Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q3 2006 Earnings Presentation
23 slides from Agfa-gevaert Nv's earnings presentation, Nov 16, 2006
Slide 1: Q3 Results 2006
Q3 Results 2006 November 16, 2006 Analyst Presentation
Slide 2: Group Sales (in million Euro)
Group Sales (in million Euro) Total Sales Split per Business Group (YTD) +3.3% (+2.4%)* Specialty Products 2,474 2,395 7% +1.0% 805 Q3 797 (+2.5%)* HealthCare +1.2% 859 42% Q2 849 (+0.7%)* +8.1% Graphics Q1 749 810 (+4.4%)* 51% 2005 2006 * Excluding currency impact Sales increase of 2.5% in Q3 (excl
Slide 3: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q3 '05 Q3 '06 % change 9M '05 9M '06 % change Sales 797 805 1.0% 2,395 2,474 3.3% Gross profit 273 297 8.8% 873 957 9.6% Gross profit margin 34.3% 36.9% 36.5% 38.7% Gross profit margin increased to 37% in Q3 as a result of better pricing and continued imp
Slide 4: Raw Materials
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Slide 5: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q3 '05 Q3 '06 % change 9M '05 9M '06 % change Gross profit 273 297 8.8% 873 957 9.6% R&D -48 -46 -2.5% -143 -143 0.0% SG&A* -193 -197 2.1% -601 -614 2.2% as a % of sales 24.2% 24.5% 25.1% 24.8% Other operating items* 6 -9 4 -24 EBITDA* 77 83 7.8% 253 291
Slide 6: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q3 '05 Q3 '06 % change 9M '05 9M '06 % change EBIT* 38 45 18.4% 133 176 32.3% Restructuring and non-recurring -74 -33 -79 -69 Operating result -36 12 54 107 98.1% Non-operating result -16 -20 -10 -49 Profit before taxes -52 -8 44 58 31.8% Taxes -56 0 -101
Slide 7: Agfa Graphics
Agfa Graphics AGFA >
Slide 8: Graphics: Sales (in million Euro)
Graphics: Sales (in million Euro) Total Sales 0.0% Split per Business Segment (YTD) (-0.6%)** Inkjet, Software, 1,268 1,268 Service 15% -3.3% Q3 422 408 (-1.3%)** -2.2% Q2 446 436 (-2.5%)** Digital Prepress Analog Prepress 57% 28% +6.0% Q1 400 424 (+2.3%)** 2005* 2006 * Including 39 million Euro sal
Slide 9: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) Q3 '05** Q3 '06 % change 9M '05*** 9M '06 % change Sales 422 408 -3.3% 1,268 1,268 0.0% EBITDA* 33.4 33.7 0.9% 106.0 106.9 0.9% % of sales 7.9% 8.3% 8.4% 8.4% EBIT* 13.4 16.7 24.6% 47.0 54.9 16.8% % of sales 3.2% 4.1% 3.7% 4.3% * Before restructuring charges a
Slide 10: Graphics: Q3 Highlights
Graphics: Q3 Highlights • Newspapers • Successful Ifra trade fair • 20 violet CtP lines with :Arkitex software • Major interest for chemistry-free demo • Commercial printing • Renewed contract with Transcontinental, largest Canadian printer • Inkjet • :Anapurna XL introduced in Australia • Milestone
Slide 11: Agfa HealthCare
Agfa HealthCare AGFA >
Slide 12: HealthCare: Sales (in million Euro)
HealthCare: Sales (in million Euro) Total Sales +2.9% Split per Business Segment (YTD) (+1.7%)** 998 1,027 Classic Radiology +1.2% 21% 338 Q3 334 (+1.9%)** Hardcopy 34% Cardio +1.7% Q2 359 365 3% (+0.8%)** Enterprise Solutions +6.2% 8% Q1 305 324 (+2.6%)** 2005 2006* CR/DR PACS/RIS 14% 20% * Includi
