Agfa-Gevaert NV

Earnings Release • Aug 28, 2013

PRESS RELEASE

Agfa Press Office Septestraat 27 B – 2640 Mortsel Belgium

Johan Jacobs Corporate Press Relations Manager

T +32 3 444 80 15 F +32 3 444 44 85 E johan.jacobs@agfa.com

Regulated information – August 28, 2013 - 7:45 a.m. CET

Agfa-Gevaert publishes its second quarter 2013 results

• Group revenue impacted by the weak economic conditions and the decline of the classic film businesses
• Gross profit margin remained stable, while product portfolio rationalization contributed to the decrease of R&D costs
• Recurring EBIT improved to 36 million Euro
• Positive net result due to targeted actions
• Efforts to improve working capital contributed to strong operating cash flow

Mortsel (Belgium), August 28, 2013 - Agfa-Gevaert today announced its second quarter 2013 results.

"During the second quarter, we focused on the further improvement of our working capital. These efforts helped us to improve our operating cash flow and to reduce our net debt. Furthermore, we are on track to reach the gross profit targets we have set ourselves. Finally, I am also confident that Agfa Graphics' industrial inkjet business will reach the break-even point in the course of 2013," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.

in million Euro	Q2 2012	Q2 2013	% change
Revenue	779	732	-6.0%
Gross profit (*)	226	211	-6.6%
% of revenue	29.0%	28.8%
Recurring EBITDA (*)	53	56	5.7%
% of revenue	6.8%	7.7%
Recurring EBIT (*)	32	36	12.5%
% of revenue	4.1%	4.9%
Result from operating activities	21	67	219.0%
Result for the period	2	23
Net cash from (used in) operating activities	(13)	51

Agfa-Gevaert Group – second quarter 2013

(*) before restructuring and non-recurring items

The Group's revenue decreased by 6.0 percent due to currency effects, the adverse economic conditions and the decline of the traditional film businesses. Excluding currency effects, the decline would be limited to 4.6 percent. Agfa HealthCare's digital radiography product portfolio performed strongly.

The Group's second quarter and first half gross profit margin remained stable versus the corresponding periods of 2012.

As a percentage of revenue, Selling and General Administration expenses amounted to 18.7 percent.

The Group's efforts to improve efficiency and to rationalize its product portfolio resulted in substantially lower R&D expenses in the second quarter of 2013.

Recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) improved from 6.8 percent of revenue to 7.7 percent, totaling 56 million Euro. Recurring EBIT grew from 32 million Euro to 36 million Euro.

Restructuring and non-recurring items resulted in an income of 31 million Euro, versus an expense of 11 million Euro in the second quarter of 2012. On the one hand, the Group booked the effects of the closure of the post-retirement medical plan in the USA. On the other hand, restructuring costs were booked for the intended closure of the analog printing plate factory in Manerbio, Italy.

The net finance costs amounted to 21 million Euro, versus 20 million Euro in 2012.

Tax expenses amounted to 23 million Euro. The major part of this amount is linked to a deferred (non cash) tax expense related to the closure of the post-retirement medical plan in the USA.

The Group was able to post a strong net result of 23 million Euro, versus a restated (according to IAS 19R) net result of 2 million Euro in the second quarter of 2012.

Financial position and cash flow

• At the end of the quarter, total assets were 2,752 million Euro, compared to 2,830 million Euro at the end of 2012.

• Inventories amounted to 648 million Euro (or 108 days). Trade receivables (minus deferred revenue and advanced payments from customers) amounted to 452 million Euro (or 56 days) and trade payables were 259 million Euro, or 43 days.

• Net financial debt amounted to 299 million Euro, versus 291 million Euro at the end of 2012.

• Net cash from operating activities amounted to 51 million Euro.

in million Euro	Q2 2012	Q2 2013	% change
Revenue	418	380	-9.1%
Recurring EBITDA (*)	21.9	21.9	0.0%
% of revenue	5.2%	5.8%
Recurring EBIT (*)	12.7	12.7	0.0%
% of revenue	3.0%	3.3%

Agfa Graphics – second quarter 2013

(*) before restructuring and non-recurring items

Agfa Graphics' revenue decreased by 9.1 percent to 380 million Euro. Overall, the business group's revenue was impacted by the tough economic conditions and adverse currency effects.

