• The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 15 million euro - regulated information

    Источник: Nasdaq GlobeNewswire / 14 ноя 2024 00:45:00   America/Chicago

                                           
    Regulated information
    November 14, 2024 - 7:45 a.m. CET
            
    The Agfa-Gevaert Group in Q3 2024: stable sales, adjusted EBITDA at 15 million euro

    The Agfa-Gevaert Group posted double-digit revenue growth and a strong profitability step up in Digital Printing and Chemicals, and a significant increase in order intake in HealthCare IT, with a high share of cloud-based and net new customer contracts. This was counterbalanced by an accelerated market decline in traditional film activities. The 50 million euro savings program to align the cost base with the accelerated market decline of the film-related business is in full preparation. Savings will start to materialize in the second half of 2025, with the full potential to be realized in 2027.

    • HealthCare IT: good traction in transitioning to cloud-enabled Enterprise Imaging
      • 23% increase in the 12 months rolling order intake versus the year before, 45% cloud-related contracts in Q3, 57% net new customer contracts in Q3
      • On track with transition to cloud technology
      • First go-live of cloud-based Enterprise Imaging platform
    • Digital Print & Chemicals: growth engines power profitability
      • Continuous double-digit top line growth, driven by Green Hydrogen Solutions and Digital Printing Solutions
      • Adjusted EBITDA doubled versus third quarter of 2023, reaching 8% of revenue
      • First SpeedSet Orca 1060 packaging printer at customer site in the UK up and running
    • Radiology Solutions: acceleration of global market decline for medical film
      • Medical film: volumes followed accelerated decline of the market
      • Direct Radiography realized 9% top line increase, partly driven by pick-up in North America

    Mortsel (Belgium), November 14, 2024 – 7:45 a.m. CET – Agfa-Gevaert today commented on its results in the third quarter of 2024.
    “I am pleased with the evolution of our growth engines. The Digital Print & Chemicals division reported double-digit top line growth and doubled its adjusted EBITDA, driven by Digital Print Solutions and Green Hydrogen Solutions. HealthCare IT’s order intake is growing strongly, powered by our cloud solutions attracting net new customers. Our first go-live of our cloud-based Enterprise Imaging platform was a full success, demonstrating the robustness of our solutions. Having a reference site will add to the momentum we are seeing for this technology. Finally, the plan to adjust the cost base of our traditional film activities to the reality in the market is on track. We expect that this self-funding program will allow us to reduce the cost base of these activities by 50 million euro by the end of 2027. The first savings will start to materialize in the second half of 2025,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.




    in million euro    		Q3 2024
    		Q3 2023
    		% change (excl. FX effects)9M 2024
    		9M 2023
    		% change (excl. FX effects)
    REVENUE      
    HealthCare IT5860-3.9% (-3.4%)167180-7.1% (-6.9%)
    Digital Print & Chemicals1109911.0% (12.2%)3133004.5% (5.4%)
    Radiology Solutions92103-10.6% (-10.2%)277309-10.1% (-9.5%)
    Contractor Operations and Services – former Offset1718-4.6% (-4.6%)554912.5% (12.5%)
    GROUP277280-1.2% (-0.4%)813837-2.9% (-2.3%)
    ADJUSTED EBITDA (*)      
    HealthCare IT6.38.5-25.1%13.315.7-15.6%
    Digital Print & Chemicals8.84.3106.2%21.513.558.5%
    Radiology Solutions3.77.2-48.3%10.023.5-57.5%
    Contractor Operations and Services – former Offset0.2(0.2) 5.21.4270.7%
    Unallocated(3.9)(2.6) (10.6)(10.5) 
    GROUP 1517-10.8%3944-9.7%

    (*)         Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA

    Definitions of non-IFRS financial measures (APMs): see page 8.

    Agfa-Gevaert Group

    in million euroQ3 2024
    		Q3 2023
    		% change (excl. FX effects)9M 2024
    		9M 2023
    		% change (excl. FX effects)
    Revenue277280-1.2% (-0.4%)813837-2.9% (-2.3%)
    Gross profit (*)8285-4.5%252259-2.5%
    % of revenue29.5%30.5% 31.0%30.9% 
    Adjusted EBITDA (**)1517-10.8%3944-9.7%
    % of revenue5.5%6.1% 4.8%5.2% 
    Adjusted EBIT (**)46-27.1%710-25.6%
    % of revenue1.5%2.1% 0.9%1.2% 
    Net result(13)(15) (29)(96) 
    Profit from continuing operations(12)(12) (29)(49) 
    Profit from discontinued operations-(3) -(47) 

