The Agfa-Gevaert Group in 2023: Group EBITDA increases by 52%,
powered by its growth engines - regulated information
Regulated information – March 13, 2024 - 7:45 a.m.
CET The
Agfa-Gevaert Group in 2023: Group EBITDA increases by 52%, powered
by its growth engines
- HealthCare IT:
- Strong improvement in profitability
- Continued investments in innovative solutions
- Digital Print & Chemicals:
- Growing ZIRFON business started to contribute to
profitability
- Profitable growth for Digital Print in spite of subdued
equipment investment climate
- Film activities under pressure from macro-economic conditions
and currency impact
- Radiology Solutions:
- Direct Radiography: Improved profitability in a soft
market
- Medical film: Continuing impact from new centralized
procurement practices in China and macro-economic and geopolitical
conditions
- Adjusted EBITDA at 76 million Euro: significant
year-over-year improvement driven by growth engines and stringent
cost management
- Significant improvement in working capital from 32% to
27%
Mortsel (Belgium), March 13, 2024 – Agfa-Gevaert today
commented on its results in 2023. “In 2023 all our growth
engines performed very well, powering the profitability of the
Group. We have made strong progress in all of them, with the launch
of our HealthCare IT cloud and web streaming activities, our
strategic partnership with EFI and an unprecedented number of
innovative product introductions, including our SpeedSet
single-pass packaging printer. Furthermore, our ZIRFON membrane
business grew exponentially and started to contribute to our
profitability in the course of 2023. This validates the
repositioning of the Group in these future-oriented activities,”
said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.
|
in million euro |
FY 2023 |
FY 2022re-presented |
% change (excl. FX effects) |
Q4 2023 |
Q4 2022re-presented |
% change (excl. FX effects) |
|
REVENUE |
|
|
|
|
|
|
|
HealthCare IT |
249 |
244 |
2.2% (4.9%) |
70 |
70 |
-0.8% (2.6%) |
|
Digital Print & Chemicals |
409 |
372 |
9.8% (12.0%) |
109 |
99 |
10.1% (12.7%) |
|
Radiology Solutions |
425 |
461 |
-7.9% (-4.5%) |
116 |
130 |
-11.0% (-7.7%) |
|
Contractor Operations and Services – former Offset |
68 |
68 |
-0.3% (-0.1%) |
18 |
16 |
13.2% (13.6%) |
|
GROUP |
1,150 |
1,145 |
0.5% (3.2%) |
313 |
316 |
-0.9% (2.1%) |
|
ADJUSTED EBITDA (*) |
|
|
|
|
|
|
|
HealthCare IT |
31.2 |
26.9 |
16.0% |
15.5 |
11.1 |
39.4% |
|
Digital Print & Chemicals |
18.6 |
3.4 |
443.4% |
5.1 |
(4.9) |
|
|
Radiology Solutions |
37.5 |
47.0 |
-20.2% |
14.0 |
18.7 |
-25.4% |
|
Contractor Operations and Services – former Offset |
2.6 |
(8.4) |
|
1.2 |
(1.2) |
|
|
Unallocated |
(14.4) |
(18.6) |
|
(4.0) |
(4.9) |
|
|
GROUP |
76 |
50 |
52.0% |
32 |
18 |
75.9% |
(*) before
restructuring and non-recurring items
Agfa-Gevaert Group
|
in million euro |
FY 2023 |
FY 2022re-presented |
% change(excl. FX effects) |
Q4 2023 |
Q4 2022re-presented |
% change (excl. FX effects) |
|
Revenue |
1,150 |
1,145 |
0.5% (3.2%) |
313 |
316 |
-0.9% (2.1%) |
|
Gross profit (*) |
359 |
346 |
3.7% |
100 |
95 |
6.3% |
|
% of revenue |
31.2% |
30.2% |
|
32.0% |
29.9% |
|
|
Adjusted EBITDA (*) |
76 |
50 |
52.0% |
32 |
18 |
75.9% |
|
% of revenue |
6.6% |
4.3% |
|
10.2% |
5.8% |
|
|
Adjusted EBIT (*) |
31 |
(1) |
|
21 |
5 |
282.2% |
|
% of revenue |
2.7% |
-0.1% |
|
6.6% |
1.7% |
|
|
Net result |
(101) |
(223) |
|
(5) |
(186) |
|
|
Profit from continuing operations |
(51) |
(186) |
|
(3) |
(126) |
|
|
Profit from discontinued operations |
(49) |
(37) |
|
(3) |
(60) |
|
(*) before
restructuring and non-recurring items
Full year
- Excluding currency effects, the Agfa-Gevaert Group’s revenue
increased by 3.2%, driven by growth engines HealthCare IT, Digital
Printing Solutions and ZIRFON membranes for green hydrogen
production. In 2023, the growth engines more than compensated for
the decline of the traditional film activities, which were under
pressure from challenging economic conditions (including adverse
currency effects and the weakening economy in China) and
geopolitical circumstances.
