Agfa-Gevaert reports second quarter results - Regulated information

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(1)AGFA.com - Agfa-Gevaert reports second quarter results - Regulated in... http://www.agfa.com/en/co/news_events/press_archive_months/press_r.... 1 sur 5. home > Press > Press releases per month >. Agfa-Gevaert reports second quarter results - Regulated information Market trends in line with previous statements: Group sales decreased in line with Q1 trend Recurring EBIT at 38 million Euro versus 37 million Euro in the second quarter of 2008 and 28 million Euro in the first quarter of 2009 Operating result (26 million Euro) remained stable versus the second quarter of 2008 Decrease of SG&A costs well ahead of previously announced plans Net result at minus 9 million Euro Net financial debt improved considerably versus the first quarter of 2009 Agreement with banks about the sale of receivables for an amount of 160 million Euro Press release. Mortsel - Belgium July 28, 2009 07:45. Agfa-Gevaert today announced its second quarter results. Agfa-Gevaert Group - second quarter Q2 2008 Q2 2009 % change. Net Sales. 777. 677. -12.9%. Gross Profit (*). 253. 214. -15.4%. 32.6%. 31.6%. 66. 64. 8.5%. 9.5%. 37. 38. 4.8%. 5.6%. 26. 26. 3. (9). (34). 106. % of sales Recurring EBITDA (*) % of sales Recurring EBIT (*) % of sales Operating result Net result Net operating cash flow. -3.0%. +2.7%. 0.0%. (*) before restructuring and non-recurring items.. Compared to the second quarter of 2008, Group sales decreased 12.9 percent to 677 million Euro. In Agfa Graphics and Agfa Specialty Products, the sales trend was in line with the first quarter of 2009, whereas Agfa HealthCare's sales figures showed the impact of the longer decision processes for investments in IT and equipment. The sales decrease affected the Group's manufacturing efficiency due to lower use of capacity. This was partially offset by the positive effects of the lower raw material prices. As a result, the Group's recurring gross profit margin decreased from 32.6 percent in the second quarter of 2008 to 31.6 percent. However, the decrease versus last year's quarter is less than in the first quarter of 2009. Due to its strict cost management, Agfa-Gevaert succeeded in further reducing its Selling and General Administration expenses. The monthly SG&A expense was brought down from 57 million Euro in the second quarter of 2008, to 46 million Euro in the second quarter of 2009, which is a cost decrease by 19.3 percent. The SG&A expenses represented 20.4 percent of sales, versus 22.0 percent in the second quarter of 2008. The Group has taken a number of additional measures to further lower its costs. It will continue to evaluate the market trends in all business groups and take further action if necessary. The recurring EBIT was affected by a newly imposed pension charge (amounting to 4 million Euro) related to pension insurances in Germany. The Group's recurring EBITDA (the sum of Graphics, HealthCare, Specialty Products and the unallocated portion) decreased from 66 million Euro in the second quarter of 2008 to 64 million Euro. Recurring EBIT increased from 37 million Euro to 38 million Euro.. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Euro millions. 16/12/2009 15:37.

