• The Agfa-Gevaert Group in Q3 2023: overall EBITDA growth driven by strong performance of the growth engines, while film business under pressure

    来源: Nasdaq GlobeNewswire / 15 11月 2023 00:45:00   America/Chicago

                                           

    Regulated information – November 15, 2023 - 7:45 a.m. CET
            
    The Agfa-Gevaert Group in Q3 2023: overall EBITDA growth driven by strong performance of the growth engines, while film business under pressure

    • HealthCare IT:
      • Strong improvement in profitability
    • Digital Print & Chemicals:
      • Growing ZIRFON business started to contribute to profitability
      • Strong profitability improvement for Digital Print in spite of subdued equipment investment climate
      • Film activities under pressure from macroeconomic conditions and currency impact
    • Radiology Solutions:
      • Direct Radiography: improved profitability in a soft market
      • Medical film: continuing impact from new centralized procurement practices in China and macroeconomic and geopolitical conditions
    • Adjusted EBITDA at 17 million Euro: year-over-year and quarter-over-quarter improvement driven by the growth engines
    • Positive free cash flow of 5 million Euro
    • Net result at minus 15 million Euro

    Mortsel (Belgium), November 15, 2023 – Agfa-Gevaert today commented on its results in the third quarter of 2023.

    “I am pleased to see that all growth engines performed well, even in the face of challenging economic and geopolitical conditions as well as adverse currency effects. We considerably improved the profitability of the Digital Print activities and the HealthCare IT division. Sales for our ZIRFON membranes for green hydrogen production continued to grow strongly and this business also started to contribute to profitability. On the back of good operational performance, we have returned to a positive free cash flow in the third quarter,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.

    Reporting post Offset Solutions
    The recent sale of the Offset Solutions division (now rebranded to ECO3) influences the way the Agfa-Gevaert Group reports its results. The numbers from sales to EBITDA present the Agfa-Gevaert Group with Offset Solutions excluded, but with a new division called ‘Contractor Operations & Services former Offset’ or ‘CONOPS’. CONOPS represents the supply of film and chemicals as well as a set of support services delivered by Agfa to the external party ECO3. The turnover represents the supply agreements, with corresponding COGS charges. The income related to the support services will be accounted for as Other Income, while the costs related to those support services are re-presented in the different SG&A lines. The comparative period Q3 ‘22 has been re-presented accordingly. As per IFRS 5, stranded costs related to Offset Solutions have been treated differently in 2023 vs 2022. In Q3 ‘22 stranded costs are reported under CONOPS. In Q3 ‘23 these are absorbed by the three business divisions.

    in million EuroQ3 2023
    		Q3 2022
    re-presented    		% change (excl. FX effects)9M 2023
    		9M 2022
    re-presented    		% change (excl. FX effects)
    REVENUE      
    HealthCare IT6062-2.2% (3.3%)1801743.4% (5.8%)
    Radiology Solutions103117-11.6% (-5.7%)309331-6.7% (-3.3%)
    Digital Print & Chemicals99963.4% (6.8%)3002739.7% (11.7%)
    Contractor Operations and Services – former Offset181611.1% (11.9%)4952-4.6% (-4.5%)
    GROUP280290-3.4% (1.3%)8378291.0% (3.5%)
    ADJUSTED EBITDA (*)      
    HealthCare IT8.55.944.3%15.715.8-0.4%
    Radiology Solutions7.29.1-21.2%23.528.3-16.8%
    Digital Print & Chemicals4.30.0 13.58.363.0%
    Contractor Operations and Services – former Offset(0.2)(3.3) 1.4(7.2) 
    Unallocated(2.6)(4.6) (10.5)(13.7) 
    GROUP 177142.4%443238.2%

    (*)         before restructuring and non-recurring items

    Agfa-Gevaert Group

    in million EuroQ3 2023
    		Q3 2022
    re-presented    		% change
    (excl. FX effects)    		9M 2023
    		9M 2022
    re-presented    		% change (excl. FX effects)
    Revenue280290-3.4% (1.3%)8378291.0% (3.5%)
    Gross profit (*)85850.5%2592522.8%
    % of revenue30.5%29.3% 30.9%30.4% 
    Adjusted EBITDA (*)177142.4%443238.2%
    % of revenue6.1%2.4% 5.2%3.8% 
    Adjusted EBIT (*)6(6) 10(6) 
    % of revenue2.1%-2.1% 1.2%-0.7% 
    Net result(15)(17) (96)(37) 
    Profit from continuing operations(12)(28) (49)(60) 
    Profit from discontinued operations(3)11 (47)23 

