Agfa-Gevaert NV

Annual / Quarterly Financial Statement • Mar 6, 2013

Consolidated Statement of Profit or Loss (in million Euro)

Audited, consolidated figures following IFRS accounting policies

	FY 2011	FY 2012	% change	Q4 2011	Q4 2012	% change
Revenue	3,023	audited 3,091	2.2%	805	unaudited 812	0.9%
Cost of sales	(2,181)	(2,222)	1.9%	(591)	(585)	-1.0%
Gross profit	842	869	3.2%	214	227	6.1%
Selling expenses	(388)	(388)	0.0%	(99)	(96)	-3.0%
Research & Development expenses	(162)	(163)	0.6%	(41)	(36)	-12.2%
Administrative expenses	(197)	(192)	-2.5%	(53)	(49)	-7.5%
Other operating income (*)	136	131	-3.7%	59	44	-25.4%
Other operating expenses (*)	(195)	(161)	-17.4%	(92)	(53)	-42.4%
Results from operating activities	36	96	166.7%	(12)	37	408.3%
Interest income (expense) - net	(12)	(15)	25.0%	(3)	(4)	33.3%
Interest income	3	3	0.0%	1	1	0.0%
Interest expense	(15)	(18)	20.0%	(4)	(5)	25.0%
Other finance income (expense) - net	(72)	(92)	27.8%	(16)	(21)	31.3%
Other finance income (*)	8	7	-12.5%	5	3	-40.0%
Other finance expense (*)	(80)	(99)	23.8%	(21)	(24)	14.3%
Net finance costs	(84)	(107)	27.4%	(19)	(25)	31.6%
Profit (loss) before income taxes	(48)	(11)	77.1%	(31)	12	138.7%
Income tax expense	(23)	(20)	-13.0%	(12)	(8)	-33.3%
Profit (loss) for the period	(71)	(31)	56.3%	(43)	4	109.3%
Profit (loss) attributable to:
Owners of the Company	(73)	(41)	43.8%	(43)	-
Non-controlling interests	2	10	400.0%	-	4
Results from operating activities	36	96	166.7%	(12)	37	408.3%
Restructuring and non-recurring items	(93)	(43)	-53.8%	(55)	(20)	-63.6%
Recurring EBIT	129	139	7.8%	43	57	32.6%
Outstanding shares per end of period	167,751,190	167,751,190		167,751,190	167,751,190
Weighted number of shares used for calculation	167,751,190	167,751,190		167,751,190	167,751,190
Earnings per share (€)	(0.44)	(0.24)		(0.26)	0.01

(*) During 2012, the Group has consistently applied its accounting policies used in previous years, except for the presentation of exchange results. The Group has netted its exchange gains and losses per currency to better align with the Group's treasury and hedging policy. For the full year 2012 the resulting netting in operating and non-operating exchange gains and losses amounts to 150 million Euro respectively 74 million Euro. Comparative information for 2011 has been restated. For the full year 2011, the netting in operating exchange gains and losses amounts to 130 million Euro whereas the netting of exchange results in the net finance costs amounts to 145 million Euro. The Group believes that this revised presentation better matches with the Group's treasury policy and therefore provides information that is more relevant to users of the financial statements.

Consolidated Statements of Comprehensive Income for the year ending December 2011 /

December 2012 (in million Euro) Audited, consolidated figures following IFRS accounting policies

	2011	2012 audited
Profit / (loss) for the period	(71)	(31)
Other Comprehensive Income for the period recognized directly in equity, net of tax
Exchange differences:
Exchange differences on translation of foreign operations	15	(6)
Exchange differences on net investment hedge	(3)	2
Income tax on exchange differences on net investment hedge	1	(1)
Cash Flow Hedges:
Effective portion of changes in fair value of cash flow hedges	(7)	(3)
Changes in the fair value of cash flow hedges reclassified to profit or loss	(6)	11
Income taxes	4	(3)
Available-for-sale financial assets:
Changes in fair values of available-for-sale financial assets	(1)	-
Other Comprehensive Income, net of tax	3	0
Total Comprehensive Income for the period attributable to:	(68)	(31)
Owners of the Company	(73)	(41)
Non-controlling interests	5	10

Consolidated Statements of Comprehensive Income for the quarter ending December 2011 /

December 2012 (in million Euro) Non-audited, consolidated figures following IFRS accounting policies

	2011	2012 unaudited
Profit / (loss) for the period	(43)	4
Other Comprehensive Income for the period recognized directly in equity, net of tax
Exchange differences:
Exchange differences on translation of foreign operations	36	(19)
Exchange differences on net investment hedge	(4)	2
Income tax on exchange differences on net investment hedge	-	(1)
Cash Flow Hedges:
Effective portion of changes in fair value of cash flow hedges	(2)	(3)
Changes in the fair value of cash flow hedges reclassified to profit or loss	-	2
Income taxes	-	-
Available-for-sale financial assets:
Changes in fair values of available-for-sale financial assets	-	1
Other Comprehensive Income, net of tax	29	(18)
Total Comprehensive Income for the period attributable to:	(14)	(14)
Owners of the Company	(16)	(18)
Non-controlling interests	2	4

Consolidated Statement of Financial Position (in million Euro)

