HALF-YEARLY FINANCIAL REPORT PULSION Medical Systems SE as of June 30, 2014

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1 HALF-YEARLY FINANCIAL REPORT PULSION Medical Systems SE as of June 30, 2014 PULSION Half-Yearly Financial Report as at June 30,

2 PULSION at a glance PULSION (Group) IFRS Q2 Q2 HY 1 HY 1 Change Sales KEUR ,3% Gross profit KEUR ,3% Net operating expenses KEUR ,7% Profit before interest and taxes (EBIT) KEUR ,4% EBITDA KEUR ,6% Group net profit KEUR ,1% Earnings per share EUR 0,25 0,28 0,35 0,51-30,5% Cash flow from operating activities before changes in net working capital KEUR ,6% Cash flow from operating activities after changes in net working capital KEUR ,8% Free cash flow KEUR ,4% Gross margin % 69,0% 69,0% 69,3% 70,0% -0,8% EBIT margin % 24,0% 22,7% 25,4% 25,9% -0,6% EBITDA margin % 32,1% 28,0% 32,1% 30,9% 1,2% Employees (average) Number ,1% Sales per employee (annualized) KEUR ,2% PULSION Half-Yearly Financial Report as at June 30,

3 Report of the Executive Director To the Shareholders, Ladies and Gentlemen Second-quarter sales were up slightly year-on-year without being able to make up for the weak start made to the first three months of the year. Overall, sales in the first half of 2014 were still 2.3 % down on the previous year. Cost discipline applied throughout the business were not sufficient to compensate for the loss of gross margin, with the consequence that EBIT and gross margin were both lower than in the same period last year. Free cash flow for the six-month period totaled KEUR 3,609, an increase of 150 % compared to the previous year (HY : KEUR 1,430), giving an EBIT / free cash flow conversion rate of 79 % (HY : 30 %). The main reason for this improvement was a KEUR 1,413 (23 %) reduction in trade accounts receivable compared to December 31, Earnings per share for the six-month period amounted to 35 cents compared to 51 cents in the previous year. PULSION Half-Yearly Financial Report as at June 30,

4 Interim Group Management Report of PULSION Medical Systems SE for the period from January 1 to June 30, Earnings performance, financial situation and net assets 1.1. Sales Business Units Q2 Q2 Change HY 1 HY 1 Change Business Unit Q HY 1 KEUR KEUR KEUR KEUR Critical Care Monitors % % Disposables % % Subtotal % % Perfusion Monitors % % Disposables % % Subtotal % % Total % % Sales of the Critical Care business unit for the six-month period were approximately 1 % down. While disposables sales were on a par with the previous year, monitor sales were 7 % below their previous year's level. The drop in monitor sales was primarily attributable to business with distributors, which had been particular strong one year ago. Six-month sales of the Perfusion Imaging business unit were approximately 6% down on the previous year. Disposables sales (i.e. of the diagnostic agent ICG) were lower here as a consequence of cyclical shifts in orders from major distributors. PULSION Half-Yearly Financial Report as at June 30,

5 Sales by region Q2 Q2 Change HY 1 HY 1 Change Region Q HY 1 KEUR KEUR KEUR KEUR DACH* % % Western Europe (ex DACH) % % Eastern Europe % % USA % % Japan % % Latin America % % Asia Pacific (ex Japan) % % ROW** % % Total % % * Germany, Austria, Switzerland ** Rest of World Sales in the DACH region in the first six months of 2014 were 2 % up on the previous year. The Western Europe region excluding DACH also recorded a moderate sixmonth sales growth of 1 %. Good performances were reported for the BeNeLux countries as well as for Italy and Spain. Six-month sales in the Eastern European region rose by 10 % compared to the previous year. Good progress in this region was reported by our company in Poland. Sales in the USA were a disappointing 25 % lower than one year earlier and therefore well below expectations. Most of this drop can be put down a cyclical shift in orders from one distributor which sells our Perfusion Imaging products. At the same time, sales of Critical Care products also fell short of expectations, a development we expect to see reversed in the second half of the year when momentum should build up with the addition of new selling partners. Business in Japan suffered a real slump during the six-month period under report, with PULSION s sales partner in this region cutting back investments in monitors. Due to the reduction in inventories of disposables held by the sales partner concerned during the first half of the year, we expect the figures to recover slightly by the year-end. The Latin American market grew sharply again in the second quarter 2014, with PULSION able to post growth of 288 % compared to the previous year. Good contributions to this performance were made by distributors in this region, in particular in Chile and Columbia. Six-month sales generated in emerging markets defined as the last three regions in the table above showed 3 % growth compared to the previous year. Lower levels of business in the Asia-Pacific and ROW regions were offset by the rise in sale revenue PULSION Half-Yearly Financial Report as at June 30,

