Leading intimate healthcare - coloplast.com · Leading intimate healthcare 29 April 2010 OC. UCC WSC Europe Americas RoW. Sales overview • In DKK, revenues were up by 6% to DKK

Leading intimate healthcare29 April 2010

Leading intimate healthcareRoadshow presentation – 1H 2009/10


Forward-looking statements

The forward-looking statements contained in this presentation, including forecasts of sales and earnings performance, are not guarantees of future results and are subject to risks, uncertainties and assumptions that are difficult to predict. The forward-looking statements are based on Coloplast’s current expectations, estimates and assumptions and based on the information available to Coloplast at this time.

Heavy fluctuations in the exchange rates of important currencies, significant changes in the healthcare sector or major changes in the world economy may impact Coloplast's possibilities of achieving the long-term objectives set as well as for fulfilling expectations and may affect the company’s financial outcomes.

Page 2


Key messages

• Satisfactory 7% organic sales growth in line with guidance

• Solid gross margin improvement from 58% to 61% from higher efficiency in production

• Very satisfactory EBIT margin of 20%

• Continued strong free cash flow from increased earnings and lower capex

• Share buy-back of DKK 179m in Q2

• Full year guidance upgrade for 2009/10:

• Organic growth rate of 6-7% unchanged. Growth in DKK now 6-7% from previously 5-6%

• EBIT margin in fixed currencies and DKK of 19-20% -previously around 19% in fixed currencies and DKK

• Capex of around DKK 350m - previously around DKK 500m

Page 3

4,315 4,568

H1 2008/09 H1 2009/10

Sales

15% 20%

H1 2008/09 H1 2009/10

Operating margin

642 905

H1 2008/09 H1 2009/10

Operating profit

+6%

+41%


OC UCC WSC

Europe Americas RoW

Sales overview

• In DKK, revenues were up by 6% to DKK 4.6bn, and the organic growth was 7% in line with guidance

• Ostomy Care organic growth was 7% driven by SenSura® sales, the US, and emerging markets. European growth remains stable

• Urology and Continence Care organic growth was 10% with continued strong performance in both Europe and North America

• Wound and Skin Care sales were flat with continued price competition in main European markets. Restructurings impacting sales negatively

Page 4

Sales by business area

Sales by region

7430%

1,94210%

1,8837%

71914%

3686%

3,4816%

DKKm (organic growth)

DKKm (organic growth)


SenSura® continues to drive Ostomy Care growth• Organic sales growth of 7%. Reported

growth was 6%

• Biggest growth driver continues to be the SenSura® product line

• Above market growth in US and emerging markets

• Coloplast holds a market leader position with 35-40% global market share

Page 5

2,44

2

2,95

7 3,16

5

3,47

4

3,56

9

3,62

1

0

2

4

6

8

10

12

14

16

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

%

% DKKm

DKKm

908

860

897 90

4 922

849

911

939 95

5

928

-2

0

2

4

6

8

10

12

14

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10

Revenues Reported growth Organic growth


1,46

7

1,70

1

2,33

7

3,31

0

3,44

4 3,69

9

0

5

10

15

20

25

30

35

40

45

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

Very satisfactory Urology and Continence Care growth

• Organic sales growth of 10% and reported growth of 8%

• High growth in sale of intermittent catheters, especially SpeediCath® and SelfCath®

• High growth rates in sales of Peristeen®driven by UK and launch in France

• Continued satisfying sales in our US and European urology business

• Coloplast holds a leading position with a global market share of 30-35% in Continence Care and 5-10% in Urology

%

% DKKm

DKKm

Note: Mentor was acquired 3Q 05/06

Page 6

858

825

880

881

912

883

953

951

979

963

0

2

4

6

8

10

12

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10



Challenging Wound and Skin Care market developments

• Organic revenue flat and reported revenue (1%)

• Continued price pressure in main European markets

• Restructuring programme continues according to plan and impacts growth negatively

