Elettronica
Agfa-Gevaert publishes its first quarter 2016 results - Regulated information - May 10, 2016 - 7:45 a.m. CET
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
(*) 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.
Copyright GlobeNewswire
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