össur annual report2009 - Euroland

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operations Össur is a global orthopaedics company, a leader in the development, manufacturing, distribution, sales and marketing of bracing and supports products and prosthetics. future vision Össur’s vision is to maintain the leadership role in the non-invasive orthopaedics market. The Company’s business is focused on improving people’s mobility through the delivery of innovative technologies within the fields of bracing and supports, prosthetics and compression therapy. Currently, Össur is the world’s second-largest provider of prosthetic products and is seen as a technical leader within the field. Össur is the third-largest company within the bracing and supports market. Today, Össur compression therapy products are only sold in France where Össur holds the fifth-largest market share. organizational structure The Össur Consolidation consists of 14 subsidiaries in nine countries: Össur hf. in Iceland; Össur EMEA with offices in the UK, the Netherlands and Sweden; Gibaud in France; Össur Asia in China and Australia; and Össur Americas in the US and Canada. The Company’s headquarters are located in Iceland, and include administrative functions, corporate finance, research and development and prosthetic production. The Company is divided into four main functions: Sales and Marketing, Manufacturing & Operations, Research & Development, and Corporate Finance.
eXecutive ManageMent hjörleifur pálsson Chief Financial Officer sales Össur sells its products to healthcare professionals, clinics, hospitals etc. The Company’s customer groups vary substantially between countries and segments, as explained in the following chapters. Össur aMericas Össur Americas total sales were USD 159 million in 2009, accounting for 48% of the Company’s total sales. Össur Americas is responsible for sales and marketing within the US, Latin America and Canada. Össur Americas’ sales force consists of 124 direct employees as well as 25 independent representative sales groups. hilmar br. janusson VP of Research and Development jón sigurðsson President & CEO egill jónsson VP of Manufacturing and Operations Össur Americas’ sales and marketing went through a major structural transformation in 2009 with the goal of increasing sales coverage and enhancing sales and marketing competency. The new simplified sales structure is region specific with an emphasis on optimizing resource deployment to the most attractive opportunities. A national accounts group was also created with a focus on managing key national partners and acquiring Group Purchase Organization (GPO) contracts. The effect of the global economic slow-down has been most profound in states suffering from high unemployment rates, and has given way to increased price competition within the more commoditized segment of the product offering. In 2009, total sales amounted to USD 331 million. The split between Americas and EMEA was close to even, both markets accounted for 48% while the Asia market accounted for 4%. jón sigurðsson mahesh mansukhani ólafur gylfason Sales and Marketing bracing and supports Sales of bracing and supports products are carried out directly and through distributors. This business segment has a diverse product offering and many specialized customer groups. In 2009, Össur Americas focused on increasing customer diversity, and signed three major GPO contracts, enhancing access to the hospital channel. These new GPO contracts are a major platform in order to capitalize on the value of Össur’s broad product offering and its sales force. In 2009, Össur Americas took over an ownership stake of two major bracing and supports distributors in California and North Texas. 13 <strong>annual</strong> report 09
Page 1 and 2: össur annual report 2009
Page 3 and 4: table of contents annual report 200
Page 5 and 6: “The results for 2009 are good an
Page 7 and 8: strategy Össur focus is on improvi
Page 10 and 11: Market and environMent Össur opera
Page 12 and 13: Össur is in the business of keepin
Page 16 and 17: The Company believes that the combi
Page 18 and 19: We provide products and services to
Page 20 and 21: locations china asia china Asian He
Page 22: The world’s most requested ligame
Page 25 and 26: project management office engineeri
Page 27 and 28: R&D is essential to future developm
Page 29 and 30: talent ManageMent One of Human Reso
Page 31 and 32: transforming through acquisitions a
Page 34 and 35: corporate governance In line with t
Page 36 and 37: for a term of one year. Board Membe
Page 38 and 39: according to previously established
Page 40 and 41: the reMuneration and shareholding o
Page 42: ○○ MiaMi luMbar The Miami Lumb
Page 45 and 46: Product liability claims could adve
Page 47 and 48: Össur’s aim is to maintain and i
Page 49 and 50: In 2009 Össur celebrated its 10 ye
Page 51 and 52: publication schedule for reports Fi
Page 54 and 55: perforMance overvieW 2009 Total sal
Page 56 and 57: Currently, Össur has favorable fin
Page 59 and 60: FINANCIAL RATIOS CONSOLIDATED STATE
Page 61 and 62: INDEPENDENT AUDITOR’S REPORT To t
Page 63 and 64: CONSOLIDATED STATEMENTS OF COMPREHE
Page 65 and 66:
31 DECEMBER 2009 AND 31 DECEMBER 20
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CONSOLIDATED STATEMENT OF CHANGES I
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controlled by the Company (its subs
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3.11 share-based payMents Equity-se
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3.16 inventories Inventories are st
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A derivative is presented as a non-
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6. geographical segMents The Compan
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7. other incoMe Included in other i
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Deferred tax balances: OpENING RECO
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14. property, plant and equipMent O
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Depreciation classified by operatio
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Amortization classified by operatio
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18. other financial assets fINANCIA
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25. retained earnings RETAINED EARN
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30. provisions CURRENT NON-CURRENT
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The Company’s exposures to intere
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unaudited inforMation The following
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annual report 2009 Production: Öss
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össur annual report2009 - Euroland

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