Getinge

Quarterly Report • Jan 26, 2012

Getinge Group

Year-End report 2011

Reporting period January – December

• Orders received declined by 1.8% to SEK 22,012 M (22,406), and grew organically by 3.8%
• Net sales declined by 1.4% to SEK 21,854 M (22,172), and grew organically by 4.2%
• Profit before tax increased by 10.5% to SEK 3,444 M (3,116)
• Net profit increased by 11.3% to SEK 2,537 M (2,280)
• Earnings per share increased by 11.1% to SEK 10.61 (9.55)
• Proposed dividend per share is SEK 3.75 (3.25), corresponding to SEK 894 M (775)

Reporting period October – December

• Orders received grew organically during the quarter by 4%
• EBITA before restructuring costs rose by 21.7% to SEK 1,921 M (1,578)
• Strong cash flow
• Acquisition of Atrium completed
• Favourable earnings outlook for 2012

Fourth quarter 2011

2011 lived up to most of the ambitions we had for the financial year. Growth continued to improve, particularly through the significant product launches and geographic gains that were made. The operating margin was further strengthened in line with our financial objectives and as a result of improved growth and continued efficiency enhancements in both production and the market organisation.

Orders received

3

The Group's orders received continued to improve. During the fourth quarter of the year, orders received grew organically by 4%. Orders received from markets outside Western Europe and North America performed strongly and grew organically by 23% during the period. For the 2011 calendar year, the markets outside Western Europe and North America represented about 30% of the Group's total volumes, compared with 26% for the 2010 calendar year. In the North American market, orders received declined organically by 5.2% during the quarter. This decline was mainly attributable to capital goods and is not deemed to be long-term.

Teleconference with CEO Johan Malmquist and CFO Ulf Grunander 26 January 2012 at 15:00 CET Sweden: + 46 8 505 629 32 (always use the area code) UK: + 44 207 108 6303

In Western Europe, orders received fell by 1.5% organically, which was largely attributable to a decline in Infection Control. On the business area level, Medical Systems noted a highly favourable level of orders received, which increased organically by 10.7%. Extended Care's orders received increased organically by 1.2%, which was in line with expectations, while Infection Control performed more weakly than planned, with orders received falling organically by 6.9%. At the end of the calendar year, the Group's order book was on a higher level than at the same time a year earlier.

Results

Consolidated profit before tax increased by 27.1% to SEK 1,531 M (1,205) during the quarter. The fourth quarter of the year was charged with costs of SEK 40 M related to the Atrium acquisition. The quarter was also charged with restructuring costs amounting to SEK 82 M, primarily related to efficiency measures in the Cardiovascular division. EBITA before restructuring costs rose by 21.7% and the EBITA margin amounted to a very positive 26.1%, an increase of 2.3 percentage points. The EBITA margin for the 2011 calendar year was 20.9%, an improvement of 1.2 percentage points. The favourable earnings trend during the period was a result of improved invoicing growth and continued efficiency enhancement of the production and market organization.

All of the Group's business areas improved their operating profit and strengthened their operating margins for the period and full-year 2011. The growth in earnings was particularly positive in Medical Systems.

The Group's so-called "cash conversion" for the full year amounted to 65.1% of the EBITDA result, which is within the target interval of 60-70%, as established for the Group.

Outlook

The Group anticipates that the organic invoicing volume will improve further in 2012 compared with 2011. The market outside Western Europe and North America, which has grown steadily in importance, is expected to continue demonstrating a favourable level of demand. The North American market is expected to improve, albeit at a slower pace, while the West European market is expected to remain sluggish. The on-going roll-out of recently launched products continues to contribute to organic growth.

Efficiency enhancement of the Group's supply chain, with such actions as successive reduction in the number of production units and a growing portion of purchases from low-cost countries, will, combined with an improved volume trend, result in the profit growth remaining favourable.

Business area Medical Systems

Orders received

	2011	2010	Change adjusted for	2011	2010	Change adjusted for
Orders received per market	Q 4	Q 4	curr.flucs.&corp.acqs.	12 mon	12 mon	curr.flucs.&corp.acqs.
Western Europe	1 194	1 128	4,8%	3 865	3 882	3,9%
USA and Canada	924	847	-6,7%	3 164	3 321	0,7%
Rest of the world	1 376	1 043	31,3%	4 185	3 976	10,7%
Business area total	3 494	3 018	10,7%	11 214	11 179	5,4%

There was a significant organic improvement in orders received, which rose by 10.7%. In Western Europe, orders received increased organically by nearly 5%, with favourable growth in Northern Europe. In Southern Europe, orders received were comparable with the year-earlier period, while orders received in the UK declined. In North America, orders received declined, primarily in terms of medical-technical capital goods. In the regions outside Western Europe and North America, growth was generally very positive and orders received there grew organically by slightly more than 31%.

