life Sciences in 2022. \n 6.        Excluding the impact of adjusting items of $22.5 million (2023: $23.6 million) on adjusted EBITDA and adjusted working capital movements, EBITDA was $573.2 million (2023: $496.7 million) and the reported working capital movement was a $6.5 million outflow (2023: $0.6 million inflow). \n   \n Adjusted EBITDA \n Adjusted EBITDA increased by $63.4 million to $590.5 million (2023: $527.1 million) , with the increase in adjusted gross profit of $75.7 million more than offsetting the increase in adjusted operating expenses of $22.2 million. These are explained in the adjusted net profit commentary section. A reconciliation of adjusted EBITDA to the closest IFRS measure is provided in the Non-IFRS financial information section on pages 18 to 23. \n Free cash flow to capital \n Free cash flow to capital increased by $75.8 million to $401.3 million (2023: $325.5 million) , largely driven by the increase in adjusted EBITDA of $63.4 million and improved year-on-year working capital movements of $20.4 million. These were partly offset by an increase in cash tax paid of $16.2 million. \n The Group invested $122.1 million in capital expenditure ( 2023 : $129.2 million) to increase manufacturing capacity and automation, develop new products and improve information technology and digital tools. \n The adjusted working capital inflow of $7.5 million (2023: $12.9 million outflow) improved year-on-year, with reduced inventory levels of $25.7 million on an adjusted basis and a realised gain on the settlement of FX derivatives held to manage foreign exchange risk in our working capital of $8.8 million (2023: $6.7 million loss) partially offset by a $26.9 million increase in trade and other receivables based on higher sales. \n Free cash flow to capital is reconciled to its nearest IFRS measure in the Non-IFRS financial information section - see page 22. The nearest IFRS measure is net cash generated from operations, which has increased by $84.9 million to $575.5 million ( 2023 : $490.6 million) and is derived from reported net profit of $190.5 million ( 2023 : $130.3 million). \n Operating cash conversion was 93.4% ( 2023 : 83.7%). The improvement in the ratio primarily reflected the improvement in working capital and net FX gains on derivatives. Refer to page 22 in the Non-IFRS financial information section. \n Free cash flow to equity \n Free cash flow to equity increased by $73.5 million or 32.2% to $301.8 million (2023: $228.3 million) . This was driven by an increase in free cash flow to capital of $75.8 million as explained above and net foreign exchange gains of $11.3 million on borrowings and cash, partly offset by higher finance expense payments of $13.5 million primarily due to the timing of interest payments associated with the revolving credit facility. Free cash flow to equity is reconciled to its nearest IFRS measure in the Non-IFRS financial information section - see page 22. Equity cash conversion was 96.6% ( 2023 : 83.3%) - refer to page 22 in the Non-IFRS financial information section. \n Borrowings and net debt \n \n \n \n \n \n \n \n   2024 \n \n \n 2023 \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n \n Senior notes 1 \n \n \n (495.1) \n \n \n (494.1) \n \n \n \n \n Credit facilities 1 \n \n \n (627.7) \n \n \n (732.8) \n \n \n \n \n Lease liabilities \n \n \n (78.8) \n \n \n (85.5) \n \n \n \n \n Total borrowings including lease liabilities \n \n \n (1,201.6) \n \n \n (1,312.4) \n \n \n \n \n Cash and cash equivalents \n \n \n 64.7 \n \n \n 97.6 \n \n \n \n \n Total borrowings including lease liabilities, net of cash \n \n \n (1,136.9) \n \n \n (1,214.8) \n \n \n \n \n Net debt 2 (excluding lease liabilities) \n \n \n (1,058.1) \n \n \n (1,129.3) \n \n \n \n \n Net debt 2 (excluding leases)/adjusted EBITDA 2 \n \n \n 1.8 \n \n \n 2.1 \n \n \n \n \n   \n 1.        Senior notes and credit facilities are stated net of unamortised financing fees of $4.9 million and $5.8 million respectively (2023: $5.9 million and $7.8 million). \n 2.        