Slide 1: Q4 and Annual Results 2005
Q4 and Annual Results 2005 March 9, 2006
Slide 2: Group Sales (in million Euro)
Group Sales (in million Euro) Total Sales Continuing Businesses* -12.1% 3,762 +6.4% 3,308 3,308 Q4 935 3,109 -2.4% 913 913 Q4 867 +5.3% Q3 953 -16.4% 797 797 Q3 756 +5.4% Q2 1,006 -15.6% 849 849 Q2 784 +8.3% Q1 868 749 Q1 702 749 -13.7% +6.7% 2004 2005 2004 2005 * Excluding Consumer Imaging and Mono
Slide 3: 2005 Sales Breakdown (in %)
2005 Sales Breakdown (in %) 100% = 3,308 million Euro By Business Group By Region Asia and ROW 18.2% HealthCare Latin America 42.5% 4.8% Graphics Europe 52.4% 52.4% NAFTA 24.6% Specialty Products 5.1% Two strong business groups and a smaller niche business Half of sales in Europe; strong presence in
Slide 4: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '04 Q4 '05 % change 2004 2005 % change Sales 935 913 -2.4% 3,762 3,308 -12.1% Gross profit 342 339 -0.9% 1,497 1,212 -19.0% Gross profit margin 36.6% 37.1% 39.8% 36.6% Modest margin improvement in Q4 compared to 2004, despite higher raw material costs
Slide 5: Raw Materials
Raw Materials Silver (USD/troyounce) Aluminium (USD/ton) Q4 ‘04 Q4 ‘05 Q4 ‘04 Q4 ‘05 10.00 2,800 9.50 2,700 9.00 2,600 2,500 8.50 2,400 8.00 2,300 7.50 2,200 7.00 2,100 6.50 2,000 6.00 1,900 5.50 1,800 5.00 1,700 4.50 1,600 4.00 1,500 3.50 1,400 3.00 1,300 4 4 5 4 5 5 -04 -05 -04 -05 4 5 5 4 -05 -06
Slide 6: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '04 Q4 '05 % change 2004 2005 % change Gross profit 342 339 -0.9% 1,497 1,212 -19.0% R&D -43 -48 11.6% -191 -191 SG&A -231 -210 -9.1% -969 -811 -16.3% as a % of sales 24.7% 23.0% 25.8% 24.5% Other operating items 13 30 130.8% -43 34 179.1% EBITDA* 132
Slide 7: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '04 Q4 '05 % change 2004 2005 % change EBIT* 81 111 37.0% 294 244 -17.0% Restructuring and non-recurring** 62 -33 -153.2% -421 -112 -73.4% Operating result 143 78 -45.5% -127 132 203.9% Non-operating result -15 -15 -56 -25 55.4% Profit before taxes 128
Slide 8: Impact of AgfaPhoto Liquidation
Impact of AgfaPhoto Liquidation • Agfa’s results were heavily affected by AgfaPhoto’s liquidation • A provision of 55 million Euro was booked in Q3 to cover environmental clean-up costs, other claims and possible losses • 54 million Euro of the deferred tax assets related to the CI divestiture were
Slide 9: Graphics: Sales (in million Euro)
Graphics: Sales (in million Euro) Total Sales Continuing Business* +3.6% +6.4% 1,733 1,733 1,673 1,628 -0.6% 465 465 Q4 468 Q4 460 +1.1% 406 422 422 Q3 +3.9% Q3 394 +7.1% 413 446 446 Q2 +8.0% Q2 399 +11.8% Q1 386 400 Q1 375 400 +3.6% +6.7% 2004 2005 2004 2005 * Excluding Monotype. Lastra is consolid
Slide 10: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) Q4 '04 Q4 '05 % change 2004 2005 % change Sales 468 465 -0.6% 1,673 1,733 3.6% EBITDA* 48.9 48.8 -0.2% 175.6 154.8 -11.8% % of sales 10.4% 10.5% 10.5% 8.9% EBIT* 25.9 27.8 7.3% 104.6 74.8 -28.5% % of sales 5.5% 6.0% 6.3% 4.3% Operating result** 106.6 16.8 -84.
