The Agfa-Gevaert Group in Q2 2023: continued progress for the
growth engines
Regulated information – August
23,
2023 -
7:45 a.m.
CET The
Agfa-Gevaert Group in Q2
2023:
continued progress for the growth engines
- HealthCare IT:
- Increase in order intake of 11%, revenue increase of 8%
- Quarter-on-quarter profitability improvement, but service
margins under pressure due to cost inflation
- Digital Print &
Chemicals:
- Good performance of the ZIRFON and Digital Print growth
engines
- Profitability improvements for ZIRFON and Digital Print offset
by:
- weakness in the electronics industry, especially in China
- manufacturing inefficiencies for industrial film
- Radiology Solutions:
- Medical film: continuing margin pressure in China and
geopolitical impact
- Direct Radiography: continuing positive trend in
profitability
- Profitability impacted by adverse currency
effects
- Adjusted EBITDA at 13 million
Euro
- Net result at
minus 14 million
Euro
Mortsel (Belgium), August
23,
2023
– Agfa-Gevaert today
commented on its results in
the second quarter
of
2023.
“Whereas the macroeconomic and geopolitical conditions remained
tough for several of our traditional activities, we booked
significant revenue growth for our growth engines in HealthCare IT
and Digital Print. In terms of new business creation, we are on
track with the development of the SpeedSet 1060 single-pass
packaging printer. When introduced to the market in 2024, it will
be the fastest printer in its category. Furthermore, as more and
more large green hydrogen projects are being implemented, sales for
our industry-leading ZIRFON membranes are growing exponentially.
Meanwhile, we are making good progress with our project to build a
new industrial unit for ZIRFON membranes at our Mortsel site in
Belgium. I am very pleased that this project has been selected for
a EU Innovation Fund Grant. The new plant will allow us to meet
future customer demand and to be a key player in the clean energy
transition,” said Pascal Juéry, President and CEO of the
Agfa-Gevaert Group.
Reporting post Offset SolutionsThe 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 represented in the different SG&A lines.
The comparative period Q2 ‘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 Q2 ‘22 stranded costs are
reported under CONOPS. In Q2 ‘23 these are absorbed by the 3
business divisions.
in million Euro |
Q2 2023 |
Q2 2022re-presented |
% change (excl. FX
effects) |
H1 2023 |
H1 2022re-presented |
% change (excl. FX
effects) |
REVENUE |
|
|
|
|
|
|
HealthCare IT |
62 |
57 |
8.2% (10.8%) |
119 |
112 |
6.5% (7.3%) |
Radiology Solutions |
103 |
113 |
-9.0% (-5.7%) |
205 |
214 |
-4.0% (-1.9%) |
Digital Print & Chemicals |
104 |
98 |
5.8% (7.6%) |
200 |
177 |
13.1% (14.3%) |
Contractor Operations and Services – former Offset |
18 |
18 |
-2.4% (-2.3%) |
32 |
36 |
-11.5% (-11.3%) |
GROUP |
287 |
287 |
-0.1%
(2.3%) |
557 |
539 |
3.3% (4.7%) |
ADJUSTED EBITDA (*) |
|
|
|
|
|
|
HealthCare IT |
4.6 |
5.6 |
-18.1% |
7.3 |
9.9 |
-26.8% |
Radiology Solutions |
9.9 |
12.2 |
-18.8% |
16.3 |
19.2 |
-14.6% |
Digital Print & Chemicals |
2.7 |
4.2 |
-36.7% |
9.2 |
8.3 |
11.2% |
Contractor Operations and Services – former Offset |
0.3 |
(0.5) |
|
1.6 |
(3.9) |
|
Unallocated |
(3.9) |
(4.4) |
|
(7.9) |
(9.1) |
|
GROUP |
13 |
17 |
-21.5% |
27 |
24 |
8.3% |
(*) before
restructuring and non-recurring items
Agfa-Gevaert Group
in million Euro |
Q2 2023 |
Q2 2022re-presented |
% change(excl. FX
effects) |
H1 2023 |
H1 2022re-presented |
% change(excl. FX
effects) |
Revenue |
287 |
287 |
-0.1% (2.3%) |
