Gode nyheder sender den vel i gulvet:
http://www.business.dk/industri/kraftig-fremgang-i-william-demant
http://borsen.dk/nyheder/investor/artikel/1/203024/staerkt_resultat_fra_william_demant_i_2010.html
http://binvest.dk/aktiegrafer.htm#wdh
Sådan plejer det jo at gå med gode aktier.
_________________________________________________
Publication of Annual Report 2010
Oticon Agil generates highest industry growth for the Group. Improvement of profitability during 2010 driven by strong sales figures and improved product mix.
Company Announcement no. 2011-01 9 March 2011
Today, the Board of Directors of William Demant Holding A/S adopted the Company's Annual Report 2010. This announcement includes the highlights of the annual report:
• In 2010, consolidated revenues totalled DKK 6,892 million, matching a strong growth rate of 21% of which acquisitions account for approx. 5 percentage points. The effect of exchange rate fluctuations was 4%.
• The business activities Hearing Devices, Diagnostic Instruments and Personal Communication generated organic revenue growth rates of 12%, 9% and 9%, respectively. However, if we only look at wholesale of hearing aids, the Group generated an organic growth rate of 15%.
• In 2010. the Group generated operating profits (EBIT) in the amount of DKK 1,430 million and a net profit of DKK 988 million. Both EBIT and the net profit have gone up by as much as 24%.
• The reported profit ratio (EBIT margin) in 2010 rose by 0.5 percentage point to 20.7%. However, after adjustment for a number of circumstances, including currency factors, the Otix Global acquisition and an employee share ownership plan, the consolidated profit margin was almost 2 percentage points higher.
• In 2011, the Group foresees considerable growth in revenues and earnings. If we disregard the acquisition of Otix Global, we thus expect a handsome double-digit growth rate in operating profits (EBIT) and a continued rise in the profit ratio compared with 2010.
"2010 was a epoch-making year for the William Demant Holding Group: we recaptured the position as the fastest growing player in the hearing aid industry and we succeeded in effectively exploiting our technological head start to launch products that set new standards for sound quality and wireless features. Our Group is in a very good position and this convincec me that also in future, we will be able to generate handsome growth rates," says Niels Jacobsen, President & CEO og William Demant Holding.
Hearing Devices
In 2010, corporate hearing device activities realised revenues totalling DKK 6,097 million, or a growth rate just under 21%. Overall, unit sales grew by 10%, and if we disregard sales to the National Health Service (NHS) in the UK, we generated significant unit growth of just under 14%, whilst succeeding in increasing the average selling price by slightly more than 5%, which is to a very high degree due to the success we have experienced with the world's best-selling high-end hearing aid, Oticon Agil, and the resulting improvement in product, channel and country mixes. Global unit growth is thought to have been 3% in the same period and with a declining average selling price in the market by up to 2%, it is estimated that market growth in 2010 totalled 1-3% in value. Thus, the Group generated growth rates that substantially exceed market growth rates and captured market shares in all major geographical markets.
This handsome growth must be seen in the light of the successful introduction of Oticon Agil and strong product portfolios in both Oticon and Bernafon. Launched at the beginning of March 2010, Oticon Agil was, in a matter of weeks, available not only on all markets, but also in no fewer than nine different styles. Agil is based on Oticon's second-generation wireless platform, RISE 2, which offers significant audiological improvements such as the unique Speech Guard technology that gives Agil users unsurpassed advantages. The reception of and response to Agil by end-users and dispensers alike have clearly demonstrated the product's qualities, and in a very short amount of time, Agil became a commercial success generating high sales. Although competing high-end hearing aids have since then been released on the market, none has yet managed to claim Agil's leading position. In October, Oticon introduced two more product families based on the new RISE 2 platform, i.e. the mid-priced product Oticon Acto and the Super Power instrument Oticon Chili. With the significant strengthening of our product portfolio in 2010 and with the launch of Oticon Ino targeted at the more price-conscious users at the beginning of February 2011, our product portfolio is very strong.
