Agfa - Annual 2022 - EN Online - 2023-10-10 - 12-08

AGFA-GEVAERT
Annual Report 2022

Agfa-Gevaert
Annual Report 2022
Table of
contents
Letter to the shareholders 5
Key figures 2022 9
Company profile 10
Agfa in the world 12
Highlights 2022 14
ANNUAL REPORT FROM THE BOARD OF DIRECTORS TO THE SHAREHOLDERS OF AGFA-GEVAERT NV
NON-FINANCIAL REPORT
Agfa Sustainability Report 19
Agfa’s Approach to Sustainability Management 20
Focus on our Planet 23
Focus on our People 51
Focus on Sustainable Performance 77
Our Certifications 78
EU Taxonomy 92
Company Information 99
FINANCIAL REPORT
Comments on the financial statements 111
BUSINESS ACTIVITIES IN 2022

HealthCare IT 117
Radiology Solutions 125
Digital Print & Chemicals 133
Offset Solutions 145
FINANCIAL STATEMENTS
Financial Report Table of Contents 154
Consolidated Financial Statements 156
Notes to the Consolidated Financial Statements 162
Statutory Auditor’s Report 256
Statutory Accounts 262
Corporate Governance Statement 267

Remuneration Report 279
APPENDICES
GRI Index Table 286
Consolidated KPI Table 288
EU Taxonomy Quantitative Disclosures 290
Glossary 312
Shareholder Information 319
Agfa-Gevaert – Annual Report 2022 3

Dear
shareholder,
Pascal Juéry,
CEO
Frank Aranzana,
Chairman of the Board of Directors
4
This year, beyond the odds of unprecedented economic and geopolitical instability, we con-
tinued with our unwavering focus on the future and reached key milestones in our transfor-
mation process.
We and other businesses around the world were severely impacted by events in Ukraine, Covid
lockdowns continuing to disrupt people’s lives and economic activity, particularly in China, a
global slowdown and unprecedented levels of inflation. Input costs for raw materials, energy,
packaging, transportation and salaries increased and supply chains were disrupted.
Despite these difficult circumstances, our teams across the world pulled together with re-
solve. We remained consistent and disciplined in our approach of focusing our business on
growth markets, even if this led to difficult decisions at times, and honed our focus on our
three main growth drivers: Healthcare IT, Digital Printing and our world leader electrolysis
membrane for the production of green hydrogen, Zirfon.
We are also proud to say that we made significant and concrete advances with regards to our
sustainability policy in terms of both people and environmental impact.
Shaping the company for future growth

CHOOSING WHAT WE WORK ON
In 2022, 80 percent of our business was in mature or declining markets. In 2023 this will
shift to just 50 percent, with the rest of our focus on areas of growth.
In 2022 we acquired Inca Digital Printers, a leading developer and manufacturer of advanced
high-speed printing and production technologies, allowing us even greater access to the
growing digital print market. We also received the prestigious essenscia Innovation Award
2022 for our groundbreaking Zirfon membrane technology.
At the other end of the spectrum we entered into a divestment agreement with AURELIUS
Group for our Offset division which will allow our colleagues in that division their greatest
chance of continued success and allow Agfa to refocus its efforts in growing market segments.
CHOOSING HOW WE WORK
In our efforts to build a simple, agile and future-oriented organizational model, we took steps
to re-organize our financial services and partnered with Atos for our internal IT operations.
We streamlined our approach to Direct Radiology, giving it its best chance of success, but
also leading to the decision to restructure our business and close our historic Munich site,
re-dispatching staff to alternative offices or home working solutions.
In support of our strategic transformation, we invested 5.4% of sales in research & devel-
opment in 2022, demonstrating our ongoing commitment to develop innovative solutions
that offer significant added value to our customers and, by extension, to society at large.
Growing sustainably
Sustainability in all its forms is extremely important to us. We continue to make efforts in
all areas, strive to improve year upon year, and aim to lead by example in all of the industry
sectors that we represent.

We are happy to have already made some significant strides in terms of Diversity, Equality
& Inclusion in 2022 with the creation of our Global DEI Council. We also saw the creation
of three Employee Resource Groups (ERGs) covering the topics of Gender, Ethnicity and
Collaboration Between Generations – each led by a volunteer member of staff.
We continued to decrease our greenhouse gas emissions in 2022. We made the decision to
invest in our Mortsel manufacturing installations to further decrease site emissions by 15%
and we are stepping up investments in our energy transition. 100% of the volume of bought
electricity for our Belgian sites now comes from renewable resources.
We also ran our first ever Agfa-wide engagement survey in 2022 with almost 70 percent par-
ticipation. Initiatives have already been put in place to help close gaps on certain topics and
enable smoother communication throughout the organization. This will continue to evolve
as we also take a closer look at our company culture.
Our EcoVadis rating went up slightly in 2022, and although our rating continues at the
bronze level, we are confident that our ambition of reaching a silver rating by 2025 can
be achieved.
Financial results for the Agfa-Gevaert Group in 2022

RESULTS
Excluding currency effects, our Group’s top line increased by 1%, driven by the HealthCare IT
and Digital Print & Chemicals divisions.
Due to increased momentum in the second half of the year, HealthCare IT’s top line in-
creased in North America and Europe versus the previous year. The growth was driven by
the revenue recognition from a number of important contracts, as well as a stabilization of
recurring revenue. The very positive development of order intake shows that the strategy we
developed for our activities in the very competitive Healthcare IT markets is bearing its fruit.
The conversion of sales growth in adjusted EBITDA however was delayed by post-COVID
reinvestments in R&D and commercial efforts.
The Radiology Solutions division’s medical film business was heavily affected by the COVID
lockdowns in China. In many areas of the country, the lockdowns prevented people from
visiting the hospital for exams and treatment. The Direct Radiography business’ revenue
started to pick up in the second half of the year. Strong sales growth was recorded in ASPAC
and LATAM. Furthermore, the order book for Direct Radiography remains strong. The divi-
sion’s profitability suffered from margin and volume pressure in China.
Digital Print & Chemicals’ revenue increase was mainly based on the strong growth that
was recorded in the sign & display business. It’s also good to see that our Zirfon membranes
for green hydrogen production are now taking off. In 2022, we ramped up production to a
steady regime, and in March 2023 the Board of Directors validated an investment for a new
industrial unit for Zirfon at our site in Mortsel, Belgium. The division’s profitability however
was strongly impacted by cost inflation and one-offs.
Thanks to price increases, the revenue of the Offset Solutions division remained stable.
Our Group’s gross profit margin remained stable at 28.5% of revenue, mainly due to price
increase actions to tackle the strong impact of cost inflation and supply chain issues.
6 letter to the shareholders

The Group’s adjusted EBITDA decreased by 9% versus 2021 due to continuing cost inflation,
lockdowns in China and softer demand in non-Healthcare markets.
The Group’s net loss was mainly driven by non-cash impairment charges and by excess tax
expenses related to the Offset Solutions carve-out and the impairments.
The Group’s net cash position decreased from 325 million Euro at the end of 2021 to 72 mil-
lion Euro at the end of 2022. The cash position was impacted by the Inca acquisition, the
share buy-back program, the Group’s transformation efforts, as well as the working capital
increase driven by cost inflation and supply chain issues.
OUTLOOK
For the Group as a whole, we expect a recovery in profitability in the full year 2023 versus 2022.
We believe that the growth strategy we designed for HealthCare IT will deliver top line
growth, as well as double-digit adjusted EBITDA growth in 2023.
For Radiology Solutions stability is expected, with continuous margin pressure for medical
film. Furthermore, we expect the progress in Direct Radiography that was recorded in the
second half of 2022 to continue.
Finally, we anticipate that Digital Print & Chemicals will be able to restore profitability, based
on pricing, cost improvement actions and positive contributions from the Inca acquisition
and Zirfon membranes. The revenue generated by Zirfon will continue to grow very strongly.
What’s on the horizon for 2023

2023 will be a turning point for us. For the first time in 36 years we will see the building of a
new industrial plant at our Belgian HQ where we will be ramping up production of our Zir-
fon membrane, while our total number of shift work hours at the plant will increase for the
first time since 2017. This is a great illustration of the repositioning of our company towards
further growth.
We do not expect this year to be easy however, as many of the external circumstances that
we are currently experiencing will continue well into 2023 and perhaps beyond. But the
road ahead is clear and we will renew our efforts to manage the company for its long term
future. Building on our legacy, we will continue to innovate not just in what we do, but in
how we do it - ultimately to delight our customers and end users to the best of our ability.
We will do this with our dedicated workforce spread across the world – teams of motivated
individuals without whom we could not achieve our goals or follow our chosen course for
growth into 2023 and beyond.
We would like to thank our customers and distributors for the trust they placed in our company
– we are committed to continue supporting them with the most advanced, quality and
reliable products and services. We would also also like to thank our people – the combina-
tion of their motivation, skills and strive for excellence forms a solid basis for the success of
our ongoing transformation program. Last but not least, we would like to thank our share-
holders for their continued support and confidence over the past year.

8 letter to the shareholders
key figures
MILLION EURO 2018 2019 (2)(3) 2020 2021 2022

Re-presented
PROFIT OR LOSS
Revenue 2,191 1,975 1,709 1,760 1,857
Change vs. previous year -8.0% -9.9% -13.5% + 2.9% +5,5%
HealthCare IT 490 241 230 219 244
Share of group sales 22% 12% 14% 12% 13%
Radiology Solutions 514 536 485 464 462
Digital Print & Chemicals 337 355 289 330 372
Offset Solutions 850 843 704 748 779
Gross profit 701 589 494 497 528
Results from operating activities 62 (34) (52) 9 (160)
Net finance costs (39) (36) (31) (8) (19)
Income tax expense (34) (14) (15) (15) (42)
Profit (loss) for the period (15) (48) 621 (14) (223)
Attributable to owners of the Company (24) (53) 613 (17) (221)
Attributable to non-controlling interests 9 5 7 4 (2)
Restructuring/non-recurring expenses (66) 111 88 33 (192)
Adjusted EBIT 128 77 36 42 31
Adjusted EBITDA 182 153 99 104 94
CASH FLOW
Net cash from (used in) operating activities (44) 123 (153) (116) (100)
Capital expenditures (1)
(40) (38) (33) (26) (33)
STATEMENT OF FINANCIAL POSITION - DECEMBER 31
Equity 290 130 620 685 561
Net financial debt 144 219 (502) (325) 72
Current assets minus current liabilities 607 473 952 742 568
Total assets 2,367 2,294 2,204 2,095 1,756
SHARE INFORMATION (EURO)
Earnings per share (eps) (0.14) (0.32) 3.66 (0.11) (1.41)
Net operating cash flow per share (0.26) 0.88 (0.81) (0.65) (0.55)
Gross dividend - - - - -
Number of outstanding ordinary shares with
167,751,190 167,751,190 167,751,190 160,438,653 154,820,528
voting rights at year-end (4)
Weighted average number of ordinary shares 167,751,190 167,751,190 167,751,190 165,003,570 156,236,319
EMPLOYEES (AT YEAR END)
Full time equivalent permanent (active) 9,662 7,892 7,337 6,993 6,580
(1) For intangible assets and property, plant and equipment.

(2) The Group has initially applied IFRS 16 at January 1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated.
There has been no impact to retained earnings of initially applying IFRS 16 at the date of initial application. Figures 2018 and 2019 relate to continuing operations.
(3) Compliant with IFRS 5.33, the Company has disclosed in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising the total of the
post-tax profit of discontinued operations and the post-tax gain on the disposal of the net assets constituting the discontinued operation. The Group has sold its reseller business in
the US (July 2019) and part of Agfa HealthCare’s IT business (May 2020). Therefore, the Company has re-presented these disclosures for prior periods presented being FY 2019.
(4) See Note 12 p. 181

Company
Profile
The Agfa-Gevaert Group is a leading company in imaging technology, with
over 150 years of experience. Agfa develops, manufactures and markets
analogue and digital systems for the printing industry, the healthcare sec-
tor, and specific industrial applications. The Group holds four divisions:
HealthCare IT, Radiology Solutions, Digital Print & Chemicals and Offset
Solutions. The Agfa-Gevaert Group’s financial reporting is based on this
divisional structure.
10 sustainability
company profile
Global production and sales network
The Agfa-Gevaert Group’s headquarters and parent company are located in Mortsel, Bel-
gium. The Group’s largest production and research centers are in Belgium, the United States,
Canada, Germany, Austria, China and Brazil. Worldwide the Group is commercially active
through wholly owned sales organizations in more than 40 countries. In countries where it
does not have its own sales organization, the market is served by a network of agents and
representatives.
HealthCare IT
The HealthCare IT division supports healthcare professionals across the globe with secure,
effective and sustainable imaging data management. Focused on its robust and unified
Enterprise Imaging Platform, the division helps its clients manage resource allocation, im-
prove productivity and provide clinical confidence with patient-centric contextual intelli-
gence. With its core commitment on delivering value, Agfa HealthCare’s technology suits
multi-specialty requirements and securely standardizes workflows, to collaborate seamless-
ly between departments and across geographies. From product development to implemen-
tation, Agfa HealthCare’s best-of-suite Imaging IT software solutions are purpose-built to
reduce complexity and support healthcare providers to achieve their clinical, operational
and business strategies.
Radiology Solutions
The Radiology Solutions division is a major player in the diagnostic imaging market, provid-
ing analogue and digital imaging technology to meet the needs of specialized clinicians in
hospitals and imaging centers around the world. Agfa’s innovative imaging equipment and
its leading MUSICA image processing software set standards in productivity, safety, clinical
value and cost effectiveness. With over 150 years of experience, Agfa helps its customers to
improve the quality and efficiency of their patient care. Every single day, Agfa proves that
medical imaging is part of its DNA.
Digital Print & Chemicals

The Digital Print & Chemicals division serves a great variety of industries. Building on Agfa’s
expertise in chemistry and its deep knowledge of the graphic arts industry, the division has
a leading position in inkjet printing. Agfa supplies sign & display printing companies with
a range of highly productive and versatile wide-format inkjet printers with matched inks,
powered by dedicated workflow software. In addition, it develops high-performance inkjet
inks & fluids for industrial inkjet applications, enabling manufacturers to integrate print
into their existing production processes. It also offers dedicated functional inkjet inks to spe-
cific hi-tech industries such as the printed electronics industry. Furthermore, the division
supplies electrolysis membranes to the hydrogen production industry, as well as a range of
printable synthetic papers. The product assortment is completed by films for non-destruc-
tive testing, aerial photography and printed circuit board production.
Offset Solutions
The Offset Solutions division is a global leading supplier to the offset printing industry, of-
fering commercial, newspaper and packaging printers the most extensive range of integrat-
ed prepress and printing solutions. These span the entire prepress workflow right up to press
with computer-to-plate systems using digital offset printing plates, pressroom supplies and
state-of-the-art software for workflow optimization, color management, screening and print
standardization. Agfa’s sustainable innovations for offset printing bring value to printing
companies in terms of ecology, economy and extra convenience — or ECO³.
In August 2022, the Agfa-Gevaert Group signed a share purchase agreement with AURE-
LIUS Group for the sale of its Offset Solutions division. Both parties aim to complete the
transaction in the course of April 2023.