557 |
539 |
3.3% (4.7%) |
Gross profit (*) |
87 |
89 |
-2.8% |
173 |
167 |
3.9% |
% of revenue |
30.2% |
31.1% |
|
31.1% |
30.9% |
|
Adjusted EBITDA (*) |
13 |
17 |
-21.5% |
27 |
24 |
8.3% |
% of revenue |
4.7% |
6.0% |
|
4.8% |
4.5% |
|
Adjusted EBIT (*) |
2 |
5 |
-58.0% |
4 |
0.1 |
|
% of revenue |
0.7% |
1.6% |
|
0.7% |
0.0% |
|
Net result |
(14) |
(13) |
|
(81) |
(20) |
|
Profit from continuing operations |
(17) |
(20) |
|
(37) |
(32) |
|
Profit from discontinued operations |
3 |
7 |
|
(43) |
12 |
|
(*) before
restructuring and non-recurring items
Second quarter
- The Agfa-Gevaert Group’s revenue was stable versus the second
quarter of 2022. All growth engines posted revenue growth. The
Digital Print & Chemicals division benefited from price
increases and strong demand for inks and for ZIRFON membranes for
green hydrogen production.
- The Group’s gross profit margin decreased slightly to 30.2%,
mainly due to cost inflation, adverse currency effects,
manufacturing inefficiencies, lower service margins in HealthCare
IT, mix effects and the weakness in the industrial film
markets.
- Adjusted EBITDA decreased from 17 million Euro to 13 million
Euro (4.7% of revenue).
- Restructuring and non-recurring items resulted in a charge of
10 million Euro versus 12 million Euro in Q2 2022.
- The net finance costs amounted to 6 million Euro.
- Income tax expenses increased to 4 million Euro versus 2
million Euro in Q2 2022.
- The Agfa-Gevaert Group posted a net loss of 14 million
Euro.
Financial position and cash
flow
- Net financial debt (including IFRS 16) evolved from a net cash
position of 24 million Euro at the end of Q1 2023 to a net debt
position of 33 million Euro.
- Trade working capital (CONOPS excluded) evolved from 36% of
turnover at the end of Q2 2022 to 32% in Q2 2023. In absolute
numbers, trade working capital evolved from 370 million Euro at the
end of Q2 2022 to 354 million Euro.
- In Q2 2023, the Group generated a free cash flow of minus 45
million Euro.
OutlookOverall, the
Agfa-Gevaert Group expects a recovery in profitability in the full
year 2023 versus 2022.
2023 outlook per division:
- HealthCare IT: Order intake growth continues to be strong. As
the portion of own IP in the sales mix is expected to grow,
profitability is expected to continue to improve gradually
quarter-on-quarter. This will likely result in a strong second half
of the year. Impacted by adverse currency effects, full year EBITDA
is expected to be slightly below that of last year.
- Radiology Solutions: Stability is expected, with continuous
margin pressure for medical film. The progress in Direct
Radiography is expected to continue.
- Digital Print & Chemicals: The division expects to restore
profitability, based on pricing, cost improvement actions and
positive contributions from the Inca acquisition and the ZIRFON
membranes. The revenue generated by ZIRFON will continue to grow
very strongly.
HealthCare IT
in million Euro |
Q2
2023 |
Q2
2022re-presented |
% change(excl. FX
effects) |
H1 2023 |
H1
2022re-presented |
% change(excl. FX
effects) |
Revenue |
62 |
57 |
8.2% (10.8%) |
119 |
112 |
6.5% (7.3%) |
Adjusted EBITDA (*) |
4.6 |
5.6 |
-18.1% |
7.3 |
9.9 |
-26.8% |
% of revenue |
7.3% |
9.7% |
|
6.1% |
8.9% |
|
Adjusted EBIT (*) |
2.7 |
3.7 |
-26.1% |
3.7 |
6.2 |
-40.7% |
% of revenue |
4.4% |
6.4% |
|
3.1% |
5.5% |
|
(*) before restructuring and non-recurring items
Second quarter
- HealthCare IT’s order book remains at a healthy level. The
division recorded a 11% growth in the 12 months rolling order
intake versus the year before.
