The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at
15 million euro - regulated information
Regulated information
November 14, 2024 - 7:45 a.m. CET
The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted
EBITDA at 15 million euro
The Agfa-Gevaert Group posted double-digit revenue
growth and a strong profitability step up in Digital Printing and
Chemicals, and a significant increase in order intake in HealthCare
IT, with a high share of cloud-based and net new customer
contracts. This was counterbalanced by an accelerated market
decline in traditional film activities. The 50 million euro savings
program to align the cost base with the accelerated market decline
of the film-related business is in full preparation. Savings will
start to materialize in the second half of 2025, with the full
potential to be realized in 2027.
- HealthCare IT: good traction in transitioning to
cloud-enabled Enterprise Imaging
- 23% increase in the 12 months rolling order intake versus the
year before, 45% cloud-related contracts in Q3, 57% net new
customer contracts in Q3
- On track with transition to cloud technology
- First go-live of cloud-based Enterprise Imaging platform
- Digital Print & Chemicals: growth engines power
profitability
- Continuous double-digit top line growth, driven by Green
Hydrogen Solutions and Digital Printing Solutions
- Adjusted EBITDA doubled versus third quarter of 2023, reaching
8% of revenue
- First SpeedSet Orca 1060 packaging printer at customer site in
the UK up and running
- Radiology Solutions: acceleration of global market
decline for medical film
- Medical film: volumes followed accelerated decline of the
market
- Direct Radiography realized 9% top line increase, partly driven
by pick-up in North America
Mortsel (Belgium), November 14, 2024 – 7:45 a.m. CET –
Agfa-Gevaert today commented on its results in the third quarter of
2024.
“I am pleased with the evolution of our growth engines. The Digital
Print & Chemicals division reported double-digit top line
growth and doubled its adjusted EBITDA, driven by Digital Print
Solutions and Green Hydrogen Solutions. HealthCare IT’s order
intake is growing strongly, powered by our cloud solutions
attracting net new customers. Our first go-live of our cloud-based
Enterprise Imaging platform was a full success, demonstrating the
robustness of our solutions. Having a reference site will add to
the momentum we are seeing for this technology. Finally, the plan
to adjust the cost base of our traditional film activities to the
reality in the market is on track. We expect that this self-funding
program will allow us to reduce the cost base of these activities
by 50 million euro by the end of 2027. The first savings will start
to materialize in the second half of 2025,” said Pascal Juéry,
President and CEO of the Agfa-Gevaert Group.
in million euro |
Q3 2024
|
Q3 2023
|
% change (excl. FX effects) |
9M 2024
|
9M 2023
|
% change (excl. FX effects) |
REVENUE |
|
|
|
|
|
|
HealthCare IT |
58 |
60 |
-3.9% (-3.4%) |
167 |
180 |
-7.1% (-6.9%) |
Digital Print & Chemicals |
110 |
99 |
11.0% (12.2%) |
313 |
300 |
4.5% (5.4%) |
Radiology Solutions |
92 |
103 |
-10.6% (-10.2%) |
277 |
309 |
-10.1% (-9.5%) |
Contractor Operations and Services – former Offset |
17 |
18 |
-4.6% (-4.6%) |
55 |
49 |
12.5% (12.5%) |
GROUP |
277 |
280 |
-1.2% (-0.4%) |
813 |
837 |
-2.9% (-2.3%) |
ADJUSTED EBITDA (*) |
|
|
|
|
|
|
HealthCare IT |
6.3 |
8.5 |
-25.1% |
13.3 |
15.7 |
-15.6% |
Digital Print & Chemicals |
8.8 |
4.3 |
106.2% |
21.5 |
13.5 |
58.5% |
Radiology Solutions |
3.7 |
7.2 |
-48.3% |
10.0 |
23.5 |
-57.5% |
Contractor Operations and Services – former Offset |
0.2 |
(0.2) |
|
5.2 |
1.4 |
270.7% |
Unallocated |
(3.9) |
(2.6) |
|
(10.6) |
(10.5) |
|
GROUP |
15 |
17 |
-10.8% |
39 |
44 |
-9.7% |
(*) Adjusted
EBIT/EBITDA with the deduction of adjustments and restructuring
expenses reconciles to ‘Results from operating
activities’(EBIT)/EBITDA
Definitions of non-IFRS financial measures (APMs): see page
8.
Agfa-Gevaert Group
in million euro |
Q3 2024
|
Q3 2023
|
% change (excl. FX effects) |
9M 2024
|
9M 2023
|
% change (excl. FX effects) |
Revenue |
277 |
280 |
-1.2% (-0.4%) |
813 |
837 |
-2.9% (-2.3%) |
Gross profit (*) |
82 |
85 |
-4.5% |
252 |
259 |
-2.5% |
% of revenue |
29.5% |
30.5% |
|
31.0% |
30.9% |
|
Adjusted EBITDA (**) |
15 |
17 |
-10.8% |
39 |
44 |
-9.7% |
% of revenue |
5.5% |
6.1% |
|
4.8% |
5.2% |
|
Adjusted EBIT (**) |
4 |
6 |
-27.1% |
7 |
10 |
-25.6% |
% of revenue |
1.5% |
2.1% |
|
0.9% |
1.2% |
|
Net result |
(13) |
(15) |
|
(29) |
(96) |
|
Profit from continuing operations |
(12) |
(12) |
|
(29) |
(49) |
|
Profit from discontinued operations |
- |
(3) |
|
- |
(47) |
|
(*) before
adjustments and restructuring expenses
(**) Adjusted
EBIT/EBITDA with the deduction of adjustments and restructuring
expenses reconciles to ‘Results from operating
activities’(EBIT)/EBITDA
Third quarter
- Compared to the third quarter of 2023, the Group’s revenue
remained stable, with a markedly strong performance of Digital
Printing Solutions and Green Hydrogen Solutions. As expected,
HealthCare IT reported lower sales due to the market transition to
cloud technology. The traditional film activities were under
pressure from the declining medical film markets.
