·         Positive cash flow generation resulted in a low level of net financial debt ·         Net result was positive for the fourth consecutive quarter ·         Gross profit margin improved significantly to 30.8 percent ·         Adaptation of the product portfolio should allow the Group to limit the revenue decline in the quarters to come

 

Mortsel (Belgium), November 14, 2014 - Agfa-Gevaert today announced its third quarter 2014 results.  

"Quarter after quarter, we continue to improve the efficiency of our operations and to increase our gross profit margin. In spite of the weak global economy, the rigorous management of our operational costs brings us closer to our short-term target of reaching a 10 percent recurring EBITDA percentage. Our top line decline is the result of the soft investment climate in mature markets, while our traditional consumable business suffers from the lower growth rates in most of the emerging markets. The measures we recently took to address our restructuring costs clearly help to deliver a sustained positive net result. Finally, our working capital management adds to the delivery of a positive net operating cash flow. We are confident that the adaptation of our product portfolio to the new economic situation will allow us to even better cater to the needs of our customers in the near future. This should enable us to limit the erosion of our top line in the quarters to come," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.

Agfa-Gevaert Group - third quarter 2014

in million Euro Q3 2013 Q3 2014 % change
Revenue 689 636 -7.7%
Gross profit (*) 192 196 2.1%
% of revenue 27.9% 30.8%  
Recurring EBITDA (*) 46 51 10.9%
% of revenue 6.7% 8.0%  
Recurring EBIT (*) 26 34 30.8%
% of revenue 3.8% 5.3%  
Result from operating activities 17 29 70.6%
Result for the period (6) 9  
Net cash from (used in) operating activities 42   16  

(*) before restructuring and non-recurring items

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Source: Agfa-Gevaert via Globenewswire
HUG#1871176