- Based on the strong performances of the HealthCare IT and
Digital Print & Chemicals divisions, the Group’s gross profit
margin improved to 31.2%, in spite of adverse effects including
cost inflation, adverse currency effects, manufacturing
inefficiencies and the weakness in the industrial film
markets.
- Adjusted EBITDA improved strongly from 50 million euro in 2022
to 76 million euro (6.6% of revenue).
- Restructuring and non-recurring items resulted in a charge of
39 million euro versus 138 million euro in 2022, which was heavily
impacted by transformation efforts and impairments in Radiology
Solutions.
- The net finance costs amounted to 26 million euro.
- Income tax expenses decreased to 16 million euro versus 29
million euro in 2022.
- The Agfa-Gevaert Group posted a net loss of 101 million euro,
largely driven by the loss related to the Offset Solutions
transaction.
Fourth quarter
- In Q4, the Group’s EBITDA performance continued to improve
thanks to the growth engines HealthCare IT, Digital Printing
Solutions and Green Hydrogen Solutions.
Financial position and cash flow
- Net financial debt (including IFRS 16) improved from 33 million
euro in Q3 2023 to 6 million euro in Q4 2023.
- Trade working capital (CONOPS excluded) significantly improved
from 32% of turnover at the end of Q4 2022 to 27% in Q4 2023. In
absolute numbers, trade working capital evolved from 342 million
euro at the end of Q4 2022 to 296 million euro.
- In 2023, the Group generated a free cash flow of minus 48
million euro. In the fourth quarter, a positive free cash flow of
33 million euro was recorded.
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. As usual, due to seasonality reasons, a slower start
of 2024 is expected, followed by a stronger second half, supported
by the impact of the materialization of postponed
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 Print
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 |
FY 2023 |
FY 2022re-presented |
% change(excl. FX effects) |
Q4 2023 |
Q4 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
249 |
244 |
2.2% (4.9%) |
70 |
70 |
-0.8% (2.6%) |
|
Adjusted EBITDA (*) |
31.2 |
26.9 |
16.0% |
15.5 |
11.1 |
39.4% |
|
% of revenue |
12.5% |
11.0% |
|
22.2% |
15.8% |
|
|
Adjusted EBIT (*) |
24.1 |
19.6 |
23.1% |
13.7 |
9.3 |
46.7% |
|
% of revenue |
9.7% |
8.0% |
|
19.7% |
13.3% |
|
(*) before restructuring and non-recurring items
Full year
- Continued investments in innovative solutions:
- Launch of Enterprise Imaging Cloud at RSNA 2023, offering
healthcare providers a solution that is secure, scalable, and
accessible, as well as easy to maintain and use – at a predictable
cost. First significant Cloud contract signed in North
America.
- Introduction of Streaming Client in Enterprise Imaging at RSNA
2023, making images available in near real time, empowering all
members of the care team to collaborate seamlessly.
- Acceleration of innovation efforts:
- To focus on cloud, web streaming and reporting, workflow
orchestration, and scalability.
- This specific effort – expected to amount to 10 million euro in
2024-2025 – will be capitalized and will come on top of the current
R&D expenditure.
- Significant improvement in customer satisfaction – customers
are committed to long-term and turned promoters.
- 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.
- Throughout the year, HealthCare IT’s order book remained at a
healthy level. The division recorded a 1.8% growth in the 12 months
rolling order intake starting from 122 million euro the year before
to 125 million euro. In both periods, about 15% of total order
intake is related to managed services.
- Excluding currency effects, the division’s top line increased
by 4.9% versus 2022.
- Based on a strong second half of the year, HealthCare IT’s
gross profit margin improved from 45.2% in 2022 to 46.5%. The
improvement was mainly due to overall growth and the increased
portion of own IP in the sales mix. The adjusted EBITDA margin
increased from 11.0% in 2022 to 12.5%, supported by operational
efficiency.
Fourth quarter
- Excluding currency effects, HealthCare IT’s revenue increased
by 2.6% versus the fourth quarter of 2022.
- The gross profit margin improved strongly from 45.1% of revenue
in 2022 to an all-time high 51.4%.
