Quarterly Report • Nov 15, 2023
Quarterly Report
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Regulated information – November 15, 2023 - 7:45 a.m. CET
Mortsel (Belgium), November 15, 2023 – Agfa-Gevaert today commented on its results in the third quarter of 2023.
"I am pleased to see that all growth engines performed well, even in the face of challenging economic and geopolitical conditions as well as adverse currency effects. We considerably improved the profitability of the Digital Print activities and the HealthCare IT division. Sales for our ZIRFON membranes for green hydrogen production continued to grow strongly and this business also started to contribute to profitability. On the back of good operational performance, we have returned to a positive free cash flow in the third quarter," said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.
The recent sale of the Offset Solutions division (now rebranded to ECO3) influences the way the Agfa-Gevaert Group reports its results. The numbers from sales to EBITDA present the Agfa-Gevaert Group with Offset Solutions excluded, but with a new division called 'Contractor Operations & Services former Offset' or 'CONOPS'. CONOPS represents the supply of film and chemicals as well as a set of support services delivered by Agfa to the external party ECO3. The turnover represents the supply agreements, with corresponding COGS charges. The income related to the support services will be accounted for as Other Income, while the costs related to those support services are re-presented in the different SG&A lines. The comparative period Q3 '22 has been re-presented accordingly. As per IFRS 5, stranded costs related to Offset Solutions have been treated differently in 2023 vs 2022. In Q3 '22 stranded costs are reported under CONOPS. In Q3 '23 these are absorbed by the three business divisions.
| in million Euro | Q3 2023 | Q3 2022 re-presented |
% change (excl. FX effects) |
9M 2023 | 9M 2022 re-presented |
% change (excl. FX effects) |
|---|---|---|---|---|---|---|
| REVENUE | ||||||
| HealthCare IT | 60 | 62 | -2.2% (3.3%) | 180 | 174 | 3.4% (5.8%) |
| Radiology Solutions | 103 | 117 | -11.6% (-5.7%) | 309 | 331 | -6.7% (-3.3%) |
| Digital Print & Chemicals | 99 | 96 | 3.4% (6.8%) | 300 | 273 | 9.7% (11.7%) |
| Contractor Operations and | 18 | 16 | 11.1% (11.9%) | 49 | 52 | -4.6% (-4.5%) |
| Services – former Offset | ||||||
| GROUP | 280 | 290 | -3.4% (1.3%) | 837 | 829 | 1.0% (3.5%) |
| ADJUSTED EBITDA (*) | ||||||
| HealthCare IT | 8.5 | 5.9 | 44.3% | 15.7 | 15.8 | -0.4% |
| Radiology Solutions | 7.2 | 9.1 | -21.2% | 23.5 | 28.3 | -16.8% |
| Digital Print & Chemicals | 4.3 | 0.0 | 13.5 | 8.3 | 63.0% | |
| Contractor Operations and | (0.2) | (3.3) | 1.4 | (7.2) | ||
| Services – former Offset | ||||||
| Unallocated | (2.6) | (4.6) | (10.5) | (13.7) | ||
| GROUP | 17 | 7 | 142.4% | 44 | 32 | 38.2% |
(*) before restructuring and non-recurring items
| in million Euro | Q3 2023 | Q3 2022 re-presented |
% change (excl. FX effects) |
9M 2023 | 9M 2022 re-presented |
% change (excl. FX effects) |
|---|---|---|---|---|---|---|
| Revenue | 280 | 290 | -3.4% (1.3%) | 837 | 829 | 1.0% (3.5%) |
| Gross profit (*) | 85 | 85 | 0.5% | 259 | 252 | 2.8% |
| % of revenue | 30.5% | 29.3% | 30.9% | 30.4% | ||
| Adjusted EBITDA (*) | 17 | 7 | 142.4% | 44 | 32 | 38.2% |
| % of revenue | 6.1% | 2.4% | 5.2% | 3.8% | ||
| Adjusted EBIT (*) | 6 | (6) | 10 | (6) | ||
| % of revenue | 2.1% | -2.1% | 1.2% | -0.7% | ||
| Net result | (15) | (17) | (96) | (37) | ||
| Profit from continuing operations | (12) | (28) | (49) | (60) | ||
| Profit from discontinued operations | (3) | 11 | (47) | 23 |
(*) before restructuring and non-recurring items
Third quarter
Driven by the HealthCare IT and Digital Print & Chemicals divisions, the Group's gross profit margin improved to 30.5%, in spite of adverse effects including cost inflation, adverse currency effects, manufacturing inefficiencies and the weakness in the industrial film markets.
