Q3 2017 Results 8 November 2017
Profit & Loss: Key Figures (in million Euro) ∆ % ∆ % Q3'16 Q3'17 9M'16 9M'17 (excl. X-rate) (excl. X-rate) Sales 625 593 -5.1%(-2.9%) 1,873 1,803 -3.7%(-3.9%) Gross Profit* 209 195 -6.7% 634 600 -5.4% as a % of sales 33.4% 32.9% 33.8% 33.3% SG&A* -124 -117 -5.6% -380 -375 -1.3% SG&A as % of sales 19.8% 19.7% 20.3% 20.8% R&D* -35 -35 0.0% -105 -109 3.8% Other operating items* -1 -2 -1 -3 Recurring EBITDA* 63 53 -15.9% 189 152 -19.6% as a % of sales 10.1% 8.9% 10.1% 8.4% Recurring EBIT* 49 40 -18.4% 147 113 -23.1% as a % of sales 7.8% 6.7% 7.8% 6.3% * Before restructuring charges and non-recurring items 2
Profit & Loss: Key Figures (in million Euro) ∆ % ∆ % Q3'16 Q3'17 9M '16 9M '17 Recurring EBIT* 49 40 -18.4% 147 113 -23.1% Restructuring and non-recurring -6 -9 0 -14 Operating result 43 31 -27.9% 147 99 -32.7% Non-operating result -11 -8 -40 -28 Profit before taxes 32 23 107 71 Taxes -7 -9 -32 -22 Net result 25 14 75 49 22 12 68 44 of which attr to equity holders of the company 3 2 7 5 of which attr to non controlling interests * Before restructuring charges and non-recurring items 3 3
Net Financial Debt (in million Euro) 191 176 175 126 102 94 83 58 52 40 31 Q1’17 27 22 -18 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 -37 4
Working Capital: Key Figures (in million Euro/days) Inventories Trade Receivables* Trade Payables 800 800 800 700 700 700 600 600 600 580 577575 563 561 544 512 528542 537 531534 526 500 500 500 512 483 400 400 400 421 413 399 388 384371363374 364 349351337 324330346 300 300 300 115 115 116 115 114 114 114 112 111 112 107 106 260 104 225 239257239238 103 10296100 102 102 242253 241 235227 200 200 225 219 225 200 206 56 51 50 100 100 100 49 52 44 43 39 42 41 46 44 46 51 47 47 62 57 56 61 46 48 56 55 55 52 55 41 4850 50 52 49 49 50 50 48 53 0 0 0 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q * Trade receivables minus deferred revenue and advanced payments from customers 5
Main Group Drivers behind Key Figures Q3 2017 • Most of the Agfa-Gevaert Group’s growth engines performed well in the third quarter of 2017. The Group’s top line decrease was mainly due to the strength of the Euro versus other currencies and the decline in the traditional businesses. Excluding currency effects, the decrease would be limited to 2.9%, which shows a clear improvement compared to the first half of the year. • Net profit of 14 million Euro • Net debt at 22 million Euro 6
Graphics
Graphics: YTD Sales per Business Segment 9M 2017 100% = 893 million Euro Inkjet, Software, Service 24% Analog Prepress 10% Digital Prepress 66% 8
Graphics: Key Figures (in million Euro) ∆ % ∆ % Q3'16 Q3'17 9M'16 9M'17 (excl. curr.) (excl. curr. ) Sales 308 284 -7.8%(-4.7%) 936 893 -4.6%(-4.4%) Gross Profit* 91 79 -13.2% 280 262 -6.4% as a % of sales 29.5% 27.8% 29.9% 29.3% SG&A* -64 -59 -7.8% -196 -190 -4.1% as % of sales 20.8% 20.8% 20.9% 21.3% R&D* -9 -11 22.2% -31 -33 6.5% Other operating items* 0 -1 5 -1 Recurring EBITDA* 23.9 14.2 -40.6% 77.5 57.0 -26.5% as a % of sales 7.8% 5.0% 8.3% 6.4% Recurring EBIT* 17.2 8.2 -52.3% 57.5 38.7 -32.7% as a % of sales 5.6% 2.9% 6.1% 4.3% * Before restructuring charges and non-recurring items 9
