Agfa-Gevaert Group Q3 Results 2022 - Regulated information –
November 9, 2022 - 7:45 a.m. CET
The Agfa-Gevaert Group in
Q3 2022:
- Adjusted EBITDA increase of 8% with contrasted
performances between the divisions
- HealthCare IT:
organic sales
growth, strong
increase in order intake, solid
profitability
- Digital Print & Chemicals:
contrasted top line
performance between the various activities
– demand weakness and cost inflation impact
– strong sales for Digital Print
and Zirfon membranes
- Radiology Solutions:
medical film business impacted by
lockdowns in China and margin
pressure
- Offset Solutions:
successful pricing actions
compensate for demand
weakness
- The Group is preparing additional measures to
address challenges in Digital Print &
Chemicals and Radiology Solutions
and to outline
the post-offset structure
Mortsel (Belgium), November
9,
2022
– Agfa-Gevaert today
commented on its results in
the third quarter
of
2022. “In these
times of exceptional economic and geopolitical instability, we saw
strong contrasts between the third quarter performances of our
various activities. The HealthCare IT and Offset Solutions
divisions performed well, with strong improvements in
profitability. The Radiology Solutions and Digital Print &
Chemicals divisions continued to struggle with the lockdowns in
China, supply chain issues and cost inflation. Several activities
also felt the impact of the weakening economic environment, mainly
in Europe and China. On top of the current transformation actions
regarding our internal IT and financial services, the economic
reality requires further measures to adapt the cost structure of
the Group. Our confidence in the strategy we have outlined for our
Digital Print & Chemicals division is strengthened by the
recognition of the superiority of our systems by the market and by
industry experts, exemplified by the Pinnacle Product awards and
the essenscia Innovation award we recently won. HealthCare IT’s
organic growth in sales and order intake validates our growth
ambitions.In August, we signed a share purchase agreement with
AURELIUS Group for the sale of our Offset Solutions division. We
are on track to complete the transaction in the course of the first
quarter of 2023. In the third quarter, we also reached an important
milestone in our pension de-risking efforts, as the full pension
plan in the UK has now been de-risked, without additional cash
contributions,” said Pascal Juéry, President and CEO of the
Agfa-Gevaert Group.
Agfa-Gevaert Group –
Q3 2022
|
in million Euro |
Q3
2022 |
Q3
2021 |
% change(excl. FX
effects) |
| Revenue |
474 |
439 |
7.8% (1.4%) |
| Gross profit
(*) |
135 |
118 |
14.3% |
|
% of revenue |
28.4% |
26.8% |
|
| Adjusted EBITDA
(*) |
23 |
21 |
8.0% |
|
% of revenue |
4.9% |
4.9% |
|
| Adjusted EBIT
(*) |
7 |
6 |
8.4% |
|
% of revenue |
1.4% |
1.4% |
|
(*) before
restructuring and non-recurring items
Excluding currency effects, the Group’s top line increased by
1.4%. The HealthCare IT division benefited from the revenue
recognition from certain large-scale contracts and the Digital
Print business posted double-digit growth. Radiology Solutions’
medical film was heavily impacted by the lockdowns in China. Offset
Solutions’ topline remained stable.
The price increase actions to tackle cost inflation continued to
bear fruit for Offset Solutions, but are to be reinforced across
the Group. Due to these pricing actions and favorable sales mix
effects in HealthCare IT, the gross profit margin improved to 28.4%
of revenue.
Selling and General Administration expenses increased by 12.6%
versus the third quarter of 2021, mainly due to increased business
activity impacting the selling expenses, as well as broader cost
inflation and currency effects.
R&D expenses increased by 11.8% to 25 million Euro, but
remained almost stable as a percentage of sales.
Driven by the HealthCare IT and Offset Solutions divisions,
adjusted EBITDA increased from 21 million Euro (4.9% of revenue) in
the third quarter of 2021 to 23 million Euro (4.9% of revenue), in
spite of inflationary pressure and supply chain issues. Adjusted
EBIT reached 7 million Euro, versus 6 million Euro in the third
quarter of 2021.
Restructuring and non-recurring items resulted in an expense of
13 million Euro, versus an expense of 7 million Euro in the third
quarter of 2021. This increase reflects investments in various
transformation projects, including the organization of the Offset
Solutions activities into a stand-alone legal entity structure and
the re-organization of the Group’s operating model.
The net finance costs amounted to minus 5 million Euro.
Income tax expenses amounted to minus 5 million Euro versus 1
million Euro in the third quarter of 2021.
As a result of the elements mentioned above, the Agfa-Gevaert
Group posted a net loss of 17 million Euro.
