Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2024 Earnings Presentation
26 slides from Agfa-gevaert Nv's earnings presentation, May 14, 2024
Slide 1: Q1 2024 Results Agfa-Gevaert Group
Q1 2024 Results Agfa-Gevaert Group May 14, 2024
Slide 2: Q1 2024: weak start of the year, full year outlook maintained
Q1 2024: weak start of the year, full year outlook maintained • HealthCare IT: • Soft quarter following a strong Q4 2023 • Quarter-on-quarter improvement expected - stronger 2H versus 1H • Digital Print & Chemicals: • Green Hydrogen Solutions business continued to grow substantially, ZIRFON project
Slide 3: Q1 2024 sales = € 250 m, EBITDA = € 2 m
Q1 2024: weak start of the year, full year outlook maintained Q1 2024 sales = € 250 m Q1 2024 EBITDA = € 2 m Δ -7.6% Δ -87.4% Δ*-6.5% € 270 m € 250 m € 13 m 57 3 51 91 97 7 €2m 87 102 1 HE IT 1 6 HE IT 21 DPC 4 DPC 14 1 Q1 2024 Q1 2023 Radiology -1 Radiology Q1 2024 Q1 2023 Conops Conops Δ*: excludi
Slide 4: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million Euro Q1 ’24 Q1 ’23 ∆% (excl.curr.) Sales 250 270 -7.6% (-6.5%) Gross Profit* 75 87 -13.8% as a % of sales 29.9% 32.1% Operational -84 -85 -1.0% expenses* as a % of sales 33.5% 31.2% Adj. EBITDA* 2 13 -87.4% as a % of sales 0.7% 4.8% Adj. EBIT* -9 2 -503.0
Slide 5: Agfa-Gevaert Group: Profit & Loss
Agfa-Gevaert Group: Profit & Loss in million Euro Q1’24 Q1’23 Adjusted EBIT* -9 2 Restructuring/non-recurring -2 -10 Operating result -11 -8 Non-operating result -6 -6 Profit before taxes -16 -14 Taxes 0 -5 Result from continuing operations -16 -20 Result from discontinued operations -5 -47 Result f
Slide 6: Group Working Capital in m €: under control despite lower sales
Group Working Capital in m €: under control despite lower sales 373 381 371 317 333 32 33 32 27 29 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 m€ 373 381 371 317 333 % of sales 32 33 32 27 29 6
Slide 7: Free cashflow Q1 2024
Free cashflow Q1 2024 ▪ Sufficient liquidity ▪ Continued focus on cash generation ▪ Lease financing for the ZIRFON project ▪ Agreement for the sale of lease receivables in the US 7
Slide 8: HealthCare IT
HealthCare IT 8
Slide 9: HealthCare IT: sales and EBITDA
HealthCare IT: sales and EBITDA Q1 2024 sales = € 51 m Q1 2024 EBITDA = € 1 m Δ -11.2% Δ*-10.6% Δ -52.5% 51 57 3 1 Δ*: excluding currency effect Q1 2024 Q1 2023 Q1 2024 Q1 2023 • Following a strong year-end, top line decrease of 10.6% excl currency • Gross margin improved thanks to increased service
Slide 10: HealthCare IT: Profit & Loss
HealthCare IT: Profit & Loss in million Euro Q1 ’24 Q1 ’23 ∆% (excl.curr.) Sales 51 57 -11.2% (-10.6%) Gross Profit* 22 24 -6.9% as a % of sales 43.8% 41.7% Operational -23 -23 -0.5% Expenses* as a % of sales 44.9% 40.1% Adjusted EBITDA* 1.3 2.7 -52.5% as a % of sales 2.5% 4.7% Adjusted EBIT* -0.6 0
Slide 11: HealthCare IT – Highlights
HealthCare IT – Highlights • Enterprise Imaging Cloud and Streaming Client innovations showed at HIMSS 2024 and ECR 2024 • Accelerated demand for new cloud contracts and successfully obtained Vendor of Choice in several Cloud deals – recent appointment as a partner in a contract for large-scale Ente
Slide 12: Digital Print and Chemicals
Digital Print and Chemicals 12
Slide 13: Digital Print & Chemicals: sales and EBITDA
Digital Print & Chemicals: sales and EBITDA Q1 2024 sales = € 91 m Q1 2024 EBITDA = € 1 m Δ -5.6% Δ -84.7% Δ*-4,7% 97 91 7 5 46 52 7 39 40 1 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Digital Print Specialty Film and Chemicals Green Hydrogen Solutions • Green Hydrogen Solutions: significantly growing and on tr