Audited, consolidated figures following IFRS accounting policies

	31/12/2011	31/12/2012
		audited
ASSETS
Non-current assets	1,221	1,156
Intangible assets	681	654
Property, plant and equipment	301	277
Investments	15	10
Deferred tax assets	224	215
Current assets	1,728	1,674
Inventories	639	635
Trade receivables	672	636
Current tax assets	82	97
Other receivables and other assets	214	149
Deferred charges	20	27
Derivative financial instruments	1	3
Cash and cash equivalents	100	127
Total assets	2,949	2,830
EQUITY AND LIABILITIES
Equity	995	955
Equity attributable to owners of the Company	960	919
Share capital	187	187
Share premium	210	210
Retained earnings	642	601
Reserves	(90)	(85)
Translation reserve	11	6
Non-controlling interests	35	36
Non-current liabilities	988	1,009
Liabilities for post-employment and long-term termination benefit plans	542	529
Other employee benefits	13	12
Loans and borrowings	352	410
Provisions	25	15
Deferred income	4	1
Deferred tax liabilities	52	42
Current liabilities	966	866
Loans and borrowings	15	8
Provisions	223	173
Trade payables	275	278
Deferred revenue and advance payments	145	138
Current tax liabilities	47	56
Other payables	149	109
Employee benefits	94	99
Deferred income	4	3
Derivative financial instruments	14	2
Total Equity and Liabilities	2,949	2,830

Consolidated Statement of Cash Flows (in million Euro) Audited, consolidated figures following IFRS

accounting policies	FY 2011	FY 2012	Q4 2011	Q4 2012
		audited		unaudited
Profit (loss) for the period	(71)	(31)	(43)	4
Adjustments for:
Depreciation, amortization and impairment losses	94	87	26	23
Changes in fair value of derivative financial instruments	1	0	0	0
Granted subventions	(7)	(11)	(3)	(4)
(Gains) / losses on sale of non-current assets	(1)	0	(1)	0
Net finance costs	84	107	19	25
Income tax expense	23	20	12	8
	123	172	10	56
Change in inventories	(38)	(7)	90	48
Change in trade receivables	6	29	(10)	(21)
Change in trade payables	30	4	7	27
Change in deferred revenue and advance payments	(16)	(7)	(28)	(33)
Change in other working capital	(37)	(12)	24	(1)
Change in non-current provisions	(74)	(103)	(2)	(28)
Change in current provisions	(2)	(31)	10	(22)
Cash generated from operating activities	(8)	45	101	26
Income taxes paid	(19)	(13)	(5)	(5)
Net cash from / (used in) operating activities	(27)	32	96	21
Interest received	3	3	1	1
Dividends received	0	0	0	0
Proceeds from sale of intangible assets	4	3	3	2
Proceeds from sale of property, plant and equipment	5	3	3	1
Acquisition of intangible assets	(5)	(3)	(2)	0
Acquisition of property, plant and equipment	(55)	(41)	(19)	(13)
Changes in lease portfolio	4	12	(6)	4
Acquisition of subsidiary, net of cash acquired	(28)	0	(2)	0
Change in other investing activities	1	3	0	1
Net cash from / (used in) investing activities	(71)	(20)	(22)	(4)
Interest paid	(14)	(29)	(1)	(13)
Dividends paid	0	0	0	0
Proceeds from borrowings	70	60	0	0
Repayment of borrowings	(93)	(8)	(54)	26
Other financial flows	(8)	(9)	(6)	2
Net cash from / (used in) financing activities	(45)	14	(61)	15
Net increase (decrease) in cash and cash equivalents	(143)	26	13	32
Cash and cash equivalents at 1 January	238	98
Effect of exchange rate fluctuations	3	1	6	(2)
Cash and cash equivalents at end of the period	98	125

Consolidated Statements of changes in Equity (in million Euro)

Audited, consolidated figures following IFRS accounting policies

				ATTRIBUTABLE TO OWNERS OF THE COMPANY
in million Euro	Share capital	Share premium	Retained Earnings	Reserve for own shares	payment reserve Share-based	Revaluation reserve	Hedging reserve	Translation reserve	Total	CONTROLLING S INTEREST NON	TOTAL EQUITY
Balance at January 1, 2012	187	210	642	(82)	-	(1)	(7)	11	960	35	995
Comprehensive income for the period Profit/(loss) for the period Other comprehensive income Total comprehensive income for the period	-	-	(41) (41)	-	-	- -	5 5	(5) (5)	(41) 0 (41)	10 - 10	(31) 0 (31)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Dividend payments									-	(9)	(9)
Total of transactions with owners									-	(9)	(9)
Balance at December 31, 2012	187	210	601	(82)	-	(1)	(2)	6	919	36	955

		ATTRIBUTABLE TO OWNERS OF THE COMPANY
in million Euro	Share capital	Share premium	Retained Earnings	Reserve for own shares	payment reserve Share-based	Revaluation reserve	Hedging reserve	Translation reserve	Total	NON-CONTROLLING INTERESTS	TOTAL EQUITY
Balance at January 1, 2011	187	210	703	(82)	12	-	2	1	1,033	30	1,063
Comprehensive income for the period Profit/(loss) for the period Other comprehensive income Total comprehensive income for the period	-	-	(73) (73)	-	-	(1) (1)	(9) (9)	10 10	(73) 0 (73)	2 3 5	(71) 3 (68)
Transactions with owners, recorded directly in equity Contributions by and distributions to owners
Reclassification of share-based payments recorded in profit or loss in previous quarters			12		(12)			-	-		-
Total of transactions with owners	-	-	12	-	(12)	-	-	-	-	-	-
Balance at December 31, 2011	187	210	642	(82)	-	(1)	(7)	11	960	35	995