    (*)         before adjustments and restructuring expenses
    (**)         Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA

    Third quarter

    • Compared to the third quarter of 2023, the Group’s revenue remained stable, with a markedly strong performance of Digital Printing Solutions and Green Hydrogen Solutions. As expected, HealthCare IT reported lower sales due to the market transition to cloud technology. The traditional film activities were under pressure from the declining medical film markets.
    • Mainly due to the lower fixed cost coverage in the traditional film activities, the Group’s gross profit margin decreased slightly to 29.5% of revenue.
    • Adjusted EBITDA evolved to 15 million euro (5.5% of revenue).
    • Adjustments and restructuring expenses resulted in a charge of 3 million euro versus 5 million euro in the third quarter of 2023.
    • The net finance costs amounted to 7 million euro.
    • Income tax expenses were at 7 million euro versus 6 million euro in the previous year.
    • The Agfa-Gevaert Group posted a net loss of 13 million euro.

    Financial position and cash flow

    • Net financial debt (including IFRS 16) evolved from 99 million euro in Q2 2024 to 118 million euro.
    • Despite 15 million euro impact from freight issues in the Middle East and the higher silver price, working capital remained stable at 33% of revenue in Q3 2024, in line with the seasonality of the business. In absolute numbers, working capital evolved from 371 million euro at the end of Q3 2023 to 374 million euro. Following the seasonality, working capital is expected to trend down in the fourth quarter.
    • In the third quarter of 2024, the Group generated a free cash flow of minus 6 million euro.

    Outlook
    In 2024, the Agfa-Gevaert Group expects a continuation of the trends seen in the previous year.

    2024 outlook per division:

    • HealthCare IT: The division’s performance is expected to be roughly in line with that of last year. For the full year, the division expects the increase in the 12 months rolling order intake to be slightly above 20%.
    • Digital Print & Chemicals: The division expects continued strong growth in top line and profitability, driven by Digital Printing Solutions and Green Hydrogen Solutions.
    • Radiology Solutions: No improvement versus the third quarter of 2024 is expected.

    The working capital situation is expected to trend downward by the end of 2024.

    The outstanding receivable in connection with the sale of the Offset Solutions division to Aurelius Group is still partly under discussion. The issue has been submitted to an independent expert, who will have to establish the final purchase price.

    The program to adjust the cost base of the film-related activities to the reality in the market is on track. Overall, the program is expected to be cash accretive. It is expected to reduce the cost base by 50 million euro by the end of 2027 and the first savings are expected to materialize in the second half of 2025. On November 14, the intention to reorganize the film-related business was presented to the social partners in Belgium at an Extraordinary Works Council meeting. If the intended plan would be executed, this would impact up to 530 employees in Belgium.

    HealthCare IT

    in million euroQ3 2024
    		Q3 2023
    		% change
    (excl. FX effects)    		9M 2024
    		9M 2023
    		% change
    (excl. FX effects)
    Revenue5860-3.9% (-3.4%)167180-7.1% (-6.9%)
    Adjusted EBITDA (*)6.38.5-25.1%13.315.7-15.6%
    % of revenue10.9%14.0% 8.0%8.8% 
    Adjusted EBIT (*)4.56.7-33.2%7.610.3-26.2%
    % of revenue7.7%11.1% 4.6%5.8% 

