Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q3 2021 Earnings Presentation
28 slides from Agfa-gevaert Nv's earnings presentation, Nov 9, 2021
Slide 1: Q3 2021 Results
Q3 2021 Results Agfa-Gevaert Group November 9, 2021
Slide 2: Decent top line recovery but increasing inflationary pressure and supply chain issues
Decent top line recovery but increasing inflationary pressure and supply chain issues Key highlights Q3 Decent top line recovery but contrasted performance between the divisions Strict cost management maintained – good margin performance versus Q3 2020 despite increasing inflationary pressure an
Slide 3: Agfa-Gevaert Group: Sales by division 9 months 2021
Agfa-Gevaert Group Sales by division 9 months 2021 = € 1276 m 18% 43% Offset Solutions 13% Radiology Solutions HealthCare IT Digital Print and Chemicals 26% 3
Slide 4: Agfa-Gevaert Group key figures
Agfa-Gevaert Group Q3 ’21 Q3 ’20 ∆% 9m’21 9m’20 ∆% Key figures in million Euro (excl.curr.) (excl.curr.) Profit & Loss Sales 439 410 7.2% 1276 1242 2.8% (6.1%) (4.2%) Incl. IFRS 16 Gross Profit* 118 112 5.4% 370 367 0.8% as a % of sales 26.8% 27.2% 29.0% 29.5% SG&A* -88 -85 3.5% -268 -264 1.4% as a
Slide 5: Agfa-Gevaert Group profit and loss
Agfa-Gevaert Group Q3’21 Q3 ’20 9m’21 9m’20 Key figures in million Euro Profit & Loss Adjusted EBIT* 6 0 31 23 Incl. IFRS 16 Restructuring/non-recurring -7 -9 -5 -58 Operating result -1 -9 26 -35 Non-operating result -4 -9 -7 -25 Profit before taxes -4 -17 18 -61 Taxes -1 -8 -15 -15 Profit from cont
Slide 6: Main drivers behind key figures Q3
Decent top line recovery but increasing inflationary pressure and supply chain issues Decent top line recovery vs Q3 2020: Main drivers behind DPC and Offset Solutions: significant improvement of top line due key figures Q3 to successful price increase actions and volume increases Radiology So
Slide 7: Free cash flow Agfa-Gevaert Group Q3 2021
Free cash flow Agfa-Gevaert Group Q3 2021 (in million Euro) Adjusted Adjusted Free Free EBITDA free cash flow cash flow* cash flow before extra funding pensions Adjusted free cash flow equals the sum of net cash from operating & investing activities excluding the impact of acquisitions and disposal
Slide 8: Free cash flow Agfa-Gevaert Group ytd 2021
Free cash flow Agfa-Gevaert Group ytd 2021 (in million Euro) Adjusted Adjusted Free Free EBITDA free cash flow cash flow cash flow before extra funding pensions Adjusted free cash flow equals the sum of net cash from operating & investing activities excluding the impact of acquisitions and disposal
Slide 9: Strong net cash position
Strong net cash position Net cash position excl IFRS 16, in million Euro 762 616 581 577 425 398 -106 -69 -137 -194 -161 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2,20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Note: Total B/S net cash position Q3 2021 incl IFRS 16 = € 324 m 9
Slide 10: Working Capital: stable as % of sales
Working Capital: stable as % of sales despite supply chain issues and raw material cost inflation Δ Q3 Δ 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 2021 vs 2020 Q3 vs Q2 Inventories (Mio Eur) 465 445 421 389 464 1 20 ° DIOH in days 134 131 127 115 134 1 3 Trade Receivables, Contract Assets/Liabili
Slide 11: HealthCare IT
HealthCare IT
Slide 12: HealthCare IT key figures
HealthCare IT Q3 ’21 Q3 ’20 ∆% 9m’21 9m’20 ∆% Key figures (excl.curr.) (excl.curr.) in million Euro Profit & Loss Sales 49 54 -8.6% 160 171 -6.5% Incl. IFRS 16 (-9.4%) (-4.2%) Gross Profit* 22 25 -13.0% 72 79 -9.4% as a % of sales 44.1% 46.4% 45.0% 46.5% SG&A* -13 -14 -5.9% -38 -43 -10.9% as a % of
Slide 13: HealthCare IT: slower Q3, upturn expected in Q4
