Bonds have more fun Peter Hjalmarson, Group Treasurer, Getinge AB. Fokusgrupp Treasury. 24 Maj, 2013

Transkript

1 Bonds have more fun Peter Hjalmarson, Group Treasurer, Getinge AB Fokusgrupp Treasury 24 Maj, 2013

2 Getinge in brief GETINGE GROUP is a leading global provider of products and systems that contribute to quality enhancement and cost efficiency in healthcare, care and research. We operate under three brands - ArjoHuntleigh, GETINGE and MAQUET. ArjoHuntleigh focuses on patient mobility and wound management solutions. GETINGE provides solutions for infection control in healthcare and contamination prevention in biotechnology. MAQUET specializes in solutions, therapies and products for surgical interventions and intensive care. Sales SEK M EBITA SEK M No of employees 15,000 Global manufacturing footprint World wide sales Market cap SEK M Stable ownership structure

3 GETINGE GROUP Medical Systems Extended Care Infection Control

4 Business Area: Medical Systems Sales, SEK m 13,089 Overall sales performance, % 18.7 Organic sales growth, % 6.6 Ebita excl restructing charges, % 22.5 Ebita Target 2015, % 24 Number of employees 6,344 Number of sales companies 45 Number of production facilities 11 Brand Maquet Surgical Workplaces Western Europe 30% Cardiovascular Recurring revenue 49% Capital equipment 51% RoW 38% USA & Canada 32% Western Europe 30% Critical Care

5 Business Area: Extended Care Sales, SEK m 5,990 Overall sales performance, % 4.2 Organic sales growth, % -2.6 Ebita excl restructing charges, % 21.3 Ebita Target 2015, % 22 Number of employees 5,457 Number of sales companies 31 Number of production facilities 5 Brand ArjoHuntleigh Patient Handling RoW 18% USA & Canada 33% Western Europe 49% Therapy & Prevention

6 Business Area: Infection Control Sales, SEK m 5,170 Overall sales performance, % 1.9 Organic sales growth, % 0.6 Ebita excl restructing charges, % 12.2 Ebita Target 2015, % >16 Number of employees 3,118 Number of sales companies 37 Healthcare Number of production facilities 9 Brand Getinge Western Europe 49% Recurring revenue 43% Capital equipment 57% Western RoW 31% USA & Europe 40% Canada USA 33% & Canada 29% Life Science

7 A successful journey and onwards SEK million Sales Profit before tax

8 A rapidly expanding medical technology company 1993 Getinge AB is listed on the Stockholm Stock Exchange 1996 Acquisition of the american company MDT 2003 Acquisition of Siemens LSS & Jostra 2008 Acquisition of Boston Scientific CS/VS divisions 2011 Acquisition of Atrium 1989 Carl Bennet & Rune Andersson acquires Getinge 1995 Getinge acquires the Arjo Group 2000 Getinge acquires 4 companies, including MAQUET Acquisition of Acquisition Huntleigh of Datascope Technology PLC 2012 Acquisition of Acare & TSS Associates:

9 Future ambition Getinge today Getinge tomorrow Revenues SEK 25 Billion Revenues SEK 50 Billion Ebita margin ~21 % Organic growth ~5 % Recurring revenue as % of total revenue 45 % Revenue OUS and OWE as % of total revenue 29 % Ebita margin >22 % Organic growth 6-7 % Recurring revenue as % of total revenue 75 % Revenue OUS and OWE as % of total revenue %

10 GETINGE GROUP Getinge Treasury Upplåning utveckling över tiden Endast korta linor från en bank och endast rörliga räntor 1999 görs första syndikerade lånet 2003 US Private Placement 250 MUSD 2006 första förvärvet som finansieras via en specifik förvärvskredit NIB & EIB in som långivare

11 GETINGE GROUP Getinge Treasury Upplåning Fundingkällor 2007 ny större RCF sätts på plats, 810 MEUR 2010 Certifikatprogram etableras 2011 RCF refinansieras, MEUR 2012 Svenskt MTN-program etableras, första emissionen MSEK andra emissionen under MTN-programmet MSEK. Betydande volymer av korta & obekräftade kreditlinor Aktuell nettoskuld per 31 mars 2013: MSEK

12 Maturity of debts Lender/Facility Syndicated Credit Facility with 10 banks 1200 MEUR July July July Swedish Bond Loan 2000 MSEK/300 MUSD 825 MEUR May Term loan Mediobanca 135 MEUR Swedish Bond Loan 1000 MSEK/140 MUSD October May Nordic Investment Bank 90 MUSD Sep Sep Mizuho Term Loan 75 MUSD May Bond Loan, Swedish Export Credit 70 MUSD December 60 MUSD 30 MUSD European Investment Bank 53.4 MEUR Nordic Investment Bank 500 MSEK June June US Private placement 50 MUSD Nov Bond Loan, Swedish Export Credit December 50 MUSD Bond Loan, Swedish Export Credit 50 MUSD December Commercial Paper Back-stop Facility SEB, Danske & Dec Dec Nordea, 2000 MSEK 12

13 GETINGE GROUP Fundingstrategi - hörnstenar Bankfinansiering är viktig Långsiktighet med våra långivare Hög grad av transparens Jobba med segmentet i mitten Diversifiera fundingkällorna Ökande inslag av kapitalmarknad Avstå rating så länge som möjligt

14 GETINGE GROUP Funding - Kapitalmarknad F n har Getinge ca MSEK utestående i den svenska kapitalmarknaden MSEK i företagscertifikat MSEK i obligationer

15 GETINGE GROUP Funding - Kapitalmarknad Mycket väl mottagna i den svenska kapitalmarknaden Fördelar: Inga krav på financial covenants Inga krav på merffärer Både korta & långa löptider erbjuds Skapar oberoende Nackdelar: Historiskt en något dyrare låneform jämfört med bankfinansiering Någon slags brist på transparens (åtminstone som icke-ratad)

16 GETINGE GROUP Funding - Kapitalmarknad Relativt enkel dokumentation MTN-program Prospekt

17 GETINGE GROUP Funding - vad avgör valet av finansieringskälla? Pris & övriga villkor Tillgång till olika löptider Finanspolicy Regulatoriska aspekter Riskspridning

18 GETINGE GROUP Funding - Slutsatser Lägg äggen i olika korgar Synkronisera financial covenants Långsiktighet Transparens Styr processen själv

19 Contact HEAD OFFICE Getinge AB Box 69 SE Getinge +46 (0) Getinge Group 2012