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    CLTN   CH0025343259

COLTENE HOLDING AG

(CLTN)
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EQS-Adhoc : H1 2021: Ongoing Recovery

08/05/2021 | 02:01pm EDT
EQS Group-Ad-hoc: COLTENE Holding AG / Key word(s): Half Year Results 
H1 2021: Ongoing Recovery 
05-Aug-2021 / 20:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
----------------------------------------------------------------------------------------------------------------------- 
Media Release 
Ad hoc announcement pursuant to Art. 53 LR 
Altstätten, August 6, 2020 
COLTENE with strong Half-Year Results 
The recovery in global dental markets from the second half (H2) of 2020 extended into 2021, delivering strong 
performance for the COLTENE Group in H1. Group sales were CHF 143.5 million, significantly above both H1 2020 (CHF 
103.9 million) and H1 2019 (CHF 135.4 million). This corresponds to a 43.0% organic increase in sales year-on-year in 
local currency terms, or a 38.1% increase in reporting currency terms. Operating profit (EBIT) for H1 2021 was CHF 26.0 
million (H1 2020: CHF 2.6 million; H1 2019: CHF 12.8 million). EBIT margin was at 18.1% (H1 2020: 2.5%; H1 2019: 9.4%). 
Net profit was a record CHF 18.2 million (H1 2020: CHF 0.3 million; H1 2019: CHF 7.9 million). 
 
North America Remains Strongest Market 
Year-on-year and in local currency terms, sales in 2021 expanded 57.5% in Dental Preservation, 35.2% in Efficient 
Treatment and 34.9% in Infection Control. Top market then as now is North America, contributing 50.3% of total sales 
(H1 2020: 47.9%). This region, which is also the home market of the SciCan Group reported the strongest increase in 
sales at 49.6% in local currency terms. For EMEA, the share of sales was 35.0% (H1 2020: 33.5%). At constant exchange 
rates, sales were up 45.9% in this region. With the divestment of the Brazilian subsidiary Vigodent, Latin America's 
share of sales narrowed further, to 4.3% (H1 2020: 5.1%). The divestment allowed the COLTENE Group to eliminate the 
risks associated with the ongoing decline of the Brazilian currency. Sales in Asia including its main market China 
experienced an expansion of 4.7% at constant exchange rates. Asia's share of sales dropped to 10.4% (H1 2020: 13.5%). 
 
Standardized Pricing and New Customer Platform 
COLTENE is preparing for the markets to continue their recovery to pre-pandemic levels. To remain competitive and gain 
further market share, the Group has introduced a variety of innovations, such as a new standardized pricelist and new 
dental vendor agreements. In addition, COLTENE is creating more touch points with its end customers, including through 
a new customer service software tool. This is important particularly for introducing the new products in the internet 
of things (IoT) and digital services portfolio, where the tool will allow COLTENE to forge closer relationships with 
end customers. The Dental Service Organisation Support Team manages the ongoing program to set up the organizational 
structures in the growing group practice segment. The integration of SciCan and Micro-Mega is completed; the next step 
will be to align the product portfolios more closely. 
 
Changes in Group Management 
Effective 30 June 2021, John Westermeier stepped down as Vice President Marketing and Sales for North America. His 
successor will be announced at a future date. Markus Abderhalden has been appointed as the new COLTENE Group CFO to 
replace Gerhard Mahrle, who is retiring at the end of the year. A Swiss national, Markus Abderhalden (age 42) brings 
many years of industry experience in a CFO role and is joining COLTENE from DGS Group. He began his career as a public 
accountant with Ernst&Young, then was head of corporate accounting and financial reporting for various firms and, more 
recently, CFO for North America at the Bühler Group. 
 
The Board of Directors as well as CEO Martin Schaufelberger thank Gerhard Mahrle and John Westermeier very much for 
their extremely valuable contribution to the success of the COLTENE Group in a major growth phase. 
 
Outlook 
The outlook for full-year 2021 is positive but uncertainties remain on account of the ongoing COVID-19 pandemic. New 
virus variants may lead to further waves of infections and partial lockdowns. Given the hygiene protocols currently in 
place, COLTENE expects that dental practices will be less impacted in the event of further restrictions. For H2 2021, 
COLTENE therefore expects somewhat slower business momentum compared to H1, in part because the catch-up effects of the 
recovery from the coronavirus pandemic will subside over time. Expenditure in Research & Development and Sales & 
Marketing will trend up again in H2 2021. For the full-year 2021, COLTENE expects sales in the range of CHF 270 million 
to CHF 280 million (2020: CHF 248.4 million; 2019: CHF 273.8 million). Under this scenario, the EBIT margin for 
full-year 2021 will likely exceed 15%. 
 
