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2016-05-10

Agfa-Gevaert: Agfa-Gevaert publishes its first quarter 2016 results - Regulated information - May 10, 2016 - 7:45 a.m. CET

· Strong performance of the growth engines· Gross profit and recurring EBITDA margin improvement· Net result at 10 million Euro· Net financial debt further down to 40 million Euro

Mortsel (Belgium), May 10, 2016 - Agfa-Gevaert today announced its first
quarter 2016 results.

"Our first quarter was roughly in line with our expectations. I am
particularly pleased with the strong performance of our business groups'
growth engines. Agfa HealthCare's Direct Radiography and IT businesses, Agfa
Graphics' inkjet business and Agfa Specialty Products' future-oriented
activities all posted solid revenue growth. Furthermore, our recurring EBITDA
margin improved by over one percentage point compared to last year's first
quarter. This strengthens my belief that we are on track to reach our 10
percent target in 2016," said Christian Reinaudo, President and CEO of the
Agfa-Gevaert Group.

Agfa-Gevaert Group - first quarter 2016

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| in million Euro Q1 2015 Q1 2016 % change |
| Revenue 622 603 -3.1% |
| Gross profit (*) 197 195 -1.0% |
| % of revenue 31.7% 32.3% |
| Recurring EBITDA (*) 43 48 11.6% |
| % of revenue 6.9% 8.0% |
| Recurring EBIT (*) 28 34 21.4% |
| % of revenue 4.5% 5.6% |
| Result from operating activities 24 30 25.0% |
| Result for the period 3 10 233.3% |
| Net cash from (used in) operating activities 53 39 |
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(*) before restructuring and non-recurring items

The Agfa-Gevaert Group's revenue decreased by 3.1% to 603 million Euro. The
strong performance of the growth engines partly counterbalanced the effects
of the ongoing adverse geopolitical and economic conditions and the remaining
effects of the measures taken in the fourth quarter of 2015 to align the
inventory policy for Agfa HealthCare's hardcopy film business with the
economic situation in the emerging markets.

Due to targeted efficiency measures, the Group was able to improve its gross
profit margin to 32.3% of revenue.

As a percentage of revenue, Selling and General Administration expenses
amounted to 21.1%.

R&D expenses amounted to 35 million Euro, or 5.8 percent of revenue.

Recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the
unallocated portion) improved by more than one percentage point to 8.0% of
revenue, versus 6.9% in the first quarter of 2015. Recurring EBIT improved
from 4.5% of revenue to 5.6%.

The expense related to the restructuring and non-recurring items remained
stable at 4 million Euro.

The net finance costs decreased from 17 million Euro in the first quarter of
2015 to 8 million Euro, as a result of lower bank interest expenses and
positive exchange rate effects.

Income tax expenses amounted to 12 million Euro, versus 4 million Euro in the
previous year.

As a result of the elements mentioned above, the Agfa-Gevaert Group posted a
strong net profit of 10 million Euro.

Financial position and cash flow

* At the end of the first quarter of 2016, total assets were 2,394 million
Euro, compared to 2,402 million Euro at the end of 2015.
* Inventories amounted to 528 million Euro (106 days), versus 577 million
Euro (115 days) in the first quarter of 2015. Trade receivables (minus
deferred revenue and advanced payments from customers) amounted to 349
million Euro (52 days), versus 384 million Euro (55 days) in the first
quarter of 2015, and trade payables were 242 million Euro (49 days), versus
257 million Euro (51 days).
* Net financial debt amounted to 40 million Euro, versus 58 million Euro at
the end of 2015.
* Net cash from operating activities amounted to 39 million Euro.

Financial Statements
http://hugin.info/133908/R/2010681/744232.pdf
Cllick here to read full press release in pdf format
http://hugin.info/133908/R/2010681/744233.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#2010681

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