Agfa in
the world
Agfa’s major manufacturing and R&D centers
Belgium
Mortsel
HQ
Heultje
Ghent
Canada
Mississauga
Waterloo
USA Italy
Bushy Park Manerbio
Macerata Israel
Netanya
Austria
Vienna
Brazil
Suzano
12
“Here at Agfa, we’re committed to making a positive difference in the lives of our customers, end-users, patients and
the planet as a whole. Our innovative, customer-centric approach to digital information systems and imaging, spanning
markets as diverse as healthcare, graphics, the industrial specialty sector and energy transition, has been built on over
150 years of world-class expertise. We’re committed to answering the needs of today’s customer while innovating for
tomorrow’s world in a responsible, transparent and sustainable way.”
Pascal Juéry, CEO of the Agfa-Gevaert Group
Germany HealthCare IT
Munich Radiology Solutions
Peissenberg Digital Print & Chemicals
Offset Solutions
Schrobenhausen
Wiesbaden Manufacturing
R&D
Sales organization
China
Shanghai
Wuxi Imaging
Wuxi Printing

Highlights
2022
January 31 - The European Digital Press Associ- February 1 - Nathalie McCaughley joins the March 8 - Spire Healthcare, one of the UK’s
ation rewards no less than three Agfa innovations Agfa-Gevaert Group as President of the HealthCare largest providers of private healthcare, chooses
introduced in 2021: the Jeti Tauro H3300 UHS LED IT division. She is a seasoned global leader in Agfa’s DR solutions, powered by MUSICA®, for a
hybrid large-format printing press, the InterioJet healthcare IT with more than 20 years of experien- significant number of its 40 hospitals.
water-based décor paper printing press for lamina- ce in various sales and general management roles.
te surfaces and the Alussa leather printing system.
March 9 - Thyssenkrupp nucera signs a purcha- April 5 - The latest Middle East & Africa PACS April 7 - Atos and Agfa conclude a major part-
se contract with Agfa for the supply of a significant 2022 report by KLAS Research highlights Agfa nership according to which Atos will accompany
volume of Agfa’s ZIRFON separator membranes to HealthCare as one of the most frequently conside- Agfa in its digital transformation. Atos will pro-
be used in large-scale hydrogen projects. red vendors in the Middle East and Africa. vide and manage a major part of Agfa’s internal
IT services and will support the company’s di-
gital journey.
14
June 1 - Agfa acquires UK based Inca Digital Prin- July 12 - Agfa receives the new European Medical July 13 - The 2022 Europe PACS report by KLAS
ters, and thus strengthens the Group’s position in Device Regulation (MDR) certification, which was Research confirms Agfa HealthCare to have one of
the sign & display and industrial printing markets. issued by Intertek. The certification allows Agfa the most expansive footprints, with strong custo-
to continue innovating its radiology solutions to mer bases. Moreover, Agfa HealthCare is validated
meet the latest customer needs and requirements. for the largest imaging volumes – supporting custo-
mers handling around four million studies per year.
August 30 - Within the framework of its ongoing September 19 - Agfa HealthCare is recognized September 30 - Five of Agfa’s inkjet printing
transformation process, Agfa signs a share purcha- in the Leaders category in the IDC MarketScape solutions are honored with a Pinnacle Product
se agreement with AURELIUS Group for the sale of Vendor Assessment for Europe, and recognized Award from PRINTING United Alliance. The Pin-
its Offset Solutions division. The sale will enable for its industry expertise, analytics capabilities and nacle Product Awards recognize products that
Agfa to increase its focus on its growth businesses, integration engine. In November the same leader- improve or advance the printing industry with
which is crucial to its future success in its markets. ship position is confirmed for Agfa HealthCare’s exceptional contributions in quality, capability,
business in the United States. and productivity.
October 19 - Agfa receives the prestigious November 27 - Agfa HealthCare Introduced November 30 - For the 2nd consecutive year,
essenscia Innovation Award 2022 for its ZIRFON ‘That’s life in flow’ at RSNA, showing how Enter- Agfa HealthCare receives the prestigious recogni-
UTP 220 membrane technology. Essenscia is the prise Imaging creates an optimal work experience tion of Cybersecurity Transparent Leader, awarded
Belgian chemical industry and life sciences sector for radiologists. by KLAS Research and Censinet. This shows the
federation. company’s commitment to its clients to support
them in the delivery of safe and secure patient care.

Non-financial report
Table of contents
16
AGFA SUSTAINABILITY REPORT 18
Agfa’s approach to sustainability management 20
Highlights 2022 21
FOCUS ON OUR PLANET 22
Our ambition 23
Our policies 23
2022 in a snapshot 24
1. Resource scarcity and efficiency (raw materials) 26
2. Circular Economy: Product recycling & waste management 30
3. Water and waste water 33
4. Energy usage 38
5. Greenhouse gas (GHG) emissions 41
6. Other emissions to air 44
7. Sustainability in the value chain 47
FOCUS ON OUR PEOPLE 50
Our ambition 51
Our policies 51
1. Employee Well-Being, Human Capital and Learning & Development 55
2. Respect for Human Rights 68
3. Health & Safety 71
FOCUS ON SUSTAINABLE PERFORMANCE 76
Our ambition 77
Our policies 77
Our Certifications 78
1. Sustainable business solutions and production 81
2. Innovation and investments 84
3. Ethical business conduct & compliance 87
4. Product Stewardship & Service Quality 89
EU TAXONOMY 92
COMPANY INFORMATION 99
Our governance structure 99
Double materiality assessment 100
Risk management 101
Our stakeholders 104
APPENDICES 285
GRI Content Index 286
Consolidated KPI table 288
Notes on changes to KPI data 289
EU Taxonomy quantitative disclosures 290
17
18
Agfa
Sustainability
Report
About this report
The 2022 Agfa Sustainability Report is designed to present the Agfa Group’s strat-
egy, business model, governance, risks and opportunities, performance and future
outlook with regards to sustainable development. This report is Agfa’s opportunity
to guide its stakeholders and any external readers in their understanding of the
group’s values, initiatives and overall progress made with regards to sustainability
in 2022.
To ensure a thorough and comprehensive understanding of the Group’s overall

performance, this report should be read in conjunction with the entire 2022 Agfa
Annual Report.
The information and data contained in this report cover the period from January 1,
2022 to December 31, 2022. Agfa publishes its Sustainability Reports on an annual
basis – reports from previous years can be found on www.agfa.com.
This report has been prepared using the Global Reporting Initiative (GRI) stan-
dards as a main guideline of reference.
The UN 2030 Agenda for Sustainable Development and its 17 Sustainable Develop-
ment Goals (SDGs) are used as a reference to highlight important strategic topics
and realizations, as they provide us with an important framework to define and
interlink our priorities and describe our impact. This helps us to define the objec-
tives of our activities, the different implications at operational level, as well as our
exchanges with peers.
This Annual Report complies with European Non-Financial reporting guidelines

(converted into Belgian law of September 3, 2017).
The Agfa-Gevaert Group falls under the scope of the Taxonomy Regulation
(Regulation (EU) 2020/852) and its Delegated Regulation (EU) 2021/2178.
19
Scope of the reported data and reporting process
Unless otherwise stated:

· The quantitative data reported for environmental performance cover all of Agfa’s manufactur-
ing sites and administrative facilities worldwide; sales organizations are excluded from the data
scope. Each manufacturing site is responsible for its own data calculations. A global document
of ‘Definitions and Explanations’ is made available to each site contact point to ensure data are
calculated accordingly. Once a year, the global SH&E department based in Agfa’s head office
collects the sites’ data for consolidation and external reporting using an Excel-based tool. While
the quantitative data always refer to the full scope indicated above, to simplify the reading of
this report we provide descriptive details on the management approach for some of the mate-
rial topics solely for the sites that have the biggest contribution to the overall impact. In these
instances, the scope of the management approach described is clearly stated in the text.
· The quantitative data reported for sections under ‘Focus on our People’ cover all Agfa group
entities, i.e. manufacturing sites worldwide, administrative facilities and sales organiza-
tions. Individuals who have an employment contract with Agfa, including contracts with
a temporary inactive (i.e. suspended) status, are in scope. Outsourced activities, external
consultants, temporary staff hired from employment agencies (or on payroll of the agency)
are excluded from the data scope.
· The quantitative data reported in the section on Diversity, Equality & Inclusion are globally col-
lected by the HR department, using a single source SAP database to centralize the information.
An internal report is generated monthly to monitor changes.
· The quantitative data reported in the section on Health & Safety are gathered by the global
SH&E department based at Agfa’s head office. Each manufacturing site is responsible for its
own data submission to HQ and the format of reporting varies depending on the type of
data reported – more information is provided in the dedicated section.
· The quantitative data reported for the ‘Focus on Sustainable Performance’ section covers all
of Agfa’s manufacturing sites, administrative facilities and sales organizations worldwide.
In order to simplify the reading of this report, we provide descriptive details on the man-
agement approach for some of the material topics solely for the sites having the biggest
contribution to the overall impact.
To share any feedback or questions related to the Agfa Sustainability Report, please visit our
website: www.agfa.com/corporate/contact
Agfa’s approach to sustainability management
“Sustainability is a critical focus for Agfa, as we recognize the importance of

preserving the planet and its natural resources for future generations.
We understand that businesses have a significant impact on the environ-

ment and that we have a responsibility to minimize our ecological footprint.
At Agfa, we are committed to implementing sustainable practices through-
out our operations, including reducing our energy and water consumption,
promoting responsible sourcing and reducing waste.
Our aim is to create value not only for our customers, but also for society as a
whole, by helping to build a more sustainable future.”
Gunther Koch, Agfa Head of Sustainability
20
“I can see the impact of sensitivity to sustainable practices every day - and in everything we
do – whether that be in relation to people, the environment, the way we produce and even
our performance.
I firmly believe that it is our role to be a catalyst for change for a more sustainable world. As
a company operating in the sectors that we do, we certainly don’t have all the answers, but
we want to be part of the solution.
Here at Agfa, we launched our Strategic Transformation Plan for Sustainability in 2020 and
2022 was a year of consolidation. We never took our eye off the ball, recorded some sustain-
ability firsts and continued successes, but also pinpointed areas where more work had to be
done.
2022 was also a year where a slew of new sustainability legislation was introduced. This
presented a challenge, however it was also an invaluable opportunity to assess our sustain-
ability approach on an even deeper level, leading to more specific initiatives with more
concrete results.
Looking ahead, 2023 will be a year where we will progress at an even faster rate than before.
Crucial to our success in terms of sustainability will be, I believe, our relationships with both
internal and external stakeholders. Not only do each and every one of us have a part to play
within the company, but our external stakeholders will be just as important, whether that be
as partners, surveyors, or suppliers throughout our value chain.”
Justine Ciret, Agfa Sustainability Manager
HIGHLIGHTS 2022
We have been committed to sustainability

· Our Group Sustainability Management Policy has been published.
· Gunther Koch, CHRO & EMT member, has been appointed as new Head of Sustainability.
· Our Global Variable Bonus Plan has been linked to the achievement of ESG objectives for
senior leaders.
We have increased sustainability awareness

· We have launched a global Diversity, Equality and Inclusion (DEI) Council along with three Employee
Resource Groups to enhance our DEI strategy.
· A sustainability section has been added to our corporate website.
· Our CEO, Pascal Juéry, has presented our sustainability vision, actions and progress to Agfa employees
at each Infotours (internal quarterly business updates) and at AgfaPolis, a HealthCare IT event in
Ghent, Belgium.
Our effort has been recognized

· Agfa’s sustainability performance has been awarded with an EcoVadis bronze medal.
· We have reached 1,000,000 hours without accident at the Suzano plant, in Brazil.
· Agfa’s ZIRFON green hydrogen membrane has been awarded the essenscia Innovation Award 2022.

