Getinge Ab Class B · OMXSTO:GETI_B
Getinge Ab Class B — Q1 2020 Earnings Presentation
23 slides from Getinge Ab Class B's earnings presentation, Apr 22, 2020
Slide 1: Q1 Report 2020
Q1 Report 2020 Mattias Perjos, President and CEO Lars Sandström, CFO April 22, 2020
Slide 2: Read Full Story
Read Full Story
Slide 3: Key takeaways – performance
Key takeaways – performance Q1 2020 51.5 • Exceptional order growth 50.5 R12 Gross Margin (adj) % • Sales growth continues 49.5 • Increasing margins • Strong Cash Flow 13.5 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 • Leverage improved to 2.4 (3.4) 12.5 R12 EBITA Margin (adj) % 11.5 Q4 2018 Q1
Slide 4: COVID-19 impact on the business - status
COVID-19 impact on the business - status Acute Care Therapies (Critical Care and Cardiopulmonary) Order intake Products for elective surgery Surgical Workflows and Life Science Components being the bottleneck, supporting our suppliers to ramp up Supply & Logistics No negative impact from i
Slide 5: Order intake Q1 2020 – two divergent trends
Order intake Q1 2020 – two divergent trends Acute Care Therapies Driving Getinge's Global trend Getinge’s actions categories position Advanced World leader Extremely high demand for advanced Increasing capacity in ICU ventilators by Ventilators for ~25 % market ICU ventilators. Recent global volume
Slide 6: Outlook 2020
Outlook 2020 Due to the uncertainty resulting from the COVID-19 pandemic, Getinge chooses not to provide a forecast of how much net sales are expected to increase for FY 2020 Getinge Interim Report Q1 2020 April 22, 2020 Page 6
Slide 7: Key takeaways – other
Key takeaways – other Q1 2020 • Operational leverage coming through • Positive impact from restructuring activities in 2019 • Productivity gains in production • The ventilator production unit received EU MDR certification* • Decision to gradually ramp up production capacity related to ECMO • Several
Slide 8: Order growth in Q1 – highly correlated with the spread of COVID-19
Order growth in Q1 – highly correlated with the spread of COVID-19 Only a small part of orders converted into net sales in the quarter Global Americas EMEA APAC Order Intake, org. +47.2% Net Sales, org. +3.8% -0.5% Getinge Interim Report Q1 2020 April 22, 2020 Page 8
Slide 9: Order Intake per business area
Order Intake per business area Bridge Q1 2019 - Q1 2020 Organic change +96.4% -13.1% -14.0% +47.2% 8 -245 3,516 9,452 MSEK 6,173 Q1 2019 Acute Care Therapies Life Science Surgical Workflows Q1 2020 The figures in tables and charts in Getinge's financial statements are no longer rounded (as was done
Slide 10: Net Sales per business area
Net Sales per business area Bridge Q1 2019 - Q1 2020 Organic change +7.8% +1.0% -3.2% +3.8% 97 -7 +204 Currency impact, MSEK 395 6.2 6,033 5,548 MSEK Organic growth, % 2.3 Q1 2019 Acute Care Life Science Surgical Workflows Q1 2020 Capital Consumables Therapies The figures in tables and charts in Get
Slide 11: Adjusted Gross Margin development Q1 2020
Adjusted Gross Margin development Q1 2020 Bridge Q1 2019 - Q1 2020 Adj GM, % Q1 2020: 61.5 41.9 39.6 53.3 (Q1 2019): (58.6) (40.0) (39.3) (50.9) 2 50 Gross Margin impact Currency 340 Volume 3,218 2,825 MSEK Product mix Regional mix Q1 2019 Acute Care Life Science Surgical Workflows Q1 2020 Therapies
Slide 12: Financial development
Financial development Getinge Interim Report Q1 2020 April 22, 2020 Page 12
Slide 13: Adjusted EBITA
Adjusted EBITA Bridge Q1 2019 – Q1 2020 11.0% Margin improvement 6.7% +2.0 pp Currency +292 +1.0 pp GP -62 +1.0 pp OPEX +0.3 pp Depreciation -67 5 40 -17 393 661 369 MSEK Q1 2019 Adj Gross Adj Selling Adj Admin Adj R&D Other D&A Q1 2020 profit The figures in tables and charts in Getinge's financial
Slide 14: Adjusted EBITA
Adjusted EBITA Bridge Q1 2019 – Q1 2020 +292 2 -8 -5 + 139 Currency effect, MSEK Jan-Mar Jan-Mar Total 2020 2019 effect 661 Currency effect on adjusted EBITA 58 -81* 139 302 *Reported negative hedge outcome Jan-Mar 2019. Total negative hedge outcome FY 2019 amounted to -25 MSEK. 369 MSEK Q1 2019 Acu
Slide 15: Update on the tax situation
Update on the tax situation Reported effective tax rate Reported effective tax rate Paid tax lower than FY 2019 34.2% in Q1 2020 35.1% reported tax • Due to seasonality and the US tax • Due to unutilized tax losses carried • Impacted by new US tax regulation regulation forward with “fixed” taxes on
Slide 16: Improved free cash flow, working capital and reduced leverage
Improved free cash flow, working capital and reduced leverage Continued efficiency enhancements Significantly improved Free CF WC days continue to improve Reduced leverage 135 -19 days 130 125 120 3.4x 1,419 115 988 110 2.4x 105 576 587 5 139 0 18-Sep 19-Sep 19-Sep 18-Mar 19-Mar 20-Mar 19-Mar 20-Mar
Slide 17: Strong funding and cash position
Strong funding and cash position Improved net debt Y-o-Y despite Strengthened cash position … … and unutilized credit facilities acquisition and currency headwind amounting to: 14.0 2.0 12.7 SEK 7.3 B 0.9 19-Sep 19-Sep 19-Mar 19-Jun 19-Dec 20-Mar 19-Mar 19-Jun 19-Dec 20-Mar Net debt, BSEK Cash, BSEK
Slide 18: Summary
Summary Getinge Interim Report Q1 2020 April 22, 2020 Page 18
Slide 19: Key takeaways
Key takeaways Summary Q1 2020 • Exceptional growth in order intake • Increasing margins • Strong Cash Flow and cash position • The intense cooperation with hospitals to help patients with COVID-19 continues Getinge Interim Report Q1 2020 April 22, 2020 Page 19
Slide 20: Q&A
Q&A Getinge Interim Report Q1 2020 April 22, 2020 Page 20
Slide 21: Thank you
Thank you Getinge Interim Report Q1 2020 April 22, 2020 Page 21
Slide 22: Forward looking information
Forward looking information This document contains forward-looking information based on the current expectations of the Getinge’s management. Although management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectation
Slide 23: Getinge – Passion for Life
Se a GETINGE PASSION FOR LIFE