1

GETINGE ABPRESS RELEASE
FINANCIAL STATEMENT 2001

Orders received increased organically by 10% during Q4

Strong profit performance in the quarter. The operating profit climbed by 35% to SEK 373.6 million (277.7)¹

The acquisition of Heraeus strengthens Getinge's position within Surgical Systems

All business areas progressed well during the quarter

Orders received soared by 60% to SEK 8,375.7 million (5,243.3)

Net sales rose by 55% to SEK 8,148.2 million (5,253.5)

The operating profit rose by 40% to SEK 974.0 million (697.0)¹

The profit before tax was up by 25% at SEK 750.4 million (600.5)¹

Improved cash-flow during the quarter

The proposed dividend per share increased to 3:75 kr (3:50)

The quarter

The Group’s orders received were very good for Q4 and organic growth was 10%. For the full year, organic growth was 7.3%, which is above the long-term goal of 5%. Volume growth was good for all business areas and in most markets. The increase in the North American markets was strong, especially for the Infection Control business area.

Sizeable invoicing during Q4 boosted profits for all business areas.

Outlook

The order books at the end of 2001 were at a very healthy level and market conditions for all business areas appear favourable. The profit outlook for all business areas is good and the Infection Control business area is expected to report a strong rise in profits.

The acquisition of Heraeus, which was announced recently, will mean a significant boost for profits in the Surgical Systems business area from 2003, although the effect on the Group’s profit in the current year will be insignificant.

¹See note 4 page 6

Business area Surgical Systems

Market developments / 2001 / 2000 / 2001 / 2000
Orders received per market / Q 4 / Q 4 / 12 Mon. / 12 Mon.
USA and Canada / 134,9 / 43,6 / 427,9 / 129,0
Great Britain / 25,3 / 116,3
Germany / 126,5 / 590,8
Other Western Europe / 184,1 / 1,8 / 620,6 / 1,8
Rest of the world / 112,2 / -0,2 / 507,2 / 27,0
Business area total / 583,0 / 45,2 / 2.262,8 / 157,8

Orders received by the business area continued to be good in most markets. Growth in Q4 was especially good in North America, the Benelux countries and the French market. Further orders were secured during the quarter for the new operating table system, VIWAS.

Results / 2001 / 2000 / 2001 / 2000
Q 4 / Q 4 / 12 Mon. / 12 Mon.
Net sales, SEK Million / 634,6 / 37,3 / 2.223,4 / 146,6
Gross profit / 328,2 / 14,6 / 1.108,9 / 44,4
Gross margin % / 51,7% / 39,1% / 49,9% / 30,3%
Operating cost, SEK Million / -252,8 / -9,4 / -880,5 / -45,4
Operating profit / 75,4 / 5,2 / 228,4 / -1,0
Operating margin % / 11,9% / 13,9% / 10,3% / -0,7%

The business area’s results continued to progress strongly. Good performance in volumes led to good utilisation of capacity, with rising gross margins as a result. Volumes and profits were especially strong for the surgical lights business unit during the period.

Restructuring programme

The key parts of the previously announced restructuring programme had been completed by the end of the year. Savings of around SEK 140–150 million in the current year will have positive effects for both the Surgical Systems and Infection Control business areas.

Disposal of ALM´s surgical table business

The process of divesting ALM’s surgical table business is proceeding according to plan. Negotiations with potential buyers will start during the current quarter. The sale will affect the business area’s earnings negatively during the current year, but volumes should be recovered by 2003. The negative effect on earnings is estimated at SEK 15 million.

Acquisition of Heraeus

The acquisition of Heraeus Medical Technology significantly strengthens the position of the business area within two segments – surgical lamps and ceiling service units. The acquisition will boost the business area’s results considerably from 2003.

