Getinge

Quarterly Report • Jan 26, 2009

Reporting period January – December

• ♦ Orders received increased by 17.9% to SEK 19,447 million (16,497), corresponding to organic growth of 7.1%
• ♦ Orders received for the quarter increased by 23.6% to SEK 5,638 million (4,563), corresponding to organic growth of 5.1%
• ♦ Net sales rose by 17.2% to SEK 19,272 million (16,445)
• ♦ Profit before tax increased by 21.4% to SEK 2,155 million (1,775)
• ♦ Net profit increased by 23.1% to SEK 1,552 million (1,260)
• ♦ Earnings per share increased by 23.5% to SEK 7.37 (5.97)
• ♦ Dividend per share proposed at SEK 2.40 (2.40), corresponding to SEK 572 million (515), an increase of 11 %
• ♦ EBITA before restructuring increased by 29.1% to SEK 3,456 million (2,678)
• ♦ Acquisition of Datascope Corp is expected to be completed shortly

Fourth quarter 2008

Getinge's earnings trend remained strong during the quarter and met our expectations, although the trend varied at the business area level. Despite the risk of weakening demand in some of our markets, we expect to continue growing more rapidly than the underlying market, with major potential for improving our profitability in line with our financial goals.

Orders received	Orders received by the Group increased organically by 5.1% for the period. Thus, orders received for the full year increased organically by a healthy 7.1%.
	The volume trend for the Group was generally very good in most of the geographic regions, with the exception of the US market, where growth in all business areas declined to varying degrees. With the exception of Medical Systems, the weaker orders received for the year in the US must be partly compared with the strong growth reported in the corresponding period in 2007.
	From a business area perspective, Medical Systems reported continued strong volume growth, while the trend for Infection Control and Extended Care was more moderate.

Results	Consolidated profit before tax for the quarter increased by 18.2% to SEK 1,066 million (902). The quarterly results were charged with restructuring expenses of SEK 73 million (27). EBITA excluding restructuring expenses increased by 31% to SEK 1,436 million (1,096), corresponding to an EBITA margin of 22.4% (21.3). For the full year, the EBITA margin excluding restructuring expenses, amounted to 17.9%, an increase of 1.6 percentage points.
	The earnings trend for Medical Systems was very strong for the period. Infection Control's earnings developed according to plan, while earnings for Extended Care were weaker during the last quarter of the year. The Group's operating cash flow amounted to SEK 747 million (544), an increase of 37.1%.
Outlook	Despite the decline in global economy during the recent quarters, it is anticipated that demand in the market, combined with proprietary growth enhancing activities, will result in a continued good volume trend in 2009. The Group's sales of medical technical capital goods represent a declining portion of the Group's total sales, primarily in the US where the portion of the expendable goods for emergency use has increased significantly in the wake of the acquisition of Boston Scientific's Cardiac and Vascular Surgery divisions and the impending acquisition of Datascope. On the whole, the Group anticipates that the organic invoicing growth in 2009 will be somewhat lower than the outcome for 2008.
	Furthermore, Getinge anticipates continued strong earnings growth. Positive synergy effects from the recent years' acquisitions, combined with decreasing restructuring expenses, will contribute to earnings growth. The Group has significantly strengthened its product portfolio and production structure in recent years, which will also contribute to earnings growth.
	The acquisition of Datascope, including restructuring and financing expenses, is expected to have a limited impact on the Group's profit before tax in the current year.
	The Group expects to achieve its target of an EBITA margin, excluding restructuring expenses, of 18-19% during 2009.

Business area Medical Systems

Orders received

	2008	2007 Change adjusted fo r		2008		2007 Change adjusted fo r
Orders received per market	Q 4		Q 4 curr.flucs.&co rp.acqs.	12 Mon		12 Mon curr.flucs.&co rp.acqs.
Europe	1 212	896	21.0%	4 026	3 362	13.0%
USA and Canada	738	283	-1.1%	2 506	1 040	4.4%
Asia and Australia	479	317	16.3%	1 403	1 058	11.6%
Rest of the world	170	125	28.8%	625	419	42.4%
Business area total	2 599	1 621	16.8%	8 560	5 879	13.3%

Orders received for Medical Systems continue to develop very well and increased organically by a healthy 16.8% in the quarter.

