Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q3 2022 Earnings Presentation
28 slides from Agfa-gevaert Nv's earnings presentation, Nov 9, 2022
Slide 1: Q3 2022 Results
Q3 2022 Results Agfa-Gevaert Group November 9, 2022
Slide 2: Contrasted performances between divisions – additional measures being prepared
Contrasted performances between divisions – additional measures being prepared Key highlights Q3 Adjusted EBITDA increase of 8% with contrasted performances between the divisions HealthCare IT: organic sales growth, strong increase in order intake, solid profitability Digital Print & Chemicals
Slide 3: Agfa-Gevaert Group: Sales by division 9 months 2022
Agfa-Gevaert Group Sales by division 9 months 2022 = 1367 million Euro 20% 43% Offset Solutions 13% Radiology Solutions HealthCare IT Digital Print and Chemicals 24% 3
Slide 4: Agfa-Gevaert Group key figures
Agfa-Gevaert Group Q3 ’22 Q3 ’21 ∆% 9m’22 9m’21 ∆% Key figures in million Euro (excl.curr.) (excl.curr.) Profit & Loss Sales 474 439 7.8% 1367 1276 7.1% (1.4%) (2.0%) Incl. IFRS 16 Gross Profit* 135 118 14.3% 394 370 6.7% as a % of sales 28.4% 26.8% 28.9% 29.0% SG&A* -99 -88 12.6% -292 -268 9.2% as
Slide 5: Agfa-Gevaert Group key figures
Agfa-Gevaert Group Q3’22 Q3’21 9m’22 9m’21 Key figures in million Euro Profit & Loss Adjusted EBIT* 7 6 27 31 Incl. IFRS 16 Restructuring/non-recurring -13 -7 -37 -5 Operating result -7 -1 -10 26 Non-operating result -5 -4 -15 -7 Profit before taxes -12 -4 -24 18 Taxes -5 -1 -12 -15 Profit -17 -5 -3
Slide 6: Contrasted performances between divisions
Contrasted performances between divisions Main drivers behind Top line excluding currency slightly increased vs Q3 2021: Digital Print and HealthCare IT: significant improvement of top line key figures Q3 Radiology Solutions: medical film continued to be impacted by the lockdowns in China, dou
Slide 7: Agfa-Gevaert Group (in million Euro)
Agfa-Gevaert Group (in million Euro) Adjusted Adjusted Free EBITDA free cash flow* cash flow Adjusted free cash flow equals the sum of net cash from operating & investing activities excluding the impact of acquisitions and disposal of discontinued operations (see definition of Free cash flow *) ADJU
Slide 8: Agfa-Gevaert Group (in million Euro)
Agfa-Gevaert Group (in million Euro) Adjusted Adjusted Free EBITDA free cash flow cash flow Adjusted free cash flow equals the sum of net cash from operating & investing activities excluding the impact of acquisitions and disposal of discontinued operations (see definition of Free cash flow *) ADJUS
Slide 9: Net cash position
Net cash position Net cash position excl IFRS 16, in million Euro 762 616 581 577 425 398 396 329 188 172 -106 -69 -137 -194 -161 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2,20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Note: Total B/S net cash position Q3 2022 incl IFRS 16 = 98 million Euro 9
Slide 10: Working Capital: stable versus Q2, impacted by demand slowdown
Working Capital: % stable versus Q2, impacted by demand slowdown Δ Q3 Δ 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 2022 vs 2021 Q3 vs Q2 Inventories (Mio Eur) 561 536 477 418 465 95 24 ° DIOH in days 152 147 134 119 134 17 5 Trade Receivables, Contract Assets/Liabilities 284 297 293 283 270 14 -13
Slide 11: HealthCare IT
HealthCare IT
Slide 12: HealthCare IT
HealthCare IT Q3 ’22 Q3 ’21 ∆% 9m’22 9m’21 ∆% Key figures (excl.curr.) (excl.curr.) in million Euro Profit & Loss Sales 62 49 25.7% 174 160 8.7% Incl. IFRS 16 (14.3%) (1.1%) Gross Profit* 28 22 28.0% 78 72 9.1% as a % of sales 44.9% 44.1% 45.2% 45.0% SG&A* -16 -13 23.9% -46 -38 20.0% as a % of sales
Slide 13: HealthCare IT: strong Q3 and healthy order book
