March 11, 2020 / 7:23 AM / a month ago

BRIEF-Agfa-Gevaert FY Gross Profit Up At 729 Million Euros

March 11 (Reuters) - AGFA GEVAERT NV:

* AGFA-GEVAERT IN 2019: STRONG CASH GENERATION - GROUP MARGINS RESILIENT IN SPITE OF OFFSET HEADWINDS

* AGFA GEVAERT NV FY NET RESULT AT 19 MILLION EURO BEFORE IMPAIRMENT LOSS AND MINUS 48 MILLION EURO INCLUDING IMPAIRMENT LOSS (INCLUDING IFRS 16)

* FY IMPAIRMENT LOSS OF 66.7 MILLION EURO BOOKED FOLLOWING EVOLUTION IN OFFSET INDUSTRY

* FY NET CASH FROM OPERATING ACTIVITIES AMOUNTED TO 123 MILLION EURO

* FY NET FINANCIAL DEBT AMOUNTED TO 219 MILLION EURO (OR 106 MILLION EURO EXCLUDING IMPACT OF IFRS 16), VERSUS 144 MILLION EURO AT END OF 2018

* TAKES A MORE CAUTIOUS STAND TOWARDS ITS FUTURE OFFSET ACTIVITIES AND TO BOOK AN IMPAIRMENT LOSS OF 66.7 MILLION EURO.

* ON CORONAVIRUS: AS A LARGE PART OF DIVISION’S PRINTING PLATES ARE MANUFACTURED IN CHINA, RECENT CORONA VIRUS OUTBREAK IS ALSO LIKELY TO HAVE AN IMPACT ON BUSINESS

* ON CORONAVIRUS: SUPPLY CHAIN IN CHINA IS DISRUPTED AND OUTBREAK IS ALSO DELAYING FURTHER IMPLEMENTATION OF OFFSET ALLIANCE WITH LUCKY HUAGUANG GRAPHICS

* FY REVENUE EXCLUDING IFRS 16 EUR 2.24 BILLION VERSUS EUR 2.19 BILLION YEAR AGO

* Q4 2019 ADJUSTED EBITDA INCLUDING IFRS 16: 62 MILLION EURO

* THE GROUP’S GROSS PROFIT GREW FROM 710 MILLION EURO (32.4% OF REVENUE) IN 2018 TO 729 MILLION EURO (32.6% OF REVENUE) Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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