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Agfa-Gevaert Publishes Q3 Results

Press release from the issuing company

Mortsel, Belgium - Agfa-Gevaert today announced its third quarter 2017 results.  

"The progress made in the reorganization of our distribution channels for hardcopy film and the continued strong order book build-up in IT give us confidence in the short to medium term evolution of our HealthCare business.

Both our Inkjet business and our future-oriented specialty products performed well, while continued volume decreases, price erosion and aluminum price increases weighed on our prepress business.

The study on how to reorganize our HealthCare IT activities into a stand-alone legal entity structure within the Group is yielding encouraging results and October 10, the Board of Directors decided to initiate the first steps towards the execution of the plans. The management is fully committed to the success of this project, as we strongly believe that it is in the best interest of our Company, its stakeholders and its employees," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.  

Agfa-Gevaert Group - third quarter 2017

in million Euro

Q3 2016

Q3 2017

% change





Gross profit (*)




% of revenue




Recurring EBITDA (*)




% of revenue




Recurring EBIT (*)




% of revenue




Result from operating activities




Result for the period




Net cash from (used in) operating activities




(*) before restructuring and non-recurring items

Most of the Agfa-Gevaert Group's growth engines performed well in the third quarter of 2017. The Group's top line decrease was mainly due to the strength of the Euro versus other currencies and the decline in the traditional businesses. Excluding currency effects, the decrease would be limited to 2.9%, which shows a clear improvement compared to the first half of the year.

Impacted by adverse raw material effects, the Group's gross profit amounted to 195 million Euro, or 32.9% of revenue.   

As a percentage of revenue, Selling and General Administration expenses amounted to 19.7% 

R&D expenses amounted to 35 million Euro, or 5.9% of revenue.

Recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) amounted to 8.9% of revenue, versus 10.1% in the third quarter of 2016. Recurring EBIT reached 6.7% of revenue, versus 7.8% in the previous year.

Restructuring and non-recurring items resulted in an expense of 9 million Euro, versus an expense of 6 million Euro in the third quarter of 2016.

The net finance costs decreased from 11 million Euro in the third quarter of 2016 to 8 million Euro.

Income tax expenses amounted to 9 million Euro, versus 7 million Euro in the previous year.

As a result of the elements mentioned above, the Agfa-Gevaert Group posted a net profit of 14 million Euro.

Financial position and cash flow

  • At the end of the third quarter of 2017, total assets were 2,281 million Euro, compared to 2,352 million Euro at the end of 2016.
  • Inventories amounted to 526 million Euro (115 days), versus 534 million Euro (114 days) in the third quarter of 2016. Trade receivables (minus deferred revenue and advanced payments from customers) amounted to 346 million Euro (53 days), versus 337 million Euro (49 days) in the third quarter of 2016, and trade payables were 227 million Euro (50 days), versus 219 million Euro (46 days).
  • Net financial debt amounted to 22 million Euro, versus a net cash position of 18 million Euro at the end of 2016.
  • Net cash from operating activities amounted to 18 million Euro.



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