Coloplast A/s Class B · OMXCOP:COLO_B
Coloplast A/s Class B — Investor Day (April 2005)
91 slides from Coloplast A/s Class B's investor day presentation, Apr 5, 2005
Slide 1: Coloplast Capital Market Day 4-5 April 2005
Coloplast Capital Market Day 4-5 April 2005 Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Tatabanya, Hungary
Slide 2: Programme 5 April 2005
1 Programme 5 April 2005 09:30 Welcome General Manager John Raabo Nielsen 09:40 Strategic review - top line growth drivers Chief Executive Sten Scheibye 10:20 Coffee break 10:40 Efficiency gains Group Director Lars Rasmussen - drivers for margin improvements 11:15 LEAN experiences in Coloplast Gener
Slide 3: Coloplast strategic review
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Coloplast strategic review Sten Scheibye, CEO
Slide 4: Coloplast's Mission
3 Coloplast’s Mission Throughout the world we wish, within our selected business areas, to be the preferred source of medical devices and Business associated services, contributing to a better quality of life. platform By being close to customers we fulfil their needs with innovative, high quality s
Slide 5: Coloplast's Vision
4 Coloplast’s Vision Balanced value creation for all key stakeholders Customer promise Employee promise Society promise An active life with A challenging workplace Responsible behaviour highest possible quality with plenty of in all matters of life for people with opportunities special needs Long te
Slide 6: Expectations and targets
5 Expectations and targets 2004/05 • Sales growth of 8-9% in local currencies • Profit margin 15-16% 2008 • Sales exceeding DKK 9 billion through organic growth • Profit margin (EBIT) reaching 18% • ROAIC of 20% • Acquisitions and divestments
Slide 7: Macro trends
6 Macro trends Health care Power to Trend Demographics reforms distribution Description Population aged Health care The major 60 or older is budget distributors growing steadily constraints… grow their in Europe, Asia share... … lead to the and North need for cost ...through both America… containmen
Slide 8: Risk factors related to macro trends
7 Risk factors related to macro trends 1. Reimbursement policy changes 2. Increased price pressure in the market from e.g. • Consolidation of wholesalers (distribution monopolies) • Fewer and more powerful insurance companies • Increased group purchasing, tendering and managed health care 3. Harmoni
Slide 9: …that must be addressed appropriately
8 …that must be addressed appropriately 1. Reimbursement 4. Parallel imports • Monitor/influence policy • Monitor importers’ activities • Product design • Price strategy coordination • Emphasis on clinical • Product and packaging documentation diversification 2. Price pressure 5. Slowdown in market
Slide 10: Changing power among key customers…
9 Changing power among key customers… • The payer × • The end customer × • The health care professional Ø
Slide 11: … changes the game for Coloplast's market activities
10 … changes the game for Coloplast's market activities 1. Continue to market new products within existing product areas 2. Complement hospital strategy (NPD) with community strategy to maintain and convert end-customers 3. Identify new business opportunities 4. Improve market positioning through co
Slide 12: 1. Innovation - Launch of new products within existing product areas
Paste Strip Assura HOS New Assura 1p, closed New Assura 2p, closed and open 1997/98 Assura Open bags with filter EasiCath LuerLock EasiCath Set New Adhesive for Sec+ Urisheaths Purilon Stabilon Sacral Dressing CircAid 1998/99 Assura Open bags with Hide-away Conveen Sec+ 350 ml 1. Innovation Conveen
Slide 13: 2. Community strategy - Charter Roadshow
12 2. Community strategy - Charter Roadshow A mobile truck that can be converted into: • Showroom • Waiting room • Two private consultation rooms
Slide 14: 2. Charter Roadshow - Direct dialogue with end-customers
