Foreword Dear Shareholders, This time last year, we wrote about a pandemic-induced decline in the second quarter of 2020 and a recovery in the second half (H2) of that year. H1 2021 was still characterized by catch-up effects in the wake of the pandemic. From July 2021, markets and demand began returning to more normal levels. The COLTENE Group ended the year with sales of CHF 279.2 million, up 12.4 % from a year earlier, setting a new record (2020: CHF 248.4 million; 2019: CHF 273.8 million). At constant exchange rates and adjusted for the disposal of Vigodent, COLTENE sales increased even more in 2021, by 14.9 %, compared to a year earlier. Compared to 2019, and also at constant exchange rates and adjusted for the disposal of Vigodent, organic growth was 10.6 % (CAGR 2019–2021: 5.1 %). Operating profit (EBIT) for full-year 2021 was CHF 43.8 million (2020: CHF 23.3 million). The EBIT
margin was 15.7 % (2020: 9.4 %), setting a record also for profitability. Effects of cost efficiencies and rebounding sales led to disproportionately strong results in H1, in particular. In H2, demand returned to more normal levels.
At constant exchange rates and adjusted for the disposal of Vigodent, organic growth was 10.6 % compared to 2019.
After accelerating to a massive 35.5 % in 2020 due to the pandemic, Infection Control sales growth normalized to a rate of 2.3 % in 2021. By contrast, sales in Dental Preservation and Efficient Treatment eroded in 2020 but recovered strongly in 2021, expanding at 19.7 % and 17.8 %, respectively. Marketing and Sales Return to In-Person Contact with New Focus In H1 2021, COLTENE had its hands full working to meet brisk demand, swiftly and across all product groups. Supply chain bottlenecks were mitigated through flexible solutions, such as by quickly switching to alternative suppliers or by ordering available electronical components that can be reprogrammed for use in a range of devices. In H2, marketing and sales processes also regained their momentum. Even with the noticeable shift to digital channels and tools, it was also important to return to in-person meetings as the prevailing safety precautions permitted.
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