Investor Presentaiton

Adj. FCF in 9M was DKK 2,167 million. Operating cash flow impacted by increased working capital; NWC-to-sales now expected at 25% for FY 13 99 99 FCF development¹ 98 90 93 93 77 4,547 4,058 4,086 4,016 3,858 83 2,167 25 23 23 21 18 12 17/18 18/19 19/20 20/21 21/22 YTD 22/23 FCF (DKKm) (1) Cash Conversion (2) FCF-to-Sales (%)¹ • 9M 2022/23 highlights Free cash flow for 9M 2022/23 was an inflow of DKK 1,690 million compared to an outflow of DKK 8,399 million in the same period last year. Excluding acquisitions last year, the FCF decreased by DKK 544 million (24%) from DKK 2,234 million in 9M 2021/22, driven by a decline in cash flow from operating activities Adjusted for Mesh payments and the US Veteran Affairs matter³ payment, the 9M 2022/23 FCF was an inflow of DKK 2,167 million Operating cash flow for 9M 2022/23 was DKK 2,345 million, against DKK 2,959 million last year, due to higher income tax paid, increased interest payments due to the Atos Medical acquisition, and an increase in working capital, driven by an increase in inventories Reported EBIT before special items was DKK 35 million (1%) higher than 9M 2021/22 NWC-to-sales of 27% compared to 25% at year-end 2021/22, mostly impacted by an increase in inventories. NWC-to-sales for the year is now expected around 25% of revenue CAPEX-to-sales ratio of 5%, compared to 4% last year • 9M CAPEX was driven by investments in automation at volumes sites as part of GOP5, IT investments, and Atos Medical capex and integration capex 1) FCF adjustments: 9M 2022/23 Mesh payments and payment related to the formal resolution of the US Veteran Affairs matter; FY 2021/22 adjusted for acquisitions, mostly Atos Medical and Mesh payments; FY 2020/21 adjusted for acquisitions and Mesh payments; FY 2018/19 adjusted for Mesh payments; FY 2017/18 adjusted for Mesh payments and acquisitions. 2) Cash Conversion calculated as FCF ex. Mesh payments, interest payments, tax payments, M&A and marketable securities relative to EBIT before special items. Cash Conversion is trailing twelve months. 3) Formal resolution of the US Veteran Affairs matter of incorrect management of contractual obligations related to past agreements, uncovered and disclosed to authorities in FY 2016/17 Coloplast

View entire presentation