leading intimate healthcare relations...2008/09/15 · from prudent cost control • ytd ebit...
TRANSCRIPT
1115 September 2008
Leading Intimate Healthcare
Investor presentation9M 2007/08
2
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 theinformation 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.
3315 September 2008
3Q 2007/08 presentation
21 August 2008
4
9M 07/08 Key messages
5,982
9M 2006/07
6,307
9M 2007/08
+5%
9M 2006/07 9M 2007/08
+14%
Sales
Operating profit
13%
9M 2006/2007
14%
9M 2007/08
Operating margin
786 893
• 7% organic sales growth and 5% reported growth. Excluding Germany organic growth exceeded 9%
• Gross profit increased by 4% with an underlying gross profit margin of 60%
• 3% increase in underlying EBIT and maintaining 16% underlying EBIT margin
• Share buy back of DKK 313m
• Full year guidance revised primarily due to adverse trends in our European urology business and Wound & Skin Care combined with lower than expected productivity gains
5
Sales overviewOrganic sales growth of 7% driven by satisfactory performance in Ostomy Care 7% and Urology and Continence Care 8% but less satisfactory growth in Wound and Skin Care of 5%
Growth in Europe of 6% impacted by HSC. Satisfactory sales growth of 10% in Americas from Ostomy and Continence Care. RoW sales were 14% up primary from Asian markets, especially China
2%4%
Organic growth
5%
Reported growth
ContractMfg.
Exchange rates
7%
Sales by business area
Sales by region
5,024
842
441
Europe Americas RoW
2,665
2,562
1,080
OC UCC WSC
(5%)
(8%)
(7%)
(10%)
(14%)
(6%)
DKKm/(organic growth)
DKKm/(organic growth)
6
Ostomy CareOrganic sales growth of 7% impacted by lower than expected sales primarily in German HSC. Excluding the German market organic growth was 11%. Reported growth was 4%
Biggest growth driver continues to be the SenSura product line, where the 1pc product has satisfactory growth rates and the 2pc now has been in introduced in all major markets
Coloplast maintains position as market leader
897
860
908
904
895
852
823
0
2
4
6
8
10
12
14
1Q06/07
2Q06/07
3Q06/07
4Q06/07
1Q07/08
2Q07/08
3Q07/08
Revenues Reported growth Organic growth2.
131
2.44
2
2.95
7
3.16
5
3.47
4
2.66
5
0
2
4
6
8
10
12
14
16
2002/03 2003/04 2004/05 2005/06 2006/07 9M2007/08
%
%
DKKm
DKKm
7
880
825
858
833
850
826
801
0
10
20
30
40
50
60
70
80
1Q06/07
2Q06/07
3Q06/07
4Q06/07
1Q07/08
2Q07/08
3Q07/08
Revenues Reported growth Organic growth1,
326
1,46
7 1,70
1
2,33
7
3,31
0
2,56
2
0
5
10
15
20
25
30
35
40
45
2002/03 2003/04 2004/05 2005/06 2006/07 9M2007/08
Urology and Continence Care
Organic sales growth of 8% and reported growth of 3% impacted by negative currency developments
Very good growth in sale of intermittent catheters. High growth rates in the surgical urology business in the US.
