Slide 1: Agfa Poised for Growth: Annual Results 2004
Agfa Poised for Growth Annual Results 2004 March 10th, 2005
Slide 2: Portfolio changes
Portfolio changes l Divestitures l Non-Destructive Testing (from January 2004) l Consumer Imaging (from November 2004) l Monotype (from November 2004) l Acquisitions l Lastra (from September 1, 2004) l Symphonie On Line (from October 2004) l Dotrix (January 2004), ProImage 1
Slide 3: Trends in turnover (in mio Euros)
Trends in turnover (in mio Euros) Excluding portfolio changes and currency effects -10.7% -0.3% 4,215 3,762 3,086 3,094 1,047 Q4 +4.7% Q4 935 -10.7% 830 793 1,044 953 -8.7% Q3 746 +0.1% 745 Q3 1,097 Q2 785 Q2 1,006 -8.3% 782 -0.4% Q1 868 -15.5% 1,027 Q1 728 771 -5.6% FY '04 FY '03 FY '04 FY '03 Cont
Slide 4: Sales trend per business group
Sales trend per business group (excl. currency effect - constant business portfolio) Graphic Systems HealthCare +1.6% +0.4% 1,605 1,579 1,413 1,408 Q4 +7.4% 422 +5.0% 402 391 364 Q4 386 +2.4% 377 Q3 344 +0.9% 341 Q3 403 +2.5% 393 Q2 364 Q2 365 +0.3% Q1 394 -3.2% 407 Q1 313 339 -7.7% FY '04 FY '03 FY
Slide 5: Key figures Profit & Loss (in mio Euros)
Key figures Profit & Loss (in mio Euros) 2004 2003 % Q4 '04 Q4 '03 % Sales 3,762 4,215 -10.7% 935 1,047 -10.7% Gross profit 1,497 1,766 -15.2% 342 415 -17.6% % of sales 39.8% 41.9% 36.6% 39.6% SG&A -969 -1,087 -10.9% -231 -273 -15.4% % of sales 25.8% 25.8% 24.7% 26.1% R&D -191 -233 -18.0% -43 -54 -2
Slide 6: Raw materials
jan /0 3 3 4 5 6 7 8 3,5 4,5 5,5 6,5 7,5 8,5 feb /0 m 3 5 rt/ 03 ap r/0 m 3 ei/ 03 jun /0 3 jul /0 au 3 g/ 03 se p/ 0 ok 3 t/0 3 no v/ 03 de c/ 03 jan /0 4 feb /0 m 4 rt/ 04 ap r/0 m 4 ei/ 04 jun /0 4 jul /0 au 4 g/ 04 se p/ 04 ok t/0 4 SILVER (USD/troyounce) no Raw materials v/ 04 de c/ 04 jan /0 5
Slide 7: Turnover by region FY'04 (in %)
Turnover by region FY’04 (in %) Asia and ROW 18.5% Latin America 4.4% Europe 51.7% Nafta 25.4% 6
Slide 8: Key figures Profit & Loss (in mio Euros)
Key figures Profit & Loss (in mio Euros) 2004 2003 Q4 '04 Q4 '03 Ebit before restructuring & exceptionals 294 384 81 78 Restructuring charges -109 -87 -56 -41 Exceptional items* -312 231 118 231 Operating result -127 528 143 268 Non-operating result -56 -71 -15 -16 Profit before tax -183 457 128 252
Slide 9: Working capital: key figures (mio Euros/days)
Working capital: key figures (mio Euros/days) INVENTORIES TRADE RECEIVABLES TRADE PAYABLES Target: 100 days Target: 70 days Target: 55 days 1000 959 1000 1000 948 250 826 813 800 242 800 744 800 189 213 576 600 600 600 125 400 400 369 400 322 121 304 76 61 68 50 73 73 52 200 200 200 107 46 0 0 0 Dec
Slide 10: Key figures 2004
Key figures 2004 NET FINANCIAL DEBT SHAREHOLDERS EQUITY GEARING RATIO (mio Euros) (mio Euros) (%) 1,371 1,080 66% -40 41% 233 193 17% 18% Dec. 2003 Dec. 2004 Dec. 2003 Dec. 2004 Dec. Dec. Dec. Dec. '01 '02 '03 '04 Gearing ratio remains very low in spite of net loss due to CI divestiture 9
Slide 11: Cash flow (in mio Euros)
Cash flow (in mio Euros) GROSS OPERATING CASH FLOW PER BUSINESS GROUP 2004 2004 2003 2002 238 246 Gross operating 246 393 482 cash flow 104 Net operating 305 522 611 cash flow 12 Capex 112 178 167 Free cash flow 193 344 444 CI GS HE SP Agfa -108 Continuous strong cash generation 10
Slide 12: Earnings and dividend per share (in Eurocents)
Earnings and dividend per share (in Eurocents) EARNINGS PER SHARE DIVIDEND PER SHARE 244* 139 25** 50 50 60 23 2001 2002 2003 2004 2001 2002 2003 2004 -114* -206 * Number of shares used for calculation : 132,045,438 in 2003 and 126,008,540 in 2004 ** Extraordinary dividend linked to NDT divestiture
Slide 13: Consumer Imaging divestiture
Consumer Imaging divestiture l All photo activities transferred to AgfaPhoto, a fully independently operating, privately owned company l Adjusted purchase price: 112 mio Euros l vendor loan for the same amount l repayable in four years l fully secured by lease portfolio of 175 mio Euros l Pre-tax no
Slide 14: Consumer Imaging: key figures
Consumer Imaging: key figures Operating result (Jan - Oct. 2004 / in mio Euros) l Sales 599 l Ebit before restructuring -47 l Operating result after restructuring -62 13
Slide 15: HealthCare: key figures (in mio Euros)