Adjusted EBITDA improved strongly from 7 million Euro to 17 million Euro (6.1% of revenue).
The Agfa-Gevaert Group confirms the outlook that was provided in the Q2 2023 press release. Overall, the Agfa-Gevaert Group expects a recovery in profitability in the full year 2023 versus 2022.
2023 outlook per division:
| in million Euro | Q3 2023 | Q3 2022 re-presented |
% change (excl. FX effects) |
9M 2023 | 9M 2022 re-presented |
% change (excl. FX effects) |
|---|---|---|---|---|---|---|
| Revenue | 60 | 62 | -2.2% (3.3%) | 180 | 174 | 3.4% (5.8%) |
| Adjusted EBITDA (*) | 8.5 | 5.9 | 44.3% | 15.7 | 15.8 | -0.4% |
| % of revenue | 14.0% | 9.5% | 8.8% | 9.1% | ||
| Adjusted EBIT (*) | 6.7 | 4.0 | 66.4% | 10.3 | 10.2 | 1.4% |
| % of revenue | 11.1% | 6.5% | 5.8% | 5.9% |
(*) before restructuring and non-recurring items
| in million Euro | Q3 2023 | Q3 2022 re-presented |
% change (excl. FX effects) |
9M 2023 | 9M 2022 re-presented |
% change (excl. FX effects) |
|---|---|---|---|---|---|---|
| Revenue | 103 | 117 | -11.6% (-5.7%) | 309 | 331 | -6.7% (-3.3%) |
| Adjusted EBITDA (*) | 7.2 | 9.1 | -21.2% | 23.5 | 28.3 | -16.8% |
| % of revenue | 7.0% | 7.8% | 7.6% | 8.5% | ||
| Adjusted EBIT (*) | 2.5 | 2.8 | -9.4% | 9.6 | 9.8 | -1.2% |
| % of revenue | 2.5% | 2.4% | 3.1% | 3.0% |
(*) before restructuring and non-recurring items
| in million Euro | Q3 2023 | Q3 2022 re-presented |
% change (excl. FX effects) |
9M 2023 | 9M 2022 re-presented |
% change (excl. FX effects) |
|---|---|---|---|---|---|---|
| Revenue | 99 | 96 | 3.4% (6.8%) | 300 | 273 | 9.7% (11.7%) |
| Adjusted EBITDA (*) | 4.3 | 0.0 | 13.5 | 8.3 | 63.0% | |
| % of revenue | 4.3% | 0.0% | 4.5% | 3.0% | ||
| Adjusted EBIT (*) | 0.2 | (3.6) | 1.5 | (0.8) | ||
| % of revenue | 0.2% | -3.7% | 0.5% | -0.3% |
(*) before restructuring and non-recurring items
The development of the SpeedSet 1060 single-pass packaging printer is proceeding as planned, with a customer unveiling in December 2023. The beta launch of this digital press with water based inks – which will be the fastest printer in its category – will happen as planned in 2024 and the full commercial launch is planned for 2025. In the
third quarter, four of Agfa's inkjet printing solutions have been honored with a Pinnacle Product Award from PRINTING United Alliance. The Pinnacle Product Awards recognize outstanding products that drive advancements in quality, capability and productivity within the printing industry. PRINTING United Alliance is the most comprehensive member-based printing and graphic arts association in the United States.
January 1, 2024 Agfa will be joining the Hydrogen Council, a global initiative that brings together preeminent companies with a united vision to help foster the hydrogen clean energy transition.
Earlier this year, Agfa's project to build a new industrial unit for ZIRFON membranes at its Mortsel site in Belgium was selected for an EU Innovation Fund Grant. The preparation of the grant agreement is proceeding according to plan. The signing of the grant agreement is expected to take place towards the end of the year. The new plant will allow the Group to meet the booming customer demand.
| in million Euro | Q3 2023 | Q3 2022 re-presented |
% change (excl. FX effects) |
9M 2023 | 9M 2022 re-presented |
% change (excl. FX effects) |
|---|---|---|---|---|---|---|
| Revenue | 18 | 16 | 11.1% (11.9%) | 49 | 52 | -4.6% (-4.5%) |
| Adjusted EBITDA (*) | (0.2) | (3.3) | 1.4 | (7.2) | ||
| % of revenue | -1.3% | -21.2% | 2.9% | -14.0% | ||
| Adjusted EBIT (*) | (0.9) | (4.7) | (0.8) | (11.3) | ||
| % of revenue | -5.2% | -29.6% | -1.6% | -21.9% |
| Contractor Operations and Services – former Offset | |
|---|---|
| ---------------------------------------------------- | -- |
(*) before restructuring and non-recurring items
End of message
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008. "The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr. Dirk De Man, 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."
