First Quarter 2011 Results 11 May 2011 Profit & Loss: Key - - PowerPoint PPT Presentation

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First Quarter 2011 Results 11 May 2011 Profit & Loss: Key - - PowerPoint PPT Presentation

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First Quarter 2011 Results 11 May 2011 Profit & Loss: Key Figures (in million Euro) Q1 '10 Q1 '11 % change (excl. curr.) +10.8% (+8.8%) Sales 664 736 Gross profit 229 231 +0.9% 31.4% as a % of sales 34.5% SG&A -136 -146

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SLIDE 1

First Quarter 2011 Results

11 May 2011

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SLIDE 2

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Q1 '10 Q1 '11

% change (excl. curr.)

Sales 664 736

+10.8% (+8.8%)

Gross profit 229 231 +0.9%

as a % of sales 34.5% 31.4%

SG&A

  • 136
  • 146

+7.4%

as a % of sales 20.5% 19.8%

R&D

  • 37
  • 43

+16.2% Other operating items

  • 1
  • 2

Recurring EBITDA 77 63

  • 18.2%

as a % of sales 11.6% 8.6%

Recurring EBIT 53 40

  • 24.5%

as a % of sales 8.0% 5.4%

Profit & Loss: Key Figures (in million Euro)

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SLIDE 3

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Net Financial Debt (in million Euro)

703 737 723 673 661 569 500 445 434 391 398 161 189

Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11

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SLIDE 4

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274 253 226212187191206211235252246 293 257 100 200 300 400 500 600 700 800

Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 46 43 43 39 38 34 36 40 41 45 48 45 52

720 681 639 577 521532 469473471482467 438 726 100 200 300 400 500 600 700 800

Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 80 84 75 78 69 70 58 64 58 58 52 54 86

605 633 575591 543 514 483 539 585 627 583 688 607 100 200 300 400 500 600 700 800

Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11

101 108 100 105 99 97 93 105 113 119 108 123 103

Inventories Trade Receivables* Trade Payables

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

* Trade receivables minus deferred revenue and advanced payments from customers

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SLIDE 5

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Main Group Drivers behind Key Figures

Q1 2011

  • Partly driven by the recent strategic steps, revenue increased by 10.8%
  • All business groups contributed to the growth
  • Effects of price increases expected to become more visible in the second half
  • f the year
  • Agfa Graphics compensated about half of the raw material impact through

margin measures

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SLIDE 6

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Profit & Loss: Key Figures (in million Euro)

Q1 '10 Q1 '11

% change

Recurring EBIT 53 40

  • 24.5%

Restructuring and non-recurring

  • 2
  • 8

Operating result 51 32

  • 37.3%

Non-operating result

  • 23
  • 23

Profit before taxes 28 9

  • 67.9%

Taxes and minority interest

  • 10
  • 4

Net result 18 5

  • 72.2%
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SLIDE 7

Graphics

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SLIDE 8

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Q1 '10 Q1 '11

% change (excl. curr.)

Sales 345 386 +11.9% (+10.1%) Gross Profit 105 111 +5.7%

as a % of sales 30.4% 28.8%

SG&A

  • 70
  • 80

+14.3%

as a % of sales 20.3% 20.7%

R&D

  • 10
  • 13

+30.0% Other operating items

  • 1

Recurring EBITDA 35.1 27.3

  • 22.2%

as a % of sales 10.2% 7.1%

Recurring EBIT 24.6 17.0

  • 30.9%

as a % of sales 7.1% 4.4%

Graphics: Key Figures (in million Euro)

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Graphics: Main Drivers behind Key Figures

Q1 2011

  • Computer-to-film volumes impacted by film price increases – the effects of the

film price increases expected to become more visible in the next quarters

  • Computer-to-plate business revenue increased due to the recent strategic

moves

  • Inkjet revenue increase attributable to both internal and external growth driven

by equipment and ink volumes

  • Profitability impacted by unfavorable raw material situation – about half of the

raw material impact was compensated by various gross margin measures

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SLIDE 10

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Inkjet, Software, Service 17% Analog Prepress 19% Digital Prepress 64%

Graphics: YTD Sales per Business Segment

1Q 2011 100% = 386 million Euro

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SLIDE 11

HealthCare

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Q1 '10 Q1 '11

% change (excl. curr.)

Sales 276 287 +4.0% (+1.6%) Gross Profit 112 107

  • 4.5%

as a % of sales 40.6% 37.3%

SG&A

  • 60
  • 59
  • 1.7%

as a % of sales 21.7% 20.6%

R&D

  • 24
  • 27

+12.5% Other operating items Recurring EBITDA 39.8 31.8

  • 20.1%

as a % of sales 14.4% 11.1%

Recurring EBIT 27.6 20.1

  • 27.2%

as a % of sales 10.0% 7.0%

HealthCare: Key Figures (in million Euro)

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HealthCare: Main Drivers behind Key Figures

Q1 2011

  • Sales of traditional X-ray film products continued to decline
  • Price increases in X-ray film incite hospitals to accelerate investments in

digital technology - increased volumes in hardcopy film and printers, as well as in CR/DR

  • Imaging IT : strong order book but trend towards Data Center solutions with

longer revenue recognition process – second half of the year is expected to benefit from strong order book

  • Enterprise IT business’ revenue remained stable
  • Profitability impacted by the silver price
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HealthCare: YTD Sales per Business Segment

Classic Radiology 13% Imaging IT* 26% HIS/CIS 11% CR/Modalities 20% Hardcopy 30% HealthCare IT = 37%

* Includes Radiology and Cardiology IT

1Q 2011 100% = 287 million Euro

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SLIDE 15

Specialty Products

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Q1 '10 Q1 '11

% change (excl. curr.)

Sales 43 63 +46.5% (+45.1%) Gross profit 12 13 +8.3%

as a % of sales 27.9% 20.6%

SG&A

  • 7
  • 6
  • 14.3%

as a % of sales 16.3% 9.5%

R&D

  • 3
  • 3

+0.0% Other operating items Recurring EBITDA 3.3 4.6 +39.4%

as a % of sales 7.7% 7.3%

Recurring EBIT 2.3 3.5 +52.2%

as a % of sales 5.3% 5.6%

Specialty Products: Key Figures (in million Euro)

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Specialty Products: Main Drivers behind Key Figures

Q1 2011

  • Revenue increased significantly due to strong performance of PCB film,

SynapsTM and OrgaconTM as well as due to increased deliveries for NDT

  • Despite higher raw material prices, EBIT increased due to higher sales volumes

and mix effects

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SLIDE 18

Questions & Answers