In Europe, the volume trend was very strong. All regions reported good growth. In Southern Europe, Eastern Europe and German-speaking markets, the trend was particularly good.

In the North American market, orders received declined slightly. During the quarter, the business area changed management in its US sales company, Maquet Inc., which probably had a negative impact on the order flow for the quarter. The sharp increase in the portion of expendable goods caused by the acquisition of the Cardiac and Vascular Surgery divisions and the acquisition of Datascope has not had any impact on the organic orders received but it is expected to have a stabilising effect on the volume trend in the current and coming year.

In emerging markets, orders received were generally very good during the period and all regions reported strong or very strong growth.

Results

	2008	2007	Change	2008	2007	Change
	Q 4	Q 4		12 Mon	12 Mon
Net sales, SEK m illion	2 930	1 949	50.3%	8 416	6 079	38.4%
adjusted for currency flucs.& corp.acqs			14.2%			7.3%
Gross profit	1 596	957	66.8%	4 723	3 112	51.8%
Gross margin %	54.5%	49.1%	5.4%	56.1%	51.2%	4.9%
Operating cost, SEK m illion	-883	-547	61.4%	-3 140	-2 079	51.0%
EBITA before restructuring and integration costs	773	412	87.5%	1 784	1 040	71.5%
EBITA margin %	26.4%	21.2%	5.2%	21.2%	17.1%	4.1%
Restructuring and integration costs	-13	–	0.0%	-72	–	0.0%
EBIT EBIT margin %	700 23.9%	410 21.0%	70.7% 2.9%	1 511 18.0%	1 033 17.0%	46.3% 1.0%

EBITA before restructuring costs increased by 87.5% to SEK 773 million (412) for the quarter. The EBITA margin for the period amounted to 26.4% (21.2). For the full year, the EBITA margin amounted to 21.2%, which exceeds the target for the business area of an EBITA margin of between 19-20%. Restructuring costs for the period amounted to SEK 13 million. The seasonally lower gross margin for the period is a result of a higher portion of capital goods in the product mix.

Activities Integration of the Cardiac and Vascular Surgery divisions

The integration of the operations, which were acquired from Boston Scientific and consolidated into the Group's accounts from the beginning of 2008, continues to progress very well.

Medical Systems expects that revenue synergies will result in the new Cardiovascular division achieving an organic growth of about 10%. Work to prepare the US sales organisation for the distribution of the division's heart-lung machines with associated consumables has made extensive progress and positive results are expected in 2009. The Cardiac and Vascular Surgery divisions' sales organisations in markets outside the US have largely been integrated in Medical Systems' existing sales company structure during 2008, with the expectation of intensified focus resulting in volume growth.

As announced earlier, Medical Systems intends to relocate production of cardiac surgery products at the Dorado unit in Puerto Rico to the production unit in Wayne, New Jersey. The move is expected to be completed before the end of 2009. Furthermore, there will be a gradual optimisation of administrative processes and structures. On the whole, Medical Systems expects that cost-related synergies will amount to SEK 100 - 120 million from 2010.

Restructuring costs for the above changes are expected to amount to SEK 85 million, of which SEK 72 million will be charged against the current year.

Acquisition of Datascope

As announced earlier, Getinge has submitted a public offer for the US company, Datascope Corp. The offer is conditional upon the approval from competition authorities in several countries. With the exception of the US competition authority, the FTC, Getinge has received all approvals for the implementation of the acquisition. An approval from the FTC is expected shortly, since an agreement has been reached regarding the divestment of Datascope's EVH operations, which was a condition from the FTC for the completion of the acquisition.