• Global market share estimate remains at 5-10%

Note: 2007/08 impacted by inclusion of contract production

Page 7

1,05

4 1,12

4 1,20

7 1,25

8

1,45

0 1,50

0

0

2

4

6

8

10

12

14

16

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

%

% DKKm

DKKm

347 35

5

377

371

362

387

379

372

362

381

-4-202468

1012141618

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10



Very satisfactory gross profit margin development

• Gross profit increased by 10% to DKK 2,779m

• Improved production efficiency and lower salary cost from transfer of production to Hungary and China

• Higher capacity utilization impacts Q2 positively

• Gross margin of 61% compared to 58% same period last year

Page 8

3,73

1

3,78

9

4,02

2 4,83

4

4,99

8

5,10

3

61.560.8

59.960.1

59.157.9

50

52

54

56

58

60

62

64

0

1,000

2,000

3,000

4,000

5,000

6,000

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

%DKKm

1,28

4

1,16

9

1,26

2

1,28

3

1,30

0

1,22

3

1,30

1

1,27

9

1,35

4

1,42

5 60.8

57.3 58.6 59.5 59.2

57.7 58.0 56.5

59.0 62.7

40

45

50

55

60

65

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

1,450

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10

%DKKm


Reported EBIT margin of 20%

• EBIT increased 41% to DKK 905m

• SGA decreased to 36% of revenue from 39% last year

• Special items of DKK 51m from redundancy payments to workers in Denmark and USA

• Reported EBIT margin was 20% against 15% last year

Page 9

988

1,00

0

879

749

994

1,39

5 16.3 16.0

13.1 12.811.7

15.8

0

2

4

6

8

10

12

14

16

18

0

200

400

600

800

1,000

1,200

1,400

1,600

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

%DKKm

EBIT EBIT-margin

340

212

341

101

334

308 34

7

406 45

4

451

16.1

10.4

15.8

4.7

15.2 14.515.5

18.019.8 19.9

0

2

4

6

8

10

12

14

16

18

20

0

50

100

150

200

250

300

350

400

450

500

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10

%DKKm

EBIT EBIT-margin

31.2 31.928.8

30.5 30.2 30.5 31.429.4 29.2 29.8

11.1 11.39.4 9.9 8.8 8.2 6.8

4.7 6.0 6.4

3.7 4.4 4.66.8

4.7 4.7 4.3 4.0 4.0 4.80

5

10

15

20

25

30

35

1Q 07/08

2Q 07/08

3Q 07/08

Q4 07/08

Q1 08/09

Q2 08/09

Q3 08/09

Q4 08/09

Q1 09/10

Q2 09/10

DKKm Cost-to-sales ratios (%)

Dist.

Adm.

R&D


ROIC after tax was 20% - up 7% points from last year

• The equity amounted to DKK 3,080m, corresponding to an equity ratio of 40% (last year 31%). Return on equity was 36% (last year 32%)

• Net interest bearing debt was DKK 2,307m, down by 32% compared with last year, impacted by purchase of own shares, dividend payment, and positive impact from free cash flow. Net interest bearing debt to EBITDA was 1.0 (last year 1.9)

• NIBD to EBITDA target under review• ROIC after tax amounted to 20%, up 7%-points compared with same period last year

Page 10

867

3,06

9

3,18

1

3,42

8

2,29

7

2,30

7

0.6

2.22.0

2.2

1.2

1.0

0.0

0.5

1.0

1.5

2.0

2.5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

04/05 05/06 06/07 07/08 08/09 Q2 09/10

DKKm

NIBD (EoP)

29% 29% 29% 29% 28%31% 33%

36% 38% 40%

14%9%

14%

4%

13% 12% 14%18% 20% 20%

0%

10%

20%

30%

40%

50%

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10

DKKm

Equity ratio ROIC


Continued strong cash flow

• Cash flow from operations amounted to DKK 597m impacted by higher earnings and changes in working capital

• CAPEX was DKK 132m, corresponding to a CAPEX-to-sales ratio of 3%.

