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Getinge Ab Annual Report 2008 Contents Year in Brief

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Getinge Ab Annual Report 2008 Contents Year in Brief GETINGE AB ANNUAL REPORT 2008 CONTENTS YEAR IN BRIEF Group Medical Systems Group overview...................... i t *OUFHSBUJPO PG #PTUPO 4DJFOUJmDT $BSEJBD BOE 2008 in figures....................... 1 Comments by the CEO................ 2 Vascular Surgery divisions Strategic focus....................... 6 The Getinge share.................... 12 t 5FOEFS PGGFS GPS 64 DPNQBOZ %BUBTDPQF $PSQ Five-year summary.................... 14 t 4USPOH FBSOJOHT HSPXUI Sustainability report................... 16 t *NQSPWFE &#*5" NBSHJOT Business areas Medical Systems..................... 24 t -BVODI PG DBSEJBD TVQQPSU QSPEVDU $"3%*0)&-1 Extended Care ....................... 34 t /FX QMBOU JO $IJOB Infection Control...................... 42 Corporate governance Extended Care Corporate governance report............ 50 Internal control report.................. 54 t $PNQMFUFE JOUFHSBUJPO PG )VOUMFJHI 5IF BOOVBM Getinge’s Board of Directors. ............ 65 cost synergies are expected to exceed SEK 300 m Getinge’s Group Management ........... 58 from 2009 onward Financial information9 t /FX GBDJMJUZ JO $IJOB GPS CVTJOFTT BSFBT Table of contents ..................... 59 Directors’ report...................... 60 pump consoles Proposed allocation of profits ............ 64 t -BSHF OVNCFS PG QSPEVDU MBVODIFT Consolidated income statement .......... 65 Consolidated balance sheet............ 66 Changes in consolidated Infection Control shareholders’ equity................... 67 Consolidated cash-flow statement ........ 68 t " OVNCFS PG SFJOGPSDFNFOUT PG UIF PSHBOJ[BUJPO Consolidated operating cash-flow statement 69 aimed at creating an integrated and more dynamic Notes to the consolidated accounts ....... 70 Income statement for the Parent Company . 92 business area Balance sheet for the Parent Company.... 92 t *ODSFBTFE QSFTFODF JO BMM LFZ HSPXUI NBSLFUT Changes in shareholders’ equity for the Parent Company................ 92 t *OUFOTJmFE QBDF JO QSPEVDUJPO EFWFMPQNFOU Cash-flow statement for the Parent Company 92 Notes to the Parent Company accounts .... 93 Other information Quarterly data ....................... 98 Sales per country..................... 98 Information regarding the 2009 Annual General Definitions. .......................... 99 Addresses of Group companies.......... 100 .FFUJOH BQQMJDBUJPO GPSNT GPS UIF "OOVBM Auditors’ report...................... 104 (FOFSBM .FFUJOH UIF /PNJOBUJPO $PNNJUUFF BOE Annual General Meeting and Nomination Committee .......................... 105 dates for the Group’s 2009 financial information Financial information 2009 .............. 105 are available on page 105. Contact person Investor Relations........ 