Q1 2015 report Johannes Lind-Widestam Summary Jan Mar 2015 - PowerPoint PPT Presentation

Q1 2015 report Johannes Lind-Widestam

Summary Jan – Mar 2015 Positive development of operations • Sales increased with 11,7% (excl. currency) to 105,5 MSEK (94,4) • Sales of own products increased with 116% and represent about 12% of sales in Q1 (6,5) • One-off items of 4,5 MSEK (0) has impacted the result • EBITDA margin, excluding one-off items, improved to 18,8 % (15) • EBIT excluding one-off items improve by 62% to 10,2 MSEK (6,3) • Orders reduced by 21,6 % to 96,1 MSEK (115,4) • Earnings per share, continued operations 0,93 SEK (0,53) Acquisition of Onyx Medical in April 2015 04-28

Strong sales growth One-off items of 4,5 MSEK (0) SEK M Jan-Mar Jan-Mar Apr-Mar Jan-Dec INCOME STATEMENT 2015 2014 2014/15 2014 Net sales 105,5 88,5 397,9 380,9 Cost of goods sold -74,2 -65,5 -281,9 -273,2 Gross profit 31,3 23,0 116,0 107,7 Selling expenses -6,0 -4,8 -22,3 -21,1 Administration expenses -17,2 -9,9 -51,4 -44,1 Development expenses -2,8 -2,2 -10,5 -9,9 Other operating income/expenses 0,4 0,2 0,7 0,5 Operating profit 5,7 6,3 32,5 33,1 Financial income 0,2 0,1 1,2 1,1 Financial expenses -1,2 -1,6 -5,3 -5,7 Exchange-rate differences 2,9 -0,5 6,7 3,3 Profit after net financial items 7,6 4,3 35,1 31,8 Income taxes -2,0 -1,1 -9,3 -8,4 Net profit for the year from continuing operations 5,6 3,2 25,8 23,4 2015 04 28

Continued good cash flow from operations Jan-Mar Jan-Mar Apr-Mar Jan-Dec SEK M 2015 2014 2014/15 2014 Profit after net financial items 7,6 4,3 35,1 31,8 Reversal of depreciation 9,6 8,7 35,6 34,7 Adjustment items 1,2 0,0 7,0 5,8 Income tax paid -4,3 -1,7 -13,4 -10,8 Change in working capital -2,0 -4,3 -3,9 -6,2 Cash flow from operations 12,1 7,0 60,4 55,3 Investments in fixed assets -6,0 -4,0 -25,9 -23,9 Sales of fixed assets 0,1 - 0,3 0,2 Balance after investments in fixed assets 6,2 3,0 34,8 31,6 Change of bank overdraft facility 6,4 3,3 -8,3 -11,4 New long-term loans 2,2 11,3 11,4 20,5 Amortization of long-term loans -11,4 -5,1 -47,6 -41,3 Realized financial exchange-rate differences - - -8,8 -8,8 Dividends - - -12,1 -12,1 Cash flow for the period from continuing operations 3,4 12,5 -30,6 -21,5 Cash flow from discontinued operations - -10,5 130,6 120,1 2015 04 28

A strong financial position which creates possibilities for growth 31 Mar 31 Mar 31 Dec SEK M 2015 2014 2014 Assets Intangible fixed assets 68,0 82,2 68,5 Tangible fixed assets 249,0 211,9 230,1 Financial fixed assets 7,4 4,6 5,9 Other current assets 187,7 204,0 177,7 Cash and bank balances 130,8 28,2 125,5 Total assets 642,9 530,9 607,7 Shareholders' equity and liabilities Shareholders' equity 344,2 237,6 338,6 Long-term liabilities 170,9 171,8 162,7 Current liabilities 127,8 121,5 106,4 Total shareholders' equity and liabilities 642,9 530,9 607,7 Equity/assets ratio % 53,6 44,8 55,7 Net debt SEK M 71,5 167,6 58,0 2015 04 28

Strong sales growth +11,7% in Q1 110 440 100 400 90 360 80 320 70 280 60 240 50 200 40 160 30 120 20 80 10 40 0 0 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 Q1 15 Sales Q (MSEK) Rolling 4 Q (MSEK) 2015 04 28

Continued improvement of margins Positive market development One-off items of 4,5 MSEK (0) Jan-Mar Jan-Mar Apr-Mar Jan-Dec 2015 2014 2014/15 2014 Order bookings, continuing operations, SEK M 96,1 115,4 398,8 418,1 Net sales, continuing operations, SEK M 105,5 88,5 397,9 380,9 Growth, %* 11,7 -4,5 4,5 0,7 EBITDA, continuing operations, SEK M 15,3 15,0 68,1 67,8 EBITDA, % 14,5 17,0 17,1 17,8 Operating profit, continuing operations, SEK M 5,7 6,3 32,5 33,1 Operating margin, % 5,4 7,1 8,2 8,7 Operating profit excl one-off items at 10,2 MSEK, 9,7% 2015 04 28

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 04 28

Market consolidation continues We are developing our market position Share of Market sales trend Our trend Y/Y + Dental implants 36% + Trauma & Spine 10% ++ Medical Devices 48% + Diagnostics 6% 2015 04 28

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 2-3 new introductions planned for 2015 Growth rate (rolling 12 month) 59 % in Q1 - now represents about 12% (6,5) of sales 2015 04 28

Improved productivity and quality Developed procedures and processes to achieve consistent quality and improved productivity Continued focus on automation and capacity utilization The increased sales will require additional capacity 2015 04 28

Strong growth for Elos Medtech Microplast We see now synergy effects from the acquisition of Microplast in 2011. Significant increase in order backlog Factory expansion planned to be finalized during 2015 Several new accounts under validation – production start in 2015 2015 04 28

Onyx Medical Sales in 2014 of about 140 MSEK Well positioned within the Trauma and Spine segment Growth YoY exceeding 10% Former owners will remain in key positions 2015 04 28

Shift in marketshare after acquisition of Onyx Share of Share of sales excl sales incl Onyx Onyx Dental implants 36% 27% Trauma & Spine 10% 35% Medical Devices 48% 34% Diagnostics 6% 4% 2015 04 28

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 2015 04 28

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 2015 04 28

Forecast The conditions for stable growth in 2015 are deemed satisfactory 2015 04 28

Elos has approx. 1 500 shareholders % of share capital % of votes Holders of A-shares Holders of A-shares Others Others Institutions Institutions 2015 04 28

Questions ? 2015 04 28