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We Exist to Improve the Lives of the People We Touch

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We Exist to Improve the Lives of the People We Touch We exist to improve the lives of the people we touch ConvaTec Group Plc Annual Report and Accounts 2017 ConvaTec at a glance ConvaTec is a global MedTech business, Advanced Wound Ostomy focused on the chronic care market, Care (“AWC”) Care with leading positions in advanced Our Advanced Wound Our Ostomy Care wound care, ostomy care, continence Care franchise provides franchise provides devices, & critical care and infusion devices. advanced wound dressings accessories and services and skin care products. for people with a stoma Our purpose These dressings and (a surgically-created We exist to improve the lives of the products are used for the opening where bodily people we touch. management of acute and waste is discharged), chronic wounds resulting commonly resulting from Our vision from ongoing conditions colorectal cancer, To be recognised as the most such as diabetes, inflammatory bowel respected and successful MedTech immobility and venous disease, bladder cancer company worldwide. disease, as well as acute and other causes. conditions resulting from Our mission traumatic injury, burns, We drive for excellence in all we do – invasive surgery and anticipating and addressing our customers’ other causes. needs with advanced technologies and best-in-class products and services. Structural growth trends driving and increasing Key brands Key brands demand for our products and technologies – AQUACEL® – Esteem™ – AQUACEL® Ag+ – Esteem™+ Populations are getting older – AQUACEL® Ag Foam – Natura™ By 2050 the number of people in the world aged – Avelle™ System – Natura™+ 60 or over is projected to more than double in size. – DuoDERM® – Stomahesive® – Sensi-Care® – Durahesive® Chronic conditions are on the increase – Aloe Vesta® – InvisiClose® Several chronic diseases that can be related to – me+™ lifestyle, such as diabetes and obesity, are on the rise. People are living longer Key product Key product Due to earlier detection and more effective treatment, people with chronic conditions are, on average, living longer. AQUACEL® Ag+ Extra™ Esteem™+ Flex Convex Dressings One-Piece System Our patented AQUACEL® Ag+ Our Esteem™+ Flex Convex Extra™ dressings are antimicrobial System combines the comfort and for use in wounds that are infected freedom of flexibility with the or at risk of infection. firmness of convexity. Continence & Infusion Group facts Critical Care (“CCC”) Devices Countries where we market and sell our products Our CCC franchise Our Infusion Devices provides products for franchise designs, people with urinary manufactures and supplies 110+ continence issues related disposable infusion sets Manufacturing sites to spinal cord injuries, to manufacturers of multiple sclerosis, spina insulin pumps for diabetes bifida and other causes. and similar pumps used 9 The franchise also supplies in continuous infusion Employees devices and products used treatments for other in intensive care units and conditions such as hospital settings. Parkinson’s disease. 9,500+ In addition, the franchise supplies a range of products to hospitals and the home healthcare sector. Key brands Key brands Group revenue by franchise $m – GentleCath™ – inset™ . – Flexi-Seal™ – comfort™ – UnoMeter™ – neria™ . – me+™ . Key product Key product 1. Advanced Wound Care 33% $577.8m 2. Ostomy Care 30% $528.9m 3. Continence & Critical Care 21% $382.9m 4. Infusion Devices 16% $275.0m Group revenue by geography $m . GentleCath™ Glide neria™ guard Our GentleCath™ Glide low friction With its intuitive design, neria™ hydrophilic intermittent catheter, guard is the first fully automated which includes our unique all-in-one infusion set, making it FeelClean™ technology, is designed easy and convenient to use. to make self-catheterisation easier. 1. EMEA 41% $733.0m 2. Americas 51% $898.1m 3. APAC 8% $133.5m 2017 highlights Financial highlights1 Operational highlights About us Revenue Strong performances from ConvaTec is a global medical products and Continence & Critical Care technologies company focused on therapies and Infusion Devices, with for the management of chronic conditions. +4.5% both franchises delivering organic revenue growth Contents 2017: $ 1,765m above 5% (CCC ex. product 2016: $1,688m rationalisation). Overview 01 Introduction Adjusted EBIT Ostomy Care delivered 02 Our investment case good momentum in the 2 first half in the US, Latin Strategic report America, Japan and China. 04 Chairman’s letter -8.4% 06 Chief Executive Officer’s review 2017: $457m EuroTec and Woodbury 10 Our market environment 2016: $472m acquisitions strengthened 14 Our business model the business and are 16 Our resources and relationships Operating profit performing well. 22 Our strategy 28 Key performance indicators Expanded our product 30 Principal risks and uncertainties portfolio with the launch 37 Viability statement +60.9% of 16 new products and 38 Operational review 2017: $248m line extensions. 