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Getinge Ab Annual Report 2011 Atrium Medical Sales Organic Growth Number of Employees

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Getinge Ab Annual Report 2011 Atrium Medical Sales Organic Growth Number of Employees geTinge ab annual reporT 2011 Atrium Medical Sales Organic growth Number of employees 200 19% 700 USD million three­year average total, worldwide A rapidly expanding company in the dynamic cardiovascular market The acquisition of the US company Atrium Medical was completed on 1 November 2011. Atrium is the latest addition to the Medical Systems Business Area’s cardio­ vascular operations. Atrium has an impressive track record and since the company was founded in 1981, it has grown rapidly, particularly over the past three years for which organic growth averaged 19% annually. The headquarters is in Hudson, New Hampshire in the US and the US market accounts for 70% of sales. The remaining 30% is through proprietary sales offices in the UK, Germany, France, the Netherlands, India, Australia and New Zealand as well as via a network of international distributors. The first product launched by Atrium was a drainage product used for open cardiovascular and thoracic surgery to remove air and fluids from the thoracic cavity and thus maintain normal respiratory function. The product is principally used for operations following severe A V12 covered stent used to repair ruptured traumas such as traffic accidents. arteries. Following this first product, Atrium has continued to develop a range of products, including synthetic vascular implants and stents using polytetrafluoroethylene (PTFE). The use of PTFE provides a number of advantages. For example, stents covered with PTFE can be rapidly inserted in the correct position to repair a ruptured artery through an operation of a minimal invasive nature. Recently, Atrium started to utilise Omega­3 fatty acids in the surgical treatment of hernias. The inclusion of Omega­3 in the mesh utilised to strengthen the abdominal wall reduces the risk of internal organs attaching to the mesh which facilitates rehabilitation and stimu­ lates the healing process. Atrium has also developed an innovative tool for surgical treatment of cardiac infarction where a catheter for local drug delivery is positioned at the exact location of the thrombo­ C-QUR Mesh used for surgical treatment of hernias. The mesh contains Omega-3 fatty sis, thus enabling the effect of the drug to be optimised without impacting the rest of the acids, which stimulate the healing process. body. Atrium Medical in brief The headquarters, including product development and production, are based in Hudson, New Hampshire, in the US Sales in 2011: Approximately USD 200 m Average organic growth in the past three years: 19% Number of employees: 700 Proprietary sales offices in the US, the UK, Germany, France, the Netherlands, India, Australia and New Zealand Distribution of sales: US 70%, other countries 30% iii | This is Getinge This is Getinge The Getinge Group is a leading global provider of products and services for operating rooms, intensive­care units, care units, sterilisation centres, elderly care and companies and institutions that are active in the Life Science area. Getinge’s products contribute significantly to improved treatment results, enhanced safety for patients and residents of elderly­care facilities, quality work environments and minimised risk of the spread of infection. Sales are conducted on a global basis and predominantly made to the Group’s proprietary Medical systems Business Area The Medical Systems Business Area’s products and services are market companies. In the markets in which geared toward the hospital market. The customer offering com­ Getinge lacks proprietary representation, sales prises equipment and instruments for a variety of surgical disci­ are conducted throughthe Group’s network plines, cardiology and intensive care. The product range includes of agents. Production is conducted in 25 operating­room equipment, instruments for cardiovascular sur­ facilities in 10 countries. The Group has 13,111 gery, anaesthesia equipment and ventilators. employees in 37 countries. Sales, SEK m11,031 In 2011, the Group generated sales of SEK Organic sales growth, %3,5 21,854 m (22,172) corresponding to organic Number of employees 6,011 growth of 4.2%. Profit before tax amounted to Number of sales companies43 SEK 3,444 m (3,116), up 10.5%. Number of production facilities10 BrandMaquet Getinge’s performance since its listing in 1993, SEK m Getinge’s largest markets Sales Profit before tax 25,000 3,500 USA 26.7% 1 (1) 8.0% 3,000 Germany 2 (3) 20,000 United Kingdom 7.7% 3 (2) 2,500 France 7.3% 4 (4) 15,000 Japan 5.3% 5 (5) 2,000 Canada 4.0% 6 (7) 1,500 Italy 3.7% 7 (6) 10,000 China 3.3% 8 (11) 1,000 Australia 3.2% 9 (10) 5,000 500 Netherlands 2.9% 10 (9) 01,000 2,000 3,000 4,000 5,000 6,000 SEK m 0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 0 The percentages shown in the graph illustrate the proportion of total Group sales. The numbers on the right show the countries’ positions in 2011 and 2010. See page 