leading intimate healthcare relations/presentations/2009-10/q1/q1...28 january 2010. biatain®...

Leading intimate healthcare28 January 2010

Leading intimate healthcareRoadshow presentation – Q1 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.


Key messages

• Very satisfactory EBIT margin of 20%

• Satisfactory 7% organic sales growth

• Continued strong free cash flow

• Share buy-back programme start in February 2010

• Full year guidance upgrade for 2009/10:

• Organic growth rate of 6-7% unchanged. Growth in DKK now 5-6% from previously 4-5%

• EBIT margin in fixed currencies and DKK of around 19% - previously 17-18% in fixed currencies and 16-17% in DKK

• Capex of around DKK 500m - previously DKK 500-600m

• Long-term targets to be reached within 2 years – previously 2-4 years

2,196 2,296

Q1 2008/09 Q1 2009/10

Sales

15% 20%

Q1 2008/09 Q1 2009/10

Operating margin

334 454

Q1 2008/09 Q1 2009/10

Operating Profit

+5%

+36%


Sales overview

• In DKK, revenues were up by 5% to DKK 2.3bn and the organic growth was 7% in line with guidance

• Ostomy Care growth of 6% driven by European SenSura® sales

• Urology and Continence Care growth of 11% with continued strong performance in both Europe and North America

• Wound and Skin Care growth of 2% with continued price competition in main European markets and decline in contract manufacturing

Sales by business area

Sales by region

362(2%)

979(11%)

955(6%)

352(12%)

180(4%)

1.764(7%)

DKKm (organic growth)

DKKm (organic growth)

OC UCC WSC

Europe Americas RoW


Biatain® Silicone launch

Silicone facts:

• DKK 1.3bn global market• ~20% market growth• 1/3 of total foam market• 3 player market with Mölnlycke, S&N and

Coloplast

Key takeaway:

• Full foam portfolio• Access to important market segment• Increased growth potential• Launch in key European markets

Gentle silicone borderSuperior absorbtion by Biatain® foam


Very satisfactory profitability and cash generation

• Gross margin of 59% in line with last year. Improvements in production costs offset by product mix changes and excess production capacity

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

• EBIT margin up 5%-points to 20%

• NIBD to EBITDA of 1.0

• Working capital-to-sales ratio development maintains positive trend

• CAPEX to sales decreases to 3%

• ROIC after tax of 20%

• FCF increases to DKK 174m

Q1 09/10 Q1 08/09

Gross profit 1,354 1,301Gross margin 59% 59%

SGA to sales 35% 39%

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

NIBD/EBITDA 1.0 2.1

NWC-to-sales 23% 30%

CAPEX 66 171CAPEX-to-sales 3% 8%

ROIC after tax 20% 13%Free cash flow 174 (250)


Revised guidance for 2009/10

Guidance09/10

Guidance09/10 (DKK)

Long-termguidance

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

5-6%(previously 4-5%) Market +

EBIT margin around 19%(fixed)(previously 17-18%)

around 19%(previously 16-17%) >20%

CAPEX (DKKm) around 500(previously 500-600) ~6% of sales

Tax rate ~27%(unchanged)


Appendices


Quarterly sales overview

0

200

400

600

800

1,000

1,200

1Q07/08 2Q07/08 3Q07/08 4Q07/08 1Q08/09 2Q08/09 3Q08/09 4Q08/09 1Q09/10

OC UCC WSC


SenSura® continues to drive Ostomy Care growth

• Organic sales growth of 6%. Reported growth was 4%

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

• Satisfactory European growth

• Coloplast maintains its position as market leader with 35-40% global market share

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

-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

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 11% and reported growth of 7%

• High growth in sale of intermittent cathetersespecially SpeediCath® and SelfCath®

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

• Satisfactory sales in our US and European urology business

• Maintains market leader 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

858

825

880

881

912

883

953

951

979

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



Action taken within challenging Wound and Skin Care market

• Organic sales growth of 2% and reported revenue flat

• Growth is driven by Biatain® foam bandages

• Continued price pressure in the main European markets

• Restructuring programme progressing according to plan. Next phase – prepare for growth - initiated

• Global market share estimated at 5-10%

Note: 2007/08 impacted by inclusion of contract production

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

-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



Stable gross profit margin

• Gross profit increased by 4% to DKK 1,354m

• Production costs increased by 5% mainly due to lower production volumes than last year

