Agfa revenues down but profits up

Agfa-Gevaert has published its figures for the 2013 year, which show that revenue fell by 7.3 percent to €2,865 million. Agfa has blamed this on exchange rates, claiming that on a currency comparable basis, the decline amounted to 4.8 percent. Other excuses include the weak investment climate, the product portfolio rationalisation and the decline of the analog businesses.

However, Agfa has benefited from a number of efficiency drives. Thus, although gross profit, before restructuring costs was €833m, a 4.3 percent drop on 2012, the group posted a net profit of €49m, versus a restated (according to IAS 19R) net loss of €9m in 2012. In addition, net financial debt fell from €291m in 2012 to €217m and net pension liabilities were reduced by €313m, leading to a strong increase in equity.






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