Slide 14: Digital Print & Chemicals: Profit & Loss
Digital Print & Chemicals: Profit & Loss in million Euro Q1 ’24 Q1 ’23 ∆% (excl.curr.) Sales 91 97 -5.6% (-4.7%) Gross Profit* 27 30 -11.0% as a % of sales 29.3% 31.1% Operational Expenses* -30 -27 10.2% as a % of sales 32.6% 27.9% Adjusted EBITDA* 1.0 6.6 -84.7% as a % of sales 1.1% 6.8% Adjusted E
Slide 15: Digital Printing Solutions – Highlights
Digital Printing Solutions – Highlights • Inks grow with 6% driven by higher sales across all segments as well as ongoing ink swap program for Inca installed base • Ramp-up of the strategic partnership between Agfa and EFI • First year mid 2024 - mid 2025: € 15 - 20 m extra sales • Following years:
Slide 16: Green Hydrogen Solutions – Highlights
Green Hydrogen Solutions – Highlights “ ZIRFON is the only membrane making the • For over 130 customers in 30 countries, ZIRFON is rapidly ” production of green hydrogen affordable. becoming the preferred choice • Successful industrial ramp-up of ZIRFON production • Under construction in Mortsel, Be
Slide 17: Radiology Solutions
Radiology Solutions AGFA &
Slide 18: Radiology Solutions: sales and EBITDA
Radiology Solutions: sales and EBITDA Q1 2024 sales = € 87 m Q1 2024 EBITDA = € -1 m Δ -15.2% Δ*-13.6% 102 Δ -111.9% 87 38 36 6 51 64 -1 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Medical Film CR/DR • Gross profit margin decreased due to one-off quality issues in film • Medical film: strong impact of the Chine
Slide 19: Radiology Solutions: Profit & Loss
Radiology Solutions: Profit & Loss in million Euro Q1 ’24 Q1 ’23 ∆% (excl.curr.) Sales 87 102 -15.2% (-13.6%) Gross Profit* 23 33 -30.7% as a % of sales 26.3% 32.2% Operational -28 -31 -10.3% Expenses* as a % of sales 31.8% 30.0% Adjusted EBITDA* -0.8 6.5 -111.9% as a % of sales -0.9% 6.3% Adjusted
Slide 20: Radiology Solutions – Highlights
Radiology Solutions – Highlights • Leader in operationalizing embedded AI at point of care for operational & clinical assistance • Based on automated pathologies detection • Smart XR: AI for X-ray equipment operation assistance • ScanXR: AI for assistance to clinicians • Further extension of ScanXR
Slide 21: Contractor Operations & Services - former Offset (CONOPS)
Contractor Operations & Services - former Offset (CONOPS) 21
Slide 22: CONOPS: sales and EBITDA
CONOPS: sales and EBITDA Q1 2024 sales = € 21 m Q1 2024 EBITDA = € 4 m Δ +48.9% Δ*+48.9% Δ +189.6% 21 4 14 1 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Δ*: excluding currency effect ▪ CONOPS represents the supply of film and chemicals as well as a set of support services delivered by Agfa to ECO3. ▪ The turnov
Slide 23: Outlook 2024: unchanged - continued growth for the growth engines
Outlook 2024: unchanged - continued growth for the growth engines and further profitability improvements Outlook Continuation of trends: continued growth for the growth engines and further profitability improvements. The slow start of 2024 is expected to be followed by a much stronger 2H supported b
Slide 24: Sustainability at Agfa
Sustainability at Agfa 24
Slide 25: The road to 2030 & beyond: Sustainable and Profitable growth
The road to 2030 & beyond Sustainable and Profitable growth Focus on our Planet ▪ Reinvestment plan for energy production in Belgium is on track → reduction of combined scope 1 + 2 GHG absolute emissions set at 62% by 2030 from a 2006 base year for Belgian manufacturing sites considering the revised
Slide 26: Questions and answers
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