Results

	2011	2010	Change	2011	2010	Change
	Q 4	Q 4		12 mon	12 mon
Net sales, SEK million	3 847	3 379	13,9%	11 031	11 195	-1,5%
adjusted for currency flucs.& corp.acqs			10,4%			3,5%
Gross profit	2 261	1 980	14,2%	6 365	6 492	-2,0%
Gross margin %	58,8%	58,6%	0,2%	57,7%	58,0%	-0,3%
Operating cost, SEK million	-1 201	-1 129	6,4%	-4 234	-4 372	-3,2%
EBITA before restructuring and	1 174	941	24,8%	2 495	2 502	-0,3%
integration costs
EBITA margin %	30,5%	27,8%	2,7%	22,6%	22,3%	0,3%
Acquisition expenses	-40	0		-40	0
Restructuring and integration
costs	-75	-112		-75	-130
EBIT	945	739	27,9%	2 016	1 990	1,3%
EBIT margin %	24,6%	21,9%	2,7%	18,3%	17,8%	0,5%

The business area's EBITA rose by 24.8% to SEK 1,174 M (941) and the EBITA margin improved by 2.7 percentage points to 30.5% during the period. The positive growth in profit is the result of a favourable invoicing volume and effective cost control, as well as the contribution to earnings derived from the Atrium acquisition. As communicated earlier, the quarter was charged with transaction costs of relating SEK 40 M to the Atrium acquisition. The period was also charged with restructuring costs amounting to SEK 75 M for the planned efficiency enhancement of the production structure in the Cardiovascular division.

Activities

Acquisition of Atrium Medical

During the quarter, the acquisition of US company Atrium Medical was completed. Atrium will strengthen the business area's Cardiovascular Division considerably and increase exposure toward less invasive technologies for the treatment of diseases of the vascular system. Atrium, which had sales of approximately USD 200 M in 2011, has grown by an average of 19% in the most recent five-year period and is expected to continue to maintain a high level of growth in the coming years.

Atrium Medical was consolidated in the Group accounts as of 1 November 2011. As described earlier, the fourth quarter of the year was charged with acquisition costs of SEK 40 M. Excluding restructuring costs, Atrium is expected to contribute to the Group's earnings per share already during the current year when full amortisation of acquisition-related surplus value and acquisition financing have been taken into consideration. The restructuring costs are expected to amount to about USD 6 M and will be charged to the current year and next year. The acquisition will not affect the business area's or the Group's ambition to improve the performance in line with existing targets for the EBITA margin.

Restructuring activities

As announced earlier, the business area is currently implementing a restructuring programme aimed at enhancing the efficiency of production of perfusion products. The programme involves the closure of two units in Hechingen and Hirrlingen, in Germany. Most of the labour-intensive production will be transferred to Medical Systems' existing plant in Antalya, in Turkey. The programme, which is expected to lead to annual cost savings of at least SEK 60 M, has been delayed by at least a quarter as negotiations with employee representatives have taken longer than planned. Costs for the implementation of the programme were expensed already in the fourth quarter of 2010.

During the fourth quarter of 2011, a decision was made to implement a further efficiency initiative at Medical Systems' Cardiovascular Division. The new programme aims, for example, to concentrate all production of textile-based cardiovascular implants to the plant in La Ciotat, France. At the moment, textile-based cardiovascular implants are produced both in the French city of La Ciotat and at Wayne, in the US. In addition, the Cardiovascular Division intends to transfer its production of balloon catheters for cardio support from the unit in Fairfield, in the US, to the plant in Wayne. The property in Fairfield, which is owned by the Group, will subsequently be sold. The costs of implementing the described restructuring program amounted to about SEK 75 M and were charged to fourth-quarter earnings. The efficiency programme is expected to generate annual savings of about SEK 80 M as of mid-2013.

Cardiohelp

During the quarter, the first deliveries of the Cardiohelp heart-lung support product were made in the US. Cardiohelp gained approval from the FDA in the US during the third quarter of 2011.