96 for further information. This is Getinge | iv Extended Care Business Area Infection Control Business Area The Extended Care Business Area offers products and services The Infection Control Business Area offers an expansive range of geared toward the hospital and elderly care markets. The product disinfection and sterilisation equipment, designed to suit the range includes solutions for preventing the risk of pressure ulcers needs of hospitals, clinics, and within the Life Science sector. and deep vein thrombosis. The business area also features a vast The business area features a full range of accessories to ensure selection of ergonomically designed products to solve daily work consistent, secure, ergonomic and economic flow and storage of in lifting, transferring and personal hygiene. In addition, the busi­ sterile goods. ness area has a wide range of medical beds. Sales, SEK m5,751 Sales, SEK m5,072 Organic sales growth, %1,9 Organic sales growth, %8,6 Number of employees 3,996 Number of employees 3,104 Number of sales companies 30 Number of sales companies36 Number of production facilities6Number of production facilities9 BrandArjoHuntleigh BrandGetinge Sales per business area Sales per geographic area Sales per revenue type ■ Medical Systems 50.5% ■ Western Europe 40 (43) % ■ Capital goods 55% ■ ExtendedCare26.3% ■ USAand Canada 31 (31) % ■ Recurring revenues45% ■ Infection Control23.2% ■ Othercountries 29 (26) % Medical Systems has grown rapidly since In recent years, Getinge has expanded strongly In recent years, Getinge has systematically being established and is currently the Group’s in North America and in a number of growth increased the share of sales derived from con- largest business area by far, accounting for markets. Europe, which was previously the sumables and services. Sales from these areas slightly more than 50% of total sales. Group’s dominant market, currently accounts are now approaching 50% of invoicing volumes. for less than half of total sales. See page 96 for further information. Year in brief & Contents |1 Year in brief Contents Orders received declined by 1.8% to SEK 22,012 m Group (22,406), and grew organically by 3.8%. Group overviewiii year in brief 1 Net sales decreased 1.4% to SEK 21,854 m (22,172), and Testimonials from two customers 2 Comments by the CeO 4 grew organically by 4.2%. The Getinge share 6 Strategic focus8 Profit before tax rose 10.5% to SEK 3,444 m (3,116) Medical Systems Business area 12 extended Care Business area 20 Net profit increased 11.3% to SEK 2,537 m (2,280) Infection Control Business area 28 Sustainability report36 Financial information Earnings per share rose 11.1%, to SEK 10.61 (9.55) administration report46 Corporate governance report50 Dividend per share proposed at SEK 3.75 (3.25), or SEK Internal control report55 894 m (775) Getinge’s Board of Directors56 Getinge’s Group Management 58 Proposed allocation of profits 60 Consolidated financial statements 61 Annual General Meeting 2012 Income statement 61 Information regarding the 2012 Annual General Meeting – Application, Statement of comprehensive income 61 Nomination Committee, Dividend and dates for the Group’s financial reports Balance sheet62 in 2012 – is available on page 105. Changes in shareholders’ equity63 Cash­flow statement 64 Notes 65 Distribution policy Parent Company 86 The printed version of Getinge AB’s Annual Report is only distributed to Income statement 86 shareholders’ who expressly request a copy. The Annual Report is also Statement of comprehensive income 86 available in its entirety at the Group’s website: Balance sheet87 www.getingegroup.com Changes in shareholders’ equity88 Cash­flow statement 88 Notes 89 Reading guide auditor’s Report93 • TheGetingeGroup is referred to as Getingeinthe Annual Report. • Figuresinparentheses pertaintooperationsin2010, unless otherwise Getinge information specified. Multi-year overview94 • Swedishkronor (SEK)are used throughout. Market information 96 • Millions of kronor areabbreviatedSEK m. Quarterly data97 • Allfigures pertaintoSEK m, unless otherwise specified. acquisitions 98 • Theterm EBITAisusedtodefine “Operating profitafter depreciation, Sustainability information 99 amortisation and impairments, but before deductions for depreciation, amortisation and impairments of goodwill and other intangible assets that addresses 100 arise in conjunction with corporate acquisitions.” Other Definitions 104 Informationprovidedinthe Annual Report concerning markets, competi­ annual General Meeting and tion and future growth constitutes the Getinge Group’s assessment based Nomination Committee105 mainly on material compiled within the Group. This document is essentially a translation of the Swedish language version. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct. 2| Testimonials Testimonials from two of Getinge’s customers Alan L. Schuricht Clinical Associate Professor at University of Pennsylvania, Pennsylvania Hospital USA I used my first Atrium Medical product in 1994 Throughout my career, I have had the opportunity and have been a loyal customer ever since.
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