- In new contracts, the portion of managed services is often
substantial, which typically implies that revenue recognition is
spread over a longer period of time. For the HealthCare IT
division, fluctuations between quarters are normal, as a
significant portion of revenues and margins are realized when
projects reach key milestones.
- Continuing the momentum that started to build in the second
half of 2022, the HealthCare IT division’s top line increased by
10.8% (excluding currency effects) versus Q2 2022.
- Impacted by cost inflation, the fact that own IP sales grew
slightly slower than 3rd party sales, and decreasing service
margins, the gross profit margin decreased from 45.8% in Q2 2022 to
43.5%. The adjusted EBITDA margin decreased from 9.7% to 7.3%. The
division expects quarter-on-quarter improvement, as the product/mix
is expected to improve substantially towards the end of the
year.
- The positive development of the order intake shows that the
division’s strategy to target customer segments and geographies for
which its Enterprise Imaging solution is best fit and to prioritize
higher value revenue streams is working and delivering.
- At the JPR 2023 event (held in April in São Paulo) Agfa
HealthCare announced the official relaunch of its activities in
Brazil.
- Also in Q2, Agfa HealthCare was awarded Frost & Sullivan’s
‘Best Practices Customer Value Leadership Award’ for 2023. This
award recognizes companies which are at the forefront of innovation
– a position achieved by growing in their industries, consolidating
their leadership positions and innovating and creating new
products, solutions and services to meet ever-evolving customer
needs.
Radiology Solutions
in million Euro |
Q2
2023 |
Q2
2022re-presented |
% change(excl. FX
effects) |
H1 2023 |
H1
2022re-presented |
% change(excl. FX
effects) |
Revenue |
103 |
113 |
-9.0% (-5.7%) |
205 |
214 |
-4.0% (-1.9%) |
Adjusted EBITDA (*) |
9.9 |
12.2 |
-18.8% |
16.3 |
19.2 |
-14.6% |
% of revenue |
9.6% |
10.7% |
|
8.0% |
8.9% |
|
Adjusted EBIT (*) |
4.9 |
6.0 |
-17.7% |
7.1 |
6.9 |
2.2% |
% of revenue |
4.8% |
5.3% |
|
3.5% |
3.2% |
|
(*) before restructuring and non-recurring items
Second quarter
- The medical film business continues to be influenced by the
current geopolitical situation. In China, the business was
influenced by the gradual implementation of new centralized
procurement practices. In other regions, Agfa is successfully
implementing its pricing policy.
- Agfa continues to manage the market driven top line decline of
the Computed Radiography business, maintaining healthy profit
margins.
- The Direct Radiography business posted a revenue decrease in Q2
due to the geopolitical situation and the financial challenges that
many customers and governments are facing. In Europe and
North-America, certain customer groups are pivoting investment
plans.
- Agfa’s actions to increase the business’ agility and to better
adapt it to the current market conditions (right-sizing of the
organization, relocations, cost control actions, price increases,
net working capital actions) are now fully implemented.
- The division’s gross profit margin decreased slightly from
32.8% of revenue in Q2 2022 to 32.5%.