Business area Extended Care

Orders received

	2011	2010	Change adjusted for	2011	2010	Change adjusted for
Orders received per market	Q 4	Q 4	curr.flucs.&corp.acqs.	12 mon	12 mon	curr.flucs.&corp.acqs.
Western Europe	845	872	-1,2%	2 944	3 258	-4,3%
USA and Canada	513	506	2,7%	1 878	1 936	6,6%
Rest of the world	238	229	6,9%	889	839	9,8%
Business area total	1 596	1 607	1,2%	5 711	6 033	1,2%

Orders received for Extended Care grew organically by 1.2%. In Western European markets, orders received declined somewhat due to a weaker trend in German-speaking markets and in Benelux. In Southern Europe, volumes remained unchanged, while orders received improved in the UK. In North America, orders received rose slightly, albeit at a slower rate than in earlier quarters. In other geographic markets, orders received were satisfactory.

Results

	2011	2010	Change	2011	2010	Change
	Q 4	Q 4		12 mon	12 mon
Net sales, SEK million	1 647	1 585	3,9%	5 751	6 033	-4,7%
adjusted for currency flucs.& corp.acqs			5,9%			1,9%
Gross profit	804	765	5,1%	2 981	2 977	0,1%
Gross margin %	48,8%	48,3%	0,5%	51,8%	49,3%	2,5%
Operating cost, SEK million	-475	-485	-2,1%	-1 800	-1 904	-5,5%
EBITA before restructuring and
integration costs	352	306	15,0%	1 278	1 178	8,5%
EBITA margin %	21,4%	19,3%	2,1%	22,2%	19,5%	2,7%
Restructuring and integration
costs	- 6	0		-60	-25
EBIT	323	280	15,4%	1 121	1 048	7,0%
EBIT margin %	19,6%	17,7%	1,9%	19,5%	17,4%	2,1%

The business area improved its EBITA during the quarter by 15% to SEK 352 M (306). The EBITA margin continued to improve and amounted to a highly favourable 21.4% (19.3). The operating margin for the full year amounted to 22.2%. The strong growth in results was partly due to improved invoicing during the quarter and partly to the effect of additional efficiency enhancements of the operation.

Business area Infection Control

Orders received

	2011	2010	Change adjusted for	2011	2010	Change adjusted for
Orders received per market	Q 4	Q 4	curr.flucs.&corp.acqs.	12 mon	12 mon	curr.flucs.&corp.acqs.
Western Europe	533	619	-13,3%	2 134	2 308	-3,3%
USA and Canada	411	469	-11,0%	1 457	1 644	-2,2%
Rest of the world	398	361	9,4%	1 495	1 240	23,9%
Business area total	1 342	1 449	-6,9%	5 086	5 192	3,6%

Infection Control's orders received weakened during the final quarter of the year. Orders received declined organically by 6.9%. In Western Europe, orders received fell and declined organically by 13.3%. With the exception of Scandinavia and the Benelux region, orders received declined. Markets in North America also displayed a declining trend in terms of orders attributed to the customers in the Life Science segment. In the markets outside Western Europe and North America, demand and growth remained favourable. Infection Control's operation is characterised by major quarterly fluctuations in orders received and, with the exception of Western Europe, where some weakening was noted, the markets and demand are deemed to have remained stable.

Results

	2011	2010	Change	2011	2010	Change
	Q 4	Q 4		12 mon	12 mon
Net sales, SEK million	1 860	1 677	10,9%	5 072	4 944	2,6%
adjusted for currency flucs.& corp.acqs			13,3%			8,6%
Gross profit	739	679	8,8%	2 056	1 902	8,1%
Gross margin %	39,7%	40,5%	-0,8%	40,5%	38,5%	2,0%
Operating cost, SEK million	-346	-350	-1,1%	-1 268	-1 225	3,5%
EBITA before restructuring and
integration costs	395	332	19,0%	798	691	15,5%
EBITA margin %	21,2%	19,8%	1,4%	15,7%	14,0%	1,7%
Restructuring and integration
costs	0	- 5		0	-25
EBIT	393	324	21,3%	788	652	20,9%
EBIT margin %	21,1%	19,3%	1,8%	15,5%	13,2%	2,3%

The business area's EBITA rose 19% to SEK 395 M (332). The EBITA margin for the period was 21.2% (19.8) and the corresponding figure for the full year was 15.7% (14.0). The improved operating profit was largely attributable to the strong invoicing growth.

