Agfa-Gevaert NV

Quarterly Report • May 11, 2011

Consolidated Income Statement (in million Euro)

	Q1 2010	Q1 2011	% change
Revenue	664	736	10.8%
Cost of sales	(435)	(505)	16.1%
Gross profit	229	231	0.9%
Selling expenses	(89)	(100)	12.4%
Research & Development expenses	(37)	(43)	16.2%
Administrative expenses	(51)	(50)	-2.0%
Other operating income	75	59	-21.3%
Other operating expenses	(76)	(65)	-14.5%
Profit from operating activities	51	32	-37.3%
Interest income (expense) - net	(3)	(3)
Other finance income (expense) - net	(20)	(20)
Net finance costs	(23)	(23)
Profit before income taxes	28	9	-67.9%
Income tax expense	(10)	(4)	-60.0%
Profit for the period	18	5	-72.2%
Profit attributable to:
Equity holders of the Company	18	5	-72.2%
Non-controlling interests	-	-
Results from operating activities	51	32	-37.3%
Restructuring and non-recurring items	(2)	(8)	300.0%
Recurring EBIT	53	40	-24.5%
Outstanding shares per end of period	124,788,430	167,751,190
Weighted number of shares used for calculation	124,788,430	167,751,190
Earnings per share (€)	0.14	0.03

Consolidated Statements of Comprehensive Income for the period ending March 2010 / March 2011 (in million Euro)

	2010	2011
Profit for the period	18	5
Other Comprehensive Income for the period recognized directly in equity
Exchange differences on translating of foreign operations	49	(30)
Cash Flow Hedges:
Gains (losses) arising during the year recognized in equity	1	4
Reclassification adjustment for (gains)/losses included in profit and loss	-	(2)
Income taxes	-	(1)
Total other Comprehensive Income	50	(29)
Total Comprehensive Income for the period	68	(24)
Attributable to equity holders of the Company	68	(23)
Attributable to non-controlling interests	-	(1)

Consolidated Balance Sheet (in million Euro)

	31/12/2010	31/03/2011
ASSETS
Non-current assets	1,253	1,219
Intangible assets	680	660
Property, plant and equipment	313	301
Investments	14	18
Deferred tax assets	246	240
Current assets	1,833	1,776
Inventories	583	688
Trade receivables	619	618
Current tax assets	68	80
Other receivables and other assets	295	249
Cash and cash equivalents	239	110
Deferred charges	19	24
Derivative financial instruments	10	7
Total assets	3,086	2,995
EQUITY AND LIABILITIES
Equity	1,063	1,039
Equity attributable to equity holders of the company	1,033	1,010
Share capital	187	187
Share premium	210	210
Retained earnings	703	708
Reserves	(68)	(67)
Translation differences Equity attributable to non-controlling interest	1 30	(28) 29
Non-current liabilities	1,053	939
Liabilities for post-employment and long-term termination benefit plans	559	544
Liabilities for personnel commitments	14	13
Loans and borrowings Provisions	379 24	285 22
Deferred income	6	6
Deferred tax liabilities	71	69
Current liabilities	970	1,017
Loans and borrowings	21	14
Trade payables	246	293
Deferred revenue and advance payments	152	180
Current tax liabilities	50	39
Other liabilities	182	163
Liabilities for personnel commitments	114	132
Provisions	200	193
Deferred income	4	3
Derivative financial instruments	1	-
Total Equity and Liabilities	3,086	2,995

Consolidated Statement of Cash Flows (in million Euro)

	Q1 2010	Q1 2011
Results from operating activities	51	32
Depreciation / Amortization and impairment losses	24	23
Changes in fair value of derivative financial instruments	1	-
Adjustment for other non-cash income	(1)	-
(Gains) / losses on retirement of non-current assets	(1)	-
Gain from bargain purchase	(3)	-
Change in non-current provisions	(30)	(30)
Change in current provisions	8	11
Income taxes paid	(7)	(6)
Change in inventories	(27)	(98)
Change in trade receivables including cash inflows from securitization	(6)	3
Change in trade payables	2	51
Change in deferred revenue and advance payments	37	31
Change in other working capital	(24)	(43)
Net cash from / (used in) operating activities	24	(26)
Cash outflows for additions to intangible assets	(2)	(1)
Cash outflows for additions to property, plant and equipment	(5)	(10)
Cash inflows from disposals of intangible assets	2	-
Cash inflows from disposals of property, plant and equipment	1	1
Cash inflows from lease portfolio	6	3
Cash outflows for acquisitions	(16)	(4)
Interest and dividends received	1	-
Change in other investing activities	-	1
Net cash from / (used in) investing activities	(13)	(10)
Net issuances of debt	(3)	(92)
Interest and dividends paid	(1)	(1)
Other financial flows	(2)	4
Net cash from / (used in) financing activities	(6)	(89)
Change in cash and cash equivalents due to business activities	5	(125)
Change in cash and cash equivalents due to changes in exchange rate fluctuations	9	(5)
Change in cash and cash equivalents	14	(130)
Cash and cash equivalents at beginning of the period	118	238
Cash and cash equivalents at end of the period	132	108

Consolidated Statements of changes in Equity (in million Euro)

	ATTRIBUTABLE TO EQUITY HOLDERS 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 differences	Total	NON-CONTROLLING INTEREST	TOTAL EQUITY
Balance at January 1, 2011	187	210	703	(82)	12	-	2	1	1,033	30	1,063
Total comprehensive income for the period
Profit for the period			5						5	-	5
Other comprehensive income
Foreign currency translation differences								(29)	(29)	(1)	(30)
Effective portion of changes in fair value of cash flow hedges, net of tax							1		1	-	1
Total comprehensive income for the period	-	-	5	-	-	-	1	(29)	(23)	(1)	(24)
Balance at March 31, 2011	187	210	708	(82)	12	-	3	(28)	1,010	29	1,039

	ATTRIBUTABLE TO EQUITY HOLDERS 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 differences	Total	NON-CONTROLLING INTEREST	TOTAL EQUITY
Balance at January 1, 2010	140	109	820	(296)	12	-	2	(66)	721	3	724
Total comprehensive income for the period
Profit for the period			18						18	-	18
Other comprehensive income
Foreign currency translation differences								49	49	-	49
Effective portion of changes in fair value of cash flow hedges, net of tax							1		1	-	1
Total comprehensive income for the	-	-	18	-	-	-	1	49	68	-	68
period
Balance at March 31, 2010	140	109	838	(296)	12	-	3	(17)	789	3	792