Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — FY2009 Earnings Presentation
26 slides from Agfa-gevaert Nv's earnings presentation, Mar 31, 2010
Slide 1: Agfa-Gevaert Group Results FY2009
Agfa-Gevaert Group Results FY2009 31 March 2010
Slide 2: Agfa Group: Key Figures
Agfa Group: Key Figures (vs. last year – in million Euro) Q4 '08 Q4 '09 ∆ (excl. curr.) FY '08 FY '09 ∆ (excl. curr.) Sales 761 735 -3.4% (-1.0%) 3,032 2,755 -9.1% (-10.2%) Gross profit 229 244 +6.6% 961 886 -7.8% as a % of sales 30.1% 33.2% 31.7% 32.2% R&D -39 -35 -10.3% -174 -149 -14.4% SG&A -156
Slide 3: Main Group Drivers behind Key Figures
Main Group Drivers behind Key Figures Q4 2009 • Agfa’s markets are slowly starting to recover from the effects of the economic crisis • EBIT improved significantly due to continued cost reductions and improved operational efficiency • The average monthly SG&A expense was brought down from 52 million
Slide 4: Profit & Loss: Key Figures
Profit & Loss: Key Figures (in million Euro) Q4 '08 Q4 '09 % change FY '08 FY '09 % change Recurring EBIT 31 73 +135.5% 135 182 +34.8% Restructuring and non-recurring -134 -2 +98.5% -158 -12 +92.4% Operating result -103 71 +168.9% -23 170 +839.1% Non-operating result -19 -34 +78.9% -83 -114 +37.3% P
Slide 5: Net Financial Debt
Net Financial Debt (in million Euro) 715 809 852 721 703 737 723 673 661 549 500 445 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Net financial debt at lowest level Normal seasonal net debt pattern is expected in 2010 5
Slide 6: Working Capital: Key Figures
Working Capital: Key Figures (in million Euro/days) Inventories Trade Receivables* Trade Payables 800 800 800 763 765 700 700 740747 700 705717 692 720726 681 600 633 600 639 600 605607 578 575591 577 500 543 500 500 514 521532 483 469 400 400 400 300 121122 300 300 328 117 321 108 97 101103 100105
Slide 7: Agfa Graphics
Agfa Graphics AGFA &
Slide 8: Graphics: Key Figures
Graphics: Key Figures (vs. last year - in mio Euro) Q4'08 Q4'09 ∆% FY'08 FY'09 ∆% (excl. curr.) (excl. curr. ) Sales 382 356 -6.8% (-4.9%) 1,522 1,341 -11.9% (-12.8%) Gross Profit 108 101 -6.5% 456 376 -17.5% as a % of sales 28.3% 28.4% 30.0% 28.0% R&D -11 -7 -36.4% -59 -38 -35.6% SG&A -77 -68 -11.7
Slide 9: Graphics: YTD Sales per Business Segment
Graphics: YTD Sales per Business Segment YTD 2009 100% = 1,341 million Euro Inkjet, Software, Service 11% Analog Prepress 21% Digital Prepress 68% 9
Slide 10: Graphics: Main Drivers behind Key Figures
Graphics: Main Drivers behind Key Figures Q4 2009 • Traditionally Q4 is a strong quarter • Starting recovery of the graphic markets, both inkjet and prepress • Film sales increased significantly due to strong performance in BRIC countries, changes in competitive landscape and shift of part of the fi
Slide 11: Agfa HealthCare
Agfa HealthCare AGFA &
Slide 12: HealthCare: Key Figures
HealthCare: Key Figures (vs. last year - in mio Euro) Q4'08 Q4'09 ∆% FY'08 FY'09 ∆% (excl. curr.) (excl. curr. ) Sales 325 316 -2.8% (+0.3%) 1,223 1,178 -3.7% (-5.0%) Gross Profit 115 132 +14.8% 457 467 +2.2% as a % of sales 35.4% 41.8% 37.4% 39.6% R&D -27 -25 -7.4% -107 -103 -3.7% SG&A -72 -65 -9.7
Slide 13: HealthCare: YTD Sales per Business Segment
HealthCare: YTD Sales per Business Segment YTD 2009 100% = 1,178 million Euro Hardcopy 30% Classic Radiology 15% CR/Modalities 18% HIS/CIS Imaging IT* 11% 26% HealthCare IT = 37% * Includes Radiology and Cardiology IT 13
Slide 14: HealthCare: Main Drivers behind Key Figures
HealthCare: Main Drivers behind Key Figures Q4 2009 • Traditionally Q4 is the strongest quarter • Starting recovery of the market • HE IT reported strong sales numbers and CR performed better than expected • Ebit improved significantly due to increased service efficiencies, further SG&A cost reducti