Financial position and cash
flow
- Net financial debt (including IFRS 16) evolved from a net cash
position of 120 million Euro at the end of Q2 2022 to a net cash
position of 98 million Euro.
- Impacted by the demand slowdown, trade working capital remained
stable at 31% of turnover versus Q2 2022. In absolute numbers,
trade working capital evolved from 563 million Euro at the end of
Q2 2022 to 571 million Euro.
- The Group generated a free cash flow of minus 11 million
Euro.
- After a first pension buy-in transaction for the UK pension
plan in 2021, an additional buy-in transaction has taken place
which leads to a full de-risking of the UK pension plan, without
additional cash contributions. This additional transaction will be
reflected in the remeasurements at year-end.
OutlookThe Agfa-Gevaert Group
expects a continuing impact of cost inflation, supply chain issues,
COVID lockdowns in China and the uncertain geopolitical and
economic situation in the coming quarters. While the raw material
cost inflation started to ease, salary cost inflation is expected
to remain a concern in the near future.
Overall, the Agfa-Gevaert Group continues to focus on working
capital improvements and cost management. The Group expects working
capital to go down in the fourth quarter, driven by lower
inventories. The ongoing transformation actions are well on track
and are expected to bring more agility and to further simplify the
operations of the Group. On top of these actions, the economic
reality requires additional measures to adapt the Group’s cost
structure.
The HealthCare IT division expects to deliver strong results in
the next quarter. The Radiology Solutions division is expected to
show quarter-on-quarter improvement.
HealthCare IT
– Q3
2022
|
in million Euro |
Q3
2022 |
Q3
2021 |
% change(excl. FX
effects) |
| Revenue |
62 |
49 |
25.7% (14.3%) |
| Adjusted EBITDA
(*) |
5.9 |
4.6 |
28.8% |
|
% of revenue |
9.5% |
9.3% |
|
| Adjusted EBIT
(*) |
4.0 |
2.5 |
63.4% |
|
% of revenue |
6.5% |
5.0% |
|
(*) before
restructuring and non-recurring items
The HealthCare IT division’s top line increased strongly to 62
million Euro, driven by the revenue recognition from a number of
important contracts, mainly in North America, where as an example,
a large luminary health system not only renewed, but expanded the
scope of their commitment with Agfa HealthCare for the next five
years. Business was still influenced by supply chain issues for
hardware components. Fluctuations between quarters are normal, as a
significant portion of revenues and margins are realized when
projects reach key milestones.
Driven by favorable mix effects (more own IP and services), the
division’s gross profit margin improved to 44.9% of revenue.
Although the division stepped up its investments in R&D and
commercial resources to grow the business, adjusted EBITDA improved
to 5.9 million Euro (9.5% of revenue). Adjusted EBIT increased to
4.0 million Euro (6.5% of revenue).
HealthCare IT’s order book remains at a very healthy level. The
division recorded a 16% growth in the 12 months rolling order
intake versus the year before. The division continues to attract
new customers and expand the scope of its solutions at existing
customer sites. The new Leadership team in North America is now
fully in place. In this region, Agfa HealthCare landed several
important wins with its Enterprise Imaging solution across several
large consolidated health systems.
In the Kingdom of Saudi Arabia, long-term Agfa HealthCare
customer King Abdullah Medical City in Makkah (Mecca), upgraded its
former Agfa HealthCare image management system to Enterprise
Imaging. In Chile, Agfa HealthCare started the go live of the
upgrade project to Enterprise Imaging at UC CHRISTUS Health
Network, one of the most important private health care networks in
the country.
Recently, the KLAS Research 2022 Europe PACS report named Agfa
HealthCare among top performers in terms of customer satisfaction.
In the report Agfa HealthCare is confirmed to have one of the most
expansive footprints, with strong customer bases.
For the HealthCare IT division, 2022 is a year of consolidation,
as the focus is turning towards profitable growth. As shown by the
positive development of the order intake, the division’s strategy
to target customer segments and geographies for which its
Enterprise Imaging solution is best fit and to prioritize higher
value revenue streams is working. This strategy will ultimately
allow the division to reach the targeted growth of EBITDA: starting
from a mid-single-digit percentage in 2019 to percentages in the
high-teens over the next years.
Radiology Solutions –
Q3
2022
|
in million Euro |
Q3
2022 |
Q3
2021 |
% change(excl. FX
effects) |
| Revenue |
117 |
116 |
1.5% (-5.4%) |
| Adjusted EBITDA
(*) |
9.1 |
15.0 |
-39.0% |
|
% of revenue |
7.8% |
13.0% |
|
| Adjusted EBIT
(*) |
2.8 |
9.2 |
-69.3% |
|
% of revenue |
2.4% |
8.0% |
|
(*) before
restructuring and non-recurring items
The Radiology Solutions division’s top line increased by 1.5%
compared to the third quarter of 2021.
