1 Page 1 COLOPLAST September 22, :00 p.m. GMT This is conference # Lars Rasmussen: Good evening. I am Lars Rasmussen, CEO of Coloplast and I'm joined by our CFO Anders Lonning-Skovgaard and our Investor Relations team. Earlier today, it was announced that we have increased our provision for the mesh litigation by DKK3 billion. In addition to last year's provision of DKK1.5 billion, for which we received DKK500 million in insurance coverage, the total current expected cost of the mesh litigation before tax is DKK4.5 billion. I would like to describe the circumstances leading up to today's announcement. Over the last couple of months, and in particular last week, there has been a shift in the landscape of the mesh litigation. We have seen a number of plaintiff wins and the total number of claims against the industry is still increasing. Furthermore, other defendants, who have not traditionally settled cases, have started to settle. On Monday, September 14, Judge Joseph Goodwin, who presides over the multidistrict litigation issued an order requiring Coloplast and the plaintiffs to engage in discovery on 200 cases. As such discovery has not occurred before this order, the cost in connection with the mesh litigation will increase. There has been no change in Coloplast's ongoing program to resolve verified claims where appropriate.
2 Page 2 At the status meeting with our US lawyers today, all of the aforementioned factors were analyzed and discussed and it was concluded that we needs to increase the mesh provision by DKK3 billion. In May last year, we had made a provision of DKK1.5 billion and received DKK500 million in insurance coverage. Including today's DKK3 billion provision, our current best estimate of the total cost of the mesh litigation is DKK4.5. The total cost includes legal advisory costs. At this point in time, Coloplast continues to settle verified claims and actively participate in negotiations. Given the confidential nature of settlement negotiations, going forward the Company will not discuss the current number of claims against Coloplast. Due to the increased provision, the expected EBIT margin for 2014/2015 is lowered from around 32 percent at constant exchange rates and in Danish kroner to around 10 percent at constant exchange rates and around 11 percent in Danish kroner. The effective tax rate for 2014/2015 is expected to be around 28 percent compared to the previous expectation of around 24 percent. Coloplast's dividend policy of paying out all excess cash is unaffected by the change in provision. However, the free cash flow impact of the mesh litigation is to be viewed as extraordinary, and therefore, we expect to neutralize the cash impact through borrowing. At this point in time, we would like to open up for questions. Thank you. If you wish to ask a question on the phone lines, please press star one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request please press the has key. So once again that s star one if you wish to ask a question. Your first question today comes from Soren Holm. Please go ahead Soren Holm: yes, hello, Soren from Nordea with a couple of questions. Could you maybe explain a bit the impact from preparing these court cases? Are you now going to court and is that opening up for -- also you receiving punitive damages as we have seen with some of your competitors. And how much of the provision
3 Page 3 includes a potential loss from this? And secondly, on the dividend policy, is it correctly understood that the future cash outflow from this is not going to affect the future dividend payout and share buybacks? And then finally and more strategically on the mesh market, we have seen some consolidation going on here, how do you see yourself participating as a buyer or a seller with maybe two of the market leaders loosing focus? Lars Rasmussen: Let me start with the first and the last question you have and then I'll refer the middle one to Anders. Now, we have to create our own opinion why the Judge is giving us an order to start preparing for discovery, because up until now, we have settled almost 4500 cases and we think that the Judge is trying to put pressure on both us and the litigators in order to speed up the pace of us settling. So that's what we think. But if that means that we'll end up in having full blown court cases and so on, it is still to be seen. So therefore, what we could do when we got this order was to say okay, this is a change of strategy. So now, we have to include the cost of doing discovery, the cost of going to court and the potential cost of settlements, while also including the number of cases to everything that realistically we will actually settle. And it is significantly more expensive to do discovery, to run the legal cases in front of a judge and so on than it has been for us to settle historically. The amounts that we have used per case to settle historically are far lower than if we are to do for full-blow discovery and so on. So therefore the amounts have gone up so significantly. But none of us know, at this point in time, how many cases will actually end up in court and how many will be settled and so on. But we just have to reflect the fact that we have gotten a different order from the judge and therefore we also have a different strategy. So that's actually the background for it and of course, we can't start to spill out each of the elements in this and it's basically a point in time where we have gotten very far with the strategy that we have had and now we need a different strategy and that's at least what the Judge thinks and that's what we are working with. And I forgot your last question what was that again?
4 Page 4 Soren Holm: On the strategy going forward (Multiple speakers)? Lars Rasmussen: Yes, but when you are in the US you have -- it is the land of opportunity and so many great opportunities for you to pursue. It's also a country where, when you are a part of legal battles, as we are right now, it's extremely expensive. So we are not scared away from this. We know it's a cost of doing business in the US and longer term, of course, we will take the learning's that we have here into consideration, but at this point in time, no change to the strategy we have. And then back to you Anders on the dividend. Anders Lonning-Skovgaard: Yes, so as Lars also mentioned, in terms of our dividend policy we will continue to pay out our excess cash, so that is unaffected by the change in the provision. But the free cash flow will be impacted by the mesh litigations and we are viewing this as extraordinary and therefore we will also expect to utilize this through borrowing. So that is how we see it. Soren Holm: But, could you give some flavor of the average settlements that has been made in court so far among your competitors and also the amount of punitive damages? Lars Rasmussen: No, and we actually think that we have a very different type of products than many of our competitors and that's also why we have been settling at pretty low amounts compared to what our competitors have been able to do. So therefore, we would not like to speculate in this, but there's a lot of public knowledge out there, but we are not the ones who are going to entertain with that. Soren Holm: OK, thank you. Thank you, your next question comes from Niels Leth. Please go ahead Lars Rasmussen: We can t hear you Niels. Niels Granholm-Leth: Can you hear me now?
