The Agfa-Gevaert Group in Q3 2023: overall EBITDA growth driven by
strong performance of the growth engines, while film business under
pressure
Regulated information – November 15, 2023 - 7:45 a.m.
CET The
Agfa-Gevaert Group in Q3 2023: overall EBITDA growth driven by
strong performance of the growth engines, while film business under
pressure
- HealthCare IT:
- Strong improvement in profitability
- Digital Print & Chemicals:
- Growing ZIRFON business started to contribute to
profitability
- Strong profitability improvement for Digital Print in spite of
subdued equipment investment climate
- Film activities under pressure from macroeconomic conditions
and currency impact
- Radiology Solutions:
- Direct Radiography: improved profitability in a soft
market
- Medical film: continuing impact from new centralized
procurement practices in China and macroeconomic and geopolitical
conditions
- Adjusted EBITDA at 17 million Euro: year-over-year and
quarter-over-quarter improvement driven by the growth
engines
- Positive free cash flow of 5 million Euro
- Net result at minus 15 million Euro
Mortsel (Belgium), November 15, 2023 – Agfa-Gevaert
today commented on its results in the third quarter of
2023.
“I am pleased to see that all growth engines performed well,
even in the face of challenging economic and geopolitical
conditions as well as adverse currency effects. We considerably
improved the profitability of the Digital Print activities and the
HealthCare IT division. Sales for our ZIRFON membranes for green
hydrogen production continued to grow strongly and this business
also started to contribute to profitability. On the back of good
operational performance, we have returned to a positive free cash
flow in the third quarter,” said Pascal Juéry, President and CEO of
the Agfa-Gevaert Group.
Reporting post Offset SolutionsThe recent sale
of the Offset Solutions division (now rebranded to ECO3) influences
the way the Agfa-Gevaert Group reports its results. The numbers
from sales to EBITDA present the Agfa-Gevaert Group with Offset
Solutions excluded, but with a new division called ‘Contractor
Operations & Services former Offset’ or ‘CONOPS’. CONOPS
represents the supply of film and chemicals as well as a set of
support services delivered by Agfa to the external party ECO3. The
turnover represents the supply agreements, with corresponding COGS
charges. The income related to the support services will be
accounted for as Other Income, while the costs related to those
support services are re-presented in the different SG&A lines.
The comparative period Q3 ‘22 has been re-presented accordingly. As
per IFRS 5, stranded costs related to Offset Solutions have been
treated differently in 2023 vs 2022. In Q3 ‘22 stranded costs are
reported under CONOPS. In Q3 ‘23 these are absorbed by the three
business divisions.
|
in million Euro |
Q3 2023 |
Q3 2022re-presented |
% change (excl. FX effects) |
9M 2023 |
9M 2022re-presented |
% change (excl. FX effects) |
|
REVENUE |
|
|
|
|
|
|
|
HealthCare IT |
60 |
62 |
-2.2% (3.3%) |
180 |
174 |
3.4% (5.8%) |
|
Radiology Solutions |
103 |
117 |
-11.6% (-5.7%) |
309 |
331 |
-6.7% (-3.3%) |
|
Digital Print & Chemicals |
99 |
96 |
3.4% (6.8%) |
300 |
273 |
9.7% (11.7%) |
|
Contractor Operations and Services – former Offset |
18 |
16 |
11.1% (11.9%) |
49 |
52 |
-4.6% (-4.5%) |
|
GROUP |
280 |
290 |
-3.4% (1.3%) |
837 |
829 |
1.0% (3.5%) |
|
ADJUSTED EBITDA (*) |
|
|
|
|
|
|
|
HealthCare IT |
8.5 |
5.9 |
44.3% |
15.7 |
15.8 |
-0.4% |
|
Radiology Solutions |
7.2 |
9.1 |
-21.2% |
23.5 |
28.3 |
-16.8% |
|
Digital Print & Chemicals |
4.3 |
0.0 |
|
13.5 |
8.3 |
63.0% |
|
Contractor Operations and Services – former Offset |
(0.2) |
(3.3) |
|
1.4 |
(7.2) |
|
|
Unallocated |
(2.6) |
(4.6) |
|
(10.5) |
(13.7) |
|
|
GROUP |
17 |
7 |
142.4% |
44 |
32 |
38.2% |
(*) before
restructuring and non-recurring items
Agfa-Gevaert Group
|
in million Euro |
Q3 2023 |
Q3 2022re-presented |
% change(excl. FX effects) |
9M 2023 |
9M 2022re-presented |
% change (excl. FX effects) |
|