- Adjusted EBITDA strongly improved quarter-over-quarter,
reaching 22.2% of revenue in the fourth quarter.
Digital Print & Chemicals
|
in million euro |
FY 2023 |
FY 2022re-presented |
% change(excl. FX effects) |
Q4 2023 |
Q4 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
409 |
372 |
9.8% (12.0%) |
109 |
99 |
10.1% (12.7%) |
|
Adjusted EBITDA (*) |
18.6 |
3.4 |
443.4% |
5.1 |
(4.9) |
|
|
% of revenue |
4.6% |
0.9% |
|
4.7% |
-4.9% |
|
|
Adjusted EBIT (*) |
2.6 |
(9.3) |
|
1.0 |
(8.5) |
|
|
% of revenue |
0.6% |
-2.5% |
|
1.0% |
-8.5% |
|
(*) before restructuring and non-recurring items
Full yearDigital Printing Solutions
- Inks grew with 14% driven by higher sales across all segments
as well as by the ongoing program to convert former Inca customers
to Agfa’s ink sets.
- Global strategic partnership between Agfa and EFI announced
early 2024. Agfa will integrate EFI’s roll-to-roll system into its
offerings, while EFI will incorporate Agfa’s high-end hybrid inkjet
printers into its suite of solutions.
- Major product launches expected in 2024, including:
- The revolutionary water-based SpeedSet 1060 packaging printer,
which will be the fastest printer in its category. First contract
with beta customer signed in UK – second one coming soon.
- Next-Generation Hybrid Anapurna H3200 Inkjet Printer (launch at
FESPA)
- New mid-range printer (launch at FESPA)
- 5m roll-to-roll machine (launch at FESPA)
Green Hydrogen Solutions
- For over 100 customers in 30 countries, ZIRFON is rapidly
becoming the preferred choice.
- Successful industrial ramp-up of ZIRFON production
capacity.
- Establishment of new industrial-scale ZIRFON production plant
in Mortsel, Belgium:
- All environmental permits obtained.
- 11 million euro grant from the EU Innovation Fund.
- Entry into operation foreseen for October 2025.
- 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
- Growth driven by growth engines Digital Printing Solutions and
Green Hydrogen Solutions and general price increase actions.
- The weakness in the electronics industry impacted volumes of
the ORGACON conductive materials and the products for the
production of printed circuit boards.
- The profitable growth of the Digital Printing Solutions and
ZIRFON growth engines, as well as general price increase actions
and cost improvements led to a significant improvement in the
division’s performance.
- The division was able to restore its gross profit margin from
24.9% of revenue in 2022 to 27.1%. The division’s recurring EBITDA
margin improved strongly to 4.6% in 2023, versus 0.9% in the
previous year.
Fourth quarter
- In the fourth quarter, the division’s revenue increase was
driven by the strong performances of the Digital Printing business
and the ZIRFON range. In Digital Printing, equipment sales
recovered following a subdued third quarter.
- The division’s gross profit margin improved strongly from 18.6%
in the fourth quarter of 2022 to 25.8%.
Radiology Solutions
|
in million euro |
FY 2023 |
FY 2022re-presented |
% change(excl. FX effects) |
Q4 2023 |
Q4 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
425 |
461 |
-7.9% (-4.5%) |
116 |
130 |
-11.0% (-7.7%) |
|
Adjusted EBITDA (*) |
37.5 |
47.0 |
-20.2% |
14.0 |
18.7 |
-25.4% |
|
% of revenue |
8.8% |
10.2% |
|
12.1% |
14.4% |
|
|
Adjusted EBIT (*) |
18.8 |
22.4 |
-16.2% |
9.1 |
12.7 |
-27.9% |
|
% of revenue |
4.4% |
4.9% |
|
7.9% |
9.7% |
|
(*) before restructuring and non-recurring items
Full year
- In China, the medical film business was impacted by the gradual
implementation of new centralized procurement practices.
Furthermore, the current geopolitical situation had an adverse
effect on cost levels. In most regions, adverse currency effects
impacted the business’ top line and profitability, which was partly
offset by successful price actions.
- Agfa continues to manage the market driven top line decline of
the Computed Radiography business, maintaining healthy profit
margins.
- Profitability of the Direct Radiography business (DR) strongly
improved following the streamlining and repositioning of the
business. The business remains extremely dynamic in emerging
markets, while in Europe and North-America, certain customer groups
are postponing their investment plans.