In the prepress segment, the digital computer-to-plate (CtP) business' volumes were stable, whereas the analog computer-to-film (CtF) business declined strongly.

The industrial inkjet segment's revenue was influenced by measures to rationalize the product portfolio and by the weak investment climate, as companies are reluctant to invest in high-end equipment. The low-end Anapurna product range, on the other hand, continued to perform well. In spite of the adverse evolution of the segment's top line, industrial inkjet is on track to reach the break-even point in the course of 2013.

Gross profit totaled 25.5 percent of revenue, versus 25.8 percent in the second quarter of 2012 and 25.1 percent in the first quarter of 2013. Agfa Graphics' operational improvements were offset by mix effects and competitive pressure. As a percentage of revenue, recurring EBITDA and recurring EBIT improved to 5.8 percent and 3.3 percent respectively. In absolute numbers, both recurring EBITDA and recurring EBIT remained stable.

In June, the German Court of Appeal in Düsseldorf decided in favor of Agfa Graphics in a patent law suit against Papier Union GmbH, the German dealer of the Chinese printing plate manufacturer Chengdu Xingraphics Co. Ltd. It was decided that one of Agfa Graphics' patents (EP823327) is infringed by the sales of Xingraphics "FIT" digital printing plates. The same outcome was also reached in

January in the parallel proceedings before the Dutch Court of Appeal. These cases show Agfa Graphics' firmness in protecting its know-how against infringements.

In the field of prepress, Agfa Graphics' environment-friendly technology continued to convince commercial printers all over the world. In Australia, for instance, Fox Print decided to start using Agfa Graphics' Azura TS chemistry-free printing plate technology in order to further improve its environmental credentials. In Korea, the leading Ad Core printing company ordered two Avalon N8 platesetters. The company will also use Agfa Graphics' Azura printing plates.

In the newspaper segment of the printing industry, El Mercurio, the largest newspaper in Chile, will start using the business group's eco-friendly N94-VCF printing plates and ordered four Advantage platesetters and Arkitex workflow software. In New Zealand, newspaper publisher Beacon Media Group signed a three-year printing plate contract with Agfa Graphics and ordered an Advantage N SL platesetter and additional equipment. The Spanish Graficas De Prensa Diare company ordered three Advantage NTR XXT platesetters and signed a three-year printing plate contract.

In April, Agfa Graphics launched a new version of its Fortuna security printing software. Fortuna is designed to protect banknotes, ID-cards, documents, packaging and other printing applications against counterfeiting.

In the field of industrial inkjet, Agfa Graphics introduced its brand new Asanti automated workflow solution for the wide-format sign and display markets at the FESPA trade show in London. Asanti allows wide-format printers to streamline their production, and to integrate automated color consistency and quality management features in their workflow.

Also at FESPA, Agfa Graphics launched new additions to its broad portfolio of industrial inkjet printers. The Anapurna M3200 RTR system is an eco-friendly print system that allows users to print onto a wide variety of flexible materials. A new member to the successful Jeti Titan range is the highly productive and versatile Jeti TitanX. In order to satisfy the growing market demand for direct printed textile output, Agfa Graphics launched its new Ardeco wide-format printer.

The Jeti Titan printer range continued to convince print houses of its many advantages. The Brazilian Zoom Imagem company, for instance, ordered two Jeti Titan systems. Crystal Clear Imaging (New Orleans, Louisiana, USA) will use Agfa Graphics' system to create high-quality graphics and displays for leading brands

and high-profile sporting events. Also in the USA, Diesel Displays will use its new Jeti Titan to produce turn-key displays and graphics for leading retail organizations. The French Creaprod company signed the very first contract for the new Jeti TitanX system.

in million Euro	Q2 2012	Q2 2013	% change
Revenue	300	294	-2.0%
Recurring EBITDA (*)	30.8	28.7	-6.8%
% of revenue	10.3%	9.8%
Recurring EBIT (*)	20.1	18.9	-6.0%
% of revenue	6.7%	6.4%

(*) before restructuring and non-recurring items

Mainly due to adverse currency effects, Agfa HealthCare's revenue decreased by 2.0 percent to 294 million Euro. Excluding currency effects, revenue remained almost stable.

