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2019 Annual BEYOND Report CONTINUITY HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 2 Contents Beyond continuity With the Straumann Group delivering double- 3 HIGHLIGHTS digit revenue growth for five consecutive 7 LETTER TO SHAREHOLDERS years, the question is, can we sustain this 14 MANAGEMENT COMMENTARY continuity in the years ahead? 15 STRAUMANN GROUP IN BRIEF 18 STRATEGY IN ACTION In 2019, we took a number of key steps and 21 PRODUCTS, SOLUTIONS AND SERVICES created further opportunities that we believe 25 INNOVATION will continue the success of our company 27 MARKETS and enable us to achieve more in the future. 36 BUSINESS PERFORMANCE (GROUP) The imagery of surfers surmounting wave 41 BUSINESS PERFORMANCE (REGIONS) after wave, seeking bigger opportunities and 47 BUSINESS PERFORMANCE (FINANCIALS) enjoying the thrill they bring illustrate perfectly 49 SHARE PERFORMANCE our ambition to go ‘beyond continuity’. 51 RISK MANAGEMENT 59 SUSTAINABILITY REPORT 85 CORPORATE GOVERNANCE 117 COMPENSATION REPORT 135 FINANCIAL REPORT 193 APPENDIX 2019 Annual Report Straumann’s Annual Reports for online users Straumann Group Straumann http://annualreport.straumann.com HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 3 Key figures Performance highlights Group key figures (in CHF million) 2019 2018 Change (%) Revenue 1 596 1 364 17 Gross profit 1 200 1 019 18 Core¹ 1 207 1 028 17 + % REVENUE17 GROWTH EBITDA 481 395 22 Core¹ 505 404 25 Operating profit (EBIT) 387 343 13 Core¹ 432 348 24 Net profit 308 278 11 Core¹ 338 293 15 + % Cash generated from operating activities 378 277 36 13EBIT Capital expenditure 150 110 36 Free cash flow 230 169 36 Basic EPS (in CHF) 19.33 17.24 12 Core¹ 21.21 18.16 17 Employees (at year end) 7 590 5 954 28 + % 36CASH FROM Notes OPERATING ACTIVITIES 1 In accordance with the new directive of the Swiss Stock Exchange, the Group has started to implement the reporting of alternative performance measures (APM), which facilitates the assessment of the underlying business performance but may differ from IFRS reported figures. The ‘core’ figures used in this document exclude one-time M&A effects, exceptional pension-plan items, restructuring expenses, amortization and impairment of goodwill and acquisition-related intangible assets. ‘Before-exceptional results’, which were used historically, excluded the same non-recurring items but not acquisition-related asset amortizations. A reconciliation table of the reported and core income statement with additional descriptions is provided on p. 137 f. of the Financial Report. The figures for 2018 in the table above have been adjusted accordingly. 2019 Annual Report Straumann Group Straumann HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 4 Key figures Revenue (in CHF million) Operating and net profit (in CHF million) More on p. 36 ff. More on p. 37 ff. 5-year CAGR: 15% in CHF (15% organic growth) 1600 400 1400 350 1200 300 1000 250 800 200 % 5Y15 ORGANIC REVENUE 600 150 GROWTH 400 100 200 50 0 0 CHF 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Reported revenue erag rfi T) e rfi m 387EBIT – DOUBLED OVER 5Y Profitability (in %) Cash flow and investments (in CHF million) More on p. 48 ff. More on p. 39 ff. 60 400 350 50 300 > bn 1INVESTED IN 40 250 THE FUTURE OVER 5Y 30 200 150 20 100 10 50 2019 Annual Report 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Return on equity (ROE) Operating cash ow Acquisitions & participations Return on capital employed (ROCE) Capital expenditure Straumann Group Straumann HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 5 Key figures Organic growth by region All our regions achieved double-digit organic revenue growth, fuelled by emerging markets like Brazil, China, Russia, and Turkey. The largest regional contribution to growth came from our biggest region, EMEA, which grew 13%. Asia/Pacific (+22%) continued to grow the fastest, while North America (+20%) almost achieved its highest growth rate in 15 years, and Latin America (+17%) performed exceptionally in an unstable environment. +28% NORTH AMERICA REVENUE +22% +20% +20% +20%CHF 482m +17% REVENUE +15% ASIA/ PACIFIC +13% CHF 305m REVENUE +28% CHF 670m +22% +20% +20% +20% +28% LATIN AMERICA +17% 2018 2019 2018 2019 REVENUE 2018 2019 2018 2019 +22% +15% +28% +20% +20% +20% CHF 140m +13% +17% EUROPE, +15% MIDDLE EAST +22% +20% +20% +20% +13% & AFRICA +17% 2019 Annual Report +15% +13% 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 Straumann Group Straumann 2018 2019 2018 2019 2018 2019 2018 2019 HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 6 Key figures Share information Relative share price development (in CHF) Total shareholder return (in %) 1000 80 70 900 60 50 800 40 30 700 20 10 600 0 –10 500 –20 400 2015 2016 2017 2018 2019 Straumann SMIM Total Return Index 300 200 Share information (in CHF) 100 2015 2016 2017 2018 2019 2019 2018 Straumann Swiss Mid Cap index (SMIM) adjusted STOXX® Europe 600 index (in CHF) adjusted Earnings per share (EPS)¹ 21.21 18.16 Ordinary dividend per share 5.75² 5.25 Payout ratio¹ 27% 29% Share price at year end 950.40 618.00 1 Based on core results. 