- Introduction of artificial intelligence solutions that support
automated pathologies detection, thus becoming the leader in
operationalizing embedded AI at point of care:
- SmartXR: AI for X-ray equipment operation assistance.
- ScanXR: AI for clinicians assistance.
- Throughout the year, Agfa implemented actions to increase the
business’ agility and to better adapt it to the current market
conditions (right-sizing of the organization, relocations, cost
control actions, price increases, net working capital
actions).
- Mainly due to the issues in the medical film business, the
division’s gross profit margin decreased slightly from 32.2% of
revenue in 2022 to 31.4%. Although costs are well under control and
profitability of the Direct Radiography business improved
considerably versus 2022, the division’s adjusted EBITDA margin
decreased from 10.2% of revenue to 8.8%.
- Effective March 13, 2024, Jeroen Spruyt assumes the position of
President of the Radiology Solutions Division. He will also
continue to lead the DR business unit.
- Fourth quarter
- The top line and margin decline was mainly due to the before
mentioned issues in the medical film business.
- Profitability of the DR business improved strongly versus the
fourth quarter of 2022.
Contractor Operations and Services – former
Offset
|
in million euro |
FY 2023 |
FY 2022re-presented |
% change(excl. FX effects) |
Q4 2023 |
Q4 2022re-presented |
% change(excl. FX effects) |
|
Revenue |
68 |
68 |
-0.3% (-0.1%) |
18 |
16 |
13.2% (13.6%) |
|
Adjusted EBITDA (*) |
2.6 |
(8.4) |
|
1.2 |
(1.2) |
|
|
% of revenue |
3.9% |
-12.4% |
|
6.5% |
-7.2% |
|
|
Adjusted EBIT (*) |
(0.4) |
(13.8) |
|
0.4 |
(2.5) |
|
|
% of revenue |
-0.5% |
-20.3% |
|
2.4% |
-15.4% |
|
(*) before restructuring and non-recurring items
- Early April, the Agfa-Gevaert Group completed the sale of its
Offset Solutions division to Aurelius Group. The new division
contains results related to supply and manufacturing agreements
that the Agfa-Gevaert Group signed with its former division, now
rebranded as ECO3.
- The comparative period 2022 has been re-presented accordingly.
As per IFRS 5 rules, stranded costs related to Offset Solutions
have been treated differently in 2023 vs 2022. In 2022, stranded
costs are reported under CONOPS. In 2023, these are absorbed by the
three business divisions.
Reporting post Offset SolutionsThe recent sale
of the Offset Solutions division (now rebranded to ECO3) influences
the way the Agfa-Gevaert Group reports its results. The numbers
from sales to EBITDA present the Agfa-Gevaert Group with Offset
Solutions excluded, but with a new division called ‘Contractor
Operations and Services – former Offset’ or ‘CONOPS’. CONOPS
represents the supply of film and chemicals as well as a set of
support services delivered by Agfa to the external party ECO3. The
turnover represents the supply agreements, with corresponding COGS
charges. The income related to the support services will be
accounted for as Other Income, while the costs related to those
support services are re-presented in the different SG&A lines.
The comparative period 2022 has been re-presented accordingly. As
per IFRS 5, stranded costs related to Offset Solutions have been
treated differently in 2023 vs 2022. In 2022, stranded costs are
reported under CONOPS. In 2023, these are absorbed by the three
business divisions.
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.
Confirmation Information – press release Agfa-Gevaert
NVThe statutory auditor, KPMG Bedrijfsrevisoren –
Réviseurs d’Entreprises, represented by F. Poesen, has confirmed
that the audit procedures, which have been substantially completed,
have not revealed any material misstatement in the accounting
information included in the Company’s annual announcement.Berchem,
March 13, 2024KPMG Bedrijfsrevisoren / Réviseurs
d’EntreprisesRepresented byF. Poesen, Partner
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)
Consolidated figures following IFRS accounting
policies.