13 2. Charter Roadshow - Direct dialogue with end-customers • Direct dialogue with users in their own environment • Ideal way to introduce new products • Supportive of Coloplast’s community strategy - conversion and retention of users
Slide 15: 3. New business opportunities - Corsinel hernia support garment
14 3. New business opportunities - Corsinel hernia support garment A hernia is a bulge that may develop 3-12 months after an ostomy operation Approximately 30% of the ostomy operated develop a hernia Hernia is the cause of a number of problems: • A feeling of not being in physical control of the sto
Slide 16: 3. Corsinel hernia support garment - Global market potential
15 3. Corsinel hernia support garment - Global market potential Stoma population ('000) 1,352 Suffering from Hernia ('000) 412 Potential turnover (dkk) 376 mn Realizable penetration (66%) 248 mn Actual market size (40%) 150 mn More than 30% of ostomists suffer form hernia. By penetrating the market
Slide 17: 3. New business opportunities - Peristeen trans anal irrigation set
16 3. New business opportunities - Peristeen trans anal irrigation set • A majority of SCI patients suffer from faecal incontinence and constipation • Trans anal irrigation has proven to be an efficient method for prevention of this • Peristeen Anal Irrigation is developed to SCI wheelchair drivers
Slide 18: 3. Peristeen trans anal irrigation set - Global market potential
17 3. Peristeen trans anal irrigation set - Global market potential • 80 % of all SCI patients suffer from colorectal dysfunctions. • 20 % of SCI and MS end users will accept and perform the irrigation treatment. • 50 % of SB end users will accept and perform the irrigation treatment as it is alread
Slide 19: 4. Cost-in-use studies - Contreet UK health economic analysis
18 4. Cost-in-use studies - Results from a UK health economic analysis of Contreet United Kingdom 300,0 Weekly treatment cost (€) 250,0 Actisorb Silver 200,0 Iodoflex 150,0 Contreet Aquacel Ag 100,0 50,0 0,0 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 Reduction in wound area per week % Contreet heals faster
Slide 20: 4. Cost savings as an outcome of improved healing
19 4. Cost savings as an outcome of improved healing Cost savings The savings for the British health care system would be between €3.2 - 7.0 millions using Contreet Foam instead of the other dressing alternatives. An example of the impact of the savings The savings for the British health care system
Slide 21: 4. Cost in use studies - diapers and Conveen urisheaths
20 4. Cost in use studies - Results from a comparative study of diapers and Conveen urisheaths Costs variable / cost per day (€) Diapers Conveen 2-pcs. latex urisheaths Direct material cost 0.90 1.73 Indirect material and laundry cost 3.42 1.33 Waste disposal cost 0.33 0.03 Labour cost for changing
Slide 22: Strategic review - main conclusion
21 Strategic review - main conclusion Revised Power from customer clinical advisors Coloplast well strategy to financial prepared for needed to decision the future and ensure makers and is able to revenue end-customers adjust growth
Slide 23: Track record - Organic growth rates
22 Track record - Organic growth rates 10000 9000 8000 R 10% 7000 G 10% CA 6000 mDKK 14% 11% 5000 12% 4000 12% 13% 3000 14% 2000 1000 0 8 9 0 1 2 3 4 5 6 7 8 /9 /9 /0 /0 /0 /0 /0 /0 /0 /0 /0 97 98 99 00 01 02 03 04 05 06 07 19 19 19 20 20 20 20 20 20 20 20
Slide 24: Coffee Break
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Coffee Break
Slide 25: Coloplast's manufacturing strategy towards 2010
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Coloplast’s manufacuring strategy towards 2010 Lars Rasmussen, Group Director, COO
Slide 26: Objective for 2008: Turnover of at least 9 bn DKK
25 Objective for 2008: Turnover of at least 9 bn DKK 10000 9 bn DKK 9000 8000 Organic 7000 growth 6000 mDKK 5000 4000 3000 2000 1000 0 8 9 0 1 2 3 4 5 6 7 8 /9 /9 /0 /0 /0 /0 /0 /0 /0 /0 /0 97 98 99 00 01 02 03 04 05 06 07 19 19 19 20 20 20 20 20 20 20 20