Diagnostic Instruments
In the period under review, Diagnostic Instruments generated revenues of DKK 535 million, or an increase of just under 30%. Of this, approx. 9 percentage points derive from organic growth and the remainder can be attributed to the acquisition of the US Grason-Stadler brand. As the underlying market growth is believed to have grown approx. 5%, this means that Diagnostic Instruments has again won significant market shares in 2010 and has reinforced its position as the world's largest and leading provider of diagnostic equipment. Diagnostic Instruments accounted for 8% of total consolidated revenues in 2010.
Personal Communication
Personal Communications generated revenues amounting to DKK 259 million, or an increase of just under 14%. Of this, approx. 9 percentage points derive from organic growth and the remainder can be attributed to exchange rate fluctuations. With their hand-free communication solutions, Sennheiser Communications contributed to this development with a handsome double-digit rate of organic growth, whereas Phonic Ear and FrontRow saw negative organic growth due to more intense competition in the markets in which they operate. In the past year, Personal Communication accounted for 4% of consolidated revenues.
The year's result
The significant revenue growth resulted in an increase in our operating profit (EBIT) of 24%, corresponding to a reported profit margin of 20.7% (20.2% in 2009). The development in the profit margin was hampered by a number of circumstances, including currency factors, the Otix Global acquisition and the employee share ownership plan offered to employees in our foreign companies, which have all affected the profit margin adversely by 1.3 percentage points, 0.4 percentage point and 0.2 percentage point, respectively. After adjustment, the profit margin is almost 2 percentage points higher. In 2010, we made significant investments in our distribution activities, including the continuous extension of our retail activities and the build-up of sales forces dedicated to Oticon Medical and Veterans Affairs in the USA. Investments in distribution will to a great extent increase our p0tential for future growth, but have especially in the short term, curbed our profit margin, also in the first half-year 2010. Thus, in the second half of 2010 the Group saw improvement in the profit margin by as much as 1.4 percentage points compared with the first half-year 2010. If we disregard the acquisition of Otix Global, this improvement is, however, even higher.
Otix Global
The integration of the US company Otix Global at the end of November 2010 has proceeded according to plan. The integration process in respect of administration, finance and IT is in full swing, including the transfer of Otix Global's US activities to a new domicile in New Jersey, USA. The existing headquarters in Salt Lake City will be closed down in the second half-year 2011. Otix Global's entire former management have resigned and a new, strong management team with lots of experience from the hearing aid industry have been established. The strengthening of the product portfolio under the Sonic brand is ongoing and now with access to William Demant Holding's unique technological competencies, the Sonic brand will not only gain strength, but it will also complement the Group's two existing brands. Going forward, the distribution activities under the Hearing Life brand will be subject to the Group's existing distribution activities. A properly carried out integration process will ensure that considerable synergies will be realised within the next 12-15 months and we expect that the acquired activities will in 2012 generate a profit margin whcih is just a fraction below the profit margin for the Group (excluding Otix).
In 2010, the takeover of Otix Global reduced the year's operating profits (EBIT) by approx. DKK 20 million of which DKK 5 million related to operations in December and DKK 15 million related to non-recurring costs in connection with the completion of the transaction and the subsequent restructuring and integration of the company.
Effect on operating profit (EBIT) as a result of the acquisition of Otix Global
DKK million Reported Effect from Otix acquisition 2010 Adjusted
2009
2010 Operating
expenses Non-recurring
costs
2010
Revenue 5,701 6,892 33 6,859
Production costs -1,666 -1,934 -12 -1,921
Gross profit 4,035 4,959 21 4,938
Capacity costs -2,886 -3,529 -26 -15 -3,488
Operating profit (EBIT) 1,149 1,430 -5 -15 1,450
Gross margin 70.8% 71.9% 62.5% 72.0%
EBIT margin 20.2% 20.7% -14.8% 21.1%
Other matters
In 2010, we carried through an employee share ownership plan for employees in the Group's foreign companies. The employee share ownership plan included a gift element recognised in the income statement of DKK 15 million of which the main part is recognised under distribution costs.
Expectations
For 2011, we forecast substantial growth in both revenues and earnings, and the improvement of corporate profitability that took place in 2010 is expected to continue. If we exclude the acquisition of Otix Global and the associated non-recurring costs, we forecast a continuous rise in our profit margin compared with 2010 and a handsome double-digit rate of growth in operating profits (EBIT) before recognition of Otix Global.
