Scienza e Tecnologia
The Agfa-Gevaert Group in Q1 2023 - regulated information
Regulated information – May 9 , 20 2 3 - 7:45 a.m. CET
The Agfa-Gevaert Group in Q1 202 3 :
Mortsel (Belgium), May 9 , 20 2 3 – Agfa-Gevaert today commented on its results in the first quarter of 202 3 .
Reporting post Offset Solutions
The recent sale of the Offset Solutions division (now rebranded to ECO3) influences the way the Agfa-Gevaert Group reports its results. The Q1 numbers from sales to EBITDA present the Agfa-Gevaert Group with Offset Solutions excluded (Asset held for Sale), 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 Offset Solutions. As of Q2, this will represent the agreements with 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 represented in the different SG&A lines.
Q1 '23 reflects the financials as if the agreements are already in place. The comparative period Q1 '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 Q1'22 stranded costs are reported under CONOPS. In Q1 '23 these are absorbed by the 3 business divisions.
(*) before restructuring and non-recurring items
“Early April, we took an important step in our transformation journey with the divestment of our Offset Solutions division. This transaction will allow us to focus on our growing market segments, which is crucial for our future success. Businesswise, we are very satisfied with the Q1 performance of the growth engines in our Digital Print & Chemicals division. The huge potential of our Zirfon membranes for green hydrogen production is starting to materialize, as this business' Q1 revenue already exceeded that of the full year 2022. However, as it is still in an industrial ramp-up and development phase, the Zirfon business is not yet contributing to the results. In the Radiology Solutions division, we saw further top line and profitability improvements for Direct Radiography. HealthCare IT saw a 25% increase in order intake. However, this division's profit growth is influenced by a delay in order book implementation, as the increased portion of managed services implies revenue recognition over a longer period of time,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.
Agfa-Gevaert Group
(*) before restructuring and non-recurring items
First quarter
Financial position and cash flow
Outloo k
Overall, the Agfa-Gevaert Group expects a recovery in profitability in the full year 2023 versus 2022.
2023 outlook per division:
HealthCare IT
(*) before restructuring and non-recurring items
First quarter
Radiology Solutions
(*) before restructuring and non-recurring items
First quarter
Digital Print & Chemicals
(*) before restructuring and non-recurring items
First quarter
Contract or O perations and S ervices – former Offset
(*) before restructuring and non-recurring items
divisions.
End of message
Management Certification of Financial Statements and Quarterly Report
This 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 risk
This 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 Dictus
Director Corporate Communication
Septestraat 27
2640 Mortsel - Belgium
T +32 (0) 3 444 71 24
E 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.
(1) Compliant with IFRS 5.33, the Company has disclosed in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit of discontinued operations and the post-tax loss on the disposal of the net assets constituting the discontinued operation. The Group has sold on April 3, 2023 its Offset Solutions business.
Consolidated Statements of Comprehensive Income for the quarter ending
March 20 2 2 /
March 202 3 (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
(1) Compliant with IFRS 5.33, the Company has disclosed in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit of discontinued operations and the post-tax loss on the disposal of the net assets constituting the discontinued operation. The Group has sold on April 3, 2023 its Offset Solutions business.
Consolidated Statement of Financial Position (in million Euro)
Unaudited, Consolidated figures following IFRS accounting policies.
Consolidated Statement of Cash Flows (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
Consolidated Statement of changes in Equity (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
Attachments
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