Revenue |
280 |
290 |
-3.4% (1.3%) |
837 |
829 |
1.0% (3.5%) |
|
Gross profit (*) |
85 |
85 |
0.5% |
259 |
252 |
2.8% |
|
% of revenue |
30.5% |
29.3% |
|
30.9% |
30.4% |
|
|
Adjusted EBITDA (*) |
17 |
7 |
142.4% |
44 |
32 |
38.2% |
|
% of revenue |
6.1% |
2.4% |
|
5.2% |
3.8% |
|
|
Adjusted EBIT (*) |
6 |
(6) |
|
10 |
(6) |
|
|
% of revenue |
2.1% |
-2.1% |
|
1.2% |
-0.7% |
|
|
Net result |
(15) |
(17) |
|
(96) |
(37) |
|
|
Profit from continuing operations |
(12) |
(28) |
|
(49) |
(60) |
|
|
Profit from discontinued operations |
(3) |
11 |
|
(47) |
23 |
|
(*) before
restructuring and non-recurring items
Third quarter
- Excluding currency effects, the Agfa-Gevaert Group’s revenue
increased by 1.3% versus the third quarter of 2022, driven by the
HealthCare IT division, ZIRFON membranes for green hydrogen
production and the good performance of the ink product lines in the
Digital Print & Chemicals division. Traditional film activities
were under pressure from challenging economic conditions (including
adverse currency effects and the weakening economy in China) and
the current geopolitical circumstances.
- Driven by the HealthCare IT and Digital Print & Chemicals
divisions, the Group’s gross profit margin improved to 30.5%, in
spite of adverse effects including cost inflation, adverse currency
effects, manufacturing inefficiencies and the weakness in the
industrial film markets.
- Adjusted EBITDA improved strongly from 7 million Euro to 17
million Euro (6.1% of revenue).
- Restructuring and non-recurring items resulted in a charge of 5
million Euro versus 12 million Euro in Q3 2022.
- The net finance costs amounted to 7 million Euro.
- Income tax expenses increased to 6 million Euro versus 5
million Euro in Q3 2022.
- The Agfa-Gevaert Group posted a net loss of 15 million
Euro.
Financial position and cash flow
- Net financial debt (including IFRS 16) remained stable versus
Q2 2023 at 33 million Euro.
- Trade working capital (CONOPS excluded) evolved from 35% of
turnover at the end of Q3 2022 to 31% in Q3 2023. In absolute
numbers, trade working capital evolved from 370 million Euro at the
end of Q3 2022 to 341 million Euro.
- In Q3 2023, the Group generated a free cash flow of 5 million
Euro.
OutlookThe Agfa-Gevaert Group confirms the
outlook that was provided in the Q2 2023 press release. Overall,
the Agfa-Gevaert Group expects a recovery in profitability in the
full year 2023 versus 2022.
2023 outlook per division:
- HealthCare IT: Order intake growth continues to be strong. As
the portion of own IP in the sales mix is expected to grow,
profitability is expected to continue to improve versus the third
quarter. This will likely result in a strong end of the year.
Impacted by adverse currency effects, full year EBITDA is expected
to be slightly below that of last year.
- Radiology Solutions: For medical film, exchange rate and margin
pressure is expected to continue, resulting in a weak performance
in the fourth quarter. The progress in Direct Radiography is
expected to continue.
- Digital Print & Chemicals: The division expects to continue
to improve profitability, based on pricing, cost improvement
actions and positive contributions from digital print and the
ZIRFON membranes. The revenue generated by ZIRFON will continue to
grow very strongly.
HealthCare IT
|
in million Euro |
Q3 2023 |
Q3 2022re-presented |
% change(excl. FX effects) |
9M 2023 |
9M 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
60 |
62 |
-2.2% (3.3%) |
180 |
174 |
3.4% (5.8%) |
|
Adjusted EBITDA (*) |
8.5 |
5.9 |
44.3% |
15.7 |
15.8 |
-0.4% |
|
% of revenue |
14.0% |
9.5% |
|
8.8% |
9.1% |
|
|
Adjusted EBIT (*) |
6.7 |
4.0 |
66.4% |
10.3 |
10.2 |
1.4% |
|
% of revenue |
11.1% |
6.5% |
|
5.8% |
5.9% |
|
(*) before restructuring and non-recurring items
Third quarter
- HealthCare IT’s order book remains at a healthy level. The
division recorded a 1.4% growth in the 12 months rolling order
intake versus the year before. The division is expecting full year
order intake 2023 to be stronger than last year.
