Q4 REPORT - Getinge

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J O A C I M L I N D O F F, C E O & R E I N H A R D M AY E R , C F O

J A N U A R Y 2 6 , 2 0 1 7

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OVERVIEW

GENERAL BUSINESS J O A C I M L I N D O F F, C E O

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• Organic top line growth: Order intake: -1.1%; Net sales: -2.3%

• Gross margin: -1.1 pp due to unfavorable product and country mix

• Efficiency enhancements: saved SEK 140-150 M in Q4 due to Big 5

• EBITA-growth*: +2.6% to SEK 1,970 M (1,920)

• Restructuring cost: SEK 321 M (174)

• Strong Cash Flow from operations: + 20% to SEK 1,783 M and Cash Conversion increased to

80.4%

• FDA update: New governance model for sites under Consent Decree – enhancing remediation

progress and level of control

• Distribution of Patient & Post-Acute Care: Progress according to plan

• Proposed dividend per share: SEK 2.00 (2.80)

Q4 IN BRIEF E B I TA * C O N T I N U I N G T O G R O W

*Before restructuring, acquisition and integration costs 3

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• Organic order intake -1.1%

• Weak performance in SW and EMEA

• ACT +5.4% PPAC +1.4%, SW -9.2%

• APAC +5.5%, Americas +2.4%, EMEA -6.9 %

• Organic net sales -2.3%

• Affected by SW and negative order intake growth in Q3 (-3.2%)

• ACT +2.5%, PPAC -0.9%, SW -7.2%

• EMEA -0.8%, APAC -1.0%, Americas -4.8%

TOP LINE DEVELOPMENT N E T S A L E S A F F E C T E D B Y W E A K O R D E R I N TA K E I N Q 3

* Before restructuring, acquisition and integration

costs

4

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Q 4 Q4

2 0 16 2015

EM EA 1 4 6 2 1 6 7 2 -14,6% 5 4 3 5 5 7 12 -3,3%

A m ericas 7 6 9 7 9 8 -8,0% 2 7 9 6 2 9 6 4 -6,3%

A P A C 7 5 6 6 9 7 2,4% 2 4 12 2 3 3 7 1,3%

S urg ic a l wo rk f lo ws 2 9 8 7 3 16 7 - 9 ,2 % 10 6 4 3 11 0 13 - 3 ,1%

* Adjusted for currency, acquisit ions and divestments

YTD

2015 %*O rde r In t a k e , e xt e rna l %*

Y T D

2 0 16

• Organic order intake: -9.2%

• Infection Control and Integrated Workflow

Solutions did not meet strong Q4 2015

• APAC grew slightly while EMEA and

Americas showed significant decrease

• Organic net sales: -7.2%

• Infection Control and Integrated Workflow

Solutions driving the decline, mitigated by

strong delivery from Life Science

• All regions reported a decline, most

significant in Americas

• Gross profit -11.5% and EBITA* -7.7%

• Higher restructuring costs: Write-offs of

intangible assets and on-going transformation

• A plan to reignite growth has been activated

• Several product launches in 2017

Q4 BCU UPDATE – SURGICAL WORKFLOWS W E A K T O P L I N E D E V E L O P M E N T C O M PA R E D T O S T R O N G Q 4 2 0 1 5

