The Agfa-Gevaert Group in Q1 2024: weak start of the year, full year outlook maintained - regulated information
2024年5月14日 - 2:45PM
The Agfa-Gevaert Group in Q1 2024: weak start of the year, full
year outlook maintained - regulated information
Regulated information – May 14, 2024 - 7:45 a.m.
CET The
Agfa-Gevaert Group in Q1 2024: weak start of the year, full year
outlook maintained
- HealthCare IT:
- Soft quarter following a strong Q4 2023
- Quarter-on-quarter improvement expected – stronger second half
versus first half of the year
- Digital Print & Chemicals:
- Green Hydrogen Solutions business continued to grow
substantially – ZIRFON plant project will be financed through
leasing
- Effects of agreement with EFI and the launch of new printing
equipment expected to show in the course of the year
- Film activities: continuous pressure from macro-economic
conditions and currency impact
- Radiology Solutions:
- Reorganization go-to-market processes for medical film in China
and overall destocking impact on Q1 sales volume
- Costs related to one-off quality issues in film production
plant
- Adjusted EBITDA at 2 million euro
- Working capital under control in spite of low
sales
Mortsel (Belgium), May 14, 2024 – Agfa-Gevaert today
commented on its results in the first quarter of 2024. “As
indicated before, the first quarter was very soft. In the field of
Digital Printing Solutions, we went through a transition as we
renewed our mid-range offering at the end of March. The impact of
the product launches and the agreement we signed with EFI is
expected to kick in later on in the year. Following a very strong
fourth quarter of 2023, HealthCare IT experienced a seasonal slow
start to the year, while order intake shows positive momentum. The
Radiology Solutions division’s quarter was abnormally weak, as we
started to reorganize our go-to-market processes in China in line
with the new reality in that market. One-off quality issues for
medical film in our Mortsel plant also had an impact on our costs.
We are taking action to reorganize our medical film production
process. Our activities in the field of Green Hydrogen Solutions
are developing according to plan, as we again booked significant
sales growth in the first quarter. I am also happy to announce
that, on top of the EU funding, we recently obtained lease
financing to help fund the construction of the new plant for our
ZIRFON membranes. Overall, we were able to keep our working capital
well under control and restructuring costs were at a low level,”
said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.
|
in million euro |
Q1 2024 |
Q1 2023 |
% change (excl. FX effects) |
|
REVENUE |
|
|
|
|
HealthCare IT |
51 |
57 |
-11.2% (-10.6%) |
|
Digital Print & Chemicals |
91 |
97 |
-5.6% (-4.7%) |
|
Radiology Solutions |
87 |
102 |
-15.2% (-13.6%) |
|
Contractor Operations and Services – former Offset |
21 |
14 |
48.9% (48.9%) |
|
GROUP |
250 |
270 |
-7.6% (-6.5%) |
|
ADJUSTED EBITDA (*) |
|
|
|
|
HealthCare IT |
1.3 |
2.7 |
-52.5% |
|
Digital Print & Chemicals |
1.0 |
6.6 |
-84.7% |
|
Radiology Solutions |
(0.8) |
6.5 |
|
|
Contractor Operations and Services – former Offset |
3.8 |
1.3 |
189.6% |
|
Unallocated |
(3.7) |
(3.9) |
|
|
GROUP |
2 |
13 |
-87.4% |
(*) before
restructuring and non-recurring items
Agfa-Gevaert Group
|
in million euro |
Q1 2024 |
Q1 2023 |
% change (excl. FX effects) |
|
Revenue |
250 |
270 |
-7.6% (-6.5%) |
|
Gross profit (*) |
75 |
87 |
-13.8% |
|
% of revenue |
29.9% |
32.1% |
|
|
Adjusted EBITDA (*) |
2 |
13 |
-87.4% |
|
% of revenue |
0.7% |
4.8% |
|
|
Adjusted EBIT (*) |
(9) |
2 |
|
|
% of revenue |
-3.5% |
0.8% |
|
|
Net result |
(21) |
(66) |
|
|
Profit from continuing operations |
(16) |
(20) |
|
|
Profit from discontinued operations |
(5) |
(47) |
|
(*) before
restructuring and non-recurring items
First quarter
- Following a strong fourth quarter 2023, the Agfa-Gevaert
Group’s revenue decreased by 6.5% (excluding currency effects). As
expected, the Digital Printing Solutions and HealthCare IT growth
engines had a soft first quarter, whereas the Green Hydrogen
Solutions business continued its top line growth. The traditional
film activities continued to be under pressure from the weakness in
the electronics market and the new central procurement practices
and Agfa’s related reorganization for medical film in China, as
well as some destocking for medical film in China.