(2) AGFA.com - Agfa-Gevaert reports second quarter results - Regulated in... http://www.agfa.com/en/co/news_events/press_archive_months/press_r.... 2 sur 5. The restructuring and non-recurring items resulted in an expense of 12 million Euro, stable compared to the second quarter of 2008. As in the first quarter of 2009, the non-operating result was affected by pension provisions (mainly concerning inactives), to cover for increased pension deficits in the USA and the UK. The non-operating result amounted to minus 27 million Euro. Taxes amounted to 8 million Euro versus 2 million Euro in the second quarter of 2008. The net result amounted to minus 9 million Euro, compared to 3 million Euro in the second quarter of 2008. Balance sheet and cash flow. - Next to its long-term funding, the Group improved its mid-term funding options by signing agreements with three core banks about the sale of receivables for an amount of 160 million Euro. This transaction has reduced the Group's net debt by 40 million Euro in the second quarter. It is one of the levers to further reduce net debt in the future. - At the end of June 2009, total assets were 2,963 million Euro, compared to 3,160 million Euro at the end of 2008. - Inventories were 543 million Euro (or 99 days). Trade receivables amounted to 657 million Euro, or 69 days (including deferred revenue and advanced payments) and trade payables were 187 million Euro, or 34 days. - Net financial debt further improved to 569 million Euro at the end of June 2009, compared to 673 million Euro at the end of 2008, and 737 million Euro at the end of June 2008. In addition to the sale of receivables (40 million Euro), this improvement is due to working capital improvements and the strict cash management control. - Net operating cash flow amounted to 106 million Euro. Agfa Graphics - second quarter Euro millions. Q2 2008 Q2 2009 % change. Net Sales. 385. 326. -15.3%. Recurring EBITDA (*). 26.6. 23.9. -10.2%. 6.9%. 7.3%. 13.8. 12.2. 3.6%. 3.7%. % of sales Recurring EBIT (*) % of sales. -11.6%. (*) before restructuring and non-recurring items.. Following the trend of the previous months, Agfa Graphics' sales were severely hit by the impact of the global economic crisis on the printing industry. The effects of the crisis are the strongest in the field of investment goods, but the slowdown in the advertising markets also resulted in a lower use of consumables, such as graphic film and printing plates. Competitive pressure also increased in recent months, mainly due to among other reasons - overcapacity. Agfa Graphics' sales decreased 15.3 percent versus last year's second quarter. The volume decline as well as the competitive pressure affected Agfa Graphics' gross margin. These adverse effects were partially offset by some positive effects of the lower raw material prices. The business group continued its efforts to reduce its Selling and General Administration costs, which decreased by 19 million Euro versus the second quarter of 2008. The recurring EBITDA margin increased to 7.3 percent of sales. improvement versus this year's first quarter. In prepress, Agfa Graphics added a new solution to its :Avalon N range of platesetters. The :Avalon N4 is fit for midsize commercial printers and ideally suited to work with Agfa Graphics' :Azura chemistry-free printing plates. Agfa Graphics also introduced a new release of its :Apogee Suite workflow software, which allows printers to shorten their production time and to further simplify their production chain. In the USA, Agfa Graphics renewed its semi-exclusive contract with the Richmond, VA based buying group IPW. The group represents over 160 companies, most of which are mid-sized commercial printers. Lüscher AG, the Swiss supplier of plate setting equipment, accredited Agfa Graphics' new :Aluva printing plate range to work on their line of UV platesetters. At the China Print trade fair (Beijing - May 12-16), Agfa Graphics signed a number of important printing plate contracts, as well as deals for platesetters and :Apogee workflow packages. In industrial inkjet, Agfa Graphics unveiled the second generation of its :M-Press industrial flatbed press at the Fespa Digital 2009 trade fair. The :M-Press Tiger combines a 300 percent increase in productivity with higher quality output. Agfa Graphics' single pass :Dotrix Modular inkjet press was acclaimed as the 'Best Industrial (Specialty) Printing Solution of the Year 2009' by the European Digital Press Association. Furthermore, Agfa Graphics sold its first :Dotrix Modular in the Asian region to Unit Safety Signs in Tokyo (Japan). At the Sign Expo trade fair (Las Vegas, US), numerous :Anapurna systems were sold, stressing the success of Agfa Graphics' range of large-format inkjet printers. Agfa HealthCare - second quarter Euro millions Net Sales. Q2 2008 Q2 2009 % change 313. 295. -5.8%. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. The recurring EBIT margin was 3.7 percent of sales, which is a status quo compared to last year's second quarter, but a significant. 16/12/2009 15:37.

