Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — FY2008 Earnings Presentation
20 slides from Agfa-gevaert Nv's earnings presentation, Mar 11, 2009
Slide 1: Full Year Results 2008
Full Year Results 2008 11 March 2009
Slide 2: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) % change % change Q4 '07 Q4 '08 (excl. curr.) FY '07 FY '08 (excl. curr.) Sales 864 761 -11.9% (-12.4%) 3,283 3,032 -7.6% (-4.2%) Gross profit 291 230 -21.0% 1,158 963 -16.8% as a % of sales 33.7% 30.2% 35.3% 31.8% R&D -50 -39 -22.0% -191 -174 -8.9% SG&A*
Slide 3: Net Financial Debt (in million Euro)
Net Financial Debt (in million Euro) 852 809 721 737 723 715 703 673 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3'08 Q4 '08 Target of 650 million Euro almost achieved 3
Slide 4: Working Capital: Key Figures (in million Euro/days)
Working Capital: Key Figures (in million Euro/days) Inventories Trade Receivables Trade Payables 1000 1000 1000 900 900 900 800 800 869 859 854 861 800 839 841 792 700 700 750 700 705 717 692 600 633 600 600 605 607 578 575 500 500 500 400 400 400 300 121 122 117 300 300 108 328 321 200 97 101 103 1
Slide 5: Main Drivers behind Key Figures
Main Drivers behind Key Figures Q4 2008 • Sales at 761 million Euro – decrease of 11.9 % due to economic slow- down • Margins impacted by 8.9 million Euro higher raw material costs • Decrease of SG&A costs with 40 million Euro due to continued efforts to improve efficiency • Recurring EBIT at 32 mil
Slide 6: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '07 Q4 '08 % change FY '07 FY '08 % change Recurring EBIT* 59 32 -45.8% 197 138 -29.9% Restructuring and non-recurring -33 -134 -306.1% -72 -158 -119.4% Operating result 26 -102 -492.3% 125 -20 -116.0% Non-operating result -18 -20 -63 -86 Profit before
Slide 7: Agfa Graphics
Agfa Graphics AGFA &
Slide 8: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) % change % change Q4 '07 Q4 '08 (excl. curr.) FY '07 FY '08 (excl. curr.) Sales 416 382 -8.2% (-8.4%) 1,617 1,522 -5.9% (-2.2%) Gross profit 118 108 -8.5% 499 456 -8.6% as a % of sales 28.4% 28.3% 30.9% 30.0% R&D -19 -11 -42.1% -79 -60 -24.1% SG&A* -91 -77 -15
Slide 9: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment YTD 2008 100% = 1,522 million Euro Inkjet, Software, Service 12% Analog Prepress 19% Digital Prepress 69% 9
Slide 10: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q4 2008 • Economic slowdown becomes more visible in Prepress • Volume decline in analog in line with previous quarters • The slowdown in digital is a new element • No growth compared to Q4’07 in digital plates • Volume decrease in digital equipment • Gross p
Slide 11: Agfa HealthCare
Agfa HealthCare AGFA &
Slide 12: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) % change % change Q4 '07 Q4 '08 (excl. curr.) FY '07 FY '08 (excl. curr.) Sales 374 325 -13.1% (-13.9%) 1,392 1,223 -12.1% (-8.6%) Gross profit 159 116 -27.0% 594 458 -22.9% as a % of sales 42.5% 35.7% 42.7% 37.4% R&D -29 -27 -6.9% -106 -107 +0.9% SG&A* -97
Slide 13: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment YTD 2008 100% = 1,223 million Euro Hardcopy 30% Classic Radiology CR/Modalities 18% 18% HIS/CIS 10% Imaging IT* 24% HealthCare IT = 34% * Includes Radiology and Cardiology IT 13
Slide 14: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q4 2008 • Weakening HE market in North America and Europe (except the Southern part of Europe) mainly affecting IT investment projects • Good resistance in Emerging Markets • Sales decrease in local currency mainly driven by delay in software and radiology
Slide 15: Agfa Materials
Agfa Materials AGFA &
Slide 16: Materials: Pro Forma Sales
Materials: Pro Forma Sales (*) (in million Euro) Q4 ‘07 Q4 ‘08 FY ‘07 FY ‘08 Internal sales* 99.7 96.5 454.0 411.6 Specialty Products 74.1 54.6 273.9 287.6 TOTAL 173.8 151.1 727.9 699.2 * Sales to Agfa Graphics and Agfa HealthCare 16
Slide 17: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) % change % change Q4 '07 Q4 '08 (excl. curr.) FY '07 FY '08 (excl. curr.) Sales 74 54 -27.0% (-27.6%) 274 287 +4.7% (+5.6%) Gross profit 14 6 -57.1% 67 49 -26.9% as a % of sales 18.9% 11.1% 24.5% 17.1% R&D -2 -2 0.0% -6 -8 -33.3% SG&A* -9 -8 -11.1% -
Slide 18: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q4 2008 • Sales decrease of 27.0% • Lower sales in large volume contracts in Film Manufacturing Services partly due to inventory reduction actions by our customers • PCB-film volumes down due to the prevailing economic crisis • Consumables deliveri
Slide 19: Outlook
Outlook • Further effects of global economic slowdown: due to uncertainty about moment of recovery of economy, impossible to give outlook for the months to come • Based on trends observed in the first months of 2009, following expectations: • Weak demand for Agfa Graphics and Agfa Specialty Products
Slide 20: Questions & Answers
Questions & Answers AGFA &