Agfa-Gevaert publishes its second quarter 2016 results - Regulated information - August 25, 2016 - 7:45 a.m. CET
(Thomson Reuters ONE) -
· Overall good performance of the growth engines
· Recurring EBITDA at 12.1% of revenue in the second quarter and 10.1%
after six months - Step towards reaching the 10% full year 2016 target
· Solid net profit
Mortsel (Belgium), August 25, 2016 - Agfa-Gevaert today announced its second
quarter 2016 results.
"In the second quarter, our efficiency measures continued to contribute to the
improvement of our profitability. Also helped by positive raw material effects,
we brought our gross profit margin to the highest level in more than five years.
Our recurring EBITDA margin improved to 12.1% of revenue in the second quarter
and to 10.1% after six months. This clearly shows that we took a step towards
reaching the 10% target we set for the full year. The very solid net profit is
another point of satisfaction. We now expect the top line decline rate to slow
down in the second half of the year," said Christian Reinaudo, President and CEO
of the Agfa-Gevaert Group.
Agfa-Gevaert Group - second quarter 2016
+-----------------------------------------------------------------------------+
| in million Euro Q2 2015 Q2 2016 % change |
+-----------------------------------------------------------------------------+
| Revenue 691 645 -6.7% |
| |
| Gross profit (*) 229 230 0.4% |
| |
| % of revenue 33.1% 35.7% |
| |
| Recurring EBITDA (*) 72 78 8.3% |
| |
| % of revenue 10.4% 12.1% |
| |
| Recurring EBIT (*) 56 64 14.3% |
| |
| % of revenue 8.1% 9.9% |
| |
| Result from operating activities 48 74 54.2% |
| |
| Result for the period 25 40 60.0% |
| |
| Net cash from (used in) operating activities (1) 8 |
+-----------------------------------------------------------------------------+
(*) before restructuring and non-recurring items
Notwithstanding the good performance of the growth engines, the Agfa-Gevaert
Group's revenue decreased by 6.7% (4.1% excluding currency rates) to 645 million
Euro. The classic film products continued to decline in all business groups. The
lower top line of the Agfa HealthCare business group is largely contributable to
the hardcopy business, where sales were exceptionally high in the second quarter
of 2015.
Due to targeted efficiency measures and positive raw material effects (mainly in
the Agfa Graphics business group), the Group was able to improve its gross
profit margin by 2.6 percentage points to 35.7% of revenue, thus reaching the
highest level since the second quarter of 2010.
As a percentage of revenue, Selling and General Administration expenses amounted
to 20.0%.
R&D expenses amounted to 35 million Euro, or 5.4% of revenue.
Recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the
unallocated portion) improved strongly from 10.4% of revenue in the second
quarter of 2015 to 12.1%. Recurring EBIT improved from 8.1% of revenue to 9.9%.
Restructuring and non-recurring items resulted in an income of 10 million Euro,
versus an expense of 8 million Euro in the second quarter of 2015. This was
mainly due to the sale of the properties of the Korean manufacturing site, which
was closed in 2015.
Mainly due to the decision to mothball the operations in Venezuela, the net
finance costs increased from 14 million Euro in the second quarter of 2015 to
21 million Euro. This decision led to a one-off reclassification from
translation reserve to profit and loss for an amount of 7.5 million Euro. This
reclassification did not have any cash flow or equity impact.
Income tax expenses amounted to 13 million Euro, versus 9 million Euro in the
previous year.
As a result of the elements mentioned above, the Agfa-Gevaert Group posted a
very strong net profit of 40 million Euro, a 60% increase versus the second
quarter of 2015.
Contact:
Viviane Dictus
Director Corporate Communication
Septestraat 27
2640 Mortsel - Belgium
T +32 (0) 3 444 71 24
E viviane.dictus(at)agfa.com
Johan Jacobs
Corporate Press Relations Manager
T +32 (0)3/444 80 15
E johan.jacobs(at)agfa.com
The full press release and financial information is also available on the
company's website: www.agfa.com
To read the full press relaese click here:
http://hugin.info/133908/R/2037017/758923.pdf
Financial statements Q2 2016:
http://hugin.info/133908/R/2037017/758924.pdf
Half year Interim report 2016:
http://hugin.info/133908/R/2037017/758925.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2016 - 07:45 Uhr
Sprache: Deutsch
News-ID 491018
Anzahl Zeichen: 6587
contact information:
Town:
Mortsel
Kategorie:
Business News
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