* Before restructuring, acquisition and integration costs

Q 4 2 0 16 Q4 2015 Y T D 2 0 16 YTD 2015

S e gm e nt O v e rv ie w, m S E K % %

Order Intake, external 2 9 8 7 3 167 -5,7% 10 6 4 3 11 013 -3,4%

N et Sales , external 3 7 9 4 3 982 -4,7% 10 4 9 6 10 891 -3,6%

C o st o f Go o ds /Serv ices so ld - 2 3 5 1 -2 351 0,0% - 6 5 3 5 -6 663 1,9%

G ro s s P ro f it 1 4 4 3 1 6 3 1 - 11,5 % 3 9 6 1 4 2 2 8 - 6 ,3 %

Gro ss m argin, % 3 8 ,0 % 41,0% -3,0% 3 7 ,7 % 38,8% -1,1%

EB ITA befo re res truc turing-,

integrat io n and acquis it io n co s ts 7 5 2 815 -7,7% 1 2 8 3 1 233 4,1%

EB ITA m argin, % 19 ,8 % 20,5% -0,7% 12 ,2 % 11,3% 0,9%

R estruc turing-, integrat io n and

acquis it io n co s ts - 12 6 - 59 -113,6% - 2 5 5 - 151 -68,9%

E B IT 6 19 749 - 17 ,4 % 1 0 0 1 1 054 - 5 ,0 %

EB IT m argin, % 16 ,3 % 18,8% -2,5% 9 ,5 % 9,7% -0,2%

S urg ic a l W o rk f lo ws S urg ic a l W o rk f lo ws

5

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Q 4 Q4

2 0 16 2015

EM EA 1 0 0 9 9 6 3 2,3% 3 6 5 4 3 6 15 2,3%

A m ericas 1 7 3 6 1 5 4 8 5,7% 6 2 0 0 5 9 5 7 3,0%

A P A C 7 4 7 6 4 4 9,3% 2 2 0 5 2 0 6 5 4,7%

A c ut e C a re T he ra p ie s 3 4 9 2 3 15 5 5 ,4 % 12 0 5 9 11 6 3 7 3 ,1%


O rde r In t a k e , e xt e rna l %*

Y T D

2 0 16

YTD

2015 %*

Q 4 2 0 16 Q4 2015 Y T D 2 0 16 YTD 2015


Order Intake, external 3 4 9 2 3 155 10,7% 12 0 5 9 11 637 3,6%

N et Sales , external 3 6 4 9 3 402 7,3% 11 8 0 4 11 577 2,0%

C o st o f Go o ds /Serv ices so ld - 1 6 5 9 -1 506 -10,2% - 5 2 5 2 -5 149 -2,0%

G ro s s P ro f it 1 9 9 0 1 8 9 6 5 ,0 % 6 5 5 2 6 4 2 8 1,9 %

Gro ss m argin, % 5 4 ,5 % 55,7% -1,2% 5 5 ,5 % 55,5% 0,0%


integrat io n and acquis it io n co s ts 9 2 3 825 11,9% 2 3 2 6 2 276 2,2%

EB ITA m argin, % 2 5 ,3 % 24,3% 1,0% 19 ,7 % 19,7% 0,0%


acquis it io n co s ts - 6 5 - 79 17,7% - 7 5 9 - 331 -129,3%

E B IT 7 0 4 5 9 5 18 ,3 % 1 0 0 0 1 3 4 6 - 2 5 ,7 %

EB IT m argin, % 19 ,3 % 17,5% 1,8% 8 ,5 % 11,6% -3,1%

A c ut e C a re T he ra p ie s A c ut e C a re T he ra p ie s• Organic order intake: +5,4 %

• Strong performance in Cardiopulmonary

and Vascular Interventions

• Organic net sales: +2,5 %

• Cardiac Surgery and Vascular

Interventions demonstrate strong growth

• All regions increased order intake & net sales

• Gross margin declined 1.2 pp

• Due to low margin deals for Ventilators in

EMEA

• EBITA*-growth of 11.9%

• EBITA*-margin up 1.0 pp to 25.3%

Q4 BCU UPDATE – ACUTE CARE THERAPIES B R O A D G R O W T H P U S H E D T H E E B I TA * - M A R G I N I N T H E R I G H T D I R E C T I O N

* Before restructuring, acquisition and integration costs 6

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Q 4 Q4

2 0 16 2015

EM EA 1 0 0 0 9 7 4 -2,8% 3 6 5 4 3 7 6 5 -1,1%

A m ericas 8 5 6 8 0 6 6,4% 2 9 4 2 3 0 5 4 -3,6%

A P A C 2 4 7 2 2 4 3,7% 8 4 4 9 6 2 -11,7%

P a t ie n t & P o s t - A c ut e

C a re 2 10 3 2 0 0 4 1,4 % 7 4 4 0 7 7 8 1 - 3 ,4 %



Y T D

2 0 16

YTD

2015 %*

• Organic order intake: +1.4 %

• Strong development of Capital Goods,

driven by good performance in Americas

and APAC.

