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Getinge AB 2017 Annual Report

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Getinge AB 2017 Annual Report Making a difference in healthcare 2017 Annual Report Making a difference in healthcare This is Getinge Sometime in life, we all need to seek care. At Getinge, we have a long tradition of creating innovations that improve people’s quality of life – and save lives. We believe it is the most important job in the world. Needs in our business environment OUR GLOBAL PRESENCE Strained economic conditions, combined with a growing and aging population, have led to a dramatic increase in the need for efficient healthcare. Efficiency is required to save both time and money. At the same time, increasingly high demands are being made on quality and excellent clinical results in the healthcare system. What we do Getinge equips hospitals with high-tech products and IT solutions that contribute to effective therapies and efficient workflows and reduce risk of infection and increase patient safety. Most of Getinge’s products are found in the operating room and adjacent rooms, including the central sterile supply department. Getinge also supplies products to pharmaceuti- cal companies and research institutes. Acute Care Therapies Surgical Workflows Technologies and prod- Instruments and equip- ucts for life support in ment for complete oper- acute health conditions. ating rooms. The product Getinge offers solutions portfolio contains, for ex- for cardiac, pulmonary ample, operating tables, and vascular therapies, lamps and systems for respirators for mobile the cleaning, disinfection ventilation, and portable, and sterilization of in- acute treatment of cardiac struments, and advanced and pulmonary patients. hospital IT systems. Life Science Products and systems for sterile and safe development and production of pharmaceuticals and research. A sepa- rate business area as of 2018. The value we create In addition to better clinical results and quicker recovery, we contribute to fewer patients contracting serious infections in hospital – a major and costly problem the world over. In addition, our solutions are a component of achieving greater efficiency in the operating room, which corresponds to a large 25,000 share of the value created in hospitals. Our goal is that one additional operation should be able to be conducted per room No. of customers per day at each hospital. Thus, not only is the waiting time for patients shortened – the hospital’s finances are also improved. Every care has been taken in the translation of this Annual Report. In the event of discrepancies, the Swedish original will supersede the English translation. 2017 ANNUAL REPORT Introduction Market Strategy Operations Sustainability Annual Report Other CONTENTS Introduction This is Getinge 1 Year in brief 2 We have operations in 42 Comments by the CEO 6 countries and have sales in more than 140 Business environment countries. and market trends Value creation 10 Market trends 12 Market overview 14 Strategy and targets Strategy 18 Targets 20 R&D and sales 22 Quality 24 Operations Acute Care Therapies 28 Surgical Workflows 32 Life Science 36 The share 38 Sustainability Values 42 Environment 46 Employees 48 Annual Report Administration Report 50 Corporate Governance Report 54 Proposed appropriation of profit 64 Financial statements 65 Notes 70 Auditor’s report 111 Other information Multi-year overview 115 Group companies 120 Definitions 124 22.5 5.49 Net sales (SEK billion) Earnings per share (SEK) for contunuing and discontinued operations 2017 ANNUAL REPORT 1 Making a difference in healthcare 2017 in brief Arjo was distributed to the shareholders At an Extraordinary General Meeting in December 2017, it was resolved to dis- tribute all of the shares in Arjo AB to the shareholders of Getinge AB and to list these shares on Nasdaq Stockholm. The IPO entails that both Getinge and Arjo gain a clearer focus, which creates better oppor- tunities to capitalize on growth possibilities and create long-term shareholder value. Updated strategy and One global brand – Getinge Collaboration for lasting change adapted organization Getinge grouped all of its former brands As a responsible player in society, Getinge During the year, Getinge launched an up- under a single name to simplify its custom- endeavors to make a contribution wherever dated strategy with more distinct prioriti- er offering and to further clarify the com- we have operations. One key for creating zation of products and customer segments pany’s position as a world-leading medical lasting change is education. Accordingly, and a more effective allocation of resourc- device company. Getinge has chosen to cooperate with es to product development in these areas. Pratham, an NGO that focuses on eradi- Additionally, the sales organization cating illiteracy in India. To date, nearly structure was simplified and the respon- 34 million Indian children have participated sibility for production was transferred to in the education program. the business areas to create clarity and www.pratham.org efficiency all the way from product devel- opment to production. 