    (*)         before restructuring and non-recurring items

    Third quarter

    • Excluding currency effects, the Agfa-Gevaert Group’s revenue increased by 1.3% versus the third quarter of 2022, driven by the HealthCare IT division, ZIRFON membranes for green hydrogen production and the good performance of the ink product lines in the Digital Print & Chemicals division. Traditional film activities were under pressure from challenging economic conditions (including adverse currency effects and the weakening economy in China) and the current geopolitical circumstances.
    • Driven by the HealthCare IT and Digital Print & Chemicals divisions, the Group’s gross profit margin improved to 30.5%, in spite of adverse effects including cost inflation, adverse currency effects, manufacturing inefficiencies and the weakness in the industrial film markets.
    • Adjusted EBITDA improved strongly from 7 million Euro to 17 million Euro (6.1% of revenue).
    • Restructuring and non-recurring items resulted in a charge of 5 million Euro versus 12 million Euro in Q3 2022.
    • The net finance costs amounted to 7 million Euro.
    • Income tax expenses increased to 6 million Euro versus 5 million Euro in Q3 2022.
    • The Agfa-Gevaert Group posted a net loss of 15 million Euro.

    Financial position and cash flow

    • Net financial debt (including IFRS 16) remained stable versus Q2 2023 at 33 million Euro.
    • Trade working capital (CONOPS excluded) evolved from 35% of turnover at the end of Q3 2022 to 31% in Q3 2023. In absolute numbers, trade working capital evolved from 370 million Euro at the end of Q3 2022 to 341 million Euro.
    • In Q3 2023, the Group generated a free cash flow of 5 million Euro.

    Outlook
    The Agfa-Gevaert Group confirms the outlook that was provided in the Q2 2023 press release. Overall, the Agfa-Gevaert Group expects a recovery in profitability in the full year 2023 versus 2022.

    2023 outlook per division:

    • HealthCare IT: Order intake growth continues to be strong. As the portion of own IP in the sales mix is expected to grow, profitability is expected to continue to improve versus the third quarter. This will likely result in a strong end of the year. Impacted by adverse currency effects, full year EBITDA is expected to be slightly below that of last year.
    • Radiology Solutions: For medical film, exchange rate and margin pressure is expected to continue, resulting in a weak performance in the fourth quarter. The progress in Direct Radiography is expected to continue.
    • Digital Print & Chemicals: The division expects to continue to improve profitability, based on pricing, cost improvement actions and positive contributions from digital print and the ZIRFON membranes. The revenue generated by ZIRFON will continue to grow very strongly.

    HealthCare IT

    in million EuroQ3 2023
    		Q3 2022
    re-presented    		% change
    (excl. FX effects)    		9M 2023
    		9M 2022
    re-presented    		% change
    (excl. FX effects)
    Revenue6062-2.2% (3.3%)1801743.4% (5.8%)
    Adjusted EBITDA (*)8.55.944.3%15.715.8-0.4%
    % of revenue14.0%9.5% 8.8%9.1% 
    Adjusted EBIT (*)6.74.066.4%10.310.21.4%
    % of revenue11.1%6.5% 5.8%5.9% 

    (*) before restructuring and non-recurring items

    Third quarter

    • HealthCare IT’s order book remains at a healthy level. The division recorded a 1.4% growth in the 12 months rolling order intake versus the year before. The division is expecting full year order intake 2023 to be stronger than last year.
    • In new contracts, the portion of managed services is often substantial, which typically implies that revenue recognition is spread over a longer period of time. For the HealthCare IT division, fluctuations between quarters are normal, as a significant portion of revenues and margins are realized when projects reach key milestones.
    • Excluding currency effects, the division’s top line increased by 3.3% versus the third quarter of 2022, which was marked by the revenue recognition from a number of large contracts in North America.
    • Given the increased portion of own IP in the sales mix and improved service contribution, HealthCare IT’s gross profit margin improved strongly from 44.9% in Q3 2022 and 43.5% in Q2 2023 to 48.2%. The adjusted EBITDA margin increased from 9.5% in Q3 2022 to 14.0%, partly due to strict cost management.
    • The division continues to target large health organizations with multiple imaging departments. For example, in the third quarter Nova Scotia Health decided to install Agfa HealthCare’s Enterprise Imaging solution – an upgrade from their previous Agfa HealthCare IMPAX picture archiving and communication system – across its 40 hospital locations.

