MANAGEMENT REPORT
Medacta's Annual ReportManagement2020 | Report l Medacta's Annual Report 2020 | 5 |
INDEX
1. | MANAGEMENT COMMENTARY* | 12 |
2. | MEDACTA GROUP IN BRIEF | 22 |
3. | ASSETS TO COMPETE | 24 |
4. | PRODUCTS AND BUSINESS LINES | 30 |
6 | Medacta's Annual Report 2020 l Management Report |
2020 HIGHLIGHTS*
- Medacta's year-end revenue at Euro 302.5 million, down only 2.1% on a constant currency basis, despite COVID-19 pandemic;
- Second semester reached 7.6% growth on a constant currency basis. New customer acquisitions and an uptake in demand are reflected in the rebound, limited in part by the second COVID-19 wave starting in October;
- Adjusted EBITDA of Euro 88.1 million, corresponding to 29.1% margin;
- Profit for the year equal to Euro 37.1 million, 12.3% on revenues;
- Adjusted Free Cash Flow of Euro 31.9 million, up 43% vs prior year;
- Tactical changes in marketing and medical education programs, implementing several online initiatives, allowed us to reach over 2'900 surgeons;
- Over 30 new products registered. Innovation continued, culminating with the FDA clearance of our proprietary NextAR Augmented Reality platform technology in July;
- Over 80 new jobs added, including significant salesforce expansion across all geographies;
- In light of ongoing global uncertainty caused by Covid-19 pandemic, Company proposes no dividend distribution to reinvest in future growth plan;
- Outlook FY 2021: We are targeting 2021 revenue in the range of Euro 333 million to Euro 348 million at constant currency and adjusted EBITDA margin to be largely in line with the previous year, subject to any unforeseen events, specifically from Covid-19 pandemic.
EUR 302.5M | 29.1% | 16.9% |
-2.1% before FX effects from prior year1
-2.6% reported growth
- Is calculated as the difference between the current and historical period results translated using the current period exchange rates.
28.6% Reported EBITDA Margin
EUR 88.1M Adjusted EBITDA3
- Adjusted EBITDA margin, is calculated as adjusted EBITDA as a percentage of Revenue for the period.
- Is calculated as EBITDA, adjusted for non-recurring items: provisions on litigations, extraordinary legal expenses and gains realized through the release of prior years provisions.
16.3% Reported EBIT Margin
EUR 51.1M Adjusted EBIT5
- Adjusted EBIT margin, is calculated as adjusted EBIT as a percentage of Revenue for the period.
- Is calculated as EBIT, adjusted for non-recurring items: provisions on litigations, extraordinary legal expenses and gains realized through the release of prior years provisions.
EUR 37.1M | EUR 31.9M | 1'183 | ||
12.3% on Revenues | 82 new jobs added in 2020 | |||
EUR 1.85 EPS6 | ||||
[6] There is no effect of diluition, and diluited earnings | [7] Adjusted Free Cash Flow is calculated as IFRS cash flow | |||
per share equals basic earnings per share. | from operating activities plus IFRS cash flow from investing | |||
activities and adjusted for certain non-recurring items. | ||||
- Alternative Performance Measures: This section and other sections of this Annual Report, contain certain financial measures of historical performance that are not defined or specified by IFRS, such as "constant currency", "EBITDA", "Adjusted EBITDA" or "CORE EBITDA", "Adjusted and Normalized EBITDA", "Free Cash Flow", "Adjusted Free Cash Flow", "Adjusted and Normalized Free Cash Flow", "Net Debt" and "Leverage". Reconciliation of these measures as well as "CORE" financial measures is provided in the "Alternative Performance Measures" (APM) section of this Annual Report on page 19. These Alternative Performance Measures (APM) should be regarded as complementary information to, and not as a substitute for the IFRS performance measures. For definitions of APM, together with reconciliations to the most directly reconcilable IFRS line items, please refer section headed "Alternative Performance Measures" of this Annual report.
Management Report l Medacta's Annual Report 2020 | 7 |
KEY FINANCIAL FIGURES | ||
(Million Euro) | 31.12.2020 | 31.12.2019 |
Revenues | 302.5 | 310.6 |
Gross Profit | 214.3 | 223.7 |
Profit for the year | 37.1 | 11.9 |
Alternative Performance Measures: | ||
EBITDA | 86.5 | 53.3 |
Adjusted EBITDA* | 88.1 | 91.5 |
Adjusted EBITDA margin* | 29.1% | 29.5% |
Free Cash Flow | 25.4 | 0.6 |
Adjusted Free Cash Flow** | 31.9 | 22.3 |
(Million Euro) | ||
Total Assets | 441.9 | 412.6 |
Total Equity | 164.7 | 123.2 |
Equity Ratio | 37.3% | 29.9% |
Number of employees | 1'183 | 1'101 |
- Adjusted for provisions on litigations (Euro 0.7 million), extraordinary legal expenses (Euro 3.1 million) and gains realized through the release of prior years provisions (Euro 2.1 million). The reconciliation is provided in the "Alternative Performance Measures" section of the Management Report beginning on page 19.
- Adjusted for extraordinary legal expenses (Euro 3.1 million) and non-recurring investments (Euro 3.4 million). Please see the "Alternative Performance Measures" section of the Management Report for the reconciliation of the "Adjusted Free Cash Flow" beginning on page 19.
8 | Medacta's Annual Report 2020 l Management Report |
SHARE INFORMATION
The registered shares of Medacta Group SA are traded on the International Reporting Standard of SIX Swiss Exchange and are part of the Swiss Performance Index.
NUMBER OF SHARES
Share capital (in CHF) | 2'000'000 |
Number of registered shares outstanding | 20'000'000 |
Nominal value per registered share (in CHF) | 0.10 |
Number of treasury shares | 0 |
2020 DATA PER SHARE | |
(Swiss Francs) | 31.12.2020 |
2020 High (in CHF) | 92.40 |
2020 Low (in CHF) | 39.80 |
Closing price (in CHF) | 87.60 |
Market capitalization (in CHF million) | 1'752 |
RELATIVE SHARE PRICE DEVELOPMENT
Index base 100 calculation | ||||||||||||
Source: Refinitiv | ||||||||||||
150 | ||||||||||||
145 | ||||||||||||
140 | ||||||||||||
135 | ||||||||||||
130 | ||||||||||||
126 | ||||||||||||
125 | ||||||||||||
120 | ||||||||||||
115 | ||||||||||||
110 | ||||||||||||
105 | ||||||||||||
104 | ||||||||||||
100 | ||||||||||||
95 | ||||||||||||
90 | ||||||||||||
85 | ||||||||||||
80 | ||||||||||||
75 | ||||||||||||
70 | ||||||||||||
65 | ||||||||||||
Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb |
Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 |
Medacta Group SA | SP Swiss Performance Index | SXI BIOMED TR | ||
Management Report l Medacta's Annual Report 2020 | 9 |
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Medacta Group SA published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 05:09:02 UTC.