(3) AGFA.com - Agfa-Gevaert reports second quarter results - Regulated in... http://www.agfa.com/en/co/news_events/press_archive_months/press_r.... 3 sur 5. Recurring EBITDA (*) % of sales. 33.9. 42.2. 10.8%. 14.3%. 19.1. 28.5. 6.1%. 9.7%. Recurring EBIT (*) % of sales. +24.5%. +49.2%. (*) before restructuring and non-recurring items.. The business group's sales decreased by 5.8 percent to 295 million Euro. Mainly in the USA and in certain European countries, the economic crisis is causing delays in the investments of care organizations in Computed Radiography (CR) equipment and Imaging IT. The market for X-ray film evolved in line with expectations. Agfa HealthCare was able to expand its market share for hardcopy film. Sales in this segment were characterized by the continuing market decline in the USA, an accelerating market decline in Western Europe and continued growth in emerging markets. Enterprise IT continued to perform strongly. Agfa HealthCare succeeded in considerably improving its profitability due to improved service efficiencies and a continued reduction of its SG&A expenses. Recurring EBITDA amounted to 42.2 million Euro (or 14.3 percent of sales). Recurring EBIT improved by 49.2 percent to 28.5 million Euro, or 9.7 percent of sales. In the field of Imaging Informatics, Agfa HealthCare released its latest version of its PACS (Picture Archiving and Communication System) solution: IMPAX 6.4. This significant new release delivers new features and tools to aid users in managing complex multi-series studies and offers an improved navigation workflow for large CT and MR datasets. It also introduces new workflow features. Furthermore, Agfa HealthCare signed an agreement with Segami Corporation to integrate the Oasis workstation software into IMPAX. The solution permits nuclear medicine physicians to review, process and report studies on their IMPAX workstation. The second quarter also saw the signing of a number of important IT contracts. The University Hospital of Bonn (Germany) selected IMPAX after a European-wide tender process for a PACS solution to meet the ever evolving needs of its radiology department. In Belgium, the Ziekenhuisnetwerk Antwerpen (Antwerp) will install IMPAX to centralize the diagnostic and clinical imaging needs of its nine sites across the city. Agfa HealthCare will act as the customer's key Application Service Provider (ASP) for medical imaging, providing remote solution hosting and management at its advanced server facilities in Mortsel. In the USA, the Wichita Clinic in Kansas is deploying Agfa HealthCare's IMPAX Mobility solution wits its IMPAX Data Center enterprise medical archive. IMPAX Mobility allows referring physicians to access medical data, 2D and 3D images and tools on virtually any device (including PCs, laptops and smartphones) over any type of network connection. Western Maryland Health System selected Agfa HealthCare to provide a state-of-the-art IMPAX cardiovascular imaging and information management system for its new healthcare facility in Cumberland, Maryland. In Enterprise IT, Agfa HealthCare's ORBIS solution is gaining momentum in its selected target markets. In France, for example, the Centre Hospitalier du Mans selected ORBIS to support the implementation of a full Electronic Patient Record. Agfa Specialty Products - second quarter Q2 2008 Q2 2009 % change. Net Sales. 79. 56. -29.1%. Recurring EBITDA (*). 6.0. 4.6. -23.3%. 7.6%. 8.2%. 4.7. 3.6. 5.9%. 6.4%. % of sales Recurring EBIT (*) % of sales. -23.4%. (*) before restructuring and non-recurring items.. In line with the first months of the year, Agfa Specialty Products' sales decreased 29.1 percent compared to the second quarter of 2008. These figures reflect the effects of the economic crisis on some of the business group's important markets and the continuing market-driven decline for some of the traditional film products. Film for Printed Circuit Boards, Aerial Photography Film and Synaps® synthetic paper performed better than in the first quarter of 2009. Their sales figures also exceed the levels of the second quarter of 2008. Agfa Specialty Products' profitability was affected by the sales decline, additionally causing manufacturing inefficiencies due to lower use of capacity. The recurring EBITDA margin amounted to 8.2 percent of sales and the recurring EBIT margin amounted to 6.4 percent of sales. Half year results Agfa-Gevaert Group - half year Euro millions. H1 2008 H1 2009 % change. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Euro millions. 16/12/2009 15:37.

