· Strong performance of industrial inkjet and healthcare IT
· Gross profit margin improvement despite the still negative raw material impact
· Recurring EBIT at 32 million Euro
· Net result at minus 5 million Euro
Mortsel (Belgium), August 22, 2012 - Agfa-Gevaert today announced its second quarter results.
Agfa-Gevaert Group - second quarter 2012
| in million Euro | Q2 2011 | Q2 2012 | % change |
| Revenue | 763 | 779 | 2.1% |
| Gross profit (*) | 216 | 226 | 4.6% |
| % of revenue | 28.3% | 29.0% | |
| Recurring EBITDA (*) | 59 | 53 | -10.2% |
| % of revenue | 7.7% | 6.8% | |
| Recurring EBIT (*) | 36 | 32 | -11.1% |
| % of revenue | 4.7% | 4.1% | |
| Result from operating activities | 25 | 21 | -16.0% |
| Result attributable to owners of the Company | 2 | (7) | |
| Net cash from (used in) operating activities | (99) | (13) |
(*) before restructuring and non-recurring items
Supported by positive currency effects, the Agfa-Gevaert Group's revenue increased by 2.1 percent versus last years second quarter. On the one hand, the Group's main growth engines (industrial inkjet in Agfa Graphics and IT in Agfa HealthCare) posted strong revenue growth. On the other hand, the situation on the traditional film markets continues to normalize.
Thanks to the Group's efforts to improve operational efficiency, as well as the price increases for traditional film products, the gross profit margin continued to recover quarter-on-quarter. In spite of the still negative raw material impact, the gross profit margin also improved year-on-year from 28.3 percent in the second quarter of 2011 to 29.0 percent.
As a percentage of revenue, Selling and General Administration expenses decreased slightly to 18.9 percent.
The Group's recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) decreased from 59 million Euro to 53 million Euro. Recurring EBIT decreased from 36 million Euro to 32 million Euro.
Restructuring and non-recurring items resulted in an expense of 11 million Euro, which is the same level as in the second quarter of 2011.
The net finance costs amounted to 27 million Euro, versus 20 million Euro in 2011.
Income taxes resulted in an income of 1 million Euro, versus an expense of 1 million Euro in 2011.
A result attributable to the owners of the Company of minus 7 million Euro was booked, compared to 2 million Euro in 2011.
"Our second quarter results prove that we continue to deliver on our two key objectives. On the one hand, our industrial inkjet and healthcare IT growth engines are developing according to expectations. On the other hand, our efforts to improve our operational efficiency and our film price increases are paying off. As a result, our gross profit margin improved quarter-on-quarter, as well as year-on-year. We expect this positive trend to continue in the months to come," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.
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