5 Page 5 Lars Rasmussen: Yes. Niels Granholm-Leth: Great. So, over how many years would you expect the remaining part of your provisions should be consumed and-- Lars Rasmussen: That's two to three years, we think. Niels Granholm-Leth: Two to three years? Lars Rasmussen: Yes. Niels Granholm-Leth: Okay, and what will be the impact on your tax payments? I expect you would, as usual, pay your next tax bill, is it -- in early December or so, would you then suddenly get at tax refund (instead)? Anders Lonning-Skovgaard: In terms of our -- we will pay that in, as we normally do, in our Q1. In terms of -- it depends very much on the cash flow of when we are going to settle this going forward and that is too early to say how that will impact us going forward, Niels. Niels Granholm-Leth: Okay, but except from this year you will continue to set aside about 25 percent in tax. Anders Lonning-Skovgaard: For this year we are now saying that the tax rate for this year is going to be 28 percent where we guided previously 24 percent and then we will -- when we come to our guidance for 2015/2016, we will return, how we see the tax rate develop next year. Niels Granholm-Leth: OK, very good. Thank you. Thank you. Your next question comes from Yi-Dan Wang. Please go ahead Thank you very much. Just want to clarify whether the DKK3 billion relates to the 200 cases or does it include additional cases beyond the 200? And then, on the tax rate, is all of this additional settlement tax deductible? Looking at the tax rate, the new tax rate that you've announced for this year as a result of
6 Page 6 this increase in provision, it seems that the tax rates are different. So if you could walk us through that that will be helpful. And then the cost of discovery, can you give us some sense of how much of cost would go through discovery on a -- roughly on a per case basis and whether the plaintiffs would have to carry that cost and presumably that would encourage them to settle? Lars Rasmussen: Well, first of all, we had included also the number of cases that we think will come in going forward, so actually to what we expect to be at the end of the MDL? That's of course, at this point in time, our best estimate. So that part is included. It's very hard for us to give you the amount of discovery or the amount that we spent on discovery and maybe I should explain a little bit further to you why it is that we are not -- why we don't want to talk about the number of cases and so on going forward, because actually that we did do previously. So previously we said, okay, we did not have much public knowledge. But when AMS came out and they published a very large number of cases in settlements and so on, we were able to calculate a number out of that. So we took the 7,000 cases that we had and we used more or less the same per case average and that was all for 100 percent settlements. Now, we are in a situation where we set aside an amount to do discovery, which is what -- an amount that we have gotten from our lawyers, because they have some kind of insight into that. We have set aside some number of cases that will be settled. We have also included the number of incoming cases until the end of the MDL and we have included the cost of discovery and all kinds of doing trails and so on. So it's a very, very mixed picture. So if you have this picture together with a number per case average and so on does not really make up any sense compared to what we had previously, because it's a new strategy. So that's the reason why we can't be precise about this, because we also think it will probably harm us in the negotiations that we have to go into now with people that are litigating against us.
7 Page 7 And I can confirm that the pressure that is now put on us with the 200 cases that we have to prepare, the same pressure is on the litigators, because they also have to establish medical files and sent that in and so on and so forth. So it puts a pressure on both parties in this case to make sure that we have an incentive to try to settle. Okay. So, but generally, how much does discovery costs? Not for your mesh, but your lawyer verbally would have give you some sense of how similar-- Lars Rasmussen: Yes, we have gotten that and I can't share that information. Okay. And then the 200 cases, do they need to be addressed individually or could they be -- Lars Rasmussen: Yes. If we end up in a situation where they will be put forward to the court, then each of them will have to be seen as individual cases. That's the whole idea about a multidistrict litigation is that every single case is an individual case. But, so many things can happen from now on and until this whole case complex is closed. So it's very hard to say what will be the outcome here. Okay. And how good have you been in predicting the number of valid cases that are against you so far? Lars Rasmussen: I think that so far we had been very good. But you also have to take into consideration that we still see TV commercials for these cases. You also have to take into consideration that some of the other manufactures they have lost in court and have, at least in the first instances, seen very high amounts that they had to pay. So that keeps the interest going and therefore, we still expect that there are cases coming in and that we have also taken into account with the provision that we have made today. Okay. And then before the tax question, just last one, what proportion of the meshes that you've sold have turned out to be valid cases against you, roughly? Lars Rasmussen: You will never know that when you are settling a case because the whole idea about settling a cases is that it's not progressed to court. But of course, when
8 Page 8 we receive complaints or a case, then for us to acknowledge it and even start settling discussions, we have a medical record, so we fully understand it is our product and we also understand the history of that individual so that we know that that is not without grounds. But of course, we don't have the same kind of depth in the understanding that you'll have if you go through a full discovery. Okay, but you have included a number of future cases in the DKK3 billion provision. So the additional, post the ones that you're will (multiple speakers) risk is for your product? Lars Rasmussen: Can I suggest that Anders will take your question about tax and then we move on because then you can come back in line but I think that we also need to give other people an opportunity to ask questions, would that be okay? Yeah that is fine. Anders Lonning-Skovgaard: So in terms of the tax -- so what we have said now, we expect the tax rate this year to be 28 percent, where we previously had the 24 percent and the way we have calculated is that the mesh cost is not deductible until they are paid out. So we have used the corporate tax rate in Denmark next year of 22 percent in that calculation. So why would the tax rate be 28 percent this year, wouldn't it be Anders Lonning-Skovgaard: No, it's because - Okay. Yeah, it's lower. Anders Lonning-Skovgaard: Yeah, it's lower. So we have used the 22 percent that is the corporate Danish tax rate for next year and it's not paid out -- the mesh cost is not deductible until they are paid out. And that would be in December or --? Anders Lonning-Skovgaard: No, that's going to be sometime in the future and that is something that's difficult for us to predict. But our assumption in the tax calculation is that we have used the 22 percent. That is the corporate Danish tax rate for next year.