(4) AGFA.com - Agfa-Gevaert reports second quarter results - Regulated in... http://www.agfa.com/en/co/news_events/press_archive_months/press_r.... 4 sur 5. Net Sales. 1,530. 1,339. -12.5%. 510. 422. -17.3%. 33.3%. 31.5%. 137. 119. 9.0%. 8.9%. 77. 66. 5.0%. 4.9%. Operating result. 61. 63. Net result (consolidated comp.). 13. (18). (15). 132. Gross Profit % of sales Recurring EBITDA (*) % of sales Recurring EBIT (*) % of sales. Net operating cash flow. -13.1%. -14.3%. +3.3%. (*) before restructuring and non-recurring items. Agfa Graphics - half year Euro millions. H1 2008 H1 2009 % change. Net Sales. 763. 641. -16.0%. Recurring EBITDA (*). 57.3. 37.4. -34.7%. 7.5%. 5.8%. 31.0. 13.4. 4.1%. 2.1%. % of sales Recurring EBIT (*) % of sales. -56.8%. (*) before restructuring and non-recurring items. Agfa HealthCare - half year H1 2008 H1 2009 % change. Net Sales. 607. 586. -3.5%. Recurring EBITDA (*). 66.2. 81.2. +22.7%. 10.9%. 13.9%. 35.9. 54.0. 5.9%. 9.2%. % of sales Recurring EBIT (*) % of sales. +50.4%. (*) before restructuring and non-recurring items. Agfa Specialty Products - half year Euro millions. H1 2008 H1 2009 % change. Net Sales. 160. 112. -30.0%. Recurring EBITDA (*). 14.0. 8.1. -42.1%. 8.8%. 7.2%. 11.3. 6.0. 7.1%. 5.4%. % of sales Recurring EBIT (*) % of sales. -46.9%. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Euro millions. 16/12/2009 15:37.

(5) AGFA.com - Agfa-Gevaert reports second quarter results - Regulated in... http://www.agfa.com/en/co/news_events/press_archive_months/press_r.... 5 sur 5. (*) before restructuring and non-recurring items. Outlook. As announced in the publications concerning the first quarter results, Agfa-Gevaert is inclined to believe that the crisis-driven decline in its most important markets is bottoming out. However, it is still impossible to predict when the markets will pick up and when demand will recover. Meanwhile, Agfa-Gevaert continuously adapts the cost structures of its business groups to the situation in their respective markets in order to safeguard and strengthen their competitive positions. (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 14 November 2007 and in effect as of 2008. "The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Julien De Wilde, Chairman of the Board of Directors, Mr. Jo Cornu, President and CEO, and Mr. Kris Hoornaert, CFO, jointly certify that, to the best of their knowledge, the interim consolidated financial statements included in the interim 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 interim 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 of14 November 2007and 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. Agfa believes that the most noteworthy risks facing the company for the coming quarters would be the effects of the continued economic crisis on its key markets." Key risk management data is provided in the annual report (p.30) available on www.agfa.com. Click here. (52 KB) for Agfa's consolidated statements.. Johan Jacobs Corporate Press Relations Manager Septestraat 27 2640 Mortsel - Belgium tel:+32 (0) 3 444 8015 fax:+32 (0) 3 444 5005 johan.jacobs@agfa.com. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Viviane Dictus Director Corporate Communication Septestraat 27 2640 Mortsel - Belgium tel:+32 (0) 3 444 7124 fax:+32 (0) 3 444 4485 viviane.dictus@agfa.com. 16/12/2009 15:37.