    (*)         Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA

    Third quarter

    • Continuing the trend of the previous quarter, and mainly based on cloud-related contracts, HealthCare IT recorded a 23% increase in the 12 months rolling order intake starting from 125 million euro the year before to 154 million euro. 45% of total Q3 order intake is cloud-related. Net new customers represent 57% of total Q3 order intake. In Q3, 56% of total order intake is related to project contracts and 44% to recurring revenue contracts.
    • The division’s top line decreased by 3.9% versus the third quarter of 2023 due to the market transition to cloud technology. As an increasing share of total order intake is related to recurring revenue, the high order intake will not immediately translate in higher sales in the coming quarters.
    • Mainly due to product/mix effects, HealthCare IT’s gross profit margin decreased slightly from 48.2% in the third quarter of 2023 to 47.0%. The adjusted EBITDA margin evolved from 14.0% to 10.9%.
    • First successful go-live of the cloud-based Enterprise Imaging Platform at Tampa General Hospital North (USA).
    • In recent months, the division has secured several new Enterprise Imaging contracts with leading healthcare organizations worldwide.
      • In the United States, multiple luminary healthcare institutions have recently adopted Agfa HealthCare’s solutions with most of these net new wins centered around cloud-based offerings. This trend underscores the increasing shift towards Cloud technology and reinforces the momentum of Agfa’s Enterprise Imaging Cloud, first introduced at RSNA 2023. Notable new Integrated Delivery Networks include Englewood Health and Self-Regional Hospital, representing a significant expansion of Agfa’s presence in the US market.
      • In the UK, Doncaster and Bassetlaw Teaching Hospitals NHS Foundation Trust selected Agfa HealthCare’s next-generation Enterprise Imaging to replace its existing Radiology Information System (RIS) across five sites. Additionally, Agfa’s Business Intelligence tools will support the Trust’s reporting, regulatory, and audit needs.
      • In Greece, the government has chosen Agfa HealthCare’s Enterprise Imaging solution for deployment across 37 public hospitals, covering two key health regions.
      • Agfa HealthCare also secured a pivotal 5-year agreement with SingHealth, Singapore’s leading healthcare network, for the implementation of its Enterprise Imaging solution.

    Digital Print & Chemicals

    in million euroQ3 2024
    		Q3 2023
    		% change
    (excl. FX effects)    		9M 2024
    		9M 2023
    		% change
    (excl. FX effects)
    Revenue1109911.0% (12.2%)3133004.5% (5.4%)
    Adjusted EBITDA (*)8.84.3106.2%21.513.558.5%
    % of revenue8.0%4.3% 6.9%4.5% 
    Adjusted EBIT (*)4.20.2 8.61.5 
    % of revenue3.8%0.2% 2.7%0.5% 

    (*)         Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA

    Third quarter
    Division performance

    • The Digital Print & Chemicals division’s top line grew by 11.0%, mainly driven by continued growth for Green Hydrogen Solutions (+15%) and Digital Printing Solutions (+19%).
    • Despite the rising silver cost, the division’s gross profit margin remained almost stable at 27.8% of revenue.

    The division’s adjusted EBITDA margin increased strongly from 4.3% in the third quarter of 2023 to 8.0%.

    Digital Printing Solutions

    • Showing the success of the growth strategy for these activities, the Digital Printing Solutions business’ top line grew by 19% versus the third quarter of 2023. Based on recent product launches and on the global strategic partnership between Agfa and EFI for digital printing equipment, Agfa expects to build further momentum with its digital printing portfolio in the next quarters.
    • Ink top line grew by 10%, also driven by the ongoing program to convert former Inca customers to Agfa’s ink sets.
    • First water-based SpeedSet Orca 1060 packaging printer at customer site in the UK is now up and running.
    • First installation of the new Jeti Bronco H3300 3.3 m high-end UV LED inkjet printer.
    • World debut of new digital printing solutions at PRINTING United Expo in Las Vegas:
      • Jeti Tauro H3300 UHS with MAX Bots: Already known for its high-speed output, the Tauro H3300 UHS hybrid large-format inkjet press now integrates robotic automation to further increase productivity.
      • Onset Grizzly X3 HS with New Autoloader: Designed for high-volume graphics and packaging jobs, this advanced autoloader with a six-second cycle time keeps pace with the Grizzly flatbed inkjet press’ top speed of 1450 m²/h.
    • Agfa recently secured four Pinnacle Product Awards with its printing equipment, automation equipment and ink sets. Presented by PRINTING United Alliance, the Pinnacle Product Awards celebrate outstanding products that drive advancements in quality, capability, and productivity within the printing industry.

    Green Hydrogen Solutions

    • ZIRFON sales grew by 15% versus the third quarter of 2023.
    • The establishment of a new industrial-scale ZIRFON production plant in Mortsel, Belgium is on track. In September, a new ZIRFON lab was taken into operation in Mortsel.
    • Agfa continued to expand its customer base based on the rising interest in Asia, resulting in a first major customer in India.
    • Market developments have been growing slower globally in the last 12 months due to delaying of Final Investment Decisions at customers. However, these delayed implementations are included in Agfa’s business plan.

