Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — FY2011 Earnings Presentation
18 slides from Agfa-gevaert Nv's earnings presentation, Mar 7, 2012
Slide 1: Q4 & Full Year 2011 Results
Q4 & Full Year 2011 Results Analyst & Press Meeting 7 March 2012
Slide 2: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '10 Q4 '11 ∆% FY '10 FY '11 ∆% (excl. curr.) (excl. curr.) Sales 806 805 -0.1% (-0.4%) 2,948 3,023 2.5% (3.7%) Gross profit* 261 218 -16.5% 998 846 -15.2% as a % of sales 32.4% 27.1% 33.9% 28.0% SG&A* -160 -149 -6.9% -586 -574 -2.0% SG&A as a % of sale
Slide 3: Net Financial Debt (in million Euro)
Net Financial Debt (in million Euro) 661 569 500 445 434 391 398 313 339 267 161 189 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q210 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 3
Slide 4: 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 700 720726 700 688 681 600 633 627 639 639 600 600 605607 591 585 583 575 577 543 539 500 514 500 521532 527 500 483 482 496 469473471 467 476 400 400 438 400 300 300 300 119 1231
Slide 5: Main Group Drivers behind Key Figures
Main Group Drivers behind Key Figures Q4 2011 • Mainly driven by the strong performance of Agfa HealthCare, sales picked up after a weak Q3, leading to a status-quo versus previous year. • Gross profit margin decreased year-on-year but, as expected, showed a quarter-on-quarter recovery • SG&A % decr
Slide 6: Profit & Loss: Key Figures (in million Euro)
Profit & Loss: Key Figures (in million Euro) Q4 '10 Q4 '11 ∆% FY'10 FY'11 ∆% Recurring EBIT* 75 43 -42.7% 266 129 -51.5% Restructuring and non-recurring -9 -55 -32 -93 Operating result 66 -12 234 36 Non-operating result -23 -19 -94 -84 Result before taxes 43 -31 140 -48 Taxes -12 -12 -36 -23 Net res
Slide 7: Graphics
Graphics AGFA &>
Slide 8: Graphics: Key Figures (in million Euro)
Graphics: Key Figures (in million Euro) Q4'10 Q4'11 ∆% FY'10 FY'11 ∆% (excl. curr.) (excl. curr. ) Sales 429 418 -2.6% (-3.4%) 1,565 1,596 2.0% (3.1%) Gross Profit* 129 97 -24.8% 483 402 -16.8% as a % of sales 30.1% 23.2% 30.9% 25.2% SG&A* -88 -78 -11.4% -313 -313 0.0% SG&A as % of sales 20.5% 18.7%
Slide 9: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q4 2011 • Sales decreased by 2.6% • Analog prepress still influenced by high raw material prices, digital prepress volumes remained stable versus previous year • Industrial inkjet market softened due to weakness of the overall economy • Gross margin impacted
Slide 10: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment FY 2011 100% = 1,596 million Euro Inkjet, Software, Service 17% Analog Prepress 18% Digital Prepress 65% 10
Slide 11: HealthCare
HealthCare AGFA &>
Slide 12: HealthCare: Key Figures (in million Euro)
HealthCare: Key Figures (in million Euro) Q4'10 Q4'11 ∆% FY'10 FY'11 ∆% (excl. curr.) (excl. curr. ) Sales 317 333 5.0% (5.7%) 1,180 1,177 -0.3% (0.9%) Gross Profit* 117 116 -0.9% 468 410 -12.4% as a % of sales 36.9% 34.8% 39.7% 34.8% SG&A* -65 -64 -1.5% -248 -237 -4.4% SG&A as % of sales 20.5% 19.2
Slide 13: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q4 2011 • Solid revenue growth of 5% due to strong performance of digital and IT solutions • Gross profit margin impacted by unfavourable raw material impact and manufacturing inefficiencies, partially offset by film price increases and other measures to i
Slide 14: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment FY 2011 100% = 1,177 million Euro Hardcopy 29% Classic Radiology 12% CR/Modalities 20% HIS/CIS Imaging IT* 11% 28% HealthCare IT = 39% * Includes Radiology and Cardiology IT 14
Slide 15: Specialty Products
Specialty Products AGFA &>
Slide 16: Specialty Products: Key Figures (in million Euro)
Specialty Products: Key Figures (in million Euro) ∆% ∆% Q4 '10 Q4 '11 (excl. curr.) FY'10 FY'11 (excl. curr.) Sales 60 54 -10.0% (-10.2%) 203 250 23.2% (23.4%) Gross profit* 13 5 -61.5% 46 34 -26.1% as a % of sales 21.7% 9.3% 22.7% 13.6% SG&A* -6 -6 0.0% -24 -23 -4.2% SG&A as a % of sales 10.0% 11.1
Slide 17: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q4 2011 • Contrary to previous quarters, revenue decreased versus previous year: the market driven decline of classic film products was accelerated by the film price increases; the PCB film business and the Orgacon™ business suffered from the slowd
Slide 18: Questions & Answers
Questions & Answers AGFA &>