Slide 1: First Quarter Results 2005
First Quarter Results 2005 May 12, 2005
Slide 2: Sales (in mio Euros)
Sales (in mio Euros) -13.7% 868 749 166 75 -4.0% 674 702 fx adjusted: -2.8% Q1 2005 Q1 2004 Organic sales Excluding currency effects, organic sales decreased by 2.8% 1
Slide 3: Profit & Loss: Key Figures (in mio Euros)
Profit & Loss: Key Figures (in mio Euros) Q1 '05 Q1 '04 % change Sales 749 868 -13.7% Gross profit 284 368 -22.8% % of sales 37.9% 42.4% SG&A -197 -242 -18.6% % of sales 26.3% 27.9% R&D -47 -51 -7.8% % of sales 6.3% 5.9% Other operating income & expenses 2 -29 N.R. Operating result 42 46 -8.7% % of
Slide 4: Raw Materials
Jan -03 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 Fe b-0 3 Ma 3 r-0 3 Ap r-0 Ma 3 y-0 3 Jun -03 Jul -03 Au g-0 3 Se p-0 3 Oc t-0 3 No v-0 De 3 c-0 3 Jan -04 Feb -04 Ma r-0 4 Ap r-0 4 Q1 ‘04 Ma y-0 4 Jun -04 Jul -04 Au g-0 4 Se p-0 4 Oc t-0 No 4 due to silver and aluminium v-0 4 De
Slide 5: Profit & Loss: Key Figures (in mio Euros)
Profit & Loss: Key Figures (in mio Euros) Q1 '05 Q1 '04 % change Sales 749 868 -13.7% Gross profit 284 368 -22.8% % of sales 37.9% 42.4% SG&A -197 -242 -18.6% % of sales 26.3% 27.9% R&D -47 -51 -7.8% % of sales 6.3% 5.9% Other operating income & expenses 2 -29 N.R. Operating result 42 46 -8.7% % of
Slide 6: Profit & Loss: Key Figures (in mio Euros)
Profit & Loss: Key Figures (in mio Euros) Q1 '05 Q1 '04 % change Operating result 42 46 -8.7% Non-operating result 20 -15 N.R. Profit before taxes 62 31 100.0% Taxes -33 -11 200.0% Net result 29 20 45.0% Earnings per share (in Eurocents)* 23 16 45.0% * based on 126,214,127 million shares outstanding
Slide 7: Balance Sheet: Key Figures (mio Euros)
Balance Sheet: Key Figures (mio Euros) ASSETS LIABILITIES 3,969 3,969 3,356 3,356 1,454 Non-current 1,011 assets 2,836 Liabilities 2,274 Current 2,191 2,035 assets Equity 1,082 1,133 Other assets 310 324 Dec. ‘04 Mar. ‘05 Dec. ‘04 Mar. ‘05 Total assets increased by almost 600 mio Euros, due to conso
Slide 8: Working Capital: Key Figures (in mio Euros/days)
Working Capital: Key Figures (in mio Euros/days) INVENTORIES TRADE RECEIVABLES TRADE PAYABLES 1400 1400 Target: 100 days 1400 Target: 70 days Target: 55 days 1200 1200 1200 1,002 1000 1000 1000 922 863 822 273 814 800 800 234 744 800 230 190 618 133 576 600 600 127 600 114 392 400 107 400 334 369 40
Slide 9: Balance Sheet: Key Figures
Balance Sheet: Key Figures NET FINANCIAL DEBT (mio Euros) GEARING RATIO (%) 67% 56% 635 41% 17% 18% 193 Dec. Dec. Dec. Dec. March Dec. '04 March '05 '01 '02 '03 '04 '05 Net financial debt increased mainly due to acquisition of GWI, the phase out of the securitization of receivables and the seasonal
Slide 10: Cash Flow: Key Figures (in mio Euros)
Cash Flow: Key Figures (in mio Euros) GROSS OPERATING CASH FLOW NET OPERATING CASH FLOW 54 19 11 Q1 '04 Q1 '05 Q1 '04 Q1 '05 -91 Cash flow statement mainly affected by large one-time effects in current tax expenses (gross operating) and phase out of securitization of receivables (net operating) 9
Slide 11: HealthCare: Key Figures (in mio Euros)
HealthCare: Key Figures (in mio Euros) Q1 '05 Q1 '04 % change Sales 305 292 4.5% Organic sales excl. currency effect 277 292 -5.1% EBITDA* 42.8 59.5 -25.9% % of sales 14.0% 20.4% EBIT* 22.8 40.5 -43.7% % of sales 7.5% 13.9% Operating result 26.2 36.4 -28.0% % of sales 8.6% 12.5% * before restructuri
Slide 12: Service Revenues as % of Total HealthCare Sales
Service Revenues as % of Total HealthCare Sales 30% 23.6% 16.8% 14.0% 10.9% 11.7% 2001 2002 2003 2004 Q1 2005 Target Substantial increase of service revenues, on track to reach 30% 11
Slide 13: HealthCare: Growth Strategy
HealthCare: Growth Strategy Enterprise IT Solutions Departmental Solutions Establish position as Radiology Solutions global leader Develop presence in l Provide community clinical departments wide systems and Grow with radiology l Provide image services, Hospital l Provide imaging management and Inf
Slide 14: Heartlab: Profile
Heartlab: Profile l Founded: 1994 Sales (mio USD) l Installed base: 270 cardiology 40 38 centers (Cathlab) 35 l Number of employees: ± 150 30 l EBITDA 2004: 14% 25 23 19 19 l Transaction price: 132.5 mio USD 20 15 11 10 Sales by segment 5 Hardware 22% 0 2000 2001 2002 2003 2004 Service & Maintenance
Slide 15: Graphic Systems: Key Figures (in mio Euros)
Graphic Systems: Key Figures (in mio Euros) Q1 '05 Q1 '04 % change Sales 400 386 3.6% Organic sales excluding currency effect 368 375 -1.9% EBITDA* 35.6 40.9 -22.7% % of sales 8.9% 10.6% EBIT* 16.6 25.9 -35.9% % of sales 4.2% 6.7% Operating result 16.1 20.9 -23.0% % of sales 4.0% 5.4% * before restr
Slide 16: Graphic Systems: Growth Strategy
Graphic Systems: Growth Strategy Prepress Industrial inkjet printing Consolidate leading position Take leading position in rapidly growing industrial inkjet markets Ü cost, technology and market Ü wide format printing, screen leadership printing, packaging and Ü make equipment business newspapers pr
Slide 17: Questions & Answers
Questions & Answers