Datascope, which is active within the area of vascular intervention and the Cardiac Assist market, will be an excellent supplement to Getinge's existing operations within the Cardiovascular division. Getinge estimates that based on significant costs and revenue synergies, the acquisition will contribute to the Group's profit before tax from 2010, including amortisation of acquisition-related surplus values and financing costs. It is anticipated that the impact on earnings will be insignificant for 2009. Datascope's EVH operation had sales of slightly less than USD 10 million in 2008.

Product development and launches

Medical Systems presented several new products at the Medica trade fair in Düsseldorf at the end of November 2008. The products included its new cardiac assist product, Cardiohelp, which is portable, is intended for use within emergency care in, for example, intensive care and cardiac care. The product was well received and orders have been received from several hospitals. Cardiohelp is expected to be delivered to customers mid-year.

The development of the business area's new anaesthesia product program, Flow-i, is progressing according to plan and as announced earlier, the product program will be launched at the ESA anaesthesia conference in June 2009 in Milan, Italy.

New marketing company

During the quarter, the business area opened a sales company in Istanbul, Turkey.

Business area Extended Care

Orders received

	2008	2007 Change adjusted fo r		2008		2007 Change adjusted fo r
Orders received per market	Q 4		Q 4 curr.flucs.&co rp.acqs.	12 Mon		12 Mon curr.flucs.&co rp.acqs.
Europe	961	1 086	-8.3%	3 675	3 818	0.3%
USA and Canada	528	464	-1.8%	1 865	1 692	8.4%
Asia and Australia	133	142	-2.6%	546	500	6.4%
Rest of the world	38	19	131.3%	137	114	36.1%
Business area total	1 660	1 711	-4.4%	6 223	6 124	3.8%

Extended Care's orders received decreased organically by 4.4% during the quarter.

In Europe, the decrease in orders received was primarily attributable to the German-speaking markets and the UK. Other European markets reported orders received on par with 2007.

In the North American market, the volume decline was limited and pertains primarily to a somewhat weaker demand from private elderlycare chains in the US. Orders received in North America must also be compared with strong orders received during the same period in 2007, when orders received increased organically by slightly less than 12%.

Results

	2008	2007	Change	2008	2007	Change
	Q 4	Q 4		12 Mon	12 Mon
Net sales, SEK m illion	1 830	1 734	5.5%	6 174	6 009	2.7%
adjusted for currency flucs.& corp.acqs			4.5%			4.9%
Gross profit	821	818	0.4%	2 886	2 775	4.0%
Gross margin %	44.9%	47.2%	-2.3%	46.7%	46.2%	0.5%
Operating cost, SEK m illion	-538	-461	16.7%	-1 980	-1 894	4.5%
EBITA before restructuring and integration costs	312	387	-19.4%	1 020	998	2.2%
EBITA margin %	17.0%	22.3%	-5.3%	16.5%	16.6%	-0.1%
Restructuring and integration costs	-60	-27	0.0%	-145	-257	0.0%
EBIT	223	330	-32.4%	761	624	22.0%
EBIT margin %	12.2%	19.0%	-6.8%	12.3%	10.4%	1.9%

Extended Care's EBITA, which declined during the quarter, amounted to SEK 312 million (387), a decrease of 19.4%. The weaker result was primarily due to disruptions in the business area's logistics function, which was outsourced during the year as a step in strengthening competitiveness in the long-term. The nonrecurring costs that were charged against the quarter and which were due to disruptions in operations are expected to amount to SEK 68 million and impacted expenses and gross margin for the quarter.

The business area still expects to be able to achieve a planned EBITA margin of approximately 19% for full-year 2009.

Activities Integration of Huntleigh

As announced in conjunction with the acquisition in 2007, the integration of Huntleigh was completed during the quarter. The cost-related synergies are expected to exceed SEK 300 million annually from 2009.

Starting in mid-2008, the focus in the integration work has changed to achieving earnings-related synergies to ensure a higher future organic growth of 7% for the business area.