|
Continued operations |
2023 |
2022re-presented 1 |
Q4 2023unaudited |
Q4 2022re-presented 1 |
|
Revenue |
1,150 |
1,145 |
313 |
316 |
|
Cost of sales |
(792) |
(800) |
(214) |
(223) |
|
Gross profit |
359 |
345 |
100 |
93 |
|
Selling expenses |
(170) |
(181) |
(43) |
(48) |
|
Administrative expenses |
(140) |
(168) |
(36) |
(47) |
|
R&D expenses |
(73) |
(82) |
(17) |
(23) |
|
Net impairment loss on trade and other receivables, including
contract assets |
1 |
(1) |
1 |
- |
|
Other operating income |
53 |
64 |
15 |
15 |
|
Other operating expenses |
(38) |
(117) |
(12) |
(92) |
|
Results from operating activities |
(8) |
(139) |
7 |
(101) |
|
Interest income (expense) - net |
3 |
- |
2 |
- |
|
Interest income |
15 |
4 |
6 |
2 |
|
Interest expense |
(12) |
(4) |
(4) |
(1) |
|
Other finance income (expense) - net |
(29) |
(18) |
(9) |
(5) |
|
Other finance income |
2 |
6 |
- |
1 |
|
Other finance expense |
(31) |
(24) |
(9) |
(6) |
|
Net finance costs |
(26) |
(18) |
(7) |
(5) |
|
Share of profit of associates, net of tax |
(1) |
(1) |
(1) |
(1) |
|
Profit (loss) before income taxes |
(35) |
(157) |
(1) |
(106) |
|
Income tax expenses |
(16) |
(29) |
(2) |
(20) |
|
Profit (loss) from continued operations |
(51) |
(186) |
(3) |
(126) |
|
Profit (loss) from discontinued operations, net of
tax |
(49) |
(37) |
(3) |
(60) |
|
Profit (loss) for the period |
(101) |
(223) |
(5) |
(186) |
|
Profit (loss) attributable to: |
|
|
|
|
|
Owners of the Company |
(102) |
(221) |
(5) |
(182) |
|
Non-controlling interests |
1 |
(2) |
- |
(4) |
|
|
|
|
|
|
|
Results from operating activities |
(8) |
(139) |
7 |
(101) |
|
Restructuring and non-recurring items |
(39) |
(138) |
(13) |
(106) |
|
Adjusted EBIT |
31 |
(1) |
21 |
5 |
|
|
|
|
|
|
|
Earnings per Share Group – continued operations (euro) |
(0.33) |
(1.19) |
(0.02) |
(0.81) |
|
Earnings per Share Group – discontinued operations (euro) |
(0.33) |
(0.22) |
(0.02) |
(0.36) |
|
Earnings per Share Group – total (euro) |
(0.66) |
(1.41) |
(0.03) |
(1.18) |
1) Compliant with IFRS 5.33, the Company has presented in its
Consolidated Statement of Profit or Loss and Comprehensive Income,
a single amount comprising the total of the post-tax profit (loss)
of discontinued operations and the post-tax profit (loss) on the
disposal of net assets constituting the discontinued operations.
The Group has sold its Offset Solutions business in April, 2023.
Comparative information has been re-presented.
Consolidated Statement of Comprehensive Income for the
year ending December 2022 / December 2023 (in million
euro) Consolidated figures following IFRS
accounting policies.
|
|
2023 |
2022 re-presented 1 |
|
Profit / (loss) for the period |
(101) |
(223) |
|
Profit / (loss) for the period from continuing
operations |
(51) |
(186) |
|
Profit / (loss) for the period from discontinuing
operations |
(49) |
(37) |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
(12) |
7 |
|
Exchange differences on translation of foreign operations |
(10) |
7 |
|
Release of exchange differences of discontinued operations to
profit or loss |
(2) |
- |
|
Cash flow hedges: |
4 |
- |
|
Effective portion of changes in fair value of cash flow hedges |
2 |
(5) |
|
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
2 |
5 |
|
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
- |
|
Income taxes |
- |
- |
|
Items that will not be reclassified subsequently to profit
or loss: |
(13) |
123 |
|
Equity investments at fair value through OCI – change in fair
value |
(1) |
(2) |
|
Remeasurements of the net defined benefit liability |
(15) |
148 |
|
Income tax on remeasurements of the net defined benefit
liability |
3 |
(23) |
|
Total Other Comprehensive Income for the period, net of
tax |
(21) |
130 |
|
Total other comprehensive income for the period from
continuing operations |
(15) |
102 |
|
Total other comprehensive income for the period from
discontinuing operations |
(6) |
28 |
|
|
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(123) |
(93) |
|
Owners of the Company |
(125) |
(91) |
|
Non-controlling interests |
2 |
(2) |
|
Total comprehensive income for the period from continuing
operations attributable to: |
(66) |
(85) |
|
Owners of the Company (continuing operations) |
(66) |
(85) |
|
Non-controlling interests (continuing operations) |
- |
- |
|
Total comprehensive income for the period from
discontinuing operations attributable to: |
(56) |
(8) |
|
Owners of the Company (discontinuing operations) |
(58) |
(6) |
|
Non-controlling interests (discontinuing operations) |
2 |
(2) |
1) Compliant with IFRS 5.33, the Company has presented in its
Consolidated Statement of Profit or Loss and Comprehensive Income,
a single amount comprizing the total of the post-tax profit (loss)
of discontinued operations and the post-tax profit (loss) on the
disposal of net assets constituting the discontinued operations.