- In new contracts, the portion of managed services is often
substantial, which typically implies that revenue recognition is
spread over a longer period of time. For the HealthCare IT
division, fluctuations between quarters are normal, as a
significant portion of revenues and margins are realized when
projects reach key milestones.
- Excluding currency effects, the division’s top line increased
by 3.3% versus the third quarter of 2022, which was marked by the
revenue recognition from a number of large contracts in North
America.
- Given the increased portion of own IP in the sales mix and
improved service contribution, HealthCare IT’s gross profit margin
improved strongly from 44.9% in Q3 2022 and 43.5% in Q2 2023 to
48.2%. The adjusted EBITDA margin increased from 9.5% in Q3 2022 to
14.0%, partly due to strict cost management.
- The division continues to target large health organizations
with multiple imaging departments. For example, in the third
quarter Nova Scotia Health decided to install Agfa HealthCare’s
Enterprise Imaging solution – an upgrade from their previous Agfa
HealthCare IMPAX picture archiving and communication system –
across its 40 hospital locations.
Radiology Solutions
|
in million Euro |
Q3 2023 |
Q3 2022re-presented |
% change(excl. FX effects) |
9M 2023 |
9M 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
103 |
117 |
-11.6% (-5.7%) |
309 |
331 |
-6.7% (-3.3%) |
|
Adjusted EBITDA (*) |
7.2 |
9.1 |
-21.2% |
23.5 |
28.3 |
-16.8% |
|
% of revenue |
7.0% |
7.8% |
|
7.6% |
8.5% |
|
|
Adjusted EBIT (*) |
2.5 |
2.8 |
-9.4% |
9.6 |
9.8 |
-1.2% |
|
% of revenue |
2.5% |
2.4% |
|
3.1% |
3.0% |
|
(*) before restructuring and non-recurring items
Third quarter
- In China, the medical film business was influenced by the
gradual implementation of new centralized procurement practices.
Furthermore, the current geopolitical situation continued to impact
cost levels. In most regions, adverse currency effects strongly
impacted the business’ top line and profitability.
- Agfa continues to manage the market driven top line decline of
the Computed Radiography business, maintaining healthy profit
margins.
- The Direct Radiography business posted a revenue decrease due
to the geopolitical situation and the financial challenges that
many customers and governments are facing. In Europe and
North-America, certain customer groups are postponing their
investment plans. However, under these tough conditions Agfa
continued to attract important new customers for its high-end DR
solutions.
- Agfa implemented actions to increase the business’ agility and
to better adapt it to the current market conditions (right-sizing
of the organization, relocations, cost control actions, price
increases, net working capital actions).
- The division’s gross profit margin decreased from 30.7% of
revenue in Q3 2022 to 29.4%. Although costs are well under control
and profitability of the Direct Radiography business improved
considerably versus Q3 2022, the division’s adjusted EBITDA margin
decreased from 7.8% of revenue to 7.0%.
Digital Print & Chemicals
|
in million Euro |
Q3 2023 |
Q3 2022re-presented |
% change(excl. FX effects) |
9M 2023 |
9M 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
99 |
96 |
3.4% (6.8%) |
300 |
273 |
9.7% (11.7%) |
|
Adjusted EBITDA (*) |
4.3 |
0.0 |
|
13.5 |
8.3 |
63.0% |
|
% of revenue |
4.3% |
0.0% |
|
4.5% |
3.0% |
|
|
Adjusted EBIT (*) |
0.2 |
(3.6) |
|
1.5 |
(0.8) |
|
|
% of revenue |
0.2% |
-3.7% |
|
0.5% |
-0.3% |
|
(*) before restructuring and non-recurring items
Third quarter
- In Digital Print, the ink product ranges for sign & display
and industrial applications as well as the high end equipment
business continued to perform strongly, but the top line was
impacted by the fact that print companies started to postpone
investments in lower and mid end equipment due to the adverse
macroeconomic conditions and in anticipation of the introduction of
new technologies. Agfa expects equipment sales to recover towards
the end of the year. Agfa is on track with the conversion of
printers of the acquired Inca company to its own ink sets.The
development of the SpeedSet 1060 single-pass packaging printer is
proceeding as planned, with a customer unveiling in December 2023.
The beta launch of this digital press with water based inks – which
will be the fastest printer in its category – will happen as
planned in 2024 and the full commercial launch is planned for 2025.
In the third quarter, four of Agfa’s inkjet printing solutions have
been honored with a Pinnacle Product Award from PRINTING United
Alliance. The Pinnacle Product Awards recognize outstanding
products that drive advancements in quality, capability and
productivity within the printing industry. PRINTING United Alliance
is the most comprehensive member-based printing and graphic arts
association in the United States.