-10%
Total waste volume in 2022
compared to 2021
91.2%
waste diverted from disposal
CO2 emissions (Scope 1 & 2)

dropped to
128.9 (ktons/year)
VOC emissions decreased to
35.4 tons per year
28.1%
of the total amount of
aluminum used for the
production of printing
plates was recycled
22
Focus on
our Planet
Our ambition
We believe that a thriving society is one based on a thriving natural ecosystem.
Sustainability is a journey that will span over decades, yet climate change re-
quires immediate action. As a manufacturing company, we acknowledge that our
operations have a significant impact on the environment. Therefore, in order to
contribute to counter-balancing this global challenge, Agfa supports the global
objectives set by the Paris Agreement.
At Agfa, we are committed to continuously improving the balance between our

environmental impact and our economic performance in our own operations.
Equally importantly, we are committed to marketing sustainable products and
solutions that enable our customers to contribute to the same objectives. New
Agfa products are thus designed, developed and manufactured so that production,
storage, transport, use, but also end-of-life waste management, have minimal
impact on the environment based on our ‘no sustainability throwback’ principle.
We also make sure to serve markets that are key for the net-zero transition, such as
the clean energy market, and strive to promote digital solutions that offer a more
efficient use of resources and produce less waste than analog equivalents.
The fight against climate change requires commitment and cooperation on many
fronts: proactive compliance with EU, local and national policies, voluntary mea-
sures tailored to our organization and the societal behavioral change needed to sup-
port such objectives. Climate action is and will be one of the main points of attention
in our future plans, both in terms of reducing our operational impact and delivering
increasingly better solutions to the market.
Our policies
Our values are reflected in the Group’s Code of Conduct (CoC). To support the trans-
lation of the CoC into clear day-to-day processes, we rely on a series of policies and
corporate guidelines, both at global and local level.
Our Corporate Sustainability Management Policy and our Safety, Health & Environ-
ment Policy are the main references driving the processes addressed in this chapter.
Due to the nature of these topics, their management and focus are defined and coor-
dinated at local level, both upon the basis of specific local and national legal require-
ments, and on the type of operations carried out at each plant. More details are given
throughout the chapter.
23
2022 at Agfa
in a snapshot
While sustainability was traditionally addressed at team and divisional level, since 2020 we
have focused on building an overall corporate sustainability approach to frame and coordi-
nate projects, resources and target setting between different geographies and departments.
In 2022, we consolidated our efforts to serve our ambition and translated them into concrete
actions and bold plans for the future. We also continued to invest resources to reduce our
operational footprint (both in terms of energy use and CO2 emissions), increase materials
circularity and reduce waste generation.
While we are nowhere near the end of the journey, some improvements are already visible
in many of these areas compared to 2015, the year in which the Paris Agreement was signed.
Beneath is a summary of the main achievements of 2022, showing the results of our contin-
uous commitment to the highest operational standards. The reported Key Performance In-
dicators must be interpreted in line with our worldwide volume by weight of manufactured
products which, compared to 2021, decreased by 12.1%.
Production volumes (tons/year)

219,043
218,444
190,671
172,884
167,800
167,799
150,164
124,167
118,148
109,191
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to 2021, our film manufacturing plants decreased production volumes by 11.4%
(total by weight), driven by a 15.1% decrease in the production of chemicals (including
developing fluids) and an approximately 7.7% decrease in (PET) film production itself. The
decrease in (PET) film production is a trend that has been continuing over the past years due
to overall reduction of market demand.
Our global production of printing plates decreased by 12.8% in 2022 compared to the
previous year.
Production volume by weight for equipment decreased by 3% in 2022. In terms of

numbers, this includes approximately 775 units produced for graphics applications (in
Cambridge, Manerbio and Mississauga sites) and approximately 19,970 units for medical
applications (in Munich, Peiting, Peissenberg and Wuxi sites).
24 FOCUS ON OUR PLANET

Agfa supporting
local biodiversity
In September 2002, the Fund for the Conservation of
Birds of Prey (F.I.R.) placed a peregrine falcon nest box
on the 70-meter high ‘GEVAERT’ factory chimney of
our Mortsel plant in Belgium. Since then, the beacon
for everyone who visits our headquarters is now also
a home for a peregrine falcon couple. In 2022, for the
16th year in a row, the couple came back to its nest
and mom and dad took turns brooding their four eggs.
Every Spring, the livestream of their return can be
watched on our website:
www.agfa.be/slechtvalken.
This project is carried out with the support and

cooperation of the local city of Mortsel, Natuurpunt
Land van Reyen (an independent voluntary association
that ensures the protection of vulnerable and
endangered nature in Flanders)
and Vogelbescherming (a Belgian nature
conservation organization).
25
1. Resource scarcity and efficiency (raw materials)
Relevance and boundaries
Reducing the use of raw materials, especially for non-renewable resources, is an essential
step in achieving a circular economy. At Agfa, we do this by designing out waste and pollu-
tion, i.e. ensuring efficient use of the primary raw materials used as input in our operations
and keeping products and materials in use by maximizing the recycling and reuse of any
leakage and/or of any secondary material. The focus of this section of the report is on the
recycling of raw materials.
Our management approach
Due to the relevance of our materials efficiency optimization process, we formally appoint-
ed one of our managers in our Belgium HQ to more efficiently coordinate our project pro-
posal process so as to better contribute to circular economy.
Raw materials efficiency and recycling is coordinated at local level however and is normal-
ly material-stream specific. Each production line is in charge of mapping the mass balance
between its inputs and outputs and identifies opportunities for improvement. Production
managers are continuously scouting for new ideas and best available technologies are im-
plemented wherever possible to ensure the highest standards in managing material flows,
e.g. reducing losses, increasing output for unit of material input, etc.
More details are provided below for the streams of some key materials:
Aluminum
Aluminum has been an essential material for us, both for its intrinsic value to Offset Solu-
tions products, but also for the environmental impacts of its production, e.g. a very high
energy demand. To confirm that, in 2022, the European Commission included bauxite (the
precursor of aluminum) to its list of 30 materials that are essential to the functioning and
integrity of a series of industries and, at the same time, have a high supply risk.
We aim to raise the bar for the sustainable use of aluminum therefore and increase its use
efficiency by:
· Implementing a circular supply chain model for our printing plates (from plate to plate);
· Recycling and preventing landfilling via secondary applications for scraps (from plate to
secondary use).
Plastic
In the case of plastics, the urgency for action is even greater because, in many cases, exist-
ing infrastructure is not able to provide adequate collection and treatment for the materials
placed on the market. This is why on the one hand we are committed to contributing to the
development of new technologies and partnerships for transforming waste into value and,
on the other, we are striving to participate in the creation of a market for secondary raw ma-
terials by incorporating recycled content into our own product portfolio.
Agfa is a leading company in the manufacture of polyester for photographic film applica-
tions. Polyester waste from the film production process, or used polyester coming back from
our customers, is recycled in the form of shreds and reused in our production process. Our
film consists of 60% new PET material and 40% recycled PET.

Here are some examples of multi-year projects we participate in with the view of contribut-
ing to turning plastic into value:
· Plastics to Precious Chemicals (P2PC) – a program to obtain precious chemicals that can
compete with virgin oil-based or agro-based chemicals. This Flemish government funded
project (VLAIO) involves the collaboration of a consortium of two SME’s, three industrial
partners and two academic partners to evaluate the use fractions of pyrolysis oil originat-
ing from plastic waste as a feedstock for the chemical industry;
· PET2VALUE for the upcycling of PET for use in high value applications via supply chain
collaboration between Agfa-Gevaert NV, Centexbel, Luxilon, Tenco and BCF, UGent and
the VUB. Partners will use PET-waste from Agfa’s inhouse film processing and upcycle it
into material that can be used to produce tennis racket strings and 3D printed bike parts,
e.g. handlebars with comparable mechanical properties to the actual materials made of
virgin polymers.
Operation Clean Sweep® for

ZERO PELLET LOSS
Operation Clean Sweep® (OCS) is an international product stewardship
program aimed at helping every plastic resin handling operation implement
good housekeeping and pellet containment practices to work towards achieving
zero pellet loss in the environment. Plastic pellets are produced, stored and
transported in large volumes, so both the manufacturing industry and transport
sector actors have a key role to play in supporting this initiative. Companies
that sign this program’s pledge are committed to implementing measures such
as preventive and corrective actions against spills, employee training
and accountability for spill prevention, containment, clean-up and disposal,
performance monitoring, compliance with all applicable regulations governing
pellet containment, etc.
Since 2018, Agfa has been supporting the initiative and mainly participates
by controlling the spread of PET dust. We have set up specific actions in our
finishing processes to prevent the loss of plastic chips, grains and dust.
For instance lighting in the waste collection room has been optimized,
chips from cutting lines are now transported in closed instead of open
containers and we prevent packaging breakage in transport pipes and sleeves.
In addition, we have worked with the SGS company to carry out an inventory
of potential emission points to define where strict measuring is needed.
In light of the above, we have set up prevention and awareness raising

programs among employees by including relevant information in our regular
information tours and planning observation rounds on this topic,
as well as writing articles in our internal magazine and hanging posters
and banners around the plant. Employees are also instructed to report any
finding to a dedicated team.

Renewable raw materials
The use of renewable feed stock instead of fossil based raw materials is something that is
on the radar of our Research & Development efforts. The likelihood of using such materials
depends on the possibility of maintaining the same technical performance and ensuring
the economic viability of the final products. Limitation also resides in the fact that it must
be considered in view of the whole product life cycle to avoid that the initial substitution
of material by renewable ones does not generate a negative outcome at a later stage of the
life cycle.
An example of our actions related to renewable raw materials is the Tune2Bio project, a gov-
ernment funded project (VLAIO) that seeks to develop the knowledge and expertise need-
ed to tune the biodegradability of (bio)polyesters for more sustainable plastic applications.
With the support of Centexbel and KU Leuven, Agfa, together with Oleon, Sioen and Bio-
4plastics, are working on film-based products and processes to reach proof of concept for
new and more sustainable products.
Silver
We produce silver-based light sensitive films for imaging products that serve for many appli-
cations. Silver halide technology is key in X-ray technology and other medical applications
and is also used to test materials for their safety in a non-destructive way, e.g. pipelines, cars,
airplanes, etc. The captured X-ray images are recorded on light sensitive films for diagnosis,
consultation and archiving.
Thanks to its low contact resistance and high electrical and thermal conductivity, silver is
also used in complex Printed Circuit Boards (PCBs) that control all electronic devices. Silver
is therefore an essential material to our business and we make efforts to recuperate and recy-
cle it as much as possible. Measures to reduce production losses vary between technological
improvements and the education of operators, whenever necessary.
Our indicators
1. Production volumes (tons/year)

2. Percentage of aluminum recovery (%)
Our 2022 performance and activities
Percentage of aluminum recovery (versus total volume of used aluminum)

In 2022, 28.1% of the total amount of aluminum we used for the production of printing
plates was recovered for recycling, either by implementing a circular supply chain model
for our printing plates (from plate to plate), or by recycling and preventing landfilling via
secondary applications for scraps (from plate to secondary use). This represents the highest
volume of recycled aluminum since our monitoring started.

Percentage of recycled aluminum (versus total volume of used aluminum)
7.8%
8.6%
7.8%
7.6%
8.6%
10.2%
20.3%
18.0%
18.1%
18.1%
15.5%
11.5%
2017 2018 2019 2020 2021 2022
Recovered aluminum by recollection of used plates (from plate to plate)

Prevented landfilling via scraps sales (from plate to secondary use)
We see that the market is clearly moving towards the recycling of aluminum as a secondary
raw material. This can be explained by the complexity of the plate-to-plate model, which is
an implementable solution only if partners in the value chain are geographically close and if
there is a general increase in recycling by customers themselves. In the case of our system, it
is progressively introduced at those customer sites that process sufficient volumes of print-
ing plates and are also organizationally able to enter this system since it requires extensive
collaboration and engagement across the value chain.

2. Circular Economy: Waste management
& product recycling
We believe that Circular Economy, even when resulting from the interlink of numerous
complex processes, can be fundamentally based on three main principles, as explained by
the Ellen MacArthur Foundation:
· Design out waste and pollution;
· Keep products and materials in use;
· Regenerate natural systems.
According to the most recent Circularity Gap Report, the global economy is currently only
7.2% circular. Considering that this percentage shrinks year on year due to rising material
extraction and use, actions to render business circular must be accelerated urgently.
At Agfa, our end goal is the continuous increase of the circularity of materials wherever possible.
This represents a challenge however due to the various types of materials used in our manufac-
turing processes across the world, as well as certain materials that remain in the products that we
place on the market. It can be difficult therefore to recycle within the existing infrastructure and
further minimize production waste without a broader change to the business model.
As an opportunity to address this difficulty, we are glad that in 2021 Agfa was selected by
the Flemish Government for a 1 million Euro grant as part of the strategic ecology support
(STRES) initiative. This grant will partially cover our investment in new twin-screw extrud-
er technology at our site in Mortsel, which will enable us to increase the amount of reused
PET up to 1,250 tons per year, while maintaining a high-quality end product.
Designing out waste is one of the principles that we mainly leverage at Agfa for a successful
circular business strategy. This begins with a thorough mapping of waste sources, careful
process design, followed by iterative production process fine-tuning. When waste streams
occur, we first investigate whether we can prevent the waste generation – if not, we move on
to considering the potential for internal reuse, which would avoid transport, or sell it to third
parties. Incineration for energy recovery and then landfilling are considered as final options.
In this process we usually separate material recycling from energy recovery.
The focus of this section of the report is on waste management. In the absence of national
definitions, the following scope is considered:
· Waste: any subject or object set out in Directive 2006/12/EC, which the holder discards, or
intends to discard, or is required to discard;
· Hazardous waste: waste featuring on the hazardous waste list (Council Decisions 1357/2014
and 2017/997);
· Disposal: any of the operations provided for in Directive 2006/12/EC.
In addition, delivering innovative products and solutions that enable our customers to reduce
their own waste is also one of our focuses, although this falls out of the scope of this chapter.
Waste management is coordinated at local level and each plant is responsible for mapping its
waste generation in all areas of business operations, as well as identifying opportunities for its
reduction. Local site management is responsible for defining the waste policy for their specific
site. The focus of the different policies is defined at local level, both on the basis of specific

local and national legal requirements and on the type of operations carried out at each plant.
All our Belgian sites for example, together responsible for approximately 40% of our overall
waste, thoroughly monitor waste production throughout the year under the responsibility
of the Plant Waste Manager who prepares a detailed report on an annual basis identifying
sources of waste per material and per production line. This report is made available to all
production managers and is used as the basis to define the 20 priority waste streams for
reduction for the following year.
Processes are set up to comply with ISO 14001 guidelines at a minimum. External audits are
conducted in accordance with ISO 14001 requirements for certified sites. Waste manage-
ment audits may also be conducted within the context of the assessment of the environ-
mental management system as a whole, according to local reference standards.
In partnership with different waste processors, possible optimizations of waste routing are
investigated. The waste we provide is continuously sampled and monitored by waste proces-
sors to identify viable ways to recover materials or energy.
Beyond efforts to reduce waste generation at operations level, we expect all our employees
and stakeholders to act in an environmentally conscious manner. We see this as a contin-
uous process of raising awareness and adjusting and improving waste separation. To this
extent, each plant sets up different activities to raise awareness around waste reduction and
energy saving, not only at work, but also in everyday life outside the company.
Our indicators
1. Total waste volume (tons/year)

2. Specific waste volume (kg/ton of product)
3. Share of hazardous and non-hazardous waste (%)
4. Waste directed to disposal (%)
a. Incineration (without energy recovery)
b. Incineration (with energy recovery)
c. Landfill
5. Waste diverted from disposal (%)
a. Recycling
b. Physical-chemical treatment
c. Value recovery
In 2022, our total volume of generated waste decreased by 10.3%. The specific waste volume
remained almost at the same level as last year with a slight increase (2.0%).
Waste volumes
213.2 217.6
207.7 209.2
199.9 191.0 192.1
180.2 189.2 187.6
45,497
39,361
38,106
32,713
32,232
32,041
28,164
26,478
24,714
23,759
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total (tons/year) Specific waste volumes (kg/ton of product)