• EMEA affected negatively by weak

performance in Hygiene and Medical Beds

• Organic net sales: -0.9%

• A mixed picture with weak performance in

Hygiene and Medical Beds and strong

performance in several other segments

• Decline in APAC and EMEA while

Americas increased its organic net sales

• Gross Profit: +3.5%

• EBITA*: +3.5%

Q4 BCU UPDATE – PATIENT & POST-ACUTE CARE G R O W T H I N O R G A N I C O R D E R I N TA K E


Q 4 2 0 16 Q4 2015 Y T D 2 0 16 YTD 2015


Order Intake, external 2 10 3 2 004 4,9% 7 4 4 0 7 781 -4,4%

N et Sales , external 2 0 8 0 2 033 2,3% 7 4 5 6 7 767 -4,0%

C o st o f Go o ds /Serv ices so ld - 1 12 6 -1 111 -1,4% - 4 12 9 -4 260 3,1%

G ro s s P ro f it 9 5 4 9 2 2 3 ,5 % 3 3 2 7 3 5 0 7 - 5 ,1%

Gro ss m argin, % 4 5 ,9 % 45,4% 0,5% 4 4 ,6 % 45,2% -0,6%


integrat io n and acquis it io n co s ts 3 6 0 348 3,5% 9 5 6 889 7,5%

EB ITA m argin, % 17 ,3 % 17,1% 0,2% 12 ,8 % 11,4% 1,4%


acquis it io n co s ts - 112 - 33 - 16 5 - 184 10,3%

E B IT 2 12 2 8 2 - 2 4 ,8 % 6 6 5 5 7 3 16 ,1%

EB IT m argin, % 10 ,2 % 13,9% -3,7% 8 ,9 % 7,4% 1,5%

P a t ie n t & P o s t - A c ut e P a t ie n t & P o s t - A c ut e

7

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• Utilized approximately SEK 70 M in Q4

• New governance model for entities

covered by the Consent Decree

• To enhance control and to meet time

schedule in remediation

• Management reporting directly to Getinge

Executive Team

FDA & REMEDIATION UPDATE I M P R O V E M E N T M E A S U R E S C O N T I N U E S

Background: The Consent Decree

• Signed between Maquet and FDA in February

2015

• Legal agreement entered into voluntarily

• Focusing on completing required

improvements

• 4 legal entities covered by the CD

• The Consent Decree consists of 3 phases

• All Getinge sites are in phase 1

• An ongoing dialogue with the FDA

• Annual inspections

• Accordingly, we cannot rule out additional

requirements, sanctions or costs

• We will provide an update when we have new

material information

8

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• Progress in line with plan in a structured process

• Executive Team appointed and effective from April 1st

• Internal recruitments except for CFO

• Financial targets and strategy being reviewed

• Patient & Post-Acute Care

• The New Getinge

• Presented when the preparation of the proposal to the shareholders is finished

UPDATE ON PROPOSED SPIN-OFF M O V I N G F O R W A R D A H E A D O F P L A N

9

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2016: BIG 5 – cost efficiency program