High growth rates in bowel management from sale of Peristeen product range
%
%
DKKm
DKKm
8
1,08
0
1,25
8
1,20
7
1,12
4
1,05
4
975
0
2
4
6
8
10
12
14
16
2002/03 2003/04 2004/05 2005/06 2006/07 9M2007/08
Wound and Skin CareOrganic sales growth of 5% and reported growth of 16% impacted by currencies and contract manufacturing
Market is seeing increasing price pressure in the main European markets
Growth is driven by continued progress in Biatain foam bandages for chronic wounds with good sales growth in Biatain Ibu, albeit from low levels
Challenging market conditions within hydrocolloid bandages segment
377
355
347
323
324
311
300
02
46
810
1214
1618
1Q06/07
2Q06/07
3Q06/07
4Q06/07
1Q07/08
2Q07/08
3Q07/08
Revenues Reported growth Organic growth
%
%
DKKm
DKKm
9
Gross Profit development• Gross profit increased by 4% to DKK 3,715m. Adjusted for currencies the growth was 9%
• Production costs increased by 7% partly because of higher than expected production costs of Biatain and SenSura product range
• Gross profit margin was 59%, currencies impacted 1% negatively
3,46
4
3,73
1
3,78
9
4,02
2
4,83
4
3,71
5
61.7 61.560.8
59.9 60.1
58.9
0
1,000
2,000
3,000
4,000
5,000
6,000
2002/03 2003/04 2004/05 2005/06 2006/07 9M 07/0850
52
54
56
58
60
62
64
Gross profit Gross profit-margin1,
148
1,20
0
1,21
3
1,27
3
1,28
4
1,16
9
1,26
2
59.7
60.358.6
61.8
60.8
57.358.6
1,050
1,100
1,150
1,200
1,250
1,300
1Q06/07
2Q06/07
3Q06/07
4Q06/07
1Q07/08
2Q07/08
3Q07/08
50
52
54
56
58
60
62
64
Gross Profit Gross profit margin
DKKmDKKm% %
10
EBIT development• EBIT up by 14% to DKK 893m, adjusted for currencies
and special items the growth was 3%
• Distribution and R&D costs increased as expected from higher acivitiy, whereas admin costs decreased slightly from prudent cost control
• YTD EBIT margin was 14%, underlying margin was 16%
893
1,03
2
879
1,00
0
988
909
14.2
12.8
13.1
16.016.316.2
800
850
900
950
1,000
1,050
2002/03 2003/04 2004/05 2005/06 2006/07* 9M 07/080
2
4
6
8
10
12
14
16
18
EBIT EBIT-margin
341
212
340
246
293
23825
5
15.8
10.4
16.1
11.9
14.2
12.013.3
0
50
100
150
200
250
300
350
400
1Q06/07
2Q06/07
3Q06/07
4Q06/07*
1Q07/08
2Q07/08
3Q07/08
0
2
46
8
10
1214
16
18
EBIT EBIT-margin
4,64,43,74,93,74,13,1
12,3 11,7 11,114,0
11,1 11,39,4
38,3
43,242,444,6
41,445,443,9
0
10
20
30
40
50
1Q06/07
2Q06/07
3Q06/07
4Q06/07
1Q07/08
2Q07/08
3Q07/08
R&D SG&A Adm.
* Q4 2006/07 adjusted for HSC Impairement of DKK 283m
%
%
%DKKm
DKKm
Cost to sales ratios
11
Balance sheet
3,63
2
3,18
1
3,06
9
867
1,46
5
1,47
3
2.12
2.00
2.20
0.64
1.131.23
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
02/03 03/04 04/05 05/06 06/07* 9M 07/080.00
0.50
1.00
1.50
2.00
2.50
NIBD NIBD to EBITDA
34%
41% 42%
31%29% 29% 29%
9% 8%
13%10%
14%
9%
14%
0%
5%
10%15%
20%
25%
30%35%
40%
45%
1Q06/07
2Q06/07
3Q06/07
4Q06/07*
1Q07/08
2Q07/08
3Q07/08
Equity ratio ROIC
• The equity amounted to DKK 2,312m corresponding to an equity ratio 29%, slightly lower than last period. Return on equity was 38%
• Net interest bearing debt was DKK 3,632, up by 32% compared with last year, related to acquisition of own shares
• ROIC after tax for the first 9 months was 12% up by 2%-points compared with same period last year
* Q4 2006/07 adjusted for HSC Impairement
DKKm
12
Cash Flow• Cash flow from operations increased by 27% to DKK 652m impacted by lower taxes
paid and income from hedging contracts partly offset by increasing net working capital
• CAPEX amounted to DKK 474m corresponding to a capex to sales ratio of 8% related to factory investments in Hungary and China as well as US headquarters expansion
• Free cash flow before acquisitions was DKK 242m compared with DKK 104m last year
578
544
399 415
745
474
10.3
9.0
6.4 6.2
9.3 7.5
0
100
200
300
400
500
600
700
800
2002/03 2003/04 2004/05 2005/06 2006/07 9M 07/080
2
4
6
8
10
12
CAPEX Capex-to-sales
242
370
604
919
224
122
3.84.6
9.0
14.7
3.7
2.2
0100200300400500600700800900
1,000
2002/03 2003/04 2004/05 2005/06 2006/07 9M 07/080
2
4
6
8
10
12
14
16
FCF FCF-to-sales
% DKKmDKKm
13
Guidance
Guidance07/08 old
Currency- 3-4% sales- 1% EBIT margin
Contract mfg.+ 2% sales
Fixed currenciesApprox. 7% sales15% EBIT
+ +In DKKApprox. 5-6% sales14% EBIT
=
Economic profit
Organic sales growth
CAPEX (DKKm)
Tax rate
EBIT margin (fixed currencies)
-
~8%
700-800
~28%
16-17%
Guidance07/08 new
Long-term Targets
-
~7%
750-800
~28%
~15%
x2 per 5yrs.
