Agfa has published its latest figures, for the first quarter of 2015, which show that the restructuring is starting to pay off. Revenue has remained the same as for the same period the last year at €622m, but gross profit has risen by 8.2 percent from €182m to €197m. The recurring Earnings Before Interest, Tax, Depreciation and Amortisation or EBITDA went up to €43m, which at 6.9 percent of revenue is a 26.5 percent improvement.
The Agfa Graphics business group’s inkjet business and the Agfa HealthCare business group’s Direct Radiography and Imaging IT Solutions businesses reported significant revenue growth. This, together with positive currency effects helped to offset the continuous decline of the traditional film businesses, the softness in the emerging markets, and the unstable political situation in certain regions.
Christian Reinaudo, President and CEO of the Agfa-Gevaert Group, commented: “This achievement proves that our efforts to keep our restructuring and operational costs under control are leading to a sustainable improvement of our profitability. The strong cash flow generation resulted in a further decrease of our net debt.”
Earlier this week, at Agfa’s AGM Julien De Wilde was reappointed to the board, while Hilde Laga and Viviane Reding were appointed as independent directors.
Agfa also approved, in accordance with article 556 of the Companies Code, the change-of-control provisions, as stipulated in the prospectus in connection with the unconditional public exchange offer dated May 8, 2014 by Agfa-Gevaert NV on 4.375 per cent fixed rate bonds due June 2, 2015 issued by Agfa-Gevaert NV on June 2, 2005 (ISIN: XS0218652906) in exchange for 5.35% fixed rated bonds due June 2, 2019 issued by Agfa-Gevaert NV on June 2, 2014.