• Free cash flow was DKK 469m compared with DKK 286m last year

Note: Excluding acquisitions and divestments

Page 11

399

415

745

754

571

132

6.4 6.2

9.3 9.0

6.5

2.9

0

1

2

3

4

5

6

7

8

9

10

0

100

200

300

400

500

600

700

800

2004/05 2005/06 2006/07 2007/08 2008/09 H1 09/10

%DKKm

CAPEX Capex-to-sales

919

604

376

653

1,42

8

469

14.7

9.0

4.7

7.7

16.2

10.3

0

2

4

6

8

10

12

14

16

18

0

200

400

600

800

1,000

1,200

1,400

1,600

2004/05 2005/06 2006/07 2007/08 2008/09 H1 09/10

%DKKm

FCF FCF-to-sales


Very satisfactory profitability and cash generation

• Gross margin of 61% impacted by better production economy

• Decrease in SGA-to-sales ratio driven by lower admin and distribution costs

• EBIT margin up 5% points to 20%

• NIBD to EBITDA target is under review

• Working capital-to-sales ratio improved by 5% points

• CAPEX-to-sales was 3% impacted by postponements of investments

• ROIC after tax at 20%, up 7% points from last year

H1 09/10 H1 08/09

Gross profit 2,779 2,523Gross margin 61% 58%

SGA to sales 36% 39%

EBIT-margin 20% 15%EBIT adj. 21% 16%

NIBD/EBITDA 1.0 1.9

NWC-to-sales 24% 29%

CAPEX 132 330CAPEX-to-sales 3% 8%

ROIC after tax 20% 13%Free cash flow 469 286

Page 12


Revised guidance for 2009/10

Guidance09/10

Guidance09/10 (DKK)

Long-termguidance

Sales growth 6-7 % (organic)(unchanged)

6-7%(previously 5-6%) Market +

EBIT margin 19-20%(fixed)(previously ~19%)

19-20%(previously ~19%) >20%

CAPEX (DKKm) around 350(previously ~500) ~6% of sales

Tax rate ~27%(unchanged)

Page 13


Leading intimate healthcareIntroduction to Coloplast


Our mission

Making life easier for peoplewith intimate healthcare needs

Our values

Closeness… to better understandPassion… to make a differenceRespect and responsibility… to guide us

Our vision

Setting the global standardfor listening and responding


Coloplast is a leading medtech company specialising in intimate healthcare needs...

50 years of innovation and growth:

Global no. 1 in Ostomy Care

Global no. 1 in Urology & Continence Care

Global no. 4 in Advanced Wound & Skin Care

Headquartered in Denmark

Production in Denmark, Hungary, China, US and France

~7,000 employees globally

1957 1990

3,600

1970

8,820

2009

CAGR+23%

1980

Sales (DKK mill)

Page 16


...with DKK 8.8bn in annual sales...

Full year sales 2008/09

6.7

1.4

0.7

3.6

3.7

1.5

EuropeThe Americas

RoW

Ostomy Care

Urology & Continence Care

Wound & Skin Care

Page 17


Stable intimate health care trends

Page 18

Growing elderly population increasescustomer base for Coloplast products

Expanding health care coverage for populations in emerging marketsincreases addressable market

Surgical and medical trends are towardsearlier detection and cure, eventuallyreducing addressable market for Coloplast treatment products

Economic restraints push for reimbursement reforms, introduction of tenders, and lower treatment cost

Demographics

Emerging markets

Surgical and medical trends

Health care reforms


Page 19

• Colorectal cancer (est. 55%)• Bladder cancer (est. 10%)• Inflammatory bowel disease (est. 35%)

• Nurses, mainly stoma care nurses• People with a stoma• Wholesalers/distribution• Hospital purchasers and GPOs• Surgeons

• Hospital & Community nurses• Hospital buyers• Distributors• Dealers• Wholesalers• Homecare companies

