Getinge Ab Class B · OMXSTO:GETI_B
Getinge Ab Class B — Investor Day (December 2009)
16 slides from Getinge Ab Class B's investor day presentation, Dec 4, 2009
Slide 1: Capital Markets Day
CAPITAL MARKETS DAY ULF GRUNANDER, CFO Stockholm, Sweden 4 December, 2009
Slide 2: Cash flow
Cash flow • Operating cash flow • Cash conversion GETINGE GROUP 2009.12.04 2
Slide 3: Definition of operating cash flow
Definition of operating cash flow + EBITDA +/- Adjustments for non-cash items - Financial net - Taxes paid +/- Change in working capital Operating cash flow GETINGE GROUP 2009.12.04 3
Slide 4: Operating cash flow
Operating cash flow 2009.09 2008.09 2008.12 EBITDA 2 897 2 305 3 846 Adjustment for non-cash items 43 84 -30 Financial net -290 -547 -751 Taxes paid -342 -470 -618 Change in working capital 22 -53 -744 Operating cash flow 2 330 1 319 1 703 Improvement 77 % GETINGE GROUP 2009.12.04 4
Slide 5: Operating cash flow (MSEK)
Operating cash flow (MSEK) 2600 - 2700 3000 2500 2000 1500 1000 1515 1496 1703 500 0 2006 2007 2008 2009 GETINGE GROUP 2009.12.04 5
Slide 6: Definition of cash conversion
Definition of cash conversion Cash flow from operation EBITDA GETINGE GROUP 2009.12.04 6
Slide 7: Cash conversion
Cash conversion Target 60 – 70% 80% 67% 70% 60% 51% 50% 44% 40% 30% 20% 10% 0% 2006 2007 2008 GETINGE GROUP 2009.12.04 7
Slide 8: Capital Expenditure (Capex)
Capital Expenditure (Capex) • Capex level of 3.5% to 4.0% in the near-term • Increase expansion to therapeutic devices, i.e. clean room, new production tooling etc. • Building IT structure • New manufacturing infrastructure in low cost environment • Long-term target is 3% GETINGE GROUP 2009.12.04 8
Slide 9: Net Debt
Net Debt 2009.09 2008.09 2008.12 MSEK Net Debt 17 093 14 534 13 468 Change in Net Debt 3 625 4 168 3 102 Net Debt / EBITDA 3.67 3.91 3.31 Net gearing 1.48 1.80 1.26 GETINGE GROUP 2009.12.04 9
Slide 10: Interest bearing financial liabilities
Interest bearing financial liabilities 2009-09-30 Interest Rate Forecast 2010, (Millions) Local Currency SEK Equivalent Interest Rate Average weighted (2009 YTD) Loans USD 1 241 8 696 3,3% EUR 288 2 949 3,0% CAD 54 353 3,2% SEK 3 947 3 947 2,8% GBP 70 791 3,1% Other 230 Total 16 966 3,1% 3,5% GETING
Slide 11: Maturity of debts
Maturity of debts Lender/Facility 2010 2011 2012 2013 2014 2015 US Private placement Nov Nov 100 MUSD 50 MUSD Bridge Financing Datascope SEB Mar 530 MUSD Syndicated Credit Facility with 7 banks Jun 332.5 MEUR Syndicated Credit Facility with 9 banks Apr 810 MEUR Nordic Investment Bank Jun 500 MSEK Eu
Slide 12: Datascope refinancing activities
Datascope refinancing activities • Maturity date of existing facility is March 15, 2010 • 500 MUSD term loan facility is being set up with Nordea. Maturity date is December 2013. 75% is guaranteed by the Swedish Export Credit Guarantee Board (Sw = Exportkreditnämnden). Term sheet is agreed and forma
Slide 13: Currency effects 2008 – 2010
Currency effects 2008 – 2010 Estimates 2010 Estimates 2009 AC 2008 USD 7.00 7.62 6.61 EUR 10.30 10.55 9.62 GBP 11.40 11.91 12.13 CAD 6.50 6.70 6.19 Translation -169 +215 -18 Hedging +250 +11 -162 Financial net +33 -54 +4 Total +114 +172 -176 GETINGE GROUP 2009.12.04 13
Slide 14: Currency effects 2008 – 2010 (MSEK)
Currency effects 2008 – 2010 (MSEK) 2010 2009 2008 Estimate Estimate Actual Medical Systems +10 +107 -79 Extended Care +50 +81 -64 Infection Control +21 +38 -37 Financial Net +33 -54 +4 Total +114 +172 -176 GETINGE GROUP 2009.12.04 14
Slide 15: Currency effects 2010
Currency effects 2010 Currency rates used for Net foreign volumes in Currency exposure at 5% group estimates 2010 2010, million change in currency rates, MSEK USD 7.00 USD 164 +/- 57 EUR 10.30 EUR 104 +/- 54 GBP 11.40 GBP 51 +/- 29 CAD 6.50 CAD 34 +/- 11 GETINGE GROUP 2009.12.04 15
Slide 16: Tax rate
Tax rate 2010 2009 2008 Estimate Estimate Tax rate 27% - 28% 28% 28% Tax charge (MSEK) - 603 GETINGE GROUP 2009.12.04 16