• Savings amounted to SEK 140-150 M in Q4

• Accumulated savings FY 2016 amount to SEK 395-420 M

2017: Efforts to enhance efficiency continue in both entities

• Patient & Post-Acute Care, which is being prepared for proposal of

listing and distribution to shareholders

• The New Getinge

COST EFFICIENCY PROGRAM E F F I C I E N C Y P R O G R A M D E L I V E R E D O N P L A N I N 2 0 1 6

10

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A large number of launches

• Important launches in 2016 bringing positive effects in 2017

• A large pipeline for 2017, especially within Surgical Workflows

• Long term plan for the value segment

R&D spending in future growth

• Increase our total R&D investments going forward

• Focus on R&D in areas of strength

R&D AND LAUNCHES IN 2017 F O C U S E D R & D F O R L O N G T E R M P R O F I TA B L E G R O W T H

11

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OVERVIEW

FINANCIALS R E I N H A R D M AY E R , C F O

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Q 4 Q4

2 0 16 2015

EM EA 3 4 7 1 3 609 -6,9% 12 7 4 3 13 092 -1,1%

A m ericas 3 3 6 1 3 152 2,4% 11 9 3 8 11 975 -1,0%

A P A C 1 7 5 0 1 565 5,5% 5 4 6 1 5 364 0,2%

G ro up T o t a l 8 5 8 2 8 3 2 6 - 1,1% 3 0 14 2 3 0 4 3 1 - 0 ,8 %



Y T D

2 0 16

YTD

2015 %*

SEK M

Q 4

2 0 16

Q4

2015

C hange

%

Y T D

2 0 16

YTD

2015 C hange %

Order intake, SEK M 8 5 8 2 8 326 3,1% 3 0 14 2 30 431 -1,0%

Organic -1,1% -0,8%

FX-effec ts 3,9 pp -0,2pp

A cquis it io ns / dives tm ents 0,3 pp 0,0 pp

N et Sales 9 5 2 3 9 417 1,1% 2 9 7 5 6 30 235 -1,6%

Organic -2,3% -1,5%

FX-effec ts 3,1 pp -0,2pp

A cquis it io ns / dives tm ents 0,3 pp -0,1 pp

Gro ss M argin, % 4 6 ,1 47,2 -1,1 4 6 ,5 46,8 -0,3

Selling expenses (in % o f net sales) 17 ,0 17,2 -0,2 2 1,0 21,8 -0,8

A dm in expenses (in % o f net sales) 9 ,1 8,2 0,9 11,3 10,9 0,4

EB ITA *, SEK M 1 9 7 0 1 920 2,6% 4 3 4 1 4 179 3,9%

EB ITA * m argin, % 2 0 ,7 20,4 0,3 14 ,6 13,8 0,8

* Before restructuring-, integrat ion

and acquisit ion costs

Order intake organically

• Slight decline in the quarter and for the FY

Net sales organically

• Decline in Q4, due to weak order intake in Q3

• FY affected by decline in Q3-Q4

Gross margin

• Declined in Q4 due to product mix and regional

S&A – admin expenses increased in Q4 • Mainly due to strengthening of the Quality

Organization

• Adjusted for currency effects S&A was flat

(0.2%) compared to Q4 2015

• Operating expenses declined 3.9% in Q4 and

4.9% FY 2016

EBITA*-growth

• Q4: 2.6 % and the margin increased to 20.7 %

• FY: 3.9 % and the margin increased to 14.6 %

PERFORMANCE C O N T I N U E D C O S T R E D U C T I O N S

* Before restructuring, acquisition and integration costs 14

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RESTRUCTURING & INTEGRATION COSTS M A I N LY N O N C A S H R E L AT E D I N Q 4

Q4

Write-down, intangible assets SEK 170 M

Other restructuring and integration costs SEK 151 M

Total SEK 321 M

Reported FY 2016 restructuring costs SEK 1,313 M

15

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FX EFFECTS N E G AT I V E E X C H A N G E R AT E E F F E C T S I N Q 4

