"Our third quarter top line is distorted by the very strong adverse currency impact," said Christian Reinaudo, president and CEO of the Agfa-Gevaert Group. “In addition, analog film revenue was much lower than in the third quarter of last year, when the analog businesses performed exceptionally strong, recovering from a weak period in 2011 and in the first months of 2012. Our future oriented digital and IT products, on the other hand, evolved positively. Agfa Graphics' industrial inkjet business confirmed the crossing of the break-even line, resulting in a slightly positive year-to-date recurring EBIT. Our gross profit margin improved compared to last year's third quarter. Furthermore, the improvement of our operational cash flow and the reduced net debt show the success of our working capital efforts.”
Mainly due to adverse currency effects, the weak investment climate and the decline of the analog businesses, the Group's revenue decreased by 10.1%. Excluding currency effects, the decline amounted to 5.9%.
The Group's gross profit margin improved from 27.3% in the third quarter of 2012 to 27.9%. Part of the improvement is attributable to positive raw material effects in the last month of the quarter.
As a percentage of revenue, recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) improved to 6.7%. Recurring EBIT remained stable at 3.8%.