Digital Print & Chemicals
in million Euro |
Q2
2023 |
Q2
2022re-presented |
% change(excl. FX
effects) |
H1 2023 |
H1
2022re-presented |
% change(excl. FX
effects) |
Revenue |
104 |
98 |
5.8% (7.6%) |
200 |
177 |
13.1% (14.3%) |
Adjusted EBITDA (*) |
2.7 |
4.2 |
-36.7% |
9.2 |
8.3 |
11.2% |
% of revenue |
2.6% |
4.3% |
|
4.6% |
4.7% |
|
Adjusted EBIT (*) |
(1.7) |
1.2 |
|
1.3 |
2.7 |
-51.2% |
% of revenue |
-1.7% |
1.3% |
|
0.7% |
1.5% |
|
(*) before restructuring and non-recurring items
Second quarter
- In the field of digital print, the top line of the sign &
display business continued to grow, based on the good performance
of the ink product ranges for sign & display applications, as
well as the Inca Digital Printers acquisition. Agfa already sold
several Onset printers using Agfa inks and the development of the
SpeedSet 1060 single-pass packaging printer is proceeding as
planned. The market introduction of this digital press with water
based inks – which will be the fastest printer in its category at
11,000 B1 sized carton boards per hour – will happen as planned in
2024, with a customer unveiling later this year. In Q2, Agfa also
announced the launch of new ink sets for its Onset inkjet printers.
These inks boast an excellent sustainability footprint, high
quality and performance while minimizing ink usage.
- In the field of industrial inkjet, Agfa sold a second
InterioJet water-based inkjet printing press to décor paper
printing company Chiyoda, in spite of the weak investment climate
in that sector.
- In Q2, sales figures for the ZIRFON membranes for advanced
alkaline electrolysis continued to grow strongly. Although
important productivity progress is being made, this business is not
yet contributing to the results of the division. Over 100 active
customers are now using ZIRFON membranes, thus confirming ZIRFON’s
status as the most efficient technology for hydrogen production via
alkaline electrolysis. Several large customers are now starting to
build commercial electrolyzers, which allows Agfa to generate
recurring ZIRFON sales.
- Agfa’s project to build a new industrial unit for ZIRFON
membranes at its Mortsel site in Belgium has been selected for an
EU Innovation Fund Grant. The next important step for all selected
projects is grant agreement preparation. The new plant will allow
the Group to meet the booming customer demand.
- The weakness in the electronics industry continued to impact
volumes of the Orgacon conductive materials and the products for
the production of printed circuit boards.
- Price increase actions are implemented in most segments to
mitigate cost inflation impacts. However, manufacturing
inefficiencies, adverse currency effects and the weakness in the
electronics industry negatively impacted the gross profit margin,
which decreased from 26.2% of revenue in Q2 2022 to 24.1%.
Contractor
Operations and
Services – former Offset
in million Euro |
Q2
2023 |
Q2
2022re-presented |
% change(excl. FX
effects) |
H1 2023 |
H1
2022re-presented |
% change(excl. FX
effects) |
Revenue |
18 |
18 |
-2.4% (-2.3%) |
32 |
36 |
-11.5% (-11.3%) |
Adjusted EBITDA (*) |
0.3 |
(0.5) |
|
1.6 |
(3.9) |
|
% of revenue |
1.8% |
-2.5% |
|
5.2% |
-10.9% |
|
Adjusted EBIT (*) |
0.1 |
(1.9) |
|
0.1 |
(6.6) |
|
% of revenue |
0.4% |
-10.3% |
|
0.4% |
-18.5% |
|
(*) before restructuring and non-recurring items
- Early April, the Agfa-Gevaert Group completed the sale of its
Offset Solutions division to Aurelius Group. The new division
contains results related to supply and manufacturing agreements
that the Agfa-Gevaert Group signed with its former division, now
rebranded as ECO3.
- The comparative period Q2 ‘22 has been re-presented
accordingly. As per IFRS 5 rules, stranded costs related to Offset
Solutions have been treated differently in 2023 vs 2022. In Q2 ‘22
stranded costs are reported under CONOPS. In Q2 ‘23 these are
absorbed by the 3 business divisions.
End of messageManagement Certification of Financial
Statements and Quarterly ReportThis 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.”Statement of riskThis 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.