These non-IFRS measures are explained and reconciled to the most directly comparable financial measures prepared in accordance with IFRS on pages 18 to 23. \n   \n As at 31 December 2024, the Group's cash and cash equivalents were $64.7 million (2023: $97.6 million) and total borrowings (net of deferred financing fees) were $1,122.8 million (2023: $1,226.9 million). \n The Group's banking facilities comprise of a multicurrency revolving credit facility of $950.0 million and a term loan of $250.0 million, maturing in 2028 and 2027 respectively. The Group's $500.0 million senior unsecured notes, issued in October 2021, remain in place with maturity in October 2029. \n As at 31 December 2024, $566.5 million of the multicurrency revolving credit facility remained undrawn. \n The Group ended the period with total borrowings, including IFRS 16 lease liabilities, of $1,201.6 million (2023: $1,312.4 million). Offsetting cash of $64.7 million (2023: $97.6 million) and excluding lease liabilities, net debt was $1,058.1 million (2023: $1,129.3 million), equivalent to 1.8x adjusted EBITDA (2023: 2.1x adjusted EBITDA). We continue to target leverage of 2x over time but are comfortable to temporarily go above or below this, dependent on M&A and other investment opportunities. \n For further information on borrowings see Note 8 - Borrowings of the Condensed Consolidated Financial Statements. \n Covenants \n At 31 December 2024, the Group was in compliance with all financial and non-financial covenants associated with the Group's outstanding debt. \n The Group has two financial covenants, being net leverage and interest cover, each of which is defined, where applicable, within the borrowing documentation. The table below summarises the Group's most restrictive covenant thresholds and position as at 31 December 2024 and 2023. \n \n \n \n \n \n \n \n Maximum covenant net leverage \n \n \n Actual covenant net leverage \n \n \n Minimum covenant interest cover 1 \n \n \n Actual covenant interest cover 1 \n \n \n \n \n 31 December 2024 \n \n \n 3.50x \n \n \n 1.9x \n \n \n 3.5x \n \n \n 7.6x \n \n \n \n \n 31 December 2023 \n \n \n 3.50x \n \n \n 2.3x \n \n \n 3.5x \n \n \n 7.0x \n \n \n \n \n *Interest cover is adjusted EBITDA/interest expense (net) and net leverage is net debt/adjusted EBITDA in accordance with the definitions contained in underlying borrowing documentation and are not the same as the definitions of these measures presented in the Non-IFRS financial information section on pages 18 to 23 and applied in the commentary in this Financial review. \n   \n Group financial position \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n \n \n At 31 December \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Intangible assets and goodwill \n \n \n 2,096.1 \n \n \n 2,234.1 \n \n \n (138.0) \n \n \n \n \n Other non-current assets \n \n \n 625.6 \n \n \n 609.6 \n \n \n 16.0 \n \n \n \n \n Cash and cash equivalents \n \n \n 64.7 \n \n \n 97.6 \n \n \n (32.9) \n \n \n \n \n Other current assets \n \n \n 728.6 \n \n \n 772.4 \n \n \n (43.8) \n \n \n \n \n Total assets \n \n \n 3,515.0 \n \n \n 3,713.7 \n \n \n (198.7) \n \n \n \n \n Current liabilities \n \n \n (512.3) \n \n \n (536.4) \n \n \n 24.1 \n \n \n \n \n Non-current liabilities \n \n \n (1,313.8) \n \n \n (1,484.6) \n \n \n 170.8 \n \n \n \n \n Equity \n \n \n (1,688.9) \n \n \n (1,692.7) \n \n \n 3.8 \n \n \n \n \n Total equity and liabilities \n \n \n (3,515.0) \n \n \n (3,713.7) \n \n \n 198.7 \n \n \n \n \n   \n Intangible assets and goodwill \n Intangible assets and goodwill decreased by $138.0 million to $2,096.1 million ( 2023 : $2,234.1 million) and was primarily driven by the in-year amortisation of intangible assets of $157.0 million partially offset by intangible asset additions of $31.4 million. \n Following the Local Coverage Determinations (LCDs) announcement in November 2024, management considered whether there was an indication of impairment in respect of the InnovaMatrix ® product-related intangible asset held on the balance sheet. Using latest approved forecasts, the recoverable amount was calculated, and this demonstrated significant headroom over the carrying amount. A similar exercise was carried out on the goodwill balance associated with the Advanced Wound Care CGU and there was significant headroom remaining. Management therefore concluded that the intangible asset and goodwill balance were not impaired at 31 December 2024. \n No other triggers of impairments were identified during 2024. \n Other non-current assets \n Other non-current assets, including property, plant and equipment (PP&E), right-of-use assets, investment in financial assets, deferred tax assets, restricted cash and other assets increased by $16.0 million to $625.6 million ( 2023 : $609.6 million), with the increase largely due to an increase in PP&E reflecting the continued investment in our manufacturing facilities. \n Current assets excluding cash and cash equivalents \n Current assets, excluding cash and cash equivalents, decreased by $43.8 million to $728.6 million (2023: $772.4 million), primarily driven by a reduction in inventories of $46.5 