Negative effects in the quarter

• Exchange-rate effects had a

negative impact of SEK 20 M on

EBITA* in the quarter, of which

transaction effects accounted for

SEK -14 M and translation effects for

SEK -6 M

Positive full year effects

• Currency transaction effects had a

positive impact of approximately

SEK 106 M (273) on the Group’s

2016 earnings

Outlook transaction effects FY17

• Approximately SEK 200 M on the

Group’s earnings


M SEK

T ra ns a c t io n

e f f e c t

T ra ns la t io n

e f f e c t T o t a l

Gro ss P ro fit - 14 96 82

EB ITA * - 14 - 6 - 20

EB IT - 14 - 12 - 26

16

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A s s e t s ,

M SEK

2 0 16

3 1- D e c

2015

31-D ec

Intangible assets 3 2 0 0 4 30 543

Tangible f ixed assets 4 3 13 4 699

F inanc ial f ixed assets 1 3 2 9 1 374

Invento ry 5 4 3 1 5 409

A cco unts receivable 8 15 9 7 470

Other current receivables 2 2 9 5 2 272

C ash and cash equivalents 1 6 8 0 1 468

T o t a l a s s e t s 5 5 2 11 5 3 2 3 5

S h a re ho ld e rs ' e q u it y & l ia b il it ie s ,

M SEK

2 0 16

3 1- D e c

2015

31-D ec

Shareho lders ' equity 2 0 9 16 19 593

P ens io n pro v is io n 3 3 6 8 3 052

Other interes t bearing liabilit ies 2 1 7 0 1 21 283

Other pro v is io ns 1 8 5 6 2 243

A cco unts payable 2 2 0 1 1 986

Other no n interets -bearing liabilit ies 5 16 9 5 078

T o t a l e qu it y & l ia b il it ie s 5 5 2 11 5 3 2 3 5

BALANCE SHEET F O C U S O N N E T D E B T D E V E L O P M E N T

• Net debt development

• Adjusted change in net debt for the period

decreased to SEK 1,359 M

• Net debt to equity ratio

• Decrease 4.9 pp to 111.8 %

• Net debt to EBITDA before restructuring

• Leveraging from 3.89 to 3.88 for the period

C ha nge in ne t de b t ,

m SEK

2 0 16

3 1- D e c

2015

31-D ec

C hange in net debt 5 2 1 326

C urrency effec t - 1 3 8 8 - 581

A cquis it io ns /D ives tm ents - 2 12 261

A ctuarial gains / lo sses pens io ns , gro ss - 2 8 0 - 23

A djus t e d c ha nge in ne t de b t - 1 3 5 9 - 17

N et debt to equity rat io 111,8 % 116,7%

N et debt to EB ITD A befo re res truc turing 3 ,8 8 3,89

18

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CASH FLOW I M P R O V E D C A S H C O N V E R S I O N & C A S H F L O W F R O M O P E R AT I O N S

• Operational Cash Flow for the quarter

increased by SEK 300 M (+20%)

• Cash Conversion for the quarter

amounted to 80.4% and increased by

6.9 pp to 73.6% for the FY 2016

• Cash Flow after Net Investments

increased by 113% in Q4 and 12.6% on a

FY basis

M S E K

Q 4

2 0 16

Q4

2015

Y T D

2 0 16

YTD

2015

EB ITD A 2 2 17 2 167 4 9 9 0 5 187

R estruc turing co s t expenses - 6 8 -62 14 3 -261

A djus tm ent fo r item s no t inc luded in cash f lo w 2 4 187 8 5 230

F inanc ial item s - 15 7 -174 - 6 3 7 -732

Taxes paid 6 9 -207 - 3 3 2 -858

C a s h f lo w be f o re c ha nge s in wo rk ing

c a p it a l 2 0 8 5 1 9 11 4 2 4 9 3 5 6 6

C ha nge s in wo rk ing c a p it a l - 3 0 2 - 4 2 8 - 5 7 8 - 10 8

C a s h f lo w f ro m o pe ra t io ns 1 7 8 3 1 4 8 3 3 6 7 1 3 4 5 8

C ash C o nvers io n 8 0 ,4 % 68,5% 7 3 ,6 % 66,7%

C ash f lo w fro m inves tm ents - 4 4 6 -855 - 1 7 9 7 -1 793

C a s h f lo w a f t e r ne t inv e s t m e nt s 1 3 3 7 6 2 8 1 8 7 4 1 6 6 5

C ash f lo w fro m f inanc ial ac t iv it ies - 1 3 0 0 -807 - 1 7 4 9 -422

C a s h f lo w f o r t he pe rio d 3 7 - 17 9 12 5 1 2 4 3

20

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J O A C I M L I N D O F F, C E O

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• We expect slight growth in organic net sales in 2017

• Currency transaction effects FY 2017 are expected to have a positive impact of

approximately SEK 200 M on the Group’s earnings

• The financial consequences of the Consent Decree with the FDA, excluding costs for

the remediation program, are expected to have a negative impact of approximately

SEK 50 M on the Group’s 2017 operating profit

OUTLOOK G E T I N G E G R O U P 2 0 1 6

22

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FORWARD LOOKING INFORMATION

This document contains forward-looking information based on the current expectations

of the Getinge Group’s management. Although management deems that the

expectations presented by such forward-looking information are reasonable, no

guarantee can be given that these expectations will prove correct. Accordingly, the

actual future outcome could vary considerably compared with what is stated in the

forward-looking information, due to such factors as changed conditions regarding

business cycles, market and competition, changes in legal requirements and other

political measures, and fluctuations in exchange rates.

Documents

Q4 REPORT - Getinge