Carl Zeiss Meditec Group Analyst Conference 2016/17

Transcription

1 Analyst Conference 2016/17 Dr Ludwin Monz, CEO Dr Christian Müller, CFO December 8,

2 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Carl Zeiss Meditec AG or any present or future member of its Group nor should it or any part of it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in Carl Zeiss Meditec AG or any member of its Group or commitment whatsoever. All information contained herein has been carefully prepared. Nevertheless, we do not guarantee its accuracy or completeness and nothing herein shall be construed to be a representation of such guarantee. The information contained in this presentation is subject to amendment, revision and updating. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the management s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements as a result of, among others, factors changing business or other market conditions and the prospects for growth anticipated by the management of Carl Zeiss Meditec AG. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Carl Zeiss Meditec AG does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of this presentation. This presentation is for information purposes only and may not be further distributed or passed on to any party which is not the addressee of this presentation. No part of this presentation must be copied, reproduced or cited by the addressees hereof other than for the purpose for which it has been provided to the addressee. This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. 2

3 Agenda /17 at a Glance 2 Financial Performance 3 Highlights 4 Outlook 3

4 Significant Revenue Growth Ahead of our Markets Revenue in million EBIT in million EPS in 12M 2016/17 12M 2015/ ,9 +9.3% 1.088,4 12M 2016/17 12M 2015/16 180, % 154,3 12M 2016/17 12M 2015/16 1,21 1, % Revenues grew by 9.3% (fxadj. 9.3%), supported by all SBUs Revenue of 1,189 mn in line with our forecast of 1,150 1,200 mn Strongest growth contribution from SBU Ophthalmic Devices and APAC region EBIT up 17.2% vs. prev. year to mn, contains special effect from Q1 16/17 (Ontario divestment) of 7.5 mn EBIT margin of 15.2% (prev. year: 14.2%); adjusted EBIT margin at 14.8% (prev. year: 14.7%) EBIT development supported by mix improvement despite higher level of investment EPS primarily increased due to the positive development of EBIT, hedging gains of 9 mn and slightly lower tax rate compared to last year 4

5 Agenda /17 at a Glance 2 Financial Performance 3 Highlights 4 Outlook 5

6 Ophthalmic Devices: Positive Contribution from all Businesses Ophthalmic Devices Revenue in million Revenue split in % 12M 2016/17 12M 2015/16 791,9 880, % 74.0% of total revenue FX-adj. sales growth of 11.2% Strong growth in Refractive Laser business particularly in APAC region, first contribution from U.S. roll-out of SMILE Continued growth in Surgical Ophthalmology EBIT margin above previous year due to increased share of recurring revenue despite high level of strategic investment 6

7 Microsurgery: Solid Growth while Innovation Roll- Out Continues Microsurgery Revenue in million Revenue split in % 12M 2016/17 12M 2015/16 296,5 309,4 +4.4% 26.0% of total revenue FX-adj. sales growth of 4.3% Slight growth in Neuro/ENT category Profitability remains on a high level despite higher R&D cost Good progress with launch of KINEVO 900 and EXTARO 300 7

8 APAC Drives Top Line Growth Americas 31.8% Revenue in million 12M 2016/17 12M 2015/16 354, % FX-adj. growth of +6.4% U.S. returns to expected levels of growth despite continuous intense competitive environment EMEA 30.5% Revenue in million 12M 2016/17 12M 2015/ % 352,7 FX-adj. growth of +3.9% Continued heterogeneous development with stable environment in core markets, while some challenges remain in specific markets APAC 37.7% Revenue in million 12M 2016/17 12M 2015/16 381, % FX-adj. growth of +17.1% Strong growth contribution from China, India, South East Asia and South Korea 8

9 EBIT Margin Reaches 15.2% Supported by Mix Improvements and one-off Gain in Q1 Income statement in million in % of sales 12M 2016/17 12M 2015/16 Gross profit Selling & marketing expenses General & admin. expenses R&D expenses EBIT 1) [adj.] [176.2] [159.5] 15.2 [14.8] 14.2 [14.7] 1) Includes special effect from divestment of non-core assets at Ontario, CA, site amounting to 7.5 mn 9

10 Adjusted EBIT Margin at High End of Forecast Range 12 Months 2016/17 12 Months 2015/16 Change to prev. year in million in million in % EBIT Acquisition-related special effects Restructuring/reorganization Adjusted EBIT Adjusted EBIT in % of revenue 14.8% 14.7% + 0.1%-pts. Acquisition-related special items in 12M 2016/17 contain one-off gains from the sale of non-core assets at Ontario, CA, site to an effect of 7.5 mn, as disclosed in Q1 16/17. Adjusted EBIT margin within FY 2016/17 forecast range of 13-15% 10

11 Weaker Operating Cash Flow partly due to Product Launches and Related Supply Chain Realignment Cash flow statement in million Cash flow from operating activities 12M 2016/17 12M 2015/16 37,7 111,8 Cash flow from investing activities -55,9 77,3 14,5 Cash flow from financing activities -195,0 Phasing of revenue in Q4 as well as investments in net working capital result in weaker operating cash flow, partly related to high number of product launches including demo units and related supply chain realignment 11

12 Equity Increase Has further Strengthened Net Cash and Provides us with Financial Flexibility to Grow Key ratio 2) Sep 30, 2017 Change to Sep 30, 2016 Equity ratio 76.5 % + 8.3%-pts Net cash and cash equivalents mn % Net working capital mn % Trade receivables in % of revenue 25.0% + 1.1%-pts. Inventory in % of revenue 19.7% + 0.6%-pts Our balance sheet and financial ratios remain very strong Net cash increased year-over-year 2) See definition page 43 of the Annual Report 2016/17 of Carl Zeiss Meditec AG 12

13 We Will Propose a Dividend of EUR 0.55 for 2016/17 Dividend in per share 2016/17 0, /16 0, /15 0,38 Dividend of 0.55 per share will be proposed by the Supervisory Board and the Executive Board of Carl Zeiss Meditec AG for FY 2016/17 The proposed dividend corresponds to 35% of EPS 13

14 Agenda /17 at a Glance 2 Financial Performance 3 Highlights 4 Outlook 14

15 CLARUS 500: High Resolution Imaging across the entire Retina CLARUS 200 CLARUS 133 VISUCAM 45 Ultra-widefield (UWF) fundus imaging system to conduct comprehensive fundus examinations in high resolution and true colours Ultra-widefield is the fastest developing segment in fundus imaging with a limited number of competitors and significant further growth potential in the ophthalmologist and optometrist markets 15

16 Agenda /17 at a Glance 2 Financial Performance 3 Highlights 4 Outlook 16

17 Outlook - Focus on Further Profitable Growth Our strategic priorities: Drive customer orientation and generate outstanding customer experience Empower Clinicians to achieve Better Patient Outcomes & increased Efficiency Lead digitalization in our markets and further broaden our portfolio of digital solutions Grow and expand the Market for Refractive Laser Surgery Further increase the share of Recurring Revenue Goals 2017/18 To grow revenue at least as fast as our markets grow To reach an adjusted EBIT margin in a range of 14% - 16% Mid-term Goals To grow revenue at least as fast as our markets grow To further increase the share of recurring revenue To reach an adjusted EBIT margin in a range of 14% - 16% We will continue on our path of profitable growth ahead of our markets 17

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