• Gross margin of 59% in line with last year. Improvements in production costs offset by product mix changes and excess capacity

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

60.8

57.3 58.6 59.5 59.2

57.7 58.0 56.5

59.0

40

45

50

55

60

65

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

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

%DKKm


Reported EBIT margin increased to 20%

• EBIT was DKK 454m up 36%

• Distribution and admin costs decreased from continued cost containment and focus on sales force efficiencies

• R&D costs slightly lower than last year

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

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 16.1

10.4

15.8

4.7

15.2 14.515.5

18.019.8

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

%DKKm

EBIT EBIT-margin

31.2 31.928.8

30.5 30.2 30.5 31.429.4 29.2

11.1 11.39.4 9.9 8.8 8.2 6.8

4.7 6.0

3.7 4.4 4.66.8

4.7 4.7 4.3 4.0 4.00

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

DKKm Cost-to-sales ratios (%)

Dist.

Adm.

R&D


Significant ROIC and ROE improvements• The equity amounted to DKK 2,879m, corresponding to an equity ratio of 38%. Return on equity was

39%• Net interest bearing debt was DKK 2,405m, down by 61% 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

• DKK ~2bn in total unused committed credit facilities• ROIC after tax amounted to 20%, up 7%-points compared with same period last year

867

3,06

9

3,18

1

3,42

8

2,29

7

2,40

5

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 Q1 09/10

DKKm

NIBD NIBD to EBITDA

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

33%36%

38%

14%

9%

14%

4%

13% 12%14%

18%20%

0%

10%

20%

30%

40%

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

DKKm

Equity ratio ROIC


Strong cash flow performance

• Cash flow from operations amounted to DKK 174m, impacted by positive contribution from operations partly offset by increased working capital and on account payment of taxes of DKK 190m

• CAPEX was DKK 66m, corresponding to a CAPEX-to-sales ratio of 3%. Investments were in production equipment

• Free cash flow was DKK 174m compared with DKK (250)m last year

Note: Excluding acquisitions and divestments

399

415

745

754

571

66

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 Q1 09/10

%DKKm

CAPEX Capex-to-sales

919

604

376

653

1,42

8

174

14.7

9.0

4.7

7.7

16.2

7.6

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 Q1 09/10

%DKKm

FCF FCF-to-sales


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)


...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

Uroligy & Continence Care

Wound & Skin Care


Trends in the intimate healthcare market

Consumer healthcare awareness

Surgical and medical trends

Reimbursement reforms

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. 5%

Demographics +

Influence onCP Business


We have significant upside potential within all business areas and regions

Ostomy Care

Continence Care

Wound & Skin Care

Urology

Leverage current position in core European markets – selectively invest

in RoW

Forcefully improve profitability, then invest to grow

Improve cost and asset efficiency across BAs and regions


1 100

80

40

20

65

100

Marketshare (%)

4 113 90

8

60

2 7

Ostomy Care market

Coloplast revenue in 2008/09 DKK 3.6bn

Market size: DKK ~10bn

Market growth: ~4%

Market share: 35-40%

For people who have lost their normal bowel or bladder function typically due to cancer or inflammatory bowel diseases

Main competitors are ConvaTec and Hollister/Dansac

Market value (DKK bn)

Europe AmericasRoW

CompetitorsColoplast


In Ostomy Care Coloplast will drive growth with focus on Europe

US and Emerging Markets• US is the largest ostomy market in

the world – major untapped potential

• Significant growth of major markets in China, Russia and Brazil expected to continue

• Initiatives to improve reimbursement in selected developing markets

Europe• Clear market leader position in

Europe with significant room to grow in selected markets

• Market leading product offering. The newest product, SenSura®, drives Ostomy growth in Europe


Continence Care market

0

100

20

40

60

80


Europe AmericasRoW


Distribution of revenuesIntermittent cathetersUrine bagsMale external cathetersOther


Market size: DKK ~10bn

Market growth: 5-7 %

Market share: 30-35%For people who have lost their bladder functions, for example Spinal Cord Injured, Spina Bifida, Multiple Sclerosis patients

Main competitor AstraTec and Bard

Global market leader in continence

970 2 4 6 81 53

Marketshare (%)

10


In Continence Care growth will come from Europe and the United States

United States• Catheter policy change (from 4 to

200 catheters per month)