Business area Infection Control

Market developments / 2001 / 2000 / Change / 2001 / 2000 / Change
Orders received per market / Q 4 / Q 4 / 12 Mon. / 12 Mon.
Western Europe / 405,6 / 351,6 / 15,4% / 1.465,1 / 1.270,9 / 15,3%
USA and Canada / 425,0 / 310,2 / 37,0% / 1.451,1 / 1.169,8 / 24,0%
Asia/Australia / 94,9 / 66,0 / 43,8% / 325,7 / 265,3 / 22,8%
Rest of the world / 70,9 / 43,8 / 61,9% / 162,2 / 181,0 / -10,4%
Business area total / 996,4 / 771,6 / 29,1% / 3.404,1 / 2.887,0 / 17,9%
adjusted for currency flucs.& corp.acqs / 17,3% / 3,8%

Orders received during the period grew organically by 17% and all regions reported strong growth. In North America organic growth was 19%. Other areas which performed positively were Scandinavia, the Benelux countries, Germany and the developing markets in Central Europe and South East Asia. Volumes grew at a weaker rate in southern Europe.

Results / 2001 / 2000 / Change / 2001 / 2000 / Change
Q 4 / Q 4 / 12 Mon. / 12 Mon.
Net sales, SEK Million / 1.039,7 / 946,5 / 9,8% / 3.204,3 / 2.934,6 / 9,2%
adjusted for currency flucs.& corp.acqs / -2,5% / -3,7%
Gross profit / 407,7 / 364,8 / 11,8% / 1.153,7 / 1.090,7 / 5,8%
Gross margin % / 39,2% / 38,5% / 0,7% / 36,0% / 37,2% / -1,2%
Operating cost, SEK Million / -248,8 / -209,1 / 19,0% / -832,9 / -722,2 / 15,3%
Operating profit / 158,9 / 155,7 / 2,1% / 320,8 / 368,5 / -12,9%
Operating margin % / 15,3% / 16,5% / -1,2% / 10,0% / 12,6% / -2,6%

Invoiced sales after adjustments for exchange rate differences and acquisitions were slightly lower during the quarter, but cost reductions helped to boost profit margins and the operating profit was therefore at around the same level as the previous year.

World Sterilizer Project (WSP)

WSP is progressing as planned. At the start of 2002, it was announced that the labour force at the Rochester, USA, production unit would be cut by around 30%, or 100 jobs. Further measures aimed at reinforcing the competitive strength of the Sterilization business unit will be announced in Q1. When the new production structure is in place in the beginning of the second half of the year, annual savings will be in the region of SEK 60-70 million. Costs for implementing WSP are estimated at around SEK 60 million for the current year. The business area’s results for 2002 will be offset by net costs of around SEK 25 million because of the project.

Business area Extended Care

Market developments / 2001 / 2000 / Change / 2001 / 2000 / Change
Orders received per market / Q 4 / Q 4 / 12 Mon. / 12 Mon.
USA and Canada / 255,6 / 214,2 / 19,3% / 962,8 / 770,5 / 25,0%
Great Britain / 203,4 / 170,9 / 19,0% / 737,2 / 568,6 / 29,7%
Germany / 64,8 / 60,4 / 7,3% / 271,5 / 237,2 / 14,5%
Other Western Europe / 167,5 / 159,2 / 5,2% / 579,0 / 477,7 / 21,2%
Rest of the world / 27,1 / 23,1 / 17,3% / 93,4 / 83,7 / 11,6%
Business area total / 718,4 / 627,8 / 14,4% / 2.643,9 / 2.137,7 / 23,7%
adjusted for currency flucs.& corp.acqs / 6,8% / 12,2%

Orders received for the business area grew organically by 7% during Q4. Organic growth was 9% in North America and 13% in the UK. Growth in Scandinavia and Germany was weaker during Q4, while the trend in Spain, Italy and France continued to be good.

Results / 2001 / 2000 / Change / 2001 / 2000 / Change
Q 4 / Q 4 / 12 Mon. / 12 Mon.
Net sales, SEK Million / 762,4 / 633,6 / 20,3% / 2.655,5 / 2.110,9 / 25,8%
adjusted for currency flucs.& corp.acqs / 12,0% / 14,2%
Gross profit / 379,9 / 313,6 / 21,1% / 1.307,1 / 1.042,3 / 25,4%
Gross margin % / 49,8% / 49,5% / 0,3% / 49,2% / 49,4% / -0,2%
Operating cost, SEK Million / -241,2 / -198,6 / 21,5% / -885,8 / -719,3 / 23,1%
Operating profit / 138,7 / 115,0 / 20,6% / 421,3 / 323,0 / 30,4%
Operating margin % / 18,2% / 18,2% / 0,0% / 15,9% / 15,3% / 0,6%

The operating profit for the period climbed by 21% due to good growth in volumes. All business units reported improved earnings for the quarter.