The Group has sold its Offset Solutions business in April, 2023.
Comparative information has been re-presented.Consolidated
Statement of Comprehensive Income for the quarter ending December
2022 / December 2023 (in million euro)
Consolidated figures following IFRS accounting policies.
|
|
Q4 2023unaudited |
Q4 2022 re-presented1 |
|
Profit / (loss) for the period |
(5) |
(186) |
|
Profit / (loss) for the period from continuing
operations |
(3) |
(126) |
|
Profit / (loss) for the period from discontinuing
operations |
(3) |
(60) |
|
Other Comprehensive Income, net of tax |
|
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
|
Exchange differences: |
(12) |
(42) |
|
Exchange differences on translation of foreign operations |
(12) |
(42) |
|
Release of exchange differences of discontinued operations to
profit or loss |
- |
- |
|
Cash flow hedges: |
2 |
4 |
|
Effective portion of changes in fair value of cash flow hedges |
2 |
2 |
|
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: |
(12) |
9 |
|
Equity investments at fair value through OCI – change in fair
value |
- |
- |
|
Remeasurements of the net defined benefit liability |
(15) |
19 |
|
Income tax on remeasurements of the net defined benefit
liability |
3 |
(10) |
|
Total Other Comprehensive Income for the period, net of
tax |
(22) |
(30) |
|
Total other comprehensive income for the period from
continuing operations |
(17) |
(32) |
|
Total other comprehensive income for the period from
discontinuing operations |
(5) |
2 |
|
|
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(28) |
(216) |
|
Owners of the Company |
(28) |
(209) |
|
Non-controlling interests |
- |
(7) |
|
Total comprehensive income for the period from continuing
operations attributable to: |
(19) |
(158) |
|
Owners of the Company (continuing operations) |
(19) |
(158) |
|
Non-controlling interests (continuing operations) |
- |
- |
|
Total comprehensive income for the period from
discontinuing operations attributable to: |
(8) |
(58) |
|
Owners of the Company (discontinuing operations) |
(8) |
(51) |
|
Non-controlling interests (discontinuing operations) |
- |
(7) |
1) Compliant with IFRS 5.33, the Company has presented in its
Consolidated Statement of Profit or Loss and Comprehensive Income,
a single amount comprizing the total of the post-tax profit (loss)
of discontinued operations and the post-tax profit (loss) on the
disposal of net assets constituting the discontinued operations.
The Group has sold its Offset Solutions business in April, 2023.
Comparative information has been re-presented.
Consolidated Statement of Financial Position (in million
euro)
Consolidated figures following IFRS accounting
policies.
| |
31/12/2023 |
31/12/2022 |
|
Non-current assets |
576 |
602 |
| Goodwill |
215 |
218 |
| Intangible
assets |
24 |
29 |
| Property, plant
and equipment |
115 |
107 |
| Right-of-use
assets |
39 |
45 |
| Investments in
associates |
1 |
1 |
| Other financial
assets |
4 |
5 |
| Assets related to
post-employment benefits |
29 |
18 |
| Trade
receivables |
2 |
9 |
| Receivables under
finance leases |
69 |
72 |
| Other assets |
4 |
8 |
| Deferred tax
assets |
74 |
91 |
| Current
assets |
792 |
1,153 |
| Inventories |
289 |
487 |
| Trade
receivables |
175 |
291 |
| Contract
assets |
83 |
94 |
| Current income
tax assets |
51 |
56 |
| Other tax
receivables |
20 |
28 |
| Other financial
assets |
- |
1 |
| Receivables under
finance lease |
31 |
31 |
| Other
receivables |
48 |
6 |
| Other current
assets |
13 |
17 |
| Derivative
financial instruments |
2 |
3 |
| Cash and cash
equivalents |
77 |
138 |
| Non-current
assets held for sale |
2 |
2 |
|
TOTAL ASSETS |
1,368 |
1,756 |
|
|
31/12/2023 |