Contact:Viviane DictusDirector
Corporate CommunicationSeptestraat 272640 Mortsel - BelgiumT +32
(0) 3 444 71 24E 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 |
Q2 2023 |
Q2 2022re-presented |
H1 2023 |
H1 2022re-presented |
Revenue |
287 |
287 |
557 |
539 |
Cost of sales |
(200) |
(198) |
(384) |
(372) |
Gross profit |
87 |
90 |
173 |
167 |
Selling expenses |
(42) |
(45) |
(86) |
(88) |
Administrative expenses |
(35) |
(39) |
(71) |
(77) |
R&D expenses |
(19) |
(20) |
(39) |
(39) |
Net impairment loss on trade and other receivables, including
contract assets |
- |
- |
1 |
- |
Other & sundry operating income |
13 |
15 |
26 |
33 |
Other & sundry operating expenses |
(11) |
(8) |
(20) |
(16) |
Results from operating activities |
(8) |
(7) |
(16) |
(20) |
Interest income (expense) - net |
- |
- |
1 |
(1) |
Interest income |
3 |
- |
6 |
1 |
Interest expense |
(3) |
(1) |
(5) |
(1) |
Other finance income (expense) - net |
(6) |
(10) |
(13) |
(8) |
Other finance income |
- |
(2) |
2 |
5 |
Other finance expense |
(7) |
(8) |
(15) |
(13) |
Net finance costs |
(6) |
(11) |
(12) |
(9) |
Share of profit of associates, net of tax |
- |
- |
- |
- |
Profit (loss) before income taxes |
(14) |
(18) |
(28) |
(28) |
Income tax expenses |
(4) |
(2) |
(9) |
(4) |
Profit (loss) from continued operations |
(17) |
(20) |
(37) |
(32) |
Profit (loss) from discontinued operations, net of
tax |
3 |
7 |
(43) |
12 |
Profit (loss) for the period |
(14) |
(13) |
(81) |
(20) |
Profit (loss) attributable to: |
|
|
|
|
Owners of the Company |
(14) |
(17) |
(82) |
(21) |
Non-controlling interests |
- |
4 |
1 |
1 |
|
|
|
|
|
Results from operating activities |
(8) |
(7) |
(16) |
(20) |
Restructuring and non-recurring items |
(10) |
(12) |
(20) |
(20) |
Adjusted EBIT |
2 |
5 |
4 |
- |
|
|
|
|
|
Earnings per Share Group – continued operations (Euro) |
(0.11) |
(0.13) |
(0.24) |
(0.21) |
Earnings per Share Group – discontinued operations (Euro) |
0.02 |
0.02 |
(0.29) |
0.08 |
Earnings per Share Group – total (Euro) |
(0.09) |
(0.11) |
(0.53) |
(0.13) |
(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 of
discontinued operations and the post-tax gain 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.
Consolidated Statement of Comprehensive Income for
the quarter ending
June
2022
/ June
2023 (in million
Euro) Unaudited, consolidated figures
following IFRS accounting policies.
|
Q2
2023 |
Q2
2022
re-presented |
Profit / (loss) for the period |
(14) |
(13) |
Profit / (loss) for the period from continuing
operations |
(17) |
(20) |
Profit / (loss) for the period from discontinuing
operations |
3 |
7 |
Other Comprehensive Income, net of tax |
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
Exchange differences: |
1 |
24 |
Exchange differences on translation of foreign operations |
3 |
24 |
Release of exchange differences of discontinued operations to
profit or loss |
(2) |
- |
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: |
- |
117 |
Equity investments at fair value through OCI – change in fair
value |
- |
(2) |
Remeasurements of the net defined benefit liability |
- |
130 |
Income tax on remeasurements of the net defined benefit
liability |
- |
(11) |
Total Other Comprehensive
Income for the period, net of tax |
1 |
138 |
Total other comprehensive income for the period from
continuing operations |
2 |
118 |
Total other comprehensive income for the period from
discontinuing operations |
(1) |
20 |
|
|
|
Total Comprehensive
Income for the period,
net of tax attributable to |
(13) |
125 |
Owners of the Company |
(14) |
120 |
Non-controlling interests |
2 |
5 |
Total comprehensive income for the period from continuing
operations attributable to: |
(15) |
98 |
Owners of the Company (continuing operations) |
(15) |
98 |
Non-controlling interests (continuing operations) |
- |
- |
Total comprehensive income for the period from
discontinuing operations attributable to: |
2 |
27 |
Owners of the Company (discontinuing operations) |
- |
22 |
Non-controlling interests (discontinuing operations) |
2 |
5 |
(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 of
discontinued operations and the post-tax gain 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.Consolidated Statement of
Comprehensive Income for the period
ending June
2022 /
June 2023
(in million Euro) Unaudited,
consolidated figures following IFRS accounting policies.