Merger of Huntleigh's and Extended Care's sales companies in the US

At the beginning of 2009, Extended Care decided to merge Huntleigh and Extended Care's sales companies in the US into a single company. The merger of both companies was not part of the original integration plan that was made at the end of the acquisition. The merger is expected to improve market cultivation and cost efficiency. Costs for the integration of both operations are expected to amount to approximately USD 3 million and will result in annual cost savings of USD 3 million. For the current year, net costs and savings of about USD 0.5 million will be charged against earnings.

Business area Infection Control

Orders received

	2008	2007 Change adjusted fo r		2008		2007 Change adjusted fo r
Orders received per market	Q 4		Q 4 curr.flucs.&co rp.acqs.	12 Mon		12 Mon curr.flucs.&co rp.acqs.
Europe	706	589	13.5%	2 450	2 414	0.4%
USA and Canada	436	474	-21.3%	1 419	1 448	0.1%
Asia and Australia	201	157	16.9%	625	546	11.0%
Rest of the world	36	11	231.7%	171	86	99.5%
Business area total	1 379	1 231	2.4%	4 665	4 494	3.5%

Orders received by the business area increased organically by 2.4% during the quarter. Orders received were strong in all regions outside North America.

In Europe, orders received increased on a broad front. Volume growth was particularly strong in Southern Europe, Eastern Europe and Germanspeaking markets.

The reduced amount of orders received in North America must be compared with a strong comparative period when orders received increased organically by 30%. The decline in orders received was due to project postponements and smaller orders from customers in the lifescience market, in particular, the pharmaceutical industry. Demand from customers in the hospital market remained stable during the quarter.

Demand and orders received from customers from emerging regions were generally very good, particularly in Latin America and the Middle East.

Results

	2008	2007	Change	2008	2007	Change
	Q 4	Q 4		12 Mon	12 Mon
Net sales, SEK m illion	1 664	1 474	12.9%	4 682	4 357	7.5%
adjusted for currency flucs.& corp.acqs			5.5%			7.2%
Gross profit	657	579	13.5%	1 763	1 659	6.3%
Gross margin %	39.5%	39.3%	0.2%	37.7%	38.1%	-0.4%
Operating cost, SEK m illion	-310	-286	8.4%	-1 126	-1 034	8.9%
EBITA before restructuring and integration costs	351	297	18.2%	652	640	1.9%
EBITA margin %	21.1%	20.1%	1.0%	13.9%	14.7%	-0.8%
Restructuring and integration costs	–	–	0.0%	-3	–	0.0%
EBIT	347	293	18.4%	634	625	1.4%
EBIT margin %	20.9%	19.9%	1.0%	13.5%	14.3%	-0.8%

Infection Control's EBITA increased by 18.2% to SEK 351 million (297). The improvement in results was due to strong invoicing growth and good cost control. The EBITA margin for the quarter amounted to 21.1% (20.1).

Activities Product launches

During the quarter, Infection Control launched two new major products at the important Medica trade fair.

ED-flow is a disinfector for cleaning and disinfecting large volumes of flexible endoscopes and is intended for use at large endoscopy centres. ED-flow supplements Infection Control's existing range of products for the endoscope treatment. The product uses product-specific expendable goods.

HS 66 Turbo is a new program steam steriliser, with up to 35% faster processing time than its predecessor. Rapid processing time is a very crucial decision parameter when customers are ordering sterilisation equipment. The product also has significantly lower operating expenses than its predecessor.

Other information

Accounting	This interim report was prepared for the Group in accordance with the IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the Parent Company, the report was prepared in accordance with the Swedish Annual Accounts. The accounting and calculation principles used in the interim report are identical to those used in the most recent annual report. This report has not been audited by Getinge's auditors.
Dividend	The Board and the CEO propose the payment of a dividend of SEK 2.40 (2.40) per share for 2008, amounting to SEK 572 million (515). The proposed record date will be 24 April 2009. VPC expects to pay the dividend to shareholders on 29 April 2009.
Annual General Meeting	Getinge AB's Annual General Meeting will be held on 21 April 2009, at 4:00 p.m., in Kongresshallen, Hotel Tylösand, Halmstad, Sweden. The Annual Report for 2008 will be distributed to shareholders who request it approximately two weeks prior to the Meeting. Shareholders who intend to participate at the Annual General Meeting must be included in the shareholders' register maintained by VPC AB not later than 15 April 2009 and register their intention to participate with Getinge's head office not later than 15 April 2009.
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 as a rule its customers' operations are funded directly or indirectly from public funds. The Group's Risk Management team works continuously to minimise the risk of production disruptions.
	Financial risk management. Getinge is exposed to a number of financial risks in its operations. "Financial risks" refer primarily to risks related to currency 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.
Events after year-end	No other events of material significance took place after year-end.
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 (Q1 2009) will be published on 21 April 2009.