- Mainly due to the lower fixed cost coverage in the traditional
film activities, the Group’s gross profit margin decreased slightly
to 29.5% of revenue.
- Adjusted EBITDA evolved to 15 million euro (5.5% of
revenue).
- Adjustments and restructuring expenses resulted in a charge of
3 million euro versus 5 million euro in the third quarter of
2023.
- The net finance costs amounted to 7 million euro.
- Income tax expenses were at 7 million euro versus 6 million
euro in the previous year.
- The Agfa-Gevaert Group posted a net loss of 13 million
euro.
Financial position and cash flow
- Net financial debt (including IFRS 16) evolved from 99 million
euro in Q2 2024 to 118 million euro.
- Despite 15 million euro impact from freight issues in the
Middle East and the higher silver price, working capital remained
stable at 33% of revenue in Q3 2024, in line with the seasonality
of the business. In absolute numbers, working capital evolved from
371 million euro at the end of Q3 2023 to 374 million euro.
Following the seasonality, working capital is expected to trend
down in the fourth quarter.
- In the third quarter of 2024, the Group generated a free cash
flow of minus 6 million euro.
Outlook
In 2024, the Agfa-Gevaert Group expects a continuation of the
trends seen in the previous year.
2024 outlook per division:
- HealthCare IT: The division’s performance is expected to be
roughly in line with that of last year. For the full year, the
division expects the increase in the 12 months rolling order intake
to be slightly above 20%.
- Digital Print & Chemicals: The division expects continued
strong growth in top line and profitability, driven by Digital
Printing Solutions and Green Hydrogen Solutions.
- Radiology Solutions: No improvement versus the third quarter of
2024 is expected.
The working capital situation is expected to trend downward by
the end of 2024.
The outstanding receivable in connection with the sale of the
Offset Solutions division to Aurelius Group is still partly under
discussion. The issue has been submitted to an independent expert,
who will have to establish the final purchase price.
The program to adjust the cost base of the film-related
activities to the reality in the market is on track. Overall, the
program is expected to be cash accretive. It is expected to reduce
the cost base by 50 million euro by the end of 2027 and the first
savings are expected to materialize in the second half of 2025. On
November 14, the intention to reorganize the film-related business
was presented to the social partners in Belgium at an Extraordinary
Works Council meeting. If the intended plan would be executed, this
would impact up to 530 employees in Belgium.
HealthCare IT
in million euro |
Q3 2024
|
Q3 2023
|
% change
(excl. FX effects) |
9M 2024
|
9M 2023
|
% change
(excl. FX effects) |
Revenue |
58 |
60 |
-3.9% (-3.4%) |
167 |
180 |
-7.1% (-6.9%) |
Adjusted EBITDA (*) |
6.3 |
8.5 |
-25.1% |
13.3 |
15.7 |
-15.6% |
% of revenue |
10.9% |
14.0% |
|
8.0% |
8.8% |
|
Adjusted EBIT (*) |
4.5 |
6.7 |
-33.2% |
7.6 |
10.3 |
-26.2% |
% of revenue |
7.7% |
11.1% |
|
4.6% |
5.8% |
|
(*) Adjusted
EBIT/EBITDA with the deduction of adjustments and restructuring
expenses reconciles to ‘Results from operating
activities’(EBIT)/EBITDA
Third quarter
- Continuing the trend of the previous quarter, and mainly based
on cloud-related contracts, HealthCare IT recorded a 23% increase
in the 12 months rolling order intake starting from 125 million
euro the year before to 154 million euro. 45% of total Q3 order
intake is cloud-related. Net new customers represent 57% of total
Q3 order intake. In Q3, 56% of total order intake is related to
project contracts and 44% to recurring revenue contracts.
- The division’s top line decreased by 3.9% versus the third
quarter of 2023 due to the market transition to cloud technology.
As an increasing share of total order intake is related to
recurring revenue, the high order intake will not immediately
translate in higher sales in the coming quarters.
- Mainly due to product/mix effects, HealthCare IT’s gross profit
margin decreased slightly from 48.2% in the third quarter of 2023
to 47.0%. The adjusted EBITDA margin evolved from 14.0% to
10.9%.
- First successful go-live of the cloud-based Enterprise Imaging
Platform at Tampa General Hospital North (USA).
- In recent months, the division has secured several new
Enterprise Imaging contracts with leading healthcare organizations
worldwide.