    Radiology Solutions

    in million EuroQ3 2023
    		Q3 2022
    re-presented    		% change
    (excl. FX effects)    		9M 2023
    		9M 2022
    re-presented    		% change
    (excl. FX effects)
    Revenue103117-11.6% (-5.7%)309331-6.7% (-3.3%)
    Adjusted EBITDA (*)7.29.1-21.2%23.528.3-16.8%
    % of revenue7.0%7.8% 7.6%8.5% 
    Adjusted EBIT (*)2.52.8-9.4%9.69.8-1.2%
    % of revenue2.5%2.4% 3.1%3.0% 

    (*) before restructuring and non-recurring items

    Third quarter

    • In China, the medical film business was influenced by the gradual implementation of new centralized procurement practices. Furthermore, the current geopolitical situation continued to impact cost levels. In most regions, adverse currency effects strongly impacted the business’ top line and profitability.
    • Agfa continues to manage the market driven top line decline of the Computed Radiography business, maintaining healthy profit margins.
    • The Direct Radiography business posted a revenue decrease due to the geopolitical situation and the financial challenges that many customers and governments are facing. In Europe and North-America, certain customer groups are postponing their investment plans. However, under these tough conditions Agfa continued to attract important new customers for its high-end DR solutions.
    • Agfa implemented actions to increase the business’ agility and to better adapt it to the current market conditions (right-sizing of the organization, relocations, cost control actions, price increases, net working capital actions).
    • The division’s gross profit margin decreased from 30.7% of revenue in Q3 2022 to 29.4%. Although costs are well under control and profitability of the Direct Radiography business improved considerably versus Q3 2022, the division’s adjusted EBITDA margin decreased from 7.8% of revenue to 7.0%.

    Digital Print & Chemicals

    in million EuroQ3 2023
    		Q3 2022
    re-presented    		% change
    (excl. FX effects)    		9M 2023
    		9M 2022
    re-presented    		% change
    (excl. FX effects)
    Revenue99963.4% (6.8%)3002739.7% (11.7%)
    Adjusted EBITDA (*)4.30.0 13.58.363.0%
    % of revenue4.3%0.0% 4.5%3.0% 
    Adjusted EBIT (*)0.2(3.6) 1.5(0.8) 
    % of revenue0.2%-3.7% 0.5%-0.3% 

    (*) before restructuring and non-recurring items

    Third quarter

    • In Digital Print, the ink product ranges for sign & display and industrial applications as well as the high end equipment business continued to perform strongly, but the top line was impacted by the fact that print companies started to postpone investments in lower and mid end equipment due to the adverse macroeconomic conditions and in anticipation of the introduction of new technologies. Agfa expects equipment sales to recover towards the end of the year. Agfa is on track with the conversion of printers of the acquired Inca company to its own ink sets.
      The development of the SpeedSet 1060 single-pass packaging printer is proceeding as planned, with a customer unveiling in December 2023. The beta launch of this digital press with water based inks – which will be the fastest printer in its category – will happen as planned in 2024 and the full commercial launch is planned for 2025. In the third quarter, four of Agfa’s inkjet printing solutions have been honored with a Pinnacle Product Award from PRINTING United Alliance. The Pinnacle Product Awards recognize outstanding products that drive advancements in quality, capability and productivity within the printing industry. PRINTING United Alliance is the most comprehensive member-based printing and graphic arts association in the United States.
    • Sales figures for the ZIRFON membranes for advanced alkaline electrolysis continued to grow strongly. Agfa is improving the profitability of the business through measures to increase manufacturing efficiency and price increases. As a result, the business started to contribute to the division’s profitability.
      January 1, 2024 Agfa will be joining the Hydrogen Council, a global initiative that brings together preeminent companies with a united vision to help foster the hydrogen clean energy transition.
      Earlier this year, Agfa’s project to build a new industrial unit for ZIRFON membranes at its Mortsel site in Belgium was selected for an EU Innovation Fund Grant. The preparation of the grant agreement is proceeding according to plan. The signing of the grant agreement is expected to take place towards the end of the year. The new plant will allow the Group to meet the booming customer demand.
    • The weakness in the electronics industry continued to impact volumes of the ORGACON conductive materials and the products for the production of printed circuit boards.
    • Price increase actions and cost improvements to mitigate cost inflation impacts started to bear fruit. The gross profit margin improved from 25.6% of revenue in Q3 2022 to 27.7%.