Approx. 10%
-
-
18-20%
141415 September 2008
General PresentationQ3 2007/08
15
Coloplast is a leading medtech company specialising in intimate healthcare needs...
50 years of innovation and growth:Global no. 1 in Ostomy CareGlobal no. 1 in Urology & Continence CareGlobal no. 4 in advanced Wound & Skin Care
Headquartered in Denmark
Production in Denmark, Hungary, China, US and France
7,000 employees globally
81710517
1957 1990
3,600
1970
8,042
2007
CAGR+24%
1980
Sales (DKK mill)
16
...with DKK 8bn annual sales...
6.4
1.10.5
Europe
The Americas RoW
3,5
3,3
1,3
Ostomy CareUrology & Continence Care
Wound & Skin Care
Full year sales 2006/07 Full year sales 2006/07
17
Trends in the intimate healthcare market
Consumer healthcare awareness
Surgical and medical trends
Reimbursement reforms (Germany and the UK)
Focus on overall treatment costs - Health Economics
Group buying and tender process
Emerging markets
Healthcare reforms
+
+
+
-/ +-
-
The demand for products and services will continue to grow in terms of volume, but pressure on prices and margins will remain
Market growth within Coloplast’s business areas is approx. 6%
Demographics +
Influence onCP Business
18
Ostomy Care market
Coloplast revenue in 2006/07 DKK 3.5bn
Market size: DKK 10bn
Market growth: approx. 5% (Q3: 7%)
For people who have lost their normal bowel or bladder function typically due to cancer (80%) or inflammatory bowel diseases
Main competitors are ConvaTec and Hollister Inc.
0
20
40
60
80
100
0 1 2 3 4 5 6 7 8 9Market value (DKK bn)
Market share (%) Europe AmericasRoW
CompetitorsColoplast
32%
19
Urology & Continence Care market
Coloplast revenue in 2006/07 DKK 3.3bn
Market size: DKK 17bn
Market growth: 8-10% (3Q: 8%)
Global market leader in continence consumables with 20-25% market share
Among global market leaders in urological specialities with 10% market share
Strong position in the US market established with the acquisition of urology business. European market leadership reinforced with 30% market share
Share of global market (%)
Tyco
Hol
liste
r
Bra
un
Rüs
ch
Ast
raTe
ch
Ethi
con
Bos
ton
Scie
ntifi
c
AM
S
C.R
. Bar
d
Col
opla
st
19%
20
Wound & Skin Care marketColoplast revenue in 2006/07: DKK 1.3bn
Organic growth 2006/07: 6% (Q3: 5%)
Market size DKK 13bn, growing at 5-7%
13% market share in EU and 2% in the US
11
8
2
8
28
Acute
8
11
4
426
Chronic
Dry wound healing
Moist wound healing
Drugs and bio products
VAC
16%
7%
8%
12%
22%ConvaTec
17% Smith & Nephew
Mölnlycke10%
Coloplast
8%J&J
Urgo
3M
Other
Market size in DKK bn
Share of Moist Wound Healing market EU and US
21
Research & Development- Listen and respond...the key in product innovation
New products to deliver greater health economic value and attract higher price
Customer focus New products to drive growth
Increase R&D from 4% to 6% of sales
Both external and internal R&D
R&D: “Double speed of innovation”
Marketing: “Triple pipeline value”
22
2012 Strategy road map
Mission
Corporate Objectives
ShareholdersCustomers Employees Society
Corporate Strategy
Values
Ostomy Care Urology & Continence Care Wound & Skin Care
Business Areas
Home Care
Global Market Leadership Innovation Leadership Double-digit
Organic Growth Value Creation Above
Peers
23
0,080,08
0,1
0,11
0,14
0,12
0%
2%
4%
6%
8%
10%
12%
14%
16%
2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
Long-term financial targets
• Annual organic sales growth of approx. 10% p.a.
