Getinge revises year-end accounts for fiscal years 2007 and 2008 and comments on earnings outlook for 2009

Getinge revises year-end accounts for fiscal years 2007 and 2008 and comments on
earnings outlook for 2009

Getinge, 24 March 2009 

Changes in Getinge's year-end accounts for 2007 and 2008 

Following publication of its Year-end Report for 2008, Getinge uncovered
irregularities in the accounting for Huntleigh's French subsidiary HNE Medical
SAS, which is part of the Extended Care business area. The company was included
in the acquisition of Huntleigh Technology PLC, which has been part of the
Getinge Group since the beginning of 2007. Getinge, in cooperation with its
auditors PWC (PricewaterhouseCoopers), was able to establish that the
irregularities have been in progress since 2000, but that these probably did not
involve the removal of assets or money from the company.

The scope of the irregularities has meant that HNE Medical's total earnings for
the period 2000 through 2008 were overstated in an amount of approximately SEK
215 million, of which net profit for 2007 and 2008 was overstated by SEK 27
million and SEK 29 million, respectively. Due to the circumstances described,
Getinge intends to revise its earnings for 2007 and 2008 by the amounts
mentioned. The remaining amount of approximately SEK 159 million will result in
an adjustment of the goodwill item that arose from the acquisition of Huntleigh
Technology PLC. 

Getinge has suspended the personnel in the French company who are suspected of
involvement in the situation that has arisen and has reported the matter to the
French police authority. In addition, Getinge is investigating the possibility
of taking legal action and making compensation claims against the parties
involved in facilitating the irregularities in the French company or obstructing
their discovery at an earlier stage. 

Updated earnings outlook for 2009 

Due to the changes in demand that have been observed in recent months, a
comprehensive analysis of the Group's operations was conducted to assess the
probable earnings outcome for the current year. Following the review of
operations, Getinge assesses that the Group's profit before tax, excluding
integration expenses relating to the Datascope acquisition, will increase by
approximately 25%. This result is based on the prevailing currency-exchange
situation and an evaluation that the organic invoicing growth for the year will
amount to between 2 and 3%. The result forecast includes a currency gain of SEK
228 million arising from the currency hedge made in conjunction with the new
share issue to finance the acquisition of Datascope. Restructuring and
integration expenses for Datascope have not been determined at the time of
writing. 

Regarding demand and the volume trend for the current year, Getinge expects
sales of medical technical  capital goods in the US to decline to varying
degrees depending on product category.  The largest decline is expected to be
for patient handling systems and ventilators. For infection control equipment
and operating room equipment, the decline is expected to be limited, while the
volume trend for consumables is expected to remain intact. In markets outside
the US, the volume trend is expected to be affected considerably less in the
prevailing business climate, except for some markets in Western Europe and
markets in Eastern Europe and Russia. 

Getinge continues to constantly evaluate demand and take action to adapt costs
relating to sales and production.

In conjunction with its most recent Year-end Report, Getinge made the assessment
that organic invoicing growth for 2009 would be somewhat lower than the outcome
for 2008, and that the Group's EBITA margin, excluding restructuring expenses,
would amount to between 18 and 19% for the current year.

For the first quarter of the current year, profit before tax, excluding the
currency gain of SEK 228 million described above, is expected to be less than
profit for the first quarter of 2008, as a result of lower invoicing growth.    


Teleconference 

A teleconference with Johan Malmquist, CEO, and Ulf Grunander, CFO, will be held
on 24 March 2009 at  10:00 a.m. (Swedish time).

Telephone number for participation in the conference:
Sweden:   + 46 (0)8 506 269 04 
UK:   + 44 (0)207 108 6205

9:45 a.m. Call conference number
10:00 a.m.  Presentation and questions


The information is such that Getinge AB must disclose in accordance with the
Swedish Securities Market Act and/or the Financial Instruments Trading Act.