2 Payable in April 2020 subject to shareholder approval. 2019 Annual Report Straumann Group Straumann HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 7 Letter to shareholders Dear Shareholder, In 2019, the Straumann Group achieved double-digit growth for a fifth consecutive year, lifting reve- nue by 17% to CHF 1.6 billion. Excluding external growth and currencies, the organic increase also Growth of 17% & gross profit of amounted to 17%, clearly exceeding our initial target of revenue growth in the low teens. Fuelled by CHF 1.2 billion enabled us to invest strong top-line growth, gross profit rose to CHF 1.2 billion (75.6% margin core), enabling us to invest further in faster, better further in innovation, research and development with the goal of providing faster, better treatments with additional predictability, comfort and convenience. We also continued to invest in people treatments. (p. 66 ff.) and production (p. 74 ff.). 2019 Annual Report Despite these developments and the increased share of lower-margin products in our portfolio, we achieved our objectives for improved profitability, as core EBITDA, EBIT and net profit margins reached 31.6%, 27.1% and 21.2%, respectively (29.6%, 26.9% and 21.5% in 2018; see note on page 3 for definition of core). Straumann Group Straumann HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 8 Letter to shareholders To expand our value business and to secure key technologies and services, we acquired / incorpo- rated several companies around the world (see p. 40). Collectively, these investments amounted to Cash from operating activities approximately CHF 102 million. We also invested heavily to expand manufacturing capacity, which surged to CHF 378 million and free together with investments in information technology and other fixed assets, resulted in capital cash flow rose to CHF 230 million. expenditures of CHF 150 million – our highest level to date. Notwithstanding, cash from operating activities surged to CHF 378 million (CHF 277 million in 2018) and free cash flow rose to CHF 230 mil- lion (CHF 169 million in 2018). IMPRESSIVE GROWTH IN ALL OUR REGIONS AND BUSINESSES Building on strong prior year performances, all our regions achieved double-digit organic revenue growth, fuelled by emerging markets like Brazil, China, Russia, Turkey. With growth exceeding 20% for a third consecutive year, Asia/Pacific (+22%) continued to be our fastest performer. North Amer- ica (+20%) came close to achieving its highest growth in 15 years, while Latin America (+17%) deliv- ered an exceptional performance in an unstable environment. Europe, Middle East & Africa climbed a solid 13% and, being our largest region, contributed the largest share of our growth (see p. 41 ff.). By business, more than half of our growth came from implants, driven by robust demand for pre- mium solutions and the expansion of our value brands. Our innovative Straumann BLX implant attracted customers from competitors and sold more than 100 000 units in its first year on the We won customers across the market. Biomaterials sales continued to thrive, while dynamic sales expansion in clear aligners board, reflecting the attractiveness added to the challenges of meeting demand and building additional capacity for launches outside of our solutions. North America. One set back in 2019 was the fire at Dental Wings in Montreal, which fortunately caused no casual- ties but severely disrupted our scanner business. However, thanks to our distribution and cobrand- ing agreements with 3Shape, Carestream and Medit, we continued to build our position in this fast- growing, strategically important area. 2019 Annual Report We won customers across the board, reflecting the attractiveness of our solutions, the power of our marketing and the effectiveness of our sales approach. Straumann Group Straumann HIGHLIGHTS MANAGEMENT SUSTAINABILITY CORPORATE COMPENSATION FINANCIAL APPENDIX COMMENTARY REPORT GOVERNANCE REPORT REPORT 9 Letter to shareholders MARKETS, ENVIRONMENT – TRENDS Driven by demographics, affordability, awareness and esthetics, the global market for implant den- Once again, we outperformed the tistry continued to grow in the mid-single-digit range and is worth approximately CHF 4.6 billion 1. It market by a factor of three and offers considerable potential and is expected to outpace the dental market in general. Once again, extended our leading share to 26%. we outperformed by a factor of three and extended our leading share to 26%, lifted by organic growth in the premium and value segments as well as new launches and acquisitions.
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