Q1 2024: weak start of the year, full year outlook maintained
HealthCare IT:
Soft quarter following a strong Q4 2023
Quarter-on-quarterimprovement expected - stronger 2H versus 1H
Digital Print & Chemicals:
Green Hydrogen Solutions business continued to grow substantially, ZIRFON project will be financed through leasing
Effects of agreement with EFI and the launch of new printing equipment expected to show in the course of the year
Film activities continuous pressure from macro-economic conditions and currency impact
Radiology Solutions:
Reorganization go-to-market processes for medical film in China and overall destocking impact Q1 sales volume
Costs related to one-off quality issues in film production plant
Adjusted EBITDA at 2 million euro
Working capital under control in spite of low sales
Q1 2024: weak start of the year, full year outlook maintained
Q1 2024 sales = € 250 m
Δ -7.6%
€ 250 m
Δ*-6.5%€ 270 m
51
57
91
97
87
102
HE IT
21
14
DPC
Q1 2024
Q1 2023
Radiology
Conops
Δ*: excluding currency effect
Q1 2024 EBITDA = € 2 m
-87.4%
€ 13 m
3
7
€ 2 m
1
1
6
HE IT
4
1
DPC
-1
Radiology
Q1 2024
Q1 2023
Conops
3
Agfa-Gevaert Group: Profit & Loss
in million Euro
Q1 '24
Q1 '23
∆%
(excl.curr.)
Sales
250
270
-7.6%
(-6.5%)
Gross Profit*
75
87
-13.8%
as a % of sales
29.9%
32.1%
Operational
-84
-85
-1.0%
expenses*
as a % of sales
33.5%
31.2%
Adj. EBITDA*
2
13
-87.4%
as a % of sales
0.7%
4.8%
Adj. EBIT*
-9
2
-503.0%
as a % of sales
-3.5%
0.8%
Before restructuring and non-recurring items
Agfa-Gevaert Group: Profit & Loss
in million Euro
Q1'24
Q1'23
Adjusted EBIT*
-9
2
Restructuring/non-recurring
-2
-10
Operating result
-11
-8
Non-operating result
-6
-6
Profit before taxes
-16
-14
Taxes
0
-5
Result from continuing operations
-16
-20
Result from discontinued operations
-5
-47
Result for the period
-21
-66
attributable to owners of the company
-21
-68
attributable to non-controlling interests
0
1
Before restructuring and non-recurring items
Group Working Capital in m €: under control despite lower sales
373
381
371
317
333
32
33
32
27
29
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
m €
373
381
371
317
333
% of sales
32
33
32
27
29
6
Free cashflow Q1 2024
▪ Sufficient liquidity
▪ Continued focus on cash generation
▪ Lease financing for the ZIRFON project
▪ Agreement for the sale of lease receivables in the US
7
HealthCare IT
8
HealthCare IT: sales and EBITDA
Q1 2024 sales = € 51 m
Q1 2024 EBITDA = € 1 m
-11.2%Δ*-10.6%
51
57
Q1 2024
Q1 2023
Δ*: excluding currency effect
-52.5%
3
1
Q1 2024
Q1 2023
Following a strong year-end, top line decrease of 10.6% excl currency
Order intake**:
-15.2% in 12 months rolling order intake to € 114 m versus € 135 m the year before.
In Q2 2024, we expect a mid single digit % increase in 12 months rolling order intake versus LY
About 13% of the total order intake is related to managed services
Gross margin improved thanks to increased service contribution and favorable product mix effects
Due to a lower topline, adjusted EBITDA margin decreased from 4.7% in Q1 2023 to 2.5%
** excluding future SMA revenue
HealthCare IT: Profit & Loss
in million Euro
Q1 '24
Q1 '23
∆%
(excl.curr.)
Sales
51
57
-11.2%
(-10.6%)
Gross Profit*
22
24
-6.9%
as a % of sales
43.8%
41.7%
Operational
-23
-23
-0.5%
Expenses*
as a % of sales
44.9%
40.1%
Adjusted EBITDA*
1.3
2.7
-52.5%
as a % of sales
2.5%
4.7%
Adjusted EBIT*
-0.6
0.9
-161.8%
as a % of sales
-1.2%
1.7%
Before restructuring and non-recurring items
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Agfa Gevaert NV published this content on
14 May 2024 and is solely responsible for the information contained therein. Distributed by
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14 May 2024 06:16:37 UTC.
Agfa-Gevaert NV is one of the world leaders in the design, manufacturing, and marketing of imaging systems and products. Net sales break down by sector of activity as follows:
- Radiology solutions (36.9%). Agfa-Gevaert NV supplies radiology departments of hospitals all over the world with traditional X-ray film, hardcopy film and printers, digital radiography equipment and image processing software. Agfa's roots are in traditional medical imaging, but in today's healthcare market, digital radiography has become the dominant technology. All Agfa's digital radiography systems are offered with the company's leading MUSICA image processing software and its MUSICA workstation for image identification, acquisition and quality control;
- Digital Print & Chemicals (35.6%). Agfa-Gevaert NV supplies sign & display printing companies with a range of highly productive and versatile wide-format inkjet printers and dedicated inks, in addition to workflow software, cutting machines and inkjet media. Agfa produces classic film-based products, such as film for non-destructive testing and aerial photography, as well as microfilm and film for the production of printed circuit boards;
- HealthCare IT (21.6%). Agfa-Gevaert NV offers Imaging IT Solutions (The Enterprise Imaging platform creates a true imaging record for every patient, containing all possible images of the patient, regardless of the department and the facility that created them), Hospital IT Solutions (the leading Hospital Information System /Clinical Information System ORBIS, connects medical departments and administrative departments of hospitals into one virtual network), and Integrated Care Solutions (these solutions support collaboration across the borders of care organizations and medical disciplines and enable hospitals to actively engage with all stakeholders in the expanded care process, including physicians, informal care-givers and patients) ;
- Offset solutions (5.9%). Agfa-Gevaert NV is a leading supplier to the printing industry, offering innovative and reliable solutions. Commercial, newspaper and packaging printers around the globe rely on Agfa for the most extensive range of integrated solutions, from computer-to-plate systems with digital offset plates over color management and workflow optimization software to pressroom chemicals.
AGFA-GEVAERT NV 