Activities

New organisation

Infection Control's operation focuses on two primary customer groups; healthcare and Life Science industry. The needs and requirements differ significantly between these two segments, with the healthcare market requiring system solutions where products are highly standardised, while the Life Science industry requires products that are individually customised for the customers' specific needs. In order to satisfy the changing needs of both of these customer groups, the business area was divided during the quarter. The healthcare division will represent approximately 70% of the business area's operations and include products for sterilisation, disinfection, material management, logistics and IT support. The Life Science division will account for approximately 30% of the business area's operation and include products for sterilisation (steam, ethylene oxide, electron-irradiation), cleaning, water treatment and insulator technology.

Acquisitions and divestments

During the period, a small service company was acquired in France. The company focuses on maintenance and service of infection-control equipment for the Life Science industry and has sales of approximately SEK 3 M.

During the quarter, a division of the business area's Swiss company was divested. The division that was divested focused on designing and selling large-scale steam generators for industrial use. The divested operation reported sales of about SEK 18 M in 2010. The divestment of the operation had no impact on earnings during the quarter.

Other information

Accounting

This interim report has been prepared for the Group in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the Parent Company, the report has been prepared in accordance with the Swedish Annual Accounts and RFR 2. The accounting policies adopted are consistent with those applied for the 2010 Annual Report and should be read in conjunction with that Annual Report.

This report has not been audited by Getinge's auditors.

New accounting policies for 2011

New or revised International Financial Reporting Standards (IFRS) and statements of interpretation from IFRIC as described in Note 1 of the 2010 Annual Report had no impact on the position or performance of the Group or Parent Company.

Dividend

The Board of Directors and CEO propose a dividend for 2011 of SEK 3.75 (3.25) per share, totalling SEK 894 M (775). The proposed record date is 2 April 2012. Euroclear intends to send the dividend to shareholders on 5 April 2012.

Annual General Meeting

Getinge AB's Annual General Meeting will be held on 28 March 2012 at 2:00 p.m. in Kongresshallen at Hotell Tylösand, Halmstad, Sweden. Shareholders who would like to have a matter addressed at the Annual General Meeting on 28 March 2012 can submit their proposal to Getinge's Chairman by e-mail: arenden.bolagsstamma@getinge.com or by post to: Getinge AB Att: Bolagsstämmoärenden, Box 69, SE-305 05 GETINGE, SWEDEN. To ensure inclusion in the official notice and thus in the Annual General Meeting's agenda, proposals must be received by the company not later than Wednesday, 1 February 2012.

Risk management

Political decisions altering the healthcare reimbursement system represent the single greatest risk to the Getinge Group. The risk to the Group as a whole is limited by the fact that Getinge is active in a large number of countries. The Group's operational risks are limited, since customer operations are generally funded directly or indirectly by public funds. The Group's Risk Management team continuously works to minimise the risk of production disruptions.

Elements of the Getinge Group's product range are subject to legislation stipulating rigorous assessments, quality control and documentation. It cannot be ruled out that the Getinge Group's operations, financial position and earnings may be negatively impacted in the future by difficulties in complying with current regulations and demands of authorities and control bodies or changes to such regulations and demands.

Financial risk management. Getinge is exposed to a number of financial risks in its operations. "Financial risks" refer primarily to risks related to exchange and interest rates as well as credit risks. Risk management is regulated by a financial policy established by the Board of Directors. The ultimate responsibility for managing the Group's financial risks and developing methods and principles of financial risk management lies with Group management and the treasury function. The main financial risks to which the Group is exposed are currency risks, interest-rate risks and credit and counterparty risks.

Forward-looking information

This report contains forward-looking information based on the current expectations of the Getinge Group's management. Although management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably compared with what is stated in the forward-looking information, due to such factors as changed conditions regarding finances, market and competition, changes in legal requirements and other political measures, and fluctuations in exchange rates.

Next report

The next report from the Getinge Group (first quarter of 2012) will be published on 19 April 2012.

Teleconference

A teleconference will be held today at 3:00 p.m. (Swedish time) with Johan Malmquist, CEO, and Ulf Grunander, CFO.

To participate, please call: In Sweden: + 46 (0)8 505 629 32 (always use the area code) UK: + 44 207 108 6303

Agenda: 2:45 p.m. Call the conference number 3:00 p.m. Review of the year-end report 3:20 p.m. Questions and answers 4:00 p.m. End of the conference

A recorded version of the conference can be accessed for five working days at the following number: Sweden: +46 (0)8 506 269 49 UK: +44 207 750 99 28 Code: 266535#

During the telephone conference, a presentation will be held. To access the presentation, please use this link:

https://www.anywhereconference.com/?Conference=108266535&PIN=320823

Assurance

The Board of Directors and CEO assure that the year-end report provides a true and fair overview of the Parent Company and the Group's operations, position and earnings and describes the material risks and uncertainties faced by the Parent Company and the Group.