Telephone conference

A telephone conference will be held today at 3:00 p.m. Swedish time. To participate, please call: Within Sweden: +46 (0)8-506 269 04 Outside Sweden: +44 (0)207 108 63 03 A recorded version of the conference will be available for five working days at the following numbers: Sweden: +46 (0)8-506 269 49, access code: 226884 # During the telephone conference, a presentation will be held. To gain access to this presentation, please click on the following link: https://www.anywhereconference.com/?Conference=108226884&PIN=18 8759

The presentation is also available at: http://www.getingegroup.com/

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

Getinge, 26 January 2009

Carl Bennet Johan Bygge Rolf Ekedahl Chairman

Jan Forslund Carola Lemne Margareta Norell Bergendahl

Bo Sehlin Johan Stern Johan Malmquist CEO

Getinge AB Box 69, SE-310 44 Getinge Telephone: +46 (0)35-15 55 00. Telefax: +46 (0)35-549 52 E-mail: info@getinge.com Corporate Registration Number: 556408-5032 www.getingegroup.com

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

Consolidated Income statement

	2008	2007	Change	2008	2007	Change
SEK millio n	Q 4	Q 4		12 Mon	12 Mon
Net sales	6 423	5 156	24.6%	19 272	16 445	17.2%
Cost of goods sold	-3 349	-2 801	19.6%	-9 900	-8 899	11.2%
Gross profit	3 074	2 355	30.5%	9 372	7 546	24.2%
Gross margin	47.9%	45.7%	2.2%	48.6%	45.9%	2.7%
Selling expenses	-1 086	-789	37.6%	-3 894	-3 072	26.8%
Adm inistrative expenses	-506	-430	17.7%	-1 832	-1 604	14.2%
Research & developm ent costs 1 Restructuring and integration	-124	-70	77.1%	-497	-335	48.4%
costs	-73	-27		-221	-257	0.0%
Other operating incom e and
expenses	-15	-6		-22	4	0.0%
Operating profit 2	1 270	1 033	22.9%	2 906	2 282	27.3%
Operating margin	19.8%	20.0%	-0.2%	15.1%	13.9%	1.2%
Financial net	-204	-131		-751	-507
Profit before tax	1 066	902	18.2%	2 155	1 775	21.4%
Taxes	-299	-262		-603	-515
Net profit	767	640	19.8%	1 552	1 260	23.2%
Attributable to:
Parent com pany's shareholders	765	639		1 553	1 259
Minority interest	2	1		-1	1
Net profit	767	640		1 552	1 260
Earnings per share, SEK 3	3.57	2.98	19.8%	7.37	5.97	23.5%

1 Developm ent costs totalling SEK 429 m illion (313) have b een capitalised during the year, of which SEK 124 m illion (103) were capitalised during the quarter .

2 Operating profit is charged with

— am ortisation intangib les on
acquired companies	-93	-36	-330	-138
— am ortisation intangib les	-36	-27	-116	-82
— depreciation other fixed assets	-152	-126	-523	-463
	-281	-189	-969	-683

3 New share issue registered on 15 April 2008. The key ratios per share for prior periods have b een recalculated using the num b er of shares after the new share issue to achieve com parab ility b etween accounting periods.