1,000th hybrid operating room in place Getinge is a pioneer in the design and installation of hybrid operating rooms, mean- ing that the patient can be diagnosed and operated in the same room. In 2017, Getinge installed its 1,000th hybrid operating room. 2 2017 ANNUAL REPORT Introduction Market Strategy Operations Sustainability Annual Report Other The next generation of surgery is just around Key figures 2017 2016 the corner Getinge has launched a strate- Order intake, SEK M 23,228 22,603 gic collaboration with Verb Inc. Net sales, SEK M 22,495 22,170 to develop the next generation Acquisition expenses, SEK M -4 -14 of surgery: Surgery 4.0, or digital surgery. This groundbreaking Restructuring and integration -759 -1,158 costs, SEK M platform will comprise robot technology, advanced visualiza- EBITA before acquisition, 2,842 3,275 restructuring and integration tion and instruments, operating costs, SEK M room integration, connection and data analysis/AI. EBITA margin before acquisition, 12.6 14.8 restructuring and integration costs, % Continued focus on Earnings per share (SEK) for 5.49 4.91 continuing and discontinued quality improvement operations During the year, our improve- No. of shares, thousand* 272,370 241,780 ments at the production units under the Consent Decree with Interest-coverage ratio, multiple 8.3 9.0 the FDA continued. A provision Operating capital, SEK M 32,598 44,305 of SEK 488 M was made during Return on operating capital, % 6.7 8.3 2017, related to the improve- Product development ment work in Hechingen, for the smallest patients Return on equity, % 6.6 6.6 Germany. SERVO-n is Getinge’s neonatal Net debt/equity ratio, multiple 0.65 1.12 ventilator that has been used Cash conversion, % 62.9 73.6 to date to provide breathing Strengthened balance support for 50,000 prema- Equity/assets ratio, % 47.0 37.9 sheet through rights issue ture babies. In 2017, the High Equity per share, SEK** 72.72 86.51 In September, a fully subscribed Frequency Oscillation (HFO) *Adjusted for bonus issue effect of the rights issue rights issue was completed, clinical function was presented. ** Pertains to the entire Group, including discontinued operations which which added SEK 4.3 billion. HFO is a life-saving position, includes Arjo until the distribution date in December 2017. when the child’s condition deteriorates and conventional ventilation is inadequate. Sales per region Sales per business area I look forward to take on the challenges and to build a strong Getinge together with all employees. Americas, 40% Acute Care Therapies, (SEK 9,039 M) 54% (SEK 12,201 M) EMEA, 39% Surgical Workflows, New CEO (SEK 8,772 M) 46% (SEK 10,294 M) Mattias Perjos assumed the position as President and APAC, 21% (SEK 4,684 M) CEO at the Annual General Meeting on March 27, 2017. 2017 ANNUAL REPORT 3 Making a difference in healthcare CASE – Operating rooms Efficient solutions for better healthcare A majority of hospitals’ value creation occurs in the operating room. Getinge’s solutions contribute to more efficient use of resources and enable hospitals to focus on providing more and better care. Our goal is that one additional operation should be able to be conducted per room per day at each hospital. Ceiling supply unit Ceiling anchoring system Surgical lights for equipment for multimedia Maquet Moduevo makes it easy to Maquet Satelite is the hub for all multi- Maquet PowerLed offers shadow-free access all equipment and thus achieve a media in the operating room. It enables lighting with faithful colors that creates safe working environment that enhances staff to always have a good overview and increased visibility for precision surgery, efficiency. control. which means enhanced patient safety. 4 2017 ANNUAL REPORT Introduction Market Strategy Operations Sustainability Annual Report Other Advanced anesthesia Other products and services The Flow-i product series offers ad- Getinge offers equipment for complete vanced lung support and safe anesthesia operating rooms for advanced surgery in a unit that is easy to use. and a large number of sophisticated therapies, such as expandable stents for peripheral blood vessels. In addition, Getinge offers products and services that are not as visible. These include disposables and service, as well as more advanced IT systems for the integration of operating equipment, enhancing the efficiency of patient flows and ensuring that instruments used are sterile and in the right location when they are required. Systems for surgical tables Collaboration with leading manu- Modules for walls and ceilings facturers of radiography machines Maquet Magnus offers flexibility and Collaboration with all of the leading Getinge offer modules for walls and precision when positioning the patient, manufacturers of radiography technolo- ceilings, which contribute to a calm and providing major benefits when operating. gy. Together, we have established a new healing environment, while also reducing In a hybrid operating room, the table is therapy standard in hybrid operating the risk of infection.
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