- Sales figures for the ZIRFON membranes for advanced alkaline
electrolysis continued to grow strongly. Agfa is improving the
profitability of the business through measures to increase
manufacturing efficiency and price increases. As a result, the
business started to contribute to the division’s
profitability.January 1, 2024 Agfa will be joining the Hydrogen
Council, a global initiative that brings together preeminent
companies with a united vision to help foster the hydrogen clean
energy transition.Earlier this year, Agfa’s project to build a new
industrial unit for ZIRFON membranes at its Mortsel site in Belgium
was selected for an EU Innovation Fund Grant. The preparation of
the grant agreement is proceeding according to plan. The signing of
the grant agreement is expected to take place towards the end of
the year. The new plant will allow the Group to meet the booming
customer demand.
- The weakness in the electronics industry continued to impact
volumes of the ORGACON conductive materials and the products for
the production of printed circuit boards.
- Price increase actions and cost improvements to mitigate cost
inflation impacts started to bear fruit. The gross profit margin
improved from 25.6% of revenue in Q3 2022 to 27.7%.
Contractor Operations and Services – former
Offset
|
in million Euro |
Q3 2023 |
Q3 2022re-presented |
% change(excl. FX effects) |
9M 2023 |
9M 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
18 |
16 |
11.1% (11.9%) |
49 |
52 |
-4.6% (-4.5%) |
|
Adjusted EBITDA (*) |
(0.2) |
(3.3) |
|
1.4 |
(7.2) |
|
|
% of revenue |
-1.3% |
-21.2% |
|
2.9% |
-14.0% |
|
|
Adjusted EBIT (*) |
(0.9) |
(4.7) |
|
(0.8) |
(11.3) |
|
|
% of revenue |
-5.2% |
-29.6% |
|
-1.6% |
-21.9% |
|
(*) before restructuring and non-recurring items
- Early April, the Agfa-Gevaert Group completed the sale of its
Offset Solutions division to Aurelius Group. The new division
contains results related to supply and manufacturing agreements
that the Agfa-Gevaert Group signed with its former division, now
rebranded as ECO3.
- The comparative period Q3 ‘22 has been re-presented
accordingly. As per IFRS 5 rules, stranded costs related to Offset
Solutions have been treated differently in 2023 vs 2022. In Q3 ‘22
stranded costs are reported under CONOPS. In Q3 ‘23 these are
absorbed by the three business divisions.
End of messageManagement Certification of Financial
Statements and Quarterly ReportThis statement is made in
order to comply with new European transparency regulation enforced
by the Belgian Royal Decree of November 14, 2007 and in effect as
of 2008."The Board of Directors and the Executive Committee of
Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the
Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr.
Dirk De Man, CFO, jointly certify that, to the best of their
knowledge, the consolidated financial statements included in the
report and based on the relevant accounting standards, fairly
present in all material respects the financial condition and
results of Agfa-Gevaert NV, including its consolidated
subsidiaries. Based on our knowledge, the report includes all
information that is required to be included in such document and
does not omit to state all necessary material
facts.”Statement of riskThis statement is made in
order to comply with new European transparency regulation enforced
by the Belgian Royal Decree of November 14, 2007 and in effect as
of 2008."As with any company, Agfa is continually confronted with –
but not exclusively – a number of market and competition risks or
more specific risks related to the cost of raw materials, product
liability, environmental matters, proprietary technology or
litigation." Key risk management data is provided in the annual
report available on www.agfa.com.
Contact:Viviane DictusDirector
Corporate CommunicationSeptestraat 272640 Mortsel - BelgiumT +32
(0) 3 444 71 24E viviane.dictus@agfa.com
The full press release and financial information is also
available on the company's website:
www.agfa.com.Consolidated Statement of Profit or Loss (in
million Euro)
Unaudited, consolidated figures following IFRS
accounting policies.
