The profit before tax increased 38% to SEK million (324.6)
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- Donald Blankenship
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1 GETINGE AB PRESS RELEASE INTERIM REPORT JANUARY - JUNE 2003 Orders received amounted SEK 4,202.1 million (4,355.9) Net sales amounted to SEK 4,140.6 million (3,987.4) The profit before tax increased 38% to SEK million (324.6) EPS rose 42% to SEK 6.30 (4.44) Strong profit growth for all business areas Cash flow continues to be good The Jostra acquisition completed Profit outlook continues to be good for 2003 The quarter Orders received Q2 s orders received for the Group rose organically by 1%. Surgical Systems orders received improved significantly compared with Q1 and saw an organic increase of 19%. Extended Care s orders received also improved, rising 5% organically. Infection Control s orders received fell organically by 13% in comparison with a robust Q2 last year. Orders received for Infection Control have been affected by projects being delayed on the back of the SARS epidemic and the war in Iraq. Orders received for Infection Control expects to strengthen over the forthcoming quarter. Results The Group s profit before tax surged ahead by 53% in Q2. Excluding capitalized development costs the profit rose 48%. All the business areas reported improved profits. Operating margin for the group have increased to good 14,5% in the quarter compared to 10,7% last year. Infection Control s improved operating profit was particularly good in the wake of the implemented rationalisation scheme last year and a hike in sales volumes. Surgical Systems continued to perform well and the Heraeus integration is going according to plan. Extended Care, which had a declining profit trend in Q1, improved its profit in Q2. Operating profit for the North American operation has increased considerably. The cash flow continues to progress well and amounted to SEK 318 million (311 m) measured as cash flow from operations. Outlook The Group s assessment of its profit outlook continues to be positive. For the whole group, the growth of profit is expected to increase this year in comparison with 2002 excluding capitalized development costs and the Jostra acquisition. It is estimated that Jostra will have an negative SEK 10 million impact on profit during 2003.
2 2 Surgical Systems business area Market development Orders received per market Q 2 Q 2 currency flucs. & Change adjusted for Change adjusted for H1 H1 currency flucs. & Western Europe % % USA and Canada % % Asia and Australia % % Rest of the world % % Business area total % 1, , % Orders received was very good in Q2 and rose organically by 19%. In Western Europe orders received climbed on most markets, including Germany. The volume trend was particularly good in France and the UK. On the significant North American market the volume trend was very robust and orders received rose organically by 39%. The Far Eastern Markets also performed very well. Growth on the Japanese market was particularly strong and rose organically by 24% organically. The Rest of the world market fell back somewhat in Q2. Results Change Change 2002 Q 2 Q 2 H1 H1 FY Net sales, SEK Million % 1, , % 2,520.8 adjusted for currency flucs.& corp.acqs 5.9% 15.7% Gross profit % % 1,200.5 Gross margin % 49.9% 50.5% -0.6% 48.1% 48.2% -0.1% 47.6% Operating cost, SEK Million % % Operating profit % % Operating margin % 13.4% 13.9% -0.5% 12.0% 10.3% 1.7% 10.1% The operating profit climbed 10% in Q2 and the operating margin was 13.4%. The Heraeus acquisition progressed according to plan and contributed to the profit growth. In a similar fashion to Infection Control, the business area s profit was affected favourably by increased profit in the North American operation. Heraeus The integration of Heraeus, now called Hanau Med, continues according to plan. Closure of the production unit in Hanau, Germany, is expected to be completed at the start of the final quarter, around two months ahead of scheduled date. The cost of integrating Hanau Med is expected to be about SEK 30 million less than originally forecast. As a result, the goodwill relating to the acquisition will be adjusted by a corresponding amount. Jostra During Q2, Surgical Systems completed its acquisition of the German company, Jostra. Jostra has sales of about EUR 90 million and around 530 employees. The company is the second largest in Europe and third in the world in heart-lung machines and associated consumable products. It is estimated that Jostra will contribute around SEK 50 million to the profit before tax in In the current year it is estimated that the acquisition will have an SEK 10 million negative impact on profits.