Introducing Ostomy CareKey products

SenSura® 1 and 2 pieceLaunched in 2006-2008

Easiflex®, 2 piece flexLaunched in 2003

Disease areas

Customergroups

Call pointsAssura® 1 and 2 piece2nd generation launched 1996-2000

Distribution ofrevenues

Urostomy

Ileostomy

Colostomy


Page 20

Market drivers Increasing incidence of colorectal

cancer and inflammable bowel disease, particularly in developing countries

Well developed usage patterns with strong key opinion leaders in Europe

Market limitersReimbursement system reformsUsage patterns geared towards

reuse of products outside Europe

Market trendsNational healthcare reforms

aiming to reduce price and volume Increasing influence of financial

decision makers within distribution and hospitals

Improving treatment of stoma patients in developing economies

• Global Market size estimated at DKK ~10bn with ~4% growth

• Market share: 35-40%

• Europe 50-60%

• Americas 0-10%

• Rest of the world 10-20%

• Main competitors are ConvaTec and Hollister/Dansac

The worldwide market for ostomy devices

Estimated market value split by region

RoW

Europe

North America


Page 21

• Spinal Cord Injured, SCI• Spina Bifida, SB• Multiple Sclerosis, MS• Benign prostatic hyperplasia &

Prostatectomy patients• Elderly and Diabetics

• Rehabilitation centers• Urology wards• Pediatric clinics• Elderly homes• Distributors, Dealers & Wholesalers

Introducing continence consumables

SpeediCath® Compactintermittent catheterLaunched in 03/04

Conveen® Optima external catheterLaunched in 05/06

Conveen® Security+ urine bagLaunched 10+ years ago

SpeediCath®intermittent catheterLaunched in 99/00

Disease areas

Call points

Key products (management products)

Distribution ofrevenues Intermittent catheters

Urine bagsMale ext. cathetersOther incl. bowel mgt.

• Continence or home care nurses• People with incontinence problems• Wholesalers/distribution• Hospital purchasers and GPOs• Surgeons

Customergroups


The market for urinary incontinence management products

Market driversLarge, under-penetrated popula-

tion for intermittent catheters

Moving users away from old solutions (uncoated caths, diapers)

Patient associations’ influence is increasing

Market limitersReimbursement system reforms

(single price reimbursement on product categories)

Commoditization and low-spec competitors entering

Market trendsPurchasing decision centralizedDiagnose Related Groups and

tender business are increasingHealth economic approach

enables price premiums


RoW

Europe

Americas

Page 22

• Global Market size estimated at DKK ~10bn with 5-7% growth


• Europe 40-50%

• Americas 15-25%


• Main competitors AstraTec and Bard


Page 23

Introducing Urology CareTreatment (surgical) of urological disorders

• Urinary incontinence• Pelvic organ prolapse• Erectile dysfunction• Enlarged prostate• Kidney and urinary stones

• Surgeons• Purchasing departments and

organizations• End customers

• Urologists• Uro-gynaecologists• Gynaecologists• Purchasing departments and

organizations

Aris® vaginal slingLaunched in 2005Women’s health - Surgical Urology

Titan® OTR penile implantLaunched in 2008 Men’s health - Surgical Urology

JJ stentsLaunched in 1998 Disposable Surgical Urology

Virtue® Male slingLaunched in 2009Men’s health - Surgical Urology

Disease areas

Customergroups

Call points

Key products (implants and surgical disposables)