    Radiology Solutions

    in million euroQ3 2024
    		Q3 2023
    		% change
    (excl. FX effects)    		9M 2024
    		9M 2023
    		% change
    (excl. FX effects)
    Revenue92103-10.6% (-10.2%)277309-10.1% (-9.5%)
    Adjusted EBITDA (*)3.77.2-48.3%10.023.5-57.5%
    % of revenue4.0%7.0% 3.6%7.6% 
    Adjusted EBIT (*)(0.1)2.5 (1.5)9.6 
    % of revenue-0.1%2.5% -0.5%3.1% 

    (*)         Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA

    Third quarter

    • Volumes of Agfa’s medical film business followed the declining market trends. Market shares for this business remain stable.
    • The Direct Radiography business posted a 9% top line increase, partly driven by the pick-up of the business in North America. In Europe, consolidation exercises in healthcare groups are leading to postponed investment plans, while a further trend toward big tenders is increasing the fluctuations between quarters.
    • Agfa continues to innovate its DR solutions. In the third quarter, the company expanded its Dura-line family of robust, reliable and cost-effective wireless DR flat panel detectors, with the glass-free and high-resolution Dura-line XF+ range.
    • Agfa expanded its leading MUSICA image processing solution with a new gridline suppression tool that helps improve the quality of medical images.
    • The division’s third quarter profitability was negatively impacted by the volume decrease and costs related to manufacturing inefficiencies. This was partly offset by measures to control costs and to streamline the business. The division’s gross profit margin decreased from 29.4% of revenue in the third quarter of 2023 to 26.8%. The adjusted EBITDA margin decreased from 7.0% of revenue in Q3 2023 to 4.0%.
    • The above mentioned program to structurally reduce the cost base of Agfa’s film business is expected to deliver its first results as from the second half of 2025.
    • As part of its plans to review the footprint of its Computed Radiography (CR) production facilities, Agfa announced to stop the production and assembly of CR plates and cassettes at its Schrobenhausen site in Germany, resulting in the closure of this facility.

    Contractor Operations and Services – former Offset

    in million euroQ3 2024
    		Q3 2023
    		% change
    (excl. FX effects)    		9M 2024
    		9M 2023
    		% change
    (excl. FX effects)
    Revenue1718-4.6% (-4.6%)554912.5% (12.5%)
    Adjusted EBITDA (*)0.2(0.2) 5.21.4 
    % of revenue1.3%-1.3% 9.5%2.9% 
    Adjusted EBIT (*)(0.4)(0.9) 3.4(0.8) 
    % of revenue-2.4%-5.2% 6.2%-1.6% 

    (*)         Adjusted EBIT/EBITDA with the deduction of adjustments and restructuring expenses reconciles to ‘Results from operating activities’(EBIT)/EBITDA

    • Early April 2023, the Agfa-Gevaert Group completed the sale of its Offset Solutions division to Aurelius Group. The division contains results related to supply and manufacturing agreements that the Agfa-Gevaert Group signed with its former division, now rebranded as ECO3.

    End of message
    Management Certification of Financial Statements and Quarterly Report
    This statement is made in order to comply with European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
    "The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry, President and CEO, and Fiona Lam, CFO, jointly certify that, to the best of their knowledge, the consolidated financial statements included in the report and based on the relevant accounting standards, fairly present in all material respects the financial condition and results of Agfa-Gevaert NV, including its consolidated subsidiaries. Based on our knowledge, the report includes all information that is required to be included in such document and does not omit to state all necessary material facts.”
    Statement of risk
    This statement is made in order to comply with European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
    "As with any company, Agfa is continually confronted with – but not exclusively – a number of market and competition risks or more specific risks related to the cost of raw materials, product liability, environmental matters, proprietary technology or litigation."
    Key risk management data is provided in the annual report available on www.agfa.com.

    Definitions of non-IFRS financial measures (APMs)

