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We Love What We Do 2014 Annual Report 2014 Annual Report Annual 2014 We love what we do 2014 Annual Report 2014 Annual Report Annual 2014 Straumann Holding AG Peter Merian-Weg 12 4002 Basel Switzerland www.straumann.com 00_00_STR_GB2014_GB_Umschlag_en.indd 1 09.03.2015 16:44:50 About Straumann Straumann is a global leader in tooth replacement solu- tions including dental implants, prosthetics and regener- ative products. Headquartered in Basel, Switzerland, the Group is present in more than 70 countries through its broad network of distribution subsidiaries and partners. 1 Rebecca Hesse SAP Coordinator 2 Susan-Ann Welzbacher Corporate Safety Officer 3 Julia Hirtle Spend Coordinator 4 Roland Scacchi Administrator 5 Alessandro Annicchiarico IT Support 4 7 1 2 3 5 6 8 9 6 Heather Stanton Web Editor IMPRINT Published by: Institut Straumann AG, Basel 7 Dave Koster Lab Business Development Concept and realization: PETRANIX Corporate and Financial Communications AG, Adliswil/Zurich 8 Raul Perez Talent Management Photography: AMX Studio, Alex Stiebritz, Karlsruhe Consultant on sustainability: sustainserv, Zurich and Boston 9 Sandra Schürmann Events Coordinator Certain design elements by Eclat, Erlenbach/Zurich Print: Neidhart + Schön AG, Zurich Basel, 26 February 2015 We have a global culture with more than 28 nationalities represented at our headquarters alone. The front cover shows a few examples. ©2015, Straumann Holding AG 00_00_STR_GB2014_GB_Umschlag_en.indd 2 09.03.2015 16:45:02 We love what we do 2014 Annual Report Highly motivated, creative employees, together with innovative products, solutions and commercial ap- proach es are the keys to Straumann’s ambition of being the provider of choice in tooth replacement. The theme photographs in this report all feature products that we introduced or rolled out in 2014 alongside some of the talented people who have been involved in bringing them to customers and patients. Each picture shows the creative, passionate, humorous side of Straumann, which is combined with serious pro- fessionalism when it comes to customer satisfaction and patient well-being – balanced attributes that reflect the purpose statement we introduced in 2014: ‘more than creating smiles, restoring confidence’. Straumann_2014_English_1 1 09.03.2015 16:50:25 2 PURE 18 Roxolid 8 Regeneratives 62 SLActive 44 Pro Arch 156 Bone Level Tapered 102 Straumann_2014_English_1 2 09.03.2015 16:50:58 3 2014 Annual Report Contents 4 Operational performance (highlights) 7 Share performance (highlights) 12 Letter to shareholders 22 Management commentary 23 Business model & objectives 26 Strategy 30 Products, services, solutions 34 Innovation 38 Markets 48 2014 Business performance – Group 52 2014 Business performance – Regions 66 2014 Business performance – Financials 78 Risk and sustainability report 106 Corporate governance 138 Compensation report 160 Information for investors Screw-Retained 170 Appendix Abutments 181 Imprint 74 Instruments 166 Throughout this Report, pages references preceded by a capital ‘F’ refer to our detailed Financial Report, which is published as a separate volume. Straumann_2014_English_1 3 09.03.2015 16:51:09 4 Operational performance Operational performance KEY FIGURES More on p. 48 ff. (in CHF million) REVENUE (ORGANIC) GROUP 2014 2013 Change (%) Revenue 710 680 4 Gross profit 559 536 4 % Operating profit (EBIT) 148 1161 28 +6 Net profit 158 101 56 Cash generated from 146 152 (4) operating activities EUROPE ASIA/PACIFIC Capital expenditure 19 13 49 Free cash flow 128 139 (8) +3% +14 % Value added 114 53 115 economic profit NORTH AMERICA REST OF THE WORLD 1 CHF 124m, excluding exceptionals (restructuring/impairments) +8% +14 % REVENUE More on p. 48 ff. REVENUES BY More on p. 52 ff. (in CHF million) REGION 5 year CAGR –1% (+3% in I.c.) ¢ Europe 5% ¢ North America 800 ¢ Asia/Pacic 15% ¢ Rest of the World 53% 700 600 500 400 27% 300 200 100 0 2010 2011 2012 2013 2014 ¢ ¢ Reported revenue ¢ Currency effect Straumann_2014_English_1 4 09.03.2015 16:51:09 Operational performance Operational performance 5 OPERATING AND NET PROFIT More on p. 48 ff. (in CHF million) GROSS MARGIN 180 160 140 % Gross79 profit rises 4% fuelled 120 by strong sales growth 100 EBIT MARGIN 80 60 40 % 20 EBIT rises21 28% driven by tight 0 cost control 2010 2011 2012 2013 2014 ¢ ¢ Operating prot ¢ Excluding exceptionals ¢ ¢ Net prot PROFITABILITY More on p. 48 ff. Returns on assets, equity and capital employed in % NET PROFIT MARGIN 90 80 70 % 22Up from 15% in 2013 60 50 EQUITY RATIO 40 30 20 % 10 Company64 solidly financed 0 2010 2011 2012 2013 2014 ¢ ¢ Return on assets (ROA) ¢ ¢ Return on equity (ROE) ¢ ¢ Return on capital employed (ROCE) Straumann_2014_English_1 5 09.03.2015 16:51:10 6 Operational performance CASH FLOW AND INVESTMENTS More on p. 50 ff. (in CHF million) FREE CASH FLOW MARGIN 270 240 210 % Robust cash generation;18 cash/equivalents 180 up CHF 76m to CHF 459m 150 120 90 60 30 0 2010 2011 2012 2013 2014 ¢ ¢ Operating cash ow ¢ Acquisitions & participations ¢ ¢ Capital expenditure EMPLOYEES