|
Continued operations |
Q3 2023 |
Q3 2022re-presented |
9M 2023 |
9M 2022re-presented |
|
Revenue |
280 |
290 |
837 |
829 |
|
Cost of sales |
(194) |
(205) |
(578) |
(577) |
|
Gross profit |
86 |
85 |
259 |
252 |
|
Selling expenses |
(41) |
(46) |
(127) |
(133) |
|
Administrative expenses |
(33) |
(44) |
(104) |
(121) |
|
R&D expenses |
(17) |
(20) |
(56) |
(60) |
|
Net impairment loss on trade and other receivables, including
contract assets |
(1) |
(1) |
- |
- |
|
Other operating income |
12 |
16 |
38 |
49 |
|
Other operating expenses |
(5) |
(8) |
(26) |
(24) |
|
Results from operating activities |
1 |
(18) |
(15) |
(38) |
|
Interest income (expense) - net |
- |
- |
1 |
(1) |
|
Interest income |
4 |
1 |
10 |
2 |
|
Interest expense |
(4) |
(1) |
(8) |
(2) |
|
Other finance income (expense) - net |
(7) |
(5) |
(20) |
(13) |
|
Other finance income |
- |
- |
2 |
5 |
|
Other finance expense |
(7) |
(5) |
(22) |
(18) |
|
Net finance costs |
(7) |
(5) |
(19) |
(13) |
|
Share of profit of associates, net of tax |
- |
- |
- |
- |
|
Profit (loss) before income taxes |
(6) |
(23) |
(34) |
(52) |
|
Income tax expenses |
(6) |
(5) |
(15) |
(9) |
|
Profit (loss) from continued operations |
(12) |
(28) |
(49) |
(60) |
|
Profit (loss) from discontinued operations, net of
tax |
(3) |
11 |
(47) |
23 |
|
Profit (loss) for the period |
(15) |
(17) |
(96) |
(37) |
|
Profit (loss) attributable to: |
|
|
|
|
|
Owners of the Company |
(15) |
(18) |
(97) |
(39) |
|
Non-controlling interests |
- |
1 |
1 |
2 |
|
|
|
|
|
|
|
Results from operating activities |
1 |
(18) |
(15) |
(38) |
|
Restructuring and non-recurring items |
(5) |
(12) |
(25) |
(32) |
|
Adjusted EBIT |
6 |
(6) |
10 |
(6) |
|
|
|
|
|
|
|
Earnings per Share Group – continued operations (Euro) |
(0.08) |
(0.18) |
(0.32) |
(0.39) |
|
Earnings per Share Group – discontinued operations (Euro) |
(0.02) |
0.06 |
(0.31) |
0.14 |
|
Earnings per Share Group – total (Euro) |
(0.10) |
(0.12) |
(0.63) |
(0.25) |
(1) Compliant with IFRS 5.33, the Company has presented in its
Consolidated Statement of Profit or Loss and Comprehensive Income,
a single amount comprising the total of the post-tax profit (loss)
of discontinued operations and the post-tax profit (loss) on the
disposal of net assets constituting the discontinued operations.
The Group has sold its Offset Solutions business in April, 2023.
Comparative information has been re-presented.
Consolidated Statement of Comprehensive Income for the
quarter ending September 2022 / September 2023 (in million
Euro) Unaudited, consolidated figures
following IFRS accounting policies.
|
|
Q3 2023 |
Q3 2022 re-presented |
|
Profit / (loss) for the period |
(15) |
(17) |
|
Profit / (loss) for the period from continuing
operations |
(12) |
(28) |
|
Profit / (loss) for the period from discontinuing
operations |
(3) |
11 |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
6 |
18 |
|
Exchange differences on translation of foreign operations |
6 |
18 |
|
Release of exchange differences of discontinued operations to
profit or loss |
- |
- |
|
Cash flow hedges: |
- |
(2) |
|
Effective portion of changes in fair value of cash flow hedges |
- |
(3) |
|
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
- |
1 |
|
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
- |
|
Income taxes |
- |
- |
|
Items that will not be reclassified subsequently to profit
or loss: |
- |
(3) |
|
Equity investments at fair value through OCI – change in fair
value |
- |
(1) |
|
Remeasurements of the net defined benefit liability |
- |
- |
|
Income tax on remeasurements of the net defined benefit
liability |
- |
(2) |
|
Total Other Comprehensive Income for the period, net of
tax |
6 |
13 |
|
Total other comprehensive income for the period from
continuing operations |
6 |
12 |
|
Total other comprehensive income for the period from
discontinuing operations |
- |
1 |
|
|
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(9) |
(4) |
|
Owners of the Company |
(9) |
(6) |
|
Non-controlling interests |
- |
2 |
|
Total comprehensive income for the period from continuing
operations attributable to: |
(6) |
(16) |
|
Owners of the Company (continuing operations) |
(6) |
(16) |
|
Non-controlling interests (continuing operations) |
- |
- |
|
Total comprehensive income for the period from
discontinuing operations attributable to: |
(3) |
12 |
|
Owners of the Company (discontinuing operations) |
(3) |
10 |
|
Non-controlling interests (discontinuing operations) |
- |
2 |
(1) Compliant with IFRS 5.33, the Company has presented in its
Consolidated Statement of Profit or Loss and Comprehensive Income,
a single amount comprising the total of the post-tax profit (loss)
of discontinued operations and the post-tax profit (loss) on the
disposal of net assets constituting the discontinued operations.