• We have the leading US catheter brand, SelfCath®, and critical mass

• Still on 1st generation catheters under new policy

Europe• Large variations in catheter usage

• According to Key Opinion Leaders users in the major countries are 20-40% below the recommended usage

• Most advanced catheters, but still a need for innovation


Urology market


Market size: DKK ~10 bn

Market share: 5-10%

Market growth: 7-9 %

Main competitors include American

Medical Systems and BSX

970 2 4 6 81 53

60

80

0

100

20

40

Europe AmericasRoW


Distribution of revenues

Disposable Surgical UrologyMen’s HealthWomen’s Health


Marketshare (%)

10


In Surgical Urology growth will continue to come from the US

Key US market• Continue positioning in US

urology market• Expand market reach• Launch of a number of new

products


Wound & Skin Care market


Organic growth 2008/09: 3%

Market size: DKK 14bn, growing at 5-7% (wound care only)

5-10% global market share

11

8

2

8

28

Acute

8

11

4

4

27

Chronic

Dry wound healing

Moist wound healing

Drugs and bio products

VAC

20%ConvaTec

18% Smith & Nephew

Mölnlycke

9%

Coloplast

7%

Urgo

3M

Other

Share of Moist Wound Healing market EU and US

J&J15%

7%

6%

18%

Wound Care Market size in DKKbn


In Wound and Skin Care we will focus our growth initiatives in key markets to drive profitable growth

Key markets• Launch of a number of new

products over the next 24 months

• Focus sales pressure on the growing community channel


Strong base for Profitable Growth

Our strategy confirms our Long-term Financial Targets

A journey Towards our Full Potential

Key messages


Appendices


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. Execution to begin February 2010

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 longer term

• NIBD/EBITDA FY Q1 2009/10 1.0

• ~40% unused committed credit facilities (DKK ~2bn)

• ~89% of debt at fixed interest rates

• No significant refinancing risks until 2013

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


0%

2%

4%

6%

8%

10%

12%

14%

16%

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09

Annual sales growth

0%

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 2007/08 2008/09

EBIT margin

Long-term financial targets

• Sales growth above market growth• EBIT margin of more than 20%

Average Market growth

Minimum Target

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

• Increase efficiency in existing organisation

• Continuous cost control in supply chain


The Coloplast share

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

Market cap. DKK ~24bn (USD ~5bn) @ DKK 580 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 30 September, 2009

48%

16%

12%

5%

10%

9%

Share Capital Ownership

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


Underlying demographic development supports future growth


Introducing Ostomy Care

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

35%)• Crohn• Ulcerative culitis

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

Call points• Hospital nurses• Community nurses• Hospital buyers• Distributors• Dealers• Wholesalers• Homecare companies

Key products

SenSura® 1 and 2 pieceLaunched in 2006-2008

Assura® 1 and 2 piece2nd generation launched 1996-2000

Easiflex®, 2 piece flexLaunched in 2003

Corsinel® launched in 2003Fistula launched in 2006


The worldwide market for ostomy devices

201320112010200920082007

Market development in valueWorldwide estimate

Market drivers Increasing incidence of colorectal

cancer and IBD, particularly in developing countries

Well developed usage patterns with strong key opinion leaders in Europe

Market limiters Reimbursement system reforms Usage patterns geared towards reuse

of products outside Europe – general lack of education within stoma care in developing markets

Market trends National health care 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

~4%

Estimated market value split by region

RoW

Europe

North America

2012


Introducing continence consumablesManagement of urinary incontinence

Disease areas• Urinary incontinence

(management products only)

Customer groups• Spinal Cord Injured, SCI• Spina Bifida, SB• Multiple Sclerosis, MS• BPH patients• Prostatectomy patients• Elderly• Diabetes• Neurogenic patients

Call points• Rehabilitation centers• Urology wards• Pediatric clinics• Continence advisors• Various hospital wards• Elderly homes• Distributors• Dealers• Wholesalers

Key products (management products)

SpeediCath® Compact intermittentcatheter. Launched in 03/04

Conveen® Optima external catheterLaunched in 05/06

Conveen® Security+ urine bagLaunched 10+ years ago

Speedicath® intermittent catheterLaunched in 99/00


The market for urinary incontinence management products

201220112010200920082007


Market driversLarge, under-penetrated popula-

tion for intermittent catheters

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

Patient associations’ influence

Market limitersReimbursement system reforms

(single price reimbursement on product categories)

