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Announcement no. 1/2019 – Interim Financial Report, Q1 2018/19

05-02-2019

Q1 2018/19  

Interim financial report, Q1 2018/19
(01 October 2018 - 31 December 2018)       

Solid start to the year, guidance for 2018/19 maintained

  • Coloplast delivered 8% organic growth in the first quarter. Reported revenue in DKK was up by 9% to DKK 4,321m.
  • Organic growth rates by business area: Ostomy Care 8%, Continence Care 8%, Interventional Urology 9% and Wound & Skin Care 11%.  
  • Solid growth across all geographical regions in particular Europe with 6% organic growth, driven by new product launches including SenSura® Mio Convex and SpeediCath® Flex.
  • The Wound Care business delivered 10% organic growth in the first quarter driven by the Biatain® Silicone portfolio in Europe and in particular in the UK and France.
  • The Interventional Urology business delivered 9% organic growth driven by sales and marketing investments in the US.
  • Coloplast expands its SpeediCath® portfolio with the launch of SpeediCath® Navi, a hydrophilic catheter specifically designed for Emerging markets. The product will be launched during 2019 and 2020.
  • As a consequence of the ambition to accelerate organic growth during the period to 2019/2020, incremental investments of up to 2% of revenue were made in the first quarter into innovation as well as sales and marketing initiatives across multiple markets and business areas.
  • EBIT amounted to DKK 1,297m, an 8% increase in DKK, corresponding to an EBIT margin of 30%, compared to 31% in the same period last year. Restructuring costs of DKK 17m were included in the first quarter in connection with the reduction of production staff in Denmark.
  • ROIC after tax before special items was 44% in the first quarter against 42% in the same period last year

Financial guidance for 2018/19

  • We continue to expect organic revenue growth of ~8% at constant exchange rates and a reported growth in DKK of 8-9%.
  • We continue to expect an EBIT margin of 30-31% at constant exchange rates and a reported EBIT margin of ~31% in DKK. The EBIT margin guidance reflects additional incremental investments of up to 2% of revenue for innovation and sales and marketing purposes.
  • Capital expenditure is still expected to be DKK ~750m, and we continue to expect the effective tax rate to be ~23%.

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