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Agfa Releases Q2 Results

Belgium-based Agfa-Gevaert has published its second quarter 2013 results in which it saw revenues from its Graphics division decline 9.1 percent over the previous year’s quarter to 380 million euros. Earnings remained unchanged at 21.9 million euros.

“During the second quarter, we focused on the further improvement of our working capital. These efforts helped us to improve our operating cash flow and to reduce our net debt. Furthermore, we are on track to reach the gross profit targets we have set ourselves. Finally, I am also confident that Agfa Graphics’ industrial inkjet business will reach the break-even point in the course of 2013,” said Christian Reinaudo, President and CEO of the Agfa-Gevaert Group.

The company as a whole saw a downturn of revenues in the quarter of six percent compared to the same period in 2012; gross profit, before restructuring and non-recurring items, fell by 6.6 percent to $211 million euros.

The company says that its CTP business volumes were stable while its analog computer-to-film business declined strongly. Adoption of the company’s high-end industrial inkjet systems remained weak “as companies are reluctant to invest in high-end equipment.” The low-end Anapurna line continues to perform well, according to the company.

The Graphics division’s year to date revenues are down 7.7 percent and recurring EBITDA is down 9.7 percent when compared to 2012.