Slide 1: Q4 and Full Year 2016 Results
Q4 and Full Year 2016 Results March 8, 2017
Slide 2: Disclaimer
Disclaimer You are about to view a presentation regarding Agfa-Gevaert that contains time-sensitive information. The information contained therein is only current as of the date thereof. Agfa expressly disclaims any obligation to review, update or correct these materials after the date thereof. Agfa
Slide 3: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4'15 Q4'16 ∆% FY'15 FY'16 ∆% (excl. X-rate) (excl. X-rate) Sales 672 664 -1.2%(-0.9%) 2,646 2,537 -4.1%(-3.5%) Gross Profit* 208 223 7.2% 843 857 1.7% as a % of sales 31.0% 33.6% 31.9% 33.8% SG&A* -129 -129 0.0% -520 -509 -2.1% as a % of sales 19.2% 19.4
Slide 4: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '15 Q4 '16 ∆% FY'15 FY'16 ∆% Recurring EBIT* 50 61 22.0% 180 208 15.6% Restructuring and non-recurring -4 -42 -19 -42 Operating result 46 19 161 166 Non-operating result -31 -11 -74 -51 Profit before taxes 15 8 87 115 Taxes -5 -3 -16 -35 Net result 10
Slide 5: Net Financial Debt (in million Euro)
Net Financial Debt (in million Euro) 337 299 261 217 191 176 175 126 94 102 83 58 40 52 31 -18 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 5
Slide 6: Working Capital: Key Figures (in million Euro/days)
Working Capital: Key Figures (in million Euro/days) 800 Inventories 800 Trade Receivables* 800 Trade Payables 700 711 700 700 688 691 686 600 635 648 600 600 597 580 577575 561 563 542544 542 500 528 537 500 500 512 512 483 487482 498484 452 452 464 400 400 436 421 400 399388413 384371 374 363 364 3
Slide 7: Main Group Drivers behind Key Figures
Main Group Drivers behind Key Figures Q4 2016 • The Group’s revenue decreased by 1.2%. Driven by Imaging IT solutions, DR and the hardcopy business, the Agfa HealthCare business group posted significant revenue growth. The Agfa Graphics business group’s revenue decline eased in Q4. • Due to targeted
Slide 8: Graphics
Graphics AGFA
Slide 9: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment FY 2016 100% = 1,267 million Euro Inkjet, Software, Service 22% Analog Prepress 10% Digital Prepress 68% 9
Slide 10: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) Q4'15 Q4'16 ∆% FY'15 FY'16 ∆% (excl. curr.) (excl. curr. ) Sales 350 331 -5.4%(-5.4%) 1,358 1,267 -6.7%(-6.3%) Gross Profit* 99 98 -1.0% 384 378 -1.6% as a % of sales 28.3% 29.6% 28.3% 29.8% SG&A* -68 -67 -1.5% -273 -263 -3.7% as a % of sales 19.4% 20.2% 20.1%
Slide 11: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q4 2016 • Agfa Graphics’ top line decline started to slow down versus the previous quarters. The prepress segment’s digital computer-to-plate (CtP) continued to suffer from competitive pressure and market softness in emerging markets. The analog computer-to-
Slide 12: HealthCare
HealthCare AGFA
Slide 13: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment FY 2016 100% = 1,090 million Euro Hardcopy 30% Classic Radiology 6% CR/Modalities 20% Imaging IT* 29% HIS/CIS 15% HealthCare IT = 44% * Includes Radiology and Cardiology IT 13
Slide 14: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) Q4'15 Q4'16 ∆% FY'15 FY'16 ∆% (excl. curr.) (excl. curr. ) Sales 275 288 4.7%(+5.5%) 1.099 1.090 -0.8(+0.1%) Gross Profit* 99 114 15,2% 416 435 4,6% as a % of sales 36,0% 39,6% 37,9% 39,9% SG&A* -56 -56 0,0% -223 -222 0,4% as a % of sales 20,4% 19,4% 20,3% 2
Slide 15: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q4 2016 • Agfa HealthCare’s fourth quarter top line growth was driven by the strong performances of the Imaging IT business, the DR business and the hardcopy film business. • Structural efficiency measures and positive product mix effects allowed Agfa Heal
Slide 16: Specialty Products
Specialty Products AGFA
Slide 17: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) Q4'15 Q4'16 ∆% FY'15 FY'16 ∆% (excl. curr.) (excl. curr. ) Sales 47 45 -4.3%(-4.3%) 189 180 -4.8%(-4.4%) Gross Profit* 9 11 22,2% 42 44 4,8% as a % of sales 19,1% 24,4% 22,2% 24,4% SG&A* -6 -6 0,0% -24 -24 0,0% as a % of sales 12,8% 13,3% 12,7% 13,3%
Slide 18: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q4 2016 • The future-oriented businesses Synaps Synthetic Paper and Orgacon Electronic Materials performed well. • Recurring EBIT at 3.2 million Euro. • Business highlights • Agfa Specialty Products and LCsys Systèmes Industriels jointly introduced
Slide 19: Agfa-Gevaert Group: strategy and targets
Agfa-Gevaert Group: strategy and targets • Full year 2016 rebitda target of 10% exceeded focusing on 4 domains: • Efficiency of manufacturing • Efficiency of services • Efficiency of procurement • Product portfolio rationalisation • The net debt position has been turned into a net cash position Next
Slide 20: Agfa-Gevaert Group: strategy and targets
Agfa-Gevaert Group: strategy and targets • Topline growth based on 4 pillars: • Resist the decline in our traditional businesses • Boost our growth engines • Analyse clever, profitable acquisitions • Develop competences and culture change 20
Slide 21: Pensions
Pensions AGFA
Slide 22: Pension status (4 material countries)
Pension status (4 material countries) Mio Euro 2015 2016 Delta Funded Status (1094) (1184) (90) Obligations 2250 2225 25 Assets 1156 1041 (115) • Annuity buy-out in the US: liabilities amounting to 140 million Euro have been settled through payment of a single premium of 143 million Euro from the pl
Slide 23: Pension cost and cash outflow (4 material countries)
Pension cost and cash outflow (4 material countries) Mio Euro 2015 2016 2017 (Est) Pension Cost in Ebit 26 23 23 Net interest cost 28 29 24 Non recurring 3 - Total pension cost 54 55 47 Pension cash 80 82 73 outflow • Pension cost: • Pension cost in EBIT expected to be flat in 2017. • Total recurrin
Slide 24: Q&A
Q&A AGFA