Getinge overview

An expanding Medical-Technology group with focus on comprehensive solutions for infection control, surgical systems and care of elderly and disabled people

Customers Acute careLong term careIndustry / Laboratories

Net Sales 8.6 billion SEKAssociates 5 600Manufacturing 18 production units in 9 countriesDistribution 70 sales companies in 25 countries

Distributors in 100 countries(ex Jostra and LSS)

Business Scope

Industry I0 %

Industry I0 %

Acute Care 60 %

Acute Care 60 %

Long Term Care

30 %

Long Term Care

30 %

Extended Care

31 %

Extended Care

31 %

Infection Control

40%

Infection Control

40%

Surgical Systems

29 %

Surgical Systems

29 %

B u s i n e s s A r e a s B u s i n e s s A r e a s

C u s t o m e r S e g m e n t sC u s t o m e r S e g m e n t s

(ex Jostra and LSS)

3

Group objectives & focus

4

Getinge Group Objectives

StrategicStrategic

To develop world leading positions in prioritized To develop world leading positions in prioritized niches of the health care industryniches of the health care industry

Strong Global Positions

BA Infection ControlBA Infection Control SterilizationSterilization # 1# 1 24 %24 %DisinfectionDisinfection # 1# 1 27 %27 %

BA Surgical SystemsBA Surgical Systems Surgical TablesSurgical Tables # 1# 1 40 %40 %Surgical LightsSurgical Lights # 1# 1 38 %38 %VentilatorsVentilators # 1# 1 28 % 28 % CardiopulmonaryCardiopulmonary # 3 # 3 22 %22 %Ceiling Service UnitsCeiling Service Units # 3# 3 15 %15 %AnaesthesiaAnaesthesia # 3# 3 6 %6 %

BA Extended CareBA Extended Care Hygiene SystemsHygiene Systems # 1# 1 60 %60 %Patient HandlingPatient Handling # 1# 1 40 %40 %Wound CareWound Care # 4# 4 5 %5 %

Business unitBusiness unit Market sharesMarket sharesPositionPosition

6

Getinge Group Objectives

FinancialFinancial

To increase profit before tax with an average of I5% To increase profit before tax with an average of I5% per annumper annum

Internally generated cash flow to sustain an external Internally generated cash flow to sustain an external growth rate of I0% per annumgrowth rate of I0% per annum

StrategicStrategic

To develop world leading positions in prioritized To develop world leading positions in prioritized niches of the health care industryniches of the health care industry

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The Getinge Group

CAGR 24 %0

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Invoiced sales Profit before tax

The Getinge Group - Focus & Development

Surgical Systems

External Growth

Extended Care

Organic Growth

Infection Control

Improved Operating Performance

9

Review of Business Areas

Infection Control

Create a customer focused group from a number of companies acquired over the last 10 years

1990 - 2000 2003 2000 - 2002

Growth through acquisition

Restructuring Business development

- Improve production structure- Organisational focus - Brand identity

- Organic growth- Product development - Integrated solutions- Logistics / distribution- Service provider concept

INFECTION CONTROLINFECTION CONTROL

Infection ControlOrders received MSEK

2003 2002 Adj curr 2003 2002 Adj curr

per marketQ 3 Q 3 flucs & acqs 9 mon 9 mon flucs & acqs

Western Europe 386 358 11% 1 134 1 134 2%

USA and Canada 331 313 30% 863 1 062 3%

Asia and Australia 107 99 9% 292 278 9%

Rest of the world 66 59 13% 192 142 38%

Business area tot. 890 829 18% 2 481 2 616 5%

Infection ControlResults MSEK

2003 2002 2003 2002 2002

  Q 3 Q 3 9 mon 9 mon F Y

Net sales 745 745 2,302 2,288 3,359

Gross margin % 37.7% 34.3% 39.2% 35.0% 36.2%

Operating cost -199 -215 -630 -679 -910

Operating profit 82 40 273 121 306

Operating margin % 11.0% 5.4% 11.9% 5.3% 9.1%

Extended Care

Focus on growth from a solid platform through product innovation, market penetration and geographical expansion

HIGHLIGHTS 2003HIGHLIGHTS 2003

GROWTH

Market penetration Strong product pipeline Geographical expansion

COMPETITIVENESS Global sourcing Improved production

structure Improved logistics

Extended CareOrders received MSEK

2003 2002 Adj curr 2003 2002 Adj curr

per marketQ 3 Q 3 flucs & acqs 9 mon 9 mon flucs & acqs

Western Europe 380 406 -1% 1 235 1 218 6%

USA and Canada 199 248 -7% 577 734 -5%

Asia and Australia 19 20 -1% 56 56 7%

Rest of the world 5 6 -2% 13 20 -34%

Business area tot. 603 680 -3% 1 881 2 028 2%

Extended CareResults MSEK

2003 2002 2003 2002 2002

  Q 3 Q 3 9 mon 9 mon F Y

Net sales 583 640 1,798 1,981 2,720

Gross margin % 47.2% 50.0% 47.8% 50.4% 51.0%

Operating cost -181 -223 -595 -682 -900

Operating profit 95 98 265 317 488

Operating margin % 16.2% 15.3% 14.7% 16.0% 17.9%

Surgical Systems

Create a global leader in the field of Surgical workstations as a platform for further growth in the surgical systems market