    • Adjusted EBIT: The result from continuing operating activities before restructuring expenses and adjustments.
    • Adjusted EBITDA: The result from continuing operating activities before depreciation, amortization, restructuring expenses and adjustments.
    • EBITDA: The result from continuing operating activities before depreciation and amortization.
    • Gross profit (margin): Gross profit (margin) before adjustments and restructuring expenses.
    • Restructuring expenses: Expenses related to detailed and formal restructuring plans approved by management. Related expenses comprise expenses recognized when accounting for a ‘Provision for restructuring’ but could also comprise other expenses that are directly linked to a formal restructuring plan (e.g. exceptional write-downs on inventories and impairment losses on receivables when specifically linked to / resulting from a decision to restructure). Restructuring expenses mainly relate to employee termination costs.
    • Adjustments: Income and expenses related to activities or events which are not indicative as arising from normal, recurring business operations and are not related to a restructuring plan. These adjustments comprise expenses related to important transformation programs, material changes in the measurement estimates of assets or liabilities related to infrequent events (such as the sale of a building), material gains or losses related to infrequent events or transactions (e.g. mergers and acquisitions) as well as substantial litigations which are not part of the normal recurring business activities. In case the activities or events are not directly linked to a specific segment but are related to Agfa as a Group, the costs are not attributed to the reportable segments.
    • Free Cash Flow: The sum of ‘Net cash from / (used in) operating activities’ and ‘Net cash from / (used in) investing activities excluding the impact of ‘Acquisitions of subsidiaries, net of cash acquired’, ‘Interests received’ and the ‘Net cash from / (used in) operating and investing activities that relates to discontinued operations’.
    • Adjusted Free Cash Flow: Free Cash Flow ‘Adjusted’/ excluded for the impact of: the ‘Cash out for pensions below EBIT’, the ‘Cash out for long-term termination benefits’ and the cash out for ‘Adjustments and restructuring expenses’.
    • Cash out for pensions below EBIT: The sum of Expenses for defined benefit plans & long-term termination benefits (see ‘Consolidated Statement of Cash Flows’) and the cash out for defined benefit plans & long-term termination benefits that are part of the ‘Cash out for employee benefits’ as presented in the Consolidated Statement of Cash Flows.
    • Adjustments and restructuring expenses: Cash in- and outflows resulting from income and expenses that are either in the current or previous reporting periods recognized in ‘Adjustments’ or ‘Restructuring expenses’.
    • Working Capital: the sum of Inventories plus trade receivables plus contract assets minus contract liabilities and minus trade payables.
    • Net financial debt incl IFRS 16: the sum of Liabilities to banks-Current portion plus Lease liabilities-Current portion plus Bank overdraft plus Revolving Credit Facility-Non-current portion plus Lease liabilities-Non-current portion minus Cash and cash equivalents.
    • Net financial debt excl IFRS 16: the sum of Liabilities to banks-Current portion plus Bank overdraft plus Revolving Credit Facility-Non-current portion minus Cash and cash equivalents.
    • Order intake: The financial value of all new orders accepted by Agfa HealthCare IT during the period, including Licenses, Implementation services, Hardware and/or Cloud computing, but excluding Support/Software Maintenance Agreements.
    • Support/Software Maintenance Agreements (SMA): Service contracts entitling Agfa HealthCare IT Perpetual License customers to software updates and patches as well as service and support. Order Intake is not recorded for SMA contracts.
    • Net new order intake: Order Intake accepted from customers who were not using Agfa HealthCare IT software prior to the order (aka “New Logo” sales). Usually with such an order the customer replaces a system from a competitor with a system from Agfa HealthCare IT.
    • Cloud order intake: Order Intake accepted for deployments of Agfa HealthCare IT’s solution on a Cloud Computing infrastructure instead of the traditional deployment on dedicated Hardware on the customers premises (“on Premise”).
    • Recurring order intake: Order Intake for services with a recurring transaction model (Revenue recognition over time as opposed to one-off). Examples include: License Subscriptions, Managed services, Cloud computing services, SaaS contracts).
    • Project order intake: Order Intake for goods and services delivered and revenue recognized at a single point in time. Examples include: Perpetual Licenses, Implementation services, Hardware.

    Contact:
    Viviane Dictus
    Director Corporate Communication
    Septestraat 27
    2640 Mortsel - Belgium
    T +32 (0) 3 444 71 24
    E viviane.dictus@agfa.com

    The full press release and financial information is also available on the company's website: www.agfa.com.

    Consolidated Statement of Profit or Loss (in million euro)

    Unaudited, consolidated figures following IFRS accounting policies.





    Continued operations    		Q3 2024


    		Q3 2023
    		9M 2024


    		9M 2023
    Revenue277280813837
    Cost of sales(195)(194)(560)(578)
    Gross profit8286252259
    Selling expenses(38)(41)(120)(127)
    Administrative expenses(31)(33)(97)(104)
    R&D expenses(17)(17)(53)(56)
    Net impairment loss on trade and other receivables, including contract assets-(1)--
    Other operating income11123238
    Other operating expenses(5)(5)(16)(26)
    Results from operating activities11(2)(15)
    Interest income (expense) - net(1)-(3)1
    Interest income34910
    Interest expense(4)(4)(12)(8)
    Other finance income (expense) - net(5)(7)(17)(20)
    Other finance income1-22
    Other finance expense(6)(7)(19)(22)
    Net finance costs(7)(7)(20)(19)
    Share of profit of associates, net of tax----
    Profit (loss) before income taxes(5)(6)(22)(34)
    Income tax expenses(7)(6)(7)(15)
    Profit (loss) from continued operations(12)(12)(29)(49)
    Profit (loss) from discontinued operations, net of tax-(3)-                (47)
    Profit (loss) for the period(13)(15)                (29)(96)
    Profit (loss) attributable to:    
    Owners of the Company(13)(15)(29)(97)
    Non-controlling interests---1
         