- In the United States, multiple luminary healthcare institutions
have recently adopted Agfa HealthCare’s solutions with most of
these net new wins centered around cloud-based offerings. This
trend underscores the increasing shift towards Cloud technology and
reinforces the momentum of Agfa’s Enterprise Imaging Cloud, first
introduced at RSNA 2023. Notable new Integrated Delivery Networks
include Englewood Health and Self-Regional Hospital, representing a
significant expansion of Agfa’s presence in the US market.
- In the UK, Doncaster and Bassetlaw Teaching Hospitals NHS
Foundation Trust selected Agfa HealthCare’s next-generation
Enterprise Imaging to replace its existing Radiology Information
System (RIS) across five sites. Additionally, Agfa’s Business
Intelligence tools will support the Trust’s reporting, regulatory,
and audit needs.
- In Greece, the government has chosen Agfa HealthCare’s
Enterprise Imaging solution for deployment across 37 public
hospitals, covering two key health regions.
- Agfa HealthCare also secured a pivotal 5-year agreement with
SingHealth, Singapore’s leading healthcare network, for the
implementation of its Enterprise Imaging solution.
Digital Print & Chemicals
in million euro |
Q3 2024
|
Q3 2023
|
% change
(excl. FX effects) |
9M 2024
|
9M 2023
|
% change
(excl. FX effects) |
Revenue |
110 |
99 |
11.0% (12.2%) |
313 |
300 |
4.5% (5.4%) |
Adjusted EBITDA (*) |
8.8 |
4.3 |
106.2% |
21.5 |
13.5 |
58.5% |
% of revenue |
8.0% |
4.3% |
|
6.9% |
4.5% |
|
Adjusted EBIT (*) |
4.2 |
0.2 |
|
8.6 |
1.5 |
|
% of revenue |
3.8% |
0.2% |
|
2.7% |
0.5% |
|
(*) Adjusted
EBIT/EBITDA with the deduction of adjustments and restructuring
expenses reconciles to ‘Results from operating
activities’(EBIT)/EBITDA
Third quarter
Division performance
- The Digital Print & Chemicals division’s top line grew by
11.0%, mainly driven by continued growth for Green Hydrogen
Solutions (+15%) and Digital Printing Solutions (+19%).
- Despite the rising silver cost, the division’s gross profit
margin remained almost stable at 27.8% of revenue.
The division’s adjusted EBITDA margin increased strongly from
4.3% in the third quarter of 2023 to 8.0%.
Digital Printing Solutions
- Showing the success of the growth strategy for these
activities, the Digital Printing Solutions business’ top line grew
by 19% versus the third quarter of 2023. Based on recent product
launches and on the global strategic partnership between Agfa and
EFI for digital printing equipment, Agfa expects to build further
momentum with its digital printing portfolio in the next
quarters.
- Ink top line grew by 10%, also driven by the ongoing program to
convert former Inca customers to Agfa’s ink sets.
- First water-based SpeedSet Orca 1060 packaging printer at
customer site in the UK is now up and running.
- First installation of the new Jeti Bronco H3300 3.3 m high-end
UV LED inkjet printer.
- World debut of new digital printing solutions at PRINTING
United Expo in Las Vegas:
- Jeti Tauro H3300 UHS with MAX Bots: Already known for its
high-speed output, the Tauro H3300 UHS hybrid large-format inkjet
press now integrates robotic automation to further increase
productivity.
- Onset Grizzly X3 HS with New Autoloader: Designed for
high-volume graphics and packaging jobs, this advanced autoloader
with a six-second cycle time keeps pace with the Grizzly flatbed
inkjet press’ top speed of 1450 m²/h.
- Agfa recently secured four Pinnacle Product Awards with its
printing equipment, automation equipment and ink sets. Presented by
PRINTING United Alliance, the Pinnacle Product Awards celebrate
outstanding products that drive advancements in quality,
capability, and productivity within the printing industry.
Green Hydrogen Solutions
- ZIRFON sales grew by 15% versus the third quarter of 2023.
- The establishment of a new industrial-scale ZIRFON production
plant in Mortsel, Belgium is on track. In September, a new ZIRFON
lab was taken into operation in Mortsel.
- Agfa continued to expand its customer base based on the rising
interest in Asia, resulting in a first major customer in
India.
- Market developments have been growing slower globally in the
last 12 months due to delaying of Final Investment Decisions at
customers. However, these delayed implementations are included in
Agfa’s business plan.
Radiology Solutions
in million euro |
Q3 2024
|
Q3 2023
|
% change
(excl. FX effects) |
9M 2024
|
9M 2023
|
% change
(excl. FX effects) |
Revenue |
92 |
103 |
-10.6% (-10.2%) |
277 |
309 |
-10.1% (-9.5%) |
Adjusted EBITDA (*) |
3.7 |
7.2 |
-48.3% |
10.0 |
23.5 |
-57.5% |
% of revenue |
4.0% |
7.0% |
|
3.6% |
7.6% |
|
Adjusted EBIT (*) |
(0.1) |
2.5 |
|
(1.5) |
9.6 |
|
% of revenue |
-0.1% |
2.5% |
|
-0.5% |
3.1% |
|
(*) Adjusted
EBIT/EBITDA with the deduction of adjustments and restructuring
expenses reconciles to ‘Results from operating
activities’(EBIT)/EBITDA
Third quarter
- Volumes of Agfa’s medical film business followed the declining
market trends. Market shares for this business remain stable.