31/12/2022 |
| Total
equity |
396 |
561 |
| Equity
attributable to owners of the Company |
395 |
520 |
| Share
capital |
187 |
187 |
| Share
premium |
210 |
210 |
| Retained
earnings |
945 |
1,042 |
| Other
reserves |
- |
(3) |
| Translation
reserve |
(22) |
(9) |
| Post-employment
benefits: remeasurements of the net defined benefit liability |
(926) |
(908) |
|
Non-controlling interests |
1 |
41 |
|
Non-current liabilities |
584 |
610 |
| Liabilities for
post-employment and long-term termination benefit plans |
486 |
536 |
| Other employee
benefits |
5 |
9 |
| Loans and
borrowings |
69 |
41 |
| Provisions |
7 |
14 |
| Deferred tax
liabilities |
9 |
9 |
| Trade
payables |
3 |
- |
| Other non-current
liabilities |
4 |
- |
| Current
liabilities |
388 |
585 |
| Loans and
borrowings |
14 |
25 |
| Provisions |
13 |
36 |
| Trade
payables |
132 |
249 |
| Contract
liabilities |
97 |
109 |
| Current income
tax liabilities |
23 |
29 |
| Other tax
liabilities |
24 |
32 |
| Other
payables |
9 |
6 |
| Employee
benefits |
73 |
95 |
| Other current
liabilities |
1 |
- |
| Derivative
financial instruments |
- |
2 |
| TOTAL
EQUITY AND LIABILITIES |
1,368 |
1,756 |
Consolidated Statement of Cash Flows (in million
euro) Consolidated figures following IFRS accounting
policies.
|
|
2023 |
2022 |
Q4 2023unaudited |
Q4 2022 |
|
Profit (loss) for the period |
(101) |
(223) |
(5) |
(186) |
|
Income taxes |
21 |
42 |
3 |
30 |
|
Share of (profit)/loss of associates, net of tax |
1 |
1 |
1 |
1 |
|
Net finance costs |
26 |
19 |
7 |
5 |
|
Operating result |
(53) |
(160) |
6 |
(150) |
|
|
|
|
|
|
|
Depreciation & amortization |
26 |
35 |
7 |
9 |
|
Depreciation & amortization on right-of-use assets |
19 |
28 |
5 |
7 |
|
Impairment losses on goodwill |
- |
70 |
- |
70 |
|
Impairment losses on intangibles and PP&E |
3 |
29 |
2 |
29 |
|
Impairment losses on right-of-use assets |
5 |
15 |
(1) |
15 |
|
|
|
|
|
|
|
Exchange results and changes in fair value of derivates |
(1) |
10 |
(2) |
(3) |
|
Recycling of hedge reserve |
2 |
5 |
- |
2 |
|
Government grants and subsidies |
(5) |
(5) |
(1) |
(2) |
|
(Gains)/Losses on the sale of intangibles and PP&E |
- |
(1) |
- |
- |
|
Result on the disposal of discontinued operations |
42 |
- |
(4) |
- |
|
Expenses for defined benefit plans & long-term termination
benefits |
24 |
35 |
3 |
7 |
|
Accrued expenses for personnel commitments |
60 |
70 |
14 |
19 |
|
Write-downs/reversal of write-downs on inventories |
13 |
12 |
3 |
4 |
|
Impairments/reversal of impairments on receivables |
(1) |
1 |
(1) |
- |
|
Additions/reversals of provisions |
1 |
23 |
(1) |
17 |
|
|
|
|
|
|
|
Operating cash flow before changes in working
capital |
134 |
166 |
29 |
24 |
|
|
|
|
|
|
|
Change in inventories |
23 |
(65) |
43 |
57 |
|
Change in trade receivables |
(22) |
25 |
(20) |
(4) |
|
Change in contract assets |
10 |
(14) |
8 |
(6) |
|
Change in trade working capital assets |
11 |
(55) |
31 |
47 |
|
Change in trade payables |
(10) |
(7) |
26 |
2 |
|
Change in contract liabilities |
5 |
(8) |
(2) |
(16) |
|
Changes in trade working capital liabilities |
(5) |
(15) |
25 |
(13) |
|
Changes in trade working capital |
6 |
(69) |
56 |
33 |
|
|
2023 |
2022 |
Q4 2023unaudited |
Q4 2022 |
|
Cash out for employee benefits |
(133) |
(149) |
(35) |
(37) |
|
Cash out for provisions |
(22) |
(27) |
(2) |
(10) |
|
Changes in lease portfolio |
2 |
(2) |
(9) |
(12) |
|
Changes in other working capital |
(15) |
4 |
7 |
19 |
|
Cash settled operating derivatives |
- |
(9) |
- |
(3) |
|
|
|
|
|
|
|
Cash from / (used in) operating activities |
(28) |
(86) |
46 |
15 |
|
|
|
|
|
|
|
Income taxes paid |
(2) |
(15) |
(3) |
(11) |
|
Net cash from / (used in) operating