In the Imaging segment, the digital radiography business (consisting of Computed Radiography, Direct Radiography and the hardcopy business) performed strongly, mainly due to the success of the DR product range. The traditional X-ray product range's revenue dropped considerably compared to the second quarter of 2012. In last year's second quarter, the traditional business was marked by a strong recovery following slow sales in earlier months.

Excluding currency effects, the IT segment's revenue remained stable. The Enterprise IT business continued its upward trend, whereas the Imaging IT business was rather soft compared to the very strong second quarter in 2012. On a year-to-date basis, Imaging IT continued to grow according to plan. Due to the well-filled order book, sales for Imaging IT are expected to pick up towards the end of the year.

Agfa HealthCare's gross profit margin amounted to 34.7 percent of revenue, versus 36.3 percent in the second quarter of 2012. Margins were influenced by mix effects and by investments to further improve service efficiency and to prepare the introduction of new solutions. Recurring EBITDA reached 28.7 million Euro (or 9.8 percent of revenue). Recurring EBIT amounted to 18.9 million Euro (or 6.4 percent of revenue).

In May, Agfa HealthCare established a new subsidiary in the Kingdom of Saudi Arabia. By setting up the Agfa HealthCare Saudi Arabia Company Ltd., the

business group will be able to enhance its support to its customers in this important region.

In the field of digital radiography, Agfa HealthCare launched its NX MUSICA² Platinum and NX MUSICA2 Neonatal image processing solutions for use with direct radiography (DR) technology. The solutions render excellent bone and soft tissue detail simultaneously in a single exposure. NX MUSICA² Platinum is suitable for both adults and pediatric patients. NX MUSICA2 Neonatal is designed to meet the demanding requirements of neonatal imaging.

The installed base for Agfa HealthCare's innovative DR solutions continued to grow in the second quarter. In the UK, for instance, Agfa HealthCare successfully implemented its DX-D 600 DR system at Wrightington, Wigan and Leigh NHS Foundation Trust. In the USA, the business group installed six DX-D 100 mobile DR systems at the Department of Defense's Medical Education & Training Campus for use in the basic biomedical equipment technician training curriculum.

In Imaging IT, Agfa HealthCare released ICIS View 3.0, the medical images and results viewer for the comprehensive ICIS (Imaging Clinical Information System) enterprise imaging solution. The system allows clinicians, specialists and other stakeholders to access all patient imaging data from any Picture Archiving and Communication System (PACS), using a single viewer. The ICIS solution creates a true imaging record for every patient, containing all possible images of the patient, regardless of the hospital department and de facility that created them.

In May, Agfa HealthCare announced the signing of a new contract that makes the business group's full suite of imaging IT solutions available to the customers of Novation, a leading healthcare supply contracting company in the USA. Included in the contract are Agfa HealthCare's IMPAX departmental and ICIS enterprise imaging solutions.

Among the new customers for Agfa HealthCare's ORBIS Enterprise IT solution were the following hospitals in Northern Germany: the St. Marienhospital Ankum-Bersenbrück GmbH, the CKT Marienhospital Steinfurt GmbH and the STENUM Fachklinik für Orthopädie.

in million Euro	Q2 2012	Q2 2013	% change
Revenue	61	58	-4.9%
Recurring EBITDA (*)	2.3	6.5	182.6%
% of revenue	3.8%	11.2%
Recurring EBIT (*)	1.0	5.4	440.0%
% of revenue	1.6%	9.3%

Agfa Specialty Products – second quarter 2013

(*) before restructuring and non-recurring items

Agfa Specialty Products' revenue reached 58 million Euro. The Synaps Synthetic Paper business, the Orgacon Electronic Materials business, the Security business and the printed circuit board business performed well. Furthermore, revenue was positively influenced by the first effects of the supply agreement for microfilm signed with Eastman Park Micrographics (announced in January).