    Contractor Operations and Services – former Offset

    in million EuroQ3 2023
    		Q3 2022
    re-presented    		% change
    (excl. FX effects)    		9M 2023
    		9M 2022
    re-presented    		% change
    (excl. FX effects)
    Revenue181611.1% (11.9%)4952-4.6% (-4.5%)
    Adjusted EBITDA (*)(0.2)(3.3) 1.4(7.2) 
    % of revenue-1.3%-21.2% 2.9%-14.0% 
    Adjusted EBIT (*)(0.9)(4.7) (0.8)(11.3) 
    % of revenue-5.2%-29.6% -1.6%-21.9% 

    (*) before restructuring and non-recurring items

    • Early April, the Agfa-Gevaert Group completed the sale of its Offset Solutions division to Aurelius Group. The new division contains results related to supply and manufacturing agreements that the Agfa-Gevaert Group signed with its former division, now rebranded as ECO3.
    • The comparative period Q3 ‘22 has been re-presented accordingly. As per IFRS 5 rules, stranded costs related to Offset Solutions have been treated differently in 2023 vs 2022. In Q3 ‘22 stranded costs are reported under CONOPS. In Q3 ‘23 these are absorbed by the three business divisions.

    End of message
    Management Certification of Financial Statements and Quarterly Report
    This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
    "The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr. Dirk De Man, CFO, jointly certify that, to the best of their knowledge, the consolidated financial statements included in the report and based on the relevant accounting standards, fairly present in all material respects the financial condition and results of Agfa-Gevaert NV, including its consolidated subsidiaries. Based on our knowledge, the report includes all information that is required to be included in such document and does not omit to state all necessary material facts.”
    Statement of risk
    This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
    "As with any company, Agfa is continually confronted with – but not exclusively – a number of market and competition risks or more specific risks related to the cost of raw materials, product liability, environmental matters, proprietary technology or litigation."
    Key risk management data is provided in the annual report available on www.agfa.com.

    Contact:
    Viviane Dictus
    Director Corporate Communication
    Septestraat 27
    2640 Mortsel - Belgium
    T +32 (0) 3 444 71 24
    E viviane.dictus@agfa.com

    The full press release and financial information is also available on the company's website: www.agfa.com.

    Consolidated Statement of Profit or Loss (in million Euro)

    Unaudited, consolidated figures following IFRS accounting policies.





    Continued operations    		Q3 2023


    		Q3 2022
    re-presented    		9M 2023


    		9M 2022
    re-presented
    Revenue280290837829
    Cost of sales(194)(205)(578)(577)
    Gross profit8685259252
    Selling expenses(41)(46)(127)(133)
    Administrative expenses(33)(44)(104)(121)
    R&D expenses(17)(20)(56)(60)
    Net impairment loss on trade and other receivables, including contract assets(1)(1)--
    Other operating income12163849
    Other operating expenses(5)(8)(26)(24)
    Results from operating activities1(18)(15)(38)
    Interest income (expense) - net--1(1)
    Interest income41102
    Interest expense(4)(1)(8)(2)
    Other finance income (expense) - net(7)(5)(20)(13)
    Other finance income--25
    Other finance expense(7)(5)(22)(18)
    Net finance costs(7)(5)(19)(13)
    Share of profit of associates, net of tax----
    Profit (loss) before income taxes(6)(23)(34)(52)
    Income tax expenses(6)(5)(15)(9)
    Profit (loss) from continued operations(12)(28)(49)(60)
    Profit (loss) from discontinued operations, net of tax(3)11(47)23
    Profit (loss) for the period(15)(17)(96)(37)
    Profit (loss) attributable to:    
    Owners of the Company(15)(18)(97)(39)
    Non-controlling interests-112
         