Slide 15: Agfa Materials
Agfa Materials AGFA &
Slide 16: Specialty Products: Key Figures
Specialty Products: Key Figures (vs. last year - in mio Euro) ∆% ∆% Q4 '08 Q4 '09 (excl. curr.) FY'08 FY'09 (excl. curr.) Sales 55 62 +12.7% (+14.2%) 288 236 -18.1% (-18.8%) Gross profit 6 11 +83.3% 48 43 -10.4% as a % of sales 10.9% 17.7% 16.7% 18.2% R&D -2 -3 +50.0% -8 -8 0.0% SG&A -8 -7 -12.5% -2
Slide 17: Specialty Products: Main Drivers behind Key Figures
Specialty Products: Main Drivers behind Key Figures Q4 2009 • Some recovery in the traditional film markets • Sales of new business products increased • Ebit improved significantly due to lower raw material prices and more efficient use of the manufacturing facilities 17
Slide 18: Outlook
Outlook • Graphic markets expected to continue to recover in 2010: • At present stronger recovery in US and ROW versus hesitant recovery in Europe • Stronger Q1 performance expected in 2010 • HealthCare: following very strong end of 2009, weaker Q1 top line expected though full year 2010 results exp
Slide 19: Additional slides Analyst Presentation 31/03/10
Additional slides Analyst Presentation 31/03/10 Forward-looking statements are management’s current assumptions and beliefs based on currently available information. Such forward-looking statements are subject to a number of risks, uncertainties and other factors. Accordingly, actual results may dif
Slide 20: Comments “below Ebit”
Comments “below Ebit” • Restructuring and non-recurring: • Actuals FY09: -12 mio Euro • Restructuring expenses: ≈ - 30 mio Euro • AgfaPhoto legal expenses: ≈ - 10 mio Euro • Exceptional movement in pension provisions (dd Q109): < + 25 mio Euro • Forward-looking: total restructuring + non-recurring e
Slide 21: Comments “below Ebit”
Comments “below Ebit” • Income tax expense: • Actuals FY09: -49 mio Euro • Current taxes: -14 mio Euro • Deferred taxes: -35 mio Euro • Forward-looking: • Current taxes: difficult to forecast but no major variations expected from current level • Deferred taxes: continuation of prudent approach but e
Slide 22: Graphics: Strategy and Objectives
Graphics: Strategy and Objectives • Prepress: • Become the most efficient provider of prepress printing plates and systems • Build on technology edge in high-quality innovative plates and systems • Reinforce presence in emerging markets - JV with Shenzhen Brothers was signed in January 2010 • Inkjet
Slide 23: Graphics: Long Term Market Trends
Graphics: Long Term Market Trends • Commercial Info Print: • Applications: books, magazines, newspapers, brochures, … • Technology: offset is dominant • Printed medium: mainly paper • LT trend: • Europe and US: offset will decrease due to shift to electronic media and to inkjet printing • ROW: still
Slide 24: HealthCare: Strategy and Objectives
HealthCare: Strategy and Objectives • Imaging: • Focus on emerging markets for existing product range • Introduction of new consumables, mainly for the radiology market (e.g. contrast media), leveraging distribution network capabilities • IT: • Imaging IT: grow through migration of installed base to
Slide 25: Materials: Strategy and Objectives
Materials: Strategy and Objectives • Reinforce worldwide leadership position in PCB film for the electronics industry by providing new technologies • Cost leadership and operational excellence regarding film manufacturing in declining film markets • Focus on new initiatives • Based on Agfa’s key com
Slide 26: Questions & Answers
Questions & Answers AGFA &