million. \n As a result of the LCDs announcement, consideration was also given to the recoverability of related debtors and inventory valuation. No issues were noted and management concluded that there were no risks of material misstatement in respect of these balances as at 31 December 2024 . \n Current liabilities \n Current liabilities decreased by $24.1 million to $512.3 million (2023: $536.4 million), with decreases in trade and other payables of $6.0 million, provisions of $9.7 million and contingent consideration of $16.4 million partially offset by an increase in current tax payable of $5.3 million. \n Non-current liabilities \n Non-current liabilities decreased by $170.8 million to $1,313.8 million (2023: $1,484.6 million). This was primarily due to reductions in non-current borrowings of $104.1 million, contingent consideration of $51.3 million (following the final earn out payments made for the Cure Medical and Triad acquisitions), deferred tax liabilities of $5.5 million and lease liabilities of $8.0 million . \n Going concern \n In assessing going concern, the Directors considered available cash resources, access to committed undrawn funding, financial performance and forecast performance, including continued implementation of the FISBE 2.0 strategy, together with the Group's financial covenant compliance requirements and principal risks and uncertainties. \n The same severe but plausible downside scenarios utilised in the preparation of the Viability statement were also applied in assessing going concern. Under each scenario, the Group retained significant liquidity and covenant headroom throughout the going concern period, i.e. 12 months from the date of this report. For further information on Going Concern, see Note 1.3 of the Condensed Consolidated Financial Statements. \n A reverse stress test, before corporate level mitigations, was also considered to demonstrate what reduction in revenue would be required in the next 12 months to create conditions which may lead to a potential covenant breach. The outcome of this test was considered implausible given the Group's strong global market position, diversified portfolio of products and the corporate mitigations available to the Board and management. \n Accordingly, the Directors continue to adopt the going concern basis in preparing the Condensed Consolidated Financial Statements. \n Non-IFRS financial information \n Non-IFRS financial information or alternative performance measures (APMs) are those measures used by the Board and management on a day-to-day basis in their assessment of profit and performance and comparison between periods. The adjustments applied to IFRS measures reflect the effect of certain cash and non-cash items that the Board believes distort the understanding of the quality of earnings and cashflows as, by their size or nature, they are not considered part of the core operations of the business. Adjusted measures also form the basis of performance measures for remuneration, e.g. adjusted operating profit. \n It should be noted that the Group's APMs may not be comparable to other similarly titled measures used by other companies and should not be considered in isolation or as a substitute for the equivalent measures calculated and presented in accordance with IFRS (our reported measures). \n In determining whether an item should be presented as an allowable adjustment to IFRS measures, the Group considers items which are significant either because of their size or their nature and arise from events that are not considered part of the core operations of the business. These tend to be one-off events but may still cross more than one accounting period. Recurring items may be considered, particularly in respect of the amortisation of acquisition-related intangible assets. If an item meets at least one of these criteria, the Board, through the Audit and Risk Committee, then exercises judgement as to whether the item should be classified as an allowable adjustment to IFRS performance measures. \n The tax effect of the adjustments is reflected in the adjusted tax expense to remove the tax impact from adjusted net profit and adjusted earnings per share. \n Amortisation of acquisition-related intangible assets \n The Group's strategy is to grow both organically and through acquisition, with acquisitions being targeted to strengthen our position in key geographies and/or business categories or which provide access to new technology. The nature of the businesses acquired includes the acquisition of significant intangible assets, which are required to be amortised.  