9 Page 9 OK, thank you. Thank you. Your next question comes from Alex Kleban. Please go ahead. Thanks for taking the questions. Three, so first is, how many plaintiff law firms are involved across the 200 cases. I'll do one at a time, if that's okay. Lars Rasmussen: Well, we actually don't know at this point in time how many are involved in those specific court cases. Okay. Yes, fair enough. I guess the second one was on, just to clarify, you (will there were up) to protect the dividend and do you think about then taking all of the amount, say DKK3 billion now just because you can access a low rate and what kind of rate are you going to be thinking about on that? Lars Rasmussen: Yes, it's something we have not decided upon yet. Should we be thinking more or something 2.5 percent, 3 percent range, is that generally about right for your financing cost base on any recent discussions you may have had? Lars Rasmussen: No. We have not yet decided on when to do this. Okay. Would it be fair to say that you would prefer to do it upfront or would you do it, as you see the payouts coming, you would maybe go 6 to 12 months in advance or something like that? Lars Rasmussen: Again, we have not decided on how we will do this. Okay, that's fair enough. And then the last question is just more about -- I think it was asked earlier, but just to follow on. So it seems that we get to a point now where the liabilities or the provision for this business are probably a lot greater than the profits or maybe even sales that have been made out of it since you've owned it. I'm not sure if that's a fair statement. But does it come to the point now where you think about winding it down, just given all the issues and given that maybe this comes back again at some stage
10 Page 10 in the future or just trying to sell it to somebody else and just kind of taking some residual value or maybe -- I was going to say, maybe putting it -- get back to Coloplast and just put this in the bad part and then we can focus on the businesses without the overhangs like these? Lars Rasmussen: Yes. Well, it's almost like when you think about what you could have done. There is plenty of things that you could have done. Now we are in the middle of this. We find it extremely uncomfortable. And I just see no other way than just moving forward and get on the other side of this and what we do at the other side of this is a different discussion. As it is right now, we can't do anything else than what we do and that is to produce great products and help as many women as we can. And then we have to get on the other side of this legal battle. It's very, very uncomfortable, but that's just the situation. We don't have any options than to move forward here. Yes, but then when we get there, let's say when we get though this -- if it's a year or two from now, is there then a strategic evaluation that goes on about whether you really want to stay involved in surgical urology in general at least on the implantable side of the business going forward? Lars Rasmussen: Yes, we always take stock of what kind of value creation does our different business areas produce to us. And of course we also do that for the urology business. But right now, because of the situation that we are in, we have basically no other options than to run the business and to move forward and get on the other side of this. That's fair enough. How is the business going in general because we did see, at least from the male side, some pressure in the last few quarters, has that improved? At least can you comment on that now? Lars Rasmussen: Yes, it's improved a little, but it's not as good as it was last year. Okay. And on the female health side, similar situation where maybe this is depressing volumes or has that recovered well?
11 Page 11 Lars Rasmussen: Well, it's not going that bad. I mean, you could think that when you have all of these court cases going on and all of the negative press then you'll see a real dip in the business, but it's actually doing okay. OK, well thanks, sorry I ve probably gone for five questions instead but thank you (with them) Lars Rasmussen: But you all do (tonight) (Widor Kaka): Thank you, your next question comes from (Widor Kaka) please go ahead. Hi, it (Widor Kaka) actually. Couple of questions from me, very simple. The first one because you might have said -- you said that in the comment, but I (didn't manage getting into call) maybe early enough. So the provision now, the total provision is regarding all your -- like your view of the liabilities for you in all future cases, not just for the extra 200 cases you had to (go through this call) right. Lars Rasmussen: Yes. (Widor Kaka): Okay, so if tomorrow another judge adds another 200 cases, it's not going to be another DKK2 billion. Lars Rasmussen: No, it's including everything that we know of at this point in time plus all future cases that we estimate will come in. So, it's all of that, it's plus the settlements that we think that we'd be able to do plus the amounts that we have to set aside for discovery, running court cases and also potential outcomes of that. So it's everything we know at this point in time. This is, however, not a guarantee but it's also including, by the way, the legal expenses on all of this. So it's all we know, but of course, I mean, it's highly volatile. So therefore, it's hard for us to be very certain of this, but we have taken into account everything possible. Thank you. Your next question comes from Veronika Dubajova. Please go ahead.