Following a number of slower quarters, the Direct Radiography
business recorded a double-digit revenue growth in the third
quarter of 2022. In this business, however, the post-COVID market
context continues to be volatile as healthcare providers continue
to face operational challenges affecting short term spend
decisions, while having to review investment priorities for the
short and medium term. The order book for this business remains
strong, with continuously longer conversion lead times affected by
the supply chain environments. Agfa is taking actions (costs
control actions, price increases, net working capital actions) to
increase its agility and better adapt to these market conditions.
In the third quarter, Barnsley Hospital NHS Foundation Trust
selected Agfa’s high-performing DR 600 direct radiography room for
its unique new diagnostic center in a retail development in
Barnsley, UK. Also in the UK, three Agfa DR 600 rooms have been
installed at the 700-bed Hull Royal Infirmary, which is operated by
the Hull University Teaching Hospitals NHS Trust.
Mainly in China, COVID lockdowns continued to weigh heavily on
the medical film business. Furthermore, the current geopolitical
situation and slower than normal volumes in some export markets
also had an impact. These volume effects were not fully offset by
the price increases for all types of medical film to tackle cost
inflation.
The market driven top line decline for the Computed Radiography
business was further amplified by the current geopolitical
situation and component shortages. Agfa continues to manage the CR
business to maintain healthy profit margins.
The division’s profitability continued to be affected by volume
decreases, mix effects and cost inflation. The gross profit margin
of the division decreased from 33.8% of revenue to 30.5%. The
division’s adjusted EBITDA margin amounted to 7.8% of revenue,
versus 13.0% in the third quarter of 2021. In absolute figures,
adjusted EBITDA reached 9.1 million Euro (15.0 million Euro in
third quarter of 2021). Adjusted EBIT amounted to 2.8 million Euro
(2.4% of revenue), versus 9.2 million Euro (8.0% of revenue) in the
previous year.
Digital Print & Chemicals –
Q3
2022
|
in million Euro |
Q3
2022 |
Q3
2021 |
% change(excl. FX
effects) |
| Revenue |
96 |
82 |
16.4% (12.4%) |
| Adjusted EBITDA
(*) |
0.0 |
3.8 |
|
|
% of revenue |
0.0% |
4.7% |
|
| Adjusted EBIT
(*) |
(3.6) |
0.9 |
|
|
% of revenue |
-3.7% |
1.1% |
|
(*) before
restructuring and non-recurring items
Although supply chain issues continued to cause disruptions, the
Digital Print & Chemicals division’s top line grew
substantially versus the third quarter of 2021, mainly driven by
the sign & display business. Some business areas, especially in
electronics and industrial inkjet applications, were impacted by
the weaker economic environment, mainly in Europe and Asia. Demand
remains solid for the products supporting the green energy
transition (Zirfon membranes and Orgacon for hybrid cars), as well
as for the industrial film products.
In spite of strong cost inflation, COVID lockdowns in China and
logistic challenges, the division’s gross profit margin slightly
improved. Due to overall SG&A cost inflation, as well as
increased marketing & sales activities and lower R&D
subsidies, the adjusted EBITDA margin evolved from 4.7% of revenue
(3.8 million Euro in absolute figures) in the third quarter of 2021
to 0.0% (0.0 million Euro in absolute figures). Adjusted EBIT
amounted to minus 3.6 million Euro in the third quarter of 2022
versus 0.9 million Euro in the previous year.
In the field of digital print, the top line of the sign &
display business grew strongly. The ink product ranges for sign
& display applications continued to perform well. In spite of
industry-wide logistic challenges for the high-end equipment, the
top line of the wide-format printing equipment business continued
its upward trend. In the field of industrial inkjet, the décor
printing business was impacted by the weakening economic
environment, as customers are postponing investments in their
digitization process. The development of the Speedset single-pass
packaging printer of the recently acquired Inca Digital Printers is
proceeding as planned. The machine is generating strong interest
among potential customers. In the third quarter, contracts were
signed for the delivery of the first Agfa-branded Onset wide-format
machines.
In the third quarter, no less than five of Agfa’s inkjet
printing solutions have been honored with a Pinnacle Product Award
from PRINTING United Alliance. The Pinnacle Product Awards
recognize products that improve or advance the printing industry
with exceptional contributions in quality, capability, and
productivity. The awards confirm Agfa’s technological leadership in
the field of large-format digital inkjet printing. PRINTING United
Alliance is the most comprehensive member-based printing and
graphic arts association in the United States.
