Q1 2015 Results 12 May 2015
Profit & Loss: Key Figures (in million Euro) Δ % Q1'14 Q1'15 (excl. curr. ) Sales 622 622 0.0%(-6.8%) Gross Profit* 182 197 8.2% 29.3% 31.7% as a % of sales SG&A* -128 -132 3.1% 20.6% 21.2% as a % of sales R&D* -35 -36 2.9% Other operating items* -3 -1 Recurring EBITDA* 34 43 26.5% 5.5% 6.9% as a % of sales Recurring EBIT* 16 28 75.0% as a % of sales 2.6% 4.5% * Before restructuring charges and non-recurring items 2
Profit & Loss: Key Figures (in million Euro) Δ % Q1'14 Q1'15 Recurring EBIT* 16 28 75.0% Restructuring and non-recurring -1 -4 300.0% Operating result 15 24 60.0% Non-operating result -14 -17 Profit before taxes 1 7 Taxes 0 -4 Net result 1 3 attributable to the owners of the company -1 2 attributable to non-controlling interests 2 1 * Before restructuring charges and non-recurring items 3
Net Financial Debt (in million Euro) 445 434 391 398 313 339 267 291 306 295 291 337 299 261 217 191 176 175 126 94 161 189 Q4'09 Q1'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q210 4
Working Capital: Key Figures (in million Euro/days) Inventories Trade Receivables* Trade Payables 800 800 800 700 700 717 719 700 711691 688 688 686 648 639 635 600 600 600 597 542544561580 577 500 500 500 527 512 498484 496 487482 476 464 452 452436 400 438 400 400 421 413 399388 384 300 300 300 123 123 121 293 260275287293 116 115 113 114 278 112 112 269 267259 108 107 106 225239257 253 103 10296100 102 230239225241 200 200 200 100 100 100 62 52 56 57 56 61 41 45 44 43 39 42 41 46 44 46 51 60 59 60 56 53 55 59 46 44 45 47 48 55 55 52 55 54 0 0 0 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q1 '11 Q2 '11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q1 '11 Q2 '11 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 1 2 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 Q1 2015 • The downward topline trend was stopped thanks to the success of the growth engines and the evolution of the Euro exchange rate • The gross profit margin improved thanks to efficiency programs, helped by a favorable raw material impact • Recurring EBIT at 28 million Euro • Net debt at 94 million Euro 6 6
Graphics
Graphics: YTD Sales per Business Segment 1Q 2015 100% = 321 million Euro Inkjet, Software, Service 20% Analog Prepress 12% Digital Prepress 68% 8
Graphics: Key Figures (in million Euro) Δ % Q1'14 Q1'15 (excl. curr.) Sales 327 321 -1.8%(-10.3%) Gross Profit* 90 94 4.4% as a % of sales 27.5% 29.3% SG&A* -67 -70 4.5% as a % of sales 20.5% 21.8% R&D* -9 -11 22.2% Other operating items* -2 0 Recurring EBITDA* 20.4 21.4 4.9% as a % of sales 6.2% 6.7% Recurring EBIT* 12.6 13.8 9.5% as a % of sales 3.9% 4.3% * Before restructuring charges and non-recurring items 9
Graphics: Main Drivers behind Key Figures Q1 2015 • The business group continued to feel the softness in most of the emerging markets and the unstable political situation in certain regions • CtF continued to decline strongly and CtP continued to suffer from competitive pressure • Building on the succes of wide-format print systems, the inkjet segment reported strong revenue growth • Gross profit improved thanks to the efficiency programs and raw material effects • Recurring EBIT at 13.8 million Euro • Business highlights • Introduction of two inkjet printers: the hybrid Jeti Tauro and the true flatbed Jeti Mira • Introduction of the Acorta automatic cutting and finishing plotter • Important prepress contract with the Südwestdeutsche Medienholding 10
HealthCare
HealthCare: YTD Sales per Business Segment 1Q 2015 100% = 254 million Euro Hardcopy 30% Classic Radiology 7% CR/Modalities 20% Imaging IT* 29% HIS/CIS 14% HealthCare IT = 43% * Includes Radiology and Cardiology IT 12
HealthCare: Key Figures (in million Euro) Δ % Q1'14 Q1'15 (excl. curr.) Sales 244 254 4.1%(-1.1%) Gross Profit* 84 93 10.7% as a % of sales 34.4% 36.6% SG&A* -55 -56 1.8% as a % of sales 22.5% 22.0% R&D* -24 -23 -4.2% Other operating items* -1 -1 Recurring EBITDA* 12.7 20.4 60.6% as a % of sales 5.2% 8.0% Recurring EBIT* 3.7 13.3 259.5% as a % of sales 1.5% 5.2% * Before restructuring charges and non-recurring items 13
HealthCare: Main Drivers behind Key Figures Q1 2015 • Revenue increased by 4.2% as a result of efforts to support the growth engines and of the evolution of the Euro exchange rate • The Direct Radiography and Hardcopy revenue grew strongly • The Imaging IT segment performed strongly, showing the first indications of succes of the measures taken to respond to the changing conditions in the US healthcare market • Gross profit increased to 36.6% of revenue • Recurring EBIT at 13.3 million Euro. • Business highlights • Introduction of the floor mounted DR 400 system • Introduction of Enterprise Imaging for Cardiology and an enhanced version of the HeartStation ECG Management System • Eye-catching contracts with Azienda Ospedaliera di Perugia, Sheffield Teaching Hospitals NHS Foundation Trust and GCS Télésanté Lorraine 14
Specialty Products
Specialty Products: Key Figures (in million Euro) Δ % Q1'14 Q1'15 (excl. curr. ) Sales 51 47 -7.8%(-11.0%) Gross Profit* 8 10 25.0% 15.7% 21.3% as a % of sales SG&A* -6 -6 0.0% 11.8% 12.8% as a % of sales R&D* -1 -2 100.0% Other operating items* 0 0 Recurring EBITDA* 1.8 3.0 66.7% 3.5% 6.4% as a % of sales Recurring EBIT* 0.6 2.0 233.3% as a % of sales 1.2% 4.3% * Before restructuring charges and non-recurring items 16
Specialty Products: Main Drivers behind Key Figures Q1 2015 • The good revenue performance of the Group’s future oriented business Synaps and of the PCB business partly counterbalanced the adverse effects of the lower silver price and the decline of the traditional film businesses • Recurring EBIT at 2.0 million Euro 17
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