SALE OF PART OF AGFA HEALTHCARE'S IT BUSINESS
In May, the
FINANCIAL HIGHLIGHTS
Thanks to its program to reduce working capital, the
On the one hand, the Radiology Solutions and HealthCare IT divisions showed resilience in the uncertain global economic conditions. Certain activities in the printing industry on the other hand, were starting to be impacted by the COVID-19 pandemic. This new challenge adds to the already tough conditions in this industry.
Thanks to gross margin improvements and cost saving measures, the Group was able to post strong results. Excluding the impact of the fading effects of the
'We feel deeply committed to our customers and the communities they serve. As many of our customers are operating in critical industries, we are taking all measures necessary to guarantee that we can continue supplying and supporting them during the COVID-19 pandemic. However, as always our utmost priority is protecting the health and safety of our employees. Furthermore, we are controlling our working capital levels, capital expenditure, and costs even more rigorously to mitigate as much as possible the impact of the pandemic on our liquidity and bottom-line result. As the printing industry - which was already under pressure - is being impacted by the pandemic, we are adapting our production capacity to the worsened market conditions, resorting to temporary unemployment where applicable.
Despite some impact of COVID-19 on our activities in the printing industry, we delivered a solid set of results and we generated strong cash flows. Our program to reduce working capital continues to be successful. It allowed us to further lower our net financial debt to a very healthy level,' said
Statement on restated profit and loss numbers
As from 2019, the
In
The Group's gross profit margin improved from 32.7% of revenue in the first quarter of 2019 to 33.9% of revenue due to the above mentioned refocus on quality turnover and improved service and manufacturing efficiencies.
Selling and General Administration expenses decreased significantly from 22.6% of revenue in the first quarter of 2019 to 21.5%.
R&D expenses remained almost stable at
Due to the impact of the fading effects of the
Restructuring and non-recurring items resulted in an expense of
The net finance costs amounted to
Income tax expenses amounted to
As a result of the elements mentioned above, the
Contact:
Tel: +32 (0) 3 444 71 24
Email viviane.dictus@agfa.com
(C) 2020 Electronic News Publishing, source