The specialty chemicals range of the division is well-positioned
for future growth with products and solutions that target specific
promising markets. Agfa’s Orgacon conductive materials, for
instance, are used in hybrid and electric car technology. Due to
supply chain issues in the car industry, this part of the Orgacon
business is growing slower than expected. Furthermore, Orgacon
sales were influenced by the lower demand for certain electronic
devices, especially display screens.
Sales figures for the Zirfon membranes for advanced alkaline
electrolysis are growing according to plan. In recent quarters, the
number of active customers for Zirfon has increased to over 50.
Agfa started engineering studies for a new industrial unit for the
Zirfon membranes at its Mortsel site in Belgium (investment
decision to be made in Q1 2023). This will allow the Group to be
ready for the expected further increase in customer demand. In
October, Agfa received the prestigious essenscia Innovation Award
2022 for its Zirfon UTP 220 membrane technology. Essenscia is the
Belgian sector federation of the chemical industry and life
sciences.
Agfa’s range of products for the production of printed circuit
boards was hit by cost inflation and by the COVID-related lockdowns
in China.
Agfa’s specialty film and foil products benefited from the
post-COVID pick-up in sectors including aviation, the oil and gas
industry and the printing industry. The Synaps range of synthetic
papers started to see the impact of the weak economic
conditions.
Offset Solutions –
Q3
2022
|
in million Euro |
Q3
2022 |
Q3
2021 |
% change(excl. FX
effects) |
| Revenue |
199 |
192 |
3.3% (-2.6%) |
| Adjusted EBITDA
(*) |
12.7 |
2.5 |
401.6% |
|
% of revenue |
6.4% |
1.3% |
|
| Adjusted EBIT
(*) |
8.2 |
(1.6) |
|
|
% of revenue |
4.1% |
-0.9% |
|
(*) before
restructuring and non-recurring items
Including positive currency effects, the Offset Solutions
division’s top line increased by 3.3% compared to the third quarter
of 2021. The division successfully implemented price increases to
tackle the overall cost inflation, among others for raw materials,
packaging and freight. Furthermore, the division is increasing its
focus on high-value regions.
Although affected by cost inflation, the Offset Solutions
division’s gross profit margin improved from 19.3% of revenue in
the third quarter of 2021 to 23.4% due to the implemented price
adjustments. Adjusted EBITDA improved strongly to 12.7 million Euro
(6.4% of revenue) versus 2.5 million Euro (1.3% of revenue) in the
third quarter of 2021. Adjusted EBIT amounted to 8.2 million Euro
(4.1% of revenue), compared to minus 1.6 million Euro in the third
quarter of 2021.
In August, the Agfa-Gevaert Group has signed a share purchase
agreement with AURELIUS Group for the sale of its Offset Solutions
division. The proposed transaction is subject to customary
employees’ information and consultation processes, regulatory
approvals and closing conditions. Both parties aim to complete the
transaction in the course of the first quarter of 2023.
Results after nine
monthsAgfa-Gevaert Group – year to
date
|
in million Euro |
9M 2022 |
9M 2021 |
% change(excl. FX
effects |
| Revenue |
1,367 |
1,276 |
7.1% (2.0%) |
| Gross profit
(*) |
394 |
370 |
6.7% |
|
% of revenue |
28.9% |
29.0% |
|
| Adjusted EBITDA
(*) |
74 |
77 |
-4.3% |
|
% of revenue |
5.4% |
6.0% |
|
| Adjusted EBIT
(*) |
27 |
31 |
-12.4% |
|
% of revenue |
2.0% |
2.4% |
|
(*) before
restructuring and non-recurring items
HealthCare IT – year to date
|
in million Euro |
9M 2022 |
9M 2021 |
% change(excl. FX
effects) |
| Revenue |
174 |
160 |
8.7% (1.1%) |
| Adjusted EBITDA
(*) |
15.8 |
19.0 |
-16.6% |
|
% of revenue |
9.1% |
11.9% |
|
| Adjusted EBIT
(*) |
10.2 |
12.3 |
-17.3% |
|
% of revenue |
5.9% |
7.7% |
|
(*) before
restructuring and non-recurring items
Radiology Solutions – year to date
|
in million Euro |
9M 2022 |
9M 2021 |
% change(excl. FX
effects) |
| Revenue |
333 |
335 |
-0.8% (-6.3%) |
| Adjusted EBITDA
(*) |
28.3 |
43.2 |
-34.5% |
|
% of revenue |
8.5% |
12.9% |
|
| Adjusted EBIT
(*) |
9.8 |
26.0 |
-62.5% |
|
% of revenue |
2.9% |
7.8% |
|
(*) before
restructuring and non-recurring items
Digital Print & Chemicals – year to
date
|
in million Euro |
9M 2022 |
9M 2021 |
% change(excl. FX