Partly because of the increased capacity utilization, the business group was able to considerably improve its operational efficiency. As a result, recurring EBIT improved to 5.4 million Euro and recurring EBITDA to 6.5 million Euro.

in million Euro	H1 2012	H1 2013	% change
Revenue	1,513	1,437	-5.0%
Gross profit (*)	434	414	-4.6%
% of revenue	28.7%	28.8%
Recurring EBITDA (*)	96	97	1.0%
% of revenue	6.3%	6.8%
Recurring EBIT (*)	53	57	7.5%
% of revenue	3.5%	4.0%
Result from operating activities	32	79	146.9%
Result for the period	(18)	11
Net cash from (used in) operating activities	(20)	15

Results after six months

Agfa-Gevaert Group – year to date

(*) before restructuring and non-recurring items

Agfa Graphics – year to date

in million Euro	H1 2012	H1 2013	% change
Revenue	814	751	-7.7%
Recurring EBITDA (*)	39.3	35.5	-9.7%
% of revenue	4.8%	4.7%
Recurring EBIT (*)	20.1	17.1	-14.9%
% of revenue	2.5%	2.3%

(*) before restructuring and non-recurring items

Agfa HealthCare – year to date

H1 2012	H1 2013	% change
578	570	-1.4%
56.1	50.1	-10.7%
9.7%	8.8%
34.8	30.5	-12.4%
6.0%	5.4%

(*) before restructuring and non-recurring items

Agfa Specialty Products – year to date

H1 2012	H1 2013	% change
121	116	-4.1%
3.2	13.0	306.3%
2.6%	11.2%
0.6	10.9	1,716.7%
0.5%	9.4%

(*) before restructuring and non-recurring items

End of message

Management Certification of Financial Statements and Quarterly Report

This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of 14 November 2007 and in effect as of 2008. "The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Julien De Wilde, Chairman of the Board of Directors, Mr. Christian Reinaudo, President and CEO, and Mr. Kris Hoornaert, 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 risk

This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of 14 November 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.

Contact:

Viviane Dictus

Director Corporate Communication Septestraat 27 2640 Mortsel - Belgium T +32 (0) 3 444 71 24 F +32 (0) 3 444 44 85 E viviane.dictus@agfa.com Johan Jacobs Corporate Press Relations Manager T +32 (0)3/444 80 15 F +32 (0)3/444 44 85 E johan.jacobs@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)

Unaudited, consolidated figures following IFRS accounting policies

	Q2 2012	Q2 2013	%	H1 2012	H1 2013	%
Revenue	Restated * 779	732	change -6.0%	Restated * 1,513	1,437	change -5.0%
Cost of sales	(553)	(521)	-5.8%	(1,079)	(1,023)	-5.2%
Gross profit	226	211	-6.6%	434	414	-4.6%
Selling expenses	(100)	(92)	-8.0%	(197)	(186)	-5.6%
Research & Development expenses	(42)	(36)	-14.3%	(86)	(75)	-12.8%
Administrative expenses	(49)	(46)	-6.1%	(97)	(92)	-5.2%
Other operating income	30 (1)		77 156.7%	59 (1)	97	64.4%
Other operating expenses	(44) (1)	(47)	6.8%	(81) (1)	(79)	-2.5%
Results from operating activities	21		67 219.0%	32	79	146.9%
Interest income (expense) - net	(3)	(5)	66.7%	(7)	(9)	28.6%
Interest income	1	-		2	1	-50.0%
Interest expense	(4)	(5)	25.0%	(9)	(10)	11.1%
Other finance income (expense) - net	(17)	(16)	-5.9%	(37)	(28)	-24.3%
Other finance income	1 (1)	-		3 (1)	3
Other finance expense	(18) (1)(2)	(16)	-11.1%	(40) (1)(2)	(31)	-22.5%
Net finance costs	(20) (2)	(21)	5.0%	(44) (2)	(37)	-15.9%
Profit (loss) before income taxes	1 (2)	46		(12) (2)	42	450.0%
Income tax expense	1	(23)		(6)	(31)	416.7%
Profit (loss) for the period	2 (2)	23		(18) (2)	11
Profit (loss) attributable to:
Owners of the Company	- (2)	21		(21) (2)	8
Non-controlling interests	2	2		3	3
Results from operating activities	21		67 219.0%	32	79	146.9%
Restructuring and non-recurring items	(11)	31		(21)	22
Recurring EBIT	32	36	12.5%	53	57	7.5%
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 (€)	(0.01) (2)	0.13		(0.13) (2)	0.05

