Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2020 Earnings Presentation
26 slides from Agfa-gevaert Nv's earnings presentation, May 12, 2020
Slide 1: Q1 2020 Results
Q1 2020 Results Agfa-Gevaert Group May 12, 2020
Slide 2: Key highlights
Key highlights Sale of part of Agfa HealthCare’s IT business Key highlights Sale to the Dedalus Group successfully closed in May, 2020 at an enterprise value of 975 million Euro Agfa HealthCare’s state-of-the-art Imaging IT software business is not included in the sale and will be a key source of
Slide 3: Agfa-Gevaert Group: Sales by division Q1 2020
Agfa-Gevaert Group Sales by division Q1 2020 = 501 million Euro 15% 37% Offset Solutions 24% Radiology Solutions HealthCare IT Digital Print and Chemicals 24% 3
Slide 4: Agfa-Gevaert Group
Agfa-Gevaert Group Q1 ’19 Q1 ’20 (incl. IFRS 16, ∆% Key figures in million Euro (incl. IFRS 16) restated) (excl.curr.) Profit & Loss Sales 501 524 -4.4% (-5.0%) Gross Profit* 170 172 -1.0% as a % of sales 33.9% 32.7% SG&A* -108 -118 -8.8% as a % of sales 21.5% 22.6% R&D* -36 -37 -0.7% Other operatin
Slide 5: Agfa-Gevaert Group
Agfa-Gevaert Group Q1 ’20 Q1 ’19 ∆% Key figures in million Euro (incl. IFRS 16) (incl. IFRS 16) (excl.curr.) Adjusted EBIT* 18 20 -11.1% Profit & Loss as a % of sales 3.6% 3.9% Restructuring/non -2 -4 -recurring Operating result 16 16 Non-operating -8 -11 result Profit before taxes 7 5 Taxes -6 -8 N
Slide 6: Agfa-Gevaert Group: Main drivers behind key figures
Agfa-Gevaert Group Thanks to its program to reduce working capital, the Agfa- Gevaert Group succeeded in generating strong cash flows in Main drivers behind the first quarter of 2020. Excluding the impact of IFRS 16, key figures net financial debt decreased to 69 million On the one hand, the Rad
Slide 7: Agfa-Gevaert Group: Net financial debt
Agfa-Gevaert Group Net financial debt in million Euro 311 276 255 117 219 115 118 177* 112 108 194 161 140 144 137 99 106 55 69 40 52 27 22 18 19 -18 Q 1 ' 1 6Q 2 ' 1 6Q 3 ' 1 6Q 4 ' 1 6Q -37 1 ' 1 7Q 2 ' 1 7Q 3 ' 1 7Q 4 ' 1 7Q 1 ' 1 8Q 2 ' 1 8Q 3 ' 1 8Q 4 ' 1 8Q 1 ' 1 9Q 2 ' 1 9Q 3 ' 1 9Q 4 ' 1 9Q
Slide 8: Agfa-Gevaert Group: Working capital
Agfa-Gevaert Group Working capital in million Euro Q1 2019 Q4 2019 Q1 2020 in million Euro Inventories 539 437 469 DIOH (in days) 128 103 113 Trade Receivables, Contract Assets, 338 378 320 Contract liabilities DSO (in days) 57 57 57 Trade Payables (230) (234) (274) DPO (in days) 55 55 66 Trade Work
Slide 9: Corporate Services
Corporate Services Q1 ’20 Q1 ’19 ∆% Key figures in million Euro (incl. IFRS 16) (incl. IFRS 16) (excl.curr.) Profit & Loss Adjusted EBITDA -4.3 -4.8 -11.1% Adjusted EBIT* -4.3 -4.9 -10.8% To allow a more accurate assessment of the business performances, costs of corporate functions at Group level
Slide 10: HealthCare IT
HealthCare IT
Slide 11: HealthCare IT Q1 2020 sales by business segment
HealthCare IT Sales by business Q1 2020 = 122 million Euro segment 43% HCIS 57% Imaging IT Solutions 11
Slide 12: HealthCare IT
HealthCare IT Q1 ’20 Q1 ’19 ∆% Key figures in million Euro (incl. IFRS 16) (incl. IFRS 16) (excl.curr.) Sales 122 122 -0.4% (-1.0%) Profit & Loss Gross Profit* 59 55 5.8% as a % of sales 48.2% 45.4% SG&A* -27 -28 -5.3% as a % of sales 21.8% 23.2% R&D* -19 -19 3.9% Other operating 0 0 items* Adjusted