105 Pages 59-97 comprise the formal financial accounts and were audited by the Group’s auditors. Information about this Annual Report The Getinge Group is referred to in this Annual Report as Getinge. Figures in CSBDLFUTSFGFS VOMFTT PUIFSXJTF TQFDJmFE UPBDUJWJUJFTJO 4XFEJTI LSPOB JT BCCSFWJBUFE 4&, UISPVHIPVU UIJT EPDVNFOU.JMMJPOT PG LSPOPSBSF XSJUUFO BT 4&, YY N "MMBNPVOUT BSFHJWFO JO 4&,N VOMFTT PUIFSXJTF TQFDJmFE 5IF UFSN &#*5" JT VTFE JOTUFBE PG i0QFSBUJOH QSPmU BGUFS EFQSFDJBUJPO BOE JNQBJSNFOU CVU CFGPSF EFEVDUJPOT GPSBNPSUJTBUJPO BOE JNQBJSNFOUPGHPPEXJMM BOEPUIFS JOUBOHJCMF BTTFUT which have arisen in connection with company acquisitions.” *OGPSNBUJPO QSPWJEFE JO UIF "OOVBM 3FQPSU DPODFSOJOH NBSLFUT DPNQFUJUJPO BOE future growth constitutes Getinge’s assessment based mainly on material compiled within the Group. The Annual Report’s cover shows a balloon This document is essentially a translation of the Swedish language version. In the pump from Datascope event of any discrpancies between this translation and the original Swedish placed in the aorta. EPDVNFOU UIF MBUUFS TIBMM CF EFFNFE DPSSFDU GETINGE GROUP – AN OVERVIEW Organic sales growth, %Sales, SEK mEBITA*, SEK m 8 20000 3500 3000 6 15000 2500 2000 4 10000 1500 1000 2 5000 500 0 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 *Before restructuring andintegration costs ACQUISITION OF US COMPANY DATASCOPE The cardiovascular market is valued at USD 46 billion and characterised by DATASCOPE healthy growth. Getinge holds a strong ambition to establish a leading position in this market. Business: Cardiac support and vascular intervention. Sales: 64% N "U UIFCFHJOOJOH PG (FUJOHF BDRVJSFE #PTUPO 4DJFOUJGJDT $BSEJBD BOE EBITDA: 64% N Vascular Surgery divisions. This acquisition entails a considerable Number of employees: 765 (30 June 2008) Production: 64 BOE 'SBODF reinforcement of Getinge’s position in terms of both product offering and sales Proprietary sales companies JO #FOFMVY 'SBODF DIBOOFMT5IF BDRVJTJUJPO PG %BUBTDPQF $PSQ XIJDI XBTDPNQMFUFE PO *UBMZ +BQBO $BOBEB 4QBJO UIF 6, (FSNBOZ BOE UIF 64 +BOVBSZ GPMMPXJOH UIF BQQSPWBMPG UIF BQQSPQSJBUF DPNQFUJUJPO BVUIPSJUJFT JO TFWFSBM DPVOUSJFT XBTUIF OFYU LFZ TUFQ JO (FUJOHFT BJN PG TUSFOHUIFOJOH JUT Sales per product category, % cardiovascular business and entails an expansion of the company’s product range to also comprise cardiac assist products. $BQJUBM HPPET $POTVNBCMFT The acquisition of the two divisions from Boston Scientific and the acquisition of Datascope mean that Getinge’s annual sales in the cardiovascular area will SJTF UP PWFS 4&, N JO 5IF BDRVJTJUJPOT BMTP DPOUSJCVUF substantially to a major rise in the share of consumables for emergency use as Sales per geographic area, % a part of Getinge’s sales. 64 &.&" The acquisition of Datascope will have a number of positive effects on Getinge’s operations: 0UIFS DPVOUSJFT &VSPQF .JEEMF &BTU BOE "GSJDB t&YQBOEFE QSPEVDU SBOHF t4USPOHFS TBMFT PSHBOJTBUJPO ACQUISITION OF DATASCOPE t4USPOH TBMFTTZOFSHJFTBTBSFTVMU PG CPUI CVTJOFTTFTDPNQMJNFOUJOH FBDI other in terms of product portfolio and geographic coverage Price per share: 64% QSFNJVN Market capitalisation: 64% N t *ODSFBTFE FYQPTVSF UPXBSE DVTUPNFST JO JOUFSWFOUJPOBM DBSEJPMPHZ B Completion date: 30 January 2009 HSPXJOH DVTUPNFS HSPVQ GPS%BUBTDPQF XIJDI XJMM QMBZBTVCTUBOUJBM SPMF JO Consolidation: 1 February 2009 UIF MBVODI PG (FUJOHFT PXO BOE OFX IFBSUTVQQPSUQSPEVDU $BSEJPIFMQ t " NBKPS BEEJUJPO PG BUUSBDUJWF EFWFMPQNFOU QSPKFDUT JO UIF DBSEJPWBTDVMBS REASONS FOR ACQUISITION area. 5IF BDRVJTJUJPO PG %BUBTDPQF JT B LFZ TUFQ JO Getinge’s aim of establishing a leading business (FUJOHF FYQFDUT UIBU BT BSFTVMU PG DPOTJEFSBCMF DPTU BOE SFWFOVFTZOFSHJFT JO UIF NBSLFU GPS DBSEJPWBTDVMBS TVSHFSZ 5IF acquisition entails a major reinforcement of both UIFBDRVJTJUJPO XJMM DPOUSJCVUF UP UIF (SPVQT QSPGJU CFGPSF UBY JODMVEJOH QSPEVDU QSPHSBN BOE NBSLFU PSHBOJ[BUJPO depreciation of acquisition-related surplus values and financing costs from Getinge’s sales in the Cardiovascular division now amount to approximately SEK 5 billion. 