Annual Report 2007/08 presentation, 26 November 2008By Lars Marcher, CEO, and Anders Arvai, CFO

26 November 2008 2

Agenda

Developments in 2007/08

More ambitious strategy

Outlook for 2008/09

26 November 2008 3

Highlights 2007/08 a satisfactory year Solid growth in revenue and operating

profit Growth in revenue at a higher level Growth in virtually all markets and for

the entire product programme Ambu wins market share Activities launched earlier within

production, product development and sales are having the desired effect

Economic slowdown in the world economy has not affected Ambu so far

26 November 2008 4

Revenue

Revenue of DKK 784m for FY 2007/07 – up 10% (15% when reported in local currencies)

USA back on track Streamlining of sales efforts

beginning to bear fruit Negative effect of exchange

rates of approx. DKK 36m

0

200

400

600

800

03/04 04/05 05/06 06/07 07/08

26 November 2008 5

Revenue by business area

Respiratory Care

Double-digit growth

figures in all important

markets – exceeding

market growth

Broadly founded growth

– strongest growth within

laryngeal masks and

ventilation bags

Cardiology

Growth at a higher level –

refocusing of sales efforts

Particularly strong growth

in the USA, Spain and Italy

Electrode production

relocated from Ølstykke to

Malaysia

Neurology

Double-digit growth figures

in several important markets

Improved needles attracting

considerable interest

Still attractive growth

potential

DKKm 2006/07 2007/08

Respiratory Care

271.2 317.1

Cardiology 266.2 276.9

Neurology 69.4 79.0

CPR Training 61.3 63.6

Immobilization 46.9 47.8

Total 715.0 784.4

RespiratoryCare

Cardiology

Neurology

CPR Training

Immobilization

26 November 2008 6

Revenue by geographical region

Europe Growth exceeds market growth Solid growth in core markets,

except France Focused sales efforts are working Potential for continued solid growth

USA Growth at a high level – 31% increase

when reported in USD Double-digit growth within four out of

five business areas Focused sales efforts for key products

and targeting a broad spectrum of customers, including GPOs

DKKm 2006/07 2007/08

Europe 467.4 511.4

North America 182.5 211.9

Rest of the world

65.1 61.1

Total 715.0 784.4

Europe

North America

Rest of the world

26 November 2008 7

Operating profit (EBIT)

EBIT of DKK 86m against DKK 69m the year before

Improvement is primarily attributable to higher revenue and higher gross profit margin

Changes in exchange rates: negative impact on EBIT of approx. DKK 5m

EBIT margin of 11.0% against 9.7% the year before

Exclusive of extraordinary legal fees, the EBIT margin was 12%

0

10

20

30

40

50

60

70

80

90

100

03/04 04/05 05/06 06/07 07/08

26 November 2008 8

Slightly improved cash flow

84.5 89.5Cash flows from operating activities

(48.9) (56.0)Cash flows from investing activities:

35.6 33.4Free cash flow

2007/082006/07DKKm

The improvement is primarily attributable to a higher operating profit and lower investments

26 November 2008 9

Agenda

Developments in 2007/08

More ambitious strategy

Outlook for 2008/09

26 November 2008 10

Ambu heading for new goals

Activities in the next two years

Product development

The launch of significantly more new and differentiated products than has been the case so far

Acquisitions The acquisition of new products and activities

Markets and products Increased focus on growing markets and product areas

SalesEnlarging the sales force and further focusing

of sales efforts

Streamlining General streamlining of important areas

26 November 2008 11

Several new products The ability to develop new products is

decisive to ensuring higher growth Further focusing and intensification of

development efforts Focus on products developed by Ambu as

well as acquired products Several new products in the pipeline will

contribute to revenue from 2008/09, but primarily in 2009/10

Identifying several new product areas – one being sleep diagnostics

Primary focus on differentiated single-use products for:

Hospitals

Rescue services

Outpatient surgery centres

26 November 2008 12

More efforts going into making acquisitions Acquisitions to stimulate growth Continuous scanning of the market – focus is on

the acquisition of small companies and product lines as well as large companies

What we are finding is that prices are moving towards more realistic levels

The criteria for making acquisitions remain the same – consolidation and synergies

Business areas:

26 November 2008 13

Sleep diagnostics – agreement with Sleepmate Conclusion of conditional agreement con-

cerning the purchase of activities from Sleepmate Technologies Inc. in November 2008 Sensors used to examine obstructive

sleep apnoea Sleepmate a leading player in the US

market Some of Ambu’s products are already used

within sleep diagnostics. Through acquisitions, a full product programme of sensors and electrodes can be offered

Transaction expected to be finalised before the end of the year

Price: USD 6.9m

Sleep diagnostics – growth drivers

Market growth of 15%

Only a small percentage of the estimated 20 million people suffering from sleep apnoea have been diagnosed

Obesity epidemic causes severe increase in sleep disorders

High growth expected in Europe, which is an underdeveloped market compared with USA

Shift to single-use products

26 November 2008 14

Focus on growth markets and bigger sales force Further streamlining of the sales efforts in

Europe and the USA and taking on more salespeople

Increased efforts in selected markets with high growth and developed health systems China – establishment of own sales offices Selected countries in Eastern Europe –

expansion of distributor networks

26 November 2008 15

New production strategy Production will be based at the existing factories in Denmark, China and Malaysia

in the coming four years Future production capacity expansions will be implemented in Malaysia

– the factory in Malaysia will be extended by approx. 8,000 square metres Production in China will be maintained close to the current level Production in Denmark will be reduced – production of the Blue Sensor products

will be moved to Malaysia. The move will start once the extension of the factory in Malaysia has been completed in the first half of 2010

Further streamlining of existing factories

26 November 2008 16

General streamlining of key areas Sales and marketing – further intensified efforts Development – including strengthening of search

team Supply chain – including the establishment of

strategic purchasing function, improvement of forecasting system and better inventory management

Production – including improved management and higher efficiency and capacity utilisation at factories

26 November 2008 17

Financial objectives Growth at significantly higher level than

market growth Increase in EBIT margin – no increase in

2008/09, however, due to increase in sales force

Increase in cash flow – among other things via working capital optimisation

26 November 2008 18

Agenda

Developments in 2007/08

More ambitious strategy

Outlook for 2008/09

26 November 2008 19

Outlook for 2008/09 Growth in revenue of approx. 8%,

corresponding to approx. DKK 850m (USD: 550)

EBIT margin of approx 11-11.5%, corresponding to approx. DKK 97m

Profit before tax of approx. 10-10.5% of revenue, corresponding to approx. DKK 87m

Free cash flow of approx. DKK 50m (with investments amounting to approx. 7% of revenue)

No significant effect so far of lower economic growth – recession may have a limited impact on Ambu

26 November 2008 20

Gearing for higher profitable growth in 2008/09 Launch of new products – more in the

pipeline Acquisition of new products and activities –

identification of opportunities Increased sales efforts in both growing

markets and product areas – establishment of sales offices in China and expansion of distribution networks in selected markets in Eastern Europe

Further focusing of sales efforts and expansion of sales force – taking on more salespeople in both Europe and the USA

Continued optimisation of production – e.g. commencement of extension of the factory in Malaysia

Questions

26 November 2008 22

For further information, please visit www.ambu.com

For further information, please contact:

Lars Marcher, CEO, lm@ambu.com or +45 5136 2490

Anders Arvai, CFO, aa@ambu.com or +45 7225 2000