Full year 2014 report Johannes Lind-Widestam Gran Brorsson 19 - - PowerPoint PPT Presentation

▶
full year 2014 report
SMART_READER_LITE
LIVE PREVIEW

Full year 2014 report Johannes Lind-Widestam Gran Brorsson 19 - - PowerPoint PPT Presentation

Jan 14, 2024 187 likes •409 views

Full year 2014 report Johannes Lind-Widestam Gran Brorsson 19 February 2015 Summary Jan Dec 2014 Divestment of metrology division - strengthened financial position Positive development of operations Orders increased by 12,9 % to

slide-1
SLIDE 1

Full year 2014 report

Johannes Lind-Widestam Göran Brorsson 19 February 2015

slide-2
SLIDE 2

Summary Jan – Dec 2014

Divestment of metrology division - strengthened financial position Positive development of operations

  • Orders increased by 12,9 % to 418,1 MSEK (356,5)
  • Sales unchanged at 380,9 MSEK (368,1)
  • One-off items of 3,4 MSEK has impacted the result
  • EBITDA margin, excluding one-off items, improved to 18,7 % (17,3)
  • EBIT excluding one-off items improve by 34% to 36,5 MSEK (27,2)
  • Earnings per share, continued operations 3:87 SEK (2:79)
  • Earnings per share, total 19:30 SEK (5:39)
  • The Board of Directors proposes a dividend of SEK 2.00 (2.00) per share and SEK 1.00 per share

as a special dividend

New CEO appointed, took office on Feb 1, 2015

2015 02 19

slide-3
SLIDE 3

Margin improvement, a result of improved productivity

One-off items of 3,4 MSEK (0)

2015 02 19

SEK M Oct-Dec Oct-Dec Jan-Dec Jan-Dec INCOME STATEMENT 2014 2013 2014 2013 Net sales 106,2 96,5 380,9 368,1 Cost of goods sold

  • 75,8
  • 69,5
  • 273,2
  • 272,9

Gross profit 30,4 27,0 107,7 95,2 Selling expenses

  • 6,1
  • 4,2
  • 21,1
  • 15,5

Administration expenses

  • 12,5
  • 11,0
  • 44,1
  • 43,7

Development expenses

  • 3,1
  • 2,9
  • 9,9
  • 9,1

Other operating income/expenses

  • 0,1

0,5 0,5 0,3 Operating profit 8,6 9,4 33,1 27,2 Financial income 0,3 0,0 1,1 0,2 Financial expenses

  • 1,3
  • 1,5
  • 5,7
  • 6,3

Exchange-rate differences 1,4 0,4 3,3 0,4 Profit after net financial items 9,0 8,3 31,8 21,5 Income taxes

  • 4,4
  • 2,0
  • 8,4
  • 4,6

Net profit for the year from continuing operations 4,6 6,3 23,4 16,9

slide-4
SLIDE 4

Continued good cash flow Investment spend increases

2015 02 19

Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK M 2014 2013 2014 2013 Profit after net financial items 9,0 8,3 31,8 21,5 Reversal of depreciation 9,1 9,2 34,7 36,5 Adjustment items

  • 0,3

0,6 5,8 1,7 Income tax paid

  • 8,3

0,8

  • 10,8
  • 1,0

Change in working capital 0,9 6,3

  • 6,2

12,9 Cash flow from operations 10,4 25,2 55,3 71,6 Investments in fixed assets

  • 11,9
  • 4,6
  • 23,9
  • 13,1

Sales of fixed assets 0,0

  • 0,2

0,2 0,9 Balance after investments in fixed assets

  • 1,5

20,4 31,6 59,4 Change of bank overdraft facility 1,1

  • 3,9
  • 11,4

11,5 New long-term loans 4,6

  • 20,5
  • Amortization of long-term loans
  • 9,3
  • 7,5
  • 41,3
  • 41,1

Realized financial exchange-rate differences

  • 7,5
  • 2,5
  • 8,8
  • 4,3

Dividends

  • 12,1
  • 6,0

Cash flow for the period from continuing operations

  • 12,6

6,5

  • 21,5

19,5 Cash flow from discontinued operations 0,5

  • 2,9

120,1 8,0

slide-5
SLIDE 5

A strong financial position which creates possibilities for growth

2015 02 19

SEK M 2014-12-31 2013-12-31 Assets Intangible fixed assets 68,5 81,0 Tangible fixed assets 230,1 218,2 Financial fixed assets 5,9 4,8 Other current assets 177,7 195,2 Cash and bank balances 125,5 31,2 Total assets 607,7 530,4 Shareholders' equity and liabilities Shareholders' equity 338,6 232,8 Long-term liabilities 162,7 167,2 Current liabilities 106,4 130,4 Total shareholders' equity and liabilities 607,7 530,4 Equity/assets ratio % 55,7 43,9 Net debt SEK M 58,0 172,6