Commoditization and low-spec competitors entering

Market trendsPurchasing decision centralizedDiagnose Related Groups and

tender businessHealth economic approach

enables price premiums

5-7%


RoW

EuropeAmericas


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


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 trendsPurchasing decision centralizedHealth economic approach

enables reimbursement, but market can also be developed without reimbursement


Introducing Urology CareTreatment (surgical) of urological disorders

Disease areas• Urinary incontinence• Pelvic organ prolapse• Erectile dysfunction• Enlarged prostate• Kidney and urinary stones• Other urological disorders

Customer groups• Surgeons• Purchasing departments and

organizations• End customers

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

organizations

Key products (implants and surgical disposables)

Aris® vaginal slingLaunched in 2005Women’s Health

Titan® OTR penile implantLaunched in 2008 Men’s Health

JJ stentsLaunched in 1998 Disposable Surgical Urology

Prostatic cathetersLaunched in 1995 Disposable Surgical Urology


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

2007 2008 2010 2011 20122009


7-9%


Americas

EuropeRoW


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 Dysfuncition

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

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


Introducing Wound Care

Decease areasChronic wounds• Leg ulcers• Diabetic foot ulcers• Pressure ulcers

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

[insert pic]

Comfeel® Plus Transparent• Transparent hydrocolloid dressing

• Launched in 1994

[insert pic] [insert pic] [insert pic]

Biatain® Silicone• Silicone adhesive and foam dressing


Biatain® Ag• Antimicrobial foam dressing


Biatain®• High exudate mgt. foam dressing


Biatain® range Comfeel®


Biatain® rangeComfeel® rangeSkin careOther


Executive management

Lars Rasmussen, CEO (50)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)Højgaard Holding A/S (BM)

Lene Skole, CFO (50)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)

Lene Skole, CFO

Lars Rasmussen, CEO


CSR in Coloplast

• Member of ISO 26000 Danish Committee

• Member of CSR-Forum IntegrityBusiness Network

• Carbon Disclosure Project

• Included in:


Income statement

Q1 Q12009/10 2008/09

Net revenue 2,296 2,196

Gross profit 1,354 1,301Gross margin 59.0% 59.2%

SG&A costs -808 -858R&D costs -92 -103Operating profit (EBIT) before separate items 454 339EBIT margin before separate items 19.8% 15.4%

Separate items 0 -5Operating profit (EBIT) 454 334EBIT margin 19.8% 15.2%

Net financial items -76 -53

Net profit, continuing activities 276 202

DKK million


Balance sheet

DKK million Q12009/10

Q12008/09

Balance sheet total 7,545 8,227Equity 2,879 2,307Equity ratio (%) 38% 28%

Net interest bearing debt 2,405 3,930Net debt to equity (%) 84% 170%Net debt to EBITDA 1.0 2.1

Invested capital 6,580 7,534


Cash flow

DKK million Q12009/10

Q12008/09

EBITDA 592 471Change in working capital -113 -298Interest and tax -244 -249Other 1 -10Cash flow from operations 236 -86

CAPEX (excl. M&A) -63 -171M&A -3 0Other 4 7Cash flow from investments -62 -164

Free cash flow 174 -250

Dividends -300 -257Trading of Coloplast shares 18 24Other cash changes 0 -19Total -282 -252

Change in net debt 108 502


53

MN MAN

VHTAT NYI

ZHU

MOR KVITHI ESP HUM

Innovation & Competency Centre

High Volume Production

Transfer of volume production to Hungary and China

SAR


44%30%

15%

35%50%

60%

1%10% 15%

20%10% 10%

2006/07 2008/09 2011/12 est.

Transfer of production

USA/France

China

Hungary

Denmark


HumlebækDK

• Pilot Center• Wound care products (foam)• Number of employees in production: ~120

• To be closed 2010

MørdrupDK

• Injection moulded parts and coatedcatheters (SpeediCath)

• Number of employees in production: ~225

EspergærdeDK

• Adhesives and Swiss roll elements• Number of employees in production: ~140

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 sites

• To become TechnicalCompetence Center

• To become TechnicalCompetence Center


NyirbatorHU

• Catheter products, urisheaths ConveenOptima, 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: ~300

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

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

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]�

leading intimate healthcare relations/presentations/2009-10/q1/q1...28 january 2010. biatain®...

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