Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — FY2010 Earnings Presentation
27 slides from Agfa-gevaert Nv's earnings presentation, 2011
Slide 1: Business Overview and Results: Q4 & Full Year 2010
Agfa-Gevaert Group Business Overview and Results: Q4 & Full Year 2010 Analyst & Investor Meetings
Slide 2: Profit & Loss: Key Figures
Profit & Loss: Key Figures (in million Euro) % change % change Q4 '09 Q4 '10 (excl. curr.) FY '09 FY '10 (excl. curr.) Sales 735 806 +9.7% (+4.5%) 2,755 2,948 +7.0% (+3.2%) Gross profit* 244 261 +7.0% 886 998 +12.6% as a % of sales 33.2% 32.4% 32.2% 33.9% SG&A* -139 -160 +15.1% -553 -586 +6.0% as a
Slide 3: Net Financial Debt
Net Financial Debt (in million Euro) 703 737 723 673 661 569 500 445 434 391 398 161 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 3
Slide 4: Working Capital: Key Figures
Working Capital: Key Figures (in million Euro/days) 800 Inventories 800 Trade Receivables* 800 Trade Payables 700 700 720 726 700 681 600 633 627 600 639 600 605 607 575 591 585 583 577 500 543 539 500 514 500 521 532 483 469 473 471 482 467 400 400 400 300 300 300 119 113 274 108 108 101 103 100 10
Slide 5: Main Group Drivers behind Key Figures
Main Group Drivers behind Key Figures Q4 2010 • Sales at 806 million Euro - increase of 9.7% mainly due to Graphics • Gross profit margin slightly decreased due to unfavorable raw material impact • SG&A % slightly increased to 19.9% due to higher selling expenses • Recurring EBIT of 75 million Euro,
Slide 6: Profit & Loss: Key Figures
Profit & Loss: Key Figures (in million Euro) Q4 '09 Q4 '10 ∆% FY'09 FY'10 ∆% Recurring EBIT* 73 75 +2.7% 182 266 +46.2% Restructuring and non-recurring -2 -9 -12 -32 Operating result 71 66 -7.0% 170 234 +37.6% Non-operating result -34 -23 -114 -94 Profit before taxes 37 43 56 140 Taxes and minority
Slide 7: Agfa Group: Sales
Agfa Group: Sales Split per Business Group (YTD) By Region (YTD) Specialty Products 7% Asia and ROW 24% HealthCare 40% Europe 45% Latin America 9% Graphics 53% NAFTA 22% Two strong business groups and a smaller niche business Half of sales in Europe; strong presence in North America and Asia (excl.
Slide 8: Agfa Graphics
Agfa Graphics AGFA &>
Slide 9: Graphics: Product Portfolio
Graphics: Product Portfolio Software Computer- to-Film Film setter Film Analog Plates Offset Press Computer- Plate setter Digital Plates to-Plate Thermal, Polymer & Silver Proofing PC Flexo Flexo Plates Printing Flexo Press Flexo CTP Screen Screen Press Printing Screen exposure frame Screen Scanner
Slide 10: Graphics: Key Figures
Graphics: Key Figures (in million Euro) Q4'09 Q4'10 ∆% FY'09 FY'10 ∆% (excl. curr.) (excl. curr. ) Sales* 356 429 +20.5% (+14.5%) 1,341 1,565 +16.7% (+12.2%) Gross Profit* 101 129 +27.7% 376 483 +28.5% as a % of sales 28.4% 30.1% 28.0% 30.9% SG&A* -68 -88 +29.4% -270 -313 +15.9% as % of sales 19.1%
Slide 11: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q4 2010 • Sales increase due to external growth • Analog prepress sales influenced by uncertainties in the graphic markets related to the high silver price • Performance of digital prepress and inkjet according to expectations • Gross margin increased due to
Slide 12: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment YTD 2010 100% = 1,565 million Euro Inkjet, Software, Service 15% Analog Prepress 21% Digital Prepress 64% 12
Slide 13: Graphics: Strategy and Objectives
Graphics: Strategy and Objectives • Prepress: • Become the most efficient provider of prepress printing plates • Build on technology edge in high-quality innovative plates • Front-runner regarding technologies reducing ecological footprint • Reinforce presence in emerging markets - JV with Shenzhen