Closure of GTTI

A decision was made during the quarter to close down the business area’s manufacturing unit in Traverse City, Michigan, USA. Production of the patented Freedom Bath will move to Eslöv, Sweden, during Q2. Annual savings will be around SEK 6 million.

Medical

The independent business area Medical that includes the companies LIC Audio and NeuroMédica reported net sales of SEK 19.8 million (15.9 m) for Q4 and SEK 65.0 million (61.4 m) on an annual basis. The operating profit was SEK 0.6 million (1.8 m) for Q4 and SEK 3.5 million (6.5 m) on an annual basis.

Long-term financing

As part of a long-term financing plan, Getinge has mandated Nordea and Commerzbank to arrange a 5-year credit facility amounting to EUR 150 million with a bank syndicate. Barclays Bank and Handelsbanken will act as co-arrangers. The new credit facility will enable a better balance between the company’s short-term and long-term credit.

Dividend

The Board and President propose an increased dividend per share for 2001 of SEK 3.75 (3.50), a total amount of SEK 189.3 million (159,0). The proposed record date is 23 April 2002. VPC expects to send the dividend to shareholders on 26 April 2002.

AGM

The Annual General Meeting of Shareholders for Getinge AB will be held at 4 p.m. on 18 April 2002 in Getinge. The Annual Report will be sent to shareholders at the latest two weeks before the AGM. Shareholders wishing to attend the meeting must be registered in the share register kept by VPC AB by 8 April 2002 at the latest, and notification of their participation shall have reached Getinge’s head office by 12 April 2002 at the latest.

Next report

The next report from the Getinge Group (Q1 2002) will be published on 18 April 2002.

Getinge 28 January 2002

Johan Malmquist

President

A tele-conference will be held today at 3 p.m. Swedish time. To take part please ring +44 (0) 20 82 40 8241, codeword: Getinge.