3 3 Infection Control business area Market development Orders received per market Q 2 Q 2 currency flucs. & Change adjusted for Change adjusted for H1 H1 currency flucs. & Western Europe % % USA and Canada % % Asia and Australia % % Rest of the world % % Business area total % 1, , % Orders received declined 13% organically during the quarter, which must be seen in relation to a strong Q2 last year when organic growth was 15%. The Western Europe region reported orders received in line with last year. Germany and France fell back slightly, while the UK and the Benelux countries performed well. In North America, orders received reduced slightly in the pharmaceutical sector as the Iraq conflict caused delayed projects and postponed orders. In the Far Eastern markets efforts were hindered by the SARS epidemic, although the effects are now thought to be over. Orders received estimates to increase during the next quarters. Results Change Change 2002 Q 2 Q 2 H1 H1 FY Net sales, SEK Million % 1, , % 3,359.3 adjusted for currency flucs.& corp.acqs 13.8% 12.6% Gross profit % % 1,215.8 Gross margin % 40.6% 34.5% 6.1% 39.9% 35.3% 4.6% 36.2% Operating cost, SEK Million % % Operating profit % % Operating margin % 14.9% 5.9% 9.0% 12.2% 5.3% 6.9% 9.1% The business area s operating profit increased by 153% during the quarter and its operating margin was 14.9%. Improvements were due to good invoicing volumes and a better production structure. The profit improvement is especially good in North America, where extensive rationalisations has been carried-out during last year and this year. Measures to improve efficiency The business area aims to achieve a sustainable operating margin of about 15%, which is expected to be reached in Improvement work to reach this goal includes several projects aimed at refining and concentrating production. During the current year production at Rochester in the US has been extensively rationalised. The structural programme previously announced, which aims to refine production of large washer-disinfectors, is going according to plan and will completed next year.
4 4 During the second half of the year work aimed at improving the efficiency of the business area s logistics will be intensified, leading to reduced costs and less tied-up capital. Extended Care business area Market development Orders received per market Q 2 Q 2 currency flucs. & Change adjusted for Change adjusted for H1 H1 currency flucs. & Western Europe % % USA and Canada % % Asia and Australia % % Rest of the world % % Business area total % 1, , % Orders received picked up during the quarter and rose organically by 5%. In Western Europe the volume trend was good on most markets, and especially a positive trend in France, the Netherlands and the UK. Orders received in Germany were in line with last year. In Northern America orders received rose during Q2, with a 10% organic increase in the US. Orders received were up 7% in the Far East. Results Change Change 2002 Q 2 Q 2 H1 H1 FY Net sales, SEK Million % 1, , % 2,720.0 adjusted for currency flucs.& corp.acqs 6.5% -0.6% Gross profit % % 1,387.9 Gross margin % 48.6% 48.0% 0.6% 48.1% 50.6% -2.5% 51.0% Operating cost, SEK Million % % Operating profit % % Operating margin % 15.4% 14.2% 1.2% 14.0% 16.3% -2.3% 17.9% Results for the business area in Q2 are on a par with last year, which means there has been an good improvement when adjustments are made for currency fluctuations. Net sales increased organically by 6,5% during Q2. The trend in North America was good during the period after a somewhat slow Q1. Parker Bath New Milton The closure of the hygiene systems production facility in New Milton, UK, is proceeding according to plan and is expected to be completed during Q4 this year. As a result of this measure the business area s operating profit will be improved by around SEK 20 million annually starting from 2004.
5 5 Next report The next report from the Getinge Group (Q3 2003) will be published on 16 October Johan Malmquist President and CEO A telephone conference will be held today at 10 a.m. Swedish time. To take part please ring +44 (0) Password: Getinge Getinge AB Box Getinge SWEDEN Telephone Telefax info@getinge.com Corporate registration no
6 6 Income Statements Change Change 2002 SEK Million Q 2 Q 2 H1 H1 FY Net sales 2, , % 4, , % 8,640.1 Cost of goods sold -1, , % -2, , % -4,825.0 Gross profit % 1, , % 3,815.1 Gross margin 45.7% 43.0% 2.7% 44.9% 43.9% 1.0% 44.2% Selling expenses % % -1,731.5 Administrative expenses % % Research & development costs 3) % % Other operating income and expenses % % Operating profit 1) % % 1,049.5 Operating margin 14.5% 10.7% 3.8% 12.7% 10.3% 2.4% 12.1% Financial net Profit before tax % % Taxes 2) Net profit % % Earnings per share, SEK % % ) Operating profit is charged with amortisation on goodwill depr. on other fixed assets ) The effective tax rate for 2003 is estimated to be 29%. 3) Development costs totalling SEK 15.6 million have been capitalised during first half-year, of which SEK 8.8 million during the quarter.