Unit growth in the global market for hearing aids is estimated at 2-4% in 2011, whereas the average selling price on the market is thought to develop flatly or slightly negatively. Organic growth in the Group's wholesale of hearing aids for 2011 is expected to exceed market growth by 4-8 percentage points. Excluding acquisitions, we expect our retail activities in 2011 to grow in step with market trends.
In 2011, Diagnostic Instruments is also expected to gain additional market shares in a market estimated to show low single-digit growth rates. We anticipate a high single-digit growth rate for the Group's activities in Personal Communication for 2011.
Acquisitions will have a positive impact on consolidated revenues in 2011. Based on the transactions carried through since early 2010, including the takeover of Otix, we expect acquisitions to impact revenues by 6-7% in 2011. To this should be added the effect of any acquisitions that may be made in the remaining part of 2011.
Viewed in isolation, the acquisition of Otix Global on 30 November 2010 is thought to contribute to consolidated revenues to the tune of DKK 350 million in 2011 against DKK 33 million in 2010. Otix Global's effect on consolidated operating profits (EBIT) before non-recurring costs is expected to be slightly negative for 2011 despite the fact that we forecast improvements as the year progresses. Non-recurring costs for the restructuring and integration of Otix are estimated at DKK 30-50 million for 2011. Otix is thus expected to dilute the consolidated profit margin in 2011 by 1.5-2.0 percentage points. In step with the ongoing integration process, the profitability of the acquired activities is expected to improve significantly. Activities for the 2012 financial year are expected to generate a profit margin just below that of the Group (exclusive of Otix). Although the integration process is proceeding satisfactorily, expectations of the acquired entities are, however, subject to a higher degree of uncertainty than are expectations for the Group's other activities.
Based on average exchange rates in February 2011, exchange rate movements in 2011 are assumed to have a neutral translation effect in respect of revenues as well as operating profits (EBIT) compared with 2010. Gains or losses from forward exchange contracts had a negative impact on consolidated revenues and operating profits (EBIT) for 2010 of close on DKK 90 million.
Continuous investments in property, plant and equipment in 2011 are estimated at DKK 225-250 million. To this amount should be added additional investments worth just over DKK 100 million in 2011 in relation to the ongoing construction of a new domicile for Oticon in the USA.
The Group’s effective tax rate for 2011 is estimated at 25%, matching the Danish corporation tax rate.
As mentioned in our Interim Report 2010, we strive to have an interest-bearing net debt of about DKK 1.0-1.5 billion. With an interest-bearing debt in early 2011 of nearly DKK 1.9 billion and the prospect of substantial cash flows in the next few months, we may during 2011 again be in a situation, where the buyback of shares may be relevant. Cash flows from operating activities and the extent of any acquisitions made in the particular period will determine when or if such buyback will take place.
Lars Nørby Johansen Niels Jacobsen
Chairman of the Board of Directors President & CEO
http://www.business.dk/industri/kraftig-fremgang-i-william-demant
http://borsen.dk/nyheder/investor/artikel/1/203024/staerkt_resultat_fra_william_demant_i_2010.html
http://binvest.dk/aktiegrafer.htm#wdh
Sådan plejer det jo at gå med gode aktier.
_________________________________________________
Publication of Annual Report 2010
Oticon Agil generates highest industry growth for the Group. Improvement of profitability during 2010 driven by strong sales figures and improved product mix.
Company Announcement no. 2011-01 9 March 2011
Today, the Board of Directors of William Demant Holding A/S adopted the Company's Annual Report 2010. This announcement includes the highlights of the annual report:
• In 2010, consolidated revenues totalled DKK 6,892 million, matching a strong growth rate of 21% of which acquisitions account for approx. 5 percentage points. The effect of exchange rate fluctuations was 4%.
• The business activities Hearing Devices, Diagnostic Instruments and Personal Communication generated organic revenue growth rates of 12%, 9% and 9%, respectively. However, if we only look at wholesale of hearing aids, the Group generated an organic growth rate of 15%.
• In 2010. the Group generated operating profits (EBIT) in the amount of DKK 1,430 million and a net profit of DKK 988 million. Both EBIT and the net profit have gone up by as much as 24%.
