Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2022 Earnings Presentation
27 slides from Agfa-gevaert Nv's earnings presentation, May 10, 2022
Slide 1: Q1 2022 Results
Q1 2022 Results Agfa-Gevaert Group May 10, 2022
Slide 2: Key highlights Agfa-Gevaert Group
Key highlights Agfa-Gevaert Group Key highlights Continued top line growth driven by strong performances of Offset Solutions and Digital Print & Chemicals Resilient gross profit margin due to successful price actions and strict cost management Adjusted EBITDA increase of 22% – despite extended
Slide 3: Sales by division Q1 2022 = 424 million Euro
Agfa-Gevaert Group Sales by division Q1 2022 = 424 million Euro 19% 44% Offset Solutions 13% Radiology Solutions HealthCare IT Digital Print & Chemicals 24% 3
Slide 4: Agfa-Gevaert Group key figures
Agfa-Gevaert Group in million Euro Q1 ’22 Q1 ’21 ∆% Key figures (excl.curr.) Profit & Loss Sales 424 396 7.2% (3.5%) Incl. IFRS 16 Gross Profit* 123 117 5.5% as a % of sales 29.0% 29.5% SG&A* -97 -89 8.5% as a % of sales 22.8% 22.5% R&D* -24 -25 -5.1% Other operating 1 -3 items* Adjusted EBITDA* 19
Slide 5: Agfa-Gevaert Group profit and loss
Agfa-Gevaert Group Q1’22 Q1 ’21 Key figures in million Euro Profit & Loss Adjusted EBIT* 4 -1 Incl. IFRS 16 Restructuring/non-recurring -9 -1 Operating result -6 -1 Non-operating result 2 0 Profit before taxes -4 -2 Taxes -3 -4 Profit -7 -6 attributable to the owners of the company -4 -5 * Before re
Slide 6: EBITDA increases by 22% year-on-year in an extraordinary inflationary context
EBITDA increases by 22% year-on-year in an extraordinary inflationary context Overall top line 7.2% above Q1 2021 Main drivers behind Strong performances of Offset Solutions and DPC As expected, after a strong Q4, a softer Q1 for HealthCare IT key figures Radiology: growth in DR while medica
Slide 7: Free cash flow Agfa-Gevaert Group
Free cash flow Agfa-Gevaert Group 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 *) ADJUSTE
Slide 8: Strong net cash position
Strong net cash position Net cash position excl IFRS 16, in million Euro 762 616 581 577 425 398 396 329 -106 -69 -137 -194 -161 Q1'19Q2'19Q3'19Q4'19Q1'20Q2,20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22 Note: Total B/S net cash position Q1 2022 incl IFRS 16 = 262 million Euro 8
Slide 9: Trade Working Capital Agfa-Gevaert Group
Trade Working Capital Agfa-Gevaert Group Δ Q1 Δ 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 2022 vs 2021 Q1 vs Q4 LY Inventories (Mio Eur) 477 418 465 445 421 56 60 ° DIOH in days 134 119 134 131 127 7 15 Trade Receivables, Contract Assets/Liabilities 293 283 270 255 266 28 10 ° DSO in days 62 53 5
Slide 10: HealthCare IT
HealthCare IT
Slide 11: HealthCare IT
HealthCare IT Q1 ’22 Q1 ’21 ∆% Key figures in million Euro (excl.curr.) Sales 55 55 -0.5% (-5.2%) Profit & Loss Gross Profit* 25 25 -1.8% Incl. IFRS 16 as a % of sales 44.9% 45.5% SG&A* -15 -13 14.2% as a % of sales 27.7% 24.1% R&D* -8 -8 7.8% Other operating 1 0 items* Adjusted EBITDA* 4.4 6.5 -32.