    Results from operating activities11(2)(15)
    Adjustments and restructuring expenses(3)(5)(10)(25)
    Adjusted EBIT46710
         
    Earnings per Share Group – continued operations (euro)(0.08)(0.08)(0.19)(0.32)
    Earnings per Share Group – discontinued operations (euro)-(0.02)-(0.31)
    Earnings per Share Group – total (euro)(0.08)(0.10)(0.19)(0.63)

    Consolidated Statement of Comprehensive Income for the quarter ending September 2023 / September 2024 (in million euro)  
    Unaudited, consolidated figures following IFRS accounting policies.

     Q3 2024

    		Q3 2023
    Profit / (loss) for the period (13)(15)
    Profit / (loss) for the period from continuing operations(13)(12)
    Profit / (loss) for the period from discontinuing operations-(3)
    Other Comprehensive Income, net of tax  
    Items that are or may be reclassified subsequently to profit or loss:  
    Exchange differences:(10)6
    Exchange differences on translation of foreign operations(10)6
    Release of exchange differences of discontinued operations to profit or loss--
    Cash flow hedges: 1-
    Effective portion of changes in fair value of cash flow hedges1-
    Changes in the fair value of cash flow hedges reclassified to profit or loss--
    Adjustments for amounts transferred to initial carrying amount of hedged items--
    Income taxes--
    Items that will not be reclassified subsequently to profit or loss:--
    Equity investments at fair value through OCI – change in fair value--
    Remeasurements of the net defined benefit liability--
    Income tax on remeasurements of the net defined benefit liability--
    Total Other Comprehensive Income for the period, net of tax(10)6
    Total other comprehensive income for the period from continuing operations(10)6
    Total other comprehensive income for the period from discontinuing operations--
       
    Total Comprehensive Income for the period, net of tax attributable to(22)(9)
    Owners of the Company(22)(9)
    Non-controlling interests--
    Total comprehensive income for the period from continuing operations attributable to:(22)(6)
    Owners of the Company (continuing operations)(22)(6)
    Non-controlling interests (continuing operations)--
    Total comprehensive income for the period from discontinuing operations attributable to:-(3)
    Owners of the Company (discontinuing operations)-(3)
    Non-controlling interests (discontinuing operations)--

    Consolidated Statement of Comprehensive Income for the period ending September 2023 / September 2024 (in million euro)  
    Unaudited, consolidated figures following IFRS accounting policies.

     9M 2024

    		9M 2023
    Profit / (loss) for the period (29)(96)
    Profit / (loss) for the period from continuing operations(29)(49)
    Profit / (loss) for the period from discontinuing operations-(47)
    Other Comprehensive Income, net of tax  
    Items that are or may be reclassified subsequently to profit or loss:  
    Exchange differences:(7)-
    Exchange differences on translation of foreign operations(6)2
    Release of exchange differences of discontinued operations to profit or loss(1)(2)
    Cash flow hedges: -2
    Effective portion of changes in fair value of cash flow hedges--
    Changes in the fair value of cash flow hedges reclassified to profit or loss(1)2
    Adjustments for amounts transferred to initial carrying amount of hedged items--
    Income taxes--
    Items that will not be reclassified subsequently to profit or loss:(1)(1)
    Equity investments at fair value through OCI – change in fair value(1)(1)
    Remeasurements of the net defined benefit liability--
    Income tax on remeasurements of the net defined benefit liability--
    Total Other Comprehensive Income for the period, net of tax(8)1
    Total other comprehensive income for the period from continuing operations(7)2
    Total other comprehensive income for the period from discontinuing operations(1)(1)
       
    Total Comprehensive Income for the period, net of tax attributable to(37)(95)
    Owners of the Company(37)(97)
    Non-controlling interests-2
    Total comprehensive income for the period from continuing operations attributable to:(36)(47)
    Owners of the Company (continuing operations)(36)(47)
    Non-controlling interests (continuing operations)--
    Total comprehensive income for the period from discontinuing operations attributable to:(1)(48)
    Owners of the Company (discontinuing operations)(1)(50)
    Non-controlling interests (discontinuing operations)-2

    Consolidated Statement of Financial Position (in million euro)

    Unaudited, consolidated figures following IFRS accounting policies.