HealthCare: key figures (in mio Euros) 2004 2003 % Q4 '04 Q4 '03 % Sales 1,361 1,408 -3.3% 382 364 4.9% excl. portfolio changes and 1,413 1,408 0.4% 391 364 7.4% currency variances Ebit before restructuring 226 276 -18.1% 77 67 14.9% % of sales 16.6% 19.6% 20.2% 18.4% Ebitda* 306 361 -15.2% 98 88 11
Slide 16: HealthCare: 2004 sales per region
HealthCare: 2004 sales per region Aspac* 14.3% Latin America 3.1% Europe 46.1% Nafta 36.5% 15
Slide 17: Service revenues as % of total HealthCare sales
Service revenues as % of total HealthCare sales 17.4% 16.1% 14.0% 11.7% 10.9% 2001 2002 2003 H1 '04 H2 '04 Service revenues in line with goals 16
Slide 18: Agfa HealthCare Strategy
Agfa HealthCare Strategy Healthcare IT solutions Departmental solutions Establish position as Radiology solutions global leader Develop presence in l Provide community clinical departments wide systems and Grow with radiology l Provide image services, Hospital l Provide imaging management and Inform
Slide 19: Radiology Solutions: achievements 2004
Radiology Solutions: achievements 2004 l Product development l Hardcopy printers: DRYSTAR 5300 l Digitizers: CR 25.0 and CR 75.0 l CP-GU high-speed film l PACS/RIS: l IMPAX ES l MediWeb l TalkStation 3.0 l fully integrated RIS/PACS for North American hospitals l Practice Management System 18
Slide 20: Departmental Solutions and Healthcare IT: achievements 2004
Departmental Solutions: achievements 2004 l Product development l IMPAX for cardiology l IMPAX for Orthopedics l IMPAX MA3000 for mammography Healthcare IT: achievements 2004 l Acquisitions l Symphonie On Line l GWI 19
Slide 21: Symphonie On Line: profile
Symphonie On Line: profile Sales (mio Euros) l Founded: 1984 30 l Installed base: more than 1,200 24 25 customers in France 19 19 l Number of employees: more 20 than 200 15 15 10 5 0 2000 2001 2002 2003 Sales by segment (2004) Sales by category (2004) Hardware & Licences CIS/EPR software resell 27%
Slide 22: GWI: profile
GWI: profile Sales (mio Euros) and Ebit Margin (%) l Founded: 1990 140 l Installed base: more than 2,000 120 115 customers in Germany, Austria, 100 Switzerland and France 80 74 l Number of employees: ± 900 60 61 50 40 32 1 9 .1% 20 14% 16% 8 .6% 0 2000 2001 2002 2003 2004 Sales by segment (2004) Sal
Slide 23: Unique technology and portfolio
Unique technology and portfolio l ORBIS® : one-of-a-kind platform integrating clinical systems with administrative data, providing higher quality and more cost efficient patient care, based on more reliable information exchange and increased security l ORBIS® : a suite of over a hundred modules whic
Slide 24: Graphic Systems: key figures (in mio Euros)
Graphic Systems: key figures (in mio Euros) 2004 2003 % Q4 '04 Q4 '03 % Sales 1,673 1,622 3.1% 468 414 13.0% excl. portfolio changes and 1,605 1,579 1.6% 422 402 5.0% currency variances Ebit before restruct. and exceptionals 105 117 -10.3% 26 22 18.2% % of sales 6.3% 7.2% 5.6% 5.3% Ebitda 176 182 -3
Slide 25: Graphic Systems: 2004 sales per region
Graphic Systems: 2004 sales per region ASPAC* 20.3% Europe 54.1% NAFTA 20.4% LATAM 5.2% 24
Slide 26: Graphic Systems: strategy
Graphic Systems: strategy l Strengthen position in pre-press l Entering the growth market of industrial inkjet printing l wide format printing l screen printing l packaging l newspaper printing 25
Slide 27: Graphic Systems: achievements 2004
Graphic Systems: achievements 2004 l Acquisitions: l Lastra (manufacturer of printing plates, chemicals and equipment), l Dotrix (industrial digital printing solutions), l ProImage (browser-based digital workflow solutions) l Divestiture: l Monotype 26
Slide 28: Graphic Systems: pre-press achievements '04
Graphic Systems: pre-press achievements ‘04 l :Azura chemistry-free digital printing plate + :Acento platesetter l :Sublima screening technology wins ‘Technological Innovator of the Year’ award and takes the market by storm l Large contracts for the newspaper segment in Thailand, Indonesia, Italy, J
Slide 29: Graphic Systems: inkjet achievements '04
Graphic Systems: inkjet achievements ‘04 l Launch of proprietary inkjet inks l Introduction of wide-format inkjet printers (:Grand Sherpa) l Investment in production of inkjet printing heads 28
Slide 30: Questions & Answers
Questions & Answers