12 Page 12 Veronika Dubajova: So couple of questions from me. The first one is, I just want to understand if these 200 cases do not progress to court and instead you end up settling them, is it fair to assume that the real pay outs on the cash flow would be significantly smaller than the provision you've taken today? Lars Rasmussen: It depends what kind of amount you are settling, those cases happen. Veronika Dubajova: Okay. And then, if I look at the incremental amount per case that you have taken and I appreciate you can't tell us what part of the provision is for new cases and what part of the provision is for the 200 that you have been ordered to take to discovery and to court. But I mean, the cost is, we're talking somewhere between $2million and $3million per case here that you're provisioning for. Is that the right way to think about it? Lars Rasmussen: I think it's very easy to be in a situation where you are oversimplifying the calculation which is behind this. It's actually taking us and our lawyers quite a bit of time to put this together. So it's such that before there will be a number of cases, of course, that we will still be settling. We will also have cost to prepare discovery and so will the litigators. So therefore, how this pressure that the Judge have been putting on both us and the litigators, how that will play out is very hard to say and that's the reason why, when we do this provision, we need to take into account a situation where we have to handle all of this, also the 200 cases going forward. But it's not going to be exactly as we predict it today, but how that comes out is very hard to say. So I would not like to start to give bits and pieces because that would put us in a very awkward situation going forward when we have to discuss this with the different parties that are understanding what we say at this call. Veronika Dubajova: Okay, understood. And last of all is, I'm not aware of any of your competitors being forced to take their cases to court. I think most of them have been pretty successful at settling the vast majority of cases that they've been in.
13 Page 13 Lars Rasmussen: No, that's not a correct assumption Veronika. Veronika Dubajova: Okay, please correct me. Lars Rasmussen: No, it's actually some of our competitors have pursued a strategy, which is solely go to court and they have not settled anything and some have primarily been going for the court route and some have done, like us, where it's primarily the route of settling. So that's -- you have to change that assumption. Veronika Dubajova: Okay. So you wouldn't say you pursued a different litigation strategy to your competitors and it is fair to assume that some of your competitors are seeing a similar progression at this stage? Lars Rasmussen: Yeah, I think it's fair to say that the Judge is putting pressure on all parties in this instance in order to make sure that we get this total complex resolved. Thank you. Your next question comes from Yi-Dan Wang. Please go ahead.. So, I was wondering what the failure risk for the product is based on what you know and what you expect to come through in terms of the cases that you have provided for? Lars Rasmussen: I'm not sure I understand or follow what you mean by failure rate or risk? Basically, you know the total number of devices that have been implanted, you know how many allegations or how many plaintiffs have come forwards to make a claim against you and how many you've settled based on what you've seen and how many you're provided for in the future. So I just wondered what the risk profile of the device is. Lars Rasmussen: Okay. Yes, but that's -- what kind of risk are you taking about then, because this is -- at least, I think that you should try not to compare the US legal system and the way it works to the way it works when you are in a European legal system. It's very different mechanics that are driving the number of cases that forward and therefore -- I think that you should call Ian to get an in-depth talk about this so that you understand the background for this because it's very
14 Page 14 hard to just give an answer that sort of makes sense if it have to be a short answer, at least. Okay. Well, basically the question was asked in relation to your comment earlier that you expect the whole thing to wrap up over a two to three year period and I'm thinking that these devices probably sale over time, how can you be sure that you would actually wrap it up over the next two to three years? Lars Rasmussen: Well, that's a very good question. Thank you for clarifying. The reason why I can say two to three years or why I believe in two to three years is because that's what I have been told from our lawyers because what they normally say is that MDLs, they historically are running five to six years before they close down and it's about the whole underlying, you could say business model of these things that at certain point in time, it makes or it creates a better return on investment to move on to other cases. So they have sort of a life cycle and this is the historic picture that we have been explained. Thank you. Your next question comes from Niels Leth.. Please go ahead.. Niels Granholm-Leth: Yes, a quick follow-up. Do you know how this mesh litigation cases will impact the way that your auditors will do the goodwill impairment testing of your urology division in combination with your prior year record. Lars Rasmussen: Yes, we actually have looked at that and we are not changing the way that we are handling that and it seems as if we are still having a very big safety margin and therefore there's no change. Thank you. Your next question comes from Alex Kleban. Please go ahead. Yes, hi. Thanks for letting me have one more. Just a quick follow-up to Yi- Dan's question, is there a sort of statutory limitations on these things where if you have a device that was implanted prior to the MDL, it fails after the five to six year window, if somebody has missed that window and then their device fails, can they then open up a lawsuit against you after the (fact that says) 10 years from now or six or seven years from now, whatever is the case maybe.
