Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2021 Earnings Presentation
28 slides from Agfa-gevaert Nv's earnings presentation, May 11, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results Agfa-Gevaert Group May 11, 2021
Slide 2: Key highlights
Key highlights Agfa-Gevaert Group Key highlights Solid margin performance by the HealthCare IT and Digital Print & Chemicals divisions Ongoing volume recovery in most business areas Volume and price pressure for medical film, recovery expected in next quarters Strict cost reduction programs
Slide 3: Sales by division Q1 2021 = 396 million Euro
Agfa-Gevaert Group Sales by division Q1 2021 = 396 million Euro 18% 43% Offset Solutions 14% Radiology Solutions HealthCare IT Digital Print & Chemicals 25% 3
Slide 4: Group key figures
Agfa-Gevaert Group in million Euro Q1 ’21 Q1 ’20 ∆% Key figures (re-presented) (excl.curr.) Profit & Loss Sales 396 435 -9.0% (-6.2%) Incl. IFRS 16 Gross Profit* 117 135 -13.7% as a % of sales 29.5% 31.1% SG&A* -89 -97 -7.7% as a % of sales 22.5% 22.2% R&D* -25 -25 3.4% Other operating -3 -7 items*
Slide 5: Group key figures: profit and loss
Agfa-Gevaert Group Q1’21 Q1 ’20 Key figures in million Euro ( re-presented) Profit & Loss Adjusted EBIT* -1 7 Incl. IFRS 16 Restructuring/non-recurring -1 -2 Operating result -1 5 Non-operating result 0 -8 Profit before taxes -2 -3 Taxes -4 -2 Profit from continuing operations -6 -5 Profit from disc
Slide 6: Ongoing volume recovery, good performance HE IT and DPC
Ongoing volume recovery, good performance HE IT and DPC Main drivers behind Overall top line 6.2% below 2020 with contrasted performances HealthCare IT positive growth key figures Digital Print & Chemicals in line with Q1 2020 (pre-COVID quarter) Offset Solutions and Radiology Solutions stil
Slide 7: Positive free cash flow before extra pension funding
Positive free cash flow before extra pension funding Adjusted Adjusted Free Free EBITDA free cash flow cash flow* cash flow before extra funding pensions Adjusted free cash flow equals the sum of net cash from operating & investing activities excluding the impact of acquisitions and disposal of disc
Slide 8: The Agfa-Gevaert Group has a strong cash position
The Agfa-Gevaert Group has a strong cash position Net financial debt excl IFRS 16, in million Euro 194 137 161 106 69 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2,20 Q3'20 Q4'20 Q1'21 -616 -581 -577 -762 Note: Total net cash position Q1 2021 incl IFRS 16 = 500 million Euro 8
Slide 9: Pensions: execution of pension de-risking measures on track
Pensions: execution of pension de-risking measures on track As previously mentioned, the plan is to use 350 million Euro Objectives for the key funded plans: reducing pension liabilities and de- risking. De-risk funded plans Around 218 million Euro was injected in 2020. Decrease volatility In
Slide 10: Disciplined working capital management continued
Disciplined working capital management continued Δ Q1 Δ 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2021 vs 2020 Q1 vs Q4 Inventories (Mio Eur) 421 389 464 496 467 -46 32 ° DIOH in days 127 115 134 137 124 Trade Receivables, Contract Assets/Liabilities 266 271 269 264 307 -41 -5 ° DSO in days 60 52
Slide 11: HealthCare IT
HealthCare IT
Slide 12: HealthCare IT
HealthCare IT Q1 ’21 Q1 ’20 ∆% Key figures in million Euro (re-presented) (excl.curr.) Sales 55 55 -1.0% (+3.6%) Profit & Loss Gross Profit* 25 24 3.6% Incl. IFRS 16 as a % of sales 45.5% 43.4% SG&A* -13 -15 -12.4% as a % of sales 24.1% 27.2% R&D* -8 -8 2.0% Other operating 0 1 items* Adjusted EBITD
Slide 13: HealthCare IT on track
