Agfa Gevaert : Half Year 2021 Results

Q2/HY 2021 Results

Agfa-Gevaert Group

August 25, 2021

Key highlights Q2

2

Continued improvement of activity

• Quarter over quarter improvements for all divisions
• Adjusted EBITDA 29% higher than in second quarter of 2020
• Inflationary pressure partially mitigated by price actions - heavier impact expected in second half of the year
• Pension de-risking measures: successful completion of the
  '€ 350 m pension program' resulting in a substantially lower net liability and decreasing cash outs
• Working capital stable as percentage of sales despite seasonal working capital build up - cost reduction programs continued
• Net profit of € 15 m

Agfa-Gevaert Group

Sales by division	6 months 2021 = € 836 m

Offset Solutions 

Radiology Solutions 

HealthCare IT 

Digital Print and Chemicals 

19%

42%

13%

26%

3

Agfa-Gevaert Group

Key figures	in million Euro	Q2 '21	Q2 '20	∆%	6m'21	6m'20	∆%
		(excl.curr.)			(excl.curr.)
Profit & Loss
Sales	441	397	11.1%	836	832	0.6%
Incl. IFRS 16				(13.5%)			(3.2%)

• Before restructuring and non-recurring items

4

Gross Profit*	135	120	13.0%	252	255	-1.2%
as a % of sales	30.7%	30.2%		30.1%	30.7%
SG&A*	-90	-82	10.0%	-180	-179	0.4%
as a % of sales	20.5%	20.7%		21.5%	21.5%
R&D*	-24	-21	11.2%	-49	-46	7.0%
Other operating	4	-1		1	-8
items*
Adj. EBITDA*	40	31	28.8%	56	55	0.5%
as a % of sales	9.1%	7.9%		6.6%	6.7%
Adj. EBIT*	25	16	58.7%	24	23	6.2%
as a % of sales	5.6%	3.9%		2.9%	2.7%

Key figures

Profit & Loss

Incl. IFRS 16

• Before restructuring and non-recurring items

5

Agfa-Gevaert Group

	Q2'21	Q2 '20	6m'21	6m'20
in million Euro
Adjusted EBIT*	25	16	24	23
Restructuring/non-recurring	3	-47	2	-49
Operating result	28	-31	27	-27
Non-operating result	-3	-9	-4	-17
Profit before taxes	25	-40	23	-43
Taxes	-9	-5	-14	-7
Profit from continuing	15	-45	9	-51
operations
Profit from discontinued	0	714	0	720
operations, net of tax
Profit	15	668	9	670