Since 2020, we have recorded an increase of specific waste volume. When analyzing the
waste sources to determine possible corrective actions, we identified that waste is mostly
generated during the start-up and stop phases of production. Unfortunately, within the con-
text of fluctuating market demands, these cycles are difficult to avoid and no possible cor-
rective actions could be implemented to counter the negative impact on specific waste. This
reduction of (specific) waste volumes will remain a point of attention in the coming years.
In parallel, we managed to further reduce the percentage of hazardous waste by 13%, main-
taining a ratio of 4:1. In this context, we will continue to optimize and collaborate with
waste processors so that the ratio between non-hazardous and hazardous waste will con-
tinue to improve.
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Landfill 4,103 4,214 3,586 3,462 2,669 2,910 362 295 163 206
Incineration 217 327 227 127 782 527 328 277 212 171
Recycling 37,220 30,879 29,939 24,603 24,398 24,293 22,815 20,231 22,045 19,317
Energy recovery 1,257 1,173 1,438 1,188 1,057 1,336 1,583 1,387 1,662 1,708
Physico-chemical treatment 431 187 119 192 262 146 180 71 122 56
Valorization 2,270 2,581 2,796 3,141 2,874 3,020 2,895 2,453 2,275 2,301
TOTAL
45,497 39,361 38,106 32,713 32,041 32,232 28,164 24,714 26,478 23,759
(tons/year)
Non-hazardous 75% 76% 75% 86% 86% 85% 76% 74% 78% 81%
Hazardous 25% 24% 25% 14% 14% 15% 24% 26% 22% 19%
Regarding the destination of generated waste, we also managed to maintain in 2022 a very
high level (91.2%) of waste that could be beneficially reused instead of going to landfill. The
share of waste that ultimately remains ‘waste’ and is directed to landfill is still a very small
fraction (0.9%) of the total volume of waste, but it has increased in 2022 as a result of a multi-
year plan set for Belgian plants to remove asbestos-containing materials on roofs.
These results reflect our continuous commitment to design out waste from our processes.
Our commitment translates into a constant high level of awareness and continuous imple-
mentation of small improvements within production to improve processes efficiency.
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Waste directed
12.3% 14.5% 12.8% 14.6% 14.1% 14.8% 8.1% 7.9% 7.7% 8.8%
to disposal (%)
Waste diverted
87.7% 85.5% 86.2% 85.4% 85.9% 85.2% 91.9% 92.1% 92.3% 91.2%
to disposal (%)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Benificial use
90.5% 88.5% 90.0% 89.0% 89.2% 89.3% 97.6% 97.7% 98.6% 98.4%
of waste (%)
Proportion waste
9.0% 10.7% 9.4% 10.6% 8.3% 9.0% 1.3% 1.2% 0.6% 0.9%
in landfill (%)

3. Water and waste water
Water is a scarce resource. Access to fresh water is essential for human life and is a basic
human right, as recognized by the United Nations. This is why we are fully committed to
minimizing our water-related impacts and prioritizing actions in areas that are part of water-
stressed regions.
As a manufacturing company, we use water as process and product water for both sanitary
purposes and cooling. We strive to firstly minimize the amount of water used, then reduce
the water discharged and its pollutant load as much as possible.
Water management is coordinated at local level and each plant is responsible for mapping
its water use in all areas of business operations, as well as identifying opportunities for water
consumption optimization, leakage prevention, evaporation loss and pollutants load reduc-
tion. Local site management is responsible for defining a specific water policy for their site.
The focus of the different policies is defined at local level, both upon the basis of the spe-
cific local and national legal requirements and on the type of operations carried out at each
plant. The profile of the receiving water body is always considered during negotiations with
licensing authorities.
All our Belgian sites – together responsible for a large proportion of the overall water con-
sumption of the Group – plan several measurements per month, carried out by an accredited
laboratory. Monthly consumption is monitored by the responsible department to identify
evolutions or anomalies. In addition to internal monitoring, external audits are conducted
in accordance with ISO 14001 requirements for those sites that are certified.
Water use is mostly driven by process and cooling water as the two most relevant use cat-
egories in our processes. Waste water is always pre-treated onsite before discharge to the
municipal Waste Water Treatment Plant (WWTP) to reduce the pollution load. The reuse
of waste water directly in our operations before discharge to the WWTP is encouraged as far
as technologically possible.
Beyond efforts to optimize water use at operations level, we expect all our employees and
stakeholders to act in an environmentally conscious manner.
Our indicators
1. Total water consumption (1,000 m³/year)

2. Specific water consumption (m³/ton of product)
3. Total waste water (m³/year)
4. Specific waste water volume (m³/ton of product)
5. Waste water reuse in Mortsel, Belgium (% total water consumption)
6. Waste water pollutant load (tons per year)

Water consumption
Total water consumption increased by 14% in 2022, mainly driven by higher water consump-
tion at our Mortsel site in Belgium. This exceptionally high water consumption can be ex-
plained by a combination of reasons, namely:
· The extra need for distilled water for which our Water-As-A-Service (WAAS) installation
generated 5% more loss of input than before (concentrate flow vs. ionization);
· The extra evaporation due to the exceptionally warm weather conditions in 2022 and low-
er thickening due to a copper corrosion problem;
· The cessation of biological water purification system use in 2022 (50,000 m³ of reused
water had to be replaced by city water).
Specific water consumption also increased by 29.7% compared to 2021 and now amounts to
33.3 m³ per ton of product produced.
The trend in reduction of absolute amounts of water used in processes that exclude cooling
continued to decrease by 0.4% in 2022 compared to 2021, although the associated specific
value increased by 13.3% to 11.2 m³ per ton of product produced. Cooling water remains an
important source of water consumption and we continue to look for solutions to reduce it.
While overall performance leaves space for further improvement, especially regarding the
optimization of amounts of water used for cooling, our continued efforts to optimize the
production processes allowed us to maintain specific process water consumption at the
same level reaching 3.7 m³ per ton of product produced.
33.3
30.6 30.7 31.3
29.8
29.4
26.4 25.6
25.2 25.2
5,783
5,610
5,503
5,295
4,996
5,148
4,705
12.7 11.9 12.5 12.5 12.0

11.6 11.2
10.6 10.9 9.9
2,974
3,631
3,184
2,792
2,603
2,384
2,163
2,015
1,946
1,591
1,285
1,227
1,223
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total consumption (1,000 m /year) 3
Specific consumption (m /ton of product)
3
Excl. cooling water (1,000 m3/year) Specific excl. cooling water (m3/ton of product)
As an example of our efforts to improve water management, in 2022 a new production line
for ultra-pure water was set up allowing us to save 300 tons of chemical waste (sodium hy-
droxide and hydrochloric acid) and optimize the reuse of water concentrate.

Agfa Westerlo (Heultje) in Belgium has also continued to work with Hertecant Flanges and
Magazijnen Hendrickx, two companies from the neighborhood, to prepare the building of a
large basin to collect rainwater. Agfa and Hertecant Flanges will be able to use the collected
water for their production needs as of 2024.
Waste water volumes

Total volume of waste water decreased slightly in 2022 by 1.4%, whereas specific waste water
volume increased by 12.1% and resulted in 9.87 m³ per ton of product produced.
2,649,374
2,537,258
2,298,754
1,939,076
1,810,981
1,700,664
12.10 1,342,577 1,092,343 1,077,207

12.06 1,077,783
11.62 11.22 10.79
10.14 9.87
9.12
8.94 8.80
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total amount of waste water (m³/year) Specific volumes (m³/ton of product)
Up until 2021, we made use of a biological water purification system for waste water at our
head office site in Mortsel, Belgium. This was set up in a way that allowed us to reuse its
effluent as washing or cooling water. We traditionally reused a significant amount of water,
although this decreased in 2020 and 2021 due to the overall reduction of water sent to treat-
ment because of reduced production volumes.
We did not make use of this installation in 2022, as some of its equipment (e.g. pumps)
was reallocated to accelerate the Per- and PolyFluoroAlkyl Substances (PFAS) removal and
avoidance program. Getting our biological water purification system up and running again
would require a large investment, so we are currently assessing whether it is relevant to
do so, or whether it would not be more ecologically beneficial to act on the root cause in-
stead by investing in ways to prevent the use of water in our manufacturing and Research &
Development processes.
27.4%
21.5%
20.3%
19.5%
19.3%
23.3%
15.8%
11.7%
11.5%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Recycled effluent water HQ

3.7
3.1 3.0
2.8 2.7 2.7
2.5
2.8 2.1
2.6 2.6 1.7 1.8
2.5 2.4
2.1 2.0
1.7
1.5
1.3
703.9
675.1
601.4
511.7
461.2
459.5
372.1
251.7
207.3
195.2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total waste water load (tons/year) Specific waste water load (kg/ton of product)
Specific waste water load excl. Alu (kg/ton of product)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
COD 524.1 473.1 491.3 462.9 322.7 373.4 347.4 255.4 177.8 155.1 150.3
N 17.8 20.4 17.9 15.7 9.5 9.5 12.1 10.7 10.0 9.8 10.5
P 97.0 66.5 56.4 54.2 38.1 37.3 34.4 34.4 10.9 1.6 1.0
AOX 0.9 0.5 0.4 0.3 0.3 0.3 0.3 0.2 0.1 0.2 0.1
Heavy metals exl. Al 0.5 0.5 0.3 0.4 0.4 0.2 0.3 0.2 0.1 0.1 0.1
Aluminum 77.5 114.2 34.9 170.4 88.5 40.5 117.2 71.2 52.8 79.4 33.2
Total waste water load (tons/year) 717.8 675.1 601.4 703.9 459.5 461.2 511.7 372.1 251.7 246.2 195.2
In parallel, we continue to use other water purification systems and these continue to deliver
positive results, with trends going in the right direction for several years in a row. Waste
water pollution load decreased by 5.8% in 2022. The specific pollution load excluding alumi-
num increased by 10.5% in 2022, which still corresponds to a low value of 1.5 kg per ton of
product produced and confirms the optimization of the water treatment.
The residual COD value further decreased in 2022 by 3.1% to 150.3 tons per year, which is
again the lowest value ever. The other values maintain its low figure.
We are proud to see that the performance trends and specific results achieved reflect our
efforts and commitment with regards to efficient water management. This is a point of con-
tinuous attention for us and several optimization measures are put in place every year.

Our commitment for the future on Circular Economy
We strongly believe that Circular Economy will have an increasing role to play in the future
as one of the key process design tools to achieve a sustainable way of doing business. This is
why in the coming years we will continue in our commitment to improve our performance
around three main areas:
1. Maximize resource efficiency at all our sites;
2. Increase the amount of post-industrial recycling of our materials;
3. Increase partnerships with our customers and third parties to identify cooperative
business models.
In addition to new technical implementations, we also plan to strengthen training and

awareness raising activities around key issues.
Since 2021, we have been assessing the possibility of setting global targets on specific KPIs
defined so far. While we considered it premature to set these targets we have, in part thanks
to a more focused exchange with our stakeholders, identified certain priority areas for action
such as PET, packaging and the possibility of increasing the use of bio-based materials.
Even if outside the scope of this chapter, we also focus on delivering innovative products
and solutions that enable our customers to increase their own circularity (for more details
refer to our section on ‘Sustainable Business Solutions’) and this will certainly remain a high
priority on our agenda.

4. Energy usage
We fully support global commitment to the Paris Agreement, which means we fully support
sustainable energy consumption and believe that every organization should contribute to
more efficient energy use.
The reporting scope for this annual report covers primary energy, i.e. natural gas, fuel oil,
etc., and secondary energy, i.e. purchased electricity and steam. Energy consumption related
to local site fleets is not included in the indicators listed beneath.
Even if outside the scope of this chapter, energy efficiency is also an important decision
criterion when evaluating and purchasing products and services. Moreover, we also focus
on delivering innovative products and solutions that enable our customers to reduce their
own energy consumption.
Energy management is coordinated at local level and each plant is responsible for mapping
its energy uses in all areas of business operations and identifying opportunities for reducing
such energy consumption. Local site management is responsible for defining the specific
energy policy for their site. The focus of the different policies is defined at local level, both
upon the basis of specific local and national legal requirements and on the type of opera-
tions carried out at each plant.
To ensure the highest efficiency in energy use, our sites in Suzano, Wiesbaden and Wuxi are
certified ISO 50001, a standard that provides us with a framework to continually improve
energy management.
More details are provided regarding the management approach for Belgium, whose sites
produce approximately 37% of our total production volumes and, as such, are among those
driving the figures for our overall energy use.
Our Belgian facilities comply with the National Energy Policy Agreement (EBO). The Bel-
gian government runs an energy audit on the plants every four years to assess the potential
for projects to increase energy efficiency. The EBO sets applicability criteria defining thresh-
olds for primary energy use and an EBO report is prepared annually.
Moreover, an Energy Management Team is in charge of monitoring and planning projects

that can improve overall energy efficiency, be it by reducing leakages from buildings, up-
grading machinery, purchasing electricity, etc. This team reports directly to the Production
Plant Manager who supervises overall production performance for Belgium.
Beyond technical machineries maintenance, employees are regularly trained to ensure effi-
ciency in operations. All works on machinery are carried out by recognized technicians and
every leak is reported to the government through a logbook system.
Beyond efforts to reduce energy consumption at operations level, we expect our employees
to act in an energy-conscious manner and we set measures to minimize our overall impact,
e.g. shutting down heating in empty buildings during holidays, hybrid work and optimized
office occupation, etc.