Quarterly results

	2006	2007	2007	2007	2007	2008	2008	2008	2008
SEK millio n	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4
Net sales	3 995	3 415	4 029	3 845	5 156	4 107	4 452	4 290	6 423
Cost of goods sold	-2 120	-1 751	-2 206	-2 141	-2 801	-2 031	-2 253	-2 267	-3 349
Gross profit	1 875	1 664	1 823	1 704	2 355	2 076	2 199	2 023	3 074
Operating cost	-1 035	-1 264	-1 327	-1 351	-1 322	-1 524	-1 639	-1 499	-1 804
Operating profit	840	400	496	353	1 033	552	560	524	1 270
Financial net	-52	-114	-130	-132	-131	-183	-174	-190	-204
Profit before tax	788	286	366	221	902	369	386	334	1 066
Taxes	-215	-83	-106	-63	-262	-104	-108	-92	-299
Profit after tax	573	203	260	158	640	265	278	242	767

Consolidated Balance sheet

	2008	2007
Assets SEK millio n	31 Dec	31 Dec
Intangible fixed assets	15 720	10 396
Tangible fixed assets	3 257	2 327
Financial assets	1 253	755
Stock-in-trade	4 015	2 913
Current receivables	7 329	5 706
Cash and cash equivalents	1 506	894
Total assets	33 080	22 991
Shareholders' equity & liabilities
Shareholders' equity	10 723	6 623
Long-term liabilities	15 836	11 908
Current liabilities	6 521	4 460
Total equity & liabilities	33 080	22 991

Consolidated Cash flow statement

	2008	2007	2008	2007
SEK millio n	Q 4	Q 4	12 Mon	12 Mon
Current activities
Operating profit	1 270	1 033	2 906	2 282
Adjustm ent for non-cash item s	164	139	935	761
Financial item s	-203	-131	-750	-507
Taxes paid	-148	-131	-618	-528
Cash flow before changes in working capital	1 083	910	2 473	2 008
Changes in working capital
Stock-in-trade	77	247	-575	-341
Rental equipm ent	-89	-43	-228	-168
Current receivables	-755	-1 106	-386	-458
Current operating liabilities	-24	171	187	287
Cash flow from operations	292	179	1 471	1 328
Investm ents
Acquisition of subsidiaries	66	-44	-5 008	-5 622
Investm ents in intangible fixed assets	-143	-116	-476	-348
Investm ents in tangible fixed assets	-190	-130	-617	-467
Disposal of tangible fixed assets	8	17	22	34
Cash flow from investments	-259	-273	-6 079	-6 403
Financial activities
Change in interest-bearing debt	-649	91	3 524	4 518
Change in long-term receivables	-266	18	-414	1 249
New share issue	1 964	–	3 455	–
Dividend paid	–	–	-515	-444
Cash flow from financial activities	1 049	109	6 050	5 323
Cash flow for the period	1 082	15	1 442	248
Cash and cash equivalents at beginning of the year	939	951	894	673
Translation differences	-515	-72	-830	-27
Cash and cash equivalents at end of the period	1 506	894	1 506	894

Operating cash flow statement

	2008	2007	2008	2007
SEK millio n	Q 4	Q 4	12 Mon	12 Mon
Business activities
Operating profit	1 270	1 033	2 906	2 282
Restructuring costs	74	27	221	257
Adjustm ent for non-cash item s	195	215	939	694
	1 539	1 275	4 066	3 233
Changes in operating capital
Stock-in-trade	77	247	-575	-341
Rental equipm ent	-90	-43	-228	-168
Current receivables	-755	-1 106	-386	-458
Current liabilities	-24	171	187	287
Operating cash flow	747	544	3 064	2 553
Restructuring cost cash generated	-104	-102	-223	-190
Operating cash flow after restructuring
cost	643	442	2 841	2 363

Consolidated Net interest-bearing debt

	2008	2007
SEK millio n	31 Dec	31 Dec
Debt to credit institutions	13 244	9 454
Provisions for pensions, interest-bearing	1 730	1 805
Less liquid funds	-1 506	-894
Net interest-bearing debt	13 468	10 365