Slide 12: HealthCare IT on track
HealthCare IT on track As expected, softer Q1 2022 following a strong Q4 2021. In Main drivers behind North America, however, revenue increase recorded versus Q1 key figures 2021. Mainly due to mix effects and increased cost inflation, the gross profit margin decreased from 45.5% in Q1 2021 to 4
Slide 13: Radiology Solutions
Radiology Solutions
Slide 14: Radiology Solutions Q1 2022 = 101 million Euro
Radiology Solutions Sales Q1 2022 = 101 million Euro by business segment 5% Hardcopy 40% 55% CR/DR Classic Radiology 14
Slide 15: Radiology Solutions
Radiology Solutions Q1 ’22 Q1 ’21 ∆% Key figures in million Euro (excl.curr.) Sales 101 99 2.7% (-1.0%) Profit & Loss Gross Profit* 31 32 -3.7% Incl. IFRS 16 as a % of sales 30.1% 32.1% SG&A* -26 -24 6.4% as a % of sales 25.6% 24.7% R&D* -4 -4 -9.2% Other operating 0 -1 items* Adjusted EBITDA* 7.0 7
Slide 16: Radiology Solutions: good performance of DR, medical film still impacted
Radiology Solutions: good performance of DR, medical film still impacted by COVID and geopolitical situation Top line increased by 2.7% compared to Q1 2021, a better Main drivers behind performance versus the previous quarters. key figures Building on the strong order intake in 2H 2021, DR’s rev
Slide 17: Digital Print & Chemicals
Digital Print & Chemicals
Slide 18: Digital Print & Chemicals Q1 2022 = 79 million Euro
Digital Print & Chemicals Sales Q1 2022 = 79 million Euro by business segment 37% Inkjet 47% Electronic Print Films and Foils 16% 18
Slide 19: Digital Print & Chemicals
Digital Print & Chemicals Q1 ’22 Q1 ’21 ∆% Key figures in million Euro (excl.curr.) Sales 79 73 9.1% (7.2%) Profit & Loss Gross Profit* 24 23 6.7% Incl. IFRS 16 as a % of sales 30.4% 31.1% SG&A* -16 -14 14.2% as a % of sales 19.7% 18.8% R&D* -6 -6 -1.7% Other operating -1 0 items* Adjusted EBITDA* 4
Slide 20: Digital Print & Chemicals: top line growth but inflationary pressure not fully offset
Digital Print & Chemicals: top line growth but inflationary pressure not fully offset Top line grew substantially versus Q1 2021. Price increases have Main drivers behind been implemented in almost all business areas. key figures Continued growth in digital print’s sign and display segment Spe
Slide 21: Offset Solutions
| \ ‘ \ Offset Solutions '
Slide 22: Offset Solutions
Offset Solutions Q1 ’22 Q1 ’21 ∆% Key figures in million Euro (excl.curr.) Sales 189 169 11.6% (7.6%) Profit & Loss Gross Profit* 44 37 16.6% Incl. IFRS 16 as a % of sales 23.1% 22.2% SG&A* -35 -33 5.5% as a % of sales 18.4% 19.5% R&D* -5 -5 -10.3% Other operating -1 -2 items* Adjusted EBITDA* 7.9 1
Slide 23: Offset Solutions: strong performance due to price and cost actions
Offset Solutions: strong performance due to price and cost actions Top line improved by 11.6% compared to Q1 2021, fueled by Main drivers behind successful price increases key figures Although affected by cost inflation, gross profit margin improved from 22.2% of revenue in Q1 2021 to 23.1% due
Slide 24: Full impact of cost inflation in Q2, better 2H 2022 expected
Full impact of cost inflation in Q2, better 2H 2022 expected Full impact of cost inflation expected in Q2 2022, which will Outlook also be affected by the uncertain geopolitical situation and the COVID-related lockdowns in China. Additional price actions are being taken to tackle cost inflation.
Slide 25: Sustainability @ Agfa
Sustainability @ Agfa
Slide 26: The road to 2030 & beyond: sustainable and profitable growth
The road to 2030 & beyond: sustainable and profitable growth For a safe work environment • Refresh of safety programs, thorough root causes analysis, … • Brain based safety program in maintenance (Mortsel) • Roll out 5S program in DPC - 56% accidents with minimum one day lost in Q1 2022 vs Q1 2021
Slide 27: Questions & Answers
Questions & Answers AGFA &