Agfa-Gevaert NV

Quarterly Report • Nov 13, 2015

Consolidated Income Statement (in million Euro)

	9m 2010	9m 2011	% change	Q3 2010	Q3 2011	% change
Revenue	2,142	2,218	3.5%	742	719	-3.1%
Cost of sales	(1,405)	(1,590)	13.2%	(499)	(538)	7.8%
Gross profit	737	628	-14.8%	243	181	-25.5%
Selling expenses	(285)	(289)	1.4%	(97)	(91)	-6.2%
Research & Development expenses	(115)	(121)	5.2%	(38)	(38)	0.0%
Administrative expenses	(155)	(144)	-7.1%	(51)	(45)	-11.8%
Other operating income	236	174	-26.3%	69	62	-10.1%
Other operating expenses	(250)	(200)	-20.0%	(78)	(78)	0.0%
Profit from operating activities	168	48	-71.4%	48	(9)	-118.8%
Interest income (expense) - net	(8)	(9)	12.5%	(2)	(4)	100.0%
Other finance income (expense) - net	(63)	(56)	-11.1%	(24)	(18)	-25.0%
Net finance costs	(71)	(65)	-8.5%	(26)	(22)	-15.4%
Profit before income taxes	97	(17)	-117.5%	22	(31)	-240.9%
Income tax expense	(24)	(11)	54.2%	(6)	(6)	0.0%
Profit for the period	73	(28)	-138.4%	16	(37)	-331.3%
Profit attributable to:
Equity holders of the Company	73	(30)		16	(37)
Non-controlling interests	-	2		-	0
Results from operating activities	168	48	-71.4%	48	(9)	-118.8%
Restructuring and non-recurring items	(23)	(38)	65.2%	(6)	(19)	216.7%
Recurring EBIT	191	86	-55.0%	54	10	-81.5%
Outstanding shares per end of period	124,788,430	167,751,190		124,788,430	167,751,190

124,788,430 167,751,190	124,788,430	167,751,190
0.59 (0.18)	0.13	(0.22)

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

	2010	2011
Profit for the period	73	(28)
Other Comprehensive Income for the period recognized directly in equity – net of tax
Exchange differences on translation of foreign operations	47	(19)
Cash Flow Hedges:
Gains (losses) arising during the year recognized in equity	2	(3)
Reclassification adjustment for (gains)/losses included in profit and loss	(1)	(4)
Other Comprehensive Income	48	(26)
Total Comprehensive Income for the period	121	(54)
Attributable to equity holders of the Company	121	(57)
Attributable to non-controlling interests	-	3

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

	Q3 2010	Q3 2011
Profit for the period	16	(37)
Other Comprehensive Income for the period recognized directly in equity – net of tax
Exchange differences on translation of foreign operations	(52)	16
Cash Flow Hedges:
Gains (losses) arising during the year recognized in equity	5	(6)
Reclassification adjustment for (gains)/losses included in profit and loss	(1)	0
Other Comprehensive Income	(48)	10
Total Comprehensive Income for the period	(32)	(27)
Attributable to equity holders of the Company	(32)	(29)
Attributable to non-controlling interests	-	2

Consolidated Balance Sheet (in million Euro)

	31/12/2010	30/09/2011
ASSETS
Non-current assets	1,253	1,217
Intangible assets	680	671
Property, plant and equipment	313	300
Investments	14	18
Deferred tax assets	246	228
Current assets	1,833	1,756
Inventories	583	719
Trade receivables	619	639
Current tax assets	68	74
Other receivables and other assets	295	222
Cash and cash equivalents	239	81
Deferred charges	19	20
Derivative financial instruments	10	1
Total assets	3,086	2,973
EQUITY AND LIABILITIES
Equity	1,063	1,009
Equity attributable to equity holders of the Company	1,033	976
Share capital	187	187
Share premium	210	210
Retained earnings	703	685
Reserves	(68)	(87)
Translation differences	1	(19)
Equity attributable to non-controlling interest	30	33
Non-current liabilities	1,053	1,037
Liabilities for post-employment and long-term termination benefit plans	559	534
Liabilities for personnel commitments	14	14
Loans and borrowings	379	411
Provisions	24	20
Deferred income	6	5
Deferred tax liabilities	71	53
Current liabilities	970	927
Loans and borrowings	21	9
Trade payables	246	260
Deferred revenue and advance payments	152	163
Current tax liabilities	50	40
Other liabilities	182	147
Liabilities for personnel commitments	114	91
Provisions	200	198
Deferred income	4	5
Derivative financial instruments	1	14
Total Equity and Liabilities	3,086	2,973