|
H1 2023 |
H1 2022
re-presented |
Profit / (loss) for the period |
(81) |
(20) |
Profit / (loss) for the period from continuing
operations |
(37) |
(32) |
Profit / (loss) for the period from discontinuing
operations |
(43) |
12 |
Other Comprehensive Income, net of tax |
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
Exchange differences: |
(6) |
32 |
Exchange differences on translation of foreign operations |
(4) |
32 |
Release of exchange differences of discontinued operations to
profit or loss |
(2) |
- |
Cash flow hedges: |
2 |
(2) |
Effective portion of changes in fair value of cash flow hedges |
1 |
(4) |
Changes in the fair value of cash flow hedges reclassified to
profit or loss |
2 |
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: |
- |
117 |
Equity investments at fair value through OCI – change in fair
value |
- |
(2) |
Remeasurements of the net defined benefit liability |
- |
130 |
Income tax on remeasurements of the net defined benefit
liability |
- |
(11) |
Total Other Comprehensive
Income for the period, net of tax |
(4) |
147 |
Total other comprehensive income for the period from
continuing operations |
(3) |
122 |
Total other comprehensive income for the period from
discontinuing operations |
(1) |
26 |
|
|
|
Total Comprehensive
Income for the period,
net of tax attributable to |
(86) |
127 |
Owners of the Company |
(87) |
125 |
Non-controlling interests |
2 |
2 |
Total comprehensive income for the period from continuing
operations attributable to: |
(40) |
90 |
Owners of the Company (continuing operations) |
(40) |
90 |
Non-controlling interests (continuing operations) |
- |
- |
Total comprehensive income for the period from
discontinuing operations attributable to: |
(44) |
38 |
Owners of the Company (discontinuing operations) |
(46) |
35 |
Non-controlling interests (discontinuing operations) |
2 |
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 of discontinued operations and the post-tax gain 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.(2)
Consolidated Statement of Financial
Position (in million Euro)
Unaudited, Consolidated figures following IFRS
accounting policies.
|
30/06/2023 |
31/12/2022re-presented |
Non-current assets |
575 |
602 |
Goodwill |
218 |
218 |
Intangible
assets |
25 |
29 |
Property, plant
and equipment |
111 |
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 |
73 |
72 |
Other assets |
5 |
8 |
Deferred tax
assets |
74 |
91 |
Current
assets |
809 |
1,153 |
Inventories |
353 |
487 |
Trade
receivables |
158 |
291 |
Contract
assets |
98 |
94 |
Current income
tax assets |
47 |
56 |
Other tax
receivables |
25 |
28 |
Other financial
assets |
- |
1 |
Receivables under
finance lease |
20 |
31 |
Other
receivables |
43 |
6 |
Other current
assets |
16 |
17 |
Derivative
financial instruments |
2 |
3 |
Cash and cash
equivalents |
44 |
138 |
Non-current
assets held for sale |
2 |
2 |
TOTAL ASSETS |
1,383 |
1,756 |
|
30/06/2023 |
31/12/2022re-presented |
Total
equity |
434 |
561 |
Equity
attributable to owners of the company |
433 |
520 |
Share
capital |
187 |
187 |
Share
premium |
210 |
210 |
Retained
earnings |
971 |
1,042 |
Other
reserves |
(1) |
(3) |
Translation
reserve |
(16) |
(9) |
Post-employment
benefits: remeasurements of the net defined benefit liability |
(919) |
(908) |
Non-controlling interests |
2 |
41 |
Non-current liabilities |
534 |
610 |
Liabilities for
post-employment and long-term termination benefit plans |
476 |
536 |
Other employee
benefits |
6 |
9 |
Loans and
borrowings |
29 |
41 |
Provisions |
11 |
14 |
Deferred tax
liabilities |
8 |
9 |
Trade
payables |
3 |
- |
Other non-current
liabilities |
1 |
- |
Current
liabilities |
415 |
585 |
Loans and
borrowings |
49 |
25 |
Provisions |
20 |
36 |
Trade
payables |
124 |
249 |
Contract
liabilities |
104 |
109 |
Current income
tax liabilities |
19 |
29 |
Other tax
liabilities |
20 |
32 |
Other
payables |
6 |
6 |
Employee
benefits |
69 |
95 |
Other current
liabilities |
3 |
- |
Derivative
financial instruments |
1 |
2 |
TOTAL
EQUITY AND LIABILITIES |
1,383 |
1,756 |
Consolidated Statement of Cash Flows (in million
Euro) Unaudited, consolidated figures following IFRS
accounting policies.