Income Statements / 2001 / 2000 / Change / 2001 / 2000 / Change
SEK Million / Q 4 / Q 4 / 12 Mon. / 12 Mon.
Net sales 1) / 2.456,5 / 1.633,3 / 50,4% / 8.148,2 / 5.253,5 / 55,1%
Cost of goods sold / -1.336,6 / -934,8 / 43,0% / -4.560,6 / -3.056,2 / 49,2%
Gross profit / 1.119,9 / 698,5 / 60,3% / 3.587,6 / 2.197,3 / 63,3%
Gross margin / 45,6% / 42,8% / 2,8% / 44,0% / 41,8% / 2,2%
Selling expenses / -457,7 / -263,3 / 73,8% / -1.595,0 / -942,0 / 69,3%
Administrative expenses / -220,7 / -130,9 / 68,6% / -804,2 / -474,4 / 69,5%
Research & development costs / -60,3 / -34,7 / 73,8% / -217,4 / -101,5 / 114,2%
Other operating income / 0,1 / 12,1 / -99,2% / 19,2 / 26,9 / -28,6%
Other operating cost / -7,7 / -4,0 / 92,5% / -16,2 / -9,3 / 74,2%
Items affecting comp. (Alecta) / – / 23,2 / – / – / 23,2 / –
Operating profit 2) / 373,6 / 300,9 / 24,2% / 974,0 / 720,2 / 35,2%
Operating margin / 15,2% / 18,4% / -3,2% / 12,0% / 13,7% / -1,7%
Interest income / 8,1 / 5,8 / 19,2 / 18,7
Interest expense / -51,2 / -31,9 / -231,2 / -108,3
Other financial items / -5,9 / -2,8 / -11,6 / -6,4
Ass.companies' loss / 0,0 / -0,5 / – / -0,5
Profit before tax / 324,6 / 271,5 / 19,6% / 750,4 / 623,7 / 20,3%
Taxes / -97,3 / -67,9 / -225,1 / -155,9
Net profit / 227,3 / 203,6 / 11,6% / 525,3 / 467,8 / 12,3%
Earnings per share, SEK 3) / 4,50 / 4,36 / 10,60 / 10,01
1) Adjusted for currency fluctuations and company acquisitions
the net sales' change is 04%
2) Operating profit is charged with
— amortisation on goodwill / -41,0 / -18,0 / -156,2 / -65,8
— depr. on other fixed assets / -53,5 / -33,7 / -211,1 / -129,3
-94,5 / -51,7 / -367,3 / -195,1
3) See note below table " Key ratios"
4) Operating profit exclusive Alecta (SPP) surplus funds / 373,6 / 277,7 / 974,0 / 697,0
Quarterly results / 1999 / 2000 / 2000 / 2000 / 2000 / 2001 / 2001 / 2001 / 2001
SEK Million / Q 4 / Q 1 / Q 2 / Q 3 / Q 4 / Q 1 / Q 2 / Q 3 / Q 4
Net sales / 1.428,9 / 1.167,9 / 1.251,6 / 1.200,7 / 1.633,3 / 1.919,0 / 1.926,1 / 1.846,6 / 2.456,5
Cost of goods sold / -799,6 / -654,5 / -745,7 / -721,2 / -934,8 / -1.080,0 / -1.072,5 / -1.071,5 / -1.336,6
Gross profit / 629,3 / 513,4 / 505,9 / 479,5 / 698,5 / 839,0 / 853,6 / 775,1 / 1.119,9
Operating cost / -388,7 / -361,4 / -356,6 / -361,5 / -420,8 / -610,8 / -647,8 / -608,7 / -746,3
Items affecting comp. / 23,2
Operating profit / 240,6 / 152,0 / 149,3 / 118,0 / 300,9 / 228,2 / 205,8 / 166,4 / 373,6
Financial net / -12,8 / -16,4 / -24,2 / -26,5 / -28,9 / -61,0 / -59,5 / -54,1 / -49,0
Ass.comp.s' profit/loss / -0,1 / 0,0 / 0,0 / 0,0 / -0,5 / 0,0 / 0,0 / 0,0 / 0,0
Profit before tax / 227,7 / 135,6 / 125,1 / 91,5 / 271,5 / 167,2 / 146,3 / 112,3 / 324,6
Taxes / -56,3 / -33,9 / -31,3 / -22,8 / -67,9 / -50,1 / -44,0 / -33,7 / -97,3
Net profit / 171,4 / 101,7 / 93,8 / 68,7 / 203,6 / 117,1 / 102,3 / 78,6 / 227,3
Balance Sheets / 2001 / 2000
Assets SEKMillion / 31 Dec / 31 Dec
Intangible fixed assets / 2.768,3 / 2.450,9
Tangible fixed assets / 1.341,0 / 1.228,1
Financial assets / 462,4 / 391,4
Stock-in-trade / 1.718,6 / 1.268,7
Current receivables / 2.934,7 / 2.456,9
Liquid funds / 364,4 / 235,4
Total assets / 9.589,4 / 8.031,4
Shareholders' equity & Liabilities
Shareholders' equity / 2.952,9 / 1.931,0
Minority interests / – / 8,8
Provisions for pensions, interest-bearing / 1.089,8 / 960,5
Restructuring reserves / 148,8 / 558,1
Other provisions / 539,7 / 409,9
Long-term liabilities / 2.179,4 / 1.974,0
Current liabilities / 2.678,8 / 2.189,1