(6) The interim consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS). The same accounting policies and methods of computation are followed in the interim consolidated financial statements as compared with the 2008 annual financial statements, except for the presentation of expenses with regard to the Group’s defined benefit plans.. Consolidated Statements of Income (in million Euro) Non-audited, consolidated figures following IFRS/IAS valuation rules H1 2008. H1 2009. 1,530 {2}. (1.020). Net sales Cost of goods sold. Q2 2008. 1,339. % change -12.5%. Q2 2009. 777. 677. % change -12.9%. (917). -10.1%. (524). (463). -11.6%. Gross profit. {2}. 510. 422. -17.3%. 253. 214. -15.4%. Selling expenses. {2}. (228). (189). -17.1%. (115). (93). -19.1%. Research & Development expenses. {2}. (95). (78). -17.9%. (48). (37). -22.9%. General administration expenses. {2}. (117). (101). -13.7%. (60). (49). -18.3%. 202. 195. -3.5%. 67. 76. +13.4%. Other operating income Other operating expenses. {2}. (211). (186). -11.8%. (71). (85). +19.7%. Operating result. {2}. 61. 63. +3.3%. 26. 26. +0.0%. Interest income (expense) - net Other non-operating income (expense) - net Non-operating result. {1}. (17). (11). -35.3%. (8). (4). -50.0%. {1} {2}. (23). (46) +100.0%. (12). (23). +91.7%. {2}. (40). (57). -42.5%. (20). (27). +35.0%. 6. (1). -116.7%. Profit before tax. 21. -71.4%. 6. Income taxes. (7). (24) +242.9%. (2). Net income of consolidated companies. 14. (18). 1. -. of which attributable to Agfa-Gevaert NV stockholders (net result). 13. (18). Operating result. 61. of which attributable to minority interest. Restructuring and non-recurring items Recurring EBIT. -228.6%. (8) +300.0%. 4. (9). 1. -. -238.5%. 3. (9). -400.0%. 63. +3.3%. 26. 26. +0.0%. (16). (3). +81.3%. (11). (12). -9.1%. 77. 66. -14.3%. 37. 38. +2.7%. Outstanding shares per end of period. 124,788,430 124,788,430. 124,788,430 124,788,430. Weighted number of shares used for calculation Earnings per share (€). 124,788,430 124,788,430. 124,788,430 124,788,430. 0.10. (0.14). 0.02. -325.0%. (0.07). {1} In the course of the fourth quarter of 2008, the definition of ‘Interest income (expense)’ in the consolidated statements of income has been narrowed and comprises only interests paid/received on the items of the net financial debt position. Interests received/paid on other assets and liabilities have been reclassified to ‘Other non-operating income (expense)’ in the consolidated statements of income. Comparative information for the first half of 2008 has been restated. For the first half of 2008, net interest expense that has been reclassified to ‘Other non-operating income (expense)’ amounts to 1 million Euro. {2} During the first half of 2009, the Group has consistently applied its accounting policies used in the previous year, except for the presentation of expenses with regard to the Group’s defined benefit plans. The interest cost and the expected return on assets as well as the relative portion of the amortization of unrecognized losses (gains) that could not be attributed to active employees have been reclassified to ‘Other non-operating income (expense)’. This amendment is in line with the applicable accounting rules. For the first half of 2009, expenses amounting to 18 million Euro have been reclassified from the operating to the non-operating result. Comparative information for the year 2008 has been restated. For the first half of 2008, an income amounting to 2 million Euro has been reclassified from the operating to the non-operating result. The Group believes that this revised presentation provides information that is more relevant to users of the financial statements.. Agfa-Gevaert announces second quarter results. 1/15. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Notes.

(7) Consolidated Statements of Comprehensive Income (in million Euro) for the period ending June 2008 / June 2009. Net result of consolidated companies Other Comprehensive Income for the period recognized directly in equity- net of tax Exchange differences on translating foreign operations Revaluation of available-for-sale financial assets. June 30, 2008. June 30, 2009. 14. (18). (51). 11. (1). 0. (1). 3. Cash Flow Hedges: Gains (losses) arising during the year Reclassification adjustment for gains included in profit and loss Roll-over of commodity contracts: reclassification adjustment for gains included in profit and loss Other Comprehensive Income. -. (11). 0 (53). (3) 0. Total Comprehensive Income for the period. (39). (18). (40). (18). 1. 0. Of which attributable to Equity holders of the Group Non-controlling interests. Consolidated Statements of Comprehensive Income (in million Euro). Net result of consolidated companies for the quarter Other Comprehensive Income for the period recognized directly in equity- net of tax Exchange differences on translating foreign operations. Q2 2008. Q2 2009. 4. (9). 5. (7). (1). 0. (1). (1). -. (4). 0 3. (2) (14). 7. (23). Equity holders of the Group. 6. (23). Non-controlling interests. 1. 0. Revaluation of available-for-sale financial assets Cash Flow Hedges: Gains (losses) arising during the year Reclassification adjustment for gains included in profit and loss Roll-over of commodity contracts: reclassification adjustment for gains included in profit and loss Other Comprehensive Income Total Comprehensive Income for the quarter Of which attributable to. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. for the quarter ending June 2008 / June 2009.