The Board and management regard the amortisation as a distortion to the quality of earnings and it has no cash implications in the year.  The amortisation also distorts comparability with peer groups where such assets may have been internally generated and, therefore, not reflected on their balance sheet. Amortisation of acquisition-related intangible assets is, by its nature, a recurring adjustment. \n Acquisition-related activities \n Costs directly related to potential and actual strategic transactions which have been executed, aborted or are in-flight are deemed adjusting items. \n Acquisition-related costs relate to deal costs, integration costs and earn-out adjustments, including the discounting impact which are incurred directly as a result of the Group undertaking or pursuing an acquisition. Deal costs are wholly attributable to the deal, including legal fees, due diligence fees, bankers' fees/commissions and other direct costs incurred as a result of the actual or potential transaction. Integration costs are wholly attributable to the integration of the target and based on integration plans presented at the point of acquisition, including the cost of retention of key people where this is in excess of normal compensation, redundancy of target staff and early lease termination payments. \n Adjusted measures in relation to acquisitions also include aborted deal costs. \n Divestiture-related activities \n Divestiture-related activities comprise the gains or losses resulting from disposal or divestment of a business as a result of a sale, major business change or restructuring programme. These include write-down of non-current assets, provisions to recognise inventories at realisable value, provisions for costs of exiting contracts and associated legal fees, and any other directly attributable costs. Any income from the ultimate disposal of a business or subsidiary is included in the gain or loss. \n Adjusted measures in relation to divestitures also include aborted deal costs. \n Impairment of assets \n Impairments, write-offs and gains and losses from defined programmes and where the Group considers the circumstances of such event are not reflective of normal business trading performance or when transactions relate to acquisition-related intangible assets where the amortisation is already excluded from the calculation of adjusted measures. \n Termination benefits and related costs \n Termination benefits and other related costs arise from material, one-time Group-wide initiatives to reduce the ongoing cost base and improve efficiency in the business, including divestitures from non-strategic activities. The Board considers each project individually to determine whether its size and nature warrants separate disclosure. Qualifying items are limited to termination benefits (including retention) without condition of continuing employment in respect of major Group-wide change programmes. Where discrete qualifying items are identified these costs are highlighted and excluded from the calculation of adjusted measures. Due to their nature, these adjusted costs may span more than one year. \n Other adjusting items \n Other adjusting items relate to material, one-time initiatives which are part of the Group's strategy to improve productivity in the business and optimise cash flows. The Board considers each project individually to determine whether its size and nature warrants separate disclosure. Qualifying costs are limited to directly attributable costs of the initiatives and any realignment costs. Due to the nature of the initiatives, these adjusted costs may span more than one year.   \n Revenue measures \n Revenue growth on a constant currency basis represents reported revenue, as determined under IFRS, and applying the applicable prior period average exchange rates to the Group's actual performance in the respective period. Organic revenue growth is calculated by adjusting this to exclude the impact of acquisitions and divestitures. \n Cash flow measures \n Operating cash flow is the net cash generated from operations, as determined under IFRS, less capital expenditure. Free cash flow to capital is defined as operating cash flow less tax paid. Free cash flow to equity reflects how effectively we are converting the profit we generate into cash (after accounting for working capital, capital investments, adjusting items, tax and interest). Refer to page 22 for details on how these measures are calculated. \n Net debt and leverage ratio are two other measures used and these are explained on page 23. \n Reconciliation of reported