6 generated in Latin America. Overall, some 12.5 % of total sales in the first half of 2014 were generated in emerging markets. Sales channels Q2 Q2 Change HY 1 HY 1 Change Distribution Channel Q HY 1 KEUR KEUR KEUR KEUR Direct % % Joint ventures % % Distributors % % Total % % Direct business, which comprises our wholly-owned subsidiaries in Europe (including Turkey) and the USA, was able to match the previous year's sales level for the corresponding six-month period. Overall, business via the joint ventures was slightly down. Sales generated with distributors fell by 9 %, as we were unable to repeat the previous year's positive performance. The decrease in the first six months of 2014 was mainly due to lower sales to distributors in Eastern Europe and Japan. Monitor utilization level It is well known that PULSION SE s business model is based on the razor/razor blade approach. Our aim is to continuously increase sales of our disposable products by expanding the installed base of monitors and encouraging more intensive use of those monitors. In keeping with the reporting standard normally used in the medical technology field, the number of monitors placed comprises all placements made in the last seven years, since this corresponds to the expected useful life of a monitor. In the case of disposables, we have only taken PiCCO catheters into account, and for these purposes estimated the proportion used with our own monitors. a) Accumulated PiCCO monitor sales and placements in the past seven years (excluding modules placed with business partners): at June 30, ,836 at June 30, ,105 PULSION Half-Yearly Financial Report as at June 30,

7 b) Disposables per monitor extrapolated to a 12-month period: at June 30, at June 30, The utilization level of our monitors is therefore slightly higher for the first half of However, the year-on-year increase in annual utilization per monitor (+7.3 %) was not sufficient to compensate for the lower number of monitors placed in the market within the last seven years Earnings performance The gross margin for the six-month period was 69.3 % (HY : 70.0 %) and therefore lower than our target margin of 70%. The principal reasons for the small shortfall were impairment losses recognized on intangible assets and valuation-related adjustments resulting from the cost of sales method. Sales and marketing expenses were 5.0 % lower than in the previous year at KEUR 4,980 (HY : KEUR 5,244) and represented 27.5 % of sales (2013: 28.3 %). At KEUR 1,038, six-month development expenses were KEUR 215 higher than in the previous year (KEUR 823). During the period from January to June, KEUR 282 (HY : KEUR 474) was capitalized for development work on future products. The R&D ratio for the period under report was 5.7 % (HY : 4.4 %) after capitalization of development costs and 7.3 % (HY : 7.0 %) before capitalization of development costs. Six-month general and administrative expenses went up marginally from KEUR 1,905 in 2013 to KEUR 1,941 in Administrative expenses in the first half of 2014 include extraordinary expenses of KEUR 150 arising in conjunction with the acquisition by the Maquet-Getinge-Group. The expense ratio was 10.7 %, compared with 10.3 % one year earlier, and was thus higher than the targeted ratio of 10 %. Net operational costs (i.e. net of other operating income) for the six-month period decreased to KEUR 7,951, a drop of KEUR 55 or 0.7 % compared to the previous year's figure of KEUR 8,006. Six-month EBIT fell to KEUR 4,595, down KEUR 212 compared to the previous year's figure of KEUR 4,807. The EBIT margin for the period was 25.4 %, 0.5 percentage points lower than the 25.9 % reported one year earlier. The decrease during the year under report was mainly attributable to lower sales. The EBIT margin of the Critical Care business unit fell to 23.6 % (HY : 26.1 %), whereas the Perfusion Imaging business recorded a significantly improved EBIT margin of 33.1 % (HY : 25.3 %), albeit mostly due to one-time regulatory expenses incurred in the previous year. PULSION Half-Yearly Financial Report as at June 30,