Changes to shareholders' equity

	2008	2007
SEK millio n	31 Dec	31 Dec
Shareholders' equity – opening balance	6 623	6 005
Dividend distributed	-515	-444
Dividend to m inority	-2	–
New share issue	3 455	–
Change of reserve hedge accounting	-580	-58
Translation differences	190	-141
Net profit	1 552	1 261
Shareholders' equity – closing balance	10 723	6 623
Attributable to:
Parent Com pany's shareholders	10 699	6 598
Minority interest	24	25
Total shareholders' equity	10 723	6 623

Key figures

	2008	2007	Change	2006	2008	2007	Change	2006
	Q 4	Q 4		Q 4	12 M on	12 Mon		12 Mon
Orders received, SEK m illion	5 638	4 563	23.6%	3 660	19 447	16 497	17.9%	13 316
adjus ted for currency flucs .& corp.acqs			5.1%				7.1%
Net s ales , SEK m illion	6 423	5 156	24.6%	3 995	19 272	16 445	17.2%	13 001
adjus ted for currency flucs .& corp.acqs			8.5%				6.4%
EBITA before res tructuring and integration cos ts	1 436	1 096	31.0%	848	3 457	2 678	29.1%	2 018
EBITA m argin before res tructuring and
integration cos ts	22.4%	21.3%	1.1%	21.2%	17.9%	16.3%	1.6%	15.5%
Res tructuring and integration cos ts	73	27	0.0%	-2	221	257		45
EBITA	1 363	1 069	27.5%	850	3 236	2 421	33.7%	1 973
EBITA m argin	21.2%	20.7%	0.5%	21.3%	16.8%	14.7%	2.1%	15.2%
Earnings per s hare after full tax, SEK *	3.57	2.98	19.8%	2.83	7.37	5.97	23.5%	6.21
Num ber of s hares , thous ands		214 491 201 874		201 874		210 837 201 874		201 874
Operating capital, SEK m illion					22 064	10 778	104.7%	10 217
Return on operating capital, percent					14.2%	19.7%	-5.5%	19.2%
Return on equity, percent					29.8%	20.3%	9.5%	22.6%
Net debt/equity ratio, m ultiple					1.26	1.57	-0.31	0.93
Interes t cover, m ultiple					4.04	4.3	-0.3	9.0
Equity/as s ets ratio, percent					32.4%	28.8%	3.6%	37.8%
Equity per s hare, SEK					44.89	32.68	37.4%	29.64
Num ber of em ployees at the end of the period					11 604	10 358	12.0%	7 531

* New share issue registered on 15 April 2008. The k ey ratios per share for prior periods have b een recalculated using the num b er of shares after the new share issue to achieve com parab ility b etween accounting periods.

Income statement for the parent company

	2008	2007	2008	2007
SEK millio n	Q 4	Q 4	12 Mon	12 Mon
Adm inistrative expenses	-35	8	-100	-67
Operating profit	-35	8	-100	-67
Financial net	-1 426	483	-1 848	542
Profit before tax	-1 461	491	-1 948	475
Taxes	461	103	594	96
Net profit	-1 000	594	-1 354	571

Balance sheet for the parent company

	2008	2007
Assets SEK millio n	31 Dec	31 Dec
Tangible fixed assets	12	12
Shares in Group companies	4 796	4 120
Long-term financial receivables	19	41
Deferred tax asset	31	86
Receivable from group com panies	18 994	13 033
Short-term receivables	544	65
Total assets	24 396	17 357
Shareholders' equity & liabilities
Shareholders' equity	7 095	3 829
Long-term liabilities	12 269	7 523
Current liabilities	5 032	6 005
Total equity & liabilities	24 396	17 357

Information pertaining to the Parent Company's development during the January - December 2008 reporting period

• Income statement At the end of the period, receivables and liabilities in foreign currencies were valued at the closing-day rate and an unrealised loss of SEK 2,226 million is included in the year's net financial items. Balance sheet During the first quarter of 2008, the Cardiac and Vascular Surgery divisions from Boston Scientifics were acquired at a purchase price of
• USD 750 million (SEK 4,851 million). The increase in the Parent Company's long-term liabilities is largely attributable to financing of the acquisition.