earnings to adjusted earnings for the years ended 31 December 2024 and 2023 \n \n \n \n \n Year ended 31 December 2024 \n \n \n Revenue \n \n \n Gross profit \n \n \n Operating costs \n \n \n Operating profit \n \n \n Finance expense, net \n \n \n Fair value movement of contingent consideration \n \n \n Non-operating income, net \n \n \n PBT \n \n \n Income tax \n \n \n Net profit \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n As reported \n \n \n 2,289.2 \n \n \n 1,283.6 \n \n \n (958.7) \n \n \n 324.9 \n \n \n (78.1) \n \n \n (4.6) \n \n \n 3.7 \n \n \n 245.9 \n \n \n (55.4) \n \n \n 190.5 \n \n \n \n \n Amortisation of acquired intangibles \n \n \n - \n \n \n 109.0 \n \n \n 27.3 \n \n \n 136.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n 136.3 \n \n \n (33.6) \n \n \n 102.7 \n \n \n \n \n Acquisition-related costs \n \n \n - \n \n \n - \n \n \n 3.5 \n \n \n 3.5 \n \n \n - \n \n \n 4.6 \n \n \n - \n \n \n 8.1 \n \n \n (1.7) \n \n \n 6.4 \n \n \n \n \n Divestiture-related costs/(income) \n \n \n - \n \n \n (1.1) \n \n \n (0.6) \n \n \n (1.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.7) \n \n \n 0.4 \n \n \n (1.3) \n \n \n \n \n Termination benefits and related costs \n \n \n - \n \n \n 0.9 \n \n \n 5.4 \n \n \n 6.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n 6.3 \n \n \n (1.5) \n \n \n 4.8 \n \n \n \n \n Other adjusting items \n \n \n - \n \n \n 4.0 \n \n \n 12.0 \n \n \n 16.0 \n \n \n - \n \n \n - \n \n \n - \n \n \n 16.0 \n \n \n (3.8) \n \n \n 12.2 \n \n \n \n \n Other discrete tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n (2.9) \n \n \n (2.9) \n \n \n \n \n Adjusted \n \n \n 2,289.2 \n \n \n 1,396.4 \n \n \n (911.1) \n \n \n 485.3 \n \n \n (78.1) \n \n \n - \n \n \n 3.7 \n \n \n 410.9 \n \n \n (98.5) \n \n \n 312.4 \n \n \n \n \n Amortisation \n \n \n \n \n \n \n \n \n \n \n \n 20.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation \n \n \n \n \n \n \n \n \n \n \n \n 63.8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of assets \n \n \n \n \n \n \n \n \n \n \n \n 0.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share-based payments \n \n \n \n \n \n \n \n \n \n \n \n 19.8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n   \n \n \n   \n \n \n   \n \n \n 590.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Year ended 31 December 2023 \n \n \n Revenue \n \n \n Gross profit \n \n \n Operating costs \n \n \n Operating profit \n \n \n Finance expense, net \n \n \n Fair value movement of contingent consideration \n \n \n Non-operating income, net \n \n \n PBT \n \n \n Income tax \n \n \n Net profit \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n As reported \n \n \n 2,142.4 \n \n \n 1,200.6 \n \n \n (937.9) \n \n \n 262.7 \n \n \n (75.5) \n \n \n (24.6) \n \n \n 4.8 \n \n \n 167.4 \n \n \n (37.1) \n \n \n 130.3 \n \n \n \n \n Amortisation of acquired intangibles \n \n \n - \n \n \n 110.4 \n \n \n 25.8 \n \n \n 136.2 \n \n \n - \n \n \n - \n \n \n - \n \n \n 136.2 \n \n \n (32.6) \n \n \n 103.6 \n \n \n \n \n Acquisition-related costs \n \n \n - \n \n \n 1.5 \n \n \n 6.8 \n \n \n 8.3 \n \n \n - \n \n \n 24.6 \n \n \n - \n \n \n 32.9 \n \n \n (1.4) \n \n \n 31.5 \n \n \n \n \n Divestiture-related costs/(income) \n \n \n - \n \n \n 3.6 \n \n \n (1.8) \n \n \n 1.8 \n \n \n - \n \n \n - \n \n \n (3.9) \n \n \n (2.1) \n \n \n 0.7 \n \n \n (1.4) \n \n \n \n \n Termination benefits and related costs \n \n \n - \n \n \n 2.1 \n \n \n 7.4 \n \n \n 9.5 \n \n \n - \n \n \n - \n \n \n - \n \n \n 9.5 \n \n \n (2.0) \n \n \n 7.5 \n \n \n \n \n Other adjusting items \n \n \n - \n \n \n 2.5 \n \n \n 10.8 \n \n \n 13.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n 13.3 \n \n \n (3.2) \n \n \n 10.1 \n \n \n \n \n Other discrete tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n (7.5) \n \n \n (7.5) \n \n \n \n \n Adjusted \n \n \n 2,142.4 \n \n \n 1,320.7 \n \n \n (888.9) \n \n \n 431.8 \n \n \n (75.5) \n \n \n - \n \n \n 0.9 \n \n \n 357.2 \n \n \n (83.1) \n \n \n 274.1 \n \n \n \n \n Amortisation \n \n \n \n \n \n \n \n \n \n \n \n 18.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation \n \n \n \n \n \n \n \n \n \n \n \n 60.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of assets \n \n \n \n \n \n \n \n \n \n \n \n 2.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share-based payments \n \n \n \n \n \n \n \n \n \n \n \n 14.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n   \n \n \n   \n \n \n   \n \n \n 527.