8 Group net profit for the first half of 2014 came in at KEUR 2,919, significantly down on the previous year's corresponding figure of KEUR 4,141. In addition to the impact of the weaker business performance, the post-tax result for the six-month period was also negatively impacted by the derecognition of deferred tax assets (KEUR 835) previously recognized on tax loss carryforwards. The deferred tax assets concerned were derecognized in the first quarter 2014 due to the high degree of probability that the tax loss carryforwards of a foreign subsidiary will lapse as a result of the change in the majority shareholder in conjunction with the takeover by the Getinge Group. Earnings per share amounted to 35 cents for the six-month period (HY : 51 cents). Treasury shares acquired by the Company have not been included in the calculation of the weighted number of shares in issue. For the purposes of the calculation, the average number of shares in issue was 8,242, Net assets position Working capital management Trade accounts receivable decreased by KEUR 1,701 during the six-month period since December 31, 2013 from KEUR 7,505 to KEUR 5,804. The number of days of sales outstanding (DSO) decreased to 57 days (compared to 60 days at December 31, 2013). Inventories stood at KEUR 6,163, similar to their level at December 31, 2013 of KEUR 6,185 (June 30, 2013: KEUR 6,788) Current liabilities decreased by KEUR 1,944 from KEUR 7,265 at December 31, 2013 to KEUR 5,321 at the end of the reporting period, mainly due to lower tax payables (down by KEUR 1,232) and other payables (down by KEUR 857). Net liquidity Cash and cash equivalents amounted to KEUR 4,450 at June 30, Since the Group has no gross financial liabilities at that date, net liquidity defined as cash funds less bank, financing and lease liabilities also amounted to KEUR 4,450 at that date. Compared to December 31, 2013, this represented an increase of KEUR 3,409 (compared to June 30, 2013: increase of KEUR 973). PULSION Half-Yearly Financial Report as at June 30,

9 1.4. Financial position The Group manages cash flow on the basis of the key performance indicator free cash flow, i.e. the cash inflow from operating activities less the cash flow resulting from changes in net current assets and the cash outflow for investing activities but before acquisitions and share buybacks. Cash flows for the periods under report are disclosed in the notes and commented on below. Cash flows from operating activities in the first half of the year amounted to KEUR 2,444, a decrease of KEUR 755 compared to the previous year's figure of KEUR 3,199. The principal factors for the cash-relevant decrease were a KEUR 928 decrease in other provisions (HY : decrease of KEUR 99) for advisory and agency fees relating to the acquisition of a majority of the Company s shares by the Getinge Group and a KEUR 607 decrease in other liabilities (HY Q1 2013: decrease of KEUR 193). Changes in net working capital resulted in the first six-month period in a cash inflow of KEUR 1,933 compared to a cash outflow of KEUR 831 in the previous year. Measures undertaken to reduce trade accounts receivable contributed KEUR 1,413 to the positive free cash flow. Overview of change in net current assets (in KEUR): Increase in inventories Decrease in trade accounts receivable 1,413 + Increase in trade accounts payable 530 = Cash inflow from change in net current assets 1,933 Cash outflows from investing activities in the first half of the year amounted to KEUR 768 and were thus slightly lower than one year earlier (KEUR 938), The lower figure reflects reduced six-month capital expenditure on intangible assets (down from KEUR 522 to KEUR 384) and on monitors placed with customers (down from KEUR 512 to KEUR 384). Six-month free cash flow went up from KEUR 1,430 in the previous year to KEUR 3,609 in the current year, mainly reflecting the change in net current assets. The EBIT / free cash flow conversion rate for the first half of 2014 finished at 79 % (HY : 30 %) and was thus higher than the target rate of 50 %. PULSION Half-Yearly Financial Report as at June 30,