Total Equity & Liabilities / 9.589,4 / 8.031,4
Funds Statements / 2001 / 2000 / 2001 / 2000
SEK Million / Q 4 / Q 4 / 12 Mon. / 12 Mon.
Operations
Profit before tax / 324,6 / 271,5 / 750,4 / 623,7
Depreciations & amortizations / 94,5 / 51,8 / 367,3 / 195,2
419,1 / 323,3 / 1.117,7 / 818,9
Taxes paid / -47,2 / -36,9 / -151,5 / -120,8
Cash flow before changes in working capital / 371,9 / 286,4 / 966,2 / 698,1
Changes in working capital
Stock-in-trade / 103,6 / 27,3 / -292,2 / -106,4
Rental equipment / 5,8 / -4,9 / -20,8 / -25,6
Current receivables / -316,1 / -208,9 / -273,8 / -263,3
Current operating liabilities / 135,4 / 20,4 / 172,6 / -48,4
Restructuring reserves, utilised / -97,8 / -16,7 / -523,8 / -55,1
Cash flow from operations / 202,8 / 103,6 / 28,2 / 199,3
Investments
Acquisition of subsidiaries / -704,8 / -316,6 / -760,7
Investments in tangible fixed assets / -77,6 / -30,2 / -180,9 / -110,3
Cash flow from investments / -77,6 / -735,0 / -497,5 / -871,0
Financial activities
New share issue / 490,1 / –
Change in interest-bearing debt / -182,7 / 484,6 / 338,0 / 1.027,7
Change in long-term receivables / 32,9 / 103,5 / -65,6 / -63,0
Dividend paid / -159,0 / -159,0
Translation differences / 116,1 / 10,3 / -5,2 / -57,3
Cash flow from financial activities / -33,7 / 598,4 / 598,3 / 748,4
Cash flow for the period / 91,5 / -33,0 / 129,0 / 76,6
Liquid funds at begin of the year / 272,9 / 268,4 / 235,4 / 158,8
Liquid funds at end of the period / 364,4 / 235,4 / 364,4 / 235,4
Net interest-bearing debt / 2001 / 2000
SEK Million / 31 Dec / 31 Dec
Debt to credit institutions / 3.304,6 / 2.933,5
Pension provisions / 1.089,8 / 960,5
Less liquid funds / -364,4 / -235,4
Net interest-bearing debt / 4.030,0 / 3.658,6
Changes to shareholders' equity / 2001 / 2000
SEK million / 31 Dec / 31 Dec
Shareholders' equity – opening balance / 1.931,0 / 1.560,8
New share issue / 490,1 / –
Dividend distributed / -159,0 / -159,0
Translation differences / 165,5 / 61,4
Net profit for the period / 525,3 / 467,8
Shareholders' equity – closing balance / 2.952,9 / 1.931,0
Key figures / 2001 / 2000 / Change
12 Mon. / 12 Mon.
Orders received, SEK Million / 8.375,7 / 5.243,3 / 59,7%
adjusted for currency flucs.& corp.acqs / 7,3%
Net sales, SEK Million / 8.148,2 / 5.253,5 / 55,1%
adjusted for currency flucs.& corp.acqs / 3,6%
Nmb of shares before 2001 issue 1) / 45.421.632 / 45.421.632
Nmb of shares after 2001 issue 1) / 50.468.480
Earnings per share after full tax, SEK 1) / 10,60 / 10,01 / 5,9%
Earnings per share before goodwill amortiz. after full tax, SEK 1) / 13,76 / 11,41 / 20,6%
Operating capital, SEK Million / 6.207,1 / 3.356,8 / 84,9%
Return on operating capital, per cent / 14,3% / 20,8% / -6,5%
Return on equity, per cent / 20,4% / 27,6% / -7,2%
Net debt/equity ratio, multiple / 1,36 / 1,89 / -0,53
Interest cover, multiple / 4,2 / 6,8 / -2,6
Equity/assets ratio, per cent / 30,8% / 24,0% / 6,8%
Equity per share, SEK 1) / 58,51 / 41,31 / 41,6%
Netinvestments in fixed assets, SEK Million / 180,9 / 110,3
Number of employees at the period's end / 5.330 / 5.298
1) The new share issue was completed at the beginning of April. Figures for earnings and equity per share relating to prior periods have been
adjusted to reflect the bonus issue element of the new issue by a correction factor of 0.9717 (corresponding to 46,745,243 shares instead of 45,421,632).

The accounting principles applied in this report are the same as in Getinge ’s for 2000. The report has not been subject to audit.