effects) |
| Revenue |
274 |
236 |
15.7% (12.8%) |
| Adjusted EBITDA
(*) |
8.3 |
15.9 |
-47.8% |
|
% of revenue |
3.0% |
6.7% |
|
| Adjusted EBIT
(*) |
(0.8) |
7.1 |
-111.9% |
|
% of revenue |
-0.3% |
3.0% |
|
(*) before
restructuring and non-recurring items
Offset Solutions – year to date
|
in million Euro |
9M
2022 |
9M
2021 |
% change(excl. FX
effects) |
| Revenue |
587 |
544 |
7.8% (2.8%) |
| Adjusted EBITDA
(*) |
34.8 |
12.2 |
186.2% |
|
% of revenue |
5.9% |
2.2% |
|
| Adjusted EBIT
(*) |
21.4 |
(1.5) |
|
|
% of revenue |
3.6% |
-0.3% |
|
(*) before
restructuring and non-recurring items
End of message
Management Certification of Financial Statements and
Quarterly ReportThis statement is made in order to comply
with new European transparency regulation enforced by the Belgian
Royal Decree of November 14, 2007 and in effect as of 2008."The
Board of Directors and the Executive Committee of Agfa-Gevaert NV,
represented by Mr. Frank Aranzana, Chairman of the Board of
Directors, Mr. Pascal Juéry, President and CEO, and Mr. Dirk De
Man, CFO, jointly certify that, to the best of their knowledge, the
consolidated financial statements included in the report and based
on the relevant accounting standards, fairly present in all
material respects the financial condition and results of
Agfa-Gevaert NV, including its consolidated subsidiaries. Based on
our knowledge, the report includes all information that is required
to be included in such document and does not omit to state all
necessary material facts.”Statement of riskThis
statement is made in order to comply with new European transparency
regulation enforced by the Belgian Royal Decree of November 14,
2007 and in effect as of 2008."As with any company, Agfa is
continually confronted with – but not exclusively – a number of
market and competition risks or more specific risks related to the
cost of raw materials, product liability, environmental matters,
proprietary technology or litigation." Key risk management data is
provided in the annual report available on www.agfa.com.
Contact:Viviane DictusDirector
Corporate CommunicationSeptestraat 272640 Mortsel - BelgiumT +32
(0) 3 444 71 24E viviane.dictus@agfa.com
Johan JacobsCorporate Press
Relations ManagerT +32 (0) 3 444 80 15 E johan.jacobs@agfa.com
The full press release and financial information is also
available on the company's website:
www.agfa.com.Consolidated
Statement of Profit or Loss
(in million Euro)
Unaudited, consolidated figures following IFRS
accounting policies.
|
|
Q3 2022 |
Q3 2021 |
9M 2022 |
9M 2021 |
|
Revenue |
474 |
439 |
1,367 |
1,276 |
|
Cost of sales |
(339) |
(322) |
(972) |
(906) |
|
Gross profit |
135 |
118 |
395 |
370 |
|
Selling expenses |
(62) |
(56) |
(184) |
(169) |
|
Administrative expenses |
(47) |
(37) |
(132) |
(116) |
|
R&D expenses |
(25) |
(22) |
(73) |
(71) |
|
Net impairment loss on trade and other receivables, including
contract assets |
(1) |
(1) |
(1) |
(1) |
|
Other & sundry operating income |
7 |
5 |
20 |
31 |
|
Other & sundry operating expenses |
(12) |
(7) |
(35) |
(18) |
|
Results from operating activities |
(7) |
(1) |
(10) |
26 |
|
Interest income (expense) - net |
- |
- |
- |
(1) |
|
Interest income |
1 |
- |
2 |
1 |
|
Interest expense |
(1) |
(1) |
(2) |
(3) |
|
Other finance income (expense) - net |
(6) |
(3) |
(14) |
(6) |
|
Other finance income |
- |
- |
6 |
6 |
|
Other finance expense |
(6) |
(3) |
(20) |
(12) |
|
Net finance costs |
(5) |
(4) |
(15) |
(7) |
|
Share of profit of associates, net of tax |
- |
- |
- |
- |
|
Profit (loss) before income taxes |
(12) |
(4) |
(24) |
18 |
|
Income tax expenses |
(5) |
(1) |
(12) |
(15) |
|
Profit (loss) for the period |
(17) |
(5) |
(37) |
4 |
|
Profit (loss) attributable to: |
|
|
|
|
|
Owners of the Company |
(18) |
(5) |
(39) |
5 |
|
Non-controlling interests |
1 |
- |
2 |
(1) |
|
|
|
|
|
|
|
Results from operating activities |
(7) |
(1) |
(10) |
26 |
|
Restructuring and non-recurring items |
(13) |
(7) |
(37) |
(5) |
|
Adjusted EBIT |
7 |
6 |
27 |
31 |
|
|
|
|
|
|
|
Earnings per Share Group (Euro) |
(0.12) |
(0.03) |
(0.25) |
0.03 |
Consolidated Statements of Comprehensive Income for
the period ending
September 2021
/ September
2022 (in million
Euro) Unaudited, consolidated figures
following IFRS accounting policies.