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 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.
Viviane Dictus
Director Corporate Communication Septestraat 27 2640 Mortsel - Belgium T +32 (0) 3 444 71 24 E [email protected]
The full press release and financial information is also available on the company's website: www.agfa.com.
Unaudited, consolidated figures following IFRS accounting policies.
| Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | |
|---|---|---|---|---|
| Continued operations | re-presented | re-presented | ||
| Revenue | 280 | 290 | 837 | 829 |
| Cost of sales | (194) | (205) | (578) | (577) |
| Gross profit | 86 | 85 | 259 | 252 |
| Selling expenses | (41) | (46) | (127) | (133) |
| Administrative expenses | (33) | (44) | (104) | (121) |
| R&D expenses | (17) | (20) | (56) | (60) |
| Net impairment loss on trade and other receivables, including contract assets Other operating income |
(1) 12 |
(1) 16 |
- 38 |
- 49 |
| Other operating expenses | (5) | (8) | (26) | (24) |
| Results from operating activities | 1 | (18) | (15) | (38) |
| Interest income (expense) - net Interest income |
- 4 |
- 1 |
1 10 |
(1) 2 |
| Interest expense | (4) | (1) | (8) | (2) |
| Other finance income (expense) - net | (7) | (5) | (20) | (13) |
| Other finance income | - | - | 2 | 5 |
| Other finance expense | (7) | (5) | (22) | (18) |
| Net finance costs | (7) | (5) | (19) | (13) |
| Share of profit of associates, net of tax | - | - | - | - |
| Profit (loss) before income taxes | (6) | (23) | (34) | (52) |
| Income tax expenses | (6) | (5) | (15) | (9) |
| Profit (loss) from continued operations | (12) | (28) | (49) | (60) |
| Profit (loss) from discontinued operations, net of tax |
(3) | 11 | (47) | 23 |
| Profit (loss) for the period | (15) | (17) | (96) | (37) |
| Profit (loss) attributable to: | ||||
| Owners of the Company | (15) | (18) | (97) | (39) |
| Non-controlling interests | - | 1 | 1 | 2 |
| Results from operating activities | 1 | (18) | (15) | (38) |
| Restructuring and non-recurring items | (5) | (12) | (25) | (32) |
| Adjusted EBIT | 6 | (6) | 10 | (6) |
| Earnings per Share Group – continued | (0.08) | (0.18) | (0.32) | (0.39) |
| operations (Euro) Earnings per Share Group – discontinued |
(0.02) | 0.06 | (0.31) | 0.14 |
| operations (Euro) Earnings per Share Group – total (Euro) |
(0.10) | (0.12) | (0.63) | (0.25) |
(1) Compliant with IFRS 5.33, the Company has presented in its Consolidated Statement of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit (loss) of discontinued operations and the post-tax profit (loss) on the disposal of net assets constituting the discontinued operations. The Group has sold its Offset Solutions business in April, 2023. Comparative information has been re-presented.
/ September 2023 (in million Euro) Unaudited, consolidated figures following IFRS accounting policies.
| Q3 2023 | Q3 2022 re-presented |
|
|---|---|---|
| Profit / (loss) for the period | (15) | (17) |
| Profit / (loss) for the period from continuing operations | (12) | (28) |
| Profit / (loss) for the period from discontinuing operations | (3) | 11 |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | ||
| Exchange differences: | 6 | 18 |
| Exchange differences on translation of foreign operations | 6 | 18 |
| Release of exchange differences of discontinued operations to profit or loss | - | - |
| Cash flow hedges: | - | (2) |
| Effective portion of changes in fair value of cash flow hedges | - | (3) |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | - | 1 |
| Adjustments for amounts transferred to initial carrying amount of hedged items | - | - |
| Income taxes | - | - |
| Items that will not be reclassified subsequently to profit or loss: | - | (3) |
| Equity investments at fair value through OCI – change in fair value | - | (1) |
| Remeasurements of the net defined benefit liability | - | - |
| Income tax on remeasurements of the net defined benefit liability | - | (2) |
| Total Other Comprehensive Income for the period, net of tax | 6 | 13 |
| Total other comprehensive income for the period from continuing operations | 6 | 12 |
| Total other comprehensive income for the period from discontinuing operations | - | 1 |
| Total Comprehensive Income for the period, net of tax attributable to | (9) | (4) |
| Owners of the Company | (9) | (6) |
| Non-controlling interests | - | 2 |
| Total comprehensive income for the period from continuing operations attributable to: | (6) | (16) |
| Owners of the Company (continuing operations) | (6) | (16) |
| Non-controlling interests (continuing operations) | - | - |
| Total comprehensive income for the period from discontinuing operations attributable to: | (3) | 12 |
| Owners of the Company (discontinuing operations) | (3) | 10 |
| Non-controlling interests (discontinuing operations) | - | 2 |
(1) Compliant with IFRS 5.33, the Company has presented in its Consolidated Statement of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit (loss) of discontinued operations and the post-tax profit (loss) on the disposal of net assets constituting the discontinued operations. The Group has sold its Offset Solutions business in April, 2023. Comparative information has been re-presented.