* (1) In the course of the third quarter of 2012, the presentation of the exchange results has been changed. The Group offsets its exchange gains and losses per currency to better align with the Group's treasury and hedging policy. Comparative information for 2012 has been restated. For the first half of 2012, the netting in operating exchange gains and losses amounts to 53 million Euro (Q2: 36 million Euro) whereas the netting of exchange results in the net finance costs amounts to 48 million Euro (Q2: 29 million Euro).

(2) During the half year of 2013, the Group has consistently applied its accounting policies used in the previous year, except for its post-employment benefit plans where the measurement of the defined benefit cost and the net defined benefit liability has changed due to the amendments of IAS19 as stated in IAS19 (revised 2011). As a result, other finance expense for the first half of 2012 has been restated by 13 million Euro (Q2: 7 million Euro) from 53 million Euro to 40 million Euro. This restatement also impacted the first half year of 2012 EPS calculation from minus 0.20 Euro to minus 0.13 Euro (Q2: minus 0.01 Euro).

Consolidated Statements of Comprehensive Income for the half year ending June 2012 / June 2013 (in million Euro)

Unaudited, consolidated figures following IFRS accounting policies

	2012	2013
Profit / (loss) for the period	(18)*	11
Other Comprehensive Income, net of tax
Items that may be reclassified subsequently to profit or loss:
Exchange differences:	1*	(9)
Exchange differences on translation of foreign operations	5	(8)
Exchange differences on net investment hedge	(3)	(1)
Income tax on exchange differences on net investment hedge	(1)	-
Cash flow hedges:	(1)	(17)
Effective portion of changes in fair value of cash flow hedges	(7)	(21)
Changes in the fair value of cash flow hedges reclassified to profit or loss	6	4
Income taxes	-	-
Available-for-sale financial assets:	(1)	-
Changes in fair values of available-for-sale financial assets	(1)	-
Income taxes	-	-
Items that will not be reclassified subsequently to profit and loss:	-	-
Total other Comprehensive Income for the period, net of tax	(1)	(26)
Total Comprehensive Income for the period attributable to:	(19)	(15)
Owners of the Company	(22)	(19)
Non-controlling interests	3	4

* As restated for the implementation of IAS 19R (2011): more information is provided in footnote (1) of the consolidated statement of financial position.

Consolidated Statements of Comprehensive Income for the quarter ending June 2012 / June

2013 (in million Euro)

Unaudited, consolidated figures following IFRS accounting policies

	Q2 2012	Q2 2013
Profit / (loss) for the period	2*	23
Other Comprehensive Income, net of tax
Items that may be reclassified subsequently to profit or loss:
Exchange differences:	6*	(16)
Exchange differences on translation of foreign operations	12	(17)
Exchange differences on net investment hedge	(6)	2
Income tax on exchange differences on net investment hedge	-	(1)
Cash flow hedges:	(3)	(11)
Effective portion of changes in fair value of cash flow hedges	(7)	(14)
Changes in the fair value of cash flow hedges reclassified to profit or loss	3	6
Income taxes	1	(3)
Available-for-sale financial assets:	-	-
Changes in fair values of available-for-sale financial assets	-	-
Income taxes	-	-
Items that will not be reclassified subsequently to profit and loss:	-	-
Total other Comprehensive Income for the period, net of tax	3	(27)
Total Comprehensive Income for the period attributable to:	5	(4)
Owners of the Company	3	(5)
Non-controlling interests	2	1

* As restated for the implementation of IAS 19R (2011): more information is provided in footnote (1) of the consolidated statement of financial position.