    Results from operating activities1(18)(15)(38)
    Restructuring and non-recurring items(5)(12)(25)(32)
    Adjusted EBIT6(6)10(6)
         
    Earnings per Share Group – continued operations (Euro)(0.08)(0.18)(0.32)(0.39)
    Earnings per Share Group – discontinued operations (Euro)(0.02)0.06(0.31)0.14
    Earnings per Share Group – total (Euro)(0.10)(0.12)(0.63)(0.25)

    (1) Compliant with IFRS 5.33, the Company has presented in its Consolidated Statement of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit (loss) of discontinued operations and the post-tax profit (loss) on the disposal of net assets constituting the discontinued operations. The Group has sold its Offset Solutions business in April, 2023. Comparative information has been re-presented.

    Consolidated Statement of Comprehensive Income for the quarter ending September 2022 / September 2023 (in million Euro)  
    Unaudited, consolidated figures following IFRS accounting policies.

     Q3 2023

    		Q3 2022
    re-presented
    Profit / (loss) for the period (15)(17)
    Profit / (loss) for the period from continuing operations(12)(28)
    Profit / (loss) for the period from discontinuing operations(3)11
    Other Comprehensive Income, net of tax  
    Items that are or may be reclassified subsequently to profit or loss:  
    Exchange differences:618
    Exchange differences on translation of foreign operations618
    Release of exchange differences of discontinued operations to profit or loss--
    Cash flow hedges: -(2)
    Effective portion of changes in fair value of cash flow hedges-(3)
    Changes in the fair value of cash flow hedges reclassified to profit or loss-1
    Adjustments for amounts transferred to initial carrying amount of hedged items--
    Income taxes--
    Items that will not be reclassified subsequently to profit or loss:-(3)
    Equity investments at fair value through OCI – change in fair value-(1)
    Remeasurements of the net defined benefit liability--
    Income tax on remeasurements of the net defined benefit liability-(2)
    Total Other Comprehensive Income for the period, net of tax613
    Total other comprehensive income for the period from continuing operations612
    Total other comprehensive income for the period from discontinuing operations-1
       
    Total Comprehensive Income for the period, net of tax attributable to(9)(4)
    Owners of the Company(9)(6)
    Non-controlling interests-2
    Total comprehensive income for the period from continuing operations attributable to:(6)(16)
    Owners of the Company (continuing operations)(6)(16)
    Non-controlling interests (continuing operations)--
    Total comprehensive income for the period from discontinuing operations attributable to:(3)12
    Owners of the Company (discontinuing operations)(3)10
    Non-controlling interests (discontinuing operations)-2

    (1) Compliant with IFRS 5.33, the Company has presented in its Consolidated Statement of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit (loss) of discontinued operations and the post-tax profit (loss) on the disposal of net assets constituting the discontinued operations. The Group has sold its Offset Solutions business in April, 2023. Comparative information has been re-presented.

    Consolidated Statement of Comprehensive Income for the period ending September 2022 / September 2023 (in million Euro)  
    Unaudited, consolidated figures following IFRS accounting policies.

     9M 2023

    		9M 2022
    re-presented
    Profit / (loss) for the period (96)(37)
    Profit / (loss) for the period from continuing operations(49)(60)
    Profit / (loss) for the period from discontinuing operations(47)23
    Other Comprehensive Income, net of tax  
    Items that are or may be reclassified subsequently to profit or loss:  
    Exchange differences:-50
    Exchange differences on translation of foreign operations250
    Release of exchange differences of discontinued operations to profit or loss(2)-
    Cash flow hedges: 2(4)
    Effective portion of changes in fair value of cash flow hedges-(7)
    Changes in the fair value of cash flow hedges reclassified to profit or loss23
    Adjustments for amounts transferred to initial carrying amount of hedged items--
    Income taxes--
    Items that will not be reclassified subsequently to profit or loss:(1)114
    Equity investments at fair value through OCI – change in fair value(1)(3)
    Remeasurements of the net defined benefit liability-129
    Income tax on remeasurements of the net defined benefit liability-(13)
    Total Other Comprehensive Income for the period, net of tax1160
    Total other comprehensive income for the period from continuing operations2134
    Total other comprehensive income for the period from discontinuing operations(1)27
       
