Elekta Ab Class B · OMXSTO:EKTA_B
Elekta Ab Class B — FY2011/12 Earnings Presentation
21 slides from Elekta Ab Class B's earnings presentation, June 2012
Slide 1: Year-end report 2011/12
Elekta Year-end report 2011/12 Tomas Puusepp, President and CEO Håkan Bergström, CFO
Slide 2: Another record year
Another record year • Order bookings up 10%* – Strongest growth in Asia Pacific and North and South America – Order bookings up 11%* in Q4 – Elekta is gaining market share • Net sales grew 18%** – Strong deliveries in Q4 – Nucletron on track – contributed to the growth with 11 percentage points • EB
Slide 3: Strong growth with increased profitability
Strong growth with increased profitability SEK M Net Sales SEK M EBIT
Slide 4: Agility - excellent commercial potential
Agility™* - excellent commercial potential • Leading system on the market – Outstanding benefits for the patients – Unmatched product specifications • Potential to upgrade existing installed base – ~40% of installed base could theoretically buy an upgrade – Application for 510(k) clearance submitted
Slide 5: Regional overview: North and South America
Regional overview North and South America May – Apr May – Apr SEK M Change 2011/12 2010/11 Order bookings +16% 4,081 3,507 Net sales +11% 3,122 2,818 • Order bookings grew with 20%* during the fourth quarter and 11%* in fiscal year • In North America order bookings grew with 13%* in fiscal year • Go
Slide 6: Regional overview: Europe, Middle East and Africa
Regional overview Europe, Middle East and Africa May – Apr May – Apr SEK M Change 2011/12 2010/11 Order bookings +19% 3,653 3,077 Net sales +15% 3,206 2,795 • Order bookings decreased with 8%* (+35%) in Q4, but increased 5%* in fiscal year • Strong development in Northern Europe, such as Germany and
Slide 7: Regional overview: Asia Pacific
Regional overview Asia Pacific May – Apr May – Apr SEK M Change 2011/12 2010/11 Order bookings +24% 3,081 2,477 Net sales +19% 2,720 2,291 • Order bookings increased with 19%* in Q4 and with 14%* in fiscal year • Strong growth in China and India. Elekta is the market leader in the region. • Signs of
Slide 8: Elekta has strengthened its position in global radiotherapy
Elekta has strengthened its position in global radiotherapy Trend Varian 48% Elekta 39% Accuray 8% Siemens 5% Others *- Note: Order intake. Sources – company reports * Accurate data missing
Slide 9: Executive Management Team – new positions
Executive Management Team – new positions Johan Sedihn Bill Yaeger, John Lapre, Chief Operating Executive Vice Executive Vice Officer President Elekta President Elekta Oncology Brachytherapy
Slide 10: Strong financial performance in 2011/12
Strong financial performance in 2011/12 • Strong deliveries – Net sales grew 11%* in Q4 and 18%** fiscal year • Operating profit of SEK 1,837 M*** (1,502) – R&D expenditures at 8.6% (8.1) of net sales – SG&A expenditures at 20.3% (21.6) of net sales – Exchange rate effects SEK -100 M • Operating mar
Slide 11: Profitability is linked to share of recurrent revenues
Profitability is linked to share of recurrent revenues Emerging markets Established markets 2011/12 2011/12 Share of recurrent revenue Contribution margin
Slide 12: Nucletron performance on track
Nucletron performance on track • Good momentum with 9% organic growth • Financial contribution from mid-September – Order bookings: SEK 1,182 M – Net sales: SEK 873 M – EBIT: SEK 189 M • R&D and product pipeline – Afterloader connected with MOSAIQ® – New brachytherapy applicators • Integration progr
Slide 13: Currency – effects on net sales and EBIT
Currency – effects on net sales and EBIT • Currency affected net sales of -3% and EBIT, including hedges, by SEK -100 M SEK M FX exposure 11/12 in 2011/12 – Mainly related to weakened USD and EUR • Currencies at today’s level imply a positive currency effect on net sales of about 5% in FY 2012/13 •
Slide 14: Cash flow
Cash flow • Cash flow from operating activities amounted to SEK 635 M (840) • Cash conversion rate at 57% (59) for the fiscal year – excluding SEK 170 M related to Nucletron integration – Inventory build-up related to AgilityTM launch – Growth in emerging markets resulting in increased average proje
Slide 15: Raised dividends
Raised dividends SEK M In accordance with the dividend policy, the Board proposes a dividend of SEK 5.00 (4.00) per share for 2011/12, corresponding to approx. SEK 473 M and 39% of net profit * * * Proposed dividend for fiscal year 11/12
Slide 16: Strong balance sheet
Strong balance sheet Liquid assets (SEK M) 1,895 (1,363) Net debt (SEK M) 2,635 (-482) Equity (SEK M) 5,010 +31% ROCE 28% (35%) Net debt/equity 0.53 (-0.13) Equity/assets ratio 33% (43%) 16
Slide 17: Record high order backlog
Record high order backlog 10,546 • Backlog increased to over SEK 10.5 bn • Continued good visibility of sales and earnings 17
Slide 18: Assumptions for outlook 2012/13
Assumptions for outlook 2012/13 1. Continued good demand – Strong growth in emerging markets – Continued good development in North America – Growth in Northern Europe but weaker development in Southern Europe – Compelling product offering 2. Nucletron included during full-year – Compared with 7.5 mo
Slide 19: Outlook for fiscal year 2012/13
Outlook for fiscal year 2012/13 • For the fiscal year 2012/13, net sales is expected to grow by more than 15 percent in local currency, including Nucletron • Operating profit in SEK is expected to grow by more than 17 percent, including Nucletron • Currency is estimated to have a positive effect of
Slide 20: Capital Markets Day
Sign up via e-mail to: [email protected] Capital Markets Day June 19 in Stockholm
Slide 21: Human Care Makes the Future Possible
Human Care Makes : = the Future Possible