The Group has sold its Offset Solutions business in April, 2023.
Comparative information has been re-presented.Consolidated
Statement of Comprehensive Income for the period ending September
2022 / September 2023 (in million Euro)
Unaudited, consolidated figures following IFRS accounting
policies.
|
|
9M 2023 |
9M 2022 re-presented |
|
Profit / (loss) for the period |
(96) |
(37) |
|
Profit / (loss) for the period from continuing
operations |
(49) |
(60) |
|
Profit / (loss) for the period from discontinuing
operations |
(47) |
23 |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
- |
50 |
|
Exchange differences on translation of foreign operations |
2 |
50 |
|
Release of exchange differences of discontinued operations to
profit or loss |
(2) |
- |
|
Cash flow hedges: |
2 |
(4) |
|
Effective portion of changes in fair value of cash flow hedges |
- |
(7) |
|
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
2 |
3 |
|
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
- |
|
Income taxes |
- |
- |
|
Items that will not be reclassified subsequently to profit
or loss: |
(1) |
114 |
|
Equity investments at fair value through OCI – change in fair
value |
(1) |
(3) |
|
Remeasurements of the net defined benefit liability |
- |
129 |
|
Income tax on remeasurements of the net defined benefit
liability |
- |
(13) |
|
Total Other Comprehensive Income for the period, net of
tax |
1 |
160 |
|
Total other comprehensive income for the period from
continuing operations |
2 |
134 |
|
Total other comprehensive income for the period from
discontinuing operations |
(1) |
27 |
|
|
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(95) |
123 |
|
Owners of the Company |
(97) |
119 |
|
Non-controlling interests |
2 |
4 |
|
Total comprehensive income for the period from continuing
operations attributable to: |
(47) |
74 |
|
Owners of the Company (continuing operations) |
(47) |
74 |
|
Non-controlling interests (continuing operations) |
- |
- |
|
Total comprehensive income for the period from
discontinuing operations attributable to: |
(48) |
50 |
|
Owners of the Company (discontinuing operations) |
(50) |
46 |
|
Non-controlling interests (discontinuing operations) |
2 |
4 |
(1) Compliant with IFRS 5.33, the Company has presented in its
Consolidated Statement of Profit or Loss and Comprehensive Income,
a single amount comprising the total of the post-tax profit (loss)
of discontinued operations and the post-tax profit (loss) on the
disposal of net assets constituting the discontinued operations.
The Group has sold its Offset Solutions business in April, 2023.
Comparative information has been re-presented.
Consolidated Statement of Financial Position (in million
Euro)
Unaudited, Consolidated figures following IFRS
accounting policies.
| |
30/09/2023 |
31/12/2022 |
|
Non-current assets |
578 |
602 |
| Goodwill |
220 |
218 |
| Intangible
assets |
23 |
29 |
| Property, plant
and equipment |
112 |
107 |
| Right-of-use
assets |
41 |
45 |
| Investments in
associates |
1 |
1 |
| Other financial
assets |
4 |
5 |
| Assets related to
post-employment benefits |
19 |
18 |
| Trade
receivables |
3 |
9 |
| Receivables under
finance leases |
77 |
72 |
| Other assets |
4 |
8 |
| Deferred tax
assets |
73 |
91 |
| Current
assets |
787 |
1,153 |
| Inventories |
337 |
487 |
| Trade
receivables |
155 |
291 |
| Contract
assets |
93 |
94 |
| Current income
tax assets |
47 |
56 |
| Other tax
receivables |
23 |
28 |
| Other financial
assets |
- |
1 |
| Receivables under
finance lease |
16 |
31 |
| Other
receivables |
42 |
6 |
| Other current
assets |
16 |
17 |
| Derivative
financial instruments |
1 |
3 |
| Cash and cash
equivalents |
54 |
138 |
| Non-current
assets held for sale |
2 |
2 |
|
TOTAL ASSETS |
1,364 |
1,756 |
|
|
30/09/2023 |
31/12/2022 |
| Total
equity |
425 |
561 |
| Equity
attributable to owners of the company |
423 |
520 |
| Share
capital |
187 |
187 |
| Share
premium |
210 |
210 |
| Retained
earnings |
956 |
1,042 |
| Other
reserves |
(2) |
(3) |
| Translation
reserve |
(10) |
(9) |
| Post-employment
benefits: remeasurements of the net defined benefit liability |
(919) |
(908) |
|
Non-controlling interests |
1 |
41 |
|
Non-current liabilities |
568 |
610 |
| Liabilities for
post-employment and long-term termination benefit plans |
469 |
536 |
| Other employee
benefits |
7 |
9 |
| Loans and
borrowings |
69 |
41 |
| Provisions |
11 |
14 |
| Deferred tax
liabilities |
8 |
9 |
| Trade
payables |
3 |
- |
| Other non-current
liabilities |
1 |
- |
| Current
liabilities |
372 |
585 |
| Loans and
borrowings |
18 |
25 |
| Provisions |
13 |
36 |
| Trade
payables |
114 |
249 |
| Contract
liabilities |
101 |
109 |
| Current income
tax liabilities |
22 |
29 |
| Other tax
liabilities |
18 |
32 |
| Other
payables |
8 |
6 |
| Employee
benefits |
77 |
95 |
| Other current
liabilities |
1 |
- |
| Derivative
financial instruments |
1 |
2 |
| TOTAL
EQUITY AND LIABILITIES |
1,364 |
1,756 |
Consolidated Statement of Cash Flows (in million
Euro) Unaudited, consolidated figures following IFRS
accounting policies.
