Slide 1: Third quarter results 2003 Telephone Conference
Third quarter results 2003 Telephone Conference November 13th, 2003 2003 0
Slide 2: Trends in turnover (in mio Euros)
Trends in turnover (in mio Euros) Exclusive of currency effects -9.5% - 1.9% 3,499 3,499 3,432 3,168 1,121 1,120 1,121 Q3 1,044 -6.9% Q3 -0.1% 1,241 1,191 1,241 Q2 1,097 -11.6% Q2 -4.0% Q1 1,027 1,137 Q1 1,121 1,137 -9.7% -1.4% 9m'03 9m'02 9m'03 9m'02 Excluding currency effects, sales stabilized in
Slide 3: Sales trend per region (YTD)
Sales trend per region (YTD) ASPAC/ROW 18.2% ∆ previous year (excl. currency effect) : Europe l Europe -7.3% (-5.8%) 51.2% l Nafta -16.0% (-0.6%) NAFTA l Aspac -5.9% (+3.7%) 26.5% l Latam -5.2% (+12.8%) LATAM 4.1% Europe is lagging. 2
Slide 4: P&L: Key figures (in mio Euros)
P&L: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3 ‘03 Q3’ 02 9M’ 03 9M’ 02 Sales 1,027 1,097 1,044 1,121 3,168 3,499 -6.9% -9.5% COGS 576 636 605 647 1,817 1,998 -6.5% -9.1% Gross profit 451 461 439 474 1,351 1,501 -7.4% -10.0% Gross profit margin 43.9% 42.0% 42.0% 42.3% 42.6% 42.9% Gross profit marg
Slide 5: P&L: Key figures (in mio Euros)
P&L: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3’ 03 Q3’ 02 9M’ 03 9M’ 02 Gross profit 451 461 439 474 1,351 1,501 -7.4% -150 (-10.0%) SG&A 273 272 269 276 814 877 -2.5% -7.2% R&D 58 61 60 59 179 181 +1.7% -1.1% Restructuring & non-recurring expenses 8 14 24 13 46 67 Other operating expenses (net) 2
Slide 6: Horizon: Staff levels (FTEs)
5 JU NE 20 01 AU TO 21,151 LO PA GI NT C AK /S 344 EI FE HO RT RI 277 ZO N 20 DE 01 CE M 733 BE R 20 01 21,039 MI TR HO A RI ZO 391 N 20 DE 02 CE M BE 2,178 R CO 20 02 NS OL ID 19,252 HO AT IO RI N ZO N 192 Q1 CO /20 NS 03 OL M ID AR 265 AT CH IO N 20 + 03 Horizon: Staff levels (FTEs) W UX IP LA 19,
Slide 7: P&L: Key figures (in mio Euros)
P&L: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3 ’03 Q3 ‘02 9 M ’03 9M ’02 Operating result 85 104 71 117 260 303 -39.3% -14.2% Non-operating result -21 -19 -15 -23 -55 -73 -34.8% -24.7% Profit before taxes 64 85 56 94 205 230 -40.4% -10.9% Taxes 25 25 21 3 71 78 Net result 39 60 35 90 134 149 -61.1
Slide 8: Working capital (in mio Euros and days)
Working capital (in mio Euros and days ) INVENTORIES TRADE RECEIVABLES TRADE PAYABLES -433 mio Euros -425 mio Euros 1,352 1,315 -107 mio Euros -96 mio Euros 1,015 997 959 948 919 890 161 139 138 +37 mio Euros 128 -4 mio Euros 97 78 75 77 322 240 281 277 39 43 42 29 June '01 Sept '02 Dec '02 Sept '03
Slide 9: Cash flow (in mio Euros)
Cash flow (in mio Euros) GROSS OPERATING CASH FLOW NET OPERATING CASH FLOW 310 289 168 121 98 89 70 53 Q1 Q2 Q3 9m Q1 Q2 Q3 9m Agfa continues to generate substantial cash. 8
Slide 10: Balance sheet: Key figures