- Due to cost inflation, adverse currency effects, manufacturing
inefficiencies for medical film and sales mix effects, the Group’s
gross profit margin evolved from 32.1% of revenue in the first
quarter of 2023 to 29.9%.
- Following a strong 2023 year-end, adjusted EBITDA decreased to
2 million euro (0.7% of revenue).
- Restructuring and non-recurring items resulted in a charge of 2
million euro versus 10 million euro in the first quarter of
2023.
- The net finance costs amounted to 6 million euro.
- Income tax expenses decreased to 0 million euro versus 5
million euro in the previous year.
- The Agfa-Gevaert Group posted a net loss of 21 million
euro.
Financial position and cash flow
- Net financial debt (including IFRS 16) evolved from 6 million
euro in Q4 2023 to 47 million euro in Q1 2024.
- Trade working capital (CONOPS included) significantly improved
from 32% of turnover at the end of Q1 2023 to 29% in Q1 2024. In
absolute numbers, trade working capital evolved from 373 million
euro at the end of Q1 2023 to 333 million euro.
- In the first quarter of 2024, the Group generated a free cash
flow of minus 40 million euro.
- Continued focus on cash generation:
- Lease financing of the ZIRFON project
- Agreement for the sale of lease receivables in the US
OutlookIn 2024, the Agfa-Gevaert Group expects
a continuation of the trends seen in the previous year, with
continued growth for the growth engines and further profitability
improvements. The slow start to the year is expected to be followed
by a much stronger second half, supported by the impact of the
delivery of projects.
2024 outlook per division:
- HealthCare IT: A continued progress in profitability is
expected, although strong investments in cloud technology are
planned.
- Digital Print & Chemicals: The division expects significant
top line and profitability growth, driven by Digital Printing
Solutions and Green Hydrogen Solutions.
- Radiology Solutions: The medical film business will continue to
be under pressure. The progress in Direct Radiography is expected
to continue.
HealthCare IT
|
in million euro |
Q1 2024 |
Q1 2023 |
% change(excl. FX effects) |
|
Revenue |
51 |
57 |
-11.2% (-10.6%) |
|
Adjusted EBITDA (*) |
1.3 |
2.7 |
-52.5% |
|
% of revenue |
2.5% |
4.7% |
|
|
Adjusted EBIT (*) |
(0.6) |
0.9 |
|
|
% of revenue |
-1.2% |
1.7% |
|
(*) before restructuring and non-recurring itemsFirst
quarter
- Continued innovation:
- Agfa HealthCare’s Enterprise Imaging Cloud and Streaming Client
innovations attracted a lot of attention at major international
trade events, including HIMSS 2024 and ECR 2024.
- Agfa HealthCare is experiencing momentum and accelerated demand
for new Cloud contracts and successfully obtained Vendor of Choice
status in several Cloud deals, shortly after the launch of
Enterprise Imaging Cloud at RSNA 2023. Agfa HealthCare recently got
appointed as a partner in a contract for a large-scale Enterprise
Imaging Cloud solution in North America.
- Acceleration of innovation efforts: expected to amount to 10
million euro in 2024-2025 – will be capitalized and will come on
top of the current R&D expenditure.
- Innovation and outstanding customer services acknowledged by
market observers and industry influencers:
- Best in KLAS for Enterprise Imaging for Radiology solution in
the PACS Middle East/Africa category for the second consecutive
year.
- Enterprise Imaging XERO Viewer ranked #1 Best in KLAS in the
Universal Viewer category for 2024.
- KLAS Research Enterprise Imaging Report 2024 states “Agfa
HealthCare Makes Relationship & Delivery Strides”,
demonstrating how Agfa HealthCare has made significant improvements
and stepped up as an Enterprise Imaging partner in the last
year.
- Cybersecurity Transparent Leader Award, issued by Censinet.
This award underscores Agfa HealthCare’s dedication to transparency
and continuous improvement in cybersecurity maturity.
- The division recorded a 15.2% decrease in the 12 months rolling
order intake starting from 135 million euro the year before to 114
million euro. In the second quarter, a mid-single digit % increase
in the 12 months rolling order intake is expected thanks to the
growing market momentum.
- About 13% of total order intake is related to managed
services.
- Following a very strong fourth quarter of 2023, the division’s
top line decreased by 10.6% versus the first quarter of 2023
(excluding currency effects).
