Scienza e Tecnologia
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
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 Solutions
The 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.
(*) before restructuring and non-recurring items
Agfa-Gevaert Group
(*) before restructuring and non-recurring items
Third quarter
Financial position and cash flow
Outlook
The 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
(*) before restructuring and non-recurring items
Third quarter
Radiology Solutions
(*) before restructuring and non-recurring items
Third quarter
Digital Print & Chemicals
(*) before restructuring and non-recurring items
Third quarter
Contractor Operations and Services – former Offset
(*) before restructuring and non-recurring items
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 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.
(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.
(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.
Consolidated Statement of Cash Flows (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
(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.
Attachments
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti