Agfa-gevaert Nv · EURONEXT:AGFB
Agfa-gevaert Nv — Q1 2019 Earnings Presentation
28 slides from Agfa-gevaert Nv's earnings presentation, May 14, 2019
Slide 1: Q1 2019 Results
Q1 2019 Results Agfa-Gevaert Group May 14, 2019
Slide 2: Transformation process
Transformation process Milestones Further steps in the stategic offset alliance with Lucky HuaGuang. The Board of Directors has decided to investigate the sale of a part of Agfa HealthCare. That part is expected to mainly comprise the Hospital IT and the Integrated Care business, as well as the
Slide 3: New divisional structure and IFRS 16
New divisional structure and IFRS 16 New divisional As from Q1 2019, the Group will report according to the new divisional structure. To allow comparison, the Q1 2018 structure profit and loss has been restated accordingly. The four business divisions are technology and solutions oriented. This
Slide 4: New divisional structure and IFRS 16
New divisional structure and IFRS 16 IFRS 16 IFRS 16 “Leases” was adopted per January 1, 2019, applying the modified retrospective method. As a result, right-of-use assets and lease liabilities have been recognized on the balance sheet. In the P&L, the operating lease expenses in EBIT have been re
Slide 5: Agfa-Gevaert Group Q1 2019 sales by division
Agfa-Gevaert Group Sales by division Q1 2019 = 538 million Euro 19% 37% Offset Solutions Radiology Solutions 23% HealthCare IT Digital Print and Chemicals 21% 5
Slide 6: Agfa-Gevaert Group key figures
Agfa-Gevaert Group Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Sales 538 549 -1.9% (-3.3%) Profit & Loss Gross Profit* 174 178 -2.0% as a % of sales 32.4% 32.4% SG&A* -122 -120 1.4% as a % of sales 22.7% 21.9% R&D* -37 -37 -1.8% Other operating
Slide 7: Agfa-Gevaert Group key figures
Agfa-Gevaert Group Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Adjusted EBIT* 19** 24 -19.7% Profit & Loss as a % of sales 3.6% 4.4% Restructuring/non -recurring -4 -4 Operating result 15 20 Non-operating -11 -10 result Profit before taxes 4 10
Slide 8: Agfa-Gevaert Group main drivers behind key figures
Agfa-Gevaert Group Main drivers behind The Agfa-Gevaert Group’s top line was stable versus the first quarter of 2018 excluding the impact of the discontinuation key figures of certain offset-related reseller activities in the United States. The inkjet product range performed well and the Radiology
Slide 9: Agfa-Gevaert Group net financial debt
Agfa-Gevaert Group Net financial debt 255* in million Euro 118 140 144 99 137 52 55 40 27 22 18 19 -18 -37 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 * IFRS 16 impact of 118 million Euro 9
Slide 10: Agfa-Gevaert Group working capital
Agfa-Gevaert Group Working capital in million Euro Q1 2018 Q4 2018 Q1 2019 in million Euro Inventories 505 498 539 DIOH (in days) 113 117 128 Trade Receivables, Contract Assets, 366 374 338 Contract liabilities DSO (in days) 59 56 57 Trade Payables (236) (219) (230) DPO (in days) 53 52 55 Trade Work
Slide 11: Corporate Services
Corporate Services Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Profit & Loss Adjusted EBITDA -4.8** -3.7 30.2% Adjusted EBIT* -4.9** -3.7 33.3% To allow a more accurate assessment of the business performances, costs of corporate functions at
Slide 12: Offset Solutions
| \ ‘ \ Offset Solutions '
Slide 13: Offset Solutions Q1 2019 sales by business segment
Offset Solutions Sales Q1 2019 = 199 million Euro by business segment 12% Digital computer-to-plate Analog computer-to-film 88% 13
Slide 14: Offset Solutions key figures
Offset Solutions Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Sales 199 215 -7.4% (-9.6%) Profit & Loss Gross Profit* 48 59 -18.4% as a % of sales 24.1% 27.4% SG&A* -43 -44 -2,4% as a % of sales 21.6% 20.5% R&D* -7 -8 -10.6% Other operating -2 -
Slide 15: Offset Solutions main drivers behind key figures
Offset Solutions Main drivers behind Excluding the effects of the decision to discontinue certain offset-related reseller activities in the United States, the key figures Offset Solutions division’s top line decreased by 2.6%. Given the important new steps taken in the first quarter, it is expec
Slide 16: Digital Print & Chemicals
Digital Print & Chemicals
Slide 17: Digital Print & Chemicals Q1 2019 sales by business segment
Digital Print & Chemicals Sales Q1 2019 = 101 million Euro by business segment 39% Inkjet 47% Electronic Print Films and Foils 14% 17
Slide 18: Digital Print & Chemicals key figures
Digital Print & Chemicals Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Sales 101 95 5.9% (3.2%) Profit & Loss Gross Profit* 28 26 10.4% as a % of sales 28.2% 27.0% SG&A* -20.1 -19.8 1.8% as a % of sales 20.0% 20.8% R&D* -5 -6 -23.1% Other operat
Slide 19: Digital Print & Chemicals main drivers behind key figures
Digital Print & Chemicals Main drivers behind The division’s inkjet business posted solid volume growth, with a good performance of the high-end Jeti wide format key figures printer range and continuous strong volume growth for the ink range. In the Industrial Films and Foils segment, the Synaps
Slide 20: Radiology Solutions
Radiology Solutions
Slide 21: Radiology Solutions Q1 2019 sales by business segment
Radiology Solutions Sales Q1 2019 = 117 million Euro by business segment 7% Hardcopy 35% CR/DR 58% Classic Radiology 21
Slide 22: Radiology Solutions key figures
Radiology Solutions Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Sales 117 116 0.1% (1.6%) Profit & Loss Gross Profit* 43 40 6.4% as a % of sales 36.5% 34.3% SG&A* -27 -25 7.1% as a % of sales 23.2% 21.7% R&D* -5 -5 9.5% Other operating 1 0 item
Slide 23: Radiology Solutions main drivers behind key figures
Radiology Solutions Main drivers behind The Radiology Solutions division’s revenue remained stable versus the first quarter of 2018. The hardcopy business key figures reported strong revenue growth, based on the positive effects of the reorganization of the distribution channels in China. Mainly
Slide 24: HealthCare IT
HealthCare IT
Slide 25: HealthCare IT Q1 2019 sales by business segment
HealthCare IT Sales by business Q1 2019 = 122 million Euro segment 40% HCIS Imaging IT Solutions 60% 25
Slide 26: HealthCare IT key figures
HealthCare IT Q1 ’18 Q1 ’19 (excl. IFRS 16, ∆% Key figures in million Euro (excl. IFRS 16) restated) (excl.curr.) Sales 122 123 -0.4% (-2.2%) Profit & Loss Gross Profit* 55 53 3.7% as a % of sales 45.4% 43.6% SG&A* -28 -28 -0.4% as a % of sales 23.0% 23.0% R&D* -19 -19 0.6% Other operating 0 1 items
Slide 27: HealthCare IT main drivers behind key figures
HealthCare IT Main drivers behind The division’s revenue remained stable compared to the first quarter of 2018. key figures The HealthCare Information Solutions business recorded revenue growth, confirming its leading position in the German speaking countries of Europe and France. The Imaging
Slide 28: Questions & Answers
Questions & Answers AGFA &