Slide 27: Clear goal…
% 10 12 14 16 18 20 98 /9 9 99 /0 0 Clear goal… 00 /0 1 01 /0 2 02 /0 3 03 /0 4 04 /0 5 05 /0 6 06 /0 7 07 /0 8 26
Slide 28: Manufacturing strategy as it was laid out in 2001
27 Manufacturing strategy as it was laid out in 2001 Pilot production Ramp-up Pilot production Ramp-up Volume production Volume production
Slide 29: Reduction of costs
28 Reduction of costs Denmark Hungary 00/01 05/06 10/11 00/01 05/06 10/11 Direct and indirect wages Other costs
Slide 30: Building costs
29 Building costs Building costs, not including the site DKK/m2 Denmark Factory/adm. (Humlebæk) 10,000 Clean room 25,000 Hungary Factory/adm. 5,000 Clean room 10,000
Slide 31: Phase I, April 2002
30 Phase I, 1 April 2002 13,800 m2 production and administration. Cost of building: about 65 mDKK
Slide 32: Phase II, October 2003
31 Phase II, 1 October 2003 Another 10,000 m2 production including clean rooms. Cost of building: about 65 mDKK
Slide 33: Tatabanya, Hungary
32 Tatabanya, Hungary • 550 headcounts by March 2005 • Construction completed • DKK 1.5bn sales value in 2005/06 • Corporate tax rate 16% • Tax investment incentive DKK 150mn Coloplast, Phase I-III, Tatabanya, Hungary • Phase I - finalised: ostomy bags, urisheaths • Phase II - finalised 2004: ostomy
Slide 34: High quality…
33 High quality… 100 80 Index 60 40 20 0 Q1 Q2 Q3 Q4 Ostomy Continence Gen. level of error in DK
Slide 35: Efficiency is developing according to plan
34 Efficiency is developing according to plan When fully utilized and with 900 headcounts savings amount to a min. of 75 mDKK/year Yearly tax effect of 30-50 mDKK in 2005-11. Q1 Q2 Q3 Q4 Actual Planned
Slide 36: What to do when HU is fully utilized
35 What to do when HU is fully utilized • The factory in Hungary will be fully utilized within 1½ to 2 years. • A new manufacturing strategy has been developed and were presented to all employees mid March 2005 • Now China will be the location for our next factory for volume production. How did we a
Slide 37: Coloplast's manufacturing challenges towards 2010
36 Coloplast’s manufacturing challenges towards 2010 Product volumes A doubling of Coloplast’s WC product volumes CC OC 4 5 6 7 8 9 0 1 /0 /0 /0 /0 /0 /0 /1 /1 03 04 05 06 07 08 09 10 20 20 20 20 20 20 20 20 A 50% increase in Space manufacturing space req. requirements 4 5 6 7 8 9 0 1 /0 /0 /0 /0 /0
Slide 38: Majority of growth expected from the European market
37 The majority of the growth (measured in volume) is expected to come from the European market ’000 pcs 800.000 700.000 Americas & 600.000 ROW 500.000 Europe 400.000 300.000 200.000 100.000 0 4 5 6 7 8 9 0 1 /0 /0 /0 /0 /0 /0 /1 /1 03 04 05 06 07 08 09 10 20 20 20 20 20 20 20 20
Slide 39: Central/East Europe and China considered for future factory expansions
38 Central/East Europe and China were considered for Coloplast’s future factory expansions Central/East Europe China Poland Czech Rep. Beijing (Tianjin) Slovakia Shanghai (Suzhou) Hungary Hong Kong (Macau) Romania Existing facilities in HU used as Existing facilities in CN used as benchmark benchmar
Slide 40: Primary sources of cost reductions are labour costs and depreciations
39 The primary sources of cost reductions are labour costs and depreciations - Large, additional savings potentials are to be realised through local sourcing of materials, tools, etc. Average unit cost by location (DKK/unit) Total cost HU CN Index = 100 Index DK 60 55 HU 92 Index = 60 Index = 55 Man
Slide 41: Average savings per product vary from market to market
40 Due to the relatively high logistics costs, the average savings per product will vary from market to market Savings CN vs. HU DKK/product 0,6 0,48 0,5 0,4 0,33 0,3 0,2 0,17 0,1 0 Europe Americas & China ROW Average Savings per product per market from production in CN vs. HU
Slide 42: Building costs