Our Make the Switch! campaign was also launched in 2022, using visuals and online training
to provide some tips to save energy in the workplace (and at home) and foster small behav-
ioral changes that can yield significant energy savings.
Our indicators
1. Total energy consumption (TJ/year)

2. Energy consumption of primary energy (TJ/year)
3. Energy consumption of secondary energy (TJ/year)
4. Specific energy consumption (GJ/ton of product)
Energy consumption
Total energy consumption (primary and secondary together) continued to decrease by 5.3%
in 2022 compared to 2021. This decrease is the result of ongoing analysis, monitoring and
optimization of energy efficiency and is mostly driven by a reduction in the use of natural
gas and electricity.
Specific energy consumption however increased by 7.7% to 18.4 GJ per ton of produced prod-
uct. This value remains higher than in past years however due to changes in the frequency of
production as start-up/stop phases of production campaigns are proportionally responsible
for a higher share of energy consumption.
3,367
3,293
3,040 2,753
2,812 2,733 18.1
962 2,404 17.1 18.4
1,011 835 16.4
930 804 16.0
15.4 2,133 2,124 2,012
15.0 869
15.9 16.3 16.3 661
869 558 564 526
2,282 2,405 2,111 1,977 1,884 1,929 1,743 1,575 1,561 1,487
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Energy consumption (TJ/year) Specific consumption (GJ/ton of product)

Primary energy (TJ/year) Secondary energy (TJ/year)
The consumption level of both primary and secondary energy decreased in 2022, respec-
tively by 4.7% and 6.8%, showing the positive impact of the improvement measures taken
in 2022 as we continued to invest in reducing our energy consumption and improving its
use efficiency.
For example, to supplement the Combined Heat and Power (CHP) units, green electricity
is generated by the solar panels installed at our Mortsel site in Belgium. In Wiesbaden, the
steam is now extracted from the business parks central supply allowing for higher efficiency
of this installation.
Overall, further sub-optimizations of existing installations continue to be a point of effort

to continuously improve the efficiency of our installations and tailor them to specific needs
and requirements. In 2022 for instance, we enabled the use of residual heat from Combined

Heat and Power (CHP) in the heating process of our polyester line for drying purposes so
that 1,600 tons of CO2 can be effectively saved as of 2023. A project for redirecting VOC ex-
haust from active coal installation to thermal oxidizer was also implemented in 2022 to get
730 tons less CO2 emitted from 2023.
A Flemish heat-net thanks

to Agfa’s residual heat!
Beyond optimizing our in-house processes, another way to maximize the
efficient use of energy is to join forces with others. ‘Warmte Verzilverd’ is a
project in Flanders with direct citizen participation, aimed at using
industrial residual heat to provide homes with heating. The residual heat
from our Mortsel site supplies the central heating and sanitary needs of
more than 300 households. The project is funded with direct citizen
participation and financially supported by the Flemish government.
Agfa-Gevaert Heat transfer House A House B Apartment

Heat source station complex A
Residual heat Heated water
Cooled water

5. Greenhouse gas (GHG) emissions
At Agfa, we fully support the need for urgent climate action and the objectives set by the
Paris Agreement. To contribute to this global call for action, we are strongly committed to
continuously improving the environmental performance of our own operations and, equal-
ly importantly, to placing sustainable products and systems on the market that help our own
customers contribute to the same objectives.
We understand GHGs as those set out by the United Nations Kyoto Protocol.
The data reported covers sites under the operational control of Agfa, i.e. Agfa manufactur-
ing sites and administrative facilities worldwide. Sales organizations are excluded from
the data scope.
The reporting scope of the data in this annual report covers:

· Direct (Scope 1) emissions from:
· Generation of electricity, heating, cooling and steam;
· Physical or chemical processing;
· Fugitive emissions.
· Indirect (Scope 2) emissions from:
· Generation of purchased electricity, heating, cooling and steam.
Direct (Scope 1) emissions coming from the transportation of materials, products, waste,
workers and passengers are not in scope. Other indirect (Scope 3) emissions are not in
scope for the time being. The data reported refers to CO2 equivalents generated from the
activities’ scope indicated above. Other GHGs emissions, e.g. CH4, PFCs, NF3, are not in
scope of the calculations.
Although it is out of the scope for this chapter, GHG emissions are also an important de-
cision criterion when evaluating and purchasing products and services. Moreover, we also
focus on delivering innovative products and solutions that enable our customers to reduce
their own GHG emissions.
The management of GHG emissions is coordinated at local level and each plant is responsi-
ble for mapping its emissions in all areas of business operations and identifying opportuni-
ties for reducing them. While the general drive is certainly to ensure that highest standards
for emissions management are in place, local site management is responsible for defining
the specific policy for the site. The focus of the different policies is defined at local level,
both upon the basis of specific local and national legal requirements and on the type of op-
erations carried out at each plant.
Direct (Scope 1) GHG emissions are calculated as tons of CO2 equivalents by multiplying the
fuel amounts with corresponding emission factors. The conversion factors used for natural
gas, liquid fuel and coal are those recommended by CEFIC. Regarding the calculations for
indirect Energy emissions (Scope 2), the conversion factor used depends on the site.
More details are provided regarding the management approach for Belgium, whose sites
produce approximately 37% of our total production volumes and, as such, are among those
driving the figures for our overall GHG emissions.

In addition to the provisions from the National Energy Policy Agreement (EBO), our Bel-
gian sites comply with the caps set by the European Emission Trading System (ETS). On
this basis, we annually report our GHG emissions data to the government by the end of
March. As of 2020, due to optimization projects and the implementation of a low tempera-
ture waste heat grid, the Belgian site of Heultje is no longer covered by the ETS scope.
The Energy Management Team is in charge of calculating annual GHG emissions. Regard-
ing the calculations for indirect energy emissions (Scope 2), CO2 conversion factors are
calculated following the recommendations of the Belgian EBO and using the hourly gas
mixture received from our electricity supplier.
Beyond the efforts to reduce GHG at operations level, we set measures to reduce our over-
all impact and therefore also expect our employees to act in an environmentally conscious
manner. Beyond technical machineries maintenance, employees are regularly trained to
ensure efficiency in operations.
Our indicators
1. Total CO2 emissions to air (ktons/year)

2. Direct CO2 emissions (Scope 1) to air (ktons/year)
3. Indirect CO2 emissions (Scope 2) to air (ktons/year)
4. Specific CO2 emissions to air (ktons/product)
CO2 emissions to air

In 2022, both the direct amount of CO2 emissions (Scope 1) and the indirect amount of CO2
emissions (Scope 2) decreased, by 5.8% and 7.5% respectively compared to 2021. This represents
a total decrease of 6.4% of all CO2 emissions associated with the operations of the whole Agfa
group (scopes 1 & 2 together). This positive trend has been present for several years and adds
up to a substantial decrease of our total greenhouse gas emissions (-41% since 2013).
Specific CO2 emissions (Scope 1 and 2 together) remained higher than in past years due to
changes in the frequency of production as start-up/stop phases of production campaigns are
responsible for a proportionally higher share of CO2 emissions.
1,224
1,101 1,109 1,181
1,085 1,084
1,065 1,060
997
930
218.5
203.1 203.0
183.2 182.1 184.7
162.7
97.5 91.4 91.5 144.6 137.7
78.6 79.4 80.1 128.9
63.8
53.7 49.6
45.9
121.0 111.7 111.5 104.7 102.8 104.6 99.0 90.9 88.1 83.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
CO₂ Scope 1 (ktons/year) CO₂ Scope 2 (ktons/year)

Specific CO₂ emissions (Scope 1 & 2) to air kg/ton of product

While we are glad that the absolute impact of our CO2 emissions reflects our commitment to
continuous improvement of our processes, in the coming years we will strive for decoupling
emissions from production so as to also reduce specific emissions.
The reduction of GHG emissions from our own operations is a point of continuous atten-
tion and it is extremely important as a reflection of our company’s commitment towards
fighting climate change. This is why further optimization measures of varying degrees of
impact are put in place every year. As an example of our CO2 reduction projects, 100% of the
bought volume of electricity in Belgium in 2022 came from renewable resources.
We are on the move

In 2022, we continued to look at our impact beyond operations and put a lot
of effort into the electrification of our Belgian car fleet. This Mobility Program
concerns both the vehicles used for on-site staff commuting and employee
company cars. At the end of 2022 in Belgium, (Plug-in Hybrid) Electric Vehicles
already represented 7% of our plant’s fleet.
The program will evolve year on year, strongly backed-up by a new mobility
plan launched in Belgium in 2022, enabling Agfa employees to lease a bike and
extend the range of company cars to Electric Vehicles (EVs) and Plug-in Hybrid
Electric Vehicles (PHEVs). As Agfa wants to fully commit to a greener fleet, cars
with CO2 emissions higher than 120 g/km (WLTP standard) have also been
excluded from this range. This has been welcomed by our employees. At the
end of the 4th quarter of 2022, 95% of ordered company cars were EVs or
PHEVs. Overall, it represents a great addition to the measures to stimulate
carpooling (already implemented for some years), such as fiscal benefits and
the possibility of parking closer to the factory entrance, etc.
This mobility plan has been coupled with necessary infrastructure adaptation,
e.g. installing 32 charging stations in our Belgium car parks in 2022.
An expansion with 99 extra charging points is already foreseen for 2023.

6. Other emissions to air
Although we do not formally identify this topic as material in our materiality matrix, air
emissions going beyond GHGs are normally managed together. These are pollutants with
adverse effects on climate, ecosystems and air quality. Striving to address these emissions is
therefore part of our overall strategy of continuously improving our environmental perfor-
mance and reducing our impacts.
The reporting scope of the data in this annual report covers:

· Ozone-depleting substances;
· NOx (Calculated as NO2);
· SO2;
· Volatile Organic Compounds (VOC);
· Volatile Inorganic Compounds (VIC), e.g. HNO3, HCI, NH3, H4N2, CI2, F2, HF, H2S, HCN.
As for other topics strictly linked to operational performance, the management of emissions
to air is coordinated at local level and each plant is in charge of mapping its emissions in all
areas of business operations and identifying opportunities for their reduction.
Air emissions must be closely monitored to comply with local regulations and emission
limits may apply in some countries for specific compounds, according to local guidelines.
Processes are set up to comply with ISO 14001 guidelines at a minimum.
Our indicators
1. Emissions of ozone-depleting substances (tons CO2 equivalent/year)

2. NOx, SO2, VOC, VIC emissions (tons/year)
3. VOC emissions (tons/year)
4. Specific VOC emissions (kg/ton of product)
Ozone-depleting substances (CO2 tons equivalent/year)

Further to the resolution of an internal defect in a cooling machine at the Mortsel site in
2021, we are glad to confirm that emissions of ozone-depleting substances for 2022 are back
to a normalized value. We will continue to make efforts to further reduce and optimize the
use of installations containing these substances.
Ozone-depleting substances
(CO2 tons equivalent/year)
3,008.1
We only report data starting from 2019 because we
had previously detected some misalignment in the
1,508.5 calculation methodologies between some of our sites.
700.2 731.0 We consider the reported data more representative for
data comparison purposes as they have been calculat-
ed in the same way by all sites.
2019 2020 2021 2022

NOx, SO2, VOC, VIC emissions to air
332.8
276.8 262.7
231.4
214.9
192.0 196.3
133.7 135.2
126.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
NOX 141.6 140.4 137.5 120.3 99.4 99.0 119.0 86.8 93.1 87.9
SO2 23.5 5.1 1.5 1.5 0.8 1.5 2.7 1.1 1.5 0.9
VOC 165.2 129.3 121.8 106.1 112.7 88.8 71.9 43.4 38.2 35.4
VIC 2.5 2.0 1.9 3.5 2.0 2.8 2.8 2.4 2.4 1.7
TOTAL (tons/year) 332.8 276.8 262.7 231.4 214.9 192.0 196.3 133.7 135.2 126.0
VOC emissions to air

Air emissions excluding CO2 decreased in 2022 by 6.9%. This decrease is almost entirely due
to the lower NOx emissions associated with natural gas consumption.
As a result of continuous efforts and optimization of processes, the VOC emissions trend
is in continuous decrease and absolute emissions decreased by 7.4% in 2022. In parallel,
specific VOC emissions maintained a low level of 0.32 kg per ton produced.
We also continue to increase our solvent recovery rate through improved business practic-
es and plant modifications. This is also due to several optimizations made possible by the
automation of solvent balance tracking.
165.2
129.3
0.75 121.8
112.7
0.59 106.1
88.8 71.9
0.64 0.61 0.67
0.53 43.4 38.2
0.48 35.4
0.37 0.32
0.31
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
VOC (tons/year) Specific VOC emisions to air (kg/ton of product)

Our commitment for the future on Climate Action
The commitment towards decoupling GHG emissions and energy use from production vol-
umes is and will continue to be one of the focal points of our work in the coming years.
We will continue to reflect this commitment in our corporate strategy by identifying prior-
ity projects on an annual basis, both in our operations but also in cooperation with partners
along the value chain.
We will also continue to fully support the implementation of the European Green Deal, a
package of policy initiatives aimed at setting the European Union on the path to a green
transition, with the ultimate goal of reaching climate neutrality by 2050. It is surely a key
tool to achieve sustainable development. We consider this of the utmost importance to
drive the entire industry towards more sustainable production and we fully support it both
via all our sectors’ associations and our own processes.
With a vision to gradually become a net-zero organization, we will continually set targets for
ourselves, be that on overall emissions or on specific areas or raw materials use. While some
plans are already very concrete, such as a reinvestment plan in energy production (industrial
heat pump, mechanical vapor compression and electrical boiler) approved for 2023 that will
allow us to further reduce our CO2 emissions significantly in Belgium from 2024 on, others
are still being defined. In those latter areas we have already increased our efforts to trans-
parently exchange with partners that can help us in identifying gaps, defining corrective
actions and improving our overall performance and maturity to enable us to make formal
commitments.
In addition to new technical implementations, we also consider training and aware-

ness-raising around sustainability topics as key to driving behavioral change and support-
ing innovation.