• EBIT margin of 18-20%
• Economic profit to double at least every five years
Target
Annual sales growth0,
15
0,16
0,16
0,16
0,16
0,130%
2%4%6%8%
10%12%14%16%18%20%22%
2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07
Target
EBIT-margin
Continued sales growth through:
• Product innovation to drive pricing and improved product mix in
existing markets
• Continued expansion in US and emerging markets
Increasing margin by:
• Transfer of production to low cost countries
• Reducing costs by optimising existing organisation
• Continuous prudent cost control in supply chain
24
Targeting a new cost structure with 18-20% EBIT
2006/07
3%
Non-recurring costs
4%
Special items
2%
R&D
4-6%
SG&AProduction Costs
Pricing / Mix
9%
6%
1%
"Tomorrow"
EBITNon-recurring costs
Special items
R&D
Production
SG&A
Other Income
3%4%
42%
4%
39%
1%
18-20%
25
Debt policy- NIBD/EBITDA between 2-3.5
0.0
0.5
1.0
1.5
2.0
2.5
2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/070
2
4
6
8
10
12
14
16
18
NIBD/EBITDA Interest coverage
NIBD/EBITDA ratio
Interest cover ratio
0.0
0.5
1.0
1.5
2.0
2.5
3 months 6 months 9 months Year 3 months 6 months 9 months0
2
4
6
8
10
12
14
16
NIBD/EBITDA Interest coverage
NIBD/EBITDA ratio
Interest cover ratio
2006/07 2007/08
26
Cash distribution
0
200
400
600
800
1,000
1,200
2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/070%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Dividends Share buy back Pay-out ratio
DKK million Ratio• Ordinary dividend per share of DKK 5 in 2006/07
• Extraordinary dividend per share of DKK 4 in 2006/07
• Share buy back program of minimum DKK 500m in 2007/2008
• ~30% pay-out ratio
27
CSR in Coloplast 218 August 2008
Protecting our reputation
We must act in a way so that we do not become subject to criticism. That could close our business or at least provide us with an image loss which we cannot afford. It would take many years to re-establish that.”
318 August 2008
Framework for Corporate Responsibility
• Governance Responsibility – managing our company in a transparent manner, which reflects the interest of our stakeholders
• Business Conduct Responsibility – acting fair and transparent in all business matters, towards customers, business-partners, investors, and societal groups whom we interact with
• Environmental Responsibility – minimising our negative environmental impact throughout the value chain
• Social Responsibility - ensuring a positive impact on people and local communities beyond legal requirements.