Half-Year Report 2021 
The Half-Year Report 2021 of COLTENE Holding AG was released today and is available for download at www.coltene.com/ 
investor-relations/financial-publications/half-year-reports/. 
 
 
Key figures (in CHF 1 000)  H1 2021  H1 2020  % change 
Net sales                   143 467  103 888  38.1% 
Operating expenses          67 966   63 329   7.3% 
Operating profit (EBIT)     25 959   2 555    916.0% 
     as % of net sales      18.1%    2.5% 
Net profit                  18 189   290      6 172.1% 
Operating cash flow         13 615   8 318    63.7% 
Investments (net)           4 761    5 237    -9.1% 
Free cash flow              8 854    3 081    187.4% 
 
Key figures (in CHF 1 000)  30.06.21 31.12.20 Delta % 
Net debt                    -30 358  -21 866  38.8% 
Total assets                193 321  187 631  3.0% 
Equity                      95 745   90 234   6.1% 
     as % of total assets   49.5%    48.1% 
Number of employees (FTE)   1 242    1 189    4.5% 

Financial Calendar

Release of Annual Report 2021 and                    04-Mar-22 
Media and analyst conference on 2021 financial year 
Annual General Meeting 2022                          21-Apr-22 
Release of Half-year Report 2022 and                 05-Aug-22 
Conference call on the half-year results 2022 

The positive business development already communicated in June continues. In the first half (H1 2021) of the current year, sales reflected a recovery effect in Dental Preservation and Efficient Treatment, while Infection Control also saw sustained growth. Another reason for the good result were the cost-reduction measures that COLTENE was swift to put in place last year. These led to a lower cost base which combined with the stronger H1 sales deliver robust results.

For further information: Gerhard Mahrle, CFO, phone +41 71 757 54 37, mobile +41 79 346 23 02, e-mail gerhard.mahrle@coltene.com

About COLTENE COLTENE is an internationally active developer, manufacturer and seller of dental consumables and small equipment in the areas of Infection Control, Dental Preservation and Efficient Treatment. COLTENE has state-of-the-art production facilities in the USA, Canada, Germany, France, Brazil and Switzerland as well as own distribution organizations in all major markets including Europe, North and Latin America, China and India. Dentists and dental labs all around the globe trust COLTENE's high-quality products. The registered shares of COLTENE Holding AG (CLTN) are listed on SIX Swiss Exchange. Learn more about COLTENE and our products at www.coltene.com.

Contact information COLTENE Holding AG Feldwiesenstrasse 20 9450 Altstätten, Switzerland P + 41 71 757 53 00 investor@coltene.com www.coltene.com

This written statement and oral statements or other statements made, or to be made, by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ----------------------------------------------------------------------------------------------------------------------- End of ad hoc announcement -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      COLTENE Holding AG 
              Feldwiesenstrasse 20 
              9450 Altstätten 
              Switzerland 
ISIN:         CH0025343259 
Valor:        2534325 
Listed:       SIX Swiss Exchange 
EQS News ID:  1224521 
 
End of Announcement EQS Group News Service 
------------- 

1224521 05-Aug-2021 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1224521&application_name=news

(END) Dow Jones Newswires

August 05, 2021 14:00 ET (18:00 GMT)

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Financials
Sales 2021 273 M 298 M 298 M
Net income 2021 27,5 M 30,0 M 30,0 M
Net Debt 2021 26,3 M 28,7 M 28,7 M
P/E ratio 2021 25,5x
Yield 2021 2,33%
Capitalization 703 M 767 M 767 M
EV / Sales 2021 2,67x
EV / Sales 2022 2,53x
Nbr of Employees 1 189
Free-Float 46,4%
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Number of Analysts 2
Last Close Price 117,60 CHF
Average target price 115,00 CHF
Spread / Average Target -2,21%
EPS Revisions
Managers and Directors
Martin Schaufelberger Chief Executive Officer
Gerhard Mahrle Chief Financial Officer
Nick Huber Chairman
Martin Schlüter Vice President-Innovation, Research & Development
Stefan Helsing Chief Operating Officer
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