|
|
9M 2022 |
9M 2021 |
|
Profit / (loss) for the period |
(37) |
4 |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
50 |
20 |
|
Exchange differences on translation of foreign operations |
50 |
20 |
|
Cash flow hedges: |
(4) |
(5) |
|
Effective portion of changes in fair value of cash flow hedges |
(7) |
4 |
|
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
3 |
(2) |
|
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
(8) |
|
Income taxes |
- |
1 |
|
Items that will not be reclassified subsequently to profit
or loss: |
114 |
78 |
|
Equity investments at fair value through OCI – change in fair
value |
(3) |
2 |
|
Remeasurements of the net defined benefit liability |
129 |
82 |
|
Income tax on remeasurements of the net defined benefit
liability |
(13) |
(6) |
|
Total Other Comprehensive
Income for the period, net of tax |
160 |
92 |
|
|
|
|
|
Total Comprehensive
Income for the period,
net of tax |
123 |
96 |
|
Attributable to |
|
|
|
Owners of the Company |
118 |
94 |
|
Non-controlling interests |
5 |
2 |
Consolidated Statements of Comprehensive Income for
the quarter ending
September
2021
/ September
2022 (in million
Euro) Unaudited, consolidated figures
following IFRS accounting policies.
|
|
Q3
2022 |
Q3
2021 |
|
Profit / (loss) for the period |
(17) |
(5) |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
18 |
5 |
|
Exchange differences on translation of foreign operations |
18 |
5 |
|
Cash flow hedges: |
(2) |
(2) |
|
Effective portion of changes in fair value of cash flow hedges |
(3) |
1 |
|
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
1 |
- |
|
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
(4) |
|
Income taxes |
- |
1 |
|
Items that will not be reclassified subsequently to profit
or loss: |
(3) |
(3) |
|
Equity investments at fair value through OCI – change in fair
value |
(1) |
- |
|
Remeasurements of the net defined benefit liability |
- |
- |
|
Income tax on remeasurements of the net defined benefit
liability |
(2) |
(3) |
|
Total Other Comprehensive
Income for the period, net of tax |
13 |
(1) |
|
|
|
|
|
Total Comprehensive
Income for the period,
net of tax |
(4) |
(6) |
|
Attributable to |
|
|
|
Owners of the Company |
(6) |
(7) |
|
Non-controlling interests |
2 |
1 |
Consolidated Statement of Financial
Position (in million Euro)
Unaudited, consolidated figures following IFRS
accounting policies.
| |
30/09/2022 |
31/12/2021 |
|
Non-current assets |
824 |
756 |
| Goodwill |
309 |
280 |
| Intangible
assets |
36 |
13 |
| Property, plant
and equipment |
131 |
129 |
| Right-of-use
assets |
71 |
68 |
| Investments in
associates |
1 |
1 |
| Other financial
assets |
4 |
8 |
| Assets related to
post-employment benefits |
54 |
40 |
| Trade
receivables |
9 |
12 |
| Receivables under
finance leases |
78 |
70 |
| Other assets |
9 |
11 |
| Deferred tax
assets |
121 |
124 |
| Current
assets |
1,279 |
1,339 |
| Inventories |
561 |
418 |
| Trade
receivables |
311 |
307 |
| Contract
assets |
93 |
76 |
| Current income
tax assets |
58 |
63 |
| Other tax
receivables |
28 |
19 |
| Other financial
assets |
1 |
2 |
| Receivables under
finance lease |
15 |
30 |
| Other
receivables |
7 |
4 |
| Other assets |
17 |
18 |
| Derivative
financial instruments |
9 |
1 |
| Cash and cash
equivalents |
178 |
398 |
| Non-current
assets held for sale |
2 |
3 |
|
TOTAL ASSETS |
2,103 |
2,095 |
|
|
30/09/2022 |
31/12/2021 |
| Total
equity |
782 |
685 |
| Equity
attributable to owners of the company |
729 |
632 |
| Share
capital |
187 |
187 |
| Share
premium |
210 |
210 |
| Retained
earnings |
1,224 |
1,284 |
| Reserves |
(7) |
(1) |
| Translation
reserve |
31 |
(15) |
| Post-employment
benefits: remeasurements of the net defined benefit liability |
(917) |
(1,033) |
| Non-controlling
interests |
53 |
54 |
|
Non-current liabilities |
682 |
812 |
| Liabilities for
post-employment and long-term termination benefit plans |
600 |
735 |
| Other employee
benefits |
11 |
11 |
| Loans and
borrowings |
50 |
46 |
| Provisions |
12 |
12 |
| Deferred tax
liabilities |
8 |
6 |
| Contract
liabilities |
- |
1 |
| Other non-current
liabilities |
- |
- |
| Current
liabilities |
639 |
597 |
| Loans and
borrowings |
29 |
27 |
| Provisions |
32 |
42 |
| Trade
payables |
274 |
252 |
| Contract
liabilities |
130 |
111 |
| Current income
tax liabilities |
30 |
28 |
| Other tax
liabilities |
16 |
28 |
| Other
payables |
7 |
9 |
| Employee
benefits |
99 |
99 |
| Other current
liabilities |
1 |
- |
| Derivative
financial instruments |
22 |
2 |
| TOTAL
EQUITY AND LIABILITIES |
2,103 |
2,095 |
Consolidated Statement of Cash Flows (in million
Euro) Unaudited, consolidated figures following IFRS
accounting policies.