10 2. Personnel Number of employees PULSION had an average worldwide workforce of 130 employees in the first half of 2014 (Q : 131; Q2 2014: 132 employees). Employee fluctuation The employee fluctuation rate is calculated on the basis of the average number of employees during the past 12 months to the end of the reporting period and the number of employees leaving the Group during that period (BDA formula: fluctuation rate = departures/average number of employees x 100). Temporary staff and apprentices are not included for the purposes of calculating the employee fluctuation rate. Average number of employees Employees leaving Employee fluctuation rate Field sales force % Other areas % Total % At 25 %, the fluctuation rate in the sales field force was significantly higher than in the first half of the previous year (14 %) and in 2013 as a whole (16 %). The main contributory factors behind this development were staff departures in the USA and the UK. The six-month fluctuation rate in other areas remained at the previous year's very high level of 27 %. The fluctuation rate for employees who have been with the Group for more than one year remained low at 11 %. The difference to the 26 % reported was caused by employee rotation at the beginning and end of maternity/paternity leave and by employees leaving in the first year. Overall, the employee fluctuation rate deteriorated sharply (by 4 percentage points) to 26 % compared to the equivalent six-month period in the previous year, and is well above the target rate of "below 20 %" for the year PULSION Half-Yearly Financial Report as at June 30,

11 3. Research and development A significant proportion of development capacities in the first half of 2014 was spent in updating documentation and preparing for an audit that is due to take place shortly. The development of a non-invasive procedure for the continual measurement of blood pressure was continued during the first half of the year, with additional development partners incorporated into the project. 4. Risks and opportunities report For information on risks and opportunities and on PULSION SE's risk management system, reference is made to the Annual Report The risks and opportunities described in that report have not changed significantly in terms of their nature or probability of occurrence during the first half of Outlook From today s perspective, we forecast a sales growth for the full financial year 2014 in the range of 4 to 6 %. We are working on the basis that distribution agreements for the sale of several of PULSION's product lines in various regions will be concluded in the near future with the Getinge Group, which will make a significant contribution towards achieving sales growth in the second half of the year. At the level of the operating result, we forecast an EBIT margin adjusted for exceptional items within a range of %. Feldkirchen, August 12, 2014 Patricio Lacalle Executive Director/ CEO PULSION Half-Yearly Financial Report as at June 30,

12 Consolidated Balance Sheet of PULSION Medical Systems SE as of June 30, 2014 IFRS ASSETS June 30, 2014 Dec. 31, 2013 KEUR KEUR Non-current assets Intangible assets Property, plant, equipment Investment property Other non-current assets Deferred taxes asset Current assets Inventories Trade accounts receivable Other current assets Cash and cash equivalents Total assets IFRS EQUITY AND LIABILITIES June 30, 2014 Dec. 31, 2013 KEUR KEUR Equity Share capital Additional paid-in capital Treasury shares Other reserves Accumulated profit Minority interests Non-current liabilities Provisions Other liabilities Deferred taxes liabilities Current liabilities Provisions Trade accounts payable Taxes payable Other liabilities Total equity and liabilities PULSION Half-Yearly Financial Report as at June 30,

13 Consolidated Income Statement of PULSION Medical Systems SE for the period from January 1, 2014 to June 30, 2014 IFRS Q2 Q2 HY 1 HY 1 KEUR Sales Cost of sales Gross profit % of sales 69,0% 69,0% 69,3% 70,0% Sales and marketing expenses Research and development expenses General and administrative expenses Other operating expenses Other operating income Operating profit Exchange losses Exchange gains Profit before interest and taxes (EBIT) % of sales 24,0% 22,7% 25,4% 25,9% Interest expenses Interest income Profit before taxes (EBT) Income taxes Group net profit (before minority interests) or which attributable to shareholders of the group parent company of which attributable to minority interests Earnings per share Undiluted - ordinary operations after taxes (in EUR) 0,25 0,28 0,35 0,51 Diluted - ordinary operations after taxes (in EUR) 0,25 0,28 0,35 0,51 Average number of shares in circulation (undiluted) Average number of shares in circulation (diluted) PULSION Half-Yearly Financial Report as at June 30,

