Q2 and First Half 2013 Results 28 August 2013 Profit & Loss: Key - - PowerPoint PPT Presentation

Q2 and First Half 2013 Results

28 August 2013

2

Q2'12 Q2'13

Δ %

(excl. X-rate)

H1'12 H1'13

Δ %

(excl. X-rate)

Sales 779 732

• 6.0% (-4.6%)

1,513 1,437

• 5.0% (-3.9%)

Gross Profit* 226 211

• 6.6%

434 414

• 4.6%

as a % of sales 29.0% 28.8% 28.7% 28.8%

SG&A*

• 147
• 137
• 6.8%
• 291
• 277
• 4.8%

SG&A as % of sales 18.9% 18.7% 19.2% 19.3%

R&D*

• 42
• 36
• 14.3%
• 86
• 75
• 12.8%

Other operating items*

• 5
• 2
• 4
• 6

Recurring EBITDA* 53 56 5.7% 96 97 1.0%

as a % of sales 6.8% 7.7% 6.3% 6.8%

Recurring EBIT* 32 36 12.5% 53 57 7.5%

as a % of sales 4.1% 4.9% 3.5% 4.0%

Profit & Loss: Key Figures (in million Euro)

* Before restructuring charges and non-recurring items

3

Net Financial Debt (in million Euro)

661 569 500 445 434 391 398 161 189 313 339 267 291 306 295 291 337 299

Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q210 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

4

212 191 206 211 235 252 246 293 269 260 275 287 293 253 278 267 259 187

100 200 300 400 500 600 700 800

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 38 34 36 40 41 45 48 45 52 46 44 45 47 48 41 45 44 43 577 532 469 473 471 482 467 438 496 476 527 487 482 452 498 484 452 521

100 200 300 400 500 600 700 800

Q 1 ' 9 Q 2 ' 9 Q 3 ' 9 Q 4 ' 9 Q 1 ' 1 Q 2 ' 1 Q 3 ' 1 Q 4 ' 1 Q 1 ' 1 1 Q 2 ' 1 1 Q 3 ' 1 1 Q 4 ' 1 1 Q 1 ' 1 2 Q 2 ' 1 2 Q 3 ' 1 2 Q 4 ' 1 2 Q 1 ' 1 3 Q 2 ' 1 3 64 58 52 54 59 60 59 60 56 53 55 62 53 55 62 56 58 591 514 483 539 585 627 583 688 717 719 639 688 711 691 635 686 648 543

100 200 300 400 500 600 700 800

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13

105 97 93 105 113 119 108 123 123 121 106 113 116 112 103 112 108 99

Inventories Trade Receivables* Trade Payables

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

* Trade receivables minus deferred revenue and advanced payments from customers

5

Main Group Drivers behind Key Figures

Q2 2013

• Group revenue impacted by the weak economic conditions and the decline of

the classic film businesses

• Agfa HealthCare’s digital radiography business performed strongly
• Gross profit margin stable, while product portfolio rationalization contributed to

the decrease of R&D costs

• Recurring EBIT at 36 million Euro
• Net debt at 299 million Euro, helped by the efforts to reduce working capital

6

Profit & Loss: Key Figures (in million Euro)

Restructuring and non-recurring

• 11

31

• 21

22 Operating result 21 67 32 79 Non-operating result

• 20
• 21
• 44
• 37

Profit before taxes 1 46

• 12

42 Taxes 1

• 23
• 6
• 31

Net result 2 23

• 18

11

• f which attr to owners of the company

21

• 21

8

• f which attr to non controlling interests

2 2 3 3

* Before restructuring charges and non-recurring items ** As restated as for the implementation of IAS19R

Graphics

8

Q2'12 Q2'13

Δ %

(excl. curr.)

H1'12 H1'13

Δ %

(excl. curr. )

Sales 418 380

• 9.1% (-7.8%)

814 751

• 7.7% (-6.8%)

Gross Profit* 108 97

• 10.2%

208 190

• 8.7%

as a % of sales 25.8% 25.5% 25.6% 25.3%

SG&A*

• 82
• 73
• 11.0%
• 161
• 148
• 8.1%

as % of sales 19.6% 19.2% 19.8% 19.7%

R&D*

• 13
• 10
• 23.1%
• 27
• 21
• 22.2%

Other operating items*

• 1
• 4

Recurring EBITDA* 21.9 21.9 0.0% 39.3 35.5

• 9.7%

as a % of sales 5.2% 5.8% 4.8% 4.7%

Recurring EBIT* 12.7 12.7 0.0% 20.1 17.1

• 14.9%

as a % of sales 3.0% 3.3% 2.5% 2.3%

Graphics: Key Figures (in million Euro)