Getinge, 26 January 2012

Carl Bennet Johan Bygge Rolf Ekedahl Chairman

Sten Börjesson Carola Lemne Cecilia Daun Wennborg

Daniel Moggia Johan Stern Johan Malmquist CEO

Getinge AB Box 69, SE-305 05 Getinge Tel: +46 (0)10-335 00 00. Fax: +46 (0)35-549 52 e-mail: info@getinge.com Corporate registration number 556408-5032 www.getingegroup.com

The information stated herein is such that Getinge AB is obligated to publish under the Securities Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act.

	2011	2010	Change	2011	2010	Change
SEK millio n	Q 4	Q 4		12 mon	12 mon
Net sales	7 354	6 641	10,7%	21 854	22 172	-1,4%
Cost of goods sold	-3 550	-3 216	10,4%	-10 452	-10 801	-3,2%
Gross profit	3 804	3 425	11,1%	11 402	11 371	0,3%
Gross margin	51,7%	51,6%	0,1%	52,2%	51,3%	0,9%
Selling expenses	-1 291	-1 179	9,5%	-4 584	-4 741	-3,3%
Administrative expenses	-578	-659	-12,3%	-2 198	-2 355	-6,7%
Research & development costs 1	-141	-104	35,6%	-540	-441	22,4%
Acquisition expenses	-40	0		-40	0
Restructuring and integration costs	-82	-117	-29,9%	-136	-180	-24,4%
Other operating income and expenses	-12	-23		20	35	-42,9%
Operating profit 2	1 660	1 343	23,6%	3 924	3 689	6,4%
Operating margin	22,6%	20,2%	2,4%	18,0%	16,6%	1,4%
Financial Net, SEK	-129	-138		-480	-573
Profit before tax	1 531	1 205	27,1%	3 444	3 116	10,5%
Taxes	-410	-310		-907	-836
Net profit	1 121	895	25,3%	2 537	2 280	11,3%
Attributable to:
Parent company's shareholders	1 118	894		2 529	2 277
Non-controlling interest	3	1		8	3
Net profit	1 121	895		2 537	2 280
Earnings per share, SEK 3	4,69	3,75	25,1%	10,61	9,55	11,1%

Consolidated income statement

1 Development costs totalling SEK million 571 (675) have been capitalised during the year, of which million 171 (159) in the quarter.

2 Operating profit is charged with

— amort. Intangibles on acquired	-139	-118	-471	-502
companies
— amort. intangibles	-96	-86	-350	-253
— depr. on other fixed assets	-166	-168	-630	-667
	-401	-372	-1 451	-1 422

3 There are no dilutions

Comprehensive earnings statement

	2011	2010	2011	2010
SEK millio n	Q 4	Q 4	12 mon	12 mon
Profit for the period	1 121	895	2 537	2 280
Other comprehensive earnings
Translation differences	20	104	52	-1 000
Cash-flow hedges	-139	26	-722	176
Actuarial gains/losses pension liability	151	-292	151	-313
Income tax related to other partial
result items	- 2	71	150	36
Other comprehensive earnings for the period, net after tax	30	-91	-369	-1 101
Total comprehensive earnings for the period	1 151	804	2 168	1 179
Comprehensive earnings attributable to:
Parent Company shareholders	1 148	803	2 160	1 176
Non-controlling interest	3	1	8	3

Quarterly results

	2009	2010	2010	2010	2010	2011	2011	2011	2011
SEK millio n	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4
Net sales	6 845	4 863	5 649	5 019	6 641	4 671	4 963	4 866	7 354
Cost of goods sold	-3 464	-2 353	-2 840	-2 392	-3 216	-2 187	-2 379	-2 336	-3 550
Gross profit	3 381	2 510	2 809	2 627	3 425	2 484	2 584	2 530	3 804
Operating cost	-2 165	-1 809	-1 989	-1 802	-2 081	-1 794	-1 815	-1 725	-2 144
Operating profit	1 216	701	820	825	1 343	690	769	805	1 660
Financial net	-146	-150	-145	-140	-138	-122	-115	-115	-129
Profit before tax	1 070	551	675	685	1 205	568	654	690	1 531
Taxes	-282	-151	-185	-190	-310	-148	-169	-179	-410
Profit after tax	788	400	490	495	895	420	484	511	1 121