- Thanks to the increased service contribution and favorable
product mix effects, HealthCare IT’s gross profit margin improved
from 41.7% in the first quarter of 2023 to 43.8%. Due to the lower
top line, the adjusted EBITDA margin decreased from 4.7% to
2.5%.
Digital Print & Chemicals
|
in million euro |
Q1 2024 |
Q1 2023 |
% change(excl. FX effects) |
|
Revenue |
91 |
97 |
-5.6% (-4.7%) |
|
Adjusted EBITDA (*) |
1.0 |
6.6 |
-84.7% |
|
% of revenue |
1.1% |
6.8% |
|
|
Adjusted EBIT (*) |
(3.0) |
3.1 |
|
|
% of revenue |
-3.3% |
3.2% |
|
(*) before restructuring and non-recurring items
First quarterDigital Printing Solutions
- Ink top line grew by 6% (excluding currency effects), driven by
higher sales across all segments as well as the ongoing program to
convert former Inca customers to Agfa’s ink sets.
- Global strategic partnership between Agfa and EFI announced
early 2024 will accelerate profitable growth:
- First year mid 2024-mid 2025: 15-20 million euro extra
sales
- Following years: 30-40 million euro extra sales
- Expected EBITDA margin: 15-20%
- First customer in the UK for the revolutionary water-based
SpeedSet Orca 1060 packaging printer: operations on track.
- Under the ‘Powerful by Nature’ tag line, Agfa presented its
expanded, renewed and rebranded inkjet printer portfolio at the
FESPA Global Print Expo in Amsterdam:
- Anapurna Ciervo H3200 hybrid inkjet printer
- Jeti Bronco H3300 3.3 m high-end UV LED inkjet printer
- Jeti Condor RTR5200 HS 5.2m roll-to-roll inkjet printer
Green Hydrogen Solutions
- For over 130 customers in 30 countries, ZIRFON is rapidly
becoming the preferred choice.
- Successful industrial ramp-up of ZIRFON production.
- Establishment of new industrial-scale ZIRFON production plant
in Mortsel, Belgium:
- 11 million euro grant from the EU Innovation Fund and
environmental permit obtained.
- Additionally, the project will be financed through
leasing.
- Representing 20 gigawatt per year of alkaline water
electrolysis.
- Renewed collaboration agreement with VITO, a global research
and service center, to pioneer a new generation of gas separator
membranes for alkaline water electrolyzers.
- More than 80% of 2024 volumes already committed to by
customers.
Division performance
- Continued growth for Green Hydrogen Solutions, with
considerable profitability improvement.
- In Digital Printing Solutions, customers postponed equipment
investments in anticipation of the new product releases. The
product releases are a success and the order book for printing
equipment is building. Ink sales grew by 6% (excluding currency
effects) versus the first quarter of 2023.
- The weakness in the electronics industry continued to impact
volumes of the ORGACON conductive materials and the products for
the production of printed circuit boards.
- The division’s gross profit margin evolved from 31.1% of
revenue in the first quarter of 2023 to 29.3%. In the fourth
quarter of 2023, the gross profit margin amounted to 25.8%.
Profitability was impacted by the higher silver prices and lower
volumes for the film products, as well as by some lower volumes in
Digital Printing Solutions due to the anticipation of the FESPA
product launches. Investments related to the new digital printing
solutions also had an effect. As a result, the division’s recurring
EBITDA margin decreased from 6.8% in the first quarter of 2023 to
1.1%.
Radiology Solutions
|
in million euro |
Q1 2024 |
Q1 2023 |
% change(excl. FX effects) |
|
Revenue |
87 |
102 |
-15.2% (-13.6%) |
|
Adjusted EBITDA (*) |
(0.8) |
6.5 |
|
|
% of revenue |
-0.9% |
6.3% |
|
|
Adjusted EBIT (*) |
(4.8) |
2.2 |
|
|
% of revenue |
-5.5% |
2.1% |
|
(*) before restructuring and non-recurring items
First quarter
- The gradual implementation of new centralized procurement
practices and Agfa’s related go-to-market reorganization in China,
as well as destocking at the dealers’ side continued to impact the
medical film business.
- The Direct Radiography business remains extremely dynamic in
emerging markets with a soft quarter following the strong year-end,
while in Europe and North-America, certain customer groups are
postponing their investment plans.
- In February, Agfa received the EU MDR certification for its
entire DR portfolio.