(8) Consolidated Balance Sheets (in million Euro) Non-audited, consolidated figures following IFRS/IAS valuation rules 31/12/2008. 30/06/2009. 1,029 647 369 13 1,849 575 750 329 150 19 26 282 3,160. 1,003 645 345 13 1,693 543 657 345 121 21 6 267 2,963. 704 140 109 981 (273) (167) (90) 4 1,493 601 18 809 64 1 900 14 226 112 205 71 255 5 12 63 3,160. 686 140 109 814 (284) (18) (79) 4 1,333 567 17 677 61 11 879 13 187 135 199 75 258 6 6 65 2,963. ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Non-current assets classified as held for sale Current assets Inventories Trade receivables Other receivables and other assets Cash and cash equivalents Deferred charges Derivative financial instruments Deferred taxes Total assets. Shareholder's equity Capital stock of Agfa-Gevaert N.V. Share premium of Agfa-Gevaert N.V. Retained earnings Reserves Net income Translation differences Minority interest Non-current liabilities Liabilities for post-employment benefits Liabilities for personnel commitments Financial obligations > 1 year Provisions > 1 year Deferred income Current liabilities Financial obligations < 1 year Trade payables Deferred revenue and advance payments Miscellaneous liabilities Liabilities for personnel commitments Provisions < 1 year Deferred income Derivative financial instruments Deferred taxes Total Equity and Liabilities. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. EQUITY AND LIABILITIES.

(9) Consolidated Cash Flow Statements (in million Euro) H1 2008. H1 2009. Q2 2008. Q2 2009. Operating result. 61*. 63. 26*. 26. Current tax income (expense). (7). (8). (8). (4). Depreciation / Amortization and impairment losses. 59. 53. 29. 26. 1. 3. 1. 1. (36)*. (70). (16)*. (19). (22). 1. (7). -. 56. 42. 25. 30. (50). 34. (1). 43. 2. 95. (8). 59. (14). (40). (17). (23). 22. 24. (5). (6). (16). (8). (38). (12). Change in other working capital. (15). (15). 10. 15. Net cash provided by / (used in) operating activities. (15). 132. (34). 106. (6). (5). (3). (2). (25). (15). (12). (8). 1. 1. -. -. Changes in fair value of derivative financial instruments Change in long-term provisions (Gains) / losses on retirement of non-current assets Gross cash provided by operating activities Decrease (increase) in inventories Decrease (increase) in trade receivables Increase (decrease) in trade payables Increase (decrease) in deferred revenue and advance payments Change in short-term provisions. Cash outflows for additions to intangible assets Cash outflows for additions to property, plant and equipment Cash inflows from disposals of intangible assets Cash inflows from disposals of property, plant and equipment. 27. 2. 12. 1. Cash inflows from equity and debt instruments. 27. 18. 18. 11. Interests and dividends received. 3*. 1. 2*. -. 27*. 2. 17*. 2. Net cash provided by (used in) investing activities Prefinancing by (of) AgfaPhoto in respect of previous CI divestiture Net issuances of debt Interest paid Other financial flows Net cash provided by / (used in) financing activities Change in cash and cash equivalents due to business activities Change in cash and cash equivalents due to changes in exchange rate movements Total change in cash. (3). -. -. -. (28). (132). (15). (109). (26)*. (19). (16)*. (12). (1)*. (16). (4)*. (11). (58)*. (167). (35)*. (132). (46). (33). (52). (24). (6). 4. 2. 1. (52). (29). (50). (23). (*) As reported 2008, restated. In the course of the fourth quarter of 2008, the definition of ‘Interest income (expense)’ in the consolidated statements of income has been narrowed and comprises only interests paid/received on the items of the net financial debt position. Interests paid/received on other liabilities and assets have been reclassified to ‘Other non-operating Income (expense)’ in the consolidated statements of income and consequently to ‘Other financial flows’ in the consolidated statements of cash flow. During the first quarter of 2009, the Group has changed the presentation of expenses with regard to the Group’s defined benefit plans. The interest cost and the expected return on assets as well as the relative portion of the amortization of unrecognized losses (gains) that could not be attributed to active employees have been reclassified to ‘Other non-operating income (expense)’. Comparative information for the year 2008 has been restated. The lines operating result and change in long-term provisions in the consolidated statements of cash flow have been impacted by this change.. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Non-audited, consolidated figures following IFRS/IAS valuation rules.