41 Building costs Building costs, not including the site DKK/m2 Denmark Factory/adm. (Humlebæk) 10,000 Clean room 25,000 Hungary Factory/adm. 5,000 Clean room 10,000 China Factory/adm. 4,000 Clean room 8,000
Slide 43: Manufacturing volumes by geography, 2003/04-2010/11
42 Implications of the chosen strategy: Coloplast’s manufacturing volumes by geography, 2003/04-2010/11 Manufacturing volumes by geography, 2003/04-2010/11 300.000 250.000 200.000 DK ('000 pcs.) 150.000 HU 100.000 CN 50.000 0 4 5 6 7 8 9 0 1 /0 /0 /0 /0 /0 /0 /1 /1 03 04 05 06 07 08 09 10 20 20 20 2
Slide 44: Space requirements by geography, 2003/04-2010/11
43 Implications of the chosen strategy: Coloplast’s space requirements by geography, 2003/04-2010/11 Space requirements by geography, 2003/04-2010/11 70.000 60.000 50.000 DK 40.000 m2 HU 30.000 CN 20.000 10.000 0 4 5 6 7 8 9 0 1 /0 /0 /0 /0 /0 /0 /1 /1 03 04 05 06 07 08 09 10 20 20 20 20 20 20 20 20
Slide 45: Total staff requirements (FTEs) by geography
44 Implications of the chosen strategy: Coloplast’s total staff requirements (FTEs) by geography, 2003/04-2010/11 Total staff requirements (FTEs) by geography, 2003/04-2010/11 2.000 1.500 DK FTEs 1.000 HU CN 500 0 4 5 6 7 8 9 0 1 /0 /0 /0 /0 /0 /0 /1 /1 03 04 05 06 07 08 09 10 20 20 20 20 20 20 20 2
Slide 46: How do the employees react …?
45 How do the employees react …?
Slide 47: Employee Satisfaction Measurement 2003
46 Employee Satisfaction Measurement 2003 Scale 1 - 5 2003 2002 2001 2000 1998 1997 20 You feel safe in your 4,07 4,13 4,02 3,97 3,97 3,82 employment 32 Your superior is reliable 4,05 4,00 3,78 3,87 4,00 3,99 in word and action 42 You have been informed of the objectives and 3,98 3,99 3,82 plans of
Slide 48: The process
47 The process Action plan • 30 managers • A minimum of 1 job offer per participated in employee in Sealand factories formulating the • Job centre for central coordination manufacturing of hirings and transfers strategy • Establishment of common communication platform • Well over 50 SU- members in •
Slide 49: Lean Experiences
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Lean Experiences Coloplast Hungary Kft John Raabo Nielsen, General Manager
Slide 50: Sustainable results require a way of thinking
49 Sustainable results require a way of thinking Target Inventory Turns x5 Productivity + 30% Waste / Scrap - 67% Lead-time - 75%
Slide 51: Lean is not the tools …
50 Lean is not the tools … TAKT TIME TIME OBS. BARCHART 6S PROD. CONTROL SPAGHETTI STANDARD STD. WIP BOARD DIAGRAM WORK SHEET KEY POINTS CAPACITY COMBINATION LOAD-LOAD SHEET SHEET PULL SYSTEM TPM POKE-YOKE 1 PC FLOW (KANBAN) SETUP LEVELING REDUCTION
Slide 52: Lean is the ability to see value … user value
51 Lean is the ability to see value … user value Value added ANY ACTIVITY THAT CONTRIBUTES DIRECTLY TO SATISFYING THE NEED OF A CUSTOMER Time
Slide 53: The five principles of lean
52 The five principles of lean Flow Value Value - The shortest way from idea Pull stream to happy customer - To the customer Perfection - Analyse and - Delivery identify waste according to customer needs - Small as well as big constant improvements
Slide 54: Airplane Game
53 Airplane Game Will illustrate the power of Implementing Flow and Pull principles Flow Value Value Pull stream Constant Improvements (Perfection)
Slide 55: Simulation Physical Layout
54 Simulation Physical Layout Raw Nose #1 Nose #2 Material Fuselage Fuselage Nose Fold Material Fold Fold Identification “Queue” Fold #1 Queue “Queue” “Queue” Material Handler: 6pc Simulation Nose Fold PAPER AIRPLANE, CO. (Moves all Material) #2 6 1 Facilitator QTY PROD UNITS / MIN Wing Fold “Queue”
Slide 56: Work Station Examples
55 Work Station Examples MATERIAL IDENTIFICATION NOSE FOLD #2 Paper Clip “Cart” al isu l V d ua Ai Vi s d Ai 04/10/98 Lot #1 04/10/98 Lot #1 04/10/98 Lot #1 04/10/98 Lot #1 04/10/98 Lot #1 04/10/98 04/10/98 Lot Lot #1 #1 04/10/98 Lot #1 04/10/98 04/10/98 Lot Lot #1 #1 04/10/98 Lot #1 04/10/98 04/10/