15 Page 15 Lars Rasmussen: You can always -- there's nobody who is refraining you from opening a case against the Company where you've bought or gotten a product from. But there's a certain dates by which the MDL have not or is not accepting products anymore. So in that sense, it's not like you are -- the products that you're selling today you are still feeding the MDL with those. Okay. And then, do you have a general sense of how many more cases or what's the total base of devices in this category that have been installed or have been implanted over time and is there a risk that maybe there is another 5,000 or 6,000 out there that could go wrong at some stage down the road that we haven't seen yet? Lars Rasmussen: This year, we have seen TV commercials for four years trying to get women to sign up for this court cases of this MDL and we still see that coming. There is an inflow, but we also see that the rate of the inflow is decreasing. Thank you. Your next question comes from Ian Douglas-Pennant. Please go ahead. Ian Douglas-Pennant: Thanks very much for squeezing me at the end. And it's a quick one on the guidance. Last time you gave guidance, the (CR) and the reported margin was the same and now they're different. Have you updated your assumptions for FX or is it just happened to fall the other side of rounding errors? Lars Rasmussen: It's -- what you're saying the latter thing. So we see a little bit higher, nominal in actual rates -- nominal EBIT in actual rates. So that's why that's a little bit bigger. So our guidance in -- is 11 percent EBIT. Ian Douglas-Pennant: Okay, great. So I've manage to draw you on a question on guidance. That's something for me for the record books, thanks very much. Morten Larsen: Thank you. Your next question comes from Morten Larsen. Please go ahead.. Two questions, just to follow-up first on Ian's question. Is this a confirm -- the new guidance you're putting out have updated, is this a confirmation of the old guidance i.e. that what you have seen for the first 14, 15 weeks of the last
16 Page 16 quarters, is this confirming the full year guidance, is one. And second, Lars, first time you provisioned, you provisioned DKK1.5 billion, now you say DKK4.5 billion, that's three times up. How should we sit here and have any sort of visibility into whether this could actual be a higher number or not? Lars Rasmussen: So I could start with the last part of the question. For a very long time we did not provide any guidance on these cases because we have no, we seem to had no background to provide a guidance. Then AMS came out with very large settlements that gave us a per case average, which we used to give a guidance because that was at least a public number in the market. And then we also clearly stated at that point in time that we pursue a settlement strategy and that's been very -- actually, I think it's been very successful for us and it's worked up until now. Now, the Judges have issued a court order ordering us to begin preparing for court for 200 cases. That's a complete change of our strategy. And the only thing we can do when we get that is to do a new calculation for how to view this and that's basically what we can do. And I just have to say that I feel as uncomfortable about this as everybody else, but that's the base of it. We need to use the facts that we have at hand and the facts have changed and therefore our provision have changed. Morten Larsen: So, basically you apply some sort of probability to that, some of the 200 cases or all the remaining cases go all the way through a verdict and you get a high penalty of that, is that what you're doing? Lars Rasmussen: Yes. Morten Larsen: And that probability could go up and could go down going forward and so on? Lars Rasmussen: Yes, but I can't give you details on this because I think it's a very complicated math that you have do at it, but at the end of the day, it is an informed case and of course informed by people who have tried this many times and we are guessing, of course, but we think that the whole idea why the Judge is putting this pressure on us and on the litigators is to speed up the rate of settlements. Morten Larsen: And on the guidance, that must be Anders question, just a conformation --
17 Page 17 Anders Lonning-Skovgaard: So, on the guidance, so the EBIT before special items is still 32 percent both in Danish kroner and constant exchange rate. So no change to that. Morten Larsen: So, it's a confirmation that what you are seeing in the first part of -- in all of the fourth quarter here is basically in line with your trading guidance from last quarter? Lars Rasmussen: Yes. Ines Silva: Thank you. Your next question comes from Ines Silva.. Please go ahead Hi, thank you so much for taking my last minute question. Could you just explain what is the difference between this 200 cases versus the 7,000 that you have? So why will these expectedly end up in court and how don't you expect more to end up in court please? Thank you. Lars Rasmussen: Yes, the strategy that Coloplast have pursued up until now has been to avoid getting in court or to settle, because in the US court system, it's often less expensive to settle than it is to go through the whole process of bringing up a case in front of a court. So that's been our strategy up until now and the whole idea about a multidistrict litigation is to make sure that a large number of the cases are settled because the court system does not have the capacity to handle all of the cases. If you take the total number of cases, you know that up until now Coloplast have 7,000 cases. If you take the whole complex, it's more than 100,000 cases, if you include all of the manufacturers and there is no way that this could be handled in a court system, and therefore the pressure is on in the system that a large number of cases are settled, they need to be settled and that is the process that we are in now. So when we have been ordered to take 200 cases to the court, it's to make sure that we are speeding up the process of settling, but that's the whole -- I don't know, if you're from America, then I shouldn't entertain you about how the U.S. system works but otherwise, I think that you could get a debrief from our Investor Relations guys on this, because it's a very different system.
18 Page 18 Ines Silva: Thank you. Could you just clarify how long usually it takes for you to settle a case and how is that going to be shorter now (with discretion)? Lars Rasmussen: Settling cases can be a lengthy process or it can be very, very fast. It depends how much you're willing to pay. So it's basically a negotiation and therefore I can't give you an average for that. Soren Holm: Thank you. Your next question comes from Soren Holm. Please go ahead. Just a quick one, the 4,500 cases you have already settled, are they all settled under your initial assumptions or have there also been higher settlements which is part of your increased provision? Lars Rasmussen: No, they have been settled under the initial assumptions. And I think that would be the last question for tonight. Thank you very much for participating. Thank you. That does conclude the conference today. Thank you for participating. You may now disconnect. END
COLOPLAST Moderator: Lars Rasmussen June 16, 2015 11:00 a.m. GMT This is Conference # 953886 Thank you for standing by, and welcome to the Change of Financial Guidance for 2014 and '15 conference call.