slide-6
SLIDE 6

Continued growth trend

  • rders received + 12,9% during 2014

2015 02 19

40 80 120 160 200 240 280 320 360 400 440 10 20 30 40 50 60 70 80 90 100 110

Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

Sales Q (MSEK) Rolling 4 Q (MSEK)

slide-7
SLIDE 7

Continued improvement of margins Positive market development

2015 02 19

Oct-Dec Oct-Dec Jan-Dec Jan-Dec SEK M 2014 2013 2014 2013 Order bookings, SEK M 116.7 82.9 418.1 356.5 Net sales, SEK M 106.2 96.5 380.9 368.1 Growth,%* 6.5 5.4 0.7 13.9 EBITDA, SEK M 20.6 20.3 74.4 70.7 EBITDA, % 19.4 21.0 19.5 19.2 Operating profit, SEK M 12.1 11.7 41.7 36.4 Operating margin, % 11.4 12.1 11.0 9.9

slide-8
SLIDE 8

Development- and production partner

“Complete performance”

  • Development/Design
  • Production
  • Clean room management
  • Logistic/Distribution
  • Regulatory services

Risk management/Safety standards Certified in accordance with ISO 13485, ISO 14001 in compliance with the requirements within MDD 2007/47/EC and registered by FDA (21 CFR 820)

2015 02 19

slide-9
SLIDE 9

Market consolidation continues We are developing our market position

2015 02 19

Share of sales Market trend Our trend Y/Y

Dental implants 37%

+

Trauma & Spine 12%

++

Hearing Device & Vibration 22%

=

Delivery systems 16%

+

Diagnostics 5%

++

slide-10
SLIDE 10

Challenges in the market

2015 02 19

OEMs product range is continuously increasing by new product entries – adds complexity and working capital Increasing regulatory demands creates increased work load at OEM Time to market for new products is critical to utilise first mover advantage Too much time and resources are spend on coordinating with many suppliers

slide-11
SLIDE 11

Customised solutions Time to market Medical device competence Increased efficiency & effectiveness Lead time Quality OEM products

Elos Medtech Value Proposition

2015 02 19

slide-12
SLIDE 12

Increased efforts in developing our own products

Focus in the CAD / CAM technology which is establishing to develop patient-unique solutions where dental implants and instruments are used Take over of the Cresco™ system completed. The Cresco™ system is complementary to existing product range Growth rate 38 % - now represents 9% (6) of sales

2015 02 19

slide-13
SLIDE 13

Improved productivity and quality

Developed procedures and processes to achieve consistent quality and improved productivity During 2014 focus has been on automation Continued focus on automation and capacity utilization The increased order backlog will require additional capacity

2015 02 19

slide-14
SLIDE 14

Elos Medtech Tianjin

Successful efforts to create a stable quality level A base for supplies to medical technology customers now establishing themselves in China Increased capacity to meet demand from new customers

2015 02 19

slide-15
SLIDE 15

Strong growth for Elos Medtech Microplast

We see now synergy effects from the acquisition of Microplast in 2011. Significant increase in order backlog Decision to expand the factory with 1500 sqm in 2015 Focus on complex parts, primarily in PEEK

2015 02 19

slide-16
SLIDE 16

Streamlining of group operations completed

Creates the conditions for an acquisition-driven expansion in medical technology Equity reinforced by about 100 MSEK Net debt reduced significant Continued strong cash flow from operations ~ 70 MSEK / year

2015 02 19

slide-17
SLIDE 17

2015 02 19

Going forward

We are well positioned

Market consolidation We are equipped for further growth

  • “World class” quality
  • Strong productivity development
  • Capacity for growth

Our service offering and customer base will be developed The share of own products will continue to grow

slide-18
SLIDE 18

2015 02 19

Going forward

How we will create growth

Organic growth trough:

  • Increased marketing and sales efforts
  • Introduction of new own products
  • New sales organisation for own products

Complementary acquisitions to strengthen our market position and develop the customer base

slide-19
SLIDE 19

Forecast

The conditions for stable growth in 2015 are deemed satisfactory

2015 02 19

slide-20
SLIDE 20

Elos has approx. 1 500 shareholders

2015 02 19

% of share capital

Holders of A-shares Others Institutions

% of votes

Holders of A-shares Others Institutions

slide-21
SLIDE 21

2015 02 19

Questions ?