Elettronica
Agfa-Gevaert publishes its third quarter 2015 results - Regulated information - November 13, 2015 - 7:45 a.m. CET
"Our third quarter results are in line with our expectations. As stopping top line erosion was one of our major focus points for this year, I am satisfied to report a continuous revenue increase. Pursuing this trend, we should be able to grow our full year revenue to 3 billion Euro in the medium term. Continuing the evolution of the previous quarters, our gross profit margin and recurring EBITDA margin improved versus last year. We reiterate our target of delivering a recurring EBITDA percentage close to 10 percent of revenue in 2015. Furthermore, I am very pleased with our solid net profit, which reflects our operational improvements, as well as the success of our restructuring efforts," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.
(*) before restructuring and non-recurring items
The Agfa-Gevaert Group's revenue grew by 3.9 percent to 661 million Euro. Like in the previous quarters, the top line growth was driven by positive currency effects, as well as by the Group's growth engines (including the Agfa Graphics business group's inkjet business and the Agfa HealthCare business group's Direct Radiography and IT solutions).
As targeted efficiency programs more than counterbalanced the substantial adverse raw material effects (which mainly impacted the Agfa Graphics business group), the Group succeeded in improving its gross profit margin from 30.8 percent in the third quarter of 2014 to 31.6 percent.
As a percentage of revenue, Selling and General Administration expenses remained about stable at 19.1 percent of revenue.
R&D expenses amounted to 36 million Euro, or 5.4 percent of revenue.
Recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) and recurring EBIT improved to 9.1 percent and 7.0 percent of revenue respectively.
The expense related to the restructuring and non-recurring items amounted to 3 million Euro, versus 5 million Euro in the third quarter of 2014.
The net finance costs amounted to 12 million Euro.
Income taxes resulted in an income of 2 million Euro, versus an expense of 5 million Euro in the previous year.
As a result of the elements mentioned above, the Agfa-Gevaert Group posted a strong net profit of 33 million Euro.
Copyright GlobeNewswire
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