Consolidated Statement of Financial Position (in million Euro)

Unaudited, consolidated figures following IFRS accounting policies

	(1) 01/01/2012 Restated	(1) 31/12/2012 Restated	30/06/2013
ASSETS
Non-current assets	1,221	1,156	1,099
Intangible assets	681	654	641
Property, plant and equipment	301	277	257
Investments	15	10	9
Deferred tax assets	224	215	192
Current assets	1,728	1,674	1,653
Inventories	639	635	648
Trade receivables	672	636	608
Current tax assets	82	97	102
Other receivables and other assets	214	149	134
Deferred charges	20	27	31
Derivative financial instruments	1	3	3
Cash and cash equivalents	100	127	127
Total assets	2,949	2,830	2,752
EQUITY AND LIABILITIES
Equity	291	169 (1)	154
Equity attributable to owners of the Company	256	133 (1)	114
Share capital	187	187	187
Share premium	210	210	210
Retained earnings	642	623 (1)	631
Reserves	(90)	(85)	(102)
Translation reserve	11	6	(4)
Post-employment benefits: remeasurements of the net defined benefit liability	(704) (1)	(808) (1)	(808)
Non-controlling interests	35	36	40
Non-current liabilities	1,692	1,795	1,701
Liabilities for post-employment and long-term termination benefit plans	1,246 (1)	1,315 (1)	1,243
Other employee benefits	13	12	12
Loans and borrowings	352	410	391
Provisions	25	15	13
Deferred income	4	1	1
Deferred tax liabilities	52	42	41
Current liabilities	966	866	897
Loans and borrowings	15	8	35
Provisions	223	173	185
Trade payables	275	278	259
Deferred revenue and advance payments	145	138	156
Current tax liabilities	47	56	53
Other payables	149	109	102
Employee benefits	94	99	84
Deferred income	4	3	3
Derivative financial instruments	14	2	20
Total Equity and Liabilities	2,949	2,830	2,752

(1) During the first half of 2013, the Group has consistently applied its accounting policies used in the previous year, except for its post-employment benefit plans where the measurement of the defined benefit cost and the net defined benefit liability has changed. The changes fully result from the application of the amendments to IAS19 as stated in IAS19 (revised 2011). As

such, the net defined benefit liability at January 1, 2013 has increased by 786 million Euro, being 767 million Euro for the Group's material countries and 19 million Euro for the other countries. This impact has been recorded in equity via retained earnings to the extent related to the changes in the determination of the net periodic pension cost for 2012 resulting in an increase of 22 million Euro, the remainder i.e. minus 808 million Euro has been reflected in a separate line item in equity called 'Post-employment benefits: remeasurements of the net defined benefit liability'.

The impact of the changes in accounting policy are also reflected in the restated opening balances at January 1, 2012 and the closing balances at December 31, 2012 as well as in the result over the first half year of 2012. The impact on the closing balances at December 31, 2012 equals the impact at January 1, 2013 which is also reflected in the balances at June 30, 2013 as no recalculation of the net defined benefit liability on June 30, 2013 has taken place. The opening balances at January 1, 2012 comprise remeasurements of the net defined benefit liability amounting to 704 million Euro being 687 million Euro for the Group's material countries and 17 million Euro for the other countries. For the first half of 2012, other finance expense has been reduced by 13 million Euro being the share of the aforementioned 22 million Euro for the full year 2012 that relates to the first half year of 2012.