activities |
(30) |
(100) |
43 |
4 |
|
of which related to discontinued operations |
(12) |
- |
- |
(3) |
|
|
|
|
|
|
|
Capital expenditure |
(34) |
(33) |
(12) |
(9) |
|
Proceeds from sale of intangible assets & PP&E |
3 |
2 |
1 |
- |
|
Acquisition of subsidiaries, net of cash acquired |
3 |
(48) |
- |
- |
|
Disposal of discontinued operations, net of cash disposed of |
(4) |
(5) |
1 |
- |
|
Investment in associates |
(1) |
(1) |
- |
(1) |
|
Interests received |
16 |
7 |
6 |
3 |
|
|
|
|
|
|
|
Net cash from / (used in) investing
activities |
(16) |
(76) |
(5) |
(8) |
|
of which related to discontinued operations |
(5) |
(10) |
- |
(3) |
|
|
|
|
|
|
|
Interests paid |
(13) |
(5) |
(4) |
(2) |
|
Dividends paid to non-controlling interests |
(9) |
(11) |
- |
(5) |
|
Purchase of treasury shares |
- |
(21) |
- |
- |
|
Proceeds from borrowings |
40 |
3 |
- |
- |
|
Repayment of borrowings |
- |
(4) |
- |
(2) |
|
Payment of finance leases |
(23) |
(30) |
(6) |
(7) |
|
Proceeds / (payment) of derivatives |
(3) |
(9) |
1 |
(4) |
|
Other financing income / (costs) received/paid |
(2) |
1 |
(1) |
(1) |
|
|
|
|
|
|
|
Net cash from / (used in) financing
activities |
(10) |
(77) |
(10) |
(21) |
|
of which related to discontinued operations |
(11) |
(20) |
- |
(7) |
|
|
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
(57) |
(253) |
28 |
(26) |
|
|
|
|
|
|
|
Cash & cash equivalents at the start of the
period |
138 |
398 |
53 |
178 |
|
Net increase / (decrease) in cash & cash equivalents |
(57) |
(253) |
28 |
(26) |
|
Effect of exchange rate fluctuations on cash held |
(4) |
(7) |
(5) |
(14) |
|
Cash & cash equivalents at the end of the
period |
77 |
138 |
77 |
138 |
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) 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, 2022 |
187 |
210 |
1,284 |
- |
2 |
(2) |
(1,033) |
(15) |
632 |
54 |
685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(221) |
- |
- |
- |
- |
- |
(221) |
(2) |
(223) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
(2) |
- |
125 |
7 |
130 |
- |
130 |
|
Total comprehensive income for the period |
- |
- |
(221) |
- |
(2) |
- |
125 |
7 |
(91) |
(2) |
(93) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(10) |
(10) |
|
Purchase of own shares |
- |
- |
- |
(21) |
- |
- |
- |
- |
(21) |
- |
(21) |
|
Cancellation of own shares |
- |
- |
(21) |
21 |
- |
- |
- |
- |
- |
- |
- |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
(21) |
- |
- |
- |
- |
- |
(21) |
(10) |
(31) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022 |
187 |
210 |
1,042 |
- |
(1) |
(2) |
(908) |
(9) |
520 |
41 |
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
- |
- |
(102) |
- |
- |
- |
- |
- |
(102) |
1 |
(101) |
|
Other comprehensive income, net of tax |
- |
- |
- |
- |
(1) |
4 |
(12) |
(13) |
(23) |
1 |
(22) |
|
Total comprehensive income for the period |
- |
- |
(102) |
- |
(1) |
4 |
(12) |
(13) |
(125) |
2 |
(123) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(9) |
(9) |
|
Transfer of amounts recognized in OCI to retained earnings
following loss of control |
- |
- |
6 |
- |
- |
- |
(6) |
- |
- |
- |
- |
|
Derecognition of NCI following loss of control |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(33) |
(33) |
|
Total transactions with owners, recorded directly in
equity |
- |
- |
6 |
- |
- |
- |
(6) |
- |
- |
(42) |
(42) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
187 |
210 |
945 |
- |
(1) |
1 |
(926) |
(22) |
395 |
1 |
396 |
- Press release in pdf
- Statements in pdf
AGFA Gevaert NV (EU:AGFB)
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AGFA Gevaert NV (EU:AGFB)
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