September 2023 (in million Euro) Unaudited, consolidated figures following IFRS accounting policies.
| 9M 2023 | 9M 2022 re-presented |
|
|---|---|---|
| Profit / (loss) for the period | (96) | (37) |
| Profit / (loss) for the period from continuing operations | (49) | (60) |
| Profit / (loss) for the period from discontinuing operations | (47) | 23 |
| Other Comprehensive Income, net of tax | ||
| Items that are or may be reclassified subsequently to profit or loss: | ||
| Exchange differences: | - | 50 |
| Exchange differences on translation of foreign operations | 2 | 50 |
| Release of exchange differences of discontinued operations to profit or loss | (2) | - |
| Cash flow hedges: | 2 | (4) |
| Effective portion of changes in fair value of cash flow hedges | - | (7) |
| Changes in the fair value of cash flow hedges reclassified to profit or loss | 2 | 3 |
| Adjustments for amounts transferred to initial carrying amount of hedged items | - | - |
| Income taxes | - | - |
| Items that will not be reclassified subsequently to profit or loss: | (1) | 114 |
| Equity investments at fair value through OCI – change in fair value | (1) | (3) |
| Remeasurements of the net defined benefit liability | - | 129 |
| Income tax on remeasurements of the net defined benefit liability | - | (13) |
| Total Other Comprehensive Income for the period, net of tax | 1 | 160 |
| Total other comprehensive income for the period from continuing operations | 2 | 134 |
| Total other comprehensive income for the period from discontinuing operations | (1) | 27 |
| Total Comprehensive Income for the period, net of tax attributable to | (95) | 123 |
| Owners of the Company | (97) | 119 |
| Non-controlling interests | 2 | 4 |
| Total comprehensive income for the period from continuing operations attributable to: | (47) | 74 |
| Owners of the Company (continuing operations) | (47) | 74 |
| Non-controlling interests (continuing operations) | - | - |
| Total comprehensive income for the period from discontinuing operations attributable to: | (48) | 50 |
| Owners of the Company (discontinuing operations) | (50) | 46 |
| Non-controlling interests (discontinuing operations) | 2 | 4 |
(1) Compliant with IFRS 5.33, the Company has presented in its Consolidated Statement of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit (loss) of discontinued operations and the post-tax profit (loss) on the disposal of net assets constituting the discontinued operations. The Group has sold its Offset Solutions business in April, 2023. Comparative information has been re-presented.
Unaudited, Consolidated figures following IFRS accounting policies.