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Refer to the Financial review on pages 11 to 12 for commentary on the Group's adjusting items. \n Adjusted operating profit margin of 21.2% (2023: 20.2%) is calculated as adjusted operating profit of $485.3 million (2023: $431.8 million) divided by revenue of $2,289.2 million (2023: $2,142.4 million). A reconciliation of adjusted operating profit to its closest IFRS measure is shown in the table above. \n Adjusted operating profit at constant currency, determined by applying the applicable prior period average exchange rates to the adjusted operating profit, was $502.4 million, with adjusted operating profit margin growth of 16.4% on a constant currency basis. \n The adjusted operating profit margin was 21.8% on a constant currency basis, calculated as the adjusted operating profit of $502.4 million on a constant currency basis divided by revenue of $2,304.6 million on a constant currency basis. \n   \n Reconciliation of reported operating costs to adjusted operating costs for the years ended 31 December 2024 and 2023 \n \n \n \n \n \n \n \n 2024 \n \n \n   \n \n \n 2023 \n \n \n \n \n \n \n \n S&D \n \n \n G&A \n \n \n R&D \n \n \n Other \n \n \n Operating costs \n \n \n   \n \n \n S&D \n \n \n G&A \n \n \n R&D \n \n \n Other \n \n \n Operating costs \n \n \n   \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n   \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n   \n \n \n \n \n As reported \n \n \n (645.2) \n \n \n (195.0) \n \n \n (111.7) \n \n \n (6.8) \n \n \n (958.7) \n \n \n   \n \n \n (612.5) \n \n \n (212.9) \n \n \n (110.0) \n \n \n (2.5) \n \n \n (937.9) \n \n \n   \n \n \n \n \n Amortisation of acquired intangibles \n \n \n 0.6 \n \n \n 19.0 \n \n \n 7.7 \n \n \n - \n \n \n 27.3 \n \n \n   \n \n \n - \n \n \n 19.8 \n \n \n 6.0 \n \n \n - \n \n \n 25.8 \n \n \n   \n \n \n \n \n Acquisition-related costs \n \n \n - \n \n \n 2.8 \n \n \n - \n \n \n 0.7 \n \n \n 3.5 \n \n \n   \n \n \n - \n \n \n 6.8 \n \n \n - \n \n \n - \n \n \n 6.8 \n \n \n   \n \n \n \n \n Divestiture-related costs/(income) \n \n \n (0.6) \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.6) \n \n \n   \n \n \n (1.0) \n \n \n (0.4) \n \n \n - \n \n \n (0.4) \n \n \n (1.8) \n \n \n   \n \n \n \n \n Termination benefits and related costs \n \n \n 1.2 \n \n \n 2.6 \n \n \n 1.6 \n \n \n - \n \n \n 5.4 \n \n \n   \n \n \n 1.6 \n \n \n 5.7 \n \n \n 0.1 \n \n \n - \n \n \n 7.4 \n \n \n   \n \n \n \n \n Other adjusting items \n \n \n 0.3 \n \n \n 5.6 \n \n \n - \n \n \n 6.1 \n \n \n 12.0 \n \n \n   \n \n \n - \n \n \n 7.9 \n \n \n - \n \n \n 2.9 \n \n \n 10.8 \n \n \n   \n \n \n \n \n Adjusted \n \n \n (643.7) \n \n \n (165.0) \n \n \n (102.4) \n \n \n - \n \n \n (911.1) \n \n \n   \n \n \n (611.9) \n \n \n (173.1) \n \n \n (103.9) \n \n \n - \n \n \n (888.9) \n \n \n   \n \n \n \n \n   \n Reconciliation of reported basic and diluted earnings per share to adjusted earnings per share for the years ended 31 December 2024 and 2023 \n \n \n \n \n \n \n \n 2024 \n \n \n Adjusted 2024 \n \n \n 2023 \n \n \n Adjusted 2023 \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Net profit attributable to the shareholders of the Group \n \n \n 190.5 \n \n \n 312.4 \n \n \n 130.3 \n \n \n 274.1 \n \n \n \n \n \n \n \n \n \n \n Number \n \n \n \n \n \n Number \n \n \n \n \n Basic weighted average ordinary shares in issue 1 \n \n \n \n \n \n 2,047,643,498 \n \n \n \n \n \n 2,038,653,228 \n \n \n \n \n Diluted weighted average ordinary shares in issue 1 \n \n \n \n \n \n 2,056,797,417 \n \n \n \n \n \n 2,052,589,260 \n \n \n \n \n \n \n \n Cents per share \n \n \n Cents per share \n \n \n Cents per share \n \n \n Cents per share \n \n \n \n \n Basic earnings per share \n \n \n 9.3 \n \n \n 15.3 \n \n \n 6.4 \n \n \n 13.4 \n \n \n \n \n Diluted earnings per share \n \n \n 9.3 \n \n \n 15.2 \n \n \n 6.3 \n \n \n 13.4 \n \n \n \n \n 1.  See Note 5 - Earnings per share of the Condensed Consolidated Financial Statements. \n   \n Adjusted diluted EPS has increased by 13.7% and is calculated as adjusted diluted EPS for the current period less adjusted diluted EPS for the prior year, divided by the prior year adjusted diluted EPS. This is calculated on actual unrounded numbers. \n   \n Cash flow conversion \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Operating cash conversion 1 \n \n \n 93.4% \n \n \n 83.7% \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Equity cash conversion 1 \n \n \n 96.6% \n \n \n 83.3% \n \n \n \n \n 1. Operating cash conversion is calculated by Operating cash flow/Adjusted operating profit. Equity cash conversion is calculated by Free cash flow to equity/Adjusted net profit. \n   \n Reconciliation of Operating cash