Bonds have more fun Peter Hjalmarson, Group Treasurer, Getinge
advertisement
Bonds have more fun Peter Hjalmarson, Group Treasurer, Getinge AB Fokusgrupp Treasury 24 Maj, 2013 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 24 248 M • EBITA SEK 4 849 M • No of employees 15,000 • Global manufacturing footprint • World wide sales • Market cap SEK 48 000 M • Stable ownership structure GETINGE GROUP Medical Systems Extended Care Infection Control 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 Western Europe 30% Recurring revenue 49% Surgical Workplaces Capital equipment 51% RoW 38% Cardiovascular Western Europe 30% USA & Canada 32% Critical Care 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 Brand Patient Handling 5 ArjoHuntleigh RoW 18% USA & Canada 33% Western Europe 49% Therapy & Prevention 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 Healthcare 37 Number of production facilities 9 Brand Getinge Western Europe 49% Recurring revenue 43% Capital equipment 57% RoW 31% Western USA & Europe 40% Canada USA33% & Canada 29% Life Science A successful journey 1993–2012 and onwards SEK million Sales Profit before tax 30000 4000 3500 25000 3000 20000 2500 15000 2000 1500 10000 1000 5000 500 0 0 1993 1993 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 A rapidly expanding medical technology company 1996 1993 Getinge AB is listed Acquisition of the american on the Stockholm company MDT Stock Exchange 2003 2008 2011 Acquisition of Siemens LSS & Jostra Acquisition of Boston Scientific CS/VS divisions Acquisition of Atrium 2009 2012 1989 1995 2000 2007 Carl Bennet & Rune Andersson acquires Getinge Getinge acquires the Arjo Group Getinge acquires 4 companies, including MAQUET Acquisition of Acquisition of Acquisition of Datascope Acare & TSS Huntleigh Technology PLC Associates: Future ambition Getinge today Revenues Ebita margin Organic growth Recurring revenue as % of total revenue Revenue OUS and OWE as % of total revenue Getinge tomorrow SEK 25 Billion ~21 % Revenues Ebita margin ~5 % Organic growth 45 % Recurring revenue as % of total revenue 29 % Revenue OUS and OWE as % of total revenue SEK 50 Billion >22 % 6-7% 75 % 35 - 40 % 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 2007-2008 NIB & EIB in som långivare GETINGE GROUP Getinge Treasury – Upplåning Fundingkällor 2007 ny större RCF sätts på plats, 810 MEUR 2010 Certifikatprogram etableras 2011 RCF refinansieras, 1 200 MEUR 2012 Svenskt MTN-program etableras, första emissionen 1 000 MSEK. 2013 andra emissionen under MTN-programmet. 2 000 MSEK. Betydande volymer av korta & obekräftade kreditlinor Aktuell nettoskuld per 31 mars 2013: 18 395 MSEK Maturity of debts Lender/Facility Syndicated Credit Facility with 10 banks 1 200 MEUR Swedish Bond Loan 2 000 MSEK/300 MUSD Term loan Mediobanca 135 MEUR Swedish Bond Loan 1 000 MSEK/140 MUSD Nordic Investment Bank 90 MUSD Mizuho Term Loan 75 MUSD Bond Loan, Swedish Export Credit 70 MUSD European Investment Bank 53.4 MEUR Nordic Investment Bank 500 MSEK US Private placement 50 MUSD Bond Loan, Swedish Export Credit 50 MUSD Bond Loan, Swedish Export Credit 50 MUSD Commercial Paper Back-stop Facility SEB, Danske & Nordea, 2 000 MSEK 2013 2014 2015 2016 July 2017 July 825 MEUR 2018 2019 2020 July May October May Sep Sep May 60 MUSD December 30 MUSD June June Nov December December Dec Dec 12 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 GETINGE GROUP Funding - Kapitalmarknad • F n har Getinge ca 4 500 MSEK utestående i den svenska kapitalmarknaden • 1 500 MSEK i företagscertifikat • 3 000 MSEK i obligationer 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) GETINGE GROUP Funding - Kapitalmarknad • Relativt enkel dokumentation • MTN-program • Prospekt GETINGE GROUP Funding - vad avgör valet av finansieringskälla? • Pris & övriga villkor • Tillgång till olika löptider • Finanspolicy • Regulatoriska aspekter • Riskspridning GETINGE GROUP Funding - Slutsatser • Lägg äggen i olika korgar • Synkronisera financial covenants • Långsiktighet • Transparens • Styr processen själv Contact HEAD OFFICE Getinge AB Box 69 SE-305 05 Getinge info@getinge.com +46 (0) 10 335 0000 www.getingegroup.com Getinge Group 2012