|
|
9M 2022 |
9M 2021 |
Q3 2022 |
Q3 2021 |
|
Profit (loss) for the period |
(37) |
4 |
(17) |
(5) |
|
Income taxes |
12 |
15 |
5 |
1 |
|
Share of (profit)/loss of associates, net of tax |
- |
- |
- |
- |
|
Net finance costs |
15 |
7 |
5 |
4 |
|
Operating result |
(10) |
26 |
(7) |
(1) |
|
|
|
|
|
|
|
Depreciation & amortization |
26 |
26 |
9 |
9 |
|
Depreciation & amortization on right-of-use assets |
21 |
21 |
7 |
6 |
|
Impairment losses on goodwill, intangibles and PP&E |
- |
- |
- |
- |
|
Impairment losses on right-of-use assets |
- |
- |
- |
- |
|
|
|
|
|
|
|
Exchange results and changes in fair value of derivates |
13 |
4 |
5 |
2 |
|
Recycling of hedge reserve |
3 |
(2) |
1 |
- |
|
Government grants and subsidies |
(3) |
(8) |
(1) |
(3) |
|
(Gains)/losses on the sale of intangible assets and PP&E and
remeasurement of leases |
- |
(7) |
- |
- |
|
Result on the disposal of discontinued operations |
- |
- |
- |
- |
|
Expenses for defined benefit plans & long-term termination
benefits |
28 |
21 |
6 |
7 |
|
Accrued expenses for personnel commitments |
51 |
54 |
21 |
19 |
|
Write-downs/reversal of write-downs on inventories |
8 |
8 |
1 |
2 |
|
Impairments/reversal of impairments on receivables |
1 |
1 |
1 |
1 |
|
Additions/reversals of provisions |
5 |
(4) |
1 |
1 |
|
|
|
|
|
|
|
Operating cash flow before changes in working
capital |
142 |
138 |
45 |
43 |
|
|
|
|
|
|
|
Change in inventories |
(121) |
(88) |
(20) |
(24) |
|
Change in trade receivables |
29 |
10 |
15 |
(4) |
|
Change in contract assets |
(8) |
(7) |
5 |
(4) |
|
Change in trade working capital assets |
(101) |
(85) |
- |
(33) |
|
Change in trade payables |
(9) |
45 |
(5) |
12 |
|
Change in contract liabilities |
8 |
12 |
(6) |
(3) |
|
Changes in trade working capital liabilities |
(2) |
56 |
(11) |
9 |
|
Changes in trade working capital |
(103) |
(28) |
(10) |
(23) |
|
|
9M 2022 |
9M 2021 |
Q3 2022 |
Q3 2021 |
|
Cash out for employee benefits |
(112) |
(235) |
(25) |
(29) |
|
Cash out for provisions |
(17) |
(31) |
(5) |
(6) |
|
Changes in lease portfolio |
10 |
8 |
1 |
4 |
|
Changes in other working capital |
(15) |
2 |
(8) |
(1) |
|
Cash settled operating derivatives |
(6) |
8 |
(3) |
3 |
|
|
|
|
|
|
|
Cash generated from operating activities |
(100) |
(137) |
(5) |
(9) |
|
|
|
|
|
|
|
Income taxes paid |
(4) |
(5) |
2 |
(4) |
|
Net cash from / (used in) operating
activities |
(104) |
(142) |
(3) |
(12) |
|
|
|
|
|
|
|
Capital expenditure |
(23) |
(19) |
(10) |
(5) |
|
Proceeds from sale of intangible assets and PP&E |
3 |
11 |
2 |
- |
|
Acquisition of associates and subsidiaries, net of cash
acquired |
(48) |
- |
- |
- |
|
Disposal of discontinued operations, net of cash disposed of |
(4) |
- |
(3) |
- |
|
Repayment of loans granted to 3rd parties |
- |
9 |
- |
8 |
|
Interests received |
4 |
2 |
2 |
1 |
|
Dividends received |
- |
- |
- |
- |
|
|
|
|
|
|
|
Net cash from / (used in) investing
activities |
(68) |
3 |
(9) |
4 |
|
|
|
|
|
|
|
Interests paid |
(3) |
(3) |
(1) |
(1) |
|
Dividends paid to non-controlling interests |
(6) |
- |
(1) |
- |
|
Interests and dividends paid |
(10) |
(3) |
(2) |
(1) |
|
Purchase of treasury shares |
(21) |