This is the most effective and powerful script for securing appointment with FSBO's you will ever put to use. This scrip will increase your appointment closing ratio by 50-60%. The thing to keep in mind
SCHRODERS Q1 Interim Management Statement 2015 Conference Call Michael Dobson Thursday 30 April 2015 9:00 a.m. BST Good morning. Thank you for standing by, and welcome to the Q1 interim management statement
COLOPLAST Moderator: Lars Rasmussen January 29, 2015 3:00 p.m. GMT Lars Rasmussen: Good afternoon and welcome to our Q1 14/15 conference call. I'm Lars Rasmussen, the CEO of Coloplast. As usual, I'm joined
Welcome to the NSLDS hands-on session. My name is Larry Parker. I'm from the Department of Education NSLDS. Today, I have with me a whole host of folks, so we're gonna make sure that if you have any questions
Dialog: VIP LESSON 049 - Future of Business A: We really embarrassed ourselves last night at that business function. B: What are you talking about? A: We didn't even have business cards to hand out. We
MESH CLIENT NEWSLETTER Isssue 2 :: March, 2012 :: Dear Clients, In our last Mueller Law Newsletter, we included information on the difference between a class action and a mass tort. In an effort to keep
'S VAN: AN ACCIDENT STORY PART TWO CHARACTERS: Dan Davis, a 28-yr-old independent construction contractor Tanya, Dan's wife, an assistant manager at Kmart Female recorded voice at Nationwide Richard, a
Dialog: LESSON 120 - MBA A: What are you doing tomorrow? B: I'm starting my MBA. A: I thought you hated business. What changed your mind? B: I do hate it, but I need to start making more money. A: MBA's
Real Estate Investing Podcast Episode # 74 The ABCs of Finding and Training a Virtual Assistant Hosted by: Joe McCall and Alex Joungblood Jesse: Hey, welcome back. This is Real Estate Investing Mastery.
1 1 1 1 0 1 Credit cards versus Debit cards This is Tray Thompson. Today we ll be having our first webinar of the semester, Credit cards versus Debit Cards. As you know we have a Chat feature in this as
Okay welcome everybody! Thanks for attending the webinar today, my name is Mike Potter and we're going to be doing a demonstration today of some really exciting new features in open atrium 2 for handling
Persona name Amanda Industry, geographic or other segments B2B Roles Digital Marketing Manager, Marketing Manager, Agency Owner Reports to VP Marketing or Agency Owner Education Bachelors in Marketing,
My name is Tim Sain, and you guys are in a budgeting workshop. Has anyone ever done any kind of financial literacy? No. Budgeting? Workshop? Talked about money? Has anybody ever showed you how to spend
Chat Tuesday, January 10,2012 Vinnie_ASI Today's chat topic: Using LinkedIn to Get Sales Leads 01:15 Is anywhere here? 01:59 Is anyone here? Hi and welcome to today's chat. The topic: Using LinkedIn to
Medical Malpractice VOIR DIRE QUESTIONS INTRODUCTION: Tell the jurors that this is a very big and a very important case. Do a SHORT summary of the case and the damages we are seeking. This summary should
This is a transcript of a call between a Pindrop Security employee, identifying himself as R. Williams, and a phone fraudster identifying himself as S. Parker. Pindrop identified one of the phone numbers
Deputy Undersecretary Robert Shireman of the U.S. Department of Education Massie Ritsch: All right. Good afternoon, folks, thanks for your patience. This is Massie Ritsch, Deputy Assistant Secretary for
Beyond the Polyester Veil : A Personal Injury Negotiations Case Study I m going to tell you something else almost as useful.i m going to tell you the big secret of handling your personal injury case. For
Moderator Sharon Burton 3/19/2008-200 PM ET Page 1 Moderator Sharon Burton March 19, 2008 200 PM ET And this is the Office of Safe and Drug Free Schools Partnerships in Character Grant Competition Conference
Speaker 1: In this episode, I want to discuss how to describe things in your personal statements or in your application materials when you have to talk about something that's a bad thing from your past,
The Next Royal Gold June 22, 2011 Home Print Edition Close Window Frank Curzio: Hello. Welcome to the Phase I Next Royal Gold conference call. I'm Frank Curzio, editor of the Phase I Investor newsletter
Coloplast A/S H1 2012/13 Financial Results Tues, 30 th April 2013 15:00 Hrs UK Time Chaired by Lars Rasmussen Lars Rasmussen Good afternoon and welcome to this Q2 2012/13 conference call. I am Lars Rasmussen,