| 30/09/2023 | 31/12/2022 | |
|---|---|---|
| Non-current assets | 578 | 602 |
| Goodwill | 220 | 218 |
| Intangible assets | 23 | 29 |
| Property, plant and equipment | 112 | 107 |
| Right-of-use assets | 41 | 45 |
| Investments in associates | 1 | 1 |
| Other financial assets | 4 | 5 |
| Assets related to post-employment benefits | 19 | 18 |
| Trade receivables | 3 | 9 |
| Receivables under finance leases | 77 | 72 |
| Other assets | 4 | 8 |
| Deferred tax assets | 73 | 91 |
| Current assets | 787 | 1,153 |
| Inventories | 337 | 487 |
| Trade receivables | 155 | 291 |
| Contract assets | 93 | 94 |
| Current income tax assets | 47 | 56 |
| Other tax receivables | 23 | 28 |
| Other financial assets | - | 1 |
| Receivables under finance lease | 16 | 31 |
| Other receivables | 42 | 6 |
| Other current assets | 16 | 17 |
| Derivative financial instruments | 1 | 3 |
| Cash and cash equivalents | 54 | 138 |
| Non-current assets held for sale | 2 | 2 |
| TOTAL ASSETS | 1,364 | 1,756 |
| 30/09/2023 | 31/12/2022 | |
|---|---|---|
| Total equity | 425 | 561 |
| Equity attributable to owners of the company | 423 | 520 |
| Share capital | 187 | 187 |
| Share premium | 210 | 210 |
| Retained earnings | 956 | 1,042 |
| Other reserves | (2) | (3) |
| Translation reserve | (10) | (9) |
| Post-employment benefits: remeasurements of the net defined benefit liability | (919) | (908) |
| Non-controlling interests | 1 | 41 |
| Non-current liabilities | 568 | 610 |
| Liabilities for post-employment and long-term termination benefit plans | 469 | 536 |
| Other employee benefits | 7 | 9 |
| Loans and borrowings | 69 | 41 |
| Provisions | 11 | 14 |
| Deferred tax liabilities | 8 | 9 |
| Trade payables | 3 | - |
| Other non-current liabilities | 1 | - |
| Current liabilities | 372 | 585 |
| Loans and borrowings | 18 | 25 |
| Provisions | 13 | 36 |
| Trade payables | 114 | 249 |
| Contract liabilities | 101 | 109 |
| Current income tax liabilities | 22 | 29 |
| Other tax liabilities | 18 | 32 |
| Other payables | 8 | 6 |
| Employee benefits | 77 | 95 |
| Other current liabilities | 1 | - |
| Derivative financial instruments | 1 | 2 |
| TOTAL EQUITY AND LIABILITIES | 1,364 | 1,756 |
Unaudited, consolidated figures following IFRS accounting policies.
| Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | |
|---|---|---|---|---|
| Profit (loss) for the period | (15) | (17) | (95) | (37) |
| Income taxes | 6 | 5 | 18 | 12 |
| Share of (profit)/loss of associates, net of tax | - | - | - | - |
| Net finance costs | 7 | 5 | 19 | 15 |
| Operating result | (2) | (7) | (59) | (10) |
| Depreciation & amortization (excluding D&A on right-of-use assets) | 6 | 9 | 19 | 26 |
| Depreciation & amortization on right-of-use assets | 5 | 7 | 14 | 21 |
| Impairment losses on goodwill, intangibles and PP&E | - | - | - | - |
| Impairment losses on right-of-use assets | - | - | 7 | - |
| Exchange results and changes in fair value of derivates | 1 | 5 | 1 | 13 |
| Recycling of hedge reserve | - | 1 | 2 | 3 |
| Government grants and subsidies | (2) | (1) | (4) | (3) |
| Result on the disposal of discontinued operations | 3 | - | 47 | - |
| Expenses for defined benefit plans & long-term termination benefits | 4 | 6 | 20 | 28 |
| Accrued expenses for personnel commitments | 16 | 21 | 46 | 51 |
| Write-downs/reversal of write-downs on inventories | 2 | 1 | 10 | 8 |
| Impairments/reversal of impairments on receivables | 1 | 1 | - | 1 |
| Additions/reversals of provisions | 1 | 1 | 2 | 5 |
| Operating cash flow before changes in working capital | 35 | 45 | 105 | 142 |
| Change in inventories | 14 | (20) | (20) | (121) |
| Change in trade receivables | 3 | 15 | (2) | 29 |
| Change in contract assets | 6 | 5 | 2 | (8) |
| Change in trade working capital assets | 23 | - | (20) | (101) |
| Change in trade payables | (11) | (5) | (36) | (9) |
| Change in contract liabilities | (5) | (6) | 6 | 8 |
| Changes in trade working capital liabilities | (15) | (11) | (29) | (2) |
| Changes in trade working capital | 7 | (10) | (50) | (103) |
| Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | |
|---|---|---|---|---|
| Cash out for employee benefits | (25) | (25) | (98) | (112) |
| Cash out for provisions | (8) | (5) | (20) | (17) |
