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Copyright OssurFebruary 2006 Ossur – 2005 Overview Jon Sigurdsson, President & CEO.

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Presentation on theme: "Copyright OssurFebruary 2006 Ossur – 2005 Overview Jon Sigurdsson, President & CEO."— Presentation transcript:

1 Copyright OssurFebruary 2006 Ossur – 2005 Overview Jon Sigurdsson, President & CEO

2 Copyright OssurFebruary 2006 2 Ossur Milestones 2005 Profitable year Financial goals achieved Bionic technology by Ossur – deserved attention Well placed acquisitions Comperhensive product lines Broader group of customers Ossur - becoming a leader in the Orthopaedic Industry

3 Copyright OssurFebruary 2006 3 1.Create shareholder value by increasing earnings per share by 15% each year on average 2.Expand the Company’s business to USD 180 million in sales by the end of 2006 3.Ensure profitable operation by an EBITDA margin of 20% 1.EPS for the period 2000-2004 CAGR 34% 2.12 months period ending 30 June 2005 total sales USD 196 million 3.Full year 2004 20% 2005 20% Financial Goals 2001 2006 Achieved Achieved Achieved The Company’s Goals for 2010 Expand the Company’s business to USD 750 million in sales Long-term EBITDA 23%

4 Copyright OssurFebruary 2006 4 Bionic Technology by Ossur Rheo Knee launched towards year-end 2004 –First Bionic product - $ 3.5 million in sales Power Knee – launch in 2006 –Has already received awards for outstanding technology Proprio Foot – launch in 2006 Further strenghtens Ossur as industry leader

5 Copyright OssurFebruary 2006 5 Acquisition History

6 Copyright OssurFebruary 2006 6 Integration Processes Integration planned along with the acquisition Integration projects and groups ready as of day one –Branding transition and co-branding –Coordination of sales forces –Coordination of marketing –Coordination of administration –Coordination of manufacturing & operations Integration period 12-18 months

7 Copyright OssurFebruary 2006 Resulting in the Ossur Brand

8 Copyright OssurFebruary 2006 8 Pre-Acquisition Post-Acquisition Ankle/ Knees Liners Locks & Ankle/ Knee Upper Casting/ Neck/Spine Foot Adapters Foot Extremity Splints Product Portfolio ProstheticsBracing & Support

9 Copyright OssurFebruary 2006 9 Product Portfolio ORTHOPEDICS BRACING & SUPPORTPROSTHETICS BIONICS Rheo Knee Power Knee Proprio Foot KNEE Rheo Knee Power Knee Total Knee Mauch FOOT & ANKLE Proprio Fool Flex Foot Foot covers & cosmesis LINERS & SOCKETS Iceross Icex LOOKS & ADAPTERS Icelock Standard Adapters PARTNERSHIP SERVICES Ossur Academy Ossur Business Solutions Empower DME PRO ANKLE & FOOT Ankle Braces Active Uploading Walkers Short leg Walkers AFO Orthoses Padding UPPER EXTREMITY Arm Slinge Elbow Supports Wrist Braces Thumb Splints CASTING & SPLINTS Tape Splints Accessoried KNEE OA Braces Ligament Braces Rehab Braces Patellofemoral Braces Pediatric Braces Sports Injury Immobilizers Sleeves & Covers NECK/SPINE Miami J Halo Cervical Collars Philly Collars BAck Supports Papoose Level 1 Trauma Pediatric

10 Copyright OssurFebruary 2006 10 Diverse Specialists Groups Ossur Sales Force O&P WorkshopsHospitals Athletic TrainersPodiatristsOrthopedic Surgeons RheumatologistsPhysical Therapists Distributors The number of Ossur’s potential clients in the US have increased from 3.000 to 117.000 Private Label

11 Copyright OssurFebruary 2006 11 Ossur Today Ossur is a global Orthopaedics company specializing in products and services in the areas of prosthetics and braces and supports, utilizing the bionic technology Next Step: move into rehabilitation Ossur is in the business of improved mobility Offering patients a life without limitations

12 Copyright OssurFebruary 2006 Locations UK - IMP Holdings Sales, Distribution, Manufacturing USA, California Innovation Sports

13 Copyright OssurFebruary 2006 13 Further Oportunities  Leverage on high-tech platform  Manufacturing cost leadership  Consolidate the Orthopedics market  Move into rehabilitation

14 Copyright OssurFebruary 2006 Ossur – Financial Highlights 2005 Hjorleifur Palsson, CFO

15 Copyright OssurFebruary 2006 Financial highlights: Year 2005 Q4 2005 Agenda

16 Copyright OssurFebruary 2006 Net sales 161 million USD, up 29% from 2004 Organic sales growth 9% GPM 61% (excluding inventory mark up) EBITDA 20% (excluding one time expenses) Amortization pressing profit ratios 2% Financial Highlights 2005

17 Copyright OssurFebruary 2006 17 Financial Highlights 2005 Net sales160,729124,399+29% Gross profit94,39174,844+26% Operational profit16,52520,374-19% Net profit11,68815,227-23% EBITDA25,83225,045+3% EPS (US Cents)3.534.80-26% Cash generated by operations24,98619,173+30% USD ´00020052004% Change

18 Copyright OssurFebruary 2006 18 Financial Highlights 2005 Excluding restructuring expenses, inventory step up and one time other income Net sales160,729124,399+29% Gross profit97,66874,844+30% Operational profit23,22120,374+14% Net profit15,56115,227+2% EBITDA32,52825,045+30% EPS (US Cents)4.704.80-2% Cash generated by operations24,98619,173+30% USD ´00020052004% Change