Slide 11: Graphics: Q4 Highlights
Graphics: Q4 Highlights • New Contracts • New York Times Company (USA): 5-year strategic alliance • Nord Éclair (France): platesetters, workflow software and plate contract • Product Launches • :Amigo, chemistry-free thermal plate for high volume commercial printers • :Advantage Xm and Xs, platesett
Slide 12: HealthCare: Sales (in million Euro)
HealthCare: Sales (in million Euro) Total Sales +3.2% 1,405 1,361 Q4 382 407 +6.5% Full Year Q3 331 +0.9% 334 • Growth of IT Solutions and Service • Decrease of Classical X-ray and US Q2 356 +0.8% 359 Hardcopy Film markets Q1 292 305 +4.5% 2004 2005 Strong Q4 driven by seasonality of IT solutions (R
Slide 13: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) Q4 '04 Q4 '05 % change 2004 2005 % change Sales 382 407 6.5% 1,361 1,405 3.2% EBITDA* 97.6 100.2 2.7% 305.7 236.9 -22.5% % of sales 25.5% 24.6% 22.5% 16.9% EBIT* 76.6 82.2 7.3% 225.7 162.9 -27.8% % of sales 20.1% 20.2% 16.6% 11.6% Operating result 56.0 65.6
Slide 14: Service Revenues as % of HealthCare Sales
Service Revenues as % of HealthCare Sales 30.0% 23.3% 16.8% 14.0% 10.9% 11.7% 2001 2002 2003 2004 2005 Target Service revenues represent an increasing share of sales, partly driven by the growing importance of HealthCare IT 14
Slide 15: HealthCare: Q4 Highlights
HealthCare: Q4 Highlights • New Contracts • USA: Ireland Army Community Hospital Fort Knox: IMPAX • Canada: Centre Hospital Notre-Dame Quebec: new radiotherapy solution Niagara Health System Ontario: IMPAX 6.0 • Germany: Marienkrankenhaus Soest: ORBIS • Ireland: Cork University Hospital: IMPAX • Net
Slide 16: HealthCare: Q4 Highlights
HealthCare: Q4 Highlights • Product Launches • Global launch of IMPAX 6.0 and IMPAX Enterprise • North American launch of innovative CR digitizer DX-S • Launch of ORBIS International • Partnerships • Bilateral agreement with Siemens • Agreement with Quantum Medical Imaging • Certification • Qualific
Slide 17: Balance Sheet: Key Figures (in million Euro)
Balance Sheet: Key Figures (in million Euro) Assets Liabilities 3,982 3,982 3,356 3,356 1,561 Non-current 1,011 assets 2,950 Liabilities 2,274 Current 2,035 2,129 assets Equity 1,082 1,032 Other assets 310 292 2004 2005 2004 2005 Total assets increased by more than 600 million Euro, due to the conso
Slide 18: Working Capital: Key Figures (in million Euro/days)
Working Capital: Key Figures* (in million Euro/days) Inventories Trade Receivables Trade Payables 1000 Target: 100 days 1000 Target: 70 days 1000 Target: 55 days 900 900 900 800 800 854 800 700 700 744 700 600 600 637 600 600 586 576 500 500 500 400 400 400 369 375 300 300 300 121 200 200 84 200 254
Slide 19: Balance Sheet: Key Figures
Balance Sheet: Key Figures Net Financial Debt (in million Euro) Gearing Ratio (%) 66.5% 74.0% 75.9% 65.8% 56.0% 679 41.4% 193 17.0% 17.8% 2004 2005 Dec. Dec. Dec. Dec. Mar. June Sep. Dec. '01 '02 '03 '04 '05 '05 '05 '05 Net financial debt increased mainly due to acquisition of GWI and Heartlab and t
Slide 20: Cash Flow: 2005 Key Figures (in million Euro)
Cash Flow: 2005 Key Figures (in million Euro) Net operating cash flow Free cash flow 143 61 100 65 55 82 37 31 18 Q1 ‘05 Q1 ‘05 -30 -6 -24 -53 Q2 ‘05 Q3 ‘05 Q4 ‘05 2005 Q2 ‘05 Q3 ‘05 Q4 ‘05 2005 -61 -61 -91 Excluding securitization of receivables -114 Net operating and free cash flow affected by pha
Slide 21: Earnings and Dividend per Share (in Eurocent)
Earnings and Dividend per Share (in Eurocent) Earnings per Share Dividend per Share 244 139 25** 60 50 50 50 2004 2005 2002 2003 -15 * 2002 2003 2004 2005 Proposed -114* * Number of shares used for calculation : 126,008,540 in 2004 and 125,603,444 in 2005 ** Extraordinary dividend linked to NDT dive
Slide 22: Questions & Answers
Questions & Answers March 9, 2006