- The Direct Radiography business posted a 9% top line increase,
partly driven by the pick-up of the business in North America. In
Europe, consolidation exercises in healthcare groups are leading to
postponed investment plans, while a further trend toward big
tenders is increasing the fluctuations between quarters.
- Agfa continues to innovate its DR solutions. In the third
quarter, the company expanded its Dura-line family of robust,
reliable and cost-effective wireless DR flat panel detectors, with
the glass-free and high-resolution Dura-line XF+ range.
- Agfa expanded its leading MUSICA image processing solution with
a new gridline suppression tool that helps improve the quality of
medical images.
- The division’s third quarter profitability was negatively
impacted by the volume decrease and costs related to manufacturing
inefficiencies. This was partly offset by measures to control costs
and to streamline the business. The division’s gross profit margin
decreased from 29.4% of revenue in the third quarter of 2023 to
26.8%. The adjusted EBITDA margin decreased from 7.0% of revenue in
Q3 2023 to 4.0%.
- The above mentioned program to structurally reduce the cost
base of Agfa’s film business is expected to deliver its first
results as from the second half of 2025.
- As part of its plans to review the footprint of its Computed
Radiography (CR) production facilities, Agfa announced to stop the
production and assembly of CR plates and cassettes at its
Schrobenhausen site in Germany, resulting in the closure of this
facility.
Contractor Operations and Services – former
Offset
in million euro |
Q3 2024
|
Q3 2023
|
% change
(excl. FX effects) |
9M 2024
|
9M 2023
|
% change
(excl. FX effects) |
Revenue |
17 |
18 |
-4.6% (-4.6%) |
55 |
49 |
12.5% (12.5%) |
Adjusted EBITDA (*) |
0.2 |
(0.2) |
|
5.2 |
1.4 |
|
% of revenue |
1.3% |
-1.3% |
|
9.5% |
2.9% |
|
Adjusted EBIT (*) |
(0.4) |
(0.9) |
|
3.4 |
(0.8) |
|
% of revenue |
-2.4% |
-5.2% |
|
6.2% |
-1.6% |
|
(*) Adjusted
EBIT/EBITDA with the deduction of adjustments and restructuring
expenses reconciles to ‘Results from operating
activities’(EBIT)/EBITDA
- Early April 2023, the Agfa-Gevaert Group completed the sale of
its Offset Solutions division to Aurelius Group. The division
contains results related to supply and manufacturing agreements
that the Agfa-Gevaert Group signed with its former division, now
rebranded as ECO3.
End of message
Management Certification of Financial Statements and
Quarterly Report
This statement is made in order to comply with 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 Fiona Lam, 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 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.
Definitions of non-IFRS financial measures
(APMs)
- Adjusted EBIT: The result from continuing
operating activities before restructuring expenses and
adjustments.
- Adjusted EBITDA: The result from continuing
operating activities before depreciation, amortization,
restructuring expenses and adjustments.
- EBITDA: The result from continuing operating
activities before depreciation and amortization.
- Gross profit (margin): Gross profit (margin)
before adjustments and restructuring expenses.
- Restructuring expenses: Expenses related to
detailed and formal restructuring plans approved by management.
Related expenses comprise expenses recognized when accounting for a
‘Provision for restructuring’ but could also comprise other
expenses that are directly linked to a formal restructuring plan
(e.g. exceptional write-downs on inventories and impairment losses
on receivables when specifically linked to / resulting from a
decision to restructure). Restructuring expenses mainly relate to
employee termination costs.
- Adjustments: Income and expenses related to
activities or events which are not indicative as arising from
normal, recurring business operations and are not related to a
restructuring plan. These adjustments comprise expenses related to
important transformation programs, material changes in the
measurement estimates of assets or liabilities related to
infrequent events (such as the sale of a building), material gains
or losses related to infrequent events or transactions (e.g.
mergers and acquisitions) as well as substantial litigations which
are not part of the normal recurring business activities. In case
the activities or events are not directly linked to a specific
segment but are related to Agfa as a Group, the costs are not
attributed to the reportable segments.
- Free Cash Flow: The sum of ‘Net cash from /
(used in) operating activities’ and ‘Net cash from / (used in)
investing activities excluding the impact of ‘Acquisitions of
subsidiaries, net of cash acquired’, ‘Interests received’ and the
‘Net cash from / (used in) operating and investing activities that
relates to discontinued operations’.
- Adjusted Free Cash Flow: Free Cash Flow
‘Adjusted’/ excluded for the impact of: the ‘Cash out for pensions
below EBIT’, the ‘Cash out for long-term termination benefits’ and
the cash out for ‘Adjustments and restructuring expenses’.
- Cash out for pensions below EBIT: The sum of
Expenses for defined benefit plans & long-term termination
benefits (see ‘Consolidated Statement of Cash Flows’) and the cash
out for defined benefit plans & long-term termination benefits
that are part of the ‘Cash out for employee benefits’ as presented
in the Consolidated Statement of Cash Flows.