Companies acquired in 2008

Boston Scientific's Cardiac and Vascular Surgery divisions

In January 2008, Boston Scientific's Cardiac and Vascular Surgery divisions were acquired. The divisions operate within the areas of endoscopic vessel harvesting, anastomosis, stabilisers and instrument for surgery on beating hearts and vessel implants. The total acquisition price amounted to approximately USD 750 million (SEK 4,851). The acquisition was reported according to the acquisition method. Acquisition costs in conjunction with the acquisition amounted to SEK 45 million.

Acquired net assets and goodwill in connection with the acquisition

		Balance sheet at
SEK	Net	time of	Adjustments at
million	Assets	acquisition	fair value	Fair value
	Intangible assets	2	1 947	1 949
	Tangible fixed assets	351	45	396
	Stock-in-trade	163		163
	Other current assets	239		239
	Provisions	-170		-170
	Short-term liabilities	-138	-49	-187
		447	1 943	2 390
	Goodwill			2 461
	Total acquisition with cash and cash equivalents			4 851

Net outflow of cash and cash equivalents due to acquisition 4 851

Goodwill arising in connection with the transaction is principally attributable to synergies in terms of customer relationship's, geography, production and sales and distribution.

The acquired divisions from Boston Scientific are included in Getinge's sales and operating profit from 1 January 2008.

It is not practical to disclose the profits for the acquired business from the acquisition date due to the integration work that has been conducted during the year.

Olmed AB

Medical Systems has acquired all the shares in Olmed AB, based in Dalby, Sweden. Olmed, which in 2007 had sales of slightly less than SEK 70 million, has been a distributor of Surgical Workplaces products since the beginning of the 1990's and has 10 employees. The acquisition of Olmed is in line with the Group's and the business area's strategy to own, to the largest possible extent, distribution channels in all key markets. The company was consolidated in the Group's accounts from 1 July 2008.

		Balance sheet at
SEK	Net	time of	Adjustments at
million	Assets	acquisition	fair value	Fair value
	Intangible assets	0	39	39
	Stock-in-trade	4		4
	Other current assets	2		2
	Provisions	-1		-1
	Short-term liabilities	-3		-3
		2	39	41
	Goodwill			28
	Total acquisition with cash and cash equivalents			69
	Net outflow of cash and cash equivalents due to acquisition			69

Acquired net assets and goodwill in connection with the acquisition

Goodwill arising in connection with the acquisition is attributable to additional sales of Medical Systems' products in Sweden.

Cardio Research Pty Ltd

Medical Systems acquired all shares in Cardio Research Pty Ltd, Australia. The company reported sales of slightly more than SEK 30 million in 2007 and was a distributor of Cardiopulmonary products. The company was consolidated in the Group's accounts from 1 October 2008.

Acquired net assets and goodwill in connection with the acquisition

		Balance sheet at
SEK	Net	time of
million	Assets	acquisition
	Tangible fixed assets	1
	Stock-in-trade	5
	Other current assets	6
	Short-term liabilities	-3
		9
	Goodwill	9
	Total acquisition with cash and cash equivalents	18
	Net outflow of cash and cash equivalents due to acquisition	18

Goodwill arising in connection with the transaction is principally attributable to additional sales of Medical Systems' products in Australia.

Subtil Crepieux SA

Infection Control acquired the Subtil Crepieux SA operations, based in France. Subtil Crepieux is a service company, which had sales of approximately SEK 35 million in 2007. The company was consolidated in the Group's accounts from 1 December 2008.

Acquired net assets and goodwill in connection with the acquisition

		Balance sheet at
SEK	Net	time of
million	Assets	acquisition
	Stock-in-trade	3
	Other current assets	1
	Short-term liabilities	-5
		-1
	Goodwill	36
	Total acquisition with cash and cash equivalents	35
	Net outflow of cash and cash equivalents due to acquisition	35

Goodwill arising in connection with the acquisition is attributable to additional 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.
BRIC	Brazil, Russia, India, China