• The reported profit ratio (EBIT margin) in 2010 rose by 0.5 percentage point to 20.7%. However, after adjustment for a number of circumstances, including currency factors, the Otix Global acquisition and an employee share ownership plan, the consolidated profit margin was almost 2 percentage points higher.
• In 2011, the Group foresees considerable growth in revenues and earnings. If we disregard the acquisition of Otix Global, we thus expect a handsome double-digit growth rate in operating profits (EBIT) and a continued rise in the profit ratio compared with 2010.
"2010 was a epoch-making year for the William Demant Holding Group: we recaptured the position as the fastest growing player in the hearing aid industry and we succeeded in effectively exploiting our technological head start to launch products that set new standards for sound quality and wireless features. Our Group is in a very good position and this convincec me that also in future, we will be able to generate handsome growth rates," says Niels Jacobsen, President & CEO og William Demant Holding.
Hearing Devices
In 2010, corporate hearing device activities realised revenues totalling DKK 6,097 million, or a growth rate just under 21%. Overall, unit sales grew by 10%, and if we disregard sales to the National Health Service (NHS) in the UK, we generated significant unit growth of just under 14%, whilst succeeding in increasing the average selling price by slightly more than 5%, which is to a very high degree due to the success we have experienced with the world's best-selling high-end hearing aid, Oticon Agil, and the resulting improvement in product, channel and country mixes. Global unit growth is thought to have been 3% in the same period and with a declining average selling price in the market by up to 2%, it is estimated that market growth in 2010 totalled 1-3% in value. Thus, the Group generated growth rates that substantially exceed market growth rates and captured market shares in all major geographical markets.
This handsome growth must be seen in the light of the successful introduction of Oticon Agil and strong product portfolios in both Oticon and Bernafon. Launched at the beginning of March 2010, Oticon Agil was, in a matter of weeks, available not only on all markets, but also in no fewer than nine different styles. Agil is based on Oticon's second-generation wireless platform, RISE 2, which offers significant audiological improvements such as the unique Speech Guard technology that gives Agil users unsurpassed advantages. The reception of and response to Agil by end-users and dispensers alike have clearly demonstrated the product's qualities, and in a very short amount of time, Agil became a commercial success generating high sales. Although competing high-end hearing aids have since then been released on the market, none has yet managed to claim Agil's leading position. In October, Oticon introduced two more product families based on the new RISE 2 platform, i.e. the mid-priced product Oticon Acto and the Super Power instrument Oticon Chili. With the significant strengthening of our product portfolio in 2010 and with the launch of Oticon Ino targeted at the more price-conscious users at the beginning of February 2011, our product portfolio is very strong.
Diagnostic Instruments
In the period under review, Diagnostic Instruments generated revenues of DKK 535 million, or an increase of just under 30%. Of this, approx. 9 percentage points derive from organic growth and the remainder can be attributed to the acquisition of the US Grason-Stadler brand. As the underlying market growth is believed to have grown approx. 5%, this means that Diagnostic Instruments has again won significant market shares in 2010 and has reinforced its position as the world's largest and leading provider of diagnostic equipment. Diagnostic Instruments accounted for 8% of total consolidated revenues in 2010.
Personal Communication
Personal Communications generated revenues amounting to DKK 259 million, or an increase of just under 14%. Of this, approx. 9 percentage points derive from organic growth and the remainder can be attributed to exchange rate fluctuations. With their hand-free communication solutions, Sennheiser Communications contributed to this development with a handsome double-digit rate of organic growth, whereas Phonic Ear and FrontRow saw negative organic growth due to more intense competition in the markets in which they operate. In the past year, Personal Communication accounted for 4% of consolidated revenues.
The year's result
The significant revenue growth resulted in an increase in our operating profit (EBIT) of 24%, corresponding to a reported profit margin of 20.7% (20.2% in 2009). The development in the profit margin was hampered by a number of circumstances, including currency factors, the Otix Global acquisition and the employee share ownership plan offered to employees in our foreign companies, which have all affected the profit margin adversely by 1.3 percentage points, 0.4 percentage point and 0.2 percentage point, respectively. After adjustment, the profit margin is almost 2 percentage points higher. In 2010, we made significant investments in our distribution activities, including the continuous extension of our retail activities and the build-up of sales forces dedicated to Oticon Medical and Veterans Affairs in the USA. Investments in distribution will to a great extent increase our p0tential for future growth, but have especially in the short term, curbed our profit margin, also in the first half-year 2010. Thus, in the second half of 2010 the Group saw improvement in the profit margin by as much as 1.4 percentage points compared with the first half-year 2010. If we disregard the acquisition of Otix Global, this improvement is, however, even higher.