- Adjustments and restructuring expenses: Cash
in- and outflows resulting from income and expenses that are either
in the current or previous reporting periods recognized in
‘Adjustments’ or ‘Restructuring expenses’.
- Working Capital: the sum of Inventories plus
trade receivables plus contract assets minus contract liabilities
and minus trade payables.
- Net financial debt incl IFRS 16: the sum of
Liabilities to banks-Current portion plus Lease liabilities-Current
portion plus Bank overdraft plus Revolving Credit
Facility-Non-current portion plus Lease liabilities-Non-current
portion minus Cash and cash equivalents.
- Net financial debt excl IFRS 16: the sum of
Liabilities to banks-Current portion plus Bank overdraft plus
Revolving Credit Facility-Non-current portion minus Cash and cash
equivalents.
- Order intake: The financial value of all new
orders accepted by Agfa HealthCare IT during the period, including
Licenses, Implementation services, Hardware and/or Cloud computing,
but excluding Support/Software Maintenance Agreements.
- Support/Software Maintenance Agreements (SMA):
Service contracts entitling Agfa HealthCare IT Perpetual License
customers to software updates and patches as well as service and
support. Order Intake is not recorded for SMA contracts.
- Net new order intake: Order Intake accepted
from customers who were not using Agfa HealthCare IT software prior
to the order (aka “New Logo” sales). Usually with such an order the
customer replaces a system from a competitor with a system from
Agfa HealthCare IT.
- Cloud order intake: Order Intake accepted for
deployments of Agfa HealthCare IT’s solution on a Cloud Computing
infrastructure instead of the traditional deployment on dedicated
Hardware on the customers premises (“on Premise”).
- Recurring order intake: Order Intake for
services with a recurring transaction model (Revenue recognition
over time as opposed to one-off). Examples include: License
Subscriptions, Managed services, Cloud computing services, SaaS
contracts).
- Project order intake: Order Intake for goods
and services delivered and revenue recognized at a single point in
time. Examples include: Perpetual Licenses, Implementation
services, Hardware.
Contact:
Viviane Dictus
Director Corporate Communication
Septestraat 27
2640 Mortsel - Belgium
T +32 (0) 3 444 71 24
E viviane.dictus@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.
Continued operations |
Q3 2024
|
Q3 2023
|
9M 2024
|
9M 2023
|
Revenue |
277 |
280 |
813 |
837 |
Cost of sales |
(195) |
(194) |
(560) |
(578) |
Gross profit |
82 |
86 |
252 |
259 |
Selling expenses |
(38) |
(41) |
(120) |
(127) |
Administrative expenses |
(31) |
(33) |
(97) |
(104) |
R&D expenses |
(17) |
(17) |
(53) |
(56) |
Net impairment loss on trade and other receivables, including
contract assets |
- |
(1) |
- |
- |
Other operating income |
11 |
12 |
32 |
38 |
Other operating expenses |
(5) |
(5) |
(16) |
(26) |
Results from operating activities |
1 |
1 |
(2) |
(15) |
Interest income (expense) - net |
(1) |
- |
(3) |
1 |
Interest income |
3 |
4 |
9 |
10 |
Interest expense |
(4) |
(4) |
(12) |
(8) |
Other finance income (expense) - net |
(5) |
(7) |
(17) |
(20) |
Other finance income |
1 |
- |
2 |
2 |
Other finance expense |
(6) |
(7) |
(19) |
(22) |
Net finance costs |
(7) |
(7) |
(20) |
(19) |
Share of profit of associates, net of tax |
- |
- |
- |
- |
Profit (loss) before income taxes |
(5) |
(6) |
(22) |
(34) |
Income tax expenses |
(7) |
(6) |
(7) |
(15) |
Profit (loss) from continued operations |
(12) |
(12) |
(29) |
(49) |
Profit (loss) from discontinued operations, net of
tax |
- |
(3) |
- |
(47) |
Profit (loss) for the period |
(13) |
(15) |
(29) |
(96) |
Profit (loss) attributable to: |
|
|
|
|
Owners of the Company |
(13) |
(15) |
(29) |
(97) |
Non-controlling interests |
- |
- |
- |
1 |
|
|
|
|
|
Results from operating activities |
1 |
1 |
(2) |
(15) |
Adjustments and restructuring expenses |
(3) |
(5) |
(10) |
(25) |
Adjusted EBIT |
4 |
6 |
7 |
10 |
|
|
|
|
|
Earnings per Share Group – continued operations (euro) |
(0.08) |
(0.08) |
(0.19) |
(0.32) |
Earnings per Share Group – discontinued operations (euro) |
- |
(0.02) |
- |
(0.31) |
Earnings per Share Group – total (euro) |
(0.08) |
(0.10) |
(0.19) |
(0.63) |
Consolidated Statement of Comprehensive Income for the
quarter ending September 2023 / September 2024 (in million
euro)
Unaudited, consolidated figures following IFRS accounting
policies.