2010 onward. The profit impact is deemed to be insignificant in 2009. Profit before tax, SEK m Operating cash flow, SEK m Sales per geographic area, % 2000 3000 Europe 53%US & Canada 30% 2500 1500 2000 Asia & Australia 13% 1000 1500 1000 Other countries 4% 500 500 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Year in figures | 1 YEAR IN FIGURES – GROUP AND BUSINESS AREAS Group Sales 19 272 SEK m EBITA* 3 428 SEK m Profit before tax 2 126 SEK m (SPXUI 16 445 SEK m (SPXUI 2 651 SEK m (SPXUI 1 748 SEK m Net profit 1 523 SEK m Earnings per share** 7.23 SEK Dividend per share*** 2.40 SEK (SPXUI 1 233 SEK m (SPXUI 5.84 SEK 2.40 SEK ** Earnings per share were recalculated to ***According to proposals by the Board and the include the number of shares following the President. new share issue on 15 April 2008. Medical Systems business area Extended Care business area Infection Control business area Orders received 8 560 SEK m Orders received 6 223 SEK m Orders received 4 665 SEK m (SPXUI 5 879 SEK m (SPXUI 6 124 SEK m (SPXUI 4 494 SEK m 0SHBOJDHSPXUI 0SHBOJDHSPXUI 0SHBOJDHSPXUI Sales 8 416 SEK m Sales 6 174 SEK m Sales 4 682 SEK m (SPXUI 6 079 SEK m (SPXUI 6 009 SEK m (SPXUI 4 357 SEK m 0SHBOJDHSPXUI 0SHBOJDHSPXUI 0SHBOJDHSPXUI EBITA* 1 784 SEK m EBITA* 992 SEK m EBITA* 652 SEK m (SPXUI 1 040 SEK m (SPXUI 971 SEK m (SPXUI 640 SEK m EBITA margin increased during EBITA margin decreased during EBITA margin decreased during UIFZFBSUP UIFZFBSUP ZFBSUP See pages 24-33 See pages 34-41 See pages 42-49 *Before restructuring and integration costs. Sales by customer segment, % Sales per business area, % EBITA* per business area, % Hospitals 78% Extended Extended Care 32% Care 29% Elderly Care 15% Medical Infection Medical Infection Life Sciences 7% Systems 44% Control 24% Systems 52% Control 19% 2 | Comments by the CEO Comments by the CEO | 3 COMMENTS BY THE CEO Getinge experienced another good year 2009, entails another significant reinforce- Vascular Surgery divisions. Organic growth in 2008, with a strong trend in both sales ment of the Cardiovascular division with its in the US/Canada was 4.4%. The strong and profitability through a combination of operations in the vascular intervention area trend in Asia/Australia and Other countries healthy organic sales growth (6.4%) and and in the cardiac assist market. As a result in recent years continued in 2008. In Asia/ substantial earnings contributions from of substantial cost and revenue synergies, Australia, organic order growth amounted Boston Scientific’s Cardiac and Vascular the acquisition will contribute to the Group’s to 11.6%. In other parts of the world, organic Surgery divisions, which were acquired in profit before tax from 2010 onward. The growth was an excellent 42.4%. January 2008.
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