HealthCare IT on track Excluding currency effects, the top line improved by 3.6% fueled by new projects, with smooth go-lives of the Enterprise Main drivers behind Imaging platform in Europe and the Middle East. key figures Total order backlog remains at a healthy level, covering more than a ful
Slide 14: Radiology Solutions
Radiology Solutions
Slide 15: Radiology Solutions Q1 2021 = 99 million Euro
Radiology Solutions Sales Q1 2021 = 99 million Euro by business segment 5% Hardcopy 40% 55% CR/DR Classic Radiology 15
Slide 16: Radiology Solutions
Radiology Solutions Q1 ’21 Q1 ’20 ∆% Key figures in million Euro (excl.curr.) Sales 99 118 -16.3% (-13.6%) Profit & Loss Gross Profit* 32 45 -29.7% Incl. IFRS 16 as a % of sales 32.1% 38.2% SG&A* -24 -26 -6.4% as a % of sales 24.7% 22.1% R&D* -4 -5 -1.8% Other operating -1 -4 items* Adjusted EBITDA*
Slide 17: Radiology Solutions still impacted by COVID and China
Radiology Solutions still impacted by COVID and China Overall, the division saw an exceptionally slow first quarter. Main drivers behind Consolidation of DR sales at last year’s level as market slowly key figures normalizes post-COVID. Medical film volumes still impacted by COVID in Latin Amer
Slide 18: Digital Print & Chemicals
Digital Print & Chemicals
Slide 19: Digital Print & Chemicals Q1 2021 = 73 million Euro
Digital Print & Chemicals Sales Q1 2021 = 73 million Euro by business segment 35% 45% Inkjet Electronic Print Films and Foils 20% 19
Slide 20: Digital Print & Chemicals
Digital Print & Chemicals Q1 ’21 Q1 ’20 ∆% Key figures in million Euro (excl.curr.) Sales 73 74 -1.9% (-0.4%) Profit & Loss Gross Profit* 23 22 3.4% Incl. IFRS 16 as a % of sales 31.1% 29.5% SG&A* -14 -14 -5.2% as a % of sales 18.8% 19.5% R&D* -6 -5 14.8% Other operating 0 -1 items* Adjusted EBITDA*
Slide 21: Digital Print & Chemicals growth
Digital Print & Chemicals growth Overall topline at pre-COVID level. Main drivers behind Digital Print continues to recover as equipment order book is key figures replenished with a favorable mix of high-end solutions, successful market entry in industrial markets and solid ink volumes overall.
Slide 22: Offset Solutions
| \ ‘ \ Offset Solutions '
Slide 23: Offset Solutions
Offset Solutions Q1 ’21 Q1 ’20 ∆% Key figures in million Euro (excl.curr.) Sales 169 187 -9.7% (-6.8%) Profit & Loss Gross Profit* 37 44 -15.1% Incl. IFRS 16 as a % of sales 22.2% 23.6% SG&A* -33 -38 -12.8% as a % of sales 19.5% 20.2% R&D* -5 -6 -9.8% Other operating -2 -2 items* Adjusted EBITDA* 1.
Slide 24: Offset Solutions faces cost headwinds, price actions in place
Offset Solutions faces cost headwinds, price actions in place Excluding currency effects, revenue decreased by 6.8% to 169 Main drivers behind million Euro, improving sequentially vs. previous quarters. key figures Affected by mix effects, cost inflation and currency impact, the Offset Solutions
Slide 25: Volume recovery expected to continue
Volume recovery expected to continue After a seasonally subdued Q1, business volume recovery Outlook expected to continue in 2021. Implementation of cost reduction programs to continue in 2021. Continuing price increase programs will be required to mitigate cost inflation. Confirmed performa
Slide 26: Sustainability @ Agfa
Sustainability @ Agfa
Slide 27: The road to 2030 & beyond: sustainable and profitable growth
The road to 2030 & beyond: sustainable and profitable growth For a safe, diverse, inclusive and stimulating work environment • Data management system set up – broad set of indicators • Focus on adapting wording and identifying platforms to advertise vacancies • Learning channels and specific trainin
Slide 28: Questions & Answers
Questions & Answers AGFA &