|
Q3 2024
|
Q3 2023
|
Profit / (loss) for the period |
(13) |
(15) |
Profit / (loss) for the period from continuing
operations |
(13) |
(12) |
Profit / (loss) for the period from discontinuing
operations |
- |
(3) |
Other Comprehensive Income, net of tax |
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
Exchange differences: |
(10) |
6 |
Exchange differences on translation of foreign operations |
(10) |
6 |
Release of exchange differences of discontinued operations to
profit or loss |
- |
- |
Cash flow hedges: |
1 |
- |
Effective portion of changes in fair value of cash flow hedges |
1 |
- |
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
- |
- |
Adjustments for amounts transferred to initial carrying amount of
hedged items |
- |
- |
Income taxes |
- |
- |
Items that will not be reclassified subsequently to profit
or loss: |
- |
- |
Equity investments at fair value through OCI – change in fair
value |
- |
- |
Remeasurements of the net defined benefit liability |
- |
- |
Income tax on remeasurements of the net defined benefit
liability |
- |
- |
Total Other Comprehensive Income for the period, net of
tax |
(10) |
6 |
Total other comprehensive income for the period from
continuing operations |
(10) |
6 |
Total other comprehensive income for the period from
discontinuing operations |
- |
- |
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(22) |
(9) |
Owners of the Company |
(22) |
(9) |
Non-controlling interests |
- |
- |
Total comprehensive income for the period from continuing
operations attributable to: |
(22) |
(6) |
Owners of the Company (continuing operations) |
(22) |
(6) |
Non-controlling interests (continuing operations) |
- |
- |
Total comprehensive income for the period from
discontinuing operations attributable to: |
- |
(3) |
Owners of the Company (discontinuing operations) |
- |
(3) |
Non-controlling interests (discontinuing operations) |
- |
- |
Consolidated Statement of Comprehensive Income for the
period ending September 2023 / September 2024 (in million
euro)
Unaudited, consolidated figures following IFRS accounting
policies.
|
9M 2024
|
9M 2023
|
Profit / (loss) for the period |
(29) |
(96) |
Profit / (loss) for the period from continuing
operations |
(29) |
(49) |
Profit / (loss) for the period from discontinuing
operations |
- |
(47) |
Other Comprehensive Income, net of tax |
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
Exchange differences: |
(7) |
- |
Exchange differences on translation of foreign operations |
(6) |
2 |
Release of exchange differences of discontinued operations to
profit or loss |
(1) |
(2) |
Cash flow hedges: |
- |
2 |
Effective portion of changes in fair value of cash flow hedges |
- |
- |
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
(1) |
2 |
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) |
(1) |
Equity investments at fair value through OCI – change in fair
value |
(1) |
(1) |
Remeasurements of the net defined benefit liability |
- |
- |
Income tax on remeasurements of the net defined benefit
liability |
- |
- |
Total Other Comprehensive Income for the period, net of
tax |
(8) |
1 |
Total other comprehensive income for the period from
continuing operations |
(7) |
2 |
Total other comprehensive income for the period from
discontinuing operations |
(1) |
(1) |
|
|
|
Total Comprehensive Income for the period, net of tax
attributable to |
(37) |
(95) |
Owners of the Company |
(37) |
(97) |
Non-controlling interests |
- |
2 |
Total comprehensive income for the period from continuing
operations attributable to: |
(36) |
(47) |
Owners of the Company (continuing operations) |
(36) |
(47) |
Non-controlling interests (continuing operations) |
- |
- |
Total comprehensive income for the period from
discontinuing operations attributable to: |
(1) |
(48) |
Owners of the Company (discontinuing operations) |
(1) |
(50) |
Non-controlling interests (discontinuing operations) |
- |
2 |
Consolidated Statement of Financial Position (in million
euro)
Unaudited, consolidated figures following IFRS
accounting policies.
|
30/09/2024
|
31/12/2023
|
Non-current assets |
597 |
576 |
Goodwill |
211 |
215 |
Intangible
assets |
28 |
24 |
Property, plant
and equipment |
125 |
115 |
Right-of-use
assets |
48 |
39 |
Investments in
associates |
1 |
1 |
Other financial
assets |
3 |
4 |
Assets related to
post-employment benefits |
30 |
29 |
Trade
receivables |
3 |
2 |
Receivables under
finance leases |
69 |
69 |
Other assets |
3 |
4 |
Deferred tax
assets |
77 |
74 |
Current
assets |
788 |
792 |
Inventories |
345 |
289 |
Trade
receivables |
156 |
175 |
Contract
assets |
85 |
83 |
Current income
tax assets |
45 |
51 |
Other tax
receivables |
21 |
20 |
Receivables under
finance lease |
17 |
31 |
Other
receivables |
41 |
48 |
Other current
assets |
17 |
13 |
Derivative
financial instruments |
1 |
2 |
Cash and cash
equivalents |
57 |
77 |
Non-current
assets held for sale |
2 |
2 |
TOTAL ASSETS |
1,385 |
1,368 |
|
30/09/2024
|
31/12/2023
|
Total
equity |
359 |
396 |
Equity
attributable to owners of the Company |
358 |
395 |
Share
capital |
187 |
187 |
Share
premium |
210 |
210 |
Retained
earnings |
915 |
945 |
Other
reserves |
(1) |
- |
Translation
reserve |
(29) |
(22) |
Post-employment
benefits: remeasurements of the net defined benefit liability |
(925) |
(926) |
Non-controlling interests |
2 |
1 |
Non-current liabilities |
654 |
584 |
Liabilities for
post-employment and long-term termination benefit plans |
465 |
486 |
Other employee
benefits |
6 |
5 |
Loans and
borrowings |
161 |
69 |
Provisions |
5 |
7 |
Deferred tax
liabilities |
8 |
9 |
Trade
payables |
1 |
3 |
Other non-current
liabilities |
8 |
4 |
Current
liabilities |
372 |
388 |
Loans and
borrowings |
14 |
14 |
Provisions |
17 |
13 |
Trade
payables |
115 |
132 |
Contract
liabilities |
98 |
97 |
Current income
tax liabilities |
23 |
23 |
Other tax
liabilities |
15 |
24 |
Other
payables |
10 |
9 |
Employee
benefits |
77 |
73 |
Other current
liabilities |
2 |
1 |
Derivative
financial instruments |
1 |
- |
TOTAL
EQUITY AND LIABILITIES |
1,385 |
1,368 |
Consolidated Statement of Cash Flows (in million
euro)
Unaudited, consolidated figures following IFRS accounting
policies.