(10) 12. Allocation to retained earnings. (167). (167). Total equity. (296). Minority interest. Share-based payment reserve. 981. Translation differences. Reserve for own shares. 109. Accumulated other comprehensive income. Hedging reserve. Retained Earnings. 140. Net result. Share premium of Agfa – Gevaert NV. December 31, 2008. Capital stock of Agfa – Gevaert NV. Non-audited, consolidated figures following IFRS/IAS valuation rules. Revaluation reserve. Consolidated Statements of Shareholders' Equity (in million Euro). (1). 12. (90). 4. 704. 167. 0. Changes in shareholders’ equity resulting from capital contributions and dividend payments. 0. Other changes in shareholders’ equity recognized in Comprehensive Income June 30, 2009. 140. 109. 814. (296). 12. (18). 0. (11). 11. (18). (1). 1. (79). (18) 4. 686. 42. (2). 0. (54). 3. 891. (42). 0. Changes in shareholders’ equity resulting from capital contributions and dividend payments Changes in shareholders’ equity recognized in Comprehensive Income June 30, 2008. 140. 109. 981. (296). 1. 13. (1). (1). (51). 1. (38). 11. 13. (3). (1) (105). 4. 853. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. Allocation to retained earnings. 42. Total equity. 10. Minority interest. (296). Translation differences. Share-based payment reserve. 939. Hedging reserve. Reserve for own shares. 109. Revaluation reserve. Retained Earnings. 140. Net result. Share premium of Agfa – Gevaert NV. December 31, 2007. Capital stock of Agfa – Gevaert NV. Accumulated other comprehensive income.

(11) (9). Total equity. 12. Minority interest. (296). Translation differences. Share-based payment reserve. 814. Hedging reserve. Reserve for own shares. 109. Revaluation reserve. Retained Earnings. 140. Net result. Share premium of Agfa – Gevaert NV. March 31, 2009. Capital stock of Agfa – Gevaert NV. Accumulated other comprehensive income. (1). 8. (72). 4. 709. Changes in shareholders’ equity resulting from capital contributions and dividend payments. 0. Other changes in shareholders’ equity recognized in Comprehensive Income June 30, 2009. 140. 109. 814. (296). 12. (9). 0. (7). (7). (18). (1). 1. (79). (23) 4. 686. (2). 0. (110). 4. 846. 1. 3. (1). (1). 5. 11. 13. (3). (1) (105). Net result 10. Changes in shareholders’ equity resulting from capital contributions and dividend payments Other changes in shareholders’ equity recognized in Comprehensive Income June 30, 2008. 140. 109. 981. (296). 7 4. 853. WorldReginfo - 37864e55-3099-4a79-9f52-cfbada6b6e6a. 10. Total equity. (296). Minority interest. Share-based payment reserve. 981. Translation differences. Reserve for own shares. 109. Hedging reserve. Retained Earnings. 140. Revaluation reserve. Share premium of Agfa – Gevaert NV. March 31, 2008. Capital stock of Agfa – Gevaert NV. Accumulated other comprehensive income.

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