Based on the UN Global Compact, Corporate Reponsibility in Coloplast consist of:
418 August 2008
Examples - the four responsibility areas
Governance responsibility
Manage our company to reflect the interest of our stakeholders
Examples:- Mission, Vision, Values- Corporate Governance- Stakeholder model (Business Excellence)- Labour relations/ involvement
Environmental responsibility
Minimise our negative environmental impact in the supply chain
Examples:- Climate Strategy- EMS (ISO 14001)- DEHP Policy- Life-cycle analysis approach- Eco design- Reducing energy consumption and production waste- Environmental criteria in supplier evaluation
Business conduct
responsibility
Act fair and transparent
Examples:- Anti corruption and bribery programme- Supply chain evaluation system- Job offer guarantee (lay offs)- Human and labour rights Code of Conduct- Commitment to reduce animal testing
* Occupational Health & Safety Management System
Social responsibility
Our positive impact of people and local
communities beyond legal requirements
Examples:- Stakeholder Engagement Process- Training programmes- Coloplast Healthcare- Job trials - OHSAS 18001*- Sponsorships and donations
518 August 2008
Four larger programmes!Engage- Design engagement- Consultation process- Prepare companyparticipants- Engagement forum
Plan- Identify and prioritiseissues- Identify and prioritisestakeholders- Define engagementobjectives and scope
Apply- Evaluateengagement processand results- Apply engagementlearning- Follow-up withstakeholders
Integrate- Build internal capability- Clarify roles- Establish processes andtools
Based on risk
Information
Self assessment
Site visit
Audit
CAP High
Low
Climate strategy
• Chairman of the Danish Confederation of Industries sustainability network
• Member of ISO 26000 Danish Comitee
• Member of Amnesty Business Forum
• Member of CSR-Forum Integrity Business Network
• Carbon Disclosure Project
• Included in:
28
The Coloplast share
Six months average daily traded volume: DKK 35m (USD 8m)
Two share classes: 3.6 million A-shares carry 10 votes (family)42.4 million B-shares carry 1 vote (freely traded)Free float approx. 53% (B - shares)
The Coloplast share has been listed on Copenhagen Stock exchange since 1983
Market cap. DKK 16bn (USD ~3.3bn) @ DKK 380 per share
~10% of share capital registered outside of Denmark
Share Capital Ownership
46%
20%
10%
6%10%
8%
Holders of A-shares & family Danish InstitutionalsForeign Institutionals Coloplast A/SOther shareholders Non-reg. Shareholders
Active sell-side analyst coverage by
11 Nordic banks6 International banks
29
Appendices
30
Healthcare reform update
The UK Department of Health aims to reduce annual spend of about £200m by £25m.
Status
June 9, 2008, DoH published a new consultation document including the term for delivering ostomy, continence and relevant services to patients. Deadline for comments September 9, 2008
Implementation is expected no sooner than 6 months after announcement of the outcome of the consultation.
Maximum coverage changed from 4 to 200 catheters per month
Status
Coloplast is market leader in intermittent catheters in the US and our current annual turnover for this product group is approximately USD 40m.
Coloplast expect, that this change will result in an increase inconsumption of catheters, but it is difficult to estimate the exact impact of this change. No significant sales impact expected in 2007/08.
UK Healthcare reform US Healthcare reform
• The Healthcare reform impacted fixed reimbursement prices
• Effects have now been implemented in the day to day business
• EU tender system currently being implemented
Status
The EU tender system has only been used in a few cases. Procedural mistakes and other legal issues have either led to withdrawal of contracts or are still pending in the legal system. Also, Healthcare insurance companies right as corporations with a public nature to use the EU tender legislation for truly public bodies still needs clarification.
These proceedings and the unwanted negative effect for patients, who in most cases have to change service provider as a consequence of EU tenders, has led to a standstill in the penetration of EU tenders.
German Healthcare reform
31
Underlying EBIT margin
Q3 06/07 Q3 07/08
3.1%13.1%
16.2%
Reported EBIT
margin
Non-recurring
items(DKK 182m)
Underlying EBIT
margin
14.2%0.3% 14.9%0.4%
Reported EBIT
margin
Non-recurring
items(DKK 29m)
Contract mfg.