Distribution ofrevenues Men's health

Women's health

DSU


Product market for urological disorders

Market driversLarge, under-penetrated

population

Lack of gold standard treatment

Ageing and obese population

Minimally invasive surgeries

Market limitersCost containment Increased competition Increased scrutiny on clinical

proofCrowded IP landscape limits

opportunities

Market trendsLess invasive treatment methodsOffice-based treatmentsCost containment Innovation key source of

competitive advantage


Americas

EuropeRoW

Page 24



• Europe 15-25%

• Americas 0-10%


• Main competitors include American Medical Systems and BSX


Introducing Wound CarePage 25

Comfeel® Plus Transparent• Transparent hydrocolloid

dressing• Launched in 1994

Biatain® Silicone• Silicone adhesive and

foam dressing• Launched in 2010

Chronic wounds• Leg ulcers• Diabetic foot ulcers• Pressure ulcers

Hospitals• Wound care committees• Specialist nurses/doctors• (Purchasers)Community• Specialist nurses/doctors • General practitioners• District/general nurses • Large nursing homes

Biatain® Ag• Antimicrobial foam dressing• Launched in 2002

Biatain®• High exudate mgt.

foam dressing• Launched in 1998

Disease areas

CustomerGroups & call points

Distribution ofrevenues (WSC)

Key products (Biatain® and Comfeel® range)

Biatain® rangeComfeel® rangeSkin care Other incl Compeed


Product market for advanced wound care

Market driversAgeing, diabetes, and obesity

New and more expensive technologies (e.g. silver)

Investments by industry in sales pressure driving conversion

Market limitersHealthcare reforms Increased competitionDistribution taking an active role

Market trendsCommunity based treatmentsSimple product offeringsCost containment


Americas

Europe

RoW

Page 26



• Europe 10-15%

• Americas 0-5%


• Main competitors include Convatec, Mölnlycke and S&N


Improving financial performance driven by…

Page 27

• Transfer of production to low cost countries

• Efficiency gains throughout the organisation

• Lower capex-to-sales from improving capacityutilization and leaner factory footprint

• Lower Net Working Capital-to-sales from tighter inventory, increased focus onreceivables and payables

…..Resulting in strong free cash flow generation and return on invested capital of 20%......

29% 29% 29% 29% 28% 31% 33% 36% 38% 40%

14%9%

14%

4%

13% 12% 14%18% 20% 20%

0%

10%

20%

30%

40%

50%

1Q 07/08

2Q 07/08

3Q 07/08

4Q 07/08

1Q 08/09

2Q 08/09

3Q 08/09

4Q 08/09

1Q 09/10

2Q 09/10

DKKm

Equity ratio ROIC

988

1,00

0

879

749

994

1,39

5

16.3 16.0

13.1 12.811.7

15.8

0

5

10

15

20

0

200

400

600

800

1,000

1,200

1,400

1,600

2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

%DKKm

EBIT EBIT-margin


Coloplast value proposition

Page 28

Close relationships with nurses and end-users provide leading market positions within Ostomy & Continence Care

US and Emerging markets hold highpotential as well as the Surgical Urologyand Wound Care businesses

Stable long-term growthpotential

Growth and expansionpotential

Improving financialperformance

Transfer of production to low costcountries improves production efficiencies& leaner administration

Strong customer driven innovation capabilities

Focus on providing more value for moneyfor end users and public payers


Appendices


The Coloplast share

The Coloplast share has been listed on NASDAQ OMX Copenhagen since 1983

Market cap. DKK ~25bn (USD ~5bn) @ DKK 607 per share

Two share classes: • 3.6 million A shares carry 10 votes (family)• 41.4 million B shares carry 1 vote

(freely traded)• Free float approx. 52% (B shares)

Active sell-side analyst coverage by 9 Nordic banks 8 international banks

As per 15 February, 2010

44%

17%

16%

5%

10%

8%

Ownership structure

Holders of A-shares & family Danish InstitutionalsForeign Institutionals Coloplast A/SOther shareholders (retail) Non-reg. shareholders

Page 30


Cash distribution

• Ordinary dividend per share of DKK 7 in 2008/09

• ~34% pay-out ratio (30-35% policy)

• Share buy-back programme of up to DKK 1bn for 2009/10-2010/11

Page 31

0%

10%

20%

30%

40%

50%

0

200

400

600

800

1,000

1,200

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

RatioDKKm

Dividends Share buy-back Pay-out ratio


Debt policy and capital markets exposure

• NIBD/EBITDA target of staying between 1.5-2.5 (under review)