Balance sheet: Key figures NET FINANCIAL DEBT GEARING RATIO (mio Euros) -594 77% 67% 1,241 56% 52% 709 647 45% 573 41% June '01 Dec. '02 June '03 Sept '03 June '01 June '02 Dec. '02 Mar '03 June '03 Sept '03 Net financial debt slightly increases since December ‘02, mainly because of payment of divid
Slide 11: Earnings per share
Earnings per share EARNINGS PER SHARE (in Eurocents) SHARE BUY BACK PROGRAM Outstanding shares per end of period ♦Dec. ‘02 : 139,231,600 107 ♦March ‘03 : 134,245,442 65 ♦June ‘03 : 130,469,113 100 ♦Sept. ‘03 : 128,498,659 30 12 45 28 27 Weighted average : Q1 Q2 Q3 9m'03 ♦Q1 ‘03 : 138,245,491 2003 20
Slide 12: Sales trends per business group
Sales trends per business group (excl. currency effects) CI GS - 3.4% HE 1,306 1,352 +4.8% 1,152 1,099 410 -2.6% 421 -9.3% 372 799 +6.3% 350 725 Q3 266 441 -6.6% 472 Q2 256 -3.8% 405 387 Q1 +4.7% 263 -12.9% 302 455 -0.9% 459 375 +3.6% 362 206 -10.8% 231 9M '03 9M '02 9M '03 9M '02 9M '03 9M '02 HE’s
Slide 13: Consumer Imaging: Key figures (in mio Euros)
Consumer Imaging: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3 ‘03 Q3 ‘02 9M ‘03 9M ‘02 Sales 192 250 238 266 680 799 -10.5% -14.9% Sales exc. 206 263 256 266 725 799 currency effect -3.8% -9.3% Restructuring* -1.0 -8.2 -13.8 -3.7 -23.0 -11.1 charges Operating result -21.4 -3.5 -24.2 +5.7 -49.1 30.4
Slide 14: Graphic Systems: Key figures (in mio Euros)
Graphic Systems: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3 ’03 Q3 ‘02 9M ’03 9M ’02 Sales 417 405 386 421 1,208 1,352 -8.3% -10.7% Sales exc. 455 441 410 421 1,306 1,352 currency effect -3.4% -2.6% Operating result* 33.9 27.1 23.3 35.2 84.3 90.9 -33.8% -7.3% Return on sales 8.1% 6.7% 6.0% 8.4% 7.0
Slide 15: Wuxi: A State-of-the-Art Factory
Wuxi: A State-of-the-Art Factory l Capacity of 25 mio m² l Investment of 50 mio Euros l Completed in just over one year The Wuxi factory will supply the fast growing Chinese and Asia markets with analogue and digital printing plates. 14
Slide 16: HealthCare: Key figures (in mio Euros)
HealthCare: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3 ’03 Q3 ‘02 9M ’03 9M ’02 Sales 339 364 341 350 1,044 1,099 -2.6% -5.0% Sales exc. 375 405 372 350 1,152 1,099 currency effect +6.3% +4.8% Operating result* 66.7 71.4 64.6 66.9 202.7 158.1** -3.4% +28.2% Return on sales 19.7% 19.6% 18.9% 19.1% 1
Slide 17: Service revenues as % of total HealthCare sales
Service revenues as % of total HealthCare sales 13.6% 11.7% 10.9% 2001 2002 9M 2003 Service revenues show rising trend as the transition to digital continues. 16
Slide 18: Technical Imaging: Key figures (in mio Euros)
Technical Imaging: Key figures (in mio Euros) Q1 ‘03 Q2 ‘03 Q3 ’03 Q3 ‘02 9M ’03 9M ’02 Sales 418 442 420 434 1,280 1,348 -3.2% -5.0% Sales exc. 460 489 454 434 1,403 1,348 currency effect +4.7.% +4.1% Operating result* 72.1 80.6 71.9 76.0 224.6 181.1** -5.4% +24.0% Return on sales 17.2% 18.2% 17.1%
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