Slide 57: Our lean journey
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Our lean journey Coloplast Hungary Kft
Slide 58: Benefit/Potential
57 Opportunity to start from scratch A A recognized recognized benchmark benchmark inin volume volume manufacturing manufacturing organized organized around around the the core core manufacturing manufacturing processes processes delivering delivering medical medical devices devices meeting meeting
Slide 59: Plant Management organisation
58 Plant Mgmt Guiding principle White collar ratio: Max 10% Operation Mgmt Production Production Production Quality Ostomy Continence Woundcare IT Facilities Classic Post Op Assura Management Engineering Ostomy & • Day Shift Lead • Day Shift Lead • Day Shift Lead Maintenance • Operator Sub • Operato
Slide 60: Production - Project based improvement project
59 Project based improvement project 2003/2004 2004/2005 2005/2006 2006/2007 Implementation Activities Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 – Involvment due to impact of activities Production from other functions – Optimize OEE on machine level – Increa
Slide 61: Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary
Slide 62: Two powerful tools and a systematic process
61 Two powerful tools and a systematic process Rapid Improvement Event Value Stream Analysis Rapid Improvement Rapid Event Improvement Event
Slide 63: Value Stream Analysis
Value Stream Analysis wih 6« as os Coloplast
Slide 64: Value Stream Mapping
63 Value Stream Mapping
Slide 65: VSA is really a planning event
64 VSA is really a planning event Brainstormed Ideas Brainstorm and discuss ACTION IDEA ACTION IDEA ACTION IDEA ACTION IDEA ACTION IDEA ACTION IDEA ACTION ACTION ACTION ACTION ACTION ACTION IDEA IDEA IDEA IDEA IDEA IDEA ACTION ACTION ACTION ACTION IDEA IDEA IDEA IDEA Events Projects Do-Its Sort idea
Slide 66: We are measuring productivity and lead time...
65 We are measuring productivity and lead time... Productivity Lead time Corporate Subsidiaries Home Care Divisions SBU’s Volume production Corporate staff
Slide 67: ...and we measure how well abc is implemented
66 ...and we measure how well abc is implemented abc indicators 1. Number of abc specialists 2. Number of events carried out 3. Share of employees that have been in at least 1 event 4. Competence score 5. Number of training hours 6. Policy deployment implementation
Slide 68: Accelerate speed to World Class Manufacturing Excellence
67 Accelerate speed to World Class Manufacturing Excellence
Slide 69: Lunch Factory tour
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Lunch Factory tour
Slide 70: Successful penetration of US markets
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Successful penetration of US markets Jens Fabricius, Director, Regional Sales
Slide 71: Agenda
70 Agenda OC/CC Market overview Strategy basis 03/04 Implementation status Home Health retention/conversion
Slide 72: OC/CC Market overview
OC/CC Market overview we Coloplast
Slide 73: Chronic care - US patient path and distribution
72 Chronic care - US patient path Medical product manufacturer GPO Direct sales, wholesalers and specialised home care providers Distribution 2-5 Days 30-90 Days 90 Days - 20 Years Hospital Home Health Agencies Retail DME Patient path New patient Convalescent patient Patient at home (at home or in l
Slide 74: Market status - Ostomy
73 Market status - Ostomy Total Market value 280 mill. USD 03/04 • $280mm Coloplast Other • ConvaTec 2% 4% – Index 100 to 02/03 • Hollister – Index 101 to 02/03 • Coloplast Holl 38% CvT – Index >125 to 02/03 56%
Slide 75: Market status - Continence care
74 Market status - Continence care Total Market value 370 mill. USD 03/04 Intermittent Coated Catheters Estimated value potential 60 mill. USD, 16% of total CC
Slide 76: Market Status - reimbursement
