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Agfa-Gevaert (EBR:AGFB) * Sales at 741 million Euro - Decrease of 6.0 percent (1.7 percent excluding currency effects) * Effects of economic slowdown becoming more visible * SG&A costs 14.9 percent lower versus last year's third quarter * Recurring EBIT at 27 million Euro versus 25 million Euro in third quarter of 2007 * Strong impact of raw material costs and one-off elements * Net financial debt at 723 million Euro versus 852 million Euro in the third quarter of 2007
Mortsel (Belgium), October 30, 2008 - 8.00 a.m. CET
Agfa-Gevaert today announced its third quarter results. Including currency effects, Group sales declined 6.0 percent to 741 million Euro. Excluding currency effects, the decline was limited to 1.7 percent. The effects of the deteriorating economic conditions became more visible, both in Agfa Graphics and Agfa HealthCare. Agfa Specialty Products' sales were driven by high-volume contracts with customers in the imaging industry. Aside from the above-mentioned economic slowdown, the Group's gross margin was impacted by the high raw material costs, one-off elements and adverse mix effects. Thanks to a considerable reduction of the Selling and General Administration costs, recurring EBIT increased from 25 million Euro in the third quarter of 2007 to 27 million Euro. The Group's net result amounted to minus 13 million Euro.
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