14 Reconciliation of Result to total comprehensive income of PULSION Medical Systems SE for the period from January 1 to June 30, 2014 IFRS HY 1 HY 1 KEUR Group net profit (before minority interests) Income and expenses recognized directly in equity 4 20 Total comprehensive income there attributable to other shareholders 4-6 there attributable to shareholders of PULSION Medical Systems SE Total comprehensive income Statement of Changes in Equity of PULSION Medical Systems SE as of June 30, 2014 IFRS KEUR Sub-scribed captial Additional paid-in capital Treasury shares Other reserves Accumu lated profit Minority interests Total Balances at Jan. 1, Exchange Differences Groupt net profit Total result for the period Dividends Employee share options programs Total items directly recognized in equity Total Balance at June 30, Balances at Jan. 1, Exchange Differences Groupt net profit Total result for the period Dividends Employee share options programs Other changes in capital reserves Acquisition minority shares Aquisition of own shares Share capital reduction Total items directly recognized in equity Total Balance at June 30, PULSION Half-Yearly Financial Report as at June 30,

15 Consolidated Cash Flow Statement of PULSION Medical Systems SE for the period from January 1 to June 30, 2014 Current activities Q KEUR Q KEUR HY KEUR HY KEUR Group net profit after minority interests Minority interests Amortization and depreciation of assets Interest expenses Interest income Income taxes Change in tax liabilities Decrease/Increase of other assets Decrease/Increase of other liabilities Decrease/Increase of other and tax provisions Profit/loss from the disposal of assets Decrease/Increase in deferred taxes Interests paid Interests received Taxes paid Taxes received Other non-cash income and expenses Cash flow from operating activities before changes in net working capital Decrease/Increase in inventories Decrease/Increase of trade accounts receiveables Decrease/Increase of trade accounts payables Cash flow from changes in net-current assets Cash flow from operating activities after changes in net working capital Investment activities Purchase of intangible assets Sale of property, plant and equipment (incl. monitors) Purchase of property, plant and equipment (incl. monitors) Cash flow from investing activities Free cash flow Purchase of minority interests/foundation aff. companies Raise of bank borrowings/financial liabilities Bank deposit acquistion of treasury shares Acquisition of treasury shares Dividends Cash flow from financing activities Net change in cash and cash equivalents Cash funds at the beginning of the period Exchange related variations of cash funds Cash funds at the end of the period (Cash funds as stated in the balance sheet) PULSION Half-Yearly Financial Report as at June 30,

16 Selected explanatory disclosures for the IFRS consolidated financial statements or the reporting period from January 1 to June 30, General PULSION Medical Systems SE, which has its registered office at Feldkirchen, Hans-Riedl-Str. 21, Germany, (hereafter also referred to as PULSION, PULSION SE, PULSION Group or the Company ) was founded in 1990 and has been listed on the Prime Standard of the Frankfurt Stock Exchange since June Application for the revocation of admission to the Prime Standard and revocation of admission to the Regulated Market On May 15, 2014, the Company submitted an application for the revocation of admission of shares to the Prime Standard. The Company has also submitted an application for revocation of admission of shares to the Regulated Market. The revocation of the admission of shares to the Prime Standard will become valid in accordance when this is notified by the Management Board of the Frankfurt Stock Exchange in the internet ( on September 30, This revocation will not affect admission to the Regulated Market (General Standard). The revocation of the admission of shares to the Regulated Market will become valid in accordance when this is notified by the Management Board of the Frankfurt Stock Exchange in the internet ( on December 30, After that date, it will only be possible to trade shares of PULSION Medical Systems SE on the Regulated Unofficial Market (Freiverkehr). As of June 30, 2014, the PULSION Group encompasses 12 entities with a total workforce of 130 employees (2013: 124). The business object is the development, manufacture and sale of systems worldwide to monitor, diagnose and manage the physical parameters of seriously ill and intensive care patients in hospitals. PULSION produces and markets intravenous diagnostics and specific sterile disposable items used to monitor patients. PULSION Half-Yearly Financial Report as at June 30,