|
Q2 2023 |
Q2 2022 |
H1 2023 |
H1 2022 |
Profit (loss) for the period |
(14) |
(13) |
(81) |
(20) |
Income taxes |
4 |
4 |
12 |
7 |
Share of (profit)/loss of associates, net of tax |
- |
- |
- |
- |
Net finance costs |
6 |
11 |
13 |
9 |
Operating result |
(4) |
2 |
(56) |
(3) |
|
|
|
|
|
Depreciation & amortization (excluding D&A on right-of-use
assets) |
7 |
8 |
13 |
17 |
Depreciation & amortization on right-of-use assets |
5 |
7 |
10 |
14 |
Impairment losses on goodwill, intangibles and PP&E |
- |
- |
- |
- |
Impairment losses on right-of-use assets |
4 |
- |
7 |
- |
|
|
|
|
|
Exchange results and changes in fair value of derivates |
- |
4 |
- |
8 |
Recycling of hedge reserve |
- |
1 |
2 |
2 |
Government grants and subsidies |
(1) |
(1) |
(2) |
(2) |
Result on the disposal of discontinued operations |
(3) |
- |
44 |
- |
Expenses for defined benefit plans & long-term termination
benefits |
11 |
15 |
16 |
22 |
Accrued expenses for personnel commitments |
10 |
9 |
30 |
30 |
Write-downs/reversal of write-downs on inventories |
3 |
2 |
8 |
7 |
Impairments/reversal of impairments on receivables |
- |
- |
(1) |
- |
Additions/reversals of provisions |
(1) |
4 |
1 |
4 |
|
|
|
|
|
Operating cash flow before changes in working
capital |
29 |
53 |
70 |
97 |
|
|
|
|
|
Change in inventories |
(2) |
(43) |
(34) |
(102) |
Change in trade receivables |
(3) |
22 |
(4) |
14 |
Change in contract assets |
(5) |
(10) |
(5) |
(13) |
Change in trade working capital assets |
(10) |
(30) |
(42) |
(101) |
Change in trade payables |
2 |
(7) |
(26) |
(5) |
Change in contract liabilities |
(3) |
3 |
11 |
14 |
Changes in trade working capital liabilities |
(1) |
(4) |
(15) |
9 |
Changes in trade working capital |
(11) |
(34) |
(57) |
(92) |
|
Q2 2023 |
Q2 2022 |
H1 2023 |
H1 2022 |
Cash out for employee benefits |
(43) |
(63) |
(73) |
(87) |
Cash out for provisions |
(7) |
(8) |
(12) |
(11) |
Changes in lease portfolio |
- |
4 |
10 |
9 |
Changes in other working capital |
(8) |
1 |
(21) |
(7) |
Cash settled operating derivatives |
- |
(3) |
- |
(3) |
|
|
|
|
|
Cash used in operating activities |
(39) |
(49) |
(83) |
(95) |
|
|
|
|
|
Income taxes paid |
1 |
(4) |
- |
(6) |
Net cash from / (used in) operating
activities |
(37) |
(53) |
(83) |
(101) |
of which related to discontinued operations |
- |
(16) |
(13) |
(19) |
|
|
|
|
|
Capital expenditure |
(8) |
(6) |
(14) |
(13) |
Proceeds from sale of intangible assets & PP&E |
1 |
- |
1 |
1 |
Acquisition of subsidiaries, net of cash acquired |
- |
(48) |
3 |
(48) |
Disposal of discontinued operations, net of cash disposed of |
(5) |
(2) |
(5) |
(2) |
Acquisition of associates |
(1) |
- |
(1) |
- |
Interests received |
