Slide 1: Q4 and Full Year 2015 Results
Q4 and Full Year 2015 Results March 10, 2016
Slide 2: Disclaimer
Disclaimer You are about to view a presentation regarding Agfa-Gevaert that contains time-sensitive information. The information contained therein is only current as of the date thereof. Agfa expressly disclaims any obligation to review, update or correct these materials after the date thereof. Agfa
Slide 3: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4'14 Q4'15 Δ% FY'14 FY'15 Δ% (excl. X-rate) (excl. X-rate) Sales 711 672 -5.5%(-9.3%) 2,620 2,646 1.0%(-5.7%) Gross Profit* 222 208 -6.3% 807 843 4.5% as a % of sales 31.2% 31.0% 30.8% 31.9% SG&A* -130 -129 -0.8% -505 -520 3.0% as a % of sales 18.1% 19.2
Slide 4: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '14 Q4 '15 Δ% FY'14 FY'15 Δ% Recurring EBIT* 56 50 -10.7% 152 180 18.4% Restructuring and non-recurring -8 -4 -16 -19 Operating result 48 46 -4.2% 136 161 18.4% Non-operating result -17 -31 -59 -74 Profit before taxes 31 15 77 87 Taxes -10 -5 -18 -16 N
Slide 5: Net Financial Debt (in million Euro)
5 Q 1' 1 Q 0 21 Q 0 3' 1 Q 0 434 391398 4' 1 Q 0 1' 1 Q 1 161189 2' 1 Q 1 3' 1 Q 1 313339 4' 1 Q 1 1' 1 Q 2 2' 1 Q 2 3' 1 Q 2 4' 1 Q 2 267291 306295 291 1' 1 Q 3 2' 1 Q 3 Net Financial Debt (in million Euro) 337299 3' 1 Q 3 261 4' 1 Q 3 1' 1 Q 4 2' 1 Q 4 3' 1 Q 4 217 191176175 4' 1 Q 4 1' 1 Q 5 2' 1
Slide 6: Working Capital: Key Figures (in million Euro/days)
Working Capital: Key Figures (in million Euro/days) 800 Inventories 800 Trade Receivables* 800 Trade Payables 700 717719 711 700 700 688 688 691 686 600 639 635 648 600 600 597 580 577575 561 563 542544 500 512 512 500 527 500 496 498 476 487482 484 400 452 452 464 400 438 436 421 400 399388413 3843
Slide 7: Main Group Drivers behind Key Figures
Main Group Drivers behind Key Figures Q4 2015 • In spite of the continuous good performance of the growth engines (including Agfa Graphics’ inkjet business and Agfa HealthCare’s Direct Radiography and IT solutions) and positive currency effects, the Group’s revenue decreased. The top line was mainly
Slide 8: Graphics
Graphics AGFA &
Slide 9: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment FY 2015 100% = 1,358 million Euro Inkjet, Software, Service 21% Analog Prepress 12% Digital Prepress 67% 9
Slide 10: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) Q4'14 Q4'15 Δ% FY'14 FY'15 Δ% (excl. curr.) (excl. curr. ) Sales 361 350 -3.0%(-8.0%) 1,355 1,358 0.2%(-7.5%) Gross Profit* 101 99 -2.0% 384 384 0.0% as a % of sales 28.0% 28.3% 28.3% 28.3% SG&A* -68 -68 0.0% -266 -273 2.6% as a % of sales 18.8% 19.4% 19.6% 20
Slide 11: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q4 2015 • The tough conditions in the emerging markets and the political instability in certain regions continued to weigh on Agfa Graphics’ top line. In the fourth quarter, the inkjet segment continued to perform strongly. In spite of the competitive pressu
Slide 12: HealthCare
HealthCare AGFA &
Slide 13: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment FY 2015 100% = 1,099 million Euro Hardcopy 30% Classic Radiology 7% CR/Modalities 21% Imaging IT* 28% HIS/CIS 14% HealthCare IT = 42% * Includes Radiology and Cardiology IT 13
Slide 14: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) Q4'14 Q4'15 Δ% FY'14 FY'15 Δ% (excl. curr.) (excl. curr. ) Sales 303 275 -9.2%(-12.1%) 1,069 1,099 2.8%(-3.3%) Gross Profit* 115 99 -13.9% 391 416 6.4% as a % of sales 38.0% 36.0% 36.6% 37.9% SG&A* -56 -56 0.0% -216 -223 3.2% as a % of sales 18.5% 20.4% 20.2
Slide 15: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q4 2015 • Agfa HealthCare’s fourth quarter top line decline is mainly due to the stock decisions in the hardcopy film business. • In the Imaging segment’s digital radiography business, the DR product range’s revenue continued to grow strongly. • In the IT
Slide 16: Specialty Products
Specialty Products AGFA &
Slide 17: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) Q4'14 Q4'15 Δ% FY'14 FY'15 Δ% (excl. curr.) (excl. curr. ) Sales 48 47 -2.1%(-2.7%) 197 189 -4.1%(-7.4%) Gross Profit* 8 9 12.5% 33 42 27.3% as a % of sales 16.7% 19.1% 16.8% 22.2% SG&A* -5 -6 20.0% -22 -24 9.1% as a % of sales 10.4% 12.8% 10.7% 12.7
Slide 18: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q4 2015 • The decline of the traditional film businesses was almost counterbalanced by the strong performance of the Printed Circuit Board business and the future-oriented businesses, including Orgacon Electronic Materials and Security. • Recurring
Slide 19: Pensions
Pensions AGFA &
Slide 20: Pension status (4 material countries)
Pension status (4 material countries) Mio Euro 2014 2015 Delta Funded Status (1155) (1094) 61 Obligations 2286 2250 36 Assets 1131 1156 25 • The funded status is mainly influenced by slightly higher discount rates and by an increase in value of plan assets. 20
Slide 21: Pension cost and cash outflow (4 material countries)
Pension cost and cash outflow (4 material countries) Mio Euro 2014 2015 2016 (Est) Pension Cost in Ebit 20 26 23 Net interest cost 31 28 30 Non recurring (7) - Total pension cost 44 54 53 Pension cash outflow 86 80 74 • Pension cost: • Total recurring pension cost expected to remain stable versus 20
Slide 22: Q&A
Q&A AGFA &