Slide 13: HealthCare IT: Main drivers behind key figures
HealthCare IT The HealthCare IT division’s top line remained stable compared Main drivers behind to the first quarter of 2019. The gross profit margin improved key figures from 45.4% of revenue in the first quarter of 2019 to 48.2%. Significant service efficiency improvements, and the decision to
Slide 14: Radiology Solutions
Radiology Solutions
Slide 15: Radiology Solutions Q1 2020 sales by business segment
Radiology Solutions Sales Q1 2020 = 118 million Euro by business segment 6% Hardcopy 37% 57% CR/DR Classic Radiology 15
Slide 16: Radiology Solutions
Radiology Solutions Q1 ’20 Q1 ’19 ∆% Key figures in million Euro (incl. IFRS 16) (incl. IFRS 16) (excl.curr.) Sales 118 117 1.3% (0.4%) Profit & Loss Gross Profit* 45 43 6.0% as a % of sales 38.2% 36.5% SG&A* -26 -27 -3.5% as a % of sales 22.1% 23.2% R&D* -5 -5 -14.3% Other operating -4 1 items* Adj
Slide 17: Radiology Solutions: Main drivers behind key figures
Radiology Solutions In the Radiology Solutions division, the Direct Radiography range posted strong revenue growth. Due to the COVID-19 Main drivers behind outbreak, many hospitals are speeding up their investments in key figures mobile Direct Radiography solutions. These devices can be used to pe
Slide 18: Digital Print & Chemicals
Digital Print & Chemicals
Slide 19: Digital Print & Chemicals Q1 2020 sales by business segment
Digital Print & Chemicals Sales Q1 2020 = 74 million Euro by business segment 36% 45% Inkjet Electronic Print Films and Foils 19% 19
Slide 20: Digital Print & Chemicals
Digital Print & Chemicals Q1 ’20 Q1 ’19 ∆% Key figures in million Euro (incl. IFRS 16) (incl. IFRS 16, (excl.curr.) restated) Profit & Loss Sales 74 87 -14.2% (-14.5%) Gross Profit* 22 25 -14.1% as a % of sales 29.5% 29.4% SG&A* -14 -17 -12.9% as a % of sales 19.5% 19.2% R&D* -5 -5 -12.4% Other oper
Slide 21: Digital Print & Chemicals: Main drivers behind key figures
Digital Print & Chemicals In August 2019, the Group terminated its inkjet media reseller activities in the USA. To allow correct comparison, the Q1 2019 Main drivers behind numbers have been restated. key figures In inkjet, the ink product ranges performed well. On the other hand, many companies
Slide 22: Offset Solutions
| \ ‘ \ Offset Solutions '
Slide 23: Offset Solutions Q1 2020 sales by business segment
Offset Solutions Sales Q1 2020 = 187 million Euro by business segment 11% Digital computer-to-plate Analog computer-to-film 89% 23
Slide 24: Offset Solutions
Offset Solutions Q1 ’20 Q1 ’19 ∆% Key figures in million Euro (incl. IFRS 16) (incl. IFRS 16) (excl.curr.) Sales 187 199 -5.8% (-6.4%) Profit & Loss Gross Profit* 44 48 -8.1% as a % of sales 23.6% 24.1% SG&A* -38 -43 -11,9% as a % of sales 20.2% 21.6% R&D* -6 -7 -14.9% Other operating -2 -2 items* A
Slide 25: Offset Solutions: Main drivers behind key figures
Offset Solutions The Offset Solutions division’s revenue decreased by 5.8% to 187 Main drivers behind million Euro. The sales coming from the alliance with Lucky key figures HuaGuang Graphics were not able to compensate for the structural decline of the offset markets and the effects of COVID- 19
Slide 26: Questions & Answers
Questions & Answers AGFA &