17 2. Accounting policies The unaudited Half-Yearly Financial Report of PULSION Medical Systems SE as of June 30, 2014 complies with currently valid International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Boards (IASB) and with Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) up to December 31, 2013, without taking account of any changes to those Standards and Interpretations since that date. The same consolidation, accounting, computational methods and estimates have been applied in the Half-Yearly Financial Report to June 30, 2014 as in the Consolidated Financial Statements for the financial year ended December 31, The Half-Yearly Financial Report has been prepared in accordance with IAS 34 (Interim Financial Reporting). A description of the Group s accounting policies is provided in the notes to the consolidated financial statements for the financial year 2013 (see Annual Report 2013). 3. Group reporting entity The group reporting entity is unchanged compared to December 31, For information relating to the group reporting entity, reference is made to the Annual Report Notes to the consolidated income statement Sales decreased year-on-year in both business units for the six-month period. Q2 Q2 Change HY 1 HY 1 Change Business Unit Q HY 1 KEUR KEUR KEUR KEUR Critical Care Monitors % % Disposables % % Subtotal % % Perfusion Monitors % % Disposables % % Subtotal % % Total % % Operating costs (including other operating income/ expenses) amounted to KEUR 7,951 in the first six months of the year, KEUR 55 lower than one year earlier. Other operating income in the first half-year period of 2014 comprised mainly reversals of personnel-related provisions. The expense for income taxes for the six-month period increased by KEUR 988 from KEUR 696 to KEUR 1,684. Following the acquisition of a majority of the shares of the PULSION Half-Yearly Financial Report as at June 30,

18 Company by the Getinge Group during the first quarter, deferred tax assets totaling KEUR 835 were derecognized with income statement effect due to the high degree of probability that tax loss carryforwards of a foreign subsidiary will lapse. 5. Notes to the consolidated balance sheet Intangible assets comprise approvals, patents, capitalized product development costs, software and goodwill. Development costs totaling KEUR 282 were recognized as assets in the six-month period (HY : KEUR 474). Capital expenditure on property, plant and equipment relates primarily to monitors loaned out to customers and used for trial purposes. Deferred tax assets decreased by KEUR 835 due to the derecognition of deferred tax assets on tax loss carryforwards, based on management's assessment at the end of the reporting period that tax loss carryforwards of one of the Group's foreign companies will lapse due to the change in the majority shareholder. Based on management's assessment, the remainder of the deferred tax assets (KEUR 778) carried at the end of the reporting period relating to tax loss carryforwards is not affected by the change in the majority shareholder. Inventories comprise the following at June 30, 2014: Inventories 30. Jun Dec. 31, 2013 KEUR KEUR Raw materials and supplies Work in progress Finished goods and goods for resale Total inventories Within equity, the negative amount reported for treasury shares decreased by KEUR 345 due to the exercising in the first half of 2014 of the 30,900 stock options outstanding as of December 31, 2013 (at their original acquisition cost). Additional paidin capital decreased at the exercise date by the amount of the repurchase value of the treasury shares less the option exercise price (KEUR 201). Current provisions totaled KEUR 691 at June 30, 2014 (December 31, 2013: KEUR 1,634). PULSION Half-Yearly Financial Report as at June 30,

19 6. Segment information PULSION reports pursuant to IFRS 8 on two operating segments: the Critical Care business unit and the Perfusion Imaging business unit. Segments are identified on the basis of PULSION's internal reporting following the management approach. The key performance measures for the Group's operating segments are sales and profit before interest and tax (EBIT). A description of the identification of segments and further information relating to segment income and expenses is provided in the Annual Report There have been no changes in the segment structure during the first half of Segment information at June 30, 2014 is analyzed as follows: Q HY KEUR Critical Care Perfusion Imaging Group Critical Care Perfusion Imaging Group Total sales Cost of sales Gross profit % of sales 71% 62% 69% 72% 64% 70% Operating expenses - Selling and marketing expenses Research and development expenses General and administrative expenses Other operating expenses Other operating income Exchange gains/losses EBIT (Profit before interest and taxes) % of sales 23,1% 27,9% 24,0% 23,6% 33,1% 25,4% PULSION Half-Yearly Financial Report as at June 30,

