GN Store Nord. DDF Company Forum 2006, May 30, CFO Jens Due Olsen

Transcription

1 GN Store Nord DDF Company Forum 2, May 3, 2 CFO Jens Due Olsen

2 One company three businesses 2

3 Following up on The GN Agenda 2-28 Balance profit with organic growth in Hearing Instruments Revenue growth of 5% (excluding INTERTON) EBITA impacted by DKK 55m in one-offs. EBITA margin down.3% points excluding one-offs changed product mix and OPEX increase ReSound Pixel and Plus5 performing well Grow the office headset market profitably CC&O headsets revenue growth of 25% and EBITA margin down 3.1% points Strong Hello Direct growth pick-up in EMEA continues Stay ahead in the mobile and music race Revenue growth of 54% and EBITA margin unchanged Low-end Jabra products in high demand. Growth rate comparisons are made year-over-year. All growth rates are organic. 3

4 GN at a glance Q1 Performance in line with expectations CC&O continues to show strong growth and EMEA continues to pick up Mobile growth up driven by OEM and low-end Jabra revenues Hearing Instruments growth improved Impact from planned growth inducing OPEX increases in all business units Key initiatives performing according to plan One-off impact of DKK 55m from Cork plant closure in Hearing Instruments INTERTON, including integration performing according to plan Product portfolio stays young Product launches in all business areas innovation rate 54% Mobile enter the music area Biggest launch agenda ever in Hearing Instruments Cash returns to shareholders Dividend of DKK 132m and DKK 4m share buyback 4

5 GN Revenue and EBITA margin DKK millions Q1-23 Q1-24 Q1-25 Q EBITA margin in % 5

6 Revenue and EBITA margin Revenue, DKK millions Q1 24 Contact Center & Office Headsets Q2 Q3 Q4 Q1 25 Mobile Headsets Q2 Q3 Q4 Q Revenue, DKK millions Q Hearing Instruments Q2 Q3 Q4 Q1 25 Q2 Q3 Q4 Q1 2 Audiologic Diagnostics Equipment Revenue, DKK millions Q1 24 Q2 Q3 Q4 Q1 25 Q2 Q3 Q4 Q Revenue, DKK millions Q1 24 Q2 Q3 Q4 Q1 25 Q2 Q3 Q4 Q

7 Profit & loss DKK millions 24 Q1/25 25 Q1/2 Revenue 5,548 1,31,44 1,75 Gross profit Gross margin, % 2, , EBITA EBIT Financials, net and other 2 () (8) () EBT Overall growth 24% Excluding one-off from Cork, EBITA 11% down from Q1 25 7

8 Balance sheet DKK millions Q1/25 25 Q1/2 Goodwill 2,495 3,44 2,975 Other intangible assets 1,238 1,2 1,3 Inventory Trade receivables 1,52 1,387 1,389 Net interest bearing debt Trade payables Working capital up y-o-y but flat sequentially due to planned reductions in inventory NIBD increase from dividend, share buyback and investments in new HQ 8

9 New products in 25-2 Jabra BT35 ReSound Metrix Jabra SP5 Bluetooth Speakerphone GN 935 Jabra BT2s Bluetooth stereo headset Jabra JX1 Jabra BT5 ReSound Pixel Aurical Jabra BT13 Jabra BT33 ReSound Plus5 Jabra BT1 33 replacable designs Jabra CS1 designer stereo headset 9

10 Contact Center & Office Headsets DKK millions Q1 Q2 Q3 Q4 24 Q1 Q2 Q3 Q4 25 Q1/2 Revenue , , Growth, % Gross margin, % EBITA Office initiatives continue to result in high growth Strong quarter in Hello Direct EMEA grew 14%, second quarter with double digit growth rates No abnormal price pressure in the market EBITA down sequentially from growth accelerating OPEX investments Office platform further strengthened Midterm market growth in office 2-3% GN 935 1

11 Mobile Headsets DKK millions Q1 Q2 Q3 Q4 24 Q1 Q2 Q3 Q4 25 Q1/2 Revenue , ,9 43 Growth, % Gross margin, % EBITA (11) (8) (14) (7.3) (2.7) (3.) Growth continues competition fierce 35% market share maintained Strong growth in Jabra and OEM Strong demand for low priced Jabra products by major carriers lowers margins Product platform further strengthened Jabra JX1 11

12 GN is leading wireless headset innovation Long list of industry firsts GN 91 Bluetooth headset v1. GN Satellite Analog wireless headset BT25 Bluetooth headset v1.1 GN 92 Digital truly wireless headset BT5 Bluetooth headset v1.2 GN 912 Truly wireless headset JX1 Bluetooth headset v2. GN 21 Bluetooth headset for both mobile phone and fixed line GN 935 wireless headset for traditional & IP telephony 12

13 Hearing Instruments DKK millions Q1 Q2 Q3 Q4 24 Q1 Q2 Q3 Q4 25 Q1/2 Revenue , , Growth, % Gross margin, % EBITA Key markets performed well in Q1 and organic growth picking up to 5% y-o-y in value and 9% in units Strong competition in high-end and mid-prized ReSound Pixel and ReSound Plus5 launches lowers top segment share to 39% 1 new product launches revealed at AAA in April DKK 55m one-off impact from Cork closure Q4 OPEX run rate increased further in order to support future growth 13 ReSound Metrix

14 Audiologic Diagnostics Equipment DKK millions Q1 Q2 Q3 Q4 24 Q1 Q2 Q3 Q4 25 Q1/2 Revenue Growth, % 5 4 () 2 (1) 2 (8) (12) (7) (4) Gross margin, % EBITA 3 (1) () (3) (7) 1 1 () (1.2) (7.7) (3.1) (2.) (8.3) Q1 performance in line with expectations Reorganization of activity continues ICS Chartr 2 14

15 2 Guidance Unchanged Total capex DKK 1bn. Investments in growth up by DKK 4m vs. 25 Revenue At least DKK 8bn at DKK/USD EBITA DKK 1bn EBT DKK 925m CC&O Mobile Hearing Instruments Audiologic Diagnostics Equipment EBITA margin 18-2% on revenues of at least DKK 1.8bn Highest growth in US through Hello Direct EBITA margin 3-5% on revenues of app. DKK 2.7bn Bluetooth penetration drives overall demand EBITA margin 18-2% on revenues of DKK 3.2bn Pixel and Plus5 take portfolio ahead of competition Small EBITA profit on revenues of app. DKK 325m Ongoing turnaround USD sensitivity: ~% of sales and ~5% of costs in the USD-zone CNY sensitivity: ~DKK 1m revenue and ~DKK 9m cost base in China 15

16 The GN Agenda 2-28 Balance profit with organic growth in hearing instruments Continue to improve profitability Grow the office headset market profitably Duplicate US success in EU Stay ahead in the mobile and music race Expand Asian platform Improve margins 1

17 THANK YOU FOR YOUR ATTENTION! Questions? The presentation is available at 17