| Changes in lease portfolio | 1 | 1 | 11 | 10 |
| Changes in other working capital | (2) | (8) | (23) | (15) |
| Cash settled operating derivatives | - | (3) | - | (6) |
| Cash used in operating activities | 9 | (5) | (74) | (100) |
| Income taxes paid | 1 | 2 | 1 | (4) |
| Net cash from / (used in) operating activities | 10 | (3) | (73) | (104) |
| of which related to discontinued operations | - | 23 | (13) | 6 |
| Capital expenditure | (7) | (10) | (22) | (23) |
| Proceeds from sale of intangible assets & PP&E | 1 | 2 | 2 | 3 |
| Acquisition of subsidiaries, net of cash acquired | - | - | 3 | (48) |
| Disposal of discontinued operations, net of cash disposed of | - | (3) | (5) | (4) |
| Investment in associates | - | - | (1) | - |
| Interests received | 4 | 2 | 11 | 4 |
| Net cash from / (used in) investing activities | (2) | (9) | (11) | (68) |
| of which related to discontinued operations | (1) | (3) | (6) | (7) |
| Interests paid | (4) | (1) | (9) | (3) |
| Dividends paid to non-controlling interests | - | (1) | (9) | (6) |
| Purchase of treasury shares | - | - | - | (21) |
| Proceeds from borrowings | 9 | 3 | 40 | 3 |
| Repayment of borrowings | - | (1) | - | (2) |
| Payment of finance leases | (5) | (8) | (17) | (23) |
| Proceeds / (payment) of derivatives | - | - | (4) | (5) |
| Other financing income / (costs) received/paid | - | (1) | (1) | 3 |
| Net cash from / (used in) financing activities | - | (9) | - | (55) |
| of which related to discontinued operations | - | (2) | (2) | (6) |
| Net increase / (decrease) in cash & cash equivalents | 7 | (22) | (85) | (228) |
| Cash & cash equivalents at the start of the period | 44 | 191 | 138 | 398 |
| Net increase / (decrease) in cash & cash equivalents | 7 | (22) | (85) | (228) |
| Effect of exchange rate fluctuations on cash held | 3 | 9 | 1 | 8 |
| Cash & cash equivalents at the end of the period | 53 | 178 | 53 | 178 |
(1) The Group has elected to present a statement of cash flows that includes all cash flows, including both continuing and discontinuing operations.
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 |
Hedging reserve | of the net defined Remeasurement benefit liability |
Translation reserve |
Total | CONTROLLING INTERESTS NON |
TOTAL EQUITY |
| Balance at January 1, 2022 | 187 | 210 | 1,284 | - | 2 | (2) | (1,033) | (15) | 632 | 54 | 685 |
| Comprehensive income for the period Profit (loss) for the period |
- | - | (39) | - | - | - | - | - | (39) | 2 | (37) |
| Other comprehensive income, net of tax | - | - | - | - | (3) | (4) | 117 | 46 | 157 | 3 | 160 |
| Total comprehensive income for the period | - | - | (39) | - | (3) | (4) | 117 | 46 | 118 | 5 | 123 |
| Transactions with owners, recorded directly in equity |
|||||||||||
| Dividends | - | - | - | - | - | - | - | - | - | (5) | (5) |
| Purchase of own shares | - | - | - | (21) | - | - | - | - | (21) | - | (21) |
| Cancellation of own shares Total transactions with owners, recorded directly in equity |
- - |
- - |
(21) (21) |
21 - |
- - |
- - |
- - |
- - |
- (21) |
- (5) |
- (26) |
| Balance at September 30, 2022 | 187 | 210 | 1,224 | - | (1) | (6) | (917) | 31 | 729 | 53 | 782 |
| Balance at January 1, 2023 | 187 | 210 | 1,042 | - | (1) | (2) | (908) | (9) | 520 | 41 | 561 |
| Comprehensive income for the period | |||||||||||
| Profit (loss) for the period | - | - | (97) | - | - | - | - | - | (97) | 1 | (96) |
| Other comprehensive income, net of tax | - | - | - | - | - | 2 | - | (1) | 1 | 1 | 1 |
| Total comprehensive income for the period | - | - | (97) | - | - | 2 | - | (1) | (96) | 2 | (95) |
| Transactions with owners, recorded directly in equity |
|||||||||||
| Dividends | - | - | - | - | - | - | - | - | - | (9) | (9) |
| Transfer of amounts recognized in OCI to retained earnings following loss of control |
- | - | 11 | - | - | - | (11) | - | - | - | - |
| Derecognition of NCI following loss of control | - | - | - | - | - | - | - | - | - | (32) | (32) |
| Total transactions with owners, recorded directly in equity |
- | - | 11 | - | - | - | (11) | - | - | (41) | (41) |
| Balance at September 30, 2023 | 187 | 210 | 956 | - | (1) | - | (919) | (10) | 423 | 1 | 425 |
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