flow, Free cash flow to capital, Free cash flow to equity \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Net cash generated from operations \n \n \n 575.5 \n \n \n 490.6 \n \n \n \n \n Less: acquisition of PP&E and intangible assets \n \n \n (122.1) \n \n \n (129.2) \n \n \n \n \n Operating cash flow \n \n \n 453.4 \n \n \n 361.4 \n \n \n \n \n Tax paid \n \n \n (52.1) \n \n \n (35.9) \n \n \n \n \n Free cash flow to capital \n \n \n 401.3 \n \n \n 325.5 \n \n \n \n \n Net interest paid \n \n \n (79.1) \n \n \n (65.6) \n \n \n \n \n Payment of lease liabilities \n \n \n (24.7) \n \n \n (22.7) \n \n \n \n \n Financing fee amortisation \n \n \n (3.0) \n \n \n (2.8) \n \n \n \n \n Foreign exchange gain/(loss) on cash and borrowings \n \n \n 4.6 \n \n \n (6.7) \n \n \n \n \n Proceeds from sale of PP&E \n \n \n 2.7 \n \n \n 0.6 \n \n \n \n \n Free cash flow to equity \n \n \n 301.8 \n \n \n 228.3 \n \n \n \n \n   \n Free cash flow to equity has increased by 32.2% to $301.8 million (2023: $228.3 million) and is calculated as the movement in free cash flow to equity year-on-year divided by the free cash flow to equity in the prior year. A reconciliation of free cash flow to equity to its closest IFRS measure is shown in the table above. \n   \n Reconciliation of reported and adjusted working capital movement \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Reported working capital movement 2 \n \n \n (6.5) \n \n \n 0.6 \n \n \n \n \n Increase in respect of acquisitions and divestitures \n \n \n 3.1 \n \n \n 3.1 \n \n \n \n \n Increase/(decrease) in termination benefits \n \n \n 4.2 \n \n \n (6.1) \n \n \n \n \n (Decrease) in respect of other adjusting items \n \n \n (2.1) \n \n \n (3.8) \n \n \n \n \n Realised gain/(loss) on settlement of FX derivatives held to manage foreign exchange risk in working capital 3 \n \n \n 8.8 \n \n \n (6.7) \n \n \n \n \n Adjusted working capital movement \n \n \n 7.5 \n \n \n (12.9) \n \n \n \n \n 2.The comparatives have been re-presented as outlined in Note 1.5 of the Condensed Consolidated Financial Statements. \n 3. Realised gains and losses arising from the settlement of FX derivatives held to manage foreign exchange risk in our working capital have been included in this reconciliation as management believe this provides a more accurate view of the underlying movement in working capital. \n   \n Cash outflows from adjusting items \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Acquisition and divestitures adjustments \n \n \n (4.2) \n \n \n (13.6) \n \n \n \n \n Termination benefits and related costs adjustments \n \n \n (10.7) \n \n \n (3.4) \n \n \n \n \n Other adjusting items \n \n \n (7.6) \n \n \n (6.6) \n \n \n \n \n Cash outflows from adjusting items \n \n \n (22.5) \n \n \n (23.6) \n \n \n \n \n   \n Net debt \n Monitoring net debt is important to the Group as it is an indicator of the Group's financial health and its available liquidity. It is an important decision-making tool for investment decisions and strategic planning.  \n Net debt is calculated as borrowings less cash and excluding lease liabilities. \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Senior notes 1 \n \n \n 495.1 \n \n \n 494.1 \n \n \n \n \n Credit facilities 1 \n \n \n 627.7 \n \n \n 732.8 \n \n \n \n \n Lease liabilities \n \n \n 78.8 \n \n \n 85.5 \n \n \n \n \n Total borrowings including lease liabilities \n \n \n 1,201.6 \n \n \n 1,312.4 \n \n \n \n \n Less: cash and cash equivalents \n \n \n (64.7) \n \n \n (97.6) \n \n \n \n \n Less: lease liabilities \n \n \n (78.8) \n \n \n (85.5) \n \n \n \n \n Net debt excluding leases \n \n \n 1,058.1 \n \n \n 1,129.3 \n \n \n \n \n 1. See Note 8 - Borrowings of the Condensed Consolidated Financial Statements. \n   \n Leverage \n Leverage is an important performance measurement metric for the Group as it is an indicator of financial risk, credit worthiness and operational flexibility. It is also an important consideration in strategic decision-making. \n This is calculated as net debt excluding leases divided by adjusted EBITDA. \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Net debt excluding leases 2 \n \n \n 1,058.1 \n \n \n 1,129.3 \n \n \n \n \n Adjusted EBITDA 3 \n \n \n 590.5 \n \n \n 527.1 \n \n \n \n \n Leverage ratio \n \n \n 1.8x \n \n \n 2.1x \n \n \n \n \n 2. Net debt excluding leases is defined and reconciled to the closest IFRS measure in the Net debt table above. \n 3. Adjusted EBITDA is reconciled to the closest IFRS measure in the Reconciliation of reported earnings to adjusted earnings table on page 20 of this section. \n \n Condensed Consolidated Financial Statements \n   \n Consolidated Income Statement \n For the year ended 31 December 2024 \n   \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 2 \n \n \n 2,289.2 \n \n \n 2,142.4 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (1,005.6) \n \n \n (941.8) \n \n \n \n \n Gross profit \n \n \n \n \n \n 1,283.6 \n \n \n 1,200.