20 Segment information at June 30, 2013 is analyzed as follows: Q HY KEUR Critical Care Perfusion Imaging Group Critical Care Perfusion Imaging Group Total sales Cost of sales Gross profit % of sales 72% 58% 69% 72% 61% 70% Operating expenses - Selling and marketing expenses Research and development expenses General and administrative expenses Other operating expenses Other operating income Exchange gains/losses EBIT (Profit before interest and taxes) % of sales 23,7% 18,3% 22,7% 26,1% 25,3% 25,9% There has been no significant change in segment assets during the first half of Stock option programs All stock options relating to stock option programs previously in place expired or were exercised by June 30, Treasury shares The Company holds 5,086 treasury shares at the end of the reporting period. During the first half of 2014, 30,900 treasury shares were used in conjunction with the exercise of stock option rights. PULSION Half-Yearly Financial Report as at June 30,

21 9. Earnings per share Earnings per share are calculated in accordance with IAS 33 on the basis of consolidated earnings for the first three months and the weighted average number of shares and exercisable option rights in circulation during the reporting period. HY HY Weighted average number of shares (undiluted) Number Dilutive effect of options Number Weighted average number of shares (diluted) Number Group net profit (after minority interests) KEUR Earnings per share (undiluted) EUR 0,35 0,51 Earnings per share (diluted) EUR 0,35 0, Dividends The dividend of EUR 0.04 per share (or KEUR 330 in total) for the financial year 2013, as proposed by the Administrative Board and Executive Director was resolved following approval by the shareholders at the Company's Annual General Meeting on May 15, Events after the end of the reporting period On July 3, 2014, the Administrative Board of PULSION Medical Systems SE approved the conclusion of a Control and Profit and Loss Transfer Agreement pursuant to 291 et seq. of the German Stock Corporation Act (AktG) between PULSION Medical Systems SE as the controlled entity and MAQUET Medical Systems AG, an indirect investee entity of Getinge AB, Sweden) as the controlling entity. MAQUET Medical Systems AG currently holds 78.26% of the shares of PULSION Medical Systems SE (including treasury shares held by PULSION, which account for 0.06% of the Company's share capital). The Control and Profit and Loss Agreement requires the approval of the shareholders of both the Company and MAQUET Medical Systems AG. An Extraordinary General Meeting of PULSION Medical Systems SE is planned to be held in Munich on August 14, PULSION Half-Yearly Financial Report as at June 30,

22 In this agreement, MAQUET Medical Systems AG has made an offer to acquire the shares of the minority shareholders of PULSION Medical Systems SE in return for a cash compensation (pursuant to 305 AktG) amounting to EUR per share. The cash compensation amount corresponds to the weighted average price of the PULSION share as determined by the Federal Agency for the Supervision of Financial Services (BaFin) during the relevant three-month period, including February 17, On that date, MAQUET Medical Systems AG gave notice that the minimum acceptance threshold had been reached and that it intended to conclude a Control and Profit and Loss Agreement with PULSION Medical Systems SE. The stock exchange price relevant for the cash compensation amount is higher than the value per share determined in an independent valuation of PULSION Medical Systems SE's share performed by KPMG AG Wirtschaftsprüfungsgesellschaft in accordance with IDW S 1 and slightly higher than the price offered in conjunction with the public takeover bid made by MAQUET Medical Systems AG. The Control and Profit and Loss Agreement also envisages an annual settlement payment for the outstanding shareholders of PULSION Medical Systems SE pursuant to 304 AktG amounting to EUR 1.02 gross (EUR 0.86 net based on the current rate of tax) per share. 12. Takeover offer of the Getinge Group MAQUET Medical Systems AG (formerly: Alsterhöhe 1. V V AG, hereafter: "MAQUET") published its decision on December 4, 2013 to make an offer to the shareholders of PULSION Medical Systems SE ( PULSION shareholders ), under a voluntary public takeover bid pursuant to 10 (1) in conjunction with 29, 34 of the German Securities Acquisition and Takeover Act ( WpÜG ), to acquire all shares of PULSION Medical Systems SE ( PULSION shares ) ( Takeover offer ). MAQUET is part of the Swedish Getinge Group, managed by Getinge AB, which is listed on the Stockholm Stock Exchange. The takeover offer, published by MAQUET on January 14, 2014, included an offer to purchase all no-par bearer shares of PULSION Medical Systems SE at a price of EUR per share. At the time of approval of the Annual Report, all conditions attached to the purchase offer by the Getinge Group had been fulfilled and % of shares transferred by the end of the acceptance period. PULSION Half-Yearly Financial Report as at June 30,