    Total Comprehensive Income for the period, net of tax attributable to(95)123
    Owners of the Company(97)119
    Non-controlling interests24
    Total comprehensive income for the period from continuing operations attributable to:(47)74
    Owners of the Company (continuing operations)(47)74
    Non-controlling interests (continuing operations)--
    Total comprehensive income for the period from discontinuing operations attributable to:(48)50
    Owners of the Company (discontinuing operations)(50)46
    Non-controlling interests (discontinuing operations)24

    (1) Compliant with IFRS 5.33, the Company has presented in its Consolidated Statement of Profit or Loss and Comprehensive Income, a single amount comprising the total of the post-tax profit (loss) of discontinued operations and the post-tax profit (loss) on the disposal of net assets constituting the discontinued operations. The Group has sold its Offset Solutions business in April, 2023. Comparative information has been re-presented.

    Consolidated Statement of Financial Position (in million Euro)

    Unaudited, Consolidated figures following IFRS accounting policies.

     30/09/2023
    		31/12/2022


    Non-current assets578602
    Goodwill220218
    Intangible assets2329
    Property, plant and equipment112107
    Right-of-use assets4145
    Investments in associates11
    Other financial assets45
    Assets related to post-employment benefits1918
    Trade receivables39
    Receivables under finance leases7772
    Other assets48
    Deferred tax assets7391
    Current assets7871,153
    Inventories337487
    Trade receivables155291
    Contract assets9394
    Current income tax assets4756
    Other tax receivables2328
    Other financial assets-1
    Receivables under finance lease1631
    Other receivables426
    Other current assets1617
    Derivative financial instruments13
    Cash and cash equivalents54138
    Non-current assets held for sale22
    TOTAL ASSETS1,3641,756


     30/09/2023
    		31/12/2022


    Total equity425561
    Equity attributable to owners of the company423520
    Share capital187187
    Share premium210210
    Retained earnings9561,042
    Other reserves(2)(3)
    Translation reserve(10)(9)
    Post-employment benefits: remeasurements of the net defined benefit liability(919)(908)
    Non-controlling interests141
    Non-current liabilities568610
    Liabilities for post-employment and long-term termination benefit plans469536
    Other employee benefits79
    Loans and borrowings6941
    Provisions1114
    Deferred tax liabilities89
    Trade payables3-
    Other non-current liabilities1-
    Current liabilities372585
    Loans and borrowings1825
    Provisions1336
    Trade payables114249
    Contract liabilities101109
    Current income tax liabilities2229
    Other tax liabilities1832
    Other payables86
    Employee benefits7795
    Other current liabilities1-
    Derivative financial instruments12
    TOTAL EQUITY AND LIABILITIES1,3641,756


    Consolidated Statement of Cash Flows (in million Euro)
    Unaudited, consolidated figures following IFRS accounting policies.

     Q3 2023

    		Q3 2022
    		9M 2023

    		9M 2022
    Profit (loss) for the period(15)(17)(95)(37)
    Income taxes651812
    Share of (profit)/loss of associates, net of tax----
    Net finance costs751915
    Operating result(2)(7)(59)(10)
         
    Depreciation & amortization (excluding D&A on right-of-use assets)691926
    Depreciation & amortization on right-of-use assets571421
    Impairment losses on goodwill, intangibles and PP&E----
    Impairment losses on right-of-use assets--7-
         
    Exchange results and changes in fair value of derivates15113
    Recycling of hedge reserve-123
    Government grants and subsidies(2)(1)(4)(3)
    Result on the disposal of discontinued operations3-47-
    Expenses for defined benefit plans & long-term termination benefits462028
    Accrued expenses for personnel commitments16214651
    Write-downs/reversal of write-downs on inventories21108
    Impairments/reversal of impairments on receivables11-1
    Additions/reversals of provisions1125
         