7 7 Quarterly results SEK Million Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Net sales 1, , , , , , , , ,137.6 Cost of goods sold -1, , , , , , , , ,161.3 Gross profit , , Operating cost Operating profit Financial net Profit before tax Taxes Net profit Balance Sheets Assets SEKMillion 30 June 30 June 31 Dec Intangible fixed assets 1) 2, , ,803.6 Tangible fixed assets 1, , ,252.5 Financial assets Stock-in-trade 1, , ,638.6 Current receivables 2, , ,800.7 Liquid funds Total assets 8, , ,416.0 Shareholders' equity & Liabilities Shareholders' equity 3, , ,158.2 Provisions for pensions, interest-bearing 1, , ,211.0 Restructuring reserves Other provisions Long-term liabilities 1, , ,441.5 Current liabilities 2, , ,873.6 Total Equity & Liabilities 8, , , ) This item includes capitalised development costs of SEK 15.6 million.
8 8 Cash flow statements SEK Million Q 2 Q 2 H1 H1 FY Operations Operating profit ,049.5 Adjustment for items not included in cash flow Financial items Taxes paid Cash flow before changes in working ,022.9 capital Changes in working capital Stock-in-trade Rental equipment Current receivables Current operating liabilities Restructuring reserves, utilised Cash flow from operations ,211.4 Investments Acquisition of subsidiaries Net investments in intangible fixed assets Net investments in tangible fixed assets Cash flow from investments Financial activities Change in interest-bearing debt Interest-bearing loan in acquired subsidaries Change in long-term receivables Dividend paid Translation differences Cash flow from financial activities Cash flow for the period Liquid funds at begin of the year Liquid funds at end of the period Net interest-bearing debt SEK Million 30 June 30 June 31 Dec Debt to credit institutions 2, , ,577.9 Pension provisions 1, , ,211.0 Less liquid funds Net interest-bearing debt 3, , ,376.1 Changes to shareholders' equity SEK million 30 June 30 June 31 Dec Shareholders' equity opening balance 3, , ,952.9 Dividend distributed Translation differences Net profit for the period Shareholders' equity closing balance 3, , ,158.2
9 9 Key figures Change Change 2002 Q 2 Q 2 H1 H1 FY Orders received, SEK Million 2, , % 4, , % 8,772.9 adjusted for currency flucs.& corp.acqs 0.7% 2.4% Net sales, SEK Million 2, , % 4, , % 8,640.1 adjusted for currency flucs.& corp.acqs 9.3% 8.9% Earnings per share after full tax, SEK % % Earnings per share before goodwill amortiz. after full tax, SEK % % Nmb of shares 50,468,480 50,468,480 50,468,480 50,468,480 50,468,480 Operating capital, SEK Million 6, , % 6,528.7 Return on operating capital, per cent 18.0% 13.9% 4.1% 15.9% Return on equity, per cent 23.6% 18.8% 4.8% 21.1% Net debt/equity ratio, multiple Interest cover, multiple Equity/assets ratio, per cent 35.1% 30.8% 4.3% 33.5% Equity per share, SEK % Net investments in tangible fixed assets, SEK Million Number of employees at the period's end 5,623 5,285 5,556 The same accounting principles and methods of calculation have been used in this interim report as in the last annual report. In addition, the company applies the new recommendations from the Swedish Financial Accounting Standards Council that came into effect on 1 January These new recommendations have not, however, had any effect on the Group s accounting. This report has not been subject to audit by the Group s accountants.
Q4 2003. Outlook. Getinge Group Financial Statement 2003
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