     30/09/2024
    		31/12/2023


    Non-current assets597 576
    Goodwill211215
    Intangible assets2824
    Property, plant and equipment125115
    Right-of-use assets4839
    Investments in associates11
    Other financial assets34
    Assets related to post-employment benefits3029
    Trade receivables32
    Receivables under finance leases6969
    Other assets34
    Deferred tax assets7774
    Current assets788 792
    Inventories345289
    Trade receivables156175
    Contract assets8583
    Current income tax assets4551
    Other tax receivables2120
    Receivables under finance lease1731
    Other receivables4148
    Other current assets1713
    Derivative financial instruments12
    Cash and cash equivalents5777
    Non-current assets held for sale22
    TOTAL ASSETS1,385 1,368


     30/09/2024
    		31/12/2023


    Total equity359 396
    Equity attributable to owners of the Company358 395
    Share capital187187
    Share premium210210
    Retained earnings915945
    Other reserves(1)-
    Translation reserve(29)(22)
    Post-employment benefits: remeasurements of the net defined benefit liability(925)(926)
    Non-controlling interests2 1
    Non-current liabilities654 584
    Liabilities for post-employment and long-term termination benefit plans465486
    Other employee benefits65
    Loans and borrowings16169
    Provisions57
    Deferred tax liabilities89
    Trade payables13
    Other non-current liabilities84
    Current liabilities372 388
    Loans and borrowings1414
    Provisions1713
    Trade payables115132
    Contract liabilities9897
    Current income tax liabilities2323
    Other tax liabilities1524
    Other payables109
    Employee benefits7773
    Other current liabilities21
    Derivative financial instruments1-
    TOTAL EQUITY AND LIABILITIES1,385 1,368


    Consolidated Statement of Cash Flows (in million euro)
    Unaudited, consolidated figures following IFRS accounting policies.

     Q3 2024

    		Q3 2023
    		9M 2024

    		9M 2023
    Profit (loss) for the period(13)(15)(29)(95)
    Income taxes76718
    Share of (profit)/loss of associates, net of tax----
    Net finance costs771919
    Operating result1(2)(3) (59)
         
    Depreciation & amortization762019
    Depreciation & amortization on right-of-use assets451214
    Impairment losses on intangibles and PP&E----
    Impairment losses on right-of-use assets---7
         
    Exchange results and changes in fair value of derivates(1)1(1)1
    Recycling of hedge reserve--(1)2
    Government grants and subsidies(1)(2)(3)(4)
    Result on the disposal of discontinued operations-3147
    Expenses for defined benefit plans & long-term termination benefits441920
    Accrued expenses for personnel commitments15164146
    Write-downs/reversal of write-downs on inventories22710
    Impairments/reversal of impairments on receivables-1--
    Additions/reversals of provisions3152
         
    Operating cash flow before changes in working capital343597 105
         
    Change in inventories(6)14(64)(20)
    Change in trade receivables6316(2)
    Change in contract assets-6(3)2
    Change in working capital assets123(51) (20)
    Change in trade payables(11)(11)(16)(36)
    Change in contract liabilities2(5)26
    Changes in working capital liabilities(9)(15)(14)(29)
    Changes in working capital(8)7(65) (50)


     Q3 2024
    		Q3 2023
    		9M 2024
    		9M 2023
    Cash out for employee benefits(25)(25)(87)(98)
    Cash out for provisions(2)(8)(6)(20)
    Changes in lease portfolio611511
    Changes in other working capital(2)(2)(2)(23)
    Cash settled operating derivatives2-2-
         
    Cash from / (used in) operating activities69(46) (74)
         
    Income taxes paid11(2)1
    Net cash from / (used in) operating activities710(48) (73)
    of which related to discontinued operations(1)(2)(1) (13)
         
    Capital expenditure(13)(7)(34)(22)
    Proceeds from sale of intangible assets and PP&E-112
    Acquisition of subsidiaries, net of cash acquired---3
    Disposal of discontinued operations, net of cash disposed of---(5)
    Acquisition of associates--(1)(1)
    Interests received34911
         
    Net cash from / (used in) investing activities(10)(2)(24) (11)
    of which related to discontinued operations-1-(4)
         
