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Agfa-Gavaert's (AFGVF) CEO Christian Reinaudo on Q4 2017 Results - Earnings Call Transcript

Mar. 09, 2018 12:18 PM ETAgfa-Gevaert NV (AFGVF)
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Agfa-Gavaert NV (OTCPK:AFGVF) Q4 2017 Earnings Conference Call March 7, 2018 5:00 AM ET


Christian Reinaudo – Chief Executive Officer and Executive Director

Luc Delagaye – President-Agfa Materials


Guy Sips – KBC Securities

Stefaan Genoe – Degroff Petercam


Welcome and thank you for standing by. [Operator Instructions] Today's call is being recorded. [Operator Instructions] May I introduce your speaker for today, Christian Reinaudo. Please go ahead.

Christian Reinaudo

Thank you, operator. Good morning everyone. So we are going to present this morning the Q4 2017 and the full year 2017 results. Maybe before I start with the numbers, I'll let you read the disclaimer. Before I start with the numbers, let me first give you the big picture of where we stand. As you remember, in 2016, we delivered on the two big targets we have set up for the company a few years before, and we delivered the 10% EBITDA on sales ratio and we lowered the debt to zero, even slightly positive cash position.

And as I said to you, we have – based on this strengthened situation, we have initiated a phase of trying to tackle the two other issues we still have in the company, which is the top line decline and the complexity of the company. In 2017, results are, of course, to be read in this context and the ones of 2018 will also have to be read in this context. So this massive transformation we are doing, which is conducting to a transformation of the structure of the company, of course, is a transition period, which is aiming at creating a company which will be growing and in a simplified structure later on. That's why, and I said that upfront, in spite of the results of 2017 and the anticipated situation of 2018, I stick to the target of delivering a 10% EBITDA, in average, in the years to come.

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