- At ECR 2024, Agfa showcased its ground-breaking DR innovations,
including its newly launched AI solutions. Agfa is recognized as a
leader in operationalizing embedded AI at the point of care for
operational and clinical assistance.
- The division’s first quarter profitability was negatively
impacted by the medical film volume decrease and by one-off quality
issues in the film production plant. However, these issues were
detected early enough to avoid any recall. Profitability of the
Direct Radiography business improved following the streamlining and
repositioning of the business. The division’s gross profit margin
decreased from 32.2% of revenue in the first quarter of 2023 to
26.3%. The adjusted EBITDA margin decreased from 6.3% of revenue to
minus 0.9%.
- March 13, 2024, Jeroen Spruyt assumed the position of President
of the Radiology Solutions Division. He will also continue to lead
the DR business unit.
Contractor Operations and Services – former
Offset
|
in million euro |
Q1 2024 |
Q1 2023 |
% change(excl. FX effects) |
|
Revenue |
21 |
14 |
48.9% (48.9%) |
|
Adjusted EBITDA (*) |
3.8 |
1.3 |
189.6% |
|
% of revenue |
18.4% |
9.4% |
|
|
Adjusted EBIT (*) |
3.2 |
0.0 |
|
|
% of revenue |
15.5% |
0.3% |
|
(*) before restructuring and non-recurring items
- Early April 2023, the Agfa-Gevaert Group completed the sale of
its Offset Solutions division to Aurelius Group. The division
contains results related to supply and manufacturing agreements
that the Agfa-Gevaert Group signed with its former division, now
rebranded as ECO3.
End of messageManagement 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
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.
|
Continued operations |
Q1 2024 |
Q1 2023 |
|
Revenue |
250 |
270 |
|
Cost of sales |
(175) |
(184) |
|
Gross profit |
75 |
87 |
|
Selling expenses |
(41) |
(44) |
|
Administrative expenses |
(33) |
(36) |
|
R&D expenses |
(17) |
(21) |
|
Net impairment loss on trade and other receivables, including
contract assets |
- |
1 |
|
Other operating income |
11 |
13 |
|
Other operating expenses |
(5) |
(9) |
|
Results from operating activities |
(11) |
(8) |
|
Interest income (expense) - net |
- |
- |
|
Interest income |
3 |
2 |
|
Interest expense |
(4) |
(2) |
|
Other finance income (expense) - net |
(5) |
(7) |
|
Other finance income |
1 |
1 |
|
Other finance expense |
(6) |
(8) |
|
Net finance costs |
(6) |
(6) |
|
Share of profit of associates, net of tax |
- |
- |
|
Profit (loss) before income taxes |
(17) |
(14) |
|
Income tax expenses |
- |
(5) |
|
Profit (loss) from continued operations |
(16) |
(20) |
|
Profit (loss) from discontinued operations, net of
tax |
(5) |
(47) |
|
Profit (loss) for the period |
(21) |
(66) |
|
Profit (loss) attributable to: |
|
|
|
Owners of the Company |
(21) |
(68) |
|
Non-controlling interests |
- |
1 |
|
|
|
|
|
Results from operating activities |
(11) |
(8) |
|
Restructuring and non-recurring items |
(2) |
(10) |
|
Adjusted EBIT |
(9) |
2 |
|
|
|
|
|
Earnings per Share Group – continued operations (euro) |
(0.11) |
(0.13) |
|
Earnings per Share Group – discontinued operations (euro) |
(0.03) |
(0.31) |
|
Earnings per Share Group – total (euro) |
(0.14) |
(0.44) |
Consolidated Statement of Comprehensive Income for the
quarter ending March 2023 / March 2024 (in million
euro) Unaudited, consolidated figures
following IFRS accounting policies.