Consolidated balance sheet

	2011	2010
Assets SEK millio n	31 dec	31 dec
Intangible assets	24 498	19 224
Tangible fixed assets	3 452	3 192
Financial assets	750	761
Stock-in-trade	3 837	3 619
Current receivables	7 725	6 696
Cash and cash equivalents	1 207	1 093
Total assets	41 469	34 585
Shareholders' equity & Liabilities
Shareholders' equity	14 636	13 248
Long-term liabilities	18 678	14 864
Current liabilities	8 155	6 473
Total Equity & Liabilities	41 469	34 585

Consolidated cash-flow statement

	2011	2010	2011	2010
SEK millio n	Q 4	Q 4	12 mon	12 mon
Current activities
EBITDA	2 061	1 715	5 375	5 111
Restructuring Cost expenses	82	117	136	180
Restructuring costs paid	-14	-53	-183	-163
Adjustment for items not included in cash flow	10	11	67	38
Financial items	-129	-138	-480	-573
Taxes paid	-291	-163	-826	-596
Cash flow before changes in working capital	1 719	1 489	4 089	3 997
Changes in working capital
Stock-in-trade	588	450	-43	244
Current receivables	-1 275	-1 272	-742	-473
Current operating liabilities	392	417	192	356
Cash flow from operations	1 424	1 084	3 496	4 124
Investments
Acquisition of subsidiaries	-4 449	0	-4 649	-10
Capitalized development costs	-171	-158	-571	-675
Rental equipment	-48	-44	-247	-190
Investments in tangible fixed assets	-305	-148	-688	-588
Cash flow from investments	-4 973	-350	-6 155	-1 463
Financial activities
Change in interest-bearing debt	3 970	-604	3 958	-3 224
Change in long-term receivables	33	-92	22	-35
Dividend paid	0	0	-775	-655
Cash flow from financial activities	4 003	-696	3 205	-3 914
Cash flow for the period	454	38	546	-1 253
Cash and cash equivalents at begin of the year	1 087	1 210	1 093	1 389
Translation differences	-334	-155	-432	957
Cash and cash equivalents at end of the period	1 207	1 093	1 207	1 093

Consolidated net interest-bearing debt

	2011	2010
SEK millio n	31 dec	31 dec
Debt to credit institutions	16 689	12 657
Provisions for pensions, interest-bearing	1 627	1 813
Less liquid funds	-1 207	-1 093
Net interest-bearing debt	17 109	13 377

Changes to shareholders' equity

		Other				Non
		contributed		Profit brought	controlling		Total
SEK million	Share capital		capital Reserves	forward	Total	interest	equity
Opening balance on
1 January 2010	119	5 960	-25	6 648	12 702	24	12 726
Dividend				-655	-655	- 2	-657
Total comprehensive
earnings for the period			-870	2 046	1 176	3	1 179
Closing balance on	119	5 960	-895	8 039	13 223	25	13 248
31 December 2010
Opening balance on
1 January 2011	119	5 960	-895	8 039	13 223	25	13 248
Dividend				-775	-775	- 5	-780
Total comprehensive
earnings for the period			-480	2 640	2 160	8	2 168
Closing balance on	119	5 960	-1 375	9 904	14 608	28	14 636
31 December 2011

Key figures

	2011	2010 Change	2009	2011	2010 Change	2009
	Q 4	Q 4	Q 4	12 mon	12 mon	12 mon
Orders received, SEK million	6 433	6 075 5,9%	6 448	22 012	22 406 -1,8%	23 036
adjusted for currency flucs.& corp.acqs		4,0%			3,8%
Net sales, SEK million	7 354	6 641 10,7%	6 845	21 854	22 172 -1,4%	22 816
adjusted for currency flucs.& corp.acqs		10,1%			4,2%

EBITA before restructuring- and integration
costs	1 921	1 578	21,7%	1 533	4 571	4 371	4,6%	3 933
EBITA margin before restructuring- and
integration costs	26,1%	23,8%	2,3%	22,4%	20,9%	19,7%	1,2%	17,2%
Restructuring and integration costs	82	117		193	136	180		336
Acquisition costs	40	0		0	40	0		0
EBITA	1 799	1 461	23,1%	1 340	4 395	4 191	4,9%	3 597
EBITA margin	24,5%	22,0%	2,5%	19,6%	20,1%	18,9%	1,2%	15,8%
Earnings per share after full tax, SEK	4,69		3,75 25,1%	3,29	10,61		9,55 11,1%	8,02
Number of shares, thousands		238 323 238 323		238 323	238 323	238 323		238 323
Interest cover, multiple					8,4	6,7	1,7	5,5
Operating capital, SEK million					26 453	27 247	-2,9%	23 771
Return on operating capital, per cent					15,3%	14,2%	1,1%	13,3%
Return on equity, per cent					18,2%	17,6%	0,6%	16,4%
Net debt/equity ratio, multiple					1,17	1,01	0,16	1,26
Cash Conversion					65,1%		80,7% -15,6%	90,0%
Equity/assets ratio, per cent					35,3%	38,3%	-3,0%	33,9%

