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Elekta: Year-end report May - April 2011/12

Press release published at The Swedish Wire

· Order bookings increased to SEK 10,815 M (9,061), equivalent to 10* percent excluding Nucletron.
· Net sales increased to SEK 9,048 M (7,904), equivalent to 7* percent excluding Nucletron. Including Nucletron net sales grew by 18* percent whereof Nucletron contributed with 11 percentage points.
· Operating result increased by 22 percent to SEK 1,837 M (1,502) excluding non-recurring items of SEK 12 M (?) (see page 4).
· Net income increased by 19 percent to SEK 1,228 M (1,031). Earnings per share amounted to SEK 13.04 (11.04) before dilution and SEK 12.91 (10.91) after dilution.
· Cash flow from operating activities decreased by 24 percent to SEK 635 M (840). Cash flow after investments was SEK -2 663 M (491), including acquisition effects of SEK -3 166 M (-259).
· The board proposes a dividend of SEK 5.00 (4.00) per share, corresponding to around SEK 473 M and 39 percent of net profit.
· On September 15, 2011, Elekta completed the acquisition of Nucletron, world leader in brachytherapy treatment planning and delivery. 
· On September 30, 2011, Elekta divested its pathology business, PowerPath®.
The net gain amounted to SEK 180 M based on current exchange rate.
· During the fourth quarter, a convertible bond issue was conducted, with preferential rights for the company's shareholders. The issue was fully subscribed and raised approximately SEK 1,894 M for the company, before transaction costs.
· For fiscal year 2012/13, net sales is expected to grow by more than 15 percent in local currency, including Nucletron. Operating profit in SEK is expected to grow by more than 17 percent. Currency is estimated to have a positive effect of about SEK 50 M including hedging effects on earnings for fiscal year 2012/13.

* Compared to last fiscal year at unchanged exchange rates.

Table included in attached PDF file

President and CEO comments
I am delighted with and proud of Elekta's performance in the fourth quarter and for the full-year 2011/12. Our focus on continuously advancing cancer care solutions in cooperation with our customers, combined with strategic investments in emerging markets, generated favorable results. Fourth-quarter order bookings rose 11* percent and to 10* percent for the full-year. The full-year trend was particularly strong in North and South America with an increase of 11* percent, and in Asia, where order bookings rose 14* percent. Our assessment is that we are growing faster than the market as a whole and thus strengthening our market position.

During the fourth quarter, we received clearance to CE mark our new multi-leaf collimator Agility, enabling patients in Europe to now benefit from treatments using the new solution. Agility is a revolutionary system aimed at improving cancer treatment and entails significant advantages for both patients and hospitals. In the US, we have applied for 510(k) clearance of Agility.

Similar to the preceding quarter, deliveries in the fourth quarter were favorable and net sales rose 11* percent. For the full-year, including Nucletron, growth in local currencies totaled 18 percent, of which the acquisition of Nucletron accounted for about 11 percentage points.

The operating result rose 22 percent for the full-year. Nucletron contributed with approximately 13 percentage points to the increase. The operating margin improved by one percentage point to 20 percent, primarily as a result of the leveraging that higher volumes have on the fixed cost base.

The initial phase of the strategic review of Elekta's MEG operations is completed. We remain strongly committed to the clinical MEG community and when improvements have been fully implemented, we assume strengthened financial performance.

Elekta foresees significant potential for further growth, both through expansion in emerging markets and through improved market positions in established markets. Looking to the year ahead, we believe that market demand will generally remain favorable. The trend in emerging markets is expected to be strong and the positive trend in North America is expected to continue. The recent financial debt crisis in Europe is assessed as only having had a limited impact on market conditions so far. The demand scenario in Europe is mixed, with a continued robust trend in northern regions and in emerging markets, while the trend in southern regions is expected to be weaker. The recent announcement by one of the major competitors to exit the market for linear accelerators is expected to further improve Elekta's growth opportunities.

Elekta is stronger than ever and I am looking forward to the coming fiscal year with confidence. We will continue our efforts to improve our cancer care solutions with a focus on patients and continue to pursue our growth strategy. For the fiscal year 2012/13, net sales is expected to grow by more than 15 percent in local currency, including Nucletron. The operating result in SEK is expected to grow by more than 17 percent. Currency is estimated to have a positive effect of about SEK 50 M. We look forward to even more patients gaining access to advanced cancer care for cure and a better quality of life.

Tomas Puusepp
President and CEO

*Excluding Nucletron and based on unchanged exchange rates

Elekta's year-end report conference call
Elekta will host a telephone conference 10.00-11.00 CET on June 5, with President and CEO Tomas Puusepp and CFO Håkan Bergström.
To take part in the conference call, please dial in about 5-10 minutes in advance and use the access code 917247. Swedish dial-in number: +46 (0)8 5052 0110, UK dial-in number: +44 (0)20 7162 0077, US dial-in number: + 1 334 323 6201.
The telephone conference will also be broadcasted over the Internet (listen only). Please use the link http://webeventservices.reg.meeting-stream.com/64156_elekta

For further information, please contact:
Håkan Bergström, CFO, Elekta AB (publ)
+46 8 587 25 547, hakan.bergstrom@elekta.com

Stina Thorman, Vice President Corporate Communications, Elekta AB (publ)
08 587 254 37, stina.thorman@elekta.com

Johan Andersson Melbi, Investor Relations Manager, Elekta AB (publ)
+46 8 587 25 415, johan.anderssonmelbi@elekta.com

The above information is such that Elekta AB (publ) shall make public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 07.30 CET on June 5, 2012. 

This information was distributed by Cision

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