technical dilution
Underlying EBIT
margin
32
Income statement
9M 9M2007/08 2006/07
Net revenue 6,307 5,982
Gross profit 3,715 3,561Gross margin 58.9% 59.5%
SG&A costs -2,601 -2,605R&D costs -268 -218
Operating profit (EBIT) 893 786EBIT margin 14.2% 13.1%
Net financial items 11 -97
Net profit, continuing activities 650 513
DKK million
33
Balance sheetDKK million Q3
07/08Q4
06/07Q3
06/07
Balance sheet total 8,025 7,750 7,893Equity 2,312 2,398 3,310Equity ratio (%) 29% 31% 34%
Net interest bearing debt 3,632 3,181 2,759Net debt to equity (%) 157% 133% 83%Net debt to EBITDA 2.12 2.00 1.71
Invested capital 7,242 6,874 7,729Economic profit 283 -227 270
34
Cash flowDKK million Q3
2007/08Q3
2006/07
EBITDA 1,289 1,202Change in working capital -605 -371Interest and tax -38 -236Other 6 -82Cash flow from operations 652 513
CAPEX -410 -403M&A -3 777Cash flow from investments -413 374
Free cash flow 239 887
Dividends -396 -184Share buy-back -290 -372Other cash changesTotal -686 -556
Increase in net debt 447 -331
35
Sten Scheibye, CEO
Lene Skole, CFO
Lars Rasmussen, CCO
Executive management Sten Scheibye, CEO (57)With Coloplast since 1993
Educational backgroundBCom, Copenhagen Business School, 1983PhD, Aarhus University, 1981Master of Science, M.Sc., Aarhus University, 1979
Management assignments with other Danish companies include: Novo Nordisk A/S (C), Danske Bank A/S (BM), Industriens Realkreditfond (BM)
Lene Skole, CFO (49)With Coloplast since 2005
Educational backgroundMCR Programme, IMD Business School, Switzerland, 1997ADP Programme, London Business School, 1990HD, Finance, Copenhagen Business School, 1986The A.P. Moller Group International Shipping Education, 1980
Management assignments with other Danish companies include: DFDS A/S (BM)
Lars Rasmussen, CCO (49)With Coloplast since 1988
Educational backgroundE*MBA, Scandinavian International Management Institute, 1995BSc (Eng), Aalborg University, 1986
36
Loss of 50% of employees in German healthcare distribution will hamper this year’s sales
Coloplast GmbH
HSC GmbH35% of sales in Germany
Other manufacturers
PharmaciesOrthotistsDistributors & wholesalers
65% of sales in Germany 21% 14%
DKK 200m lower sales in HSC in 2007/08:
Loss of 50% of employees during Q1 will likely lead to DKK 200m lower sales 2007/08, particularly in Ostomy Care.
37
Nurses
Doctors
Listening and responding
Degree of influence
Year1980 1990 2000 2010
End users
Retailers / prof. buyers
High
Medium
Low
38
Relocating manufacturing facilities
2006/07• 73 machines transferred
2007/08• 140 machines to be transferred
2008/09• 120 machines to be transferred
39
Ramping up capacity m2 utilization
Manufacturing m2 utilization
0%
20%
40%
60%
80%
100%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
07/08 08/09
NyiTatZhu
40
HumlebækDK
• Pilot Center• Wound care products (foam)• Number of employees in production: 225
• To be closed 2010
• To be Centre of Excellence within volume production of catheters and foam
MørdrupDK
• Injection moulded parts and coated catheters (SpeediCath)
• Number of employees in production: 239
• To be Centre of Excellence within adhesive production
• Consumer products (Contract manufacturing)
EspergærdeDK
• Adhesives and Swiss roll elements
• Number of employees in production: 211
• To be closed end of 2008KokkedalDK
• Continence care products• Urine bags, Latex, Absorbing/Bowel• Number of employees in production: 197
• ”Tigervej” to be closed end of 2009
• To be Centre of Excellence within SenSura production and development
ThistedDK
• Machine development• Ostomy care products• Number of employees in
production: 303
• To be closed end of 2010KvistgårdDK
• Consumer products (CCP)• Compeed• Number of employees in production:102
41
NyirbatorHU
• Catheter products, urisheaths Conveen Optima, wound care products
• Number of employees in production: 296
• To be scalable volume production site
• To be Centre of Excellence within urology productsMinneapolis
US
• Latex products• Mens’ and womens’ health urology
products and implants• Number of employees in production: 166
• To be Centre of Excellence within Wound and Skin careMankato
US
• Skin care products• Wound care products• Number of employees in production: 54
• To be scalable volume production siteTatabanya
HU
• Ostomy care products, adhesive, wound care products
• Postponement centre• Number of employees in production: 841
• To be Centre of Excellence within urology productsSarlat
FR
• Disposable Surgical Urology products• Number of employees in production: 163
• To be scalable volume production siteZhuhai
CN
• Latex urisheaths, urine bags, local products
• Machine building• Number of employees in production: 312
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