    Interests paid(4)(4)(12)(9)
    Dividends paid to non-controlling interests---(9)
    Proceeds from borrowings498440
    Repayment of borrowings----
    Payment of finance leases(5)(5)(15)(17)
    Proceeds / (payment) of derivatives--(1)(4)
    Other financing income / (costs) received/paid(1)-(2)(1)
         
    Net cash from / (used in) financing activities(6)-53 -
    of which related to discontinued operations--- (11)
         
    Net increase / (decrease) in cash & cash equivalents(9)7(19) (85)
         
    Cash & cash equivalents at the start of the period684477 138
    Net increase / (decrease) in cash & cash equivalents(9)7(19)(85)
    Effect of exchange rate fluctuations on cash held(2)3(1)1
    Cash & cash equivalents at the end of the period575357 53

    The Group has elected to present a statement of cash flows that includes all cash flows, including both continuing and discontinuing operations.


    Consolidated Statement of changes in Equity (in million euro)
    Unaudited, consolidated figures following IFRS accounting policies.



    in million euro    		Share capitalShare premiumRetained earningsReserve for own sharesRevaluation reserve Hedging reserveRemeasurement of the net defined benefit liabilityTranslation reserveTOTALNON-CONTROLLING INTERESTSTOTAL EQUITY
    Balance at January 1, 20231872101,042-(1)(2)(908)(9)52041561
                
    Comprehensive income for the period           
    Profit (loss) for the period--(97)-----(97)1(96)
    Other comprehensive income, net of tax-----2-(1)111
    Total comprehensive income for the period--(97)--2-(1)(96)2(95)
                
    Transactions with owners, recorded directly in equity           
    Dividends---------(9)(9)
    Transfer of amounts recognised in OCI to retained earnings following loss of control--11---(11)----
    Derecognition of NCI following loss of control---------(32)(32)
    Total transactions with owners, recorded directly in equity--11---(11)--(41)(41)
                
    Balance at September 30, 2023187210956-(1)-(919)(10)4231425
                
    Balance at January 1, 2024187210945-(1)1(926)(22)3951396
                
    Comprehensive income for the period           
    Profit (loss) for the period--(29)-----(29)-(29)
    Other comprehensive income, net of tax----(1)--(7)(8)-(8)
    Total comprehensive income for the period--(29)-(1)--(7)(37)-(37)
                
    Transactions with owners, recorded directly in equity           
    Dividends-----------
    Transfer of amounts recognised in OCI to retained earnings following loss of control--(1)---1----
    Total transactions with owners, recorded directly in equity--(1)---1----
                
    Balance at September 30, 2024187210915-(2)1(925)(29)3582359

    Reconciliation of non-IFRS information (in million euro)

    (Adjusted) Free Cash Flow

     Q3 2024


    		Q3 2023
    		9M 2024


    		9M 2023
    Adjusted EBITDA15173944
    Working capital - net(8)17(56)(26)
    CAPEX(13)(7)(34)(21)
    Provisions & other14721(9)
    Income taxes11(2)2
    Adjusted Free Cash Flow935(31)(10)
    Pensions (below EBIT) & long term termination benefits(11)(12)(33)(32)
    Cashout for adjustments and restructuring expenses(3)(17)(17)(39)
    Free Cash Flow(6)5(81)(81)
         
    Adjustments for:    
    Payment of finance leases(5)(5)(15)(15)
    Proceeds from borrowings498440
    Repayment of borrowings----
    Acquisition of subsidiaries, net of cash acquired---3
    Interests received34911
    Interests paid(4)(4)(12)(9)
    Other financial flows(1)(1)(3)(5)
     (3)46224
    Cash flows from continuing operations(9)9(18)(57)
         
    Net cash from/(used in) operating activities related to discontinued operations(1)(2)(1)(13)
    Net cash from/(used in) investing activities related to discontinued operations-1-(4)
    Net cash from/(used in) financing activities related to discontinued operations---(11)
    Cash flows from discontinued operations-(1)-(27)
         
    Net increase / (decrease) in cash & cash equivalents(9)7(19)(85)

    Reconciliation of non-IFRS information (in million euro)

    Adjusted EBIT

     Q3 2024


    		Q3 2023
    		9M 2024


    		9M 2023
    Segment Adjusted EBIT891821
    Adjusted EBIT from operating activities not allocated to a reportable segment: mainly related to ‘Corporate Services’(4)(3)(11)(11)
         
    Adjusted EBIT46710
         
    Restructuring expenses(1)(2)(2)(7)
    Adjustments(2)(3)(8)(18)
         
    Results from operating activities11(2)(15)

    Attachments


Опубликовать