Jenesis Software - Podcast Episode 2 All right, welcome to episode two with Chuck, Eddie, And Benny. And we're doing some technical talk today about network speed on episode two. Let's talk about, guys,
Free Cash Flow Overview When you re valuing a company with a DCF analysis, you need to calculate their Free Cash Flow (FCF) to figure out what they re worth. While Free Cash Flow is simple in theory, in
Transcript of the Public Hearings of the Statutory Review Committee on Access to Information and Protection of Privacy Date: Presenter: Wednesday, June 25, 2014 (9:30 a.m.) Vaughn Hammond Canadian Federation
Excellence and Equity of Care and Education for Children and Families Part 3 Program Transcript FEMALE SPEAKER: Ms. Vazquez, in our final conversation, I'd like to speak with you about equity and excellence
Conference call speech European Embedded Value Danica Pension June 3, 2008 Investor Relations CORPORATE PARTICIPANTS Henrik Ramlau-Hansen Danica Pension CEO Janne Dyrlev Danica Pension CFO Martin Gottlob
LIST BUILDING PROFITS BUILD YOUR LIST THE RIGHT WAY Jonathan Leger COURTESY OF LEARNFROMJON.COM - PRIVATE BUSINESS COACHING FROM A MULTI-MILLION DOLLAR INTERNET MARKETER + ACCESS TO PREMIUM AND EXCLUSIVE
Flat Rate Per Claim -vs- Percentage Billing Fees A Devil's Advocate View Assuming a full service solution, there are basically two methods billing services use to charge for their services, either a percentage
Transcript - Episode 2: When Corporate Culture Threatens Data Security Guest: Phil Huggins, Vice President, Stroz Friedberg Welcome to Episode 2 of the Business of Truth podcast by Stroz Friedberg, "When
How to Perform a Break-Even Analysis in a Retail Store A Step by Step Guide By BizMove Management Training Institute Other free books by BizMove that may interest you: Free starting a business books Free
Todd: [0:00:18] Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we have my cohost, bestselling financial author Kim Butler with us,
BACKGROUND CONFERENCE CALL WITH SENIOR ADMINISTRATION OFFICIALS ON THE CONSEQUENCES OF ALLOWING THE PROTECT AMERICA ACT TO EXPIRE February 22, 2008-6:00 P.M. MR. ROEHRKASSE (Department of Justice): This
Three Attributes of Every Successful Merchant Services Program-20140604 1602-1 [Start of recorded material] [Starts Mid Sentence] thank everyone that s joined the call today. I know everybody is busy with
Page 1 of 13 Sales Aptitude Assessment Questions The following questions are to determine what type of sales person you are and where you fit in our sales organization. We want to make the right decision
Ok, here we go. Managing your time before it manages you, ok. 1 Time management is the number one skill that every student should master in college. If you can master your time, you can pass your classes,
Waitlist Chat Transcript - 04/04/13 10 AM Q: What are our chances of getting off the waitlist? A: We don't have an exact answer for you. We were conservative with the number of offers we extended in R1
731-04-joel_maloff-phone.com-cloud_based_phone_service Page 1 of 5 Ranked the #1 radio show in the Boston Market in its time-slot, and with more than 5,500,000 Podcast downloads, Tech Talk With Craig Peterson
Hi I m Tony Radford from West Town Web Services. We area UK based great value, high quality software development and outsourcing solutions business. If you need software built or looked after please get
C O R P O R A T E P A R T I C I P A N T S Dimitris Lois - Coca-Cola HBC AG CEO Michalis Imellos - Coca-Cola HBC AG CFO Q U E S T I O N S F R O M Stamatis Draziotis, Eurobank Equities Tristan van Strien,
Third-Party Funding of Individual Lawsuits: A Rational Dialogue Kirby Griffis Hollingsworth LLP THE SCENE: Boardroom of Rational Actor Widgets Co. RAWCO makes widgets, which have many useful applications
O'Key Group Wednesady, 12th October 2011 15:00 Hrs UK time Chaired by Dear ladies and gentlemen, welcome to our conference call. I'm here today with Patrick Longuet, CEO, and Sebastien Verhaeghe, Director
FOR IMMEDIATE RELEASE OPA THURSDAY, FEBRUARY 14, 2008 (202) 514-2007 WWW.USDOJ.GOV TDD (202) 514-1888 2:05 P.M. EST TRANSCRIPT OF CONFERENCE CALL ON THE CONSEQUENCES OF PROTECT AMERICA ACT EXPIRATION WASHINGTON,
Dialog: VIP LESSON 001 - Alimony A: Why is Kevin selling his house? B: He's getting a divorce and says he won't be able to pay for it after he pays alimony and child support. A: Why is he getting a divorce?
The Interview Series - Presented by SmartFunnel Interviews of Sales + Marketing Industry Leaders Louis Gudema: Founder and President of Revenue + Associates PETER: Hello folks this is Peter Fillmore speaking.