(21) |
- |
(12) |
|
Proceeds from borrowings |
3 |
1 |
3 |
1 |
|
Repayment of borrowings |
(2) |
(3) |
(1) |
- |
|
Payment of finance leases |
(23) |
(21) |
(8) |
(6) |
|
Changes in borrowings |
(22) |
(23) |
(5) |
(5) |
|
Proceeds / (payment) of derivatives |
(5) |
2 |
- |
1 |
|
Other financing income / (costs) received/paid |
3 |
1 |
(1) |
- |
|
|
|
|
|
|
|
Net cash from / used in financing
activities |
(55) |
(43) |
(9) |
(18) |
|
|
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
(228) |
(182) |
(22) |
(25) |
|
|
|
|
|
|
|
Cash & cash equivalents at the start of the
period |
398 |
585 |
191 |
427 |
|
Net increase / (decrease) in cash & cash equivalents |
(228) |
(182) |
(22) |
(25) |
|
Effect of exchange rate fluctuations on cash held |
8 |
(2) |
9 |
(1) |
|
Gains/(losses) on marketable securities |
- |
(1) |
- |
- |
|
Cash & cash equivalents at the end of the
period |
178 |
400 |
178 |
400 |
Consolidated Statement of changes in Equity (in million
Euro) Unaudited, consolidated figures following IFRS
accounting policies.
|
in million Euro |
Share capital |
Share premium |
Retained earnings |
Reserve for own shares |
Revaluation reserve |
Hedging reserve |
Remeasurement of the net defined benefit
liability |
Translation reserve |
Total |
NON-CONTROLLING INTERESTS |
TOTAL EQUITY |
|
Balance at January 1,
2021 |
187 |
210 |
1,412 |
(82) |
- |
7 |
(1,122) |
(42) |
570 |
51 |
620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
5 |
- |
- |
- |
- |
- |
5 |
(1) |
4 |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
2 |
(5) |
75 |
17 |
89 |
3 |
92 |
|
Total comprehensive income for the period |
- |
- |
5 |
- |
2 |
(5) |
75 |
17 |
94 |
2 |
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Purchase of own shares |
- |
- |
- |
(21) |
- |
- |
- |
- |
(21) |
- |
(21) |
|
Cancellation of own shares |
- |
- |
(103) |
103 |
- |
- |
- |
- |
- |
- |
- |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
(103) |
82 |
- |
- |
- |
- |
(21) |
- |
(21) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September
30,
2021 |
187 |
210 |
1,315 |
- |
2 |
1 |
(1,047) |
(25) |
643 |
53 |
695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
187 |
210 |
1,284 |
- |
2 |
(2) |
(1,033) |
(15) |
632 |
54 |
685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(39) |
- |
- |
- |
- |
- |
(39) |
2 |
(37) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
(3) |
(4) |
117 |
46 |
157 |
3 |
160 |
|
Total comprehensive income for the period |
- |
- |
(39) |
- |
(3) |
(4) |
117 |
46 |
118 |
5 |
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(5) |
(5) |
|
Purchase of own shares |
- |
- |
- |
(21) |
- |
- |
- |
- |
(21) |
- |
(21) |
|
Cancellation of own shares |
- |
- |
(21) |
21 |
- |
- |
- |
- |
- |
- |
- |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
(21) |
- |
- |
- |
- |
- |
(21) |
(5) |
(26) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September
30,
2022 |
187 |
210 |
1,224 |
- |
(1) |
(6) |
(917) |
31 |
729 |
53 |
782 |
- CO_20221109_Q3_UK final
- CO_20221109_Q3_UK_statements
AGFA Gevaert NV (EU:AGFB)
過去 株価チャート
から 10 2024 まで 11 2024
AGFA Gevaert NV (EU:AGFB)
過去 株価チャート
から 11 2023 まで 11 2024