Otix Global
The integration of the US company Otix Global at the end of November 2010 has proceeded according to plan. The integration process in respect of administration, finance and IT is in full swing, including the transfer of Otix Global's US activities to a new domicile in New Jersey, USA. The existing headquarters in Salt Lake City will be closed down in the second half-year 2011. Otix Global's entire former management have resigned and a new, strong management team with lots of experience from the hearing aid industry have been established. The strengthening of the product portfolio under the Sonic brand is ongoing and now with access to William Demant Holding's unique technological competencies, the Sonic brand will not only gain strength, but it will also complement the Group's two existing brands. Going forward, the distribution activities under the Hearing Life brand will be subject to the Group's existing distribution activities. A properly carried out integration process will ensure that considerable synergies will be realised within the next 12-15 months and we expect that the acquired activities will in 2012 generate a profit margin whcih is just a fraction below the profit margin for the Group (excluding Otix).
In 2010, the takeover of Otix Global reduced the year's operating profits (EBIT) by approx. DKK 20 million of which DKK 5 million related to operations in December and DKK 15 million related to non-recurring costs in connection with the completion of the transaction and the subsequent restructuring and integration of the company.
Effect on operating profit (EBIT) as a result of the acquisition of Otix Global
DKK million Reported Effect from Otix acquisition 2010 Adjusted
2009
2010 Operating
expenses Non-recurring
costs
2010
Revenue 5,701 6,892 33 6,859
Production costs -1,666 -1,934 -12 -1,921
Gross profit 4,035 4,959 21 4,938
Capacity costs -2,886 -3,529 -26 -15 -3,488
Operating profit (EBIT) 1,149 1,430 -5 -15 1,450
Gross margin 70.8% 71.9% 62.5% 72.0%
EBIT margin 20.2% 20.7% -14.8% 21.1%
Other matters
In 2010, we carried through an employee share ownership plan for employees in the Group's foreign companies. The employee share ownership plan included a gift element recognised in the income statement of DKK 15 million of which the main part is recognised under distribution costs.
Expectations
For 2011, we forecast substantial growth in both revenues and earnings, and the improvement of corporate profitability that took place in 2010 is expected to continue. If we exclude the acquisition of Otix Global and the associated non-recurring costs, we forecast a continuous rise in our profit margin compared with 2010 and a handsome double-digit rate of growth in operating profits (EBIT) before recognition of Otix Global.
Unit growth in the global market for hearing aids is estimated at 2-4% in 2011, whereas the average selling price on the market is thought to develop flatly or slightly negatively. Organic growth in the Group's wholesale of hearing aids for 2011 is expected to exceed market growth by 4-8 percentage points. Excluding acquisitions, we expect our retail activities in 2011 to grow in step with market trends.
In 2011, Diagnostic Instruments is also expected to gain additional market shares in a market estimated to show low single-digit growth rates. We anticipate a high single-digit growth rate for the Group's activities in Personal Communication for 2011.
Acquisitions will have a positive impact on consolidated revenues in 2011. Based on the transactions carried through since early 2010, including the takeover of Otix, we expect acquisitions to impact revenues by 6-7% in 2011. To this should be added the effect of any acquisitions that may be made in the remaining part of 2011.
Viewed in isolation, the acquisition of Otix Global on 30 November 2010 is thought to contribute to consolidated revenues to the tune of DKK 350 million in 2011 against DKK 33 million in 2010. Otix Global's effect on consolidated operating profits (EBIT) before non-recurring costs is expected to be slightly negative for 2011 despite the fact that we forecast improvements as the year progresses. Non-recurring costs for the restructuring and integration of Otix are estimated at DKK 30-50 million for 2011. Otix is thus expected to dilute the consolidated profit margin in 2011 by 1.5-2.0 percentage points. In step with the ongoing integration process, the profitability of the acquired activities is expected to improve significantly. Activities for the 2012 financial year are expected to generate a profit margin just below that of the Group (exclusive of Otix). Although the integration process is proceeding satisfactorily, expectations of the acquired entities are, however, subject to a higher degree of uncertainty than are expectations for the Group's other activities.
