·         Upward revenue trend - Growth engines performed well ·         Gross profit margin further improved to 33.1 percent ·         Net profit reached 25 million Euro ·         Continuously low level of net financial debt

Mortsel (Belgium), August 26, 2015 - Agfa-Gevaert today announced its second quarter 2015 results.  

"I am very pleased to see that the positive signs we saw in the first three months of the year were confirmed in the second quarter. This strengthens our belief that we are on the right track to reach the targets we expressed when we published our full year 2014 results. Based on the strong performances of our main growth engines and helped by the weaker Euro, we were able to post significant revenue growth. I trust that in the medium term a revenue of 3 billion Euro is achievable. Largely due to our successful efficiency programs, we were able to bring our gross profit margin above 33 percent of revenue for the first time in five years. It is also clear that we are well on our way to achieving a recurring EBITDA percentage close to 10 percent of revenue in 2015," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.

Agfa-Gevaert Group - second quarter 2015

in million Euro Q2 2014 Q2 2015 % change
Revenue 651 691 6.1%
Gross profit (*) 207 229 10.6%
% of revenue 31.8% 33.1%  
Recurring EBITDA (*) 63 72 14.3%
% of revenue 9.7% 10.4%  
Recurring EBIT (*) 46 56 21.7%
% of revenue 7.1% 8.1%  
Result from operating activities 44 48 9.1%
Result for the period 28 25 -10.7%
Net cash from (used in) operating activities 32 (1)  

(*) before restructuring and non-recurring items

Continuing the trend of the previous quarters, the Agfa-Gevaert Group's revenue grew by 6.1 percent to 691 million Euro. The top line growth was supported by the good performances of the Group's growth engines (including the Agfa Graphics business group's inkjet business and the Agfa HealthCare business group's Direct Radiography and IT solutions), as well as by positive currency effects.

Targeted efficiency programs allowed the Group to improve its gross profit margin to 33.1 percent of revenue, compared to 31.8 percent in the second quarter of 2014 and 31.7 percent in the first quarter of 2015.  

Condensed Interim Financia Statements First Half Year 2015:
http://hugin.info/133908/R/1947453/707145.pdf
Full press release in PDF format:
http://hugin.info/133908/R/1947453/707137.pdf
Consolidated Statements:
http://hugin.info/133908/R/1947453/707138.pdf


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Source: Agfa-Gevaert via Globenewswire
HUG#1947453