Five-year review

	2011	2010	2009	2008	2007
SEK million	31 dec	31 dec	31 dec	31 dec	31 dec
Net Sales	21 854	22 172	22 816	19 272	16 445
Profit before tax	2 537	2 280	1 914	1 523	1 233
Earnings per share	10,61	9,55	8,02	7,23	6,10

Income statement for the Parent Company

	2011	2010	2011	2010
M kr	Q 4	Q 4	12 mon	12 mon
Administrative expenses	-24	-38	-122	-132
Operating profit	-24	-38	-122	-132
Financial net	729	1 756	702	2 551
Profit after financial items	705	1 718	580	2 419
Profit before tax	705	1 718	580	2 419
Taxes	-32	-21	- 9	-181
Net profit	673	1 697	571	2 238

Balance sheet for the Parent Company

	2011	2010
Assets SEK millio n	31 dec	31 dec
Tangible fixed assets	13	20
Shares in group companies	6 911	5 813
Deferred tax assets	0	6
Receivable from group companies	35 965	29 973
Short-term receivables	14	27
Total assets	42 903	35 839
Shareholders' equity & Liabilities
Shareholders' equity	8 345	8 568
Long-term liabilities	14 960	11 345
Deffered tax liabilities	0	34
Liabilities to group companies	18 121	8 293
Current liabilities	1 477	7 599
Total Equity & Liabilities	42 903	35 839

Information pertaining to the Parent Company's performance during the reporting period January-December 2011

Income statement

At the end of the period claims and liabilities in foreign currencies were measured at the closing date exchange rate, and an unrealised loss of SEK 36 (+948) M was included in net financial income for the quarter. Dividend income from subsidiaries amounts to SEK 455 (1 755) M.

Companies acquired in 2011

STS Holdings West

In early 2011, Infection Control acquired the operations of the US service company STS Holdings West, which generated SEK 20 M in sales and had 16 employees in its most recent financial year. The total purchase consideration was about SEK 35 M.

Acquired net assets and goodwill in conjunction with the acquisition

SEK M Net assets	Assets and liabilities at the time of acquisition
Inventories	1
	1
Goodwill	34
Total acquisition including cash and cash equivalents	35
Net outflow of cash and cash equivalents due to the acquisition
Cash and cash equivalents paid for the acquisition	35
Cash and cash equivalents in the acquired company at the time of acquisition	0
	35

Goodwill that arose in conjunction with the transaction was attributable to expected ancillary sales of Infection Control's products in the southwestern region of the US. The company has been included in Getinge's sales and operating profit as of 1 January 2011.

Mak Saglik

In early 2011, Infection Control acquired the Turkish distributor Mak Saglik. The company generated sales of about SEK 20 M in 2010. The total purchase consideration amounted to about SEK 14 M.

Acquired net assets and goodwill in conjunction with the acquisition

		Assets and liabilities at the
SEK M	Net assets	date of acquisition
	Tangible fixed assets	1
	Inventories	1
		2
	Goodwill	12
	Total acquisition including cash and cash equivalents	14
	Net outflow of cash and cash equivalents due to the acquisition
	Cash and cash equivalents paid for the acquisition	14
	Cash and cash equivalents in the acquired company at the time of acquisition	0

Goodwill that arose in conjunction with the transaction was attributable to expected ancillary sales of Infection Control's products in Turkey. The company has been included in Getinge's sales and operating profit as of 1 February 2011.

14

IDS Medical Equipment

In the third quarter of 2011, Infection Control acquired the operations of the Singaporean distributor IDS Medical Equipment. The company generated sales of about SEK 25 M in 2010. The total purchase consideration amounted to about SEK 5 M.