Graphics: Main Drivers behind Key Figures Q3 2017 • Continuing the good performance of the previous quarters, the business group’s inkjet segment posted double-digit growth. • Competitive pressure in the offset markets continued to weigh on prepress volumes and printing plate prices, although the price pressure started to ease somewhat due to increasing aluminum prices. • Mainly due to adverse raw material effects and competitive pressure effects, Agfa Graphics’ gross profit margin decreased to 27.8%. • Recurring EBIT at 8.2 million Euro • Business highlights: • IPW recognized Agfa Graphics with the Vendor of the Year award • Agfa Graphics teamed up with Monotech Systems (India) • Agfa Graphics acquired the software developer and reseller Bodoni Systems 10
HealthCare
HealthCare: YTD Sales per Business Segment 9M 2017 100% = 761 million Euro Hardcopy 27% Classic Radiology 6% CR/Modalities 20% Imaging IT Solutions* 30% HCIS 17% HealthCare IT = 47% * Includes Radiology and Cardiology IT 12
HealthCare: Key Figures (in million Euro) ∆ % ∆ % Q3'16 Q3'17 9M'16 9M'17 (excl. curr.) (excl. curr. ) Sales 271 258 -4.8%(-3.6%) 802 761 -5.1%(-5.7%) Gross Profit* 108 105 -2.8% 321 301 -6.2% as a % of sales 39.9% 40.7% 40.0% 39.6% SG&A* -55 -52 -5.5% -166 -167 0.6% as % of sales 20.3% 20.2% 20.7% 21.9% R&D* -25 -23 -8.0% -70 -70 0.0% Other operating items* 0 -1 -2 1 Recurring EBITDA* 36.5 35.7 -2.2% 102.9 84.1 -18.3% as a % of sales 13.5% 13.8% 12.8% 11.1% Recurring EBIT* 29.8 29.5 -1.0% 83.2 65.3 -21.5% as a % of sales 11.0% 11.4% 10.4% 8.6% * Before restructuring charges and non-recurring items 13
HealthCare: Main Drivers behind Key Figures Q3 2017 • Most of the business group’s growth engines performed well in the third quarter. • The topline decline was largely attributable to the hardcopy and classic X- ray product ranges. However, the top line impact of the reorganization of the hardcopy distribution channels in China started to abate in the third quarter. The situation should further normalize in the next quarters. • Agfa HealthCare improved its gross profit margin to 40.7%. • Recurring EBIT at 29.5 million Euro • Business highlights: • Contract with Hôpitaux Luxembourgeois for a national-level Enterprise Imaging platform • Long-term collaboration with STC Solutions (Saudi Arabia) for cloud based Enterprise Imaging solutions 14
Specialty Products
Specialty Products: Key Figures (in million Euro) ∆ % ∆ % Q3'16 Q3'17 9M'16 9M'17 (excl. curr.) (excl. curr. ) Sales 46 50 8.7%(10.8%) 135 148 9.6%(10.0%) Gross Profit* 10 11 10.0% 33 37 12.1% as a % of sales 21.7% 22.0% 24.4% 25.0% SG&A* -5 -5 0.0% -18 -18 0.0% as % of sales 10.9% 10.0% 13.3% 12.2% R&D* -2 -1 -50.0% -5 -6 20.0% Other operating items* -1 0 -1 -1 Recurring EBITDA* 3.4 4.9 44.1% 12.3 14.5 17.9% as a % of sales 7.4% 9.8% 9.1% 9.8% Recurring EBIT* 2.7 4.0 48.1% 9.7 12.0 23.7% as a % of sales 5.9% 8.0% 7.2% 8.1% * Before restructuring charges and non-recurring items 16
Specialty Products: Main Drivers behind Key Figures Q3 2017 • Agfa Specialty Products’ revenue increased to 50 million Euro. The strong performances of the Printed Circuit Board business, Synaps Synthetic Paper and the Specialty Chemicals (including Orgacon Electronic Materials) more than compensated for the decline of the classic film products. • The business group’s recurring EBITDA improved to 4.9 million Euro (9.8% of revenue). Recurring EBIT amounted to 4.0 million Euro (8.0% of revenue). 17
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