|
|
Q1 2024 |
Q1 2023 |
|
Profit / (loss) for the period |
(21) |
(66) |
|
Profit / (loss) for the period from continuing
operations |
(16) |
(20) |
|
Profit / (loss) for the period from discontinuing
operations |
(5) |
(47) |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
8 |
(8) |
|
Exchange differences on translation of foreign operations |
3 |
(8) |
|
Exchange differences on disposal of foreign operations reclassified
to profit or loss |
5 |
- |
|
Cash flow hedges: |
(1) |
2 |
|
Effective portion of changes in fair value of cash flow hedges |
(1) |
1 |
|
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
- |
2 |
|
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
- |
|
Income taxes |
- |
- |
|
Items that will not be reclassified subsequently to profit
or loss: |
(1) |
- |
|
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 |
- |
- |
|
Total Other Comprehensive Income for the period, net of
tax |
7 |
(6) |
|
Total other comprehensive income for the period from
continuing operations |
2 |
(6) |
|
Total other comprehensive income for the period from
discontinuing operations |
5 |
- |
|
|
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(15) |
(73) |
|
Owners of the Company |
(15) |
(74) |
|
Non-controlling interests |
- |
1 |
|
Total comprehensive income for the period from continuing
operations attributable to: |
(15) |
(26) |
|
Owners of the Company (continuing operations) |
(15) |
(26) |
|
Non-controlling interests (continuing operations) |
- |
- |
|
Total comprehensive income for the period from
discontinuing operations attributable to: |
- |
(47) |
|
Owners of the Company (discontinuing operations) |
- |
(48) |
|
Non-controlling interests (discontinuing operations) |
- |
1 |
Consolidated Statement of Financial Position (in million
euro)
Unaudited, consolidated figures following IFRS
accounting policies.
| |
31/03/2024 |
31/12/2023 |
|
Non-current assets |
588 |
576 |
| Goodwill |
216 |
215 |
| Intangible
assets |
24 |
24 |
| Property, plant
and equipment |
119 |
115 |
| Right-of-use
assets |
39 |
39 |
| Investments in
associates |
1 |
1 |
| Other financial
assets |
3 |
4 |
| Assets related to
post-employment benefits |
29 |
29 |
| Trade
receivables |
3 |
2 |
| Receivables under
finance leases |
71 |
69 |
| Other assets |
4 |
4 |
| Deferred tax
assets |
78 |
74 |
| Current
assets |
785 |
792 |
| Inventories |
324 |
289 |
| Trade
receivables |
157 |
175 |
| Contract
assets |
85 |
83 |
| Current income
tax assets |
48 |
51 |
| Other tax
receivables |
23 |
20 |
| Other financial
assets |
- |
- |
| Receivables under
finance lease |
26 |
31 |
| Other
receivables |
50 |
48 |
| Other current
assets |
15 |
13 |
| Derivative
financial instruments |
1 |
2 |
| Cash and cash
equivalents |
54 |
77 |
| Non-current
assets held for sale |
2 |
2 |
|
TOTAL ASSETS |
1,373 |
1,368 |
|
|
31/03/2024 |
31/12/2023 |
| Total
equity |
382 |
396 |
| Equity
attributable to owners of the Company |
380 |
395 |
| Share
capital |
187 |
187 |
| Share
premium |
210 |
210 |
| Retained
earnings |
924 |
945 |
| Other
reserves |
(1) |
- |
| Translation
reserve |
(14) |
(22) |
| Post-employment
benefits: remeasurements of the net defined benefit liability |
(926) |
(926) |
|
Non-controlling interests |
2 |
1 |
|
Non-current liabilities |
590 |
584 |
| Liabilities for
post-employment and long-term termination benefit plans |
481 |
486 |
| Other employee
benefits |
6 |
5 |
| Loans and
borrowings |
81 |
69 |
| Provisions |
5 |
7 |
| Deferred tax
liabilities |
9 |
9 |
| Trade
payables |
2 |
3 |
| Other non-current
liabilities |
6 |
4 |
| Current
liabilities |
401 |
388 |
| Loans and
borrowings |
21 |
14 |
| Provisions |
13 |
13 |
| Trade
payables |
133 |
132 |
| Contract
liabilities |
99 |
97 |
| Current income
tax liabilities |
20 |
23 |
| Other tax
liabilities |
16 |
24 |
| Other
payables |
12 |
9 |
| Employee
benefits |
83 |
73 |
| Other current
liabilities |
2 |
1 |
| Derivative
financial instruments |
2 |
- |
| TOTAL
EQUITY AND LIABILITIES |
1,373 |
1,368 |
Consolidated Statement of Cash Flows (in million
euro) Unaudited, consolidated figures following IFRS
accounting policies.