• NIBD/EBITDA Q2 2009/10: 1.0

• ~50% unused committed credit facilities (DKK ~2.5bn)

• ~87% of debt at fixed interest rates

• No significant refinancing risks until 2013

Page 32

0

2

4

6

8

10

12

14

16

18

0.0

0.5

1.0

1.5

2.0

2.5

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

Interest cover ratio

NIBD/EBITDA ratio

NIBD/EBITDA Interest coverage


Underlying demographic development supports future growthPage 33


Introducing Bowel ManagementManagement of faecal incontinence

Disease areas• Faecal incontinence (management

products only)

Customer groups• Spinal Cord Injured, SCI• Spina Bifida, SB• Multiple Sclerosis, MS

Call points• Rehab centers• Pediatric clinics• Urology wards

Key products (management products)

Anal plugLaunched 10+ years ago

Peristeen anal irrigation Launched in 02/03

Distribution of revenues

Anal irrigationAnal plug

Market driversGrowing awareness

Huge under-penetrated and un-served population

New devices addressing the many unmet needs

Market limitersStill taboo area and non-focus for

professionals (doctors)Very little patient awarenessTraining required (nurses, patients)Lack of reimbursement

Market trendsHealth economic approach

enables reimbursementPurchasing decision centralized

Page 34


400

2,4002,2002,000

200

1,8001,6001,4001,2001,000

0

Urinary Incontinence

Pelvic Floor Repair

Erectile DysfunctionStone Management

Prostate CancerEndoscopesBPH DevicesUreteral AccessNephrostomy

US Urological Device Market

$Millions

800600

(8-10% CAGR)

1,1001,000

1000

11%

UI - Slings

UI - Bulking

Pelvic Floor Repair

Erectile Dysfunction

2013

2006

2005

2012

2011

2010

2009

2008

2007

$Millions

900800700600500400300200

1,3001,200

Segments Coloplast

competes in

Competition

Source: Coloplast

Urology device market presents large opportunity in the US

Page 35

Estimated market growth

http://www.americanmedicalsystems.com/home.html�


Urology market players

Coloplast AMS BSX Cook

Bard Gynecare Medtronic Other

US and EU competitor landscape excl. diagnostics, cap. equipment, and management products, Coloplast segments only.

100

Male incontinence

Enlarged prostate

Female incontinence

Pelvic prolapse

Erectile dysfunction

Stones

Market share, (%)

0Market

size

DKK ~5bn

Page 36


Executive management

Lars Rasmussen, CEO (51)With Coloplast since 1988

Educational backgroundE*MBA, Scandinavian International Management Institute, 1995BSc (Eng), Aalborg University, 1986

Management assignments with other Danish companies include: MT Højgaard A/S (BM)TDC A/S (BM)

Lene Skole, CFO (51)With Coloplast since 2005

Educational backgroundBCom, Copenhagen Business School, 1986The A.P. Møller Group International Shipping Education, 1980

Management assignments with other Danish companies include: DFDS A/S (BM)Tryg (BM) Lene Skole, CFO

Lars Rasmussen, CEO

Page 37


Corporate responsibility – key elements

38

PhthalatesAnimal testing

Code of ConductResponsible lobbying

InjuriesRepetitive work

Employee satisfaction

Quality and safety

Employees

Anti-corruption

Society

Environment

Responsible procurement

Helping suppliers to improve or find others that will

CO2 reductionsWaste reductionAlternatives to PVC

‘Access to Healthcare’ donation programme

Corporate governanceGlobal Compact


Corporate responsibility – results over the last three years

• 40% drop in injury rate

• 50% fewer workplaces with high repetitive work

• Phthalates-free alternatives for 60% of products

• 21% less CO2 per produced unit

• 29% less waste per produced unit

• 50 M DKK donation programme launched

Page 39

SRI index memberships

External reportingEmployees

Environment and safety

Society


Income statement

1H 1H2009/10 2008/09

Net revenue 4,568 4,315

Gross profit 2,779 2,523Gross margin 60.8% 58.5%

SG&A costs -1,631 -1,670R&D costs -200 -202Operating profit (EBIT) before separate items 956 702EBIT margin before separate items 20.9% 16.3%