|
|
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
Profit (loss) for the period |
(15) |
(17) |
(95) |
(37) |
|
Income taxes |
6 |
5 |
18 |
12 |
|
Share of (profit)/loss of associates, net of tax |
- |
- |
- |
- |
|
Net finance costs |
7 |
5 |
19 |
15 |
|
Operating result |
(2) |
(7) |
(59) |
(10) |
|
|
|
|
|
|
|
Depreciation & amortization (excluding D&A on right-of-use
assets) |
6 |
9 |
19 |
26 |
|
Depreciation & amortization on right-of-use assets |
5 |
7 |
14 |
21 |
|
Impairment losses on goodwill, intangibles and PP&E |
- |
- |
- |
- |
|
Impairment losses on right-of-use assets |
- |
- |
7 |
- |
|
|
|
|
|
|
|
Exchange results and changes in fair value of derivates |
1 |
5 |
1 |
13 |
|
Recycling of hedge reserve |
- |
1 |
2 |
3 |
|
Government grants and subsidies |
(2) |
(1) |
(4) |
(3) |
|
Result on the disposal of discontinued operations |
3 |
- |
47 |
- |
|
Expenses for defined benefit plans & long-term termination
benefits |
4 |
6 |
20 |
28 |
|
Accrued expenses for personnel commitments |
16 |
21 |
46 |
51 |
|
Write-downs/reversal of write-downs on inventories |
2 |
1 |
10 |
8 |
|
Impairments/reversal of impairments on receivables |
1 |
1 |
- |
1 |
|
Additions/reversals of provisions |
1 |
1 |
2 |
5 |
|
|
|
|
|
|
|
Operating cash flow before changes in working
capital |
35 |
45 |
105 |
142 |
|
|
|
|
|
|
|
Change in inventories |
14 |
(20) |
(20) |
(121) |
|
Change in trade receivables |
3 |
15 |
(2) |
29 |
|
Change in contract assets |
6 |
5 |
2 |
(8) |
|
Change in trade working capital assets |
23 |
- |
(20) |
(101) |
|
Change in trade payables |
(11) |
(5) |
(36) |
(9) |
|
Change in contract liabilities |
(5) |
(6) |
6 |
8 |
|
Changes in trade working capital liabilities |
(15) |
(11) |
(29) |
(2) |
|
Changes in trade working capital |
7 |
(10) |
(50) |
(103) |
|
|
Q3 2023 |
Q3 2022 |
9M 2023 |
9M 2022 |
|
Cash out for employee benefits |
(25) |
(25) |
(98) |
(112) |
|
Cash out for provisions |
(8) |
(5) |
(20) |
(17) |
|
Changes in lease portfolio |
1 |
1 |
11 |
10 |
|
Changes in other working capital |
(2) |
(8) |
(23) |
(15) |
|
Cash settled operating derivatives |
- |
(3) |
- |
(6) |
|
|
|
|
|
|
|
Cash used in operating activities |
9 |
(5) |
(74) |
(100) |
|
|
|
|
|
|
|
Income taxes paid |
1 |
2 |
1 |
(4) |
|
Net cash from / (used in) operating
activities |
10 |
(3) |
(73) |
(104) |
|
of which related to discontinued operations |
- |
23 |
(13) |
6 |
|
|
|
|
|
|
|
Capital expenditure |
(7) |
(10) |
(22) |
(23) |
|
Proceeds from sale of intangible assets & PP&E |
1 |
2 |
2 |
3 |
|
Acquisition of subsidiaries, net of cash acquired |
- |
- |
3 |
(48) |
|
Disposal of discontinued operations, net of cash disposed of |
- |
(3) |
(5) |
(4) |
|
Investment in associates |
- |
- |
(1) |
- |
|
Interests received |
4 |
2 |
11 |
4 |
|
|
|
|
|
|
|
Net cash from / (used in) investing
activities |
(2) |
(9) |
(11) |
(68) |
|
of which related to discontinued operations |
(1) |
(3) |
(6) |
(7) |
|
|
|
|
|
|
|
Interests paid |
(4) |
(1) |
(9) |
(3) |
|
Dividends paid to non-controlling interests |
- |
(1) |
(9) |
(6) |
|
Purchase of treasury shares |
- |
- |
- |
(21) |
|
Proceeds from borrowings |
9 |
3 |
40 |
3 |
|
Repayment of borrowings |
- |
(1) |
- |
(2) |
|
