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Addlife Annual Report 2018

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Addlife Annual Report 2018 ADDLIFEREPORT 2018 ANNUAL Annual report 2018 Content This is AddLife 2 Acquisition process 16 Administration report 45 2018 in brief 3 Biomedica 17 Corporate governance 54 Comments by the CEO 4 Business areas Labtech 18 Notes to the financial Business model 6 Business areas Medtech 22 statements 60 Our DNA 7 Sustainability report 26 Auditor’s report 96 Strategy 8 Investment case 39 Board of Directors and Senior management 100 AddLife’s strengths 10 The share 40 Definitions 103 Our financial targets 11 Quarterly data 42 Annual general meeting 108 Market overview 12 Multi-year review 43 AddLife in brief The foundation of AddLife’s business is the constant endeavour to improve people's lives by being a leading, value-creating player in Life Science. AddLife is a leading independent distributor to the European Life Science market. The business focuses on selected niches in labo- ratory analysis and medical technology. Sales occur in about 25 countries, primarily in the Nordic region, Central Europe and Eastern Europe. Its customers are primarily hospitals and labo- ratories, as well as the food and pharmaceutical industries. The 43 subsidiaries have strong brands in their product portfolio. The Group is the market leader in the Nordic region in several of its niche areas and also operates in Central and Eastern Europe, the Baltic region, the Benelux countries, Italy and China. ADDLIFE AB | 2018 ANNUAL REPORT 1 THIS IS ADDLIFE A leading player in the Life Sciences 52% 48% men women AddLife Quick 873 Guide EMPLOYEES Active on the European Life Science market Develops and acquires profitable, market-leading VISION VALUE/CORE niche companies in laboratory AddLife always strives to improve VALUES and medical technology people's lives by being a leading, Simplicity Offers the latest technology value-creating player in Life in equipment, instruments, Science. Engagement reagents, consumable sup- Accountability plies, assistive technology, technical support and service MISSION Innovation Has an entrepreneur-driven AddLife provides added value to These core values are organisational model with customers in health care, the guiding principles for independent subsidiaries laboratories and research by our employees in their daily work and play a key The AddLife share is listed on offering high-quality, cost- NASDAQ Stockholm, Nordic effective products, solutions and role in our entrepreneurial Mid Cap list advisory services to both the business model. private and public sectors, primarily in Europe. 2 ADDLIFE AB | 2018 ANNUAL REPORT 2018 IN BRIEF The year in figures AddLife has shown steady growth both organically and through acquisi- NET SALES tions since it was listed in 2016. Sales for full-year 2018 increased by a total of 6 percent to SEK 2,482 million, with this growth resulting from SEKm 2,482 the acquisitions of the past year. EBITA increased by 5 percent to SEK 245 million after costs of over SEK 6 million related to the acquisition of TURNOVER GROWTH Biomedica, though neither sales nor profit from the acquired business are included. 6% EARNINGS GROWTH Financial outcome Net sales rose by 6 percent Earnings per share totalled At the end of 2018 the 5% to SEK 2,482 million (2,333). SEK 5.36 (4.95). Board of Directors decided to raise about SEK 500 EBITA EBITA amounted to SEK 245 Cash flow from operating million through a rights issue million (234), representing activities amounted to SEK to continue expansion and an EBITA margin of 9.9 177 million (208) and the to acquire more interesting SEKm 245 percent (10.0). equity ratio was 35 percent companies for the Group, (40). with the aim of achieving the P/WC Profit after tax rose by 7 long-term goal of annual percent and amounted to Return on working capital profit growth of 15 percent. SEK 129 million (120). (P/WC) amounted to 62 The issue was fully sub- 62% percent (63). scribed. LABTECH BUSINESS AREA SHARE OF NET SALES BY MARKET 2018 9% Sweden Finland 20% 31% Denmark Norway 58% 18% 22% Other of net sales MEDTECH BUSINESS AREA NET SALES, SEKm 2,500 2,000 1,500 42% 1,000 Turnover growth +13 percent, including organic growth of six percent 500 of net sales 2004/ 2013/ 2014/ 2015/ 0 2005 2014 2015 2016 2016 2017 2018 ADDLIFE AB | 2018 ANNUAL REPORT 3 COMMENTS BY THE CEO Expansion on new markets Ever since AddLife was listed three years ago, our aim has by 6 percent as a result of the acquisitions carried out during been to build a strong position in the Nordic countries in our the year. However, the Group's organic growth during the year selected segments in Labtech and Medtech. We have focused did not materialize because a couple of our current companies on developing our business through organic growth and by did not quite meet expectations. Profit growth (EBITA) expanding through acquisitions. In 2018 AddLife took an increased during the year by 5 percent to SEK 245 million, important step toward expansion and growth. Through our