23 13. Understanding with respect to the conclusion of a Control and Profit and Loss Transfer Agreement between MAQUET Medical Systems AG and PULSION Medical Systems SE; downlisting The management board of MAQUET Medical Systems AG with the approval of that entity s supervisory Board and the Administrative Board of PULSION Medical Systems SE resolved on May 15, 2014 to negotiate and conclude a Control and Profit and Loss Transfer Agreement between MAQUET (as controlling entity) and PULSION (as controlled entity). An offer was made on July 3, 2014 to the outstanding shareholders of PULSION to acquire their shares in return for cash compensation and to make a settlement payment during the term of the agreement. In order to become valid, the agreement requires among other things to be approved by the shareholders of both entities. In addition, the Administrative Board of PULSION Medical Systems SE has resolved to apply to the Management Board of the Frankfurter Stock Exchange for revocation of admission to the Regulated Market ("downlisting"). Once admission to the Regulated Market has been revoked, it will only be possible to trade shares of PULSION Medical Systems SE on the Regulated Unofficial Market. 14. Related parties The parent company is PULSION Medical Systems SE, based in Feldkirchen, Germany. Transactions between PULSION SE and its subsidiaries that are also related parties are eliminated on consolidation. These transactions are not commented on in this note on related parties. Transactions with related parties are charged on the basis of arm s length principles. In accordance with IAS 24, the Group also reports all transactions between it and its related parties (including family members). Executive Directors and members of the Administrative Board (and their relatives) have been defined as related parties. PULSION Half-Yearly Financial Report as at June 30,

24 Shares held by Executive Directors and Administrative Board June 30, 2014 December 31, 2013 Shares Options Shares Options Executive Directors thereof Patricio Lacalle The Administrative Board, of which the Executive Director is also a member, does not hold any shares in the Company at the end of the reporting period. 15. Contingent assets and liabilities There were no contingent assets or liabilities at the balance sheet date. Feldkirchen, August 12, 2014 PULSION Medical Systems SE Patricio Lacalle Executive Director/ CEO PULSION Half-Yearly Financial Report as at June 30,

25 Responsibility Statement by the Executive Director To the best of our knowledge, and in accordance with the applicable principles for interim financial reporting, the Interim Group Financial Statements, together with the accounting records, give a true and fair view of the net assets, financial position and results of operation of the Group, and the Interim Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year. Feldkirchen, August 12, 2014 PULSION Medical Systems SE Patricio Lacalle Executive Director/ CEO PULSION Half-Yearly Financial Report as at June 30,

26 Contacts & Timetable Contacts Ralph Schäfer Investor Relations Tel: Important dates for our investors in 2014: Extraordinary General Meeting August 14, 2014 Based on its application to the Frankfurter Stock Exchange for revocation of admission of its shares to the Prime Standard, the Company assumes that in the absence of requirements for interim reporting on the Regulated Unofficial Market it will not be required to publish an interim report for the third quarter This Half-Yearly Financial Report contains certain forward-looking statements. These forward-looking statements represent the judgment of PULSION Medical Systems SE at the date of publication of the Interim Financial Report. The actual results achieved by PULSION Medical Systems SE may diverge significantly from the comments made in the forward-looking statements. PULSION Medical Systems SE disclaims any obligation to update any of these forwardlooking statements. PULSION Half-Yearly Financial Report as at June 30,

HALF-YEARLY FINANCIAL REPORT PULSION Medical Systems SE as at June 30, 2013

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