Stock Exchange Release no. 10-2004/05 Report for Q3 2004/05

Report for Q3 2004/05 (1 April – 30 June 2005)

Ambu has continued its launch of new products in Q3. Sales of the new products are increasing in line with plans; however, over the summer, an unusual market situation has arisen for the laryngeal mask, which is resulting in expectations of lower sales of this product in Q4 2004/05. In the remaining part of the financial year, more new products will be launched. In Q3, Ambu has signed four new contracts with purchasing organisations (GPOs) in the US, which will support growth in the coming financial year. In the first three quarters of 2004/05, revenue was DKK 481m, up 9% relative to the same period in 2003/04, while EBITA was DKK 45m.
Expectations as regards the revenue and profit for the year are reduced, primarily on account of the above-mentioned unusual market situation.

• Revenue for Q3 was DKK 170.4m against DKK 161.9m for Q3 2003/04, corresponding to an increase of 5% in Danish kroner and 7% at unchanged exchange rates. The first three quarters of 2004/05 saw organic growth of 9%, while revenue was DKK 480.8m against DKK 450.3m in the same period last year.
• Revenue within the strategically most important business areas – Respiratory Care, Cardiology and Neurology – was up 11% in Q3 2004/05 (at unchanged exchange rates) compared with the same period the year before.
• The laryngeal mask has continued the anticipated penetration of the markets in Q3
• The operating profit before goodwill amortisation (EBITA) was DKK 19m in Q3 against DKK 13m for the same period last year. EBITA for the first three quarters of 2004/05 was DKK 45m against DKK 37m for the same period last year, up 22%.
• The profit before tax in Q3 was DKK 15m against DKK 10m in the same period last year. The profit before tax for the first three quarters of 2004/05 was DKK 33m against DKK 28m for the same period last year, up 18%.
• The free cash flow in the first three quarters amounted to DKK 1m against DKK -22m in the same period last year.
• On account of the expectations of lower revenue in Q4, primarily as a result of the unusual market situation for the laryngeal mask, revenue for 2004/05 is now expected to be DKK 645-650m against earlier expectations of DKK 670m. At the same time, EBITA is expected to be DKK 65-70m against earlier expectations in the region of DKK 85m, while the profit before tax is expected to be DKK 50-55m against earlier expectations of approx. DKK 65m.

N.E. Nielsen Chairman
K.E. Birk President & CEO



For further information: K.E. Birk, tel. +45 7225 2000, e-mail: keb@ambu.com

Please find attached below the full report for Q3 in Danish and English.

Report for Q3 2004/05 (English)

Report for Q3 2004/05 (Danish)