    Operating cash flow before changes in working capital3545105142
         
    Change in inventories14(20)(20)(121)
    Change in trade receivables315(2)29
    Change in contract assets652(8)
    Change in trade working capital assets23-(20)(101)
    Change in trade payables(11)(5)(36)(9)
    Change in contract liabilities(5)(6)68
    Changes in trade working capital liabilities(15)(11)(29)(2)
    Changes in trade working capital7(10)(50)(103)


     Q3 2023
    		Q3 2022
    		9M 2023

    		9M 2022

    Cash out for employee benefits(25)(25)(98)(112)
    Cash out for provisions(8)(5)(20)(17)
    Changes in lease portfolio111110
    Changes in other working capital(2)(8)(23)(15)
    Cash settled operating derivatives-(3)-(6)
         
    Cash used in operating activities9(5)(74)(100)
         
    Income taxes paid121(4)
    Net cash from / (used in) operating activities10(3)(73)(104)
    of which related to discontinued operations-23(13)6
         
    Capital expenditure(7)(10)(22)(23)
    Proceeds from sale of intangible assets & PP&E1223
    Acquisition of subsidiaries, net of cash acquired--3(48)
    Disposal of discontinued operations, net of cash disposed of-(3)(5)(4)
    Investment in associates--(1)-
    Interests received42114
         
    Net cash from / (used in) investing activities(2)(9)(11)(68)
    of which related to discontinued operations(1)(3)(6)(7)
         
    Interests paid(4)(1)(9)(3)
    Dividends paid to non-controlling interests-(1)(9)(6)
    Purchase of treasury shares---(21)
    Proceeds from borrowings93403
    Repayment of borrowings-(1)-(2)
    Payment of finance leases(5)(8)(17)(23)
    Proceeds / (payment) of derivatives--(4)(5)
    Other financing income / (costs) received/paid-(1)(1)3
         
    Net cash from / (used in) financing activities-(9)-(55)
    of which related to discontinued operations-(2)(2)(6)
         
    Net increase / (decrease) in cash & cash equivalents7(22)(85)(228)
         
    Cash & cash equivalents at the start of the period44191138398
    Net increase / (decrease) in cash & cash equivalents7(22)(85)(228)
    Effect of exchange rate fluctuations on cash held3918
    Cash & cash equivalents at the end of the period5317853178

    (1)   The Group has elected to present a statement of cash flows that includes all cash flows, including both continuing and discontinuing operations.

    Consolidated Statement of changes in Equity (in million Euro)
    Unaudited, consolidated figures following IFRS accounting policies.



    in million Euro    		Share capitalShare premiumRetained earningsReserve for own sharesRevaluation reserve Hedging reserveRemeasurement of the net defined benefit liabilityTranslation reserveTotalNON-CONTROLLING INTERESTSTOTAL EQUITY
    Balance at January 1, 20221872101,284-2(2)(1,033)(15)63254685
                
    Comprehensive income for the period           
    Profit (loss) for the period--(39)-----(39)2(37)
    Other comprehensive income, net of tax----(3)(4)117461573160
    Total comprehensive income for the period--(39)-(3)(4)117461185123
                
    Transactions with owners, recorded directly in equity           
    Dividends---------(5)(5)
    Purchase of own shares---(21)----(21)-(21)
    Cancellation of own shares--(21)21-------
    Total transactions with owners, recorded directly in equity--(21)-----(21)(5)(26)
                
    Balance at September 30, 20221872101,224-(1)(6)(917)3172953782
                
    Balance at January 1, 20231872101,042-(1)(2)(908)(9)52041561
                
    Comprehensive income for the period           
    Profit (loss) for the period--(97)-----(97)1(96)
    Other comprehensive income, net of tax-----2-(1)111
    Total comprehensive income for the period--(97)--2-(1)(96)2(95)
                
    Transactions with owners, recorded directly in equity            
    Dividends---------(9)(9)
    Transfer of amounts recognized in OCI to retained earnings following loss of control--11---(11)----
    Derecognition of NCI following loss of control---------(32)(32)
    Total transactions with owners, recorded directly in equity--11---(11)--(41)(41)
                
    Balance at September 30, 2023187210956-(1)-(919)(10)4231425

    Attachments


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