Based on average exchange rates in February 2011, exchange rate movements in 2011 are assumed to have a neutral translation effect in respect of revenues as well as operating profits (EBIT) compared with 2010. Gains or losses from forward exchange contracts had a negative impact on consolidated revenues and operating profits (EBIT) for 2010 of close on DKK 90 million.
Continuous investments in property, plant and equipment in 2011 are estimated at DKK 225-250 million. To this amount should be added additional investments worth just over DKK 100 million in 2011 in relation to the ongoing construction of a new domicile for Oticon in the USA.
The Group’s effective tax rate for 2011 is estimated at 25%, matching the Danish corporation tax rate.
As mentioned in our Interim Report 2010, we strive to have an interest-bearing net debt of about DKK 1.0-1.5 billion. With an interest-bearing debt in early 2011 of nearly DKK 1.9 billion and the prospect of substantial cash flows in the next few months, we may during 2011 again be in a situation, where the buyback of shares may be relevant. Cash flows from operating activities and the extent of any acquisitions made in the particular period will determine when or if such buyback will take place.
Lars Nørby Johansen Niels Jacobsen
Chairman of the Board of Directors President & CEO
9/3 2011 15:51 collersteen 3
39885 Du fik helt ret Johnsen - aktien handler lige nu 435 og er dermed blevet "belønnet" med et fald på 4,5% idag indtil videre. Den startede ellers pænt med 1-2% stigning.
Nu WDH har været så venlige at lave et regnskab på dansk også kan vi da lige tage det med også:
http://www.proinvestor.com/aktienyt/536931/Offentliggoerelse-af-AArsrapport-2010
Det er flotte væksttal man forventer i 2011, men med en P/E på den "forkerte" side af 20 skal der dog også leveres for at berettige den valuation. Det er trods alt market cap på ca. 25mia for et selskab med 6,8mia i omsætning i 2010. EPS var 16,9 i 2010 og når den eksempelvis 20 i 2011 vil vi stadig have P/E på lige over 20.
Det siger så også lidt om hvilket potentiale der kan være i GN såfremt man får REsound op i samme indtjeningsklasse, selvom REsound pt. kun er lige under halv størrelse af WDH målt på omsætning. Markedsværdi for hele GN er ca. 10mia kr.
Der har været telefonkonference idag og her en lille histore om marginerne i WDH:
http://www.proinvestor.com/finansnyhed/10288517/WDHCEO:-Vi-er-stadig-lidt-bagefter-paa-marginer
Det er åbenbart ikke godt nok med 72% bruttomargin og 20,7% overskudsgrad i 2010!!!
Lidt flere CEO-interviews her:
http://www.proinvestor.com/nyheder/WDH.CO/
Nu WDH har været så venlige at lave et regnskab på dansk også kan vi da lige tage det med også:
http://www.proinvestor.com/aktienyt/536931/Offentliggoerelse-af-AArsrapport-2010
Det er flotte væksttal man forventer i 2011, men med en P/E på den "forkerte" side af 20 skal der dog også leveres for at berettige den valuation. Det er trods alt market cap på ca. 25mia for et selskab med 6,8mia i omsætning i 2010. EPS var 16,9 i 2010 og når den eksempelvis 20 i 2011 vil vi stadig have P/E på lige over 20.
Det siger så også lidt om hvilket potentiale der kan være i GN såfremt man får REsound op i samme indtjeningsklasse, selvom REsound pt. kun er lige under halv størrelse af WDH målt på omsætning. Markedsværdi for hele GN er ca. 10mia kr.
Der har været telefonkonference idag og her en lille histore om marginerne i WDH:
http://www.proinvestor.com/finansnyhed/10288517/WDHCEO:-Vi-er-stadig-lidt-bagefter-paa-marginer
Det er åbenbart ikke godt nok med 72% bruttomargin og 20,7% overskudsgrad i 2010!!!
Lidt flere CEO-interviews her:
http://www.proinvestor.com/nyheder/WDH.CO/