HealthCare IT: slower Q3, upturn expected in Q4 Main drivers behind Order book remains at healthy level but temporary delay in project key figures Q3 revenue recognition impacts Q3 Q4 2021 expected to be significantly stronger FY outlook: overall progress in adjusted EBITDA expected 13
Slide 14: Radiology Solutions
Radiology Solutions
Slide 15: Radiology Solutions sales by business segment
Radiology Solutions Sales 9 months 2021 = € 335 m by business segment 4% Hardcopy 38% CR/DR 58% Classic Radiology 15
Slide 16: Radiology Solutions key figures
Radiology Solutions Q3 ’21 Q3 ’20 ∆% 9m’21 9m’20 ∆% Key figures (excl.curr.) (excl.curr.) in million Euro Profit & Loss Sales 116 119 -2.6% 335 350 -4.0% Incl. IFRS 16 (-3.6%) (-2.6%) Gross Profit* 39 39 -0.7% 116 128 -9.4% as a % of sales 33.8% 33.1% 34.6% 36.7% SG&A* -25 -24 3.1% -75 -72 3.6% as a
Slide 17: Radiology Solutions: medical film stabilized, DR marked by volatility
Radiology Solutions: medical film stabilized, DR marked by volatility Main drivers behind Medical film: top line was slightly up vs Q3 2020 due to key figures Q3 price increases for medical film to tackle the higher silver prices. DR: top line decreased vs Q3 2020 when hospitals invested heavily
Slide 18: Digital Print & Chemicals
Digital Print & Chemicals
Slide 19: Digital Print & Chemicals sales by business segment
Digital Print & Chemicals Sales 9 months 2021 = € 236 m by business segment 37% Inkjet 44% Electronic Print Films and Foils 19% 19
Slide 20: Digital Print & Chemicals key figures
Digital Print & Chemicals Q3 ’21 Q3 ’20 ∆% 9m’21 9m’20 ∆% Key figures (excl.curr.) (excl.curr.) in million Euro Profit & Loss Sales 82 69 18.9% 236 211 12.3% Incl. IFRS 16 (18.5%) (13.4%) Gross Profit* 20 19 7.5% 66 58 13.5% as a % of sales 24.5% 27.1% 28.0% 27.7% SG&A* -14 -13 12.0% -42 -39 7.0% as
Slide 21: Digital Print & Chemicals continued to recover
Digital Print & Chemicals continued to recover Continued recovery from COVID impact - price increase Main drivers behind implementations in almost all business areas to tackle inflationary key figures Q3 pressure. Performance of inkjet as well as of the future-oriented activities (e.g. Orgacon c
Slide 22: Offset Solutions
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Slide 23: Offset Solutions key figures
Offset Solutions Q3 ’21 Q3 ‘20 ∆% 9m’21 9m’20 ∆% (excl.curr.) (excl.curr.) Key figures in million Euro Profit & Loss Sales 192 168 14.5% 544 510 6.6% Incl. IFRS 16 (13.0%) (7.9%) Gross Profit* 37 29 29.4% 116 101 14.8% as a % of sales 19.3% 17.0% 21.3% 19.8% SG&A* -32 -31 3.9% -98 -98 -0.2% as a % o
Slide 24: Offset Solutions: performance improved, price actions in place
Offset Solutions: performance improved, price actions in place Main drivers behind Revenue increase vs Q3 2020 due to partial recovery of the offset key figures Q3 markets and price increases to tackle cost inflation. Volumes still below pre-Covid. Price increase actions (third wave) are in pl
Slide 25: Upturn in HealthCare IT expected but continued inflationary pressure
Upturn in HealthCare IT expected but continued inflationary pressure and supply chain issues Upturn in performance expected for HealthCare IT in Q4 Outlook 2021. For the other divisions, a subdued performance is expected, as the inflation impact will increase. For Radiology, a lower sales figure f
Slide 26: Sustainability @ Agfa
Sustainability @ Agfa
Slide 27: The road to 2030 & beyond: sustainable and profitable growth
The road to 2030 & beyond: sustainable and profitable growth For a safe, diverse, inclusive and stimulating work environment • On-going refresh of safety programs, thorough root causes analysis, observation tours, … • Brain based safety program in maintenance, 5S pilot programs launched for DPC • In
Slide 28: Questions & Answers
Questions & Answers AGFA &