· Revenue increased by 6.5 percent - Industrial inkjet and healthcare IT continued to perform well
· Gross profit margin continued to improve year-on-year
· Recurring EBIT increased to 29 million Euro
· Year-on-year improvement of net result
Mortsel (Belgium), November 14, 2012 - Agfa-Gevaert today announced its third quarter results.
Agfa-Gevaert Group - third quarter 2012
| in million Euro | Q3 2011 | Q3 2012 | % change |
| Revenue | 719 | 766 | 6.5% |
| Gross profit (*) | 181 | 209 | 15.5% |
| % of revenue | 25.2% | 27.3% | |
| Recurring EBITDA (*) | 32 | 50 | 56.3% |
| % of revenue | 4.4% | 6.5% | |
| Recurring EBIT (*) | 10 | 29 | 190.0% |
| % of revenue | 1.4% | 3.8% | |
| Result from operating activities | (9) | 27 | |
| Result attributable to owners of the Company | (37) | (7) | |
| Net cash from (used in) operating activities | 2 | 31 |
(*) before restructuring and non-recurring items
Supported by positive currency effects, the Agfa-Gevaert Group's revenue increased by 6.5 percent compared to the third quarter of 2011. The Group's main growth engines - industrial inkjet in Agfa Graphics and IT in Agfa HealthCare - continued to contribute to the growth.
As expected, the gross profit margin continued to improve year-on-year. Driven by further efficiency improvements, the gross profit margin reached 27.3 percent, versus 25.2 percent in the third quarter of 2011.
As a percentage of revenue, Selling and General Administration expenses improved slightly from 18.5 percent to 18.3 percent.
The Group's recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) increased from 32 million Euro to 50 million Euro. Recurring EBIT nearly tripled from 10 million Euro to 29 million Euro.
Restructuring and non-recurring items resulted in an expense of 2 million Euro, versus an expense of 19 million Euro last year.
The net finance costs amounted to 25 million Euro, versus 22 million Euro in 2011.
Income tax expenses remained stable at 6 million Euro.
For the first time this year, the quarter's net result improved versus 2011. In the third quarter, a result attributable to the owners of the Company of minus 7 million Euro was booked, compared to minus 37 million Euro in 2011.
"The third quarter did not bring any major surprise, but I would like to highlight two very positive achievements. Firstly, our main growth engines continue to perform well. Agfa Graphics' industrial inkjet business continues to grow according to plan and Agfa HealthCare's enterprise IT business posted good sales figures. Secondly, our largest business groups both succeeded in further strengthening their position in the growth markets. Together with the continued improvement of our gross margins, these elements are very encouraging for the future," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.