Payment of finance leases |
(5) |
(8) |
(17) |
(23) |
|
Proceeds / (payment) of derivatives |
- |
- |
(4) |
(5) |
|
Other financing income / (costs) received/paid |
- |
(1) |
(1) |
3 |
|
|
|
|
|
|
|
Net cash from / (used in) financing
activities |
- |
(9) |
- |
(55) |
|
of which related to discontinued operations |
- |
(2) |
(2) |
(6) |
|
|
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
7 |
(22) |
(85) |
(228) |
|
|
|
|
|
|
|
Cash & cash equivalents at the start of the
period |
44 |
191 |
138 |
398 |
|
Net increase / (decrease) in cash & cash equivalents |
7 |
(22) |
(85) |
(228) |
|
Effect of exchange rate fluctuations on cash held |
3 |
9 |
1 |
8 |
|
Cash & cash equivalents at the end of the
period |
53 |
178 |
53 |
178 |
(1) The Group has elected to present a
statement of cash flows that includes all cash flows, including
both continuing and discontinuing operations.Consolidated
Statement of changes in Equity (in million Euro)
Unaudited, consolidated figures following IFRS accounting
policies.
|
in million Euro |
Share capital |
Share premium |
Retained earnings |
Reserve for own shares |
Revaluation reserve |
Hedging reserve |
Remeasurement of the net defined benefit
liability |
Translation reserve |
Total |
NON-CONTROLLING INTERESTS |
TOTAL EQUITY |
|
Balance at January 1, 2022 |
187 |
210 |
1,284 |
- |
2 |
(2) |
(1,033) |
(15) |
632 |
54 |
685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(39) |
- |
- |
- |
- |
- |
(39) |
2 |
(37) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
(3) |
(4) |
117 |
46 |
157 |
3 |
160 |
|
Total comprehensive income for the period |
- |
- |
(39) |
- |
(3) |
(4) |
117 |
46 |
118 |
5 |
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(5) |
(5) |
|
Purchase of own shares |
- |
- |
- |
(21) |
- |
- |
- |
- |
(21) |
- |
(21) |
|
Cancellation of own shares |
- |
- |
(21) |
21 |
- |
- |
- |
- |
- |
- |
- |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
(21) |
- |
- |
- |
- |
- |
(21) |
(5) |
(26) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2022 |
187 |
210 |
1,224 |
- |
(1) |
(6) |
(917) |
31 |
729 |
53 |
782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023 |
187 |
210 |
1,042 |
- |
(1) |
(2) |
(908) |
(9) |
520 |
41 |
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(97) |
- |
- |
- |
- |
- |
(97) |
1 |
(96) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
- |
2 |
- |
(1) |
1 |
1 |
1 |
|
Total comprehensive income for the period |
- |
- |
(97) |
- |
- |
2 |
- |
(1) |
(96) |
2 |
(95) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(9) |
(9) |
|
Transfer of amounts recognized in OCI to retained earnings
following loss of control |
- |
- |
11 |
- |
- |
- |
(11) |
- |
- |
- |
- |
|
Derecognition of NCI following loss of control |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(32) |
(32) |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
11 |
- |
- |
- |
(11) |
- |
- |
(41) |
(41) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2023 |
187 |
210 |
956 |
- |
(1) |
- |
(919) |
(10) |
423 |
1 |
425 |
- Press release in pdf
- Financial statements EN
AGFA Gevaert NV (EU:AGFB)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
AGFA Gevaert NV (EU:AGFB)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