Acquired goodwill in conjunction with the acquisition

		Assets and
		liabilities at the
SEK M	Net assets	time of acquisition
	Goodwill	5
	Total acquisition including cash and cash equivalents	5
	Net outflow of cash and cash equivalents due to the acquisition
	Cash and cash equivalents paid for the acquisition	5
	Cash and cash equivalents in the acquired company at the time of acquisition	0
		5

Goodwill that arose in conjunction with the transaction was attributable to expected ancillary sales of Infection Control's products in Singapore. The company has been included in Getinge's sales and operating profit as of 1 July 2011.

Fumedica AG

In the third quarter of 2011, Medical Systems acquired the operations of the Swiss distributor Fumedica AG. The company generated sales of about SEK 70 M in 2010. The total purchase consideration amounted to about SEK 137 M.

Acquired net assets and goodwill in conjunction with the acquisition

SEK M	Net assets	Assets and liabilities at the time of acquisition	Adjustment to fair value	Assets and liabilities at the time of acquisition
	Intangible assets	0	63	63
	Inventories	13		13
	Accounts receivable	9		9
	Provisions	0	-10	-10
	Current liabilities	- 8		- 8
		14	53	67
	Goodw ill			70
Total acquisition including cash and cash equivalents Net outflow of cash and cash equivalents due to the acquisition
	Cash and cash equivalents paid for the acquisition			137

Cash and cash equivalents in the acquired company at the date of acquisition	0
	137

The company has been included in Getinge's sales and operating profit as of 1 July 2011. Goodwill that arose in conjunction with the transaction was attributable to expected ancillary sales of Medical Systems' products in Switzerland.

Combimobil AB

During the third quarter, Extended Care acquired Combimobil AB. The total purchase consideration amounted to about SEK 9 M.

liabilities at the time of acquisition	Adjustment to fair value	Assets and liabilities at the time of acquisition	Net assets	SEK M
8	8	0	Intangible assets
1		1	Inventories
1		1	Accounts receivable
- 1		- 1	Current liabilities
9	8	1
0			Goodw ill
9			Total acquisition including cash and cash equivalents
			Net outflow of cash and cash equivalents due to the acquisition

Acquired net assets and goodwill in conjunction with the acquisition

Cash and cash equivalents paid for the acquisition	9
Cash and cash equivalents in the acquired company at the time of acquisition	0
	9

The company has been included in Getinge's sales and operating profit as of 1 September 2011.

Atrium Medical Inc.

In the beginning of November 2011, Medical Systems acquired the American company Atrium Medical. The total purchase consideration amounted to about USD 680 M (SEK 4 447 M).

Acquired net assets and goodwill in conjunction with the acquisition

		Assets and		Assets and
		liabilities at the	Adjustment	liabilities at the
SEK M	Net assets	time of acquisition	to fair value	time of acquisition
	Intangible assets	0	1 602	1 602
	Tangible fixed assets	220		220
	Inventories	145		145
	Other current assets	174		174
	Cash and cash equivalents	148		148
	Provisions	0	-641	-641
	Current liabilities	-316		-316
		371	961	1 332
	Goodw ill			3 263
	Total acquisition including cash and cash equivalents			4 595
	Net outflow of cash and cash equivalents due to the acquisition
	Cash and cash equivalents paid for the acquisition			4 595

Cash and cash equivalents paid for the acquisition	4 595
Cash and cash equivalents in the acquired company at the time of acquisition	-148
	4 447

The depreciation cost of the acquired intangible assets amounts to about SEK 150 M per year. The company has been included in Getinge's sales and operating profit as of 1 November 2011.

Blanchet Medical Service

During the fourth quarter, Infection Control acquired the French service company Blanchet Medical Service, which generated about SEK 3 M in sales and had three employees in its most recent financial year. The total purchase consideration amounted to about SEK 2 M.

Acquired net assets and goodwill in conjunction with the acquisition

	Assets and liabilities at the
SEK M Net assets	date of acquisition
Cash and cash equivalents	7
	7
Goodw ill	2
Total acquisition including cash and cash equivalents	9
Net outflow of cash and cash equivalents due to the acquisition
Cash and cash equivalents paid for the acquisition	9
Cash and cash equivalents in the acquired company at the time of acquisition	- 7
	2

The company has been included in Getinge's sales and operating profit as of 1 November 2011. Goodwill that arose in conjunction with the transaction was attributable to expected ancillary sales of Infection Control's products in France.

Definitions

EBIT	Operating profit
EBITA	Operating profit before amortisation of intangible assets identified in
	conjunction with corporate acquisitions
EBITDA	Operating profit before depreciation and amortization
Cash conversion	Cash flow from operating activities as a percentage of EBITDA