* Before restructuring charges and non-recurring items

9

Graphics: Main Drivers behind Key Figures

Q2 2013

• Agfa Graphics’ revenue was impacted by the though economic conditions and

the adverse currency effects

• Volumes in digital prepress were stable, whereas the analog prepress business

declined strongly

• The industrial inkjet segment’s revenue was influenced by measures to

rationalize the product portfolio and by the weak investment climate

• The gross profit margin was impacted by mix effects and competitive pressure,

which offset the operational improvements

• Recurring EBIT at 12.7 million Euro
• Business highlights
• German Court of Appeal decision in favor of Agfa Graphics in patent law suit

against Xingraphics

• New industrial inkjet product launches: Asanti workflow solution, Anapurna M3200

RTR, Jeti Titan X, Ardeco printer for soft signage applications

10

Inkjet, Software, Service 17% Analog Prepress 17% Digital Prepress 66%

Graphics: YTD Sales per Business Segment

1H 2013 100% = 751 million Euro

HealthCare

12

Q2'12 Q2'13

Δ %

(excl. curr.)

H1'12 H1'13

Δ %

(excl. curr. )

Sales 300 294

• 2.0% (-0.6%)

578 570

• 1.4% (+0.0%)

Gross Profit* 109 102

• 6.4%

209 199

• 4.8%

as a % of sales 36.3% 34.7% 36.0% 34.9%

SG&A*

• 59
• 58
• 1.7%
• 117
• 117

0.0%

as % of sales 19.7% 19.7% 20.2% 20.5%

R&D*

• 26
• 24
• 7.7%
• 53
• 49
• 7.5%

Other operating items*

• 4
• 1
• 4
• 2

Recurring EBITDA* 30.8 28.7

• 6.8%

56.1 50.1

• 10.7%

as a % of sales 10.3% 9.8% 9.7% 8.8%

Recurring EBIT* 20.1 18.9

• 6.0%

34.8 30.5

• 12.4%

as a % of sales 6.7% 6.4% 6.0% 5.4%

HealthCare: Key Figures (in million Euro)

* Before restructuring charges and non-recurring items

13

HealthCare: Main Drivers behind Key Figures

Q2 2013

• Excluding currency effects, Agfa HealthCare’s revenue remained almost

stable

• In the Imaging segment, the digital radiography business performed strongly.

The traditional X-ray segment’s revenue decreased considerably.

• The IT segment’s revenue remained stable: the Enterprise IT business

continued its upward trend, whereas Imaging IT was soft versus a very strong Q2 2012

• Gross profit margin was influenced by mix effects and by investments to

further improve efficiency and to prepare the introduction of new solutions

• Recurring EBIT at 18.9 million Euro
• Business highlights
• New subsidiary in Kingdom of Saudi Arabia
• Installed base of DR systems continued to grow – e.g. installation of 6 DX-D 100

systems at the US DoD’s Medical Education & Training Campus

14

HealthCare: YTD Sales per Business Segment

Classic Radiology 11% Imaging IT* 28% HIS/CIS 13% CR/Modalities 19% Hardcopy 29% HealthCare IT = 41%

* Includes Radiology and Cardiology IT

1H 2013 100% = 570 million Euro

Specialty Products

16

Q2 '12 Q2 '13

Δ %

(excl. curr.)

H1'12 H1'13

Δ %

(excl. curr.)

Sales 61 58

• 4.9% (-4.3%)

121 116

• 4.1% (-3.7%)

Gross profit* 9 12 33.3% 17 25 47.1%

as a % of sales 14.8% 20.7% 14.2% 21.6%

SG&A*

• 7
• 6
• 14.3%
• 13
• 12
• 7.7%

as a % of sales 11.5% 10.3% 10.8% 10.3%

R&D*

• 3
• 2
• 33.3%
• 6
• 5
• 16.7%

Other operating items* 1 1 2 2 Recurring EBITDA* 2.3 6.5 182.6% 3.2 13.0 306.3%

as a % of sales 3.8% 11.2% 2.6% 11.2%

Recurring EBIT* 1.0 5.4 440.0% 0.6 10.9 1716.7%

as a % of sales 1.6% 9.3% 0.5% 9.4%

Specialty Products: Key Figures (in million Euro)

* Before restructuring charges and non-recurring items

17

Specialty Products: Main Drivers behind Key Figures

Q2 2013

• The Synaps Synthetic Paper business, the Orgacon Electronic Materials

business, the Security business and the PCB business performed well

• Revenue was also influenced by the first effects of the supply agreement for

microfilm signed with Eastman Park Micrographics

• Gross margin increased because of operational efficiency

Q&A