Slide 1: First Quarter Results 2008
First Quarter Results 2008 29 April 2008 Earnings Call Analysts/Investors
Slide 2: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) % change Q1 '07 Q1 '08 (excl. curr.) Sales 786 753 -4.2% (0.1%) Gross profit 302 258 -14.6% as a % of sales 38.4% 34.3% R&D -47 -48 2.1% SG&A* -192 -166 -13.5% as a % of sales 24.4% 22.1% Other operating items* -6 -3 -50.0% Recurring EBITDA* 94 71 -24.5%
Slide 3: Net Financial Debt (in million Euro)
Net Financial Debt (in million Euro) 715 809 852 721 703 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 3
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 900 900 900 800 800 869 859 854 861 800 839 700 700 700 705 717 692 600 600 600 605 578 500 500 500 400 400 400 121 122 117 300 300 300 100 100 328 321 97 101 98 91 90 275 274 200 200 200
Slide 5: Main Drivers behind Key Figures
Main Drivers behind Key Figures Q1 2008 • Stable sales, taking into account 34 million Euro currency impact • Continued reduction of SG&A costs in all business groups (-13.5% or -11.5% in local currency) • Continued action for reduction of purchased goods and services • Strict corporate monitoring o
Slide 6: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q1 '07 Q1 '08 % change Recurring EBIT* 58 41 -29.3% Restructuring and non-recurring -8 -5 Operating result 50 36 -28.0% Non-operating result 0 -21 Profit before taxes 50 15 -70.0% Taxes and minority interest -8 -5 Net result 41 10 -75.6% * Before restruct
Slide 7: Agfa Graphics
Agfa Graphics AGFA &
Slide 8: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) % change Q1 '07 Q1 '08 (excl. curr.) Sales 390 378 -3.1% (1.5%) Gross profit 133 123 -7.5% as a % of sales 34.1% 32.5% R&D -20 -18 -10.0% SG&A* -88 -80 -9.1% as a % of sales 22.6% 21.2% Other operating items* -7 -8 -14.3% Recurring EBITDA* 35.0 31.2 -10.9% as
Slide 9: Graphics: 1Q'08 Sales per Business Segment
Graphics: 1Q’08 Sales per Business Segment 100% = 378 million Euro Analog Prepress 20% Digital Prepress 68% Inkjet, Software, Service 12% 9
Slide 10: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q1 2008 • Sales increase of 1.5% in local currency • Strong growth in digital plates more than offset decline of analog business • Lower SG&A costs despite additional marketing expenses for drupa • Gross profit impacted by 3 million Euro higher raw material
Slide 11: Agfa HealthCare
Agfa HealthCare AGFA &
Slide 12: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) % change Q1 '07 Q1 '08 (excl. curr.) Sales 334 294 -12.0% (-7.5%) Gross profit 150 119 -20.7% as a % of sales 44.9% 40.5% R&D -26 -28 7.7% SG&A* -96 -77 -19.8% as a % of sales 28.7% 26.2% Other operating items* -1 3 400.0% Recurring EBITDA* 45.0 32.2 -28.4%
Slide 13: HealthCare: 1Q'08 Sales per Business Segment
HealthCare: 1Q’08 Sales per Business Segment 100% = 294 million Euro Classic Radiology 18% Imaging IT* 22% Hardcopy HealthCare IT 32% = 32% HIS/CIS 10% CR/Modalities 18% * Includes Radiology and Cardiology IT 13
Slide 14: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q1 2008 • Market driven volume decline of classical film • Hardcopy sales now stabilizing at a volume level slightly up compared to last year, but offset by price erosion due to strong Euro • Lower PACS sales due to anticipation of new release and positive
Slide 15: Agfa Materials
Agfa Materials AGFA &
Slide 16: Materials: Pro Forma Sales
Materials: Pro Forma Sales (in million Euro) Q1 ‘07 Q1 ‘08 Internal sales* 113 102 Specialty Products 62 81 TOTAL 175 183 * Sales to Graphics and HealthCare 16
Slide 17: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) % change Q1 '07 Q1 '08 (excl. curr.) Sales 62 81 30.7% (32.5%) Gross profit 20 16 -20.0% as a % of sales 32.3% 19.8% R&D -1 -2 100.0% SG&A* -7 -7 0.0% as a % of sales 11.3% 8.6% Other operating items* -1 1 200.0% Recurring EBITDA* 12.4 7.9 -36.3% as
Slide 18: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q1 2008 • Sales increase driven by Specialty Foils, NDT and Security & Identification • Impact of raw materials (6 million Euro), partly compensated by price increases • Gross profit impacted by negative mix effect, one time effects and negative va
Slide 19: Update on Corporate Strategy
Update on Corporate Strategy
Slide 20: Corporate Strategy
Corporate Strategy • Operational improvement remains top priority • Continued strong investment in technology leadership in all divisions • Demerger as originally planned no longer realistic. Different strategic options – which reinforce the market position of the divisions and create shareholder va
Slide 21: Questions & Answers
Questions & Answers AGFA &
Slide 22: Back-up slides Press / Analysts
Back-up slides Press / Analysts
Slide 23: Update on AgfaPhoto
Update on AgfaPhoto • In July 2007, Agfa and AgfaPhoto Holding submitted their dispute over the purchase price to an expert dispute resolution proceeding • The independent accounting expert, Ernst & Young Ltd., has set the final purchase price at 81 million Euro • The dispute with the acquirer of th