Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — H1 2009 Earnings Presentation
19 slides from Agfa-gevaert Nv's earnings presentation, Jul 28, 2009
Slide 1: Second Quarter & First Half Results 2009
Second Quarter & First Half Results 2009 28 July 2009
Slide 2: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q2'08 Q2'09 ∆% H1'08 H1'09 ∆% (excl. X-rate) (excl. X-rate) Sales 777 677 -12.9% (-16.3%) 1,530 1,339 -12.5% (-15.2%) Gross Profit* 253 214 -15.4% 509 422 -17.1% as a % of sales 32.6% 31.6% 33.3% 31.5% R&D* -47 -37 -21.3% -94 -78 -17.0% SG&A* -171 -138 -1
Slide 3: Net Financial Debt (in million Euro)
Net Financial Debt (in million Euro) 852 809 721 737 723 715 703 673 661 569 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3'08 Q4 '08 Q1 '09 Q2 '09 Decrease of net debt due to significant working capital improvements (including 40 million Euro sale of receivables) and due to a tight cash management co
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 900 900 900 800 800 800 700 763 765 700 700 740 747 705 717 692 720 726 600 681 633 600 639 600 605 607 578 575 591 577 500 543 500 500 521 400 400 400 300 121 122 117 300 300 328 321 103
Slide 5: Main Drivers behind Key Figures
Main Drivers behind Key Figures Q2 2009 • Sales at 677 million Euro – decrease of 12.9 % due to continued market weakness • Margins impacted by lower sales volumes and production inefficiencies, partly offset by lower raw material prices • Significant decrease of SG&A costs with 33 million Euro due
Slide 6: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q2 '08 Q2 '09 ∆% H1 '08 H1 '09 ∆% Recurring EBIT* 37 38 +2.7% 77 66 -14.3% Restructuring and non-recurring -11 -12 -9.1% -16 -3 +81.3% Operating result 26 26 +0.0% 61 63 +3.3% Non-operating result -20 -27 -40 -57 Profit before taxes 6 -1 21 6 Taxes and mi
Slide 7: Agfa Graphics
Agfa Graphics AGFA &
Slide 8: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) Q2'08 Q2'09 ∆% H1'08 H1'09 ∆% (excl. curr.) (excl. curr. ) Sales 385 326 -15.3% (-18.3%) 763 641 -16.0% (-18.2%) Gross Profit* 118 88 -25.4% 240 172 -28.3% as a % of sales 30.6% 27.0% 31.5% 26.8% R&D* -16 -9 -43.8% -34 -21 -38.2% SG&A* -86 -67 -22.1% -168 -136
Slide 9: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment YTD 2009 100% = 641 million Euro Inkjet, Software, Service 11% Analog Prepress 20% Digital Prepress 69% 9
Slide 10: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q2 2009 • Impact of global economic crisis on the printing industry affects sales • Heavy impact on investment goods: CtP and inkjet • Impact on plate volumes due to drop in advertising market • Profit negatively impacted by lower sales and by production ine
Slide 11: Agfa HealthCare
Agfa HealthCare AGFA &
Slide 12: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) Q2'08 Q2'09 ∆% H1'08 H1'09 ∆% (excl. curr.) (excl. curr. ) Sales 313 295 -5.8% (-10.1%) 607 586 -3.5% (-7.1%) Gross Profit* 121 116 -4.1% 240 228 -5.0% as a % of sales 38.7% 39.3% 39.5% 38.9% R&D* -28 -27 -3.6% -55 -54 -1.8% SG&A* -77 -64 -16.9% -154 -131 -1
Slide 13: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment YTD 2009 100% = 586 million Euro Hardcopy 31% Classic Radiology CR/Modalities 17% 17% HIS/CIS Imaging IT* 11% 24% HealthCare IT = 35% * Includes Radiology and Cardiology IT 13
Slide 14: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q2 2009 • Sales of Film in line with market trends • Sales of CR/Modalities and Imaging IT impacted by the longer decision processes for investments in IT and equipment • Good performance in the IT segment in HIS/CIS • Continued strong reduction of SG&A (-
Slide 15: Agfa Specialty Products
Agfa Specialty Products AGFA &
Slide 16: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) ∆% ∆% Q2 '08 Q2 '09 (excl. curr.) H1 '08 H1 '09 (excl. curr.) Sales 79 56 -29.1% (-31.2%) 160 112 -30.0% (-31.5%) Gross profit* 14 10 -28.6% 29 21 -27.6% as a % of sales 17.7% 17.9% 18.1% 18.8% R&D* -3 -2 -33.3% -5 -4 -20.0% SG&A* -7 -7 0.0% -14 -14
Slide 17: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q2 2009 • Sales decline of 29.1% as a result of economic slowdown and market- driven trend in some traditional products • PCB, Aerial Photography and Synaps® performed better than in Q1 2009 • Profitability negatively impacted by lower sales and ma
Slide 18: Outlook
Outlook • Too early to predict when the markets will pick up and when demand will recover • Meanwhile, additional measures are taken to adapt the cost structures of the Business Groups to the situation in their markets • Further execution of the net debt reduction program 18
Slide 19: Questions & Answers
Questions & Answers AGFA &