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Selling and distribution expenses \n \n \n \n \n \n (645.2) \n \n \n (612.5) \n \n \n \n \n General and administrative expenses \n \n \n \n \n \n (195.0) \n \n \n (212.9) \n \n \n \n \n Research and development expenses \n \n \n \n \n \n (111.7) \n \n \n (110.0) \n \n \n \n \n Other operating expenses \n \n \n \n \n \n (6.8) \n \n \n (2.5) \n \n \n \n \n Operating profit \n \n \n \n \n \n 324.9 \n \n \n 262.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance income \n \n \n 3 \n \n \n 4.8 \n \n \n 5.2 \n \n \n \n \n Finance expense \n \n \n 3 \n \n \n (82.9) \n \n \n (80.7) \n \n \n \n \n Fair value movement of contingent consideration \n \n \n 7 \n \n \n (4.6) \n \n \n (24.6) \n \n \n \n \n Non-operating income, net \n \n \n \n \n \n 3.7 \n \n \n 4.8 \n \n \n \n \n Profit before income taxes \n \n \n \n \n \n 245.9 \n \n \n 167.4 \n \n \n \n \n Income tax expense \n \n \n 4 \n \n \n (55.4) \n \n \n (37.1) \n \n \n \n \n Net profit \n \n \n \n \n \n 190.5 \n \n \n 130.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share (cents per share) \n \n \n 5 \n \n \n 9.3¢ \n \n \n 6.4¢ \n \n \n \n \n Diluted earnings per share (cents per share) \n \n \n 5 \n \n \n 9.3¢ \n \n \n 6.3¢ \n \n \n \n \n   \n All amounts are attributable to shareholders of the Group and wholly derived from continuing operations. \n \n   \n Consolidated Statement of Comprehensive Income \n For the year ended 31 December 2024 \n   \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n \n \n Net profit \n \n \n   \n \n \n 190.5 \n \n \n 130.3 \n \n \n \n \n Items that will not be reclassified subsequently to the Consolidated Income Statement \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Remeasurement of defined benefit pension plans, net of tax \n \n \n \n \n \n (0.3) \n \n \n (0.2) \n \n \n \n \n Changes in fair value of equity investments \n \n \n \n \n \n (6.0) \n \n \n (7.8) \n \n \n \n \n Items that may be reclassified subsequently to the Consolidated Income Statement \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Foreign currency translation \n \n \n \n \n \n (47.3) \n \n \n 54.9 \n \n \n \n \n Effective portion of changes in fair value of cash flow hedges \n \n \n \n \n \n (11.1) \n \n \n 0.7 \n \n \n \n \n Changes in fair value of cash flow hedges reclassified to the Consolidated Income Statement \n \n \n \n \n \n 2.1 \n \n \n (0.8) \n \n \n \n \n Costs of hedging \n \n \n \n \n \n 0.6 \n \n \n (0.5) \n \n \n \n \n Income tax in respect of items that may be reclassified \n \n \n \n \n \n 0.1 \n \n \n 0.1 \n \n \n \n \n Other comprehensive (expense)/income \n \n \n \n \n \n (61.9) \n \n \n 46.4 \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n 128.6 \n \n \n 176.7 \n \n \n \n \n   \n All amounts are attributable to shareholders of the Group and wholly derived from continuing operations. \n \n Consolidated Statement of Financial Position \n As at 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n \n \n Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 502.6 \n \n \n 473.8 \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n 67.5 \n \n \n 74.7 \n \n \n \n \n Intangible assets \n \n \n \n \n \n 805.9 \n \n \n 935.3 \n \n \n \n \n Goodwill \n \n \n \n \n \n 1,290.2 \n \n \n 1,298.8 \n \n \n \n \n Investment in financial assets \n \n \n \n \n \n 16.9 \n \n \n 22.9 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 22.7 \n \n \n 21.2 \n \n \n \n \n Restricted cash \n \n \n \n \n \n 3.4 \n \n \n 5.3 \n \n \n \n \n Other non-current receivables \n \n \n \n \n \n 12.5 \n \n \n 11.7 \n \n \n \n \n \n \n \n \n \n \n 2,721.7 \n \n \n 2,843.7 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 349.6 \n \n \n 396.1 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 335.0 \n \n \n 333.7 \n \n \n \n \n Current tax receivable \n \n \n \n \n \n 16.8 \n \n \n 16.5 \n \n \n \n \n Derivative financial assets \n \n \n \n \n \n 18.4 \n \n \n 13.6 \n \n \n \n \n Restricted cash \n \n \n \n \n \n 8.8 \n \n \n 12.5 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 64.7 \n \n \n 97.6 \n \n \n \n \n \n \n \n \n \n \n 793.3 \n \n \n 870.0 \n \n \n \n \n Total assets \n \n \n   ...

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