Slide 14: Agfa HealthCare
Agfa HealthCare AGFA &>
Slide 15: HealthCare: IT Solution Portfolio
HealthCare: IT Solution Portfolio The HealthCare Community Referring Physicians Payors Assisted Living Administration Home Care Pharmacists Billing Planning Reporting Emergency Nursing Room Intensive Surgery Care Intensive Electronic Accounting Care Patient Record Laboratory Cardiology Treating Exam
Slide 16: Radiology - Product Portfolio
Radiology - Product Portfolio Contrast media Screen Film, Film processor & Screen Film Diagnosis on light box Intensifying screens, chemistry cassettes Analog X Ray Reusable CR Digitizer Musica - CR Dry Imager Hardcopy film Imaging plate workstation Digital X Ray CT, MR, Connectivity PACS PET,… 16
Slide 17: HealthCare: Key Figures
HealthCare: Key Figures (in million Euro) Q4'09 Q4'10 ∆% FY'09 FY'10 ∆% (excl. curr.) (excl. curr. ) Sales 316 317 +0.3% (-4.7%) 1,178 1,180 +0.2% (-3.3%) Gross Profit* 132 117 -11.4% 467 468 +0.2% as a % of sales 41.8% 36.9% 39.6% 39.7% SG&A* -65 -65 +0.0% -255 -248 -2.7% as % of sales 20.6% 20.5%
Slide 18: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q4 2010 • In Imaging IT, the European markets are starting to show signs of recovery of the economic crisis • The North American Imaging IT business was soft but the order book is well-filled • Significant amount of orders for CR, DR and hardcopy printers
Slide 19: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment YTD 2010 100% = 1,180 million Euro Hardcopy 29% Classic Radiology CR/Modalities 14% 18% HIS/CIS 11% Imaging IT* 28% HealthCare IT = 39% * Includes Radiology and Cardiology IT 19
Slide 20: HealthCare: Strategy and Objectives
HealthCare: Strategy and Objectives • Imaging: • Focus on emerging markets for existing product range • Introduction of new consumables, mainly for the radiology market (e.g. contrast media), leveraging distribution network capabilities • IT: • Imaging IT: grow through migration of installed base to
Slide 21: Agfa Materials
Agfa Materials AGFA &>
Slide 22: Specialty Products: Product Portfolio
Specialty Products: Product Portfolio • Classics • Film manufacturing services • New businesses 22
Slide 23: Specialty Products: Key Figures
Specialty Products: Key Figures (in million Euro) ∆% ∆% Q4 '09 Q4 '10 (excl. curr.) FY'09 FY'10 (excl. curr.) Sales 62 60 -3.2% (-5.3%) 236 203 -14.0% (-15.4%) Gross profit* 11 13 +18.2% 43 46 +7.0% as a % of sales 17.7% 21.7% 18.2% 22.7% SG&A* -7 -6 -14.2% -27 -24 -11.1% as a % of sales 11.3% 10.0%
Slide 24: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q4 2010 • Revenue influenced by shift of part of the film business to Agfa Graphics and the market driven decline for some of the Classic Film products • Recurring EBIT amounted to 3.6 million Euro 24
Slide 25: Materials: Strategy and Objectives
Materials: Strategy and Objectives • Reinforce worldwide leadership position in PCB film for the electronics industry by providing new technologies • Cost leadership and operational excellence regarding film manufacturing in declining film markets • Focus on new initiatives • Based on Agfa’s key com
Slide 26: Outlook
Outlook • So far, the effects of the high raw material costs were limited. The raw material related impact on the margins is expected to be more substantial as from the first quarter of 2011 • Effects of recently announced price increases for film products expected to become more visible in the seco
Slide 27: Questions & Answers
Questions & Answers AGFA &>