·         Group revenue impacted by the weakness in the emerging markets and by currency effects ·         Agfa HealthCare's Direct Radiography and Enterprise IT performed well - Imaging IT was influenced by the uncertain investment climate in the US healthcare market ·         Gross profit margin increased year-on-year, in spite of the impact of the strike ·         Net result improved year-on-year to 1 million Euro ·         Net debt decreased from 217 million Euro at the end of 2013 to 191 million Euro due to the strong cash flow generation

Mortsel (Belgium), May 13, 2014 - Agfa-Gevaert today announced its first quarter 2014 results.  

"Currency effects and the weakness in most of the emerging markets had a strong negative impact on our first quarter revenue, in particular for our traditional businesses which are more exposed to these markets. Despite the negative effects of the strike at our Belgian manufacturing sites, we succeeded in improving our gross profit margin. Benefiting from our efficiency programs and our previously announced restructuring efforts, we achieved a positive net result. Being a major focus point, cash flow generation was strong due to our working capital management program. As a result, we further reduced our net financial debt. We believe the first half of the year 2014 will continue to show a soft business environment, but we will continue to improve our gross profit margin and we will continue to focus on cash flow generation. We stick to our medium term target of delivering a double digit recurring EBITDA percentage," said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.


Agfa-Gevaert Group - first quarter 2014

in million Euro Q1 2013 Q1 2014 % change
Revenue 705 622 -11.8%
Gross profit (*) 203 182 -10.3%
% of revenue 28.8% 29.3%
Recurring EBITDA (*) 41 34 -17.1%
% of revenue 5.8% 5.5%
Recurring EBIT (*) 21 16 -23.8%
% of revenue 3.0% 2.6%
Result from operating activities 12 15 25.0%
Result for the period (12) 1
Net cash from (used in) operating activities (36) 31
Financial Statements:
http://hugin.info/133908/R/1784881/611777.pdf
Full press release in PDF format:
http://hugin.info/133908/R/1784881/611776.pdf


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Source: Agfa-Gevaert via Globenewswire
HUG#1784881