7. Sustainability in the value chain
Nowadays, value chains stretch around the globe and companies cannot solely focus on their
own products and direct processes anymore. It is crucial that business practices conform to
stakeholders’ expectations, not only internally, but also globally across their value chain, to
avoid business and moral disruptions. Controlling the entire value chain is so challenging
that it is impossible to do without considering partnerships as a key tool to drive business
sustainability transformation.
At Agfa, our value chains are extended and diverse due to our variety of products and services
and the multitude of markets we work in. They include the wide range of our suppliers, e.g.
raw materials and packaging suppliers, our distributors, customers and many more. Supply
chain sustainability management is based on detailed supply chain analysis and monitor-
ing, informed risk assessment and a set of policies to deal with partners. These include the
Supplier Sustainability Declaration (SSD), Code of Conduct, Safety Health & Environment
policy, Supplier Performance Standards, etc. One of the horizontal enablers of these process-
es is the exchange of information across the value chain.
This section focuses specifically on the exchange of information with two of our groups of
partners, i.e. customers and suppliers.
The exchange of information across our value chain occurs through multiple channels. At
global level, we mainly use our corporate website, e.g. to make all our products’ Safety Data
Sheets (SDSs) and Annual Report publicly available to disclose progress regarding our sus-
tainability performance. These are complemented by a series of tools that are more or less
relevant depending on the country and/or the specific markets.
Suppliers
Engagement with our suppliers is coordinated by the Agfa Purchasing department follow-
ing specific local and national legal requirements. The Agfa Purchasing team is a corporate
team supporting and servicing all Agfa divisions, although for some regions and depending
on specific business needs, dedicated local staff may be appointed.
Supplier selections are run following a structured qualification and assessment process that
looks into different areas that will be of relevance in future relations, like resource and qual-
ity management. Approved suppliers are then classified according to a tiering system based
on their impact on business profit and continuity for Agfa, but also Agfa end-customers and
on the related supply market complexity and risk level. This classification is then used to de-
fine the frequency of qualification and control processes such as audits or scorecards where
different aspects of supplier performance is included (e.g. health hazard evaluations, num-
ber of complaints, corrective actions taken, etc.).
Moreover, the Agfa Supplier Code of Conduct (CoC) is an important document to back up
our collaboration with suppliers. The Supplier CoC is available on our corporate website, is
included in our core and key suppliers’ contracts and is referred to in all our purchase orders
through our Purchasing Conditions. It requires compliance to the laws of the applicable
legal systems, the maintaining of compliance systems and the suppliers’ capacity to demon-

strate a satisfactory record of compliance with the law and widely accepted forms of fairness
and human decency in their conduct.
Customers
Engagement with our customers is coordinated at local level by each division following spe-
cific local and national legal requirements.
Some programs are set up at regional level, based on the local context and customer interest
in engaging on sustainability specifically. For instance, we have set up GreenWorks in North
America, a customer accreditation scheme that recognizes customers in the graphic com-
munications industry who have demonstrated environmental responsibility and achieved
greener outcomes through the use of technology, products, services and practices.
In 2022, we consolidated our efforts to increase engagement across our supply chain on
sustainability topics, which remained essential for the acceleration of our progress. Con-
solidating and giving higher visibility to the initiatives already implemented or in progress,
both internally and externally, was a necessary first step. We therefore acted to transparently
communicate current strengths, gaps and plans to address these at different levels. More
specifically this means that we:
· Gave internal visibility to sustainability targets, commitments and responsibilities to
make sure all of our teams are on board, e.g. during Infotours (internal quarterly business
updates), internal magazine, Intranet, events etc;
· Increased external visibility, transparency and clarity in our communication towards our
stakeholders by regularly including the sustainability topic in our presentations for analysts
and the press and using the dedicated section on our website to share regular updates;
· Improved our own skillset, e.g. providing training and ad hoc support to teams on sustain-
ability related impacts. In 2022 for example the Agfa Purchasing team followed a training
dedicated to sustainable procurement;
· Answered several customer corporate social responsibility and sustainability question-
naires;
· Rated our current performance via the EcoVadis questionnaire, renewing our bronze medal.
In addition to the rating of our current performance, the outcome of the EcoVadis assess-
ment provided a list of recommendations for potential continuous improvements. As a re-
sult, we reinforced our processes in 2022 in the areas of procurement and communication all
along the supply chain. Our Potential Supplier Assessment (PSA) used for the qualification
of new (potential) suppliers for example, now includes a sustainability score. A process is
also ongoing to define and insert a sustainability KPI in scorecards that should be fully op-
erational in 2023.
All exchanges served as the basis to refine our sustainability strategy and create the next
steps in our journey. The activation of our teams worldwide is translating into a continuous
increase of focus on these topics and a more proactive approach towards addressing them
with customers, peers and stakeholders in general.

Degree of severity of accidents with
minimum one working day lost
-28% compared to 2021
1 task force
set up to further reduce the
number of accidents
32.8%
women share in all new hires of permanent positions
Getting ready for the future of work:
Almost 17 hours per employee training

online (average in 2022)
Our goal? To ensure a safe,

inspiring, diverse and inclusive
work environment, with equal
opportunities to thrive and grow
50
Focus on
our people
Our ambition
Agfa owes its success to its people and builds its future on the competences, passion,
creativity and commitment of all of its teams. People are the engine of everything
we do, therefore providing a safe, caring, inspiring and inclusive work environment
with equal opportunities to thrive and grow is key to progress in a sustainable way.
This is the vision we want to encompass in our corporate culture: promoting our
ability to learn from each other at a company level, listening to our customers and
being market-driven to achieve results. We want to positively impact the health
and well-being of our employees by ensuring supportive working conditions, but
also that of people externally by helping them evolve towards digital solutions,
energy transition and qualitative patient care through our offerings.
Our policies
Our values are reflected in the Group’s Code of Conduct (CoC). To support the
translation of the CoC into clear day-to-day processes, we rely on a series of poli-
cies and corporate guidelines, both at global and local level. In 2022, our Corpora-
te Safety, Health & Environment (SH&E) policy, HR Recruitment policy, Global
Learning & Development policy, Compensation & Job Evaluation policy, have all
been consolidated under our overarching Sustainability Management Policy and
Diversity, Equality & Inclusion policy.
51
We are Agfa
NUMBER OF EMPLOYEES
A total of
6,936
in 2022 or 6,688
full-time equivalents
EMPLOYEES PER CORPORATE FUNCTION ALLOCATION OF EMPLOYEES
(1)
(6) (6)
(2) (6) (1) (1)
(5)
(3) (4)
(5) (2) (2)
(4) (4)
(3) (3)
(1) General & Administration 15.5% (1) Offset Solutions 19.9%

(2) Logistics & Supply chain 3.8% (2) HealthCare IT 17.1%
(3) Manufacturing 31.5% (3) Digital Print & Chemicals 10.1%
(4) Research & Development 12.7% (4) Radiology Solutions 15.2%
(5) Sales 15.1% (5) Executive Management 0.1%
(6) Service 21.4% (6) Support services 37.6%
EMPLOYEES PER REGION
Asia
Oceania
NAFTA Europe Africa
13.6% 65.5% 15.1%
Latin America
52 5.8%
Workforce Management Positions Recruitment
Female Male Female Male Female Male

23.2% 76.8% 21.5% 78.5% 32.8% 67.2%
EMPLOYEES BY AGE GROUP
39.5%
25.4%
16.6%
6.6% 11.5%
0.3% 0.1%
<20 21-30 31-40 41-50 51-60 61-70 70<
AGFA HAS 83 NATIONALITIES - The Top 5 are:
BELGIAN GERMAN AMERICAN CHINESE BRITISH
2,343 756 585 409 331

employees employees employees employees employees
53
2022 at Agfa
in a snapshot
Since 2020, we have been focused on building an overall corporate approach to frame and
coordinate projects, resources and targets between different geographies and departments
and translate them into concrete actions. 2022 has been a year of consolidation, where we
maintained our focus on key topics such as health & safety and learning & development.
This year, a significant part of our effort has also been put into finding ways to better under-
stand our people’s expectations and develop a corporate culture of Diversity, Equality & In-
clusion. This was mainly driven with the creation of a Global Diversity, Equality & Inclusion
Council and three Employee Resource Groups working on gender equality, ethnicity and
collaboration across generations, as well as the launch of the first Agfa-wide engagement
survey as a tool to monitor our company’s culture and well-being.
Almost 70% of the company’s staff participated in the survey, which was already a great en-
gagement marker, and more than 18,500 individual comments were received. It has been an
opportunity to celebrate what we are doing particularly well, while learning where opportu-
nities lie to make things better.
There were some very positive messages in the results, such as the fact that people are, in
general, proud to work for Agfa. Staff feel they can be autonomous, know what they need to
do to carry out their work properly, and can see how their work contributes to Agfa overall.
Also worth celebrating is that we scored quite favorably with regards to diversity, equality
and inclusion.
The general engagement score for the company however, which showed 58% favorability, is
15 percentage points lower than the external benchmark (73%) and therefore there will be
work to be done to listen to concerns and improve. We are therefore taking a deeper dive
into the engagement survey results to implement a two-pronged approach of overall com-
pany-level actions, paired with grass-roots actions within teams to create visible results to
help increase engagement across the company.
Also of note was that engagement varied to quite an important extent depending on site,
country, age, grade and other demographic markers, so this is also something that we will be
looking at in closer detail so as to maximize the impact of remedial actions.
54 focus on our people

1. Employee Well-Being, Human Capital and Learning
& Development
Governance
While details for each process are provided in the sections beneath, the general manage-
ment and key responsibilities for these topics fall under the remit of the Human Resources
department due to its key role in the different stages of engagement with employees.
Several Global and Regional HR Business Partners build, maintain and develop relation-
ships with senior leaders/managers and employees and act as a point of contact for man-
agement, while being involved in important business decisions. Monthly check-ins ensure
thorough follow-up and exchange over the course of the year.
As we have entered into a comprehensive transformation journey, strengthening our Hu-

man Resources expertise is a top priority for the Group to help us put our people at the cen-
ter of our transformation. This is why, since September 2021, our Chief Human Resources
Officer Gunther Koch is also a member of the Executive Management Team.
“The transformation of Agfa is not just about processes and operating models – it’s also
about our people, culture and purpose. It’s about creating an environment where our people
feel they belong, where they can be their best self and be emotionally invested to deliver on
Agfa’s promise to society, customers and shareholders.”
Gunther Koch, Chief Human Resources Officer
Diversity, Equality & Inclusion

We want our company to be a place where diversity of both people and thought is valued
everywhere – a place where we are all able to be ourselves and feel a sense of belonging.
Getting this right will strengthen our performance by bringing us even closer to our people’s
needs, and the needs of our customers.
Diversity at work means employing a workforce that reflects the society in which it exists
and operates. For Agfa, diversity means all the characteristics that make individuals unique,
such as gender, race & ethnicity, age, ways of thinking, education, etc. Inclusion refers to the
culture and work environment set up that makes everyone feel welcome and where diversi-
ty is an element of strength.
Our focus for 2022 was on the way we recruit and develop people, on exploring ways to
foster a more inclusive environment and on making sure our policies and processes always
promote equal opportunity.
We strive to create a work environment that is safe, inspiring and inclusive, with equal op-
portunities to thrive and grow by creating a climate of trust, tolerance and openness. We
believe that diversity, inclusion and integration of such diversity is a key factor to succeed in
this vision. Agfa’s corporate culture further aims to promote an environment where people
are connected to the company and experience a sense of belonging.

Agfa is active in more than 100 countries and has its own production centers, R&D centers
and sales organizations in more than 40 countries. At Agfa, employees representing more
than 80 nationalities with different backgrounds, personalities and visions work together
every day. This diversity enriches the organization as it is the engine of Agfa’s performance,
innovation and overall culture.
Agfa has policies and procedures in place to ensure the implementation of its vision. Since
2003, the Agfa Board of Directors has implemented a policy of equal employment opportu-
nities and it stands behind a zero-discrimination policy in which there is no room for dis-
crimination on the grounds of race, religion, political opinion, color, gender, age, nationality,
disability, or any other legally unacceptable classification. This commitment is part of Agfa’s
Corporate Governance Charter under ‘Appendix A: Code of Conduct’; this document can be
consulted on Agfa’s website: https://www.agfa.com/corporate/investor-relations.
The Corporate Governance Charter and all the main policies and procedures were updated
in 2020. The different parties involved in projects, such as employees and subcontractors,
must get the same attention. The Corporate Governance Charter and the procedures set
out minimum requirements in terms of ethics, non-discrimination and respect for human
rights. A basic principle is to ensure that every person involved in projects is treated with
respect.
It is further detailed in Agfa’s Diversity Charter.
In the Diversity Charter, Agfa commits to the following:

· Apply the non-discrimination principle in all its forms and for all phases of life at Agfa, i.e.
recruitment, promotion, retirement;
· Educate management and employees to enable them to deal with challenges related
to DEI;
· Actively address all kinds of discrimination.
This Charter is fully endorsed by Agfa’s management and, together with social partners, is
fully committed to actively support it. Agfa also expects that all of its employees respect the
rights and individualities of all people.
In addition to the behavior expected from employees, we continue to hold leaders at Agfa
accountable for promoting and bringing to life our commitment to creating a diverse and
inclusive workplace where everyone has a sense of belonging and can be their best and most
authentic selves.
While we continue to raise awareness by rolling out our DEI toolkit and trainings (focusing
on awareness and skills development, unconscious bias, leader and manager capabilities,
etc.) on a company-wide basis, we also have responded to the need to develop a broader,
more articulated DEI strategy and plan. The development of a DEI strategy requires strong
sponsorship from our senior leaders, but we also want to involve, engage and empower all
of our employees to be part of the solution.
For that reason, a Global Diversity, Equality & Inclusion Council was launched in 2022 to
create the global workforce necessary for Agfa’s business success. The Global DEI Council
will drive and ensure that Agfa’s purpose and strategic priorities are thoroughly embedded
into DEI tactics and tie these to broader organizational goals and KPIs. The Global DEI
Council is the accountable body to communicate the value of inclusion, both internally
and externally.

