Agfa-Gevaert publishes its third quarter 2016 results - Regulated information - November 9, 2016 - 7:45 a.m. CET
(Thomson Reuters ONE) -
· Full year 10% recurring EBITDA target well within reach
· Net profit of 25 million Euro
· Net financial debt at a historically low level
· Continued strong top line performance of HealthCare IT
Mortsel (Belgium), November 9, 2016 - Agfa-Gevaert today announced its third
quarter 2016 results.
"Driven by the success of our efficiency measures and by favorable raw material
effects, the positive profitability trend continued in the third quarter. We
expect our full year recurring EBITDA to reach 10% of revenue, which is the main
target we set ourselves for 2016. That allows us to partly shift our focus to
the top line. We are very pleased with the continued strong performance of
HealthCare IT. We will implement various projects aiming at limiting the decline
of our traditional businesses and at boosting the success of our growth engines.
Reversing the organic top line erosion is our top priority," said Christian
Reinaudo, President and CEO of the Agfa-Gevaert Group.
Agfa-Gevaert Group - third quarter 2016
+-----------------------------------------------------------------------------+
| in million Euro Q3 2015 Q3 2016 % change |
+-----------------------------------------------------------------------------+
| Revenue 661 625 -5.4% |
| |
| Gross profit (*) 209 209 |
| |
| % of revenue 31.6% 33.4% |
| |
| Recurring EBITDA (*) 60 63 5.0% |
| |
| % of revenue 9.1% 10.1% |
| |
| Recurring EBIT (*) 46 49 6.5% |
| |
| % of revenue 7.0% 7.8% |
| |
| Result from operating activities 43 43 |
| |
| Result for the period 33 25 |
| |
| Net cash from (used in) operating activities 34 35 |
+-----------------------------------------------------------------------------+
(*) before restructuring and non-recurring items
The Agfa-Gevaert Group's revenue decreased by 5.4% (4.9% excluding currency
effects) to 625 million Euro. For the Agfa HealthCare business group, the
revenue trend improved compared to the previous quarters of the year. The
HealthCare IT growth engines continued to perform strongly. The Agfa Graphics
business group continued to face the strong competitive pressure in the offset
markets and the market softness in certain emerging countries.
Due to targeted efficiency measures and positive raw material effects (mainly in
the Agfa Graphics business group), the gross profit margin improved by almost
two percentage points to 33.4% of revenue.
As a percentage of revenue, Selling and General Administration expenses amounted
to 19.8%.
R&D expenses amounted to 35 million Euro, or 5.6% of revenue.
Recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the
unallocated portion) improved by 1 percentage point from 9.1% of revenue in the
third quarter of 2015 to 10.1%. Recurring EBIT improved from 7.0% of revenue to
7.8%.
Restructuring and non-recurring items resulted in an expense of 6 million Euro,
versus an expense of 3 million Euro in the third quarter of 2015.
The net finance costs decreased from 12 million Euro in the third quarter of
2015 to 11 million Euro.
Income tax expenses amounted to 7 million Euro, versus an income of 2 million
Euro in the previous year.
As a result of the elements mentioned above, the Agfa-Gevaert Group posted a net
profit of 25 million Euro.
Financial position and cash flow
* At the end of the third quarter of 2016, total assets were 2,342 million
Euro, compared to 2,402 million Euro at the end of 2015.
* Inventories amounted to 537 million Euro (114 days), versus 563 million Euro
(111 days) in the third quarter of 2015. Trade receivables (minus deferred
revenue and advanced payments from customers) amounted to 337 million Euro
(49 days), versus 363 million Euro (50 days) in the third quarter of 2015,
and trade payables were 219 million Euro (46 days), versus 238 million Euro
(47 days).
* Net financial debt amounted to 31 million Euro, versus 58 million Euro at
the end of 2015.
* Net cash from operating activities amounted to 35 million Euro.
Financial statements Q3 2016:
http://hugin.info/133908/R/2055294/769744.pdf
To read the full press relaese click here:
http://hugin.info/133908/R/2055294/769586.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: 09.11.2016 - 07:45 Uhr
Sprache: Deutsch
News-ID 505740
Anzahl Zeichen: 6371
contact information:
Town:
Mortsel
Kategorie:
Business News
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