Investor Presentaiton
FY 2022/23 guidance breakdown: significant negative impact from
input cost increases on EBIT margin
Revenue growth assumptions
FY 2022/23 organic growth expected at
around 8% in constant currencies
• China Ostomy Care and Wound Care - negative
impact from COVID-19 in H1 and expected
improvement in growth in H2, mostly due to a lower
baseline last year, as well as improved hospital access
and procedural volumes towards the end of Q2
•
• US - sustained momentum in Ostomy Care, and
improvement in Continence Care growth driven by
the normalisation of growth in new patients to pre-
COVID levels in H2 21/22
Interventional Urology expected to grow around 10%
Key impacts on gross- and EBIT margin development in 2022/23
68.8
Gross margin (%)
GP margin
FY 21/22
Development
in FY 21/22
Assumption
for FY 22/23
Negative
Development since issue of FY guidance
Unchanged
Positive
ILLUSTRATIVE
쇼
66-67%
Energy
Wages Hungary Currency effect
Atos Medical²
GP margin
FY 22/23
Raw
materials
-55% of COGS
-2% of COGS
9% of COGS¹
Double-digit
price increase
Around 100%
increase
Double-digit
increase
15
•
Voice & Respiratory Care expected to grow 8-10%,
with 8 months impact on organic growth
-3%-pts
8-9%
-8%
Organic
growth 22/23
(Constant
currencies)
--2%-pt
+
Currency
effect
Acquired Reported
growth growth 22/23
30.6
ILLUSTRATIVE
28-29%
EBIT margin (%)
EBIT margin
FY 21/22
Development
in FY 21/22
Assumption
for FY 22/23
GP margin
Leverage
effect/scale
on fixed costs
Atos
amortisation
152mDKK
(8 mths)
~230mDKK
(12 mths)
Currency effect
Incremental
investments
EBIT margin
FY 22/23°
Lower end of
Strive25
guidance level4
1) Direct salaries as % of total COGS. 80% of production volumes are in Hungary. 2) 4 months incremental impact in 2022/23. 3) Before special items.
Special items of DKK 471 million in FY 21/22, of which DKK 300 million related to Mesh litigation provisions and the remaining DKK 171 million related
to the Atos Medical acquisition. Around DKK 50 million integration cost expected in FY 2022/23, to be treated as special items. 4) Strive25 guidance:
Investments of up to 2% of sales in incremental OPEX investments
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