SURGICAL WORKSTATIONSSURGICAL WORKSTATIONS

Growth opportunities

Japan and USA

Product development

AWIGS / VIWAS

New Pendant generation

New Light technology

Cross selling

Heraeus integration

OPERATING THEATREOPERATING THEATRE

Ceiling pendant 3.4%

VARIOP 20.6%

OR lights 5.0%

Furniture 5.8%

Anaesthesia & Ventilation unit (LSS) 14.5 %

OR table system 13.7 %

Data managementand monitoring together 10.5%

Heart lung machine (Jostra) 13.0%

MIS unit 8.8%

Gas supply system 3.5%

The Equipped OR, Value = $0.75 million

Ceiling pendant 3.4%

VARIOP 20.6%

OR lights 5.0%

Furniture 5.8%

Anaesthesia & Ventilation unit (LSS) 14.5 %

OR table system 13.7 %

Data managementand monitoring together 10.5%

Heart lung machine (Jostra) 13.0%

MIS unit 8.8%

Gas supply system 3.5%

The Equipped OR, Value = $0.75 million

EXTERNAL GROWTH Surgical SystemsEXTERNAL GROWTH Surgical Systems

Surgical instruments

Ancillary Equipment

Radiology

Patient monitoring

Disposables

Life Support

22

Acquisition of Jostra - business unit Cardiopulmonary

Jostra in brief

Sales approx 90 M EUR in 2002

Associates ~ 600

Sales in 100 countries, own sales companies in: DE, FR, IT, JP, CA, ES, GB, NL, SE, CN, HK

Production: Germany (2 sites), Sweden and Denmark

Products: Heart-lung machines, Oxygenators, Centrifugal pumps, related Disposables, Minimal Invasive on-pump Equipment

Excellent technology and product pipeline, 55 issued patents

Good track record of organic growth 10% +

Jostra Integration and Restructuring

New management team from 1st August 2003

Integration of Jostra’s sales and marketing organisation with that of Surgical Systems

Consolidation of Jostra production structure from 4 to 2 sites

Reinforce sales and marketing organisation to drive market penetration in Europe and emerging markets

Focus the R&D pipeline to deliver new technologies in a speedy and timely manner

Jostra Acquisition Financials

The target is to improve Jostra’s EBIT margin to 12 - 15% within 3 years after goodwill amortization

Contribution to group earnings in 2003 will be slightly negative to neutral

Contribution to group pre-tax profit including goodwill amortization and related financial charges will be in the range of EUR 5 - 6 million in 2004

26

Acquisition of Siemens LSS - business unit Critical Care

Key Data of LSS

LSS is one of the world’s leading providers of ventilation and anaesthesia products in the

critical care equipment market

In 2002/03, LSS have projected revenues of around 205 MEUR

The worldwide ventilation and anaesthesia hospital markets account for approx 550 MEUR

annual sales volume each, with an expected annual growth of approx. 5% p.a.

Life Support Systems (LSS)

LSS-Ventilation LSS-Anaesthesia

Sales of 175 MEUR

Global market shares 27%

Sales of 30 MEUR

Global market shares 6%

Total LSS Sales in 2002 by Region

28%

34%

15%23%

Japan 15%

USA 28%

Europe 34%

RoW 23%

F i n a n c i a l s

LSS will contribute with 10 - 12 MEUR to pretax profit in fiscal 2004

LSS will contribute with 17 - 20 MEUR to pretax profit in fiscal 2005

Operating margins after goodwill depreciation is targeted at 15% longterm

Surgical SystemsOrders received MSEK

2003 2002 Adj curr 2003 2002 Adj curr

per market Q 3 Q 3 flucs & acqs 9 mon 9 mon flucs & acqs

Western Europe 446 387 -12% 1 234 1 054 3%

USA and Canada 136 154 -23% 366 381 4%

Asia and Australia 122 75 33% 354 284 15%

Rest of the world 66 32 51% 128 129 -20%

Business area tot. 770 648 -6% 2 082 1 848 3%

Surgical SystemsResults MSEK

2003 2002 2003 2002 2002

  Q 3 Q 3 9 mon 9 mon F Y

Net sales 754 660 2,101 1,743 2,521

Gross margin % 49.7% 50.5% 48.7% 49.1% 47.6%

Operating cost -296 -283 -782 -694 -946

Operating profit 78 51 241 162 255

Operating margin % 10.4% 7.7% 11.4% 9.3% 10.1%

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Results Q3 2003

Getinge ABResults MSEK

2003 2002 Change 2003 2002 Change 2002

  Q 3 Q 3   9 mon 9 mon   FY

Net sales 2 091 2 054 2% 6 231 6 041 3% 8 640

EBITDA 361 289 25% 1 080 894 21% 1 438

Operating profit 255 188 36% 779 601 30% 1 050

Operating margin 12,2% 9,2% 12,5% 9,9% 12,1%

Profit before tax 216 146 48% 664 471 41% 876

Getinge AB Balance sheets MSEK

Assets 2003-09-30 2002-09-30 2002-12-31

Fixed assets 4,751 4,577 4,564

Current assets 4,735 4,822 4,852

Total assets 9,486 9,399 9,416

Shareholders' equity & liabilities      

Shareholders' equity 3,230 2,893 3,158

Provisions 1,955 2,084 1,943

Long-term liabilities 1,383 2,835 2,441

Current liabilities 2,918 1,587 1,874

Total Equity & Liabilities 9,486 9,399 9,416

Key figures      

Net debt/equity, multiple 1.01 1.32 1.07

Equity/Assets ratio, per cent 34.1% 30.8% 33.5%

Getinge ABKey figures

Q3 Q3 9 mon 9 mon FY

Operating Cash Flow, MSEK 495 365 1,424 1,107 1,784

Net debt, MSEK 3,259 3,817 3,376

Equity / Assets ratio, % 34.0% 30.8% 33.5%

Net debt / Equity ratio, multiple 1.01 1.32 1.07

Interest cover, multiple 7.7 5.3 5.9