75 Market Status - reimbursement 2004 – US passes Medicare Modernization Act • New Prescription Drug benefit for Seniors, disabled • Contracting Reform • Requires competitive bidding in the 10 largest MSAs beginning in 2007, followed by the next 80 largest in 2009. Competitive bidding prices could b
Slide 77: Strategy basis
Strategy basis we Coloplast
Slide 78: Key goals - market share and topline growth
77 Key goals - market share and topline growth • Reach two-digit ostomy market share within 3-5 years • Ostomy NPD and Key Player awareness/preference • Develop intermittent coated catheter market segment • OC/CC CAGR sales > 25% • Sterling Medical Services (SMS) an enabler of CP OC/CC • Build strat
Slide 79: Key challenges
78 Key challenges HC enabling • 3% ms ex manufacturer and 4% ms in HC • Fragmentation, consolidation, full product lines, transaction-orientation Price pressures • IC catheter reimbursement • GPO’s • Medicare reform Organisation • New OC/CC specialist sales force • OCG/SMS alignment and coordination
Slide 80: 03/04 implementation status
79 03/04 implementation status
Slide 81: Hospital coverage => key player relations and NPD
80 Hospital coverage => key player relations and NPD 02/03 03/04 04/05 Ostomy sales representatives 17 32 38 ET's per ostomy sales reps 2.500 147 78 66 Hospitals per rep needed to cover those hospitals performing 90% of all Ostomy Surgeries (77,000) 2.271 134 71 60 Optimal Hospital Coverage per Rep
Slide 82: Important successes
81 Important successes • Consorta GPO contract • Significant NPD growth • Sustained OC Hospital growth > 30% • OC market share growth towards two digit in 3-5 years • Sustained OC/CC growth> 25%
Slide 83: 04/05 Coloplast medical sales/marketing objectives
82 04/05 Coloplast medical sales/marketing objectives • Timely implementation of sales force expansion • Enhance competencies of sales organisation through training programs • Successful implementation of existing GPO contracts Consorta, Amerinet, Shared Services, VHA SE contracts • Realize full val
Slide 84: Home Health retention/conversion
83 Home Health retention/conversion
Slide 85: Ostomy patient retention - Home Health is key!
84 Ostomy patient retention - Home Health is key! 60%-70% 5%-15% Home Health Agency Extended Care Hospital 55%-60% 40%-45% 20% - 30% Medicare / Private Community PPS Insurance, Customers Medicaid, Other Possible “Paths” - New Patients #1 – Hospital -> HHA -> Community #2 – Hospital -> Community #3 –
Slide 86: Sterling Medical Services
85 Sterling Medical Services What Sterling brought to Coloplast: • US net profit contribution • Unique capability platform • Foothold into value added distribution • Patient access
Slide 87: How to extract value from end-users in Sterling?
86 How to extract value from end-users in Sterling? • Coordinate CP/SMS (best of both) end-user activities • Transform CP/SMS end-user activities into a standalone business system for chronic care • Absorb end-user activities into Coloplast
Slide 88: Sterling Medical Services - Enabling of Coloplast ostomy
87 Sterling Medical Services - Enabling of Coloplast ostomy Signs of Home Care enabling • CP double digit product share of Sterling ostomy in 03/04 • Ostomy patient acquisition doubled in 03/04 • Ostomy patient ”retention”: 92% • Coloplast conversion: 26% out of 1.280 attempts YTD Challenges • End-u
Slide 89: Coloplast OC/CC USA
88 Coloplast OC/CC USA Key challenges • Profitable growth, will it ever happen? • Home Care enabling, does it work? • US market, will we win? Conclusions • 04/05 will see sales force productivity turnaround • 06/07 will see an EP turnaround • US Home Care enabling requires a major scale up of HC pat
Slide 90: Q&A
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Q&A Moderator Carsten Lønfeldt, Group Director, CFO
Slide 91: Bus leaves for Ferihegy airport 15:45
Coloplast Capital Market Day 4-5 April 2005 Tatabanya, Hungary Bus leaves for Ferihegy airport 15:45