Consolidated Statement of Cash Flows (in million Euro)

	9m 2010	9m 2011	Q3 2010	Q3 2011
Results from operating activities	168	48	48	(9)
Depreciation / Amortization and impairment losses	71	68	24	22
Changes in fair value of derivative financial instruments	-	1	(2)	-
Adjustment for other non-cash income	(3)	-	(1)	-
(Gains) / losses on retirement of non-current assets	(1)	-	-	-
Gain from bargain purchase	(4)	-	-	-
Change in non-current provisions	(76)	(72)	(37)	(23)
Change in current provisions	4	(12)	17	20
Income taxes paid	(21)	(14)	(8)	(3)
Change in inventories	(84)	(128)	(31)	6
Change in trade receivables including cash inflows from securitization	40	16	21	28
Change in trade payables	4	23	(17)	(8)
Change in deferred revenue and advance payments	36	12	1	(8)
Change in other working capital	(15)	(65)	19	(23)
Net cash from / (used in) operating activities	119	(123)	34	2
Cash outflows for additions to intangible assets	(9)	(3)	(6)	-
Cash outflows for additions to property, plant and equipment	(28)	(36)	(14)	(12)
Cash inflows from disposals of intangible assets	3	1	-	1
Cash inflows from disposals of property, plant and equipment	5	2	3	1
Cash inflows from lease portfolio	26	10	11	4
Cash outflows for acquisitions	(69)	(26)	(53)	(21)
Interest and dividends received	2	2	-	1
Change in other investing activities	5	1	10	-
Net cash from / (used in) investing activities	(65)	(49)	(49)	(26)
Net issuances of debt	(27)	31	27	25
Interest and dividends paid	(15)	(13)	(4)	(2)
Capital contributions from 3rd parties	4	-	-	-
Other financial flows	-	(2)	-	(1)
Net cash from / (used in) financing activities	(38)	16	27	22
Change in cash and cash equivalents due to business activities	16	(156)	12	(2)
Change in cash and cash equivalents due to changes in exchange rate fluctuations	8	(3)	(5)	-
Change in cash and cash equivalents	24	(159)	7	(2)
Cash and cash equivalents at 1 January	118	238
Cash and cash equivalents at end of the period	142	79

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
Comprehensive income for the period Profit for the period			(30)						(30)	2	(28)
Other comprehensive income
Foreign currency translation differences								(20)	(20)	1	(19)
Effective portion of changes in fair value of cash flow hedges, net of tax							(7)		(7)		(7)
Total comprehensive income for the period and other comprehensive income for the period	-	-	(30)	-	-	-	(7)	(20)	(57)	3	(54)
Transactions with owners, recorded directly in equity
Reclassification – share based payments recorded in profit or loss statement in previous periods			12		(12)			-	-		-
Total of transactions with owners	-	-	12	-	(12)	-	-	-	-	-	-
Balance at September 30, 2011	187	210	685	(82)	-	-	(5)	(19)	976	33	1,009

	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
Comprehensive income for the period Profit for the period Other comprehensive income Foreign currency translation differences Effective portion of changes in fair value of cash flow hedges, net of tax Total comprehensive income for the period and other comprehensive income for the period	-	-	73 73	-	-	-	1 1	47 47	73 47 1 121	- -	73 47 1 121
Transactions with owners, recorded directly in equity Changes in ownership interest in subsidiaries that do not result in a loss of control Contributions by and distributions to owners - dividends			(5)						(5)	28 (1)	23 (1)
Total of transactions with owners	-	-	(5)	-	-	-	-	-	(5)	27	22
Balance at September 30, 2010	140	109	888	(296)	12	-	3	(19)	837	30	867