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Agfa-Gevaert * Sales at 777 million Euro - Decrease of 8.1 percent (2.6 percent in local currency) due to strong Euro and economic slowdown in US and UK * Margins impacted by 18 million Euro higher raw material costs (mainly silver) * SG&A costs 12.8 percent lower in second quarter. On year to date basis, savings amount to 51 million Euro (13 million Euro due to currency effects) * Recurring EBIT at 38 million Euro - Net result at 3 million Euro * Net financial debt at 737 million Euro versus 809 million Euro in the second quarter of 2007
Mortsel - Belgium, July 30, 2008 - 8.00 a.m. CET
Agfa-Gevaert today announced its second quarter results. Mainly due to currency effects, Group sales declined 8.1 percent to 777 million Euro. In local currency, the decline was limited to 2.6 percent. Agfa Graphics' sales slightly decreased (in local currency), whereas Agfa HealthCare's competitive position suffered from the strong Euro. Agfa Specialty Products reported strong sales, mainly due to high-volume contracts with customers in the imaging industry. The Agfa-Gevaert Group's continued efforts to improve its efficiency resulted in a reduction of its Sales and General Administration costs by 25 million Euro (of which 6 million Euro due to currency effects). SG&A costs represented 22.0 percent of sales in the second quarter of 2008. However, these efforts did not suffice to compensate for the high raw material prices, the effect of the sales decline and adverse mix effects. Recurring EBIT was 38 million Euro and the net profit amounted to 3 million Euro.
