Agfa-Gevaert's preliminary 2010 results in line with its guidance
· Revenue grows to 2,948 million Euro, about 200 million Euro higher than in 2009
· EBIT at 266 million Euro, 9 percent of Group revenue
· Net result above 100 million Euro, versus 6 million Euro in 2009
· Substantial decrease of net debt to 161 million Euro
· Both Agfa Graphics and Agfa HealthCare meet their 2010 EBIT targets
Mortsel (Belgium), February 24, 2011
The Agfa-Gevaert Group's full year revenue amounted to 2,948 million Euro, an increase of 7.0 percent (3.2 percent excluding currency effects) compared to 2009. About half of this growth is related to Agfa Graphics' joint venture in China and the Pitman acquisition.
The Agfa-Gevaert Group's total 2010 EBIT is expected to be approximately 266 million Euro (9.0 percent of revenue), versus 182 million Euro (6.6 percent of revenue) in 2009.
The full year net result is expected to be above 100 million Euro, versus 6 million Euro in 2009.
At year end, net debt stood at 161 million Euro, compared to 445 million Euro at the end of 2009.
In spite of the uncertainties that the graphic markets faced in the fourth quarter, particularly in Europe, the revenue of the Agfa Graphics business group amounted to 1,565 million Euro. Excluding currency effects, the increase would amount to 12.2 percent.
Agfa Graphics' EBIT is expected to be about 134 million Euro (8.6 percent of revenue), compared to 63 million Euro in 2009 (4.7 percent of revenue).
Agfa HealthCare's full year revenue is almost stable at 1,180 million Euro. Excluding currency effects, a decrease of 3.3 percent would have been posted. Agfa HealthCare expects that the growth of the IT division will start to compensate for the revenue decline in the traditional business in the course of the second half of 2011.
Agfa HealthCare's EBIT is expected to amount to approximately 126 million Euro (10.7 percent of revenue), versus 116 million Euro in 2009 (9.8 percent of revenue).
The revenue of the smaller Agfa Specialty Products business group amounted to 203 million Euro, a decrease by 14.0 percent (15.4 percent excluding currency effects), mainly because of the shift of part of the film business to Agfa Graphics and the market-driven decline for some of the Classic Film products.
Agfa Specialty Products' EBIT is expected to amount to approximately 8 million Euro (3.9 percent of revenue), versus 13 million Euro in 2009 (5.5 percent of revenue).
Agfa-Gevaert's CEO Christian Reinaudo commented: "Both in terms of top line and in terms of EBIT, our 2010 results are in line with the outlook we gave in August. Driven by Agfa Graphics, we posted a revenue increase close to 200 million Euro. Both Agfa Graphics and Agfa HealthCare met their EBIT targets.
So far, we only saw limited effects of the high raw material costs. The raw material related impact on the margins is expected to be more substantial as from the first quarter of this year. The effects of the recently announced price increases for our film products are expected to become more visible in the course of the second half of the year. In spite of the adverse situation on the raw material markets, we maintain - for the medium term - our average EBIT guidance."
Agfa-Gevaert will disclose its complete and fully audited 2010 results on March 25.
The Agfa-Gevaert Group is one of the world's leading companies in imaging and information technology. Agfa develops, manufactures and markets analogue and digital systems for the printing industry (Agfa Graphics), for the healthcare sector (Agfa HealthCare), and for specific industrial applications (Agfa Materials).
Agfa is headquartered in Mortsel, Belgium. The company is present in 40 countries and has agents in another 100 countries around the globe.
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Source: Agfa-Gevaert via Thomson Reuters ONE
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