Agfa-Gevaert publishes its third quarter results

It was, however, partially counterbalanced by the decline in the traditional film businesses and by the effects of the weak economic climate.

As expected, the situation on the raw material markets had a very strong impact on the Group’s profitability. The effect of the continuous film price increases was counterbalanced by product mix changes, volume effects and related manufacturing inefficiencies. The Group’s recurring gross profit margin declined from 32.7 percent in the third quarter of 2010 to 25.2 percent.

As a percentage of revenue, Selling and General Administration expenses decreased to 18.5 percent, versus 19.3 percent in the previous year.

The Group’s recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) decreased from 78 million Euro to 32 million Euro. Recurring EBIT decreased from 54 million Euro to 10 million Euro.

Restructuring and non-recurring items resulted in an expense of 19 million Euro, versus an expense of 6 million Euro in 2010.

The net finance costs amounted to 22 million Euro, versus 26 million Euro in the third quarter of 2010.