Q1 Results 2007 - Agfa-Gevaert · PDF file Analyst Presentation. 2 Specialty Products 8%...

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Transcript of Q1 Results 2007 - Agfa-Gevaert · PDF file Analyst Presentation. 2 Specialty Products 8%...

  • Q1 Results 2007

    3 May 2007 Analyst Presentation

  • 2

    Specialty Products 8%

    Graphics 50%

    HealthCare 42%

    Group Sales (in million Euro)

    810 786

    Q1 '06 Q1 '07

    -3.0% (+0.4%)*

    Total Sales

    * Excluding currency impact

    Split per Business Group

    Significant currency impact on sales of all business groups

  • 3

    Raw Materials Silver (USD/troyounce) Aluminium (USD/ton)

    Q1 ‘06 Q1 ‘07 Q1 ‘06 Q1 ‘07

    41 million Euro higher costs compared to Q1 2006 (20 million Euro aluminium, 21 million Euro silver)

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    1,300

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  • 4

    Q1 '06 Q1 '07 % change Comments

    Sales 810 786 -3.0% +0.4% excl. currency

    Gross profit 316 302 -4.4% as a % of sales 39.0% 38.4%

    R&D -47 -47 0.0%

    SG&A* -207 -192 -7.3% as a % of sales 25.6% 24.4%

    Other operating items* -8 -6 -25.0%

    Recurring EBITDA* 93 94 1.1% as a % of sales 11.5% 12.0%

    Recurring EBIT* 54 58 7.4% as a % of sales 6.7% 7.4%

    Profit & Loss: Key Figures (in million Euro)

    * Before restructuring and non-recurring items

    Positive impact from product mix, pricing, production efficiencies and lower SG&A costs Significant EBIT increase despite significantly higher raw material costs

  • 5

    Profit & Loss: Key Figures (in million Euro) Q1 '06 Q1 '07 % change

    Recurring EBIT* 54 58 7.4%

    Restructuring and non-recurring -11 -8

    Operating result 43 50 16.3%

    Non-operating result -16 0

    Profit before taxes 27 50 85.2%

    Taxes and minority interest -7 -8

    Net result 20 41 105.0%

    Net result more than doubled Earnings per share increased to 33 Eurocents compared to 16 Eurocents last year

    * Before restructuring and non-recurring items

  • Agfa Graphics

  • 7

    Analog Prepress 23%

    Digital Prepress 63%

    Inkjet, Software, Service

    14%

    424 390

    Q1 '06 Q1 '07

    -8.0% (-4.6%)*

    Total Sales

    * Excluding currency effect

    Graphics: Sales (in million Euro)

    Strong growth of digital solutions Decrease of analog due to discontinuation of unprofitable business and market decline

    Split per Business Segment

  • 8

    Q1 '06 Q1 '07 % change Comments

    Sales 424 390 -8.0% -4.6% excl. currency

    Recurring EBITDA* 38.1 35.0 -8.1% % of sales 9.0% 9.0%

    Recurring EBIT* 20.1 18.0 -10.5% % of sales 4.7% 4.6% Prepress >7%

    Graphics: Key Figures (in million Euro)

    Reduction of SG&A costs and improvement of production and service efficiencies

    Negative impact of raw materials 30 million Euro (silver 10 million Euro, aluminium 20 million Euro) and inkjet start-up losses

    * Before restructuring charges and non-recurring items

  • 9

    Graphics: Q1 Highlights • Commercial successes

    • Belgium: recently merged printing group Albe-De Coker installs 2 :Avalon LF units with :ApogeeX & :Delano project management software

    • CFI: one of the largest European book printer signs 3-year consumables contract for its sites in France, UK, Germany, the Netherlands and the Czech Republic

    • :M-Press • 2nd unit installed at Sericum (Spain)

    • Sale of Xitron (raster imaging processors and software) to Vanguard

  • Agfa HealthCare

  • 11

    Classic Radiology

    19%

    Cardiology IT 2%

    HIS/CIS 9%

    Radiology IT 21%

    CR/Modalities 18%

    Hardcopy 31%

    324 334

    Q1 '06 Q1 '07

    +3.1% (+6.4%)*

    Total Sales

    HealthCare: Sales (in million Euro)

    Strong increase of sales in CR/Modalities and Radiology IT HealthCare IT increased from 28% in Q1 2006 to 32% in Q1 2007

    * Excluding currency effect

    Split per Business Segment

    HealthCare IT = 32%

  • 12

    Q1 '06 Q1 '07 % change Comments

    Sales 324 334 3.1% 6.4% excl. currency

    Recurring EBITDA* 45.0 45.0 0.0% % of sales 13.9% 13.5%

    Recurring EBIT* 25.0 27.0 8.0% % of sales 7.7% 8.1%

    HealthCare: Key Figures (in million Euro)

    Cost reduction and growing share of services lead to increase in EBIT Impact of higher silver costs was 6 million Euro

    * Before restructuring and non-recurring items

  • 13

    HealthCare: Q1 Highlights • Commercial successes

    • Strong order intake for Computed Radiography • PACS/RIS (radiology IT): several contracts in Latin

    America, Germany, USA, Canada, UK and Spain • Novation: 3-year contract for radiology (PACS and RIS)

    and cardiology IT • ORBIS roll-out started in The Netherlands, UK and US

    • Acquisition of HYDMedia (hospital document management system)

  • Agfa Specialty Products

  • 15

    Specialty Products: Key Figures (in million Euro) Q1 '06 Q1 '07 % change Comments

    Sales 62 62 0.0% 3.1% excl. currency Recurring EBITDA* 13.4 12.4 -7.5% % of sales 21.6% 20.0%

    Recurring EBIT* 12.4 11.4 -8.7% % of sales 20.0% 18.4%

    Strong EBIT margin of 18.4% Impact of higher silver costs was 5 million Euro

    * Before restructuring charges and non-recurring items

  • 16

    Balance Sheet: Key Figures (in million Euro)

    353 342

    2,071 2,128

    1,407 1,370

    933 971

    2,899 2,869

    Non-current assets

    Current assets

    Other assets

    Liabilities

    Equity

    Dec. 2006

    3,832

    Q1 2007 Q1 2007

    LiabilitiesAssets

    Dec. 2006

    3,8323,840 3,840

  • 17

    331 328

    0

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    Mar'06 Mar'07

    56 56

    834 869

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    Mar'06 Mar'07

    93 100

    641 705

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    Mar'06 Mar'07

    109 121

    Inventories Trade Receivables Trade Payables

    Working Capital: Key Figures (in million Euro/days)

  • 18

    66.5%

    41.4%

    17.0% 17.8%

    75.9% 73.8% 75.5% 73.6%

    65.1 %

    65.8%

    Dec. '01

    Dec. '02

    Dec. '03

    Dec. '04

    Dec. '05

    Mar '06

    June '06

    Sep. '06

    Dec. '06

    Mar '07

    Balance Sheet: Key Figures

    Gearing Ratio (%)

    704 715

    Dec. '06 Q1 '07

    Net Financial Debt (in million Euro)

  • 19

    67

    23

    Cash Flow: Key Figures (in million Euro)

    Net operating cash flow

    Q1 2006 Q1 2007

  • Update on Demerger

  • 21

    Demerger Agfa-Gevaert

    • Demerger process on track

    • Next steps: • Split of legal entities and systems • Prepare prospectus • Approval prospectus by CBFA • Exceptional General Meeting • Three quotations on Euronext Brussels before end 2007

    .

  • Questions & Answers