Agfa-Gevaert publishes its third quarter 2017 results - Regulated information - November 8, 2017 - 7:45 a.m. CET
08 Novembre 2017 - 7:45AM
· Good
performance by most of the growth engines
· Net profit
of 14 million Euro
· Net
financial debt at 22 million Euro
Mortsel (Belgium), November
8, 2017 - Agfa-Gevaert today announced its third quarter 2017
results.
"The progress made in the reorganization of our distribution
channels for hardcopy film and the continued strong order book
build-up in IT give us confidence in the short to medium term
evolution of our HealthCare business.
Both our Inkjet business and our future-oriented specialty products
performed well, while continued volume decreases, price erosion and
aluminum price increases weighed on our prepress
business.
The study on how to reorganize our HealthCare IT activities into a
stand-alone legal entity structure within the Group is yielding
encouraging results and October 10, the Board of Directors decided
to initiate the first steps towards the execution of the plans. The
management is fully committed to the success of this project, as we
strongly believe that it is in the best interest of our Company,
its stakeholders and its employees," said Christian Reinaudo,
President and CEO of the Agfa-Gevaert Group.
Agfa-Gevaert Group - third
quarter 2017
in million Euro |
Q3 2016 |
Q3 2017 |
% change |
Revenue |
625 |
593 |
-5.1% |
Gross profit (*) |
209 |
195 |
-6.7% |
% of revenue |
33.4% |
32.9% |
|
Recurring EBITDA (*) |
63 |
53 |
-15.9% |
% of revenue |
10.1% |
8.9% |
|
Recurring EBIT (*) |
49 |
40 |
-18.4% |
% of revenue |
7.8% |
6.7% |
|
Result from operating activities |
43 |
31 |
-27.9% |
Result for the period |
25 |
14 |
-44.0% |
Net cash from (used in) operating activities |
35 |
18 |
|
(*) before restructuring and non-recurring
items
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.
Impacted by adverse raw material effects, the
Group's gross profit amounted to 195 million Euro, or 32.9% of
revenue.
As a percentage of revenue, Selling and General
Administration expenses amounted to 19.7%.
R&D expenses amounted to 35 million Euro, or
5.9% of revenue.
Recurring EBITDA (the sum of Graphics, HealthCare,
Specialty Products and the unallocated portion) amounted to 8.9% of
revenue, versus 10.1% in the third quarter of 2016. Recurring EBIT
reached 6.7% of revenue, versus 7.8% in the previous year.
Restructuring and non-recurring items resulted in
an expense of 9 million Euro, versus an expense of 6 million Euro
in the third quarter of 2016.
The net finance costs decreased from 11 million
Euro in the third quarter of 2016 to 8 million Euro.
Income tax expenses amounted to 9 million Euro,
versus 7 million Euro in the previous year.
As a result of the elements mentioned above, the
Agfa-Gevaert Group posted a net profit of 14 million Euro.
Financial position and cash
flow
-
At the end of the third quarter of 2017, total
assets were 2,281 million Euro, compared to 2,352 million Euro at
the end of 2016.
-
Inventories amounted to 526 million Euro (115
days), versus 534 million Euro (114 days) in the third quarter of
2016. Trade receivables (minus deferred revenue and advanced
payments from customers) amounted to 346 million Euro (53 days),
versus 337 million Euro (49 days) in the third quarter of 2016, and
trade payables were 227 million Euro (50 days), versus 219 million
Euro (46 days).
-
Net financial debt amounted to 22 million Euro,
versus a net cash position of 18 million Euro at the end of
2016.
-
Net cash from operating activities amounted to
18 million Euro.
Press release in pdf format
Financial statements Q3 2017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Agfa-Gevaert via Globenewswire
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