Slide 13: Service Revenues as % of HealthCare Sales
Service Revenues as % of HealthCare Sales 30.0% 25.6% 23.3% 16.8% 14.0% 10.9% 11.7% 2001 2002 2003 2004 2005 9M '06 Target Service revenues increase with growing importance of HealthCare IT 13
Slide 14: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) Q3 '05 Q3 '06 % change 9M '05 9M '06 % change Sales 334 338 1.2% 998 1,027 2.9% EBITDA* 39.2 43.9 12.0% 136.7 159.1 16.4% % of sales 11.7% 13.0% 13.7% 15.5% EBIT* 22.1 24.9 12.7% 80.7 101.1 25.3% % of sales 6.6% 7.4% 8.1% 9.8% * Before restructuring charges
Slide 15: HealthCare: Q3 Highlights
HealthCare: Q3 Highlights • PACS • Strong performance in US, Canada and UK with multi-site installations • First RIS/PACS successes in emerging markets (LATAM, Asia, Middle East) • NHS: continued successful installation • Cardiology • Introduction of Agfa’s Heartlab Congenital Solution to the Europe
Slide 16: Agfa Specialty Products
Agfa Specialty Products AGFA >
Slide 17: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) Q3 '05** Q3 '06 % change 9M '05*** 9M '06 % change Sales 41 59 43.9% 129 179 38.6% EBITDA* 4.6 10.1 x2.2 13.6 39.7 x2.9 % of sales 11.2% 17.1% 10.5% 22.2% EBIT* 2.6 8.2 x3.2 8.6 34.7 x4.0 % of sales 6.4% 13.9% 6.7% 19.4% * Before restructuring charge
Slide 18: Balance Sheet: Key Figures (in million Euro)
Balance Sheet: Key Figures (in million Euro) Assets Liabilities 3,982 3,982 3,826 3,826 Non-current 1,561 assets 1,457 Liabilities 2,950 2,842 Current assets 2,129 2,065 Equity 1,032 984 Other 292 304 assets Dec. 2005 Q3 2006 Dec. 2005 Q3 2006 18
Slide 19: Working Capital: Key Figures (in million Euro/days)
Working Capital: Key Figures (in million Euro/days) Inventories Trade Receivables Trade Payables 1000 1000 1000 Target: 100 days Target: 70 days Target: 55 days 900 900 900 800 874 800 800 813 812 700 700 700 685 600 649 660 600 600 500 500 500 400 400 400 119 116 118 379 300 300 300 368 330 200 200
Slide 20: Balance Sheet: Key Figures
Balance Sheet: Key Figures Net Financial Debt (in million Euro) Gearing Ratio (%) 66.5% 74.0% 75.9% 75.9% 73.8% 65.8% 65.1% 56.0% 753 41.4% 726 679 17.0% 17.8% Dec. '05 H1 '06 Q3 '06 Dec. Dec. Dec. Dec. Mar. June Sep. Dec. Mar June Sep. '01 '02 '03 '04 '05 '05 '05 '05 '06 '06 '06 Comfortable with le
Slide 21: Cash Flow: Q3 2006 Key Figures (in million Euro)
Cash Flow: Q3 2006 Key Figures (in million Euro) 113 55 43 43 Net operating -61* cash flow -18 31 36 Free 11 cash flow -28 -61* -89 Q3 2005 Q3 2006 9M 2005 9M 2006 * Exceptional due to termination of securitisation Substantial increase of free cash flow to 36 million Euro despite high raw material c
Slide 22: Update on cost savings plan
Update on cost savings plan Scope of the plan: approx. 250 million Euro annual cost savings by 2008 • Implementation of cost savings started in US and several European countries • Information and consultation phase in Mortsel, Belgium ongoing • 33 million Euro of restructuring charges already booked
Slide 23: Questions & Answers
Questions & Answers AGFA >