More on p. 88 ff. INVESTMENT IN PEOPLE 2700 2400 2100 new jobs 1708% increase in headcount as company 1800 invests in selected areas 1500 1200 900 600 300 0 2010 2011 2012 2013 2014 Straumann_2014_English_1 6 09.03.2015 16:51:10 Operational performance Share performance 7 Share performance SHARE PRICE DEVELOPMENT SHARE INFORMATION More on p. 161 ff. (in %) More on p. 161 ff. (in CHF) 2014 2013 Earnings per share (EPS) 10.15 6.55 180 Ordinary dividend per share 3.751 3.75 160 Payout ratio 37% 58% 140 Share price at year-end 250.75 166.80 120 1 Payable in 2015 subject to shareholder approval 100 80 60 40 20 0 SHARE PRICE 2010 2011 2012 2013 2014 ¢ Straumann ¢ Swiss SMIM price index ¢ MSCI World Healthcare Equipment & Services index (CHF) ¢ MSCI World price index (CHF) % +50Over full year TOTAL SHAREHOLDER RETURN More on p. 161 ff. (in %) TOTAL SHAREHOLDER RETURN 50 40 30 % Driven by sharp53 rise in share price 20 and stable dividend 10 0 -10 -20 -30 2010 2011 2012 2013 2014 Straumann_2014_English_1 7 09.03.2015 16:51:14 “I can’t imagine working “If you get an implant anywhere else. from us, it should I'd miss the inspiring family last as long as you do.” atmosphere.” DANIEL GÜNTER DESIGN ENGINEER DORIS HABEDANK SALES REPRESENTATIVE “What I appreciate is that the company focuses on quality in everything, even compliance.” PETER LEE INTERNATIONAL REGULATORY MANAGER “Every day a huge amount of energy goes into ensuring the product is reliable and safe.” STÉPHANIE LUCOT GLOVEBOX OPERATOR/ASSEMBLY Straumann_2014_English_1 8 09.03.2015 16:51:22 9 Talented people Latest technology “If you get an implant DORIS HABEDANK from us, it should SALES REPRESENTATIVE last as long as you do.” 6 YEARS @ STRAUMANN Years before joining the company, Doris had her sights set DANIEL GÜNTER on Straumann. Why? “Because it’s a global player with a great DESIGN ENGINEER reputation for top innovation and high-end products.” Now she’s dedicated to her busy customers who count on her for the latest information. PETER LEE INTERNATIONAL REGULATORY MANAGER 7 YEARS @ STRAUMANN “I really like the intercultural exchange,” says Peter, whose job involves constantly navigating through government agencies and a myriad of regulations to bring Straumann products to patients. STÉPHANIE LUCOT GLOVEBOX OPERATOR/ASSEMBLY 2 YEARS @ STRAUMANN Clinicians and patients count on Stéphanie’s diligence. She knows that her careful packaging work is essential to the safety and performance of the implants – and ultimately to the wellbeing of patients. DANIEL GÜNTER DESIGN ENGINEER 20 YEARS @ STRAUMANN Daniel thrives on difficult challenges to meet patient needs, like designing the Loxim transfer piece and the SLActive packaging. He says Straumann is the ideal place to work because he uses the latest technology and works with very talented people. Straumann_2014_English_1 9 09.03.2015 16:51:26 10 Roxolid Reduced invasiveness 1 opening doors to treatment 1000 ] ~80% ~20% MPa 800 ~50% 600 Tensile strength [ strength Tensile 400 ASTM Straumann Straumann TiGr42 TiGr4 Roxolid3 cold-worked3 Roxolid shows a 20% higher tensile strength than Straumann cold-worked titanium and a 80% higher strength than standard titanium Grade 4 (TiGr4). 2 Norm ASTM F67 (states min. tensile strength of annealed titanium). 3 Data on le for Straumann cold-worked titanium and Roxolid implants. ROXOLID FOR ALL Biocompatibility, resistance to corrosion, and strength have made titanium the most widely-used dental implant material. However, its strength has limitations. Roxolid is a high performance alloy, specifically designed by Strau- mann to offer higher strength than pure titanium with excellent osseointegration capabilities. Since its initial launch at the end of 2009, Roxolid has been introduced in most major markets but only with our 3.3mm diameter implants, which are designed for use in narrow spaces or where limited bone is available. Clinical experience gained in the meantime has provided the basis for using smaller diameter Roxolid implants to avoid bone augmentation, thus reducing invasiveness1 and making treat- ment possible for patients with insufficient bone. In 2014, we made our entire range of implants available in the new material in markets where it is registered, prompting the majority of our customers to upgrade from pure titanium. We expect to see similar responses in Asian and other markets when regulatory clearances are obtained. 1 If guided bone regeneration can be avoided. Straumann_2014_English_1 10 09.03.2015 16:51:26 11 4 mm our shortest SAVING TRAUMA, DISCOMFORT, TIME AND MONEY THE 4 MM ‘SHORT Roxolid also prompted the development of a new 4mm short IMPLANT’ is available in various con- implant – our smallest ever – which was launched in 2014. This figurations and diameters implant is designed to avoid extensive bone augmentation proce- dures in patients with insufficient vertical bone for conventional implants. Leading clinicians have observed that short implants can lead to fewer complications, less morbidity, lower costs and more predictable outcomes1.
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