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Annual Report 2015 ANNUAL REPORT 2015 GETINGE GROUP 1 2015 in brief 3 Strong focus on quality 4 Comments by the CEO 6 This is Getinge 8 Getinge’s journey of change 10 Business drivers 12 Strategy 20 Brands & products 26 Values & culture 28 Sustainability report 36 The share FINANCIAL INFORMATION 38 Administration report 39 Business areas 44 Corporate governance report 49 Internal control report 50 Getinge Board of Directors 52 Getinge Executive Team 54 Proposed allocation of profits 55 Consolidated financial statements 55 Income statement 55 Statement of comprehensive income 56 Balance sheet 57 Changes in shareholders’ equity 58 Cash-flow statement 59 Notes 78 Parent company 78 Income statement 78 Statement of comrehensive income 79 Balance sheet 80 Changes in shareholders’ equity 80 Cash-flow statement 81 Notes PASSION FOR LIFE 85 Auditor’s report Passion for life is Getinge’s brand promise. GETINGE INFORMATION 86 Multi-year overview, Group The company is built on a genuine compassion for 87 Multi-year overview, Business areas people’s health and well-being. Based on first-hand 88 Largest markets 89 Acquisition history experience and close partnerships, Getinge pro- 90 Quarterly data 91 Quality & environmental certifications vides innovative healthcare solutions that improve 91 Environmental data every-day life for people, today and tomorrow. 91 Social data 92 Addresses OTHER 97 Definitions 97 Reading guide The Annual General Meeting will be held on March 30, 2016. 97 Distribution policy Information regarding application, the Nomination Committee, 98 AGM & Nomination Committee dividend and dates for Getinge’s financial reports in 2016 is available 99 Financial information on pages 98 and 99. THIS IS GETINGE 2015 IN BRIEF Order intake + 13,5 % SEK 30 431 M (26 817). Organic increase: +1,9 % Net sales + 13,4 % SEK 30 235 M (26 669). Organic increase: +1,8 % Profit before tax +0,5 % SEK 1 997 M (1 987) Net profit +0,6 % SEK 1 457 M (1 448) Earnings per share -3,0 % SEK 5,83 (6,01 ) EBITA before restructuring and acquisition cost -7,2 % SEK 4 179 M (4 501) Cash conversion 66,7 % (72,9 % ) Dividend per share proposed at SEK 2,80 Corresponding to SEK 667 M (667) Key figures 2015 2014 Sales per market area Order intake, SEK M 30 431 26 817 Order intake, adjusted for exchange-rate effects and acquisitions, % 1,9 0,7 Western Europe 35 % (37 %) Net sales, SEK M 30 235 26 669 USA/Canada 37 % (34 %) Rest of the World 28 % (29 %) Net sales, adjusted for exchange-rate effects and acquisitions, % 1,8 0,6 Restructuring and integration costs, SEK M 657 1 162 Acquisition expenses, SEK M 33 38 EBITA before restructuring and acquisition cost, SEK M 4 179 4 501 EBITA margin before restructuring and acquisition cost, % 13,8 16,9 Earnings per share after comprehensive tax, SEK 5,83 6,01 No. of shares, thousand 238 323 238 323 Interest-coverage ratio, multiple 4,6 5,70 Working capital, SEK M 40 771 36 529 Return on working capital, % 8,6 8,2 Return on shareholders’ equity, % 8,5 10,4 Net debt/equity ratio, multiple 1,17 1,21 Sales per customer segment Cash conversion, % 66,7 72,9 Hospitals 84 % (84 %) Equity/assets ratio, % 36,8 35,4 Elderly care 8 % (8 %) Equity per share, SEK 82,21 78,44 Life Science 8 % (8 %) GETINGE ANNUAL REPORT 2015 1 THIS IS GETINGE 2015 IN BRIEF • A year of growth The Group’s order intake increased organically by 1.9% (0.7) during the year. Net sales also grew organically by 1.8% (0.6) compared with the preceding year, meaning that Getinge has now surpassed annual sales of SEK 30 billion. • Alex Myers new President and CEO Alex Myers assumed the position as President and CEO of Getinge at the Annual General Meeting on March 25, 2015, succeeding Johan Malmquist. Johan Malmquist acted as an advisor to the Board and CEO for the remainder of the year. • Comprehensive transformation program A comprehensive transformation program aimed at reigniting growth and improving prof- itability was launched during the year. New financial targets for the period 2016-2019 were also presented. Read more about the program and the new financial targets on pages 14-18. • Consent Decree with FDA At the beginning of the year, a US federal judge approved a Consent Decree between the Medical Systems business area and the Food and Drug Administration, FDA. A number of measures in the ongoing remediation program were undertaken during the year to improve the business area’s quality management system. The total financial consequences related to the Consent Decree, excluding the costs for the remediation program, amounted to approx- imately SEK 315 M during the year, of which SEK 215 M was charged to the Group’s EBITA and SEK 100 M pertains to restructuring costs. Read more about the Group’s quality focus on page 3. • Group-wide quality function A new Group-wide Quality Regulatory Compliance function was established during the second quarter, for the purpose of developing efficient shared processes for the Group as a whole. 