corresponding to an EBITA margin on a par with the previous largest acquisition to date, Austrian Biomedica, we opened the year. door to Europe. The four other acquisitions completed during Our long-term objective is to generate EBITA growth of 15 the year further strengthened the company within the prior- percent per year. The average during our three first years on the itized niche areas. Together, the five acquisitions for the year stock exchange is 24 percent. We continue to report good prof- are expected to add annual sales of about SEK 750 million. itability with a return on working capital, measured as P/WC, of 62 percent, substantially higher than our goal of 45 percent. Acquisitions created growth during the year AddLife continually develops its business by growing both organically and through acquisitions. Sales in 2018 increased 4 ADDLIFE AB | 2018 ANNUAL REPORT COMMENTS BY THE CEO Expansion in Europe through our largest acquisition to date In late December, AddLife completed the acquisition of The Biomedica acquisition Biomedica, which is our largest to date and an important entry point for us into the European market. Biomedica delivers creates favourable conditions products and services within laboratory technology and for long term profitable medical technology primarily to publicly funded healthcare growth in completely new services. The company has a similar business model as AddLife, where the market offering and organisation create synergies geographic markets. that open opportunities to jointly develop the business. We gain access to markets in Central and Eastern Europe with a population that is more than four times the size of the Nordic region. The Biomedica acquisition creates favourable condi- options, proactive diagnostics, technical aids and digital solu- tions for long term profitable growth in completely new tions for both institutional care and care at home. geographic markets. Already today, various initiatives are underway in the Nordic region to move care and therapy from hospitals to Continued focus on profitable niches homes. All of the Nordic countries are also focusing on Life AddLife continually searches for companies that complement Science in various ways to strengthen the competitiveness of our existing businesses and over the course of the year we their respective countries in Life Science research. completed four additional acquisitions within attractive and profitable niches. The Finnish company Väinö Korpinen, Successful business model which develops accessible bathroom solutions primarily AddLife is an attractive and responsible owner of niche compa- intended for medical facilities and nursing homes, was nies. In our decentralised and entrepreneur-driven model, each acquired and added to the Medtech business area. Three subsidiary is responsible for its own business activities within smaller acquisitions were also completed, all of which were the context of the requirements for growth, profitability and integrated into current operations in both Medtech and sustainable development set by the Group. The model creates Labtech: Food Diagnostics, Ossano Scandinavia and Laboren. leverage by enabling us to benefit from AddLife's combined In December we also signed an agreement with Wellspect resources, networks and industrial expertise, along with the HealthCare to acquire its business in the surgery and respira- flexibility, commitment and business acumen of a small tory medicine product areas, with annual sales of about SEK company. Our business school AddLife Academy plays a key 170 million. The deal will increase our share of proprietary role in our efforts to promote our corporate culture and to products in Medtech and will be integrated into the subsidiar- inspire people to grow within the Group. Since its inception ies Mediplast and Biomedica. The acquisition is expected to be three years ago, more than 1,100 employees have participated completed in April 2019. in various training programs. To date, we have completed acquisitions using both in-house generated cash flow and loan financing. In February Our employees are the key to long-term sustainable 2019 we raised about SEK 500 million through a new share business practices issue to strengthen the balance sheet and to facilitate future For us, sustainability is integral to our daily work. Within transactions. The issuance was oversubscribed by 68 percent, AddLife, sustainability efforts are a priority – not because we indicating investor confidence in our long-term strategy. are forced to do so, but because we feel a responsibility to our customers, employees and society at large. Being a supplier of Healthcare sector in constant change services and products to health services and financed by public Global, national and regional health challenges place large funds carries obligations. It places demands on our organisa- demands on health services today. With medical advances, tion and our corporate culture, where our Code of Conduct people with chronic diseases, for example, can live longer.
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