3 |
1 |
6 |
2 |
Dividends received |
- |
- |
- |
- |
|
|
|
|
|
Net cash from / (used in) investing
activities |
(9) |
(54) |
(9) |
(59) |
of which related to discontinued operations |
(4) |
(1) |
(5) |
(2) |
|
|
|
|
|
Interests paid |
(3) |
(1) |
(5) |
(2) |
Dividends paid to non-controlling interests |
- |
(5) |
(9) |
(5) |
Purchase of treasury shares |
- |
(13) |
- |
(21) |
Proceeds from borrowings |
(10) |
- |
31 |
- |
Repayment of borrowings |
- |
- |
(1) |
(1) |
Payment of finance leases |
(5) |
(8) |
(12) |
(15) |
Proceeds / (payment) of derivatives |
(1) |
(4) |
(4) |
(6) |
Other financing income / (costs) received/paid |
- |
(2) |
- |
4 |
|
|
|
|
|
Net cash from / (used in) financing
activities |
(19) |
(33) |
- |
(46) |
of which related to discontinued operations |
- |
(2) |
(2) |
(4) |
|
|
|
|
|
Net increase / (decrease) in cash & cash
equivalents |
(65) |
(140) |
(92) |
(206) |
|
|
|
|
|
Cash & cash equivalents at the start of the
period |
108 |
330 |
138 |
398 |
Net increase / (decrease) in cash & cash equivalents |
(65) |
(140) |
(92) |
(206) |
Effect of exchange rate fluctuations on cash held |
1 |
1 |
(2) |
(1) |
Cash & cash equivalents at the end of the
period |
44 |
191 |
44 |
191 |
(1) 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, 2022 |
187 |
210 |
1,284 |
- |
2 |
(2) |
(1,033) |
(15) |
632 |
54 |
685 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(21) |
- |
- |
- |
- |
- |
(21) |
1 |
(20) |
Other comprehensive income, net of tax |
- |
- |
- |
- |
(2) |
(2) |
119 |
31 |
146 |
2 |
147 |
Total comprehensive income for the period |
- |
- |
(21) |
- |
(2) |
(2) |
119 |
31 |
125 |
2 |
127 |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(5) |
(5) |
Purchase of own shares |
- |
- |
- |
(21) |
- |
- |
- |
- |
(21) |
- |
(21) |
Cancellation of own shares |
- |
- |
(21) |
21 |
- |
- |
- |
- |
- |
- |
- |
Total transactions with owners, recorded directly in
equity |
- |
- |
(21) |
- |
- |
- |
- |
- |
(21) |
(5) |
(26) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June
30,
2022 |
187 |
210 |
1,242 |
- |
- |
(4) |
(914) |
15 |
736 |
51 |
787 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
- |
- |
(82) |
- |
- |
- |
- |
- |
(82) |
1 |
(81) |
Other comprehensive income, net of tax |
- |
- |
- |
- |
- |
2 |
- |
(7) |
(5) |
1 |
(4) |
Total comprehensive income for the period |
- |
- |
(82) |
- |
- |
2 |
- |
(7) |
(87) |
2 |
(85) |
|
|
|
|
|
|
|
|
|
|
|
|
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 June
30, 2023 |
187 |
210 |
971 |
- |
(1) |
- |
(919) |
(16) |
433 |
2 |
434 |
- HY report 2023 in pdf
- Press release in pdf
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