2 GETINGE ANNUAL REPORT 2015 THIS IS GETINGE STRONG FOCUS ON QUALITY Intense efforts were made to strengthen processes and procedures for the company’s quality management system during the year. A major focus continued to be directed to the work on the comprehensive remediation program launched in 2013. The FDA, Food and Drug Administration, inspected a number of applies to the US manufacturing unit in Hudson (New Hampshire) Medical Systems’ manufacturing units in 2013, which led to ob- and Wayne (New Jersey), as well as the facilities in Rastatt and servations about the facilities’ quality management system. It is Hechingen in Germany. According to the Decree, the FDA will important to emphasize that these observations concerned the monitor performance at the units for a certain period of time, for procedures and processes of the quality management system, example, by performing third-party inspections of the units cov- not the products themselves. Extensive internal work was initiated ered by the Decree. in 2013 to strengthen the quality management system. In parallel There were several positive signs during the year that Medical with this, Medical Systems entered into a dialog with the FDA. Systems’ quality work is on the right path. During the autumn, A formal Consent Decree was approved in February 2015, full-scale production and sales of the biosurgical meshes product which clearly outlines the way forward and provides assuranc- group was resumed at Atrium’s new production unit in Merrimack, es to the FDA that Medical Systems will complete the necessary New Hampshire. A successful FDA inspection was subsequently improvements and establish a global quality management sys- carried out at the new facility. Third-party inspections were also tem. Under the terms of the Consent Decree, certain products carried out at all production units encompassed by the Consent manufactured at Medical Systems’ Atrium Medical Corporation Decree. At the end of the year, one such inspection in Hechingen, business unit based in Hudson, New Hampshire, were temporari- Germany, resulted in a number of observations indicating that ly suspended while corrections are being made. Certain products additional improvement measures would need to be implement- currently manufactured by Atrium have been deemed medically ed at the production unit. Intense focus is now being directed to necessary by the FDA under the Decree and will continue to be ensuring that such measures are implemented and that the unit’s made available to customers inside and outside of the US. quality management system meets the Group’s global standards The content of the Decree is aimed primarily at raising the and the requirements set on the company as a player in the medi- level of the quality management system and the FDA will then be cal technology industry. shown confirmation that this level has been maintained. The Decree ”Quality is the foundation of our industry. We must constantly strive to further develop and strengthen our approach to quality.” Alex Myers, President & CEO Getinge’s new production unit in Merrimack, New Hampshire. GETINGE ANNUAL REPORT 2015 3 COMMENTS BY THE CEO A YEAR OF CHANGE 2015 was an eventful year for the Group as a whole and also for me personally as the new President and CEO of Getinge. In September, we launched a comprehensive transfor- mation program aimed at restoring growth and improving profitability. By interacting with customers as one company, we create a unique offering that helps solve customer challenges throughout the entire continuum of care. The healthcare sector is experiencing significant change. The in- wide policy on ethics and anti-corruption. This is a central prereq- dustry is under intense financial pressure and our customers are uisite for creating a long-term, sustainable Getinge. facing new challenges. In Europe, this involves higher demands for caring for more patients while using fewer resources. The STRONG FOCUS ON QUALITY same applies to the US, where healthcare is also facing complete The work on the remediation program to improve the quality man- change. Focus is on quality, although also on structural changes, agement system in the Medical Systems business area remained with the healthcare sector being consolidated as a result of hospi- very important during the year. A Consent Decree with the US tals, and thus our customers, becoming larger. In emerging mar- FDA was signed at the beginning of the year and we have invested kets, it is a matter of increasing access to better healthcare with much time and energy in improving and harmonizing our process- limited financial resources.
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