|
|
Q1 2024 |
Q1 2023 |
|
Profit (loss) for the period |
(21) |
(66) |
|
Income taxes |
- |
8 |
|
Share of (profit)/loss of associates, net of tax |
- |
- |
|
Net finance costs |
11 |
7 |
|
Operating result |
(11) |
(52) |
|
|
|
|
|
Depreciation & amortization |
6 |
6 |
|
Depreciation & amortization on right-of-use assets |
4 |
5 |
|
Impairment losses on intangibles and PP&E |
- |
- |
|
Impairment losses on right-of-use assets |
- |
2 |
|
|
|
|
|
Exchange results and changes in fair value of derivates |
- |
- |
|
Recycling of hedge reserve |
- |
2 |
|
Government grants and subsidies |
(1) |
(2) |
|
Result on the disposal of discontinued operations |
- |
47 |
|
Expenses for defined benefit plans & long-term termination
benefits |
4 |
5 |
|
Accrued expenses for personnel commitments |
17 |
20 |
|
Write-downs/reversal of write-downs on inventories |
2 |
5 |
|
Impairments/reversal of impairments on receivables |
- |
(1) |
|
Additions/reversals of provisions |
- |
2 |
|
|
|
|
|
Operating cash flow before changes in working
capital |
22 |
41 |
|
|
|
|
|
Change in inventories |
(36) |
(32) |
|
Change in trade receivables |
18 |
- |
|
Change in contract assets |
(1) |
- |
|
Change in trade working capital assets |
(19) |
(32) |
|
Change in trade payables |
- |
(28) |
|
Change in contract liabilities |
1 |
14 |
|
Changes in trade working capital liabilities |
2 |
(15) |
|
Changes in trade working capital |
(18) |
(46) |
|
|
Q1 2024 |
Q1 2023 |
|
Cash out for employee benefits |
(20) |
(30) |
|
Cash out for provisions |
(2) |
(5) |
|
Changes in lease portfolio |
4 |
10 |
|
Changes in other working capital |
(8) |
(13) |
|
Cash settled operating derivatives |
1 |
- |
|
|
|
|
|
Cash from / (used in) operating activities |
(22) |
(44) |
|
|
|
|
|
Income taxes paid |
(2) |
(1) |
|
Net cash from / (used in) operating
activities |
(24) |
(46) |
|
of which related to discontinued operations |
- |
(10) |
|
|
|
|
|
Capital expenditure |
(11) |
(7) |
|
Acquisition of subsidiaries, net of cash acquired |
- |
3 |
|
Interests received |
4 |
3 |
|
|
|
|
|
Net cash from / (used in) investing
activities |
(8) |
(1) |
|
of which related to discontinued operations |
- |
(1) |
|
|
|
|
|
Interests paid |
(4) |
(2) |
|
Dividends paid to non-controlling interests |
- |
(9) |
|
Proceeds from borrowings |
14 |
41 |
|
Repayment of borrowings |
- |
- |
|
Payment of finance leases |
(5) |
(7) |
|
Proceeds / (payment) of derivatives |
- |
(3) |
|
Other financing income / (costs) received/paid |
(1) |
- |
|
|
|
|
|
Net cash from / (used in) financing
activities |
4 |
19 |
|
of which related to discontinued operations |
- |
(11) |
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
(27) |
(27) |
|
|
|
|
|
Cash & cash equivalents at the start of the
period |
77 |
138 |
|
Net increase / (decrease) in cash & cash equivalents |
(27) |
(27) |
|
Effect of exchange rate fluctuations on cash held |
1 |
(3) |
|
Cash & cash equivalents at the end of the
period |
50 |
108 |
The Group has elected to present a statement of cash flows that
includes all cash flows, including both continuing and
discontinuing operations.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, 2023 |
187 |
210 |
1,042 |
- |
(1) |
(2) |
(908) |
(9) |
520 |
41 |
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(68) |
- |
- |
- |
- |
- |
(68) |
1 |
(66) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
- |
2 |
- |
(8) |
(6) |
- |
(6) |
|
Total comprehensive income for the period |
- |
- |
(68) |
- |
- |
2 |
- |
(8) |
(74) |
1 |
(72) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(9) |
(9) |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(9) |
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2023 |
187 |
210 |
974 |
- |
(1) |
- |
(908) |
(16) |
446 |
34 |
480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2024 |
187 |
210 |
945 |
- |
(1) |
1 |
(926) |
(22) |
395 |
1 |
396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(21) |
- |
- |
- |
- |
- |
(21) |
- |
(21) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
(1) |
(1) |
- |
8 |
7 |
- |
7 |
|
Total comprehensive income for the period |
- |
- |
(21) |
- |
(1) |
(1) |
- |
8 |
(15) |
- |
(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
187 |
210 |
924 |
- |
(2) |
1 |
(926) |
(14) |
380 |
2 |
382 |
- Financial statements in pdf
- Press release in pdf
AGFA Gevaert NV (EU:AGFB)
過去 株価チャート
から 11 2024 まで 12 2024
AGFA Gevaert NV (EU:AGFB)
過去 株価チャート
から 12 2023 まで 12 2024