Consolidated Statement of Cash Flows (in million Euro) Unaudited, consolidated figures following IFRS accounting policies

	6m 2012	6m 2013	Q2 2012	Q2 2013
Profit (loss) for the period	-18*	11	2*	23
Adjustments for:
Depreciation, amortization and impairment losses	43	44	22	24
Changes in fair value of derivative financial instruments	2	-1	3	-1
Granted subventions	-4	-5	-3	-3
(Gains) / losses on sale of non-current assets	0	-1	0	0
Net finance costs	44*	37	20*	21
Income tax expense	6	31	-1	23
	73	116	43	87
Change in inventories	-71	-20	-17	25
Change in trade receivables	26	20	34	28
Change in trade payables	15	-18	2	-5
Change in deferred revenue and advance payments	23	20	-21	-6
Change in other working capital	-13	-2	-2	14
Change in non-current provisions	-46	-89	-17	-66
Change in current provisions	-23	-6	-34	-22
Cash generated from operating activities	-16	21	-12	55
Income taxes paid	-4	-6	-1	-4
Net cash from / (used in) operating activities	-20	15	-13	51
Interest received	1	1	0	0
Dividends received	0	0	0	0
Proceeds from sale of intangible assets	1	1	1	1
Proceeds from sale of property, plant and equipment	2	3	1	1
Acquisition of intangible assets	-2	-1	-1	-1
Acquisition of property, plant and equipment	-21	-15	-10	-8
Changes in lease portfolio	18	5	19	3
Change in other investing activities	2	0	2	0
Net cash from / (used in) investing activities	1	-6	12	-4
Interest paid	-13	-14	-11	-10
Dividends paid	0	0	0	0
Proceeds from borrowings	64	10	4	-35
Repayment of borrowings	0	0	46	0
Other financial flows	-11	-1	-9	5
Net cash from / (used in) financing activities	40	-5	30	-40
Net increase (decrease) in cash and cash equivalents	21	4	29	7
Cash and cash equivalents at January 1	98	125
Effect of exchange rate fluctuations	4	-4
Cash and cash equivalents at end of the period	123	125

* During the first half of 2013, the Group has consistently applied its accounting policies used in the previous year, except for its post-employment benefit plans where the measurement of the defined benefit cost and the net defined benefit liability has changed due to the amendments of IAS19 as stated in IAS19 (revised 2011). As a result, net finance costs for the first half year of 2012 have been restated by 13 million Euro (Q2: 7 million Euro) from 57 million Euro to 44 million Euro.

Consolidated Statements of changes in Equity (in million Euro)

Unaudited, 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	Revaluation reserve	payment reserve Share-based	Hedging reserve	of the net defined Remeasurement benefit liability	Translation reserve	Total	CONTROLLING S T S INTERE ON N	TOTAL EQUITY
Balance at January 1, 2012, as previously reported	187	210	642	(82)	(1)	-	(7)	-	11	960	35	995
Impact of change in accounting policy	-	-	-	-	-	-	-	(704)	-	(704)	-	(704)
Restated balance at January 1, 2012	187	210	642	(82)	(1)	-	(7)	(704)	11	256	35	291
Comprehensive income for the period Profit (loss) for the period, as restated	-	-	(21)	-	-	-	-	-	-	(21)	3	(18)
Other comprehensive income, net of tax, as restated	-	-	-	-	(1)	-	(1)	-	1	(1)	-	(1)
Total comprehensive income for the period	-	-	(21)	-	(1)	-	(1)	-	1	(22)	3	(19)
Restated balance at June 30, 2012	187	210	621	(82)	(2)	-	(8)	(704)	12	234	38	272
Balance at January 1, 2013, as previously reported	187	210	601	(82)	(1)	-	(2)	-	6	919	36	955
Impact of change in accounting policy	-	-	22	-	-	-	-	(808)	-	(786)	-	(786)
Restated balance at January 1, 2013	187	210	623	(82)	(1)	-	(2)	(808)	6	133	36	169
Comprehensive income for the period
Profit (loss) for the period	-	-	8	-	-	-	-	-	-	8	3	11
Other comprehensive income, net of tax	-	-	-	-	-	-	(17)	-	(10)	(27)	1	(26)
Total comprehensive income for the period	-	-	8	-	-	-	(17)	-	(10)	(19)	4	(15)
Balance at June 30, 2013	187	210	631	(82)	(1)	-	(19)	(808)	(4)	114	40	154