|
Q3 2024
|
Q3 2023
|
9M 2024
|
9M 2023
|
Profit (loss) for the period |
(13) |
(15) |
(29) |
(95) |
Income taxes |
7 |
6 |
7 |
18 |
Share of (profit)/loss of associates, net of tax |
- |
- |
- |
- |
Net finance costs |
7 |
7 |
19 |
19 |
Operating result |
1 |
(2) |
(3) |
(59) |
|
|
|
|
|
Depreciation & amortization |
7 |
6 |
20 |
19 |
Depreciation & amortization on right-of-use assets |
4 |
5 |
12 |
14 |
Impairment losses on intangibles and PP&E |
- |
- |
- |
- |
Impairment losses on right-of-use assets |
- |
- |
- |
7 |
|
|
|
|
|
Exchange results and changes in fair value of derivates |
(1) |
1 |
(1) |
1 |
Recycling of hedge reserve |
- |
- |
(1) |
2 |
Government grants and subsidies |
(1) |
(2) |
(3) |
(4) |
Result on the disposal of discontinued operations |
- |
3 |
1 |
47 |
Expenses for defined benefit plans & long-term termination
benefits |
4 |
4 |
19 |
20 |
Accrued expenses for personnel commitments |
15 |
16 |
41 |
46 |
Write-downs/reversal of write-downs on inventories |
2 |
2 |
7 |
10 |
Impairments/reversal of impairments on receivables |
- |
1 |
- |
- |
Additions/reversals of provisions |
3 |
1 |
5 |
2 |
|
|
|
|
|
Operating cash flow before changes in working
capital |
34 |
35 |
97 |
105 |
|
|
|
|
|
Change in inventories |
(6) |
14 |
(64) |
(20) |
Change in trade receivables |
6 |
3 |
16 |
(2) |
Change in contract assets |
- |
6 |
(3) |
2 |
Change in working capital assets |
1 |
23 |
(51) |
(20) |
Change in trade payables |
(11) |
(11) |
(16) |
(36) |
Change in contract liabilities |
2 |
(5) |
2 |
6 |
Changes in working capital liabilities |
(9) |
(15) |
(14) |
(29) |
Changes in working capital |
(8) |
7 |
(65) |
(50) |
|
Q3 2024
|
Q3 2023
|
9M 2024
|
9M 2023
|
Cash out for employee benefits |
(25) |
(25) |
(87) |
(98) |
Cash out for provisions |
(2) |
(8) |
(6) |
(20) |
Changes in lease portfolio |
6 |
1 |
15 |
11 |
Changes in other working capital |
(2) |
(2) |
(2) |
(23) |
Cash settled operating derivatives |
2 |
- |
2 |
- |
|
|
|
|
|
Cash from / (used in) operating activities |
6 |
9 |
(46) |
(74) |
|
|
|
|
|
Income taxes paid |
1 |
1 |
(2) |
1 |
Net cash from / (used in) operating
activities |
7 |
10 |
(48) |
(73) |
of which related to discontinued operations |
(1) |
(2) |
(1) |
(13) |
|
|
|
|
|
Capital expenditure |
(13) |
(7) |
(34) |
(22) |
Proceeds from sale of intangible assets and PP&E |
- |
1 |
1 |
2 |
Acquisition of subsidiaries, net of cash acquired |
- |
- |
- |
3 |
Disposal of discontinued operations, net of cash disposed of |
- |
- |
- |
(5) |
Acquisition of associates |
- |
- |
(1) |
(1) |
Interests received |
3 |
4 |
9 |
11 |
|
|
|
|
|
Net cash from / (used in) investing
activities |
(10) |
(2) |
(24) |
(11) |
of which related to discontinued operations |
- |
1 |
- |
(4) |
|
|
|
|
|
Interests paid |
(4) |
(4) |
(12) |
(9) |
Dividends paid to non-controlling interests |
- |
- |
- |
(9) |
Proceeds from borrowings |
4 |
9 |
84 |
40 |
Repayment of borrowings |
- |
- |
- |
- |
Payment of finance leases |
(5) |
(5) |
(15) |
(17) |
Proceeds / (payment) of derivatives |
- |
- |
(1) |
(4) |
Other financing income / (costs) received/paid |
(1) |
- |
(2) |
(1) |
|
|
|
|
|
Net cash from / (used in) financing
activities |
(6) |
- |
53 |
- |
of which related to discontinued operations |
- |
- |
- |
(11) |
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
(9) |
7 |
(19) |
(85) |
|
|
|
|
|
Cash & cash equivalents at the start of the
period |
68 |
44 |
77 |
138 |
Net increase / (decrease) in cash & cash equivalents |
(9) |
7 |
(19) |
(85) |
Effect of exchange rate fluctuations on cash held |
(2) |
3 |
(1) |
1 |
Cash & cash equivalents at the end of the
period |
57 |
53 |
57 |
53 |
The Group has elected to present a statement of cash flows that
includes all cash flows, including both continuing and
discontinuing operations.