48 Chief Financial Officer’s review 2016: $154m 50 Financial review Governance Adjusted EBIT margin 60 Chairman’s governance letter 2017: 25.9% 62 Board of Directors 2016: 28.0% 64 Corporate governance report 70 Nomination Committee report Adjusted earnings per share 72 Corporate Responsibility Committee report 73 Audit and Risk Committee report 2017: $0.16 78 Remuneration Committee report 2016: $0.13 97 Directors’ report 101 Directors’ responsibilities statement Financial statements 102 Independent auditor’s report to the members of ConvaTec Group Plc 110 Consolidated Statement of Profit or Loss 111 Consolidated Statement of Comprehensive Income (Loss) 112 Consolidated Statement of Financial Position 113 Consolidated Statement of Changes in Equity 114 Consolidated Statement of Cash Flows 115 Notes to the Consolidated Financial Statements 159 Company Balance Sheet 160 Company Statement of Changes in Equity 161 Notes to the Company Financial Statements Other information 168 Shareholder information 1. Certain financial measures in this Annual Report, including adjusted results above, are not prepared in accordance with IFRS. All adjusted measures are reconciled to the most directly comparable measure prepared in accordance with IFRS on pages 54 to 57. 2. Organic growth presents period over period growth at constant exchange rates (“CER”), excluding M&A activities. CER growth is calculated by applying the applicable prior period average exchange rates to the Group’s actual performance in the respective period. Introduction Overview – 01 Improving the lives of the people we touch At the heart of our business is our Purpose – to improve the lives of the people Strategic report – 04 Governance – 60 we touch. Over the following pages we explain how we do this and report on developments during 2017. Financial statements – 102 Other information – 168 ConvaTec Group Plc 01 Annual Report and Accounts 2017 Our investment case Overview We have a compelling investment case which is underpinned by our leading positions in large growth markets, our portfolio of trusted and innovative products and our attractive financial profile. Our relationship with our customers is key to our success, and in the last two years, we have achieved a #1 and #2 ranking in the global Patient View survey, which captures feedback from over 500 patient groups around the world. Leading market positions Diversified chronic care in large and structurally business with strong brands growing markets and differentiated products We have leading positions in chronic care markets valued We are a well-balanced business. at c. $10 billion and which are growing at 4%–5% per annum on average due to fundamental structural trends. We operate globally across all key geographies. Our leading market positions: Our differentiated products and technologies portfolio addresses a wide range of increasingly prevalent chronic Advanced Wound Care Ostomy Care conditions, including those arising as a result of cancers, diabetes, vascular disease, multiple sclerosis, spinal cord Global advanced Global injury and Crohn’s disease. wound dressing ostomy We have an extensive product portfolio that includes No. 2 No. 3 market-leading brands. We market and sell our products through a number Global silver dressings US of channels to a broad range of customers. No. 1 No. 2 Global hydrocolloid UK and France dressings No. 1 No. 3 Global alginate and gelling Continence & Critical Care fibre dressings Retailer in intermittent catheters in the US No. 1 No. 1 Infusion Devices US fecal management Global disposable infusion systems sets for insulin pumps No. 1 No. 1 Our resources and relationships Page 16 Our market environment Operational review Page 10 Page 38 ConvaTec Group Plc 02 Annual Report and Accounts 2017 Overview – 01 Strategic report – 04 Governance – 60 Financial statements – 102 Innovative pipeline Focused on efficiency, and proven clinical strong cash generation performance and growth We have a long and successful track record of developing We look to simplify the way we do business, and drive and commercialising innovative products that deliver productivity and efficiency to free up resources, reinvest proven outcomes. in our business and drive growth. During the last five years we have successfully launched We continue to believe that material productivity gains are over 60 products. achievable over the medium and long term. A number of actions are in progress following the 2017 execution issues. Our development pipeline includes: We continue to drive existing initiatives and launch new projects in areas where we see clear opportunities. Products
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