19 Copyright OssurFebruary 2006 19 Key Ratios 2004 / 2005 +29% +14% +2% +30% Note: Excluding restructuring expenses, inventory step up and one time other income in 2005

20 Copyright OssurFebruary 2006 20 Income Statement 2005 by Entities Excluding restructuring expenses, inventory step up and one time other income Net sales 132,93426,7001,095160,729 Gross profit 80,52416,60254297,668 Operational profit 20,5122,772-6323,221 EBITDA 25,6496,8641532,528 GPM % 61%62%49%61% R&D % 8% 4%8% SG&A % 38%45%51%39% Operational profit % 15%10%-6%14% EBITDA % 19%26%1%20% USD ´000ÖssurRoyceIMPTotal

21 Copyright OssurFebruary 2006 21 Net Sales and Growth

22 Copyright OssurFebruary 2006 22 Sales by Business Segments 20052004

23 Copyright OssurFebruary 2006 23 Sales by Markets North America93,26463,70446% Europe37,37032,62015%14% Nordic (incl. Domestic)17,87417,0135% Other International markets11,6748,15843% Total continuing operations160,182121,49532%31% Discontinued operations5472,904 Total160,729124,39929% USD ´00020052004% Growth USD % Growth LCY

24 Copyright OssurFebruary 2006 24 Sales by Markets 20052004

25 Copyright OssurFebruary 2006 25 Key Ratios 2003-2005 Excluding restructuring expenses, inventory step up and one time other income

26 Copyright OssurFebruary 2006 26 Expensed R&D Investment

27 Copyright OssurFebruary 2006 27 Cash Flow from Operations

28 Copyright OssurFebruary 2006 28 Balance Sheet Fixed assets325,87367,944+380% Current assets82,11340,971+100% Total Assets407,986108,915+275% USD ´00031.12.200531.12.2004% Change Stockholders’ equity152,82954,720+179% Long-term liabilities215,36135,622+505% Current liabilities39,79618,573+114% Total equity and liabilities407,986108,915+275% Current ratio2.12.2 Equity ratio37%50%

29 Copyright OssurFebruary 2006 Top 15 Shareholders 31.12. 2005 William Demant Invest A/SInvestment Fund141.952.40236,88 Eyrir Invest ehfInvestment Fund56.185.48114,60 Mallard Holding S.A.Founder36.926.7699,59 Vik Investment Holding S.a.r.L.President & CEO24.446.9076,35 Arion safnreikningurCustody Bank23.721.2406,16 Lífeyrissjóður verslunarmannaPension Fund13.303.8543,46 Gildi -lífeyrissjóðurPension Fund6.324.8881,64 FL Investment ehfInvestment Fund4.722.0071,23 Fidelity Funds-Nordic FundInvestment Fund3.908.0721,02 Mycenaean Holding S.a.r.L.VP of R&D3.560.3470,92 Landsbanki Íslands hf,aðalstöðvBank3.171.7960,82 Sameinaði lífeyrissjóðurinnPension Fund2.773.7720,72 Ker Holding S.a.r.L.VP of S&M2.124.4500,55 Lífeyrissjóður AusturlandsPension Fund1.925.4030,50 Lífeyrissjóður VestfirðingaPension Fund1.853.3640,48 Top 15 Shareholders326.900.75284,92 Others ( 3.141)58.039.69515,08 Total384.940.447100,00 Nominal value %

30 Copyright OssurFebruary 2006 Royce included the full quarter IMP Holding included from December 1 st 2005 Total sales 49.6 million USD, up 59% from 2004 Organic sales growth 8% EBITDA 18% excl. one time expenses Amortization pressing profit ratios 5% Financial Highlights Q4 2005

31 Copyright OssurFebruary 2006 31 Financial Highlights Q4 Net sales49,59031,282+59% Gross profit29,22318,344+59% Operational profit3,9384,695-16% Net profit3,0883,426-10% EBITDA7,9315,934+34% EPS Q4 (US Cents)0.811.09-26% Cash generated by operations8,4055,506+53% USD ´000Q4 2005Q4 2004% Change Note: Including one time expenses of 1 million USD in Q4 2005, 0.7 million USD net of tax.

32 Copyright OssurFebruary 2006 32 Financial Highlights Q4 Excluding restructuring expenses and inventory step up Net sales49,59031,282+59% Gross profit29,87818,344+63% Operational profit4,8974,695+4% Net profit3,7893,426+11% EBITDA8,8905,934+50% EPS Q4 (US Cents)0.991.09-9% Cash generated by operations8,4055,506+53% USD ´000Q4 2005Q4 2004% Change

33 Copyright OssurFebruary 2006 33 Income Statement Q4 2005 by Entities Excluding restructuring expenses and inventory step up Net sales 31,62116,8741,09549,590 Gross profit 18,85210,48454229,878 Operational profit 3,2251,735-634,897 EBITDA 4,6064,269158,890 GPM % 60%62%49%60% R&D % 8% 4%8% SG&A % 42%46%51%42% Operational profit % 10% -6%10% EBITDA % 15%25%1%18% USD ´000ÖssurRoyceIMPTotal

34 Copyright OssurFebruary 2006 34 EBITDA Ratio Note: Excluding unusual other income, restructuring expenses, inventory step up in 2005

35 Copyright OssurFebruary 2006 35 Sales by Markets Q4 2005 North America32,16115,469108% Europe10,1518,11625%32% Nordic (incl. Domestic)4,4604,713-5%7% Other International markets2,8182,16330% Total continuing operations49,59030,46163%66% Discontinued operations821 Total49,59031,28259% USD ´000Q4 2005Q4 2004% Growth USD % Growth LCY

36 Copyright OssurFebruary 2006 36


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