Separate items -51 -60Operating profit (EBIT) 905 642EBIT margin 19.8% 14.9%

Net financial items -168 -100

Net profit, continuing activities 538 390

DKK million

Page 40


Balance sheet

DKK million 1H2009/10

1H2008/09

Balance sheet total 7,620 8,087Equity 3,080 2,519Equity ratio (%) 40% 31%

Net interest bearing debt 2,307 3,405Net debt to equity (%) 75% 135%Net debt to EBITDA 1.0 1.9

Invested capital 6,683 7,221

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Cash flow

DKK million 1H2009/10

1H2008/09

EBITDA 1,182 915Change in working capital -237 -130Interest and tax -348 -248Other 0 -38Cash flow from operations 597 499

CAPEX (excl. M&A) -132 -330M&A -3 0Other 7 117Cash flow from investments -128 -213

Free cash flow 469 286

Dividends -300 -257Trading of Coloplast shares -152 24Other cash changes -10 -30Total -462 -263

Change in net debt -7 -23

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43

MN MAN

VHTAT NYI

ZHU

MOR KVITHI ESP HUM

Innovation & Competence Centre

High Volume Production

Transfer of volume production to Hungary and China

SAR

Page 43


Transfer of production

Page 44

44%30%

15%

35%50%

60%

1%10% 20%

20%10% 5%

2006/07 2008/09 2010/11 est.

USA/FranceChinaHungaryDenmark


HumlebækDK

• Pilot Center• Wound care products (foam)• Number of employees in production: ~110

• To be closed 2010

MørdrupDK

• Injection moulded parts and coatedcatheters (SpeediCath)

• Number of employees in production: ~200

EspergærdeDK

• Adhesives and Swiss roll elements• Number of employees in production: ~130

ThistedDK

• Machine development• Ostomy care products• Number of employees in production: ~230

• Site to be closed early 2011 and CCP will move to Mørdrup

KvistgårdDK

• Coloplast Consumer Products (CCP)• Compeed and BandAid• Number of employees in division: ~100

• To be closed before end of 2011

Production sitesPage 45

• To become TechnicalCompetence Center

• To become TechnicalCompetence Center


NyirbatorHU

• Catheter products, urisheaths Conveen® Optima, wound care products

• Number of employees in production: ~500

MinneapolisUS

MankatoUS

• Skin care products• Wound care products• Number of employees in production: ~50

TatabanyaHU

• Ostomy care products, adhesive• Continence care products, urine bags• Postponement centre• Number of employees in production: ~1,000

SarlatFR

• Disposable surgical urology products• Number of employees in production: ~150

ZhuhaiCN

• Latex urisheaths, urine bags, local products• Machine building• Number of employees in production: ~600

• Latex products• Men’s and women’s health urology

products and implants• Number of employees in production: ~50

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Contact Investor Relations

Ian S. E. ChristensenDirector of Investor RelationsTel. direct: +45 4911 1301 / office: +45 4911 1800Fax: +45 4911 1555 [email protected]

Gunilla JensenIR CoordinatorTel.: direct: +45 4911 3621 / office: +45 4911 1800Fax: +45 4911 1555 [email protected]

Holtedam 1DK-3050 HumlebækDenmark

mailto:[email protected]�

mailto:[email protected]�

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Documents

Leading intimate healthcare - coloplast.com · Leading intimate healthcare 29 April 2010 OC. UCC WSC Europe Americas RoW. Sales overview • In DKK, revenues were up by 6% to DKK