Through its global and cross-functional composition, the Global DEI Council will focus on
gaining a deeper understanding of how the regional business conditions affect and guide
the work of Diversity, Equality & Inclusion. As a result, we will have a platform for shaping
and sharing best practices globally to influence inclusionary actions and behaviors for all
Agfa colleagues. The Global DEI Council will also help to identify and break down outdated
norms and barriers for DEI success.
“Anyone can contribute to a more inclusive workplace. Our ERG provides a collective voice
for the concerns of any colleague about issues that impact their identity group in the work-
place, and we aim to help resolve them. There is always room for improvement, so we will
have a long but interesting and certainly successful journey ahead of us.”
Vincent Valenteyn, ERG Lead EMBRACE
This Global Council has been strongly connected to the setup in 2022 of Employee Resource
Groups (ERGs) covering different areas of diversity:
· EMBRACE – a group working together to create a culture of open access to maximize

inclusivity for ethnically diverse employees, building strong employee relationship, and
connecting people in an environment that will recognize that each person has different
circumstances and provide them the exact resources and opportunities needed to maxi-
mize and reach their full potential.
· Equal Gender Opportunity (EGO) – a group working together to accelerate the personal
development and professional advancement of women and men through transforma-
tional learning and leadership opportunities and experiences.
· Generations Working Together (GWT) – a group working together to ensure employ-

ees of different age groups feel supported in their career stage and are open to creating
an inspiring learning environment to poise Agfa and its employees with knowledge and
capabilities for future success.
These ERGs are a key part of what we do and how we operate at Agfa. Each group has a
very diverse representation of our Agfa divisions, geographies and functions and gets an
active Executive Management Team sponsor to share ideas, views and perspectives. The
goal is to capture the energy and ideas of passionate voluntary members to raise even
more awareness internally.
“Since the announcement of this global initiative here at Agfa, I’ve been identifying and cre-
ating a group of global employees that will work with commitment and diligence to provide
awareness of our current standards and provide solutions to increase gender equity within
our organization.”
LaTonya Phillips, ERG Lead Equal Gender Opportunity (EGO)

“I joined Agfa two years ago and I am still in my twenties. This contrasts with most of my
colleagues who are 50+ and have often spent most of their professional lives at Agfa. This
situation presents unique challenges. I wanted to be part of the ERG initiative and work on
it, finding solutions to keep the longest-serving Agfa colleagues motivated and supported
in a changing environment, to make sure their relevant knowledge and experience will not
be lost, and make Agfa a more attractive and engaging company for new and younger Agfa
employees. Together with our motivated ERG team, I believe we can make Agfa a better
workplace for all generations.”
Tobias Haegens, ERG Lead Generations Working Together (GWT)
The role of Talent Acquisition and HR practitioners is integral to the development of pro-
cesses to close barriers to inclusion. Agfa’s Talent Acquisition and HR professionals therefore
play an important role in attracting, retaining and supporting highly skilled, diverse candi-
dates to meet and exceed organizational goals.
Our target(s)
Our Employee Well-being, Human Capital and Learning & Development indicators:
1. Total % man/woman workforce;
2. % Man/woman per job category;
3. % Man/woman in new hires;
4. Employees by age group;
5. Employees by nationality;
6. Average salary/managerial level.
Since we are committed to diversity and inclusion in its broadest sense, i.e. in terms of cul-
ture, ethnicity, socio-economic status, age, gender etc., related activities are not dealt within
a silo, but are embedded in the different organizational processes described in this chapter.
We also acknowledge that there is currently room for improvement within the organization,
which is why we decided to focus on DEI as one of the main priorities for action in the sus-
tainability roadmap for 2022 and the years to come.
In order to make such a strategy actionable in a broad field, gender diversity and equality has
been one of our key work streams in 2022, based on our defined quantitative targets and a
concrete action plan. For Agfa, this involves recruiting from a gender-balanced pool of can-
didates for every vacancy, keeping the benefits of the already achieved results by increasing
retention and improving the satisfaction of employees, while also fostering diversity within
decision making roles.
In 2022, we continued to use the series of activities in place to reach our targets, fully aware
that quantitative results would only be visible over time due to the nature of the topic. These
activities are organized around five pillars:

EMBED
Focused on the translation of gender diversity objectives at corporate level into team objec-
tives, bolstered with regular progress reporting. Dialogue with the global DEI Council and
the Equal Gender Opportunity ERG will further help to map the progress (to be) done and
influence decisions that will go towards achieving Agfa’s gender representation ambitions.
EMPOWER
Focused on understanding the needs of the current workforce, identifying the gaps faced
by women to have equal access to positions and providing the right tools and training
internally to address these topics.
ATTRACT
Focused on ensuring that our vacancies get adequate visibility to a broad set of candidates
by using non-stereotyped wording, as well as diverse promotional material and platforms
for publication. Ensuring that our career webpage portrays diverse testimonials of our cur-
rent employees.
SPONSOR
Focused on engaging at local level to develop future talents, e.g. working with schools and
supporting STEM (Science, Technology, Engineering and Mathematics) initiatives.
SHARE
Focused on increasing the visibility of these topics both internally and externally, e.g. creating
dedicated communication material for our social networks and giving visibility to this topic in
our corporate newsletter. The vision, actions and progress on sustainability topics has there-
fore been presented to Agfa employees at each Infotour (internal quarterly business updates)
and other events such as AgfaPolis (a HealthCare IT event in Ghent, Belgium) in 2022.
Since 2015, the composition of the Board of Directors (BoD) complied with legal obligations
relating to gender diversity as provided by the Belgian law of July 28, 2011. Agfa has a recruit-
ment policy focused on diversity, including gender diversity. The legal requirement that at
least one third of the members of the Board of Directors be of the opposite gender is there-
fore met. More information regarding diversity for the BoD can be found in the Corporate
Governance Statement.
Beneath is a summary of our global 2022 performance for the workforce as a whole. For the
purpose of reporting on DEI, Executive Management functions are divided into two cate-
gories. The channels to reach, retain, and motivate these two categories are different and,
therefore, it is more practical to monitor our performance separately to understand the im-
pact of our activities.

2018 2019 2020 2021 2022
Headcount/management level
Female Male Female Male Female Male Female Male Female Male
Employee 24% 76% 25% 75% 24% 76% 24% 76% 23% 77%
Manager 21% 79% 22% 78% 22% 78% 23% 77% 23% 77%
Middle Manager 15% 85% 15% 85% 16% 84% 17% 83% 18% 82%
Executive Manager (Level 2) 9% 91% 9% 91% 10% 90% 10% 90% 12% 88%
Executive Manager (Level 1 and 0) 6% 94% 12% 88% 15% 85% 13% 87% 11% 89%
TOTAL 23% 77% 24% 76% 23% 77% 23% 77% 23% 77%
Percentage of female/male employees on recruitment
69.29% 65.72% 66.54% 69.12% 67.16%

72.37%
30.71% 34.28% 33.46% 30.88% 32.84%

27.63%
2017 2018 2019 2020 2021 2022

Female new hires Male new hires
Percentage of new employees by age group
≤20 21-30 31-40 41-50 51-60 61-70 70<
2016 4.36% 33.03% 31.97% 20.29% 8.97% 1.00% 0.00%
2017 5.16% 34.69% 32.57% 16.78% 8.93% 1.25% 0.00%
2018 3.54% 33.79% 31.66% 18.81% 9.77% 1.85% 0.10%
2019 6.85% 36.34% 29.88% 16.98% 8.50% 1.10% 0.32%
2020 2.92% 33.27% 32.68% 18.48% 11.28% 1.36% -
2021 3.33% 36.49% 30.18% 16.84% 10.53% 2.11% 0.53%
2022 1.71% 28.14% 28.57% 22.60% 15.99% 2.99% 0.00%
Our different talent acquisition initiatives helped reach 32.8% female recruitment over the
course of 2022. While this was below our target of 37%, the achievement was unfortunately in
line with the availability of female talents in the markets in which Agfa is actively recruiting.
In 2022, we indeed remained challenged by a combination of reasons. Some barriers are

common to the whole market, considering for example the burden of unpaid care and do-
mestic work, which already fell disproportionately on women before the COVID-19 pan-
demic and further increased during the pandemic, decreasing the global number of women
available on the labor market. Some other challenges are specific to our organization as we
operate in tech & industry where there is a known major shortage of women for this specific
sector, therefore there is not always a choice between male and female candidates at a time
when speed of hire is a crucial requirement.

Our target(s)
With a commitment to working on the different elements as part of a DEI strategy, we fo-
cused on gender parity as the first area around which to set targets. Although we initially
started with a straightforward approach to gradually increase the percentage of women as
share of all new hires in permanent positions and high management positions year on year,
we are in the process of refining our approach to integrate a combination of three elements
in our annual goal setting:
· The population mix of our actual recruitment;
· The external market representation by functional area;
· A pre-defined ambition level for Agfa.
We believe this will allow our target to better reflect the current and future market reality in
Agfa’s core segments and support our long-term gender parity ambition.
Independently, the minimum legal requirement that at least one third of the members of
the Board of Directors be of the under-represented gender will remain a point of attention
when changing or extending its composition.
Remuneration policies and practices

To support our overall commitments regarding Diversity, Equality & Inclusion, we apply
non-discriminatory remuneration. Employing people is a long-term strategic investment
and global organizations continue to experience competition in recruiting and retaining
staff. Agfa considers market conforming remuneration packages as a tool to attract the best
talents on the market.
The remuneration policy in place for our Board of Directors and Executive Management
Team (EMT) is described in our Corporate Governance Charter; criteria are set by the Nomi-
nation and Remuneration Committee. The goal of the policy is to ensure that qualified and
expert professionals can be recruited, retained and motivated, taking into account the na-
ture and scope of their individual responsibilities.
With regards to the general workforce, we have a Global Compensation Policy in place
which ensures that salaries are in line with the market, are fair and are defined across differ-
ent geographies in a consistent manner. The policy is built on the principle that Agfa is com-
mitted to Pay for Performance and, on this basis, the individual employee’s remuneration is
based on the following parameters:
· Criticality of position and scarcity of skills on the market;
· Performance and expertise in role;
· Future potential of the employee;
· External (market) benchmark;
· Internal benchmark, i.e. salaries of peers.
A variable salary is an important part of the salary package. The amount of this variable part
depends on the results of the respective division and region and on individual performance,
as defined in the Global Bonus Plan. For sales and service staff, the variable part is linked to
specific targets in a ‘Sales Incentive Plan’ or a ‘Service Incentive Plan’; while for Executive
Managers up to level 2 it is also linked to the achievement of ESG objectives. The Executive
Management validates the funding ratio, regional and final distribution of individual per-
formance ratings.

In addition to salary, we strive to offer competitive, as well as cost-efficient short-term and
long-term benefits, as part of individual packages. The most important benefits are a pension
plan, life insurance and medical insurance. Depending on local rules and customs, which can
vary significantly, benefits could also include a company car or additional representation costs.
In 2022, we continue to use a Total Target Cash level as a reference salary for our employees,
which is on average at the 50th percentile of the market.
The table below also gives an overview of the ratio average salary/management level be-
tween genders over the past years. We rely on strict legislative requirements to evaluate our
management approach. In fact, the Belgian government requires that a gender wage report
is submitted to the national workers’ council every two years. This ensures that data on this
aspect are regularly reviewed by an external party. These figures should be interpreted with
caution as they do not include the number of years of experience in a particular position, the
country of employment or seniority.
Average salary/ 2018 2019 2020 2021 2022

Management level Female Male Female Male Female Male Female Male Female Male
Employee 90% 103% 89% 104% 88% 104% 88% 104% 87% 104%
Management 94% 102% 93% 102% 93% 102% 93% 102% 95% 102%
Middle management 93% 101% 94% 101% 96% 101% 97% 101% 95% 101%
High management (Level 2) 92% 101% 97% 100% 106% 99% 106% 99% 107% 99%
High management (Level 1 and 0) 73% 102% 70% 104% 73% 105% 72% 104% 118% 98%
TOTAL 87% 104% 87% 104% 87% 104% 87% 104% 88% 104%
Career guidance, performance and talent management

The processes of career guidance, performance and talent management are those processes
implemented to ensure that each individual can thrive within Agfa and can make the best
use of their potential to grow and contribute to overall company performance.
In particular:
· Career guidance is the facilitation of the employee’s exploration of their interests, talents,
and experiences in order to identify possible career opportunities. The focus is on career
change, personal development and possible other career-related issues;
· Performance management is a framework to ensure that employees continuously receive
formal and informal feedback on their performance against a number of agreed targets on
both the ‘what’ and the ‘how’. It entails setting employee performance targets, ultimately
aimed at achieving the company’s strategy and objectives;
· Talent management is about how to attract, develop, retain and engage the right people,
at all levels of the organization. It entails defining the competencies that Agfa needs, and
will need, to grow successfully and identifying the existing potential within the company.
A skilled workforce and agile organization are essential for the continued success of our
business. Failure to correctly manage talents to satisfy the current and future needs of the
business would hinder our performance.
Agfa’s HR policies therefore foresee a number of processes linked to the employee life cycle.
An employee’s career can be divided into different phases: recruitment and introduction,
career evolution and end-of-career.

Competence management, performance management, continuous training and develop-
ment opportunities, fair and competitive remuneration and constructive feedback are es-
sential elements in each of these phases.
Today, many employees will make more career moves than was traditionally the case. A job-
fit employee is therefore necessary in order to remain professionally employable. To this
end, Agfa is strongly committed to supporting its workforce throughout all of these phases.
Career guidance
An internal career coach is assigned to help understand the strengths and weaknesses of the
employee, what is important for them in their work, life and future career opportunities.
The most important goal is to give employees confidence in themselves and in their profes-
sional future.
Performance management
Agfa introduced FeedForward as a Performance Management Framework in 2018 to focus
on coaching and development, rather than solely on evaluating performance. Our FeedFor-
ward framework provides guidance and coaching tips for people managers and their em-
ployees to have value-driven conversations focusing on goal progress, feedback and personal
development.
This creates a more flexible performance culture in which both manager and employee play
an active role:
· Setting meaningful and result-oriented personal objectives;
· These are linked to company objectives, thus providing purpose and vision on how each
person contributes to them;
· Continuously clarifying expectations and redirecting objectives;
· Giving, asking for and exchanging feedback to improve performance;
· Maintaining a dialogue on development.
Employee development is an integral part of performance management. The employee and

the manager must identify personal development objectives. These support the achievement
of short-term objectives, as well as long-term personal career expectations. Financial rewards
for employees are partly based on the results of the performance management process.
Talent management
People Managers participate in the annual People Review process to proactively identify
core talents within the organization, select development actions such as job rotation, plan
soft skills training for the year and plan succession and career mapping steps. Our HR Busi-
ness Partners and HR Managers are trained annually on rolling out the review and coaching
people managers through the process. To a large extent, the results determine the action
plan for development actions and programs for the rest of the calendar year and are followed
up centrally by Talent Development for each business division and corporate center.
“Through working on the business case, I discovered that a team that is dedicated, creative
and diverse can produce nice results, even in challenging circumstances.”
Eva Vandersmissen, Researcher & Participant Regional Talent Program 2022
Leadership programs aim to equip our people managers with the skills needed to transition
from team member to leading a team. This should allow them to progress to skilled people
managers who coach other leaders and drive leadership behaviors across Agfa.