Consolidated Statement of changes in Equity (in million
euro)
Unaudited, consolidated figures following IFRS accounting
policies.
in million euro |
Share capital |
Share premium |
Retained earnings |
Reserve for own shares |
Revaluation reserve |
Hedging reserve |
Remeasurement of the net defined benefit
liability |
Translation reserve |
TOTAL |
NON-CONTROLLING INTERESTS |
TOTAL EQUITY |
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 recognised 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 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2024 |
187 |
210 |
945 |
- |
(1) |
1 |
(926) |
(22) |
395 |
1 |
396 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(29) |
- |
- |
- |
- |
- |
(29) |
- |
(29) |
Other comprehensive income, net of tax |
- |
- |
- |
- |
(1) |
- |
- |
(7) |
(8) |
- |
(8) |
Total comprehensive income for the period |
- |
- |
(29) |
- |
(1) |
- |
- |
(7) |
(37) |
- |
(37) |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Transfer of amounts recognised in OCI to retained earnings
following loss of control |
- |
- |
(1) |
- |
- |
- |
1 |
- |
- |
- |
- |
Total transactions with owners, recorded directly in
equity |
- |
- |
(1) |
- |
- |
- |
1 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2024 |
187 |
210 |
915 |
- |
(2) |
1 |
(925) |
(29) |
358 |
2 |
359 |
Reconciliation of non-IFRS information (in million
euro)
(Adjusted) Free Cash Flow
|
Q3 2024
|
Q3 2023
|
9M 2024
|
9M 2023
|
Adjusted EBITDA |
15 |
17 |
39 |
44 |
Working capital - net |
(8) |
17 |
(56) |
(26) |
CAPEX |
(13) |
(7) |
(34) |
(21) |
Provisions & other |
14 |
7 |
21 |
(9) |
Income taxes |
1 |
1 |
(2) |
2 |
Adjusted Free Cash Flow |
9 |
35 |
(31) |
(10) |
Pensions (below EBIT) & long term termination benefits |
(11) |
(12) |
(33) |
(32) |
Cashout for adjustments and restructuring expenses |
(3) |
(17) |
(17) |
(39) |
Free Cash Flow |
(6) |
5 |
(81) |
(81) |
|
|
|
|
|
Adjustments for: |
|
|
|
|
Payment of finance leases |
(5) |
(5) |
(15) |
(15) |
Proceeds from borrowings |
4 |
9 |
84 |
40 |
Repayment of borrowings |
- |
- |
- |
- |
Acquisition of subsidiaries, net of cash acquired |
- |
- |
- |
3 |
Interests received |
3 |
4 |
9 |
11 |
Interests paid |
(4) |
(4) |
(12) |
(9) |
Other financial flows |
(1) |
(1) |
(3) |
(5) |
|
(3) |
4 |
62 |
24 |
Cash flows from continuing operations |
(9) |
9 |
(18) |
(57) |
|
|
|
|
|
Net cash from/(used in) operating activities related to
discontinued operations |
(1) |
(2) |
(1) |
(13) |
Net cash from/(used in) investing activities related to
discontinued operations |
- |
1 |
- |
(4) |
Net cash from/(used in) financing activities related to
discontinued operations |
- |
- |
- |
(11) |
Cash flows from discontinued operations |
- |
(1) |
- |
(27) |
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
(9) |
7 |
(19) |
(85) |
Reconciliation of non-IFRS information (in million
euro)
Adjusted EBIT
|
Q3 2024
|
Q3 2023
|
9M 2024
|
9M 2023
|
Segment Adjusted EBIT |
8 |
9 |
18 |
21 |
Adjusted EBIT from operating activities not allocated to a
reportable segment: mainly related to ‘Corporate Services’ |
(4) |
(3) |
(11) |
(11) |
|
|
|
|
|
Adjusted EBIT |
4 |
6 |
7 |
10 |
|
|
|
|
|
Restructuring expenses |
(1) |
(2) |
(2) |
(7) |
Adjustments |
(2) |
(3) |
(8) |
(18) |
|
|
|
|
|
Results from operating activities |
1 |
1 |
(2) |
(15) |
- Press release in pdf
- Financial statements in pdf
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