HealthCare IT: strong Q3 and healthy order book Main drivers behind The HealthCare IT division’s top line increased strongly, driven by key figures Q3 the revenue recognition from a number of important contracts, mainly in North America Order book remains at healthy level, 16% growth in the 12 m
Slide 14: Radiology Solutions
Radiology Solutions
Slide 15: Radiology Solutions
Radiology Solutions Sales 9 months 2022 = 333 million Euro by business segment 4% Hardcopy 39% CR/DR 57% Classic Radiology 15
Slide 16: Radiology Solutions
Radiology Solutions Q3 ’22 Q3 ’21 ∆% 9m’22 9m’21 ∆% Key figures (excl.curr.) (excl.curr.) in million Euro Profit & Loss Sales 117 116 1.5% 333 335 -0.8% Incl. IFRS 16 (-5.4%) (-6.3%) Gross Profit* 36 39 -8.4% 103 116 -10.9% as a % of sales 30.5% 33.8% 31.1% 34.6% SG&A* -27 -25 10.2% -79 -75 5.1% as
Slide 17: Radiology Solutions: DR grows double digit, medical film impacted by lockdowns in China
Radiology Solutions: DR grows double digit, medical film impacted by lockdowns in China Main drivers behind DR: top line grew double digit but market continues to be key figures Q3 volatile Medical film: impacted by the lockdowns in China Profitability impacted by volume decreases, mix effects
Slide 18: Digital Print & Chemicals
Digital Print & Chemicals
Slide 19: Digital Print & Chemicals
Digital Print & Chemicals Sales 9 months 2022 = 274 million Euro by business segment 40% Inkjet 45% Electronic Print Films and Foils 15% 19
Slide 20: Digital Print & Chemicals
Digital Print & Chemicals Q3 ’22 Q3 ’21 ∆% 9m’22 9m’21 ∆% Key figures (excl.curr.) (excl.curr.) in million Euro Profit & Loss Sales 96 82 16.4% 274 236 15.7% Incl. IFRS 16 (12.4%) (12.8%) Gross Profit* 24 20 21.1% 74 66 12.3% as a % of sales 25.5% 24.5% 27.1% 28.0% SG&A* -19 -14 36.8% -52 -42 24.1%
Slide 21: DPC: growth in Digital Print and Zirfon membranes, margins impacted by cost inflation
DPC: growth in Digital Print and Zirfon membranes, margins impacted by cost inflation Top line growth: good performance of Digital Print and Zirfon Main drivers behind Digital Print: contracts signed for the delivery of the first Agfa-branded key figures Q3 Onset machines, development of Speedse
Slide 22: Offset Solutions
| \ ‘ \ Offset Solutions '
Slide 23: Offset Solutions
Offset Solutions Q3 ’22 Q3 ’21 ∆% 9m’22 9m’21 ∆% (excl.curr.) (excl.curr.) Key figures in million Euro Profit & Loss Sales 199 192 3.3% 587 544 7.8% Incl. IFRS 16 (-2.6%) (2.8%) Gross Profit* 46 37 25.4% 138 116 18.8% as a % of sales 23.4% 19.3% 23.5% 21.3% SG&A* -33 -32 3.9% -102 -98 4.1% as a % of
Slide 24: Offset Solutions: strong improvement in margins, price actions in place
Offset Solutions: strong improvement in margins, price actions in place Main drivers behind Revenue stable due to price increases to tackle cost inflation key figures Q3 Continuous cost improvement actions and increased focus on high- value regions lead to an increased gross profit margin Adju
Slide 25: Despite uncertain environment, quarter-on-quarter improvement expected for HealthCare IT and Radiology Solutions
Despite uncertain environment, quarter-on-quarter improvement expected for HealthCare IT and Radiology Solutions A continuing impact of cost inflation, supply chain issues, lockdowns in China and the uncertain geopolitical and Outlook economic situation expected in the coming quarters. Raw materia
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 work environment • Roll out 5S program in DPC continuing • Roll out safe driving training to prevent commuting accidents - 14% accidents with min. one day lost in Q1 – Q3 2022 vs same period 2021 For a diverse, inclusive and s
Slide 28: Questions & Answers
Questions & Answers AGFA &