[Gavel Pounding] 1 >> Mayor Strickland: I would like to call to order the Tacoma City Council study session for June 17, 2014. We have one item on our agenda today and get an update on the 2015-2016 budget
Expired Listings First Call to Expired Listings Seller Number One Agent in Properties Sold: Script #1 Brad McKissack, Denton, Texas Millionaire Real Estate Agent Tip! If you get an answering machine, instead
How to Create Winning Joint Ventures Jim Ingersoll here with another segment on private lender financing and your private lending course. I'm excited to have you along. Now that you know why you want to
Filename: P4P 019 The Facts of Life Insurance Todd: [0:00:18] Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we re lucky enough to
DIVORCE LAWYER JEREMY SUTTON ON CHILD SUPPORT WITH KARYN HAY Very good thanks very much. Hi and good evening and we'll kick straight into it with your law tonight with Jeremy Sutton who is a family law
Hip Replacement Recall A Special Report What You MUST Know About Metal Toxicity and the Seven Biggest Mistakes that could prevent you from getting the compensation you deserve Your Hip Recall Help Team
Asian Handicap Basics How to make money betting on football by following this proven, winning professional strategy Matthew Walton (August 2014) Over the next few pages, I'm sticking a mortarboard on my
Telephone conversation between President Kennedy and Governor Ross Barnett September 29, 1962, 2:00 P.M. President Kennedy: Hello? Hello, Governor? Governor Barnett: All right. Yes. JFK: How are you? RB:
PRE-TOURNAMENT INTERVIEW TRANSCRIPT: Tuesday, January 27, 2015 LYDIA KO MODERATOR: Happy to be joined in the media center by Rolex Rankings No. 2, Lydia Ko. Lydia, you're coming off winning the CME last
June 2012 Jane Londerville on Mortgage Financing In this instalment of Straight Talk, MLI talks to mortgage finance expert Jane Londerville about government backing for residential mortgages in Canada,
Omaxe Limited Q2 FY16 Results Conference Call November 05, 2015 Abhijit Diwan: Good afternoon, ladies and gentlemen I am Aman, the moderator for this conference. Welcome to the conference call of Omaxe
Interview Schedule for Divorce Lawyers Divorce Lawyers at Work: Varieties of Professionalism in Practice I. I would like to start by asking you a few general questions about your training and experience
BINGO TRAINING Last Updated August 2014 Overview The Weekly Sunday Bingo at St John s is by far our greatest money maker. For the 2013-2014 Year, we made close to $225,000 in profit from Bingo. This effort
Mortgage Guide and Helpful Tips Dear Prospective Home Owner, Let me tell you that home ownership is one of the key ingredients to building wealth. Take any 100 people at the start of their working careers
LESSON 14 Stocks and Mutual Funds I ntroduction One characteristic of a market economy is private ownership of property. Property is not just land and real estate; it is anything of economic value that
Creditor Lawsuits Handbook In Magisterial District Court A Handbook for people dealing with creditor lawsuits, including information on such suits and common defenses. Revised July 2009 Introduction This
How to Outsource Inbound Marketing Services to Other Agencies Written by Spencer Powell of TMR Direct Table of Contents Why Outsource? Sustainable MRR No developing systems and best practices No need to
How to Pick a Great Email Newsletter Provider There are a lot of steps to putting an email newsletter together. None of them is rocket science, but put them all together and it can be a little intimidating.
Transcript Financial Result of the 4th Quarter 2002 Conference Call Net Serviços de Comunicação S.A. Operator: Good morning ladies and gentlemen. At this time, I would like to welcome everyone to the Net
Chapter 8 Is this a good business? How to measure company returns In the previous chapter, we learnt that profits and cash received (cash flow) are rarely the same value. We looked at free cash flow conversion
0:00:18 Todd: Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we have my cohost and bestselling financial author Kim Butler with us,
HOW TO LOWER YOUR GENERAL LIABILITY INSURANCE BY THOUSANDS OF DOLLARS! AN INSIDER'S GUIDE TO GETTING THE BEST POLICY AT THE LOWEST PRICE AVAILABLE If you are a small contractor, you or your wife have to
Entrepreneur s M&A Journal Episode 25 Intro: Welcome to Entrepreneur s M&A Journal, with lawyer and Harvard MBA Jim Cumbee, a weekly podcast dedicated to helping entrepreneurs make better decisions when
Call Scenarios 1st Call Goals Introduce yourself and remind them they provided their phone number when they ordered their product. Identify yourself as a Team Beachbody Coach Explain that this is about
THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT GRA - W. R. Grace & Co Discussion of Deferred Payment EVENT DATE/TIME: AUGUST 04, 2014 / 12:30PM GMT OVERVIEW: On 08/01/14, Co. announced settlement of its
A Guide for Small Business Owners Andrea Travillian, Take a Smart Step Introduction Most business owners are optimistic. If they weren t, not many businesses would get started after all, it is hard work.
I learned warrant trading from a master of the Wall Street game. I was able to use that knowledge to pay cash for my very first new car and put a down payment on a house. I wrote this ebook for a few reasons.
Getting Ready for Court Small Claims Court Guide #5 If your small claims court case is going to court - whether it's for a settlement conference or a trial - you probably have a lot of questions to ask.
Transcription Founder Interview - Panayotis Vryonis Talks About BigStash Cloud Storage Media Duration: 28:45 Feel free to quote any passage from this interview for your articles. Please reference cloudwards.net
0:00:18 Todd: Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we have cohost and bestselling financial author Kim Butler in the house
H. Lundbeck A/S : Lundbeck Teleconference Q1 2015 : Side 1 8 Ladies and gentlemen. Welcome to the Lundbeck first quarter results 2015. Today I am pleased to present, CEO and chairman of the board. Anders
Board Certified - Civil Trial Practice National Board of Trial Advocacy Licensed in Mississippi and Louisiana Law Offices of Paul Snow A Professional Law Corporation 419 S. State Street, Suite A-100 Jackson,
Introduction Trading in shares has become an integral part of people s lives. However, the complex world of shares, bonds and mutual funds can be intimidating for many who still do not know what they are,
Transcript of Initial Competency Hearing Participants: The Honorable William F. Dressel, President of the National Judicial College (and retired judge) serving as the Judge The Honorable Michael J. Finkle,
Factoring Structured Settlement Life - Contingent Payment Annuities What Judges Should Know By: Andrew S. Hillman, Esq., President and CEO, Specialty Asset Advisors, Inc. for Seneca One Finance, LLC May
HOW TO SURVIVE GARNISHMENT Todd Murray The Todd Murray Law Firm, PLLC 800 Washington Ave N Suite 704 Minneapolis, MN 55401 (612) 284-4141 firstname.lastname@example.org IMPORTANT INFORMATION PLEASE READ THIS FIRST
Deputy Undersecretary Robert Shireman of the U.S. Department of Education At this time all participants' lines will be in a listen-only mode for the duration of today's presentation. I'd now like to turn