Since 2022, we have launched a new approach to talent management whereby senior man-
agers are asked to identify key competencies for their department for the future, draw up
succession planning for enterprise key roles and list high potentials. It further nominates
key talents per region, i.e. employees who show the potential to take on roles with a broader
scope and who are usually on Agfa’s succession bench for wider roles. For these key talents,
Regional Talent Programs are set up that focus on acquiring the skills, knowledge and prac-
tice in building a concrete business case within a nine-month track which is then presented
to the regional leadership teams.
“Self-development, a strong and reliable network beyond typical business unit frontiers, the
opportunity to defend a business plan in front of the Board and High-Level Management
Members and, in general, getting a better, more holistic business sense of Agfa, were my
main take-aways.”
Stefan Dübner, Site Manager Schrobenhausen & Participant Regional Talent Program 2022
“The program pushed me to do and learn something new, get out of the daily business life
and comfort zone and meet new people.”
Romy Krautz, Verification Manager & Participant Regional Talent Program 2022
In 2022 we continued to support people managers through another challenging year by pro-
viding online and live resources to coach and support team members, emphasizing empa-
thy, mental well-being and resilience. Our efforts led to an exponential increase in access to
proposed courses.
A focus on an integrated talent management approach has also been maintained. We rolled
out Regional Talent Programs in HQ, EMEA, NAFTA, ASPAC and LATAM, as well as a New
Leaders Track, a specific 8 - 12 month learning community for recently or soon to be promo-
ted people managers and offered a 360-feedback survey to all participants. This tool is used
to provide insights on how one is perceived in one’s own role, benchmarked against a HR
Consultant database (Hudson), in this case for junior leader competencies.
To support a more agile and business-driven approach, a new Virtual Development Centre
(VDC) model, based on Hudson competencies, replaced the old model in 2021. After being
nominated by a line manager or HR Business Partner, employees are prepared via the VDC
for new or broader roles, with a targeted development track based on outcomes. The pool of
participants in VDCs is global and centrally managed by Talent Development, which now
makes it possible to benchmark our employees’ performance in a more transparent way.
Learning & Development

Continuous learning and development are essential for individual and organizational
growth. At Agfa, learning is a mindset. The question is not only about what roles employees
can be prepared for now, but also how we can shift thinking so that employees are ready and
able to succeed in whatever roles emerge in the future.
With this in mind, Agfa continuously seeks the right balance between attracting com-
petencies from outside the company, developing internal competencies and increasing

the overall employability of employees by encouraging successful career transitions and
mobility. Learning and development is the natural lever to increase the employability of
our employees.
Each employee must therefore be able to further develop their unique capabilities and skills,
or acquire new and advanced skills and knowledge.
Different roles require different skills and Agfa wants to equip its workforce with flexible
skill sets which promote success in a dynamic and complex environment. For this reason,
we offer a wide range of internal, external and web-based learning and development tools in
technical, business and soft skills related areas. Examples of such soft skills training are sales
excellence programs, which promote a customer centric approach to business via work-
shops on methodology, as well as mentoring to improve the quality of visits with customers.
The basis upon which to define learning and development tracks, eligibility, as well as ac-
countability both for managers and employees, are set out in the Global Learning and De-
velopment Policy. This policy is complemented by local and divisional programs tailored to
the needs of our teams. Employee development plans are aligned with competence man-
agement and integrated into the FeedForward framework.
The Agfa Talent Development team pursues the ADDIE approach to training, which stands
for the five stages of a development process: Analysis, Design, Development, Implementa-
tion and Evaluation. The ADDIE model relies on each stage being done in the given order,
but with a focus on reflection and iteration. The model offers a streamlined, focused ap-
proach that provides feedback for continuous improvement.
Repartition of online
learning platforms Our indicators
1. Average hours of learning per employee per year on online platforms.
Learning & development is key to supporting the achievement of objectives in all areas of
the organization’s sustainability goals and each new project should always be supported by
adequate training. Since the COVID-19 pandemic, new ways to connect with our employees
were promoted or created to enrich the employee experience, such as learning networks
Female 26% to keep people more connected. As a result, our coaching tools and instruments have been
Male 74%
increasingly digitalized and widely proposed to employees through corporate Intranet and
online learning platforms such as ALP (Agfa Learning Platform), Percipio & SuccessFactors.
Platform uniformization is an ongoing project and will allow a complete set of automatical-
ly retrieved data for future reporting exercises.
Thanks to learner accountability driven digital learning and a learn-anywhere-anytime ap-

proach, we saw an overall increase in the uptake of digitalized learning content in the last
years. In 2022, we were also happy to combine digital learning with face-to-face trainings
once again and extended our learning offer to develop employees and managers in the new
way of working remotely with for example ‘Working productive from home’ and ‘Remote
Executive Managers 1.3%
leadership’ modules.
Managers 46.2%
Employees 52.4%
In 2022, on average 63% of Agfa employees used one of the digital learning platforms, these
people spent almost 17 hours learning online.

Training domains
Behavior & Business Skills 22%

IT & Developer Skills 4%
Processes & Policy 16%
Product & Solutions 56%
Tools & Software 2%
Our commitment for the future on Employee Well-Being, Human Capital

and Learning & Development
At Agfa, we are committed to create a respectful, inspiring and inclusive work environment
with equal opportunities to thrive and grow. To translate this commitment into actionable
and measurable performance indicators, we developed a corporate sustainability strategy
and began setting corporate targets. The ambition of the strategy and the scope of the targets
will certainly broaden in the coming years.
We began by setting specific targets on gender equality for 2025. To achieve them, we will
continue focusing on reinforcing or creating specific actions around women’s mentoring,
adapting our hiring policies and leveraging partnerships that can empower women at work.
This global commitment will be supported by the recent launch of our Global DEI Council,
as well as the EGO Employee Resource Group, who will certainly help in defining concrete
regional and divisional objectives and initiatives.
We are also strongly committed to developing our people, aligned to SDG 4 ‘Quality Educa-
tion’ which is one of the key SDGs for Agfa. To this end, we benchmark Key Success Factors
for Learning and Development annually to empower our people with the skills to succeed in
the future digital world of work. We aim to increase the number of completed development
tracks online and to keep addressing the learning needs of our people and of the business.
In 2023, Talent programs will continue, probably without regional focus, to foster diversity
and cultural discussions.
Work-life balance
Agfa strives for a good work-life balance for all its employees. This balance entails much
more than just the ratio between work hours and private time. How much someone likes
his or their job and how much satisfaction they derive from it is at least as important. The
fact that many governments have recently raised the retirement age has also had a major
impact on the wellbeing of employees. We are convinced that people with a good work-life
balance are sick less often, experience less stress and feel more engaged. It is also important
to acknowledge that the right balance can be different for everyone, and that people’s needs
may change over time.

Agfa has a series of measures in place that are meant to strive for the best possible work-life
balance:
· Flexible working hours, where possible;
· Part-time work options;
· Hybrid work;
· Thematic leave such as parental leave.
Agfa conducts awareness-raising campaigns that encourage people to work and live more
healthily and consciously. A cornerstone of this approach is the Finnish professor Ilmar-
inen’s House of Work Capacity model, which pays considerable attention to work-life bal-
ance and takes numerous measures to support the achievement of this balance. Within the
framework of the House of Work Capacity, a minimum of three information sessions are
organized each year in which themes relating to well-being at work, such as stress manage-
ment, are covered.
This year, as for the previous couple of years, we continued to work on our ability to adapt to
a remote and hybrid work organization. Having new colleagues joining our teams remotely
and interacting with our stakeholders in new ways is becoming part of this new standard.
Although working from home was already possible for a part of our employees before the
COVID-19 pandemic, our approach has become more structured since then. We created Agfa
Global Guidelines on Hybrid Working to provide the framework for eligibility, scheduling,
arrangements and expectations. A hybrid model involves a renewed set of key characteristics
and behaviors expected from both managers and employees to be successful. This is why we
continued to place particular emphasis on developing these capabilities via online training
(more details in the next section).

2. Respect for Human Rights
At Agfa, we consider respect for Human Rights as the moral imperative to our license to
operate as a business. Moreover, we believe that everyone has the right to be treated with
respect, care and dignity. Agfa operates in full compliance with all binding legal provisions
applying to our market segments in all locations and with the general provisions of the Uni-
versal Declaration of Human Rights. In this spirit, Agfa also respects the right of its em-
ployees to organize themselves through trade unions and other organizations that represent
the rights of employees in their relationship with Agfa as an employer. We also expect our
suppliers to follow the same standards and adhere to the same high-level commitment we
set for ourselves.
Agfa’s employee Code of Conduct (CoC)

According to the Group’s CoC, all employees working at Agfa are expected to act in accor-
dance with the highest standards of ethical conduct and integrity and in full compliance
with all applicable laws of each jurisdiction in which the company transacts business.
In addition to the behavior expected by employees, Agfa’s management processes are de-
signed in a way that employees are selected, hired, assigned, trained, transferred, promoted,
laid off and compensated, on the basis of ability and qualifications without discrimination
due to race, color, religion, political belief, gender, age or national origin. Furthermore, the
CoC prohibits:
· Discrimination against any qualified employee or applicant on the grounds of physical or
mental disability, or of their disability status;
· Grants or denials of employment or promotion for the purpose of providing or refusing
sexual favors;
· Sexual harassment.
The respect of these rights, as well as the individualities of each employee, warrants a work-
ing environment in which everyone is respected.
Consultants and contracting parties operating with the Company are also required to
respect the CoC.
In addition to the strict application of the CoC, a formal system is established to support
employees who wish to report problems such as harassment, discrimination or conflicts of
interest. Agfa employees can at any time submit any question or complaint via email, phone
or letter to their immediate superior or to the Group Compliance Office. Complaints and
questions are handled in a systematic and confidential manner by the Group Compliance
Office – specialized and independent support may be appointed for specific topics covered
by the CoC in accordance with local regulation, e.g. a contact person within HR for specific
HR related matters.
Freedom of association and collective bargaining agreements

Agfa enters into dialogue with employee representatives in each country where it operates.
In most of these countries, employees are represented by Works Councils. At European lev-
el, a European Works Council is also in place, led by a member of our Management Commit-
tee. The Council is composed of representatives from the different business divisions and
union representatives from different countries and divisions. It meets at least twice a year to

receive updates regarding the progress of different corporate activities, as well as informa-
tion regarding the different business divisions.
Depending on national legislation, there are also collective bargaining agreements agreed
with Trade Unions in place for some categories of workers. All existing collective agree-
ments are made available to all employees via the relevant internal sharing platforms, e.g.
the Intranet, or upon request to HR.
Supply Chain
As an organization, we are part of an ecosystem where suppliers are essential to providing
our own products and services to the market. In addition to risks related to ensuring busi-
ness continuity (raw materials see pages 26-29 and value chain see pages 47-48), having close
relationships with suppliers means that their performance and reputation impact ours. This
is why we expect our suppliers to adhere to the same sustainability standards as we do.
The Supplier CoC is available on our corporate website and contains requirements concern-
ing compliance to the laws of applicable legal systems. It sets out the need for maintaining
compliance systems, as well as the need for the supplier to demonstrate a satisfactory record
of compliance with laws and widely accepted forms of fairness and human decency. The
covered areas are:
· Prohibition of corruption & bribery;
· No unfair business practices;
· Anti-discrimination;
· No harsh or inhumane treatment;
· Freely chosen employment and prohibition of child labor;
· Freedom of association & collective bargaining;
· Fair working hours, wages & benefits;
· Health & safety of employees;
· Environmental protection;
· Supply chain security (AEO and CT-PAT).
The Agfa Supplier CoC is a mandatory part of our key and core supplier contracts. In the case
that no specific contract with Agfa exists, our General Purchase Conditions apply as stated
on all our purchase orders. Compliancy with the Agfa Supplier Code of Conduct is part of
our General Purchase Conditions. The Agfa Purchasing Department ensures that suppliers
sign and adhere to the CoC. These aspects are regularly addressed when performing supplier
qualification audits and assessments.
Both our Agfa Supplier CoC and General Purchase Conditions are publicly available on our
website.
Our performance in 2022 and our commitment for the future
The Agfa CoC is fully endorsed and compliance is required for all employees. In 2022, no
complaint was reported via the whistle-blowing procedure for an alleged breach of the Agfa
CoC related to Human Rights.
Although the sectors and geographies of Agfa operations and the high-skilled profiles re-
quired to perform them prevent us from a high risk of child labor, the follow-up of our em-
ployee database by our Human Resources department warrants that there is no Agfa em-
ployee that can be associated with child labor either by being too young to work or being
involved in hazardous activities that may compromise their physical, mental, social or edu-
cational development.
In 2022, for all its employees, Agfa complied with the necessary local workforce regulations
in the countries where it operates. Where applicable, workers’ councils (both national and
international) were organized.

In order to mitigate the risk of sourcing raw materials, goods or services from suppliers
which may not respect their employees’ human rights, 100% of new contracts signed with
key and core suppliers in 2022 included the Agfa Supplier CoC (this was also the case in 2020
and 2021) as an appendix.
An additional clause was added into our standard supply contract in 2022 to emphasize our
requirement for suppliers to comply with ethical and responsible standards of behavior,
including without limitation those dealing with human rights, conflict mineral sourcing,
environmental protection, sustainable development, bribery and corruption. This is also
further observed when visiting our suppliers on site.
Respect for human rights and equal opportunity will continue to be one of the key pillars
supporting the work that we do, the partnerships we engage in and our business strategy
priorities in the future.

3. Health & Safety
The health and safety of our employees is of paramount importance to us and unsafe beha-
vior is immediately addressed. We consider it a moral obligation to provide everyone with
work conditions that ensure safety at all times. Furthermore, we expect that all employees
feel accountable for their own safety and that of their colleagues and guests. Visitors, con-
tractors and suppliers are also included in our safety provisions, as safe working is an abso-
lute must in order to be allowed to work at and with Agfa.
We consider health from a holistic point of view, paying attention to all of its aspects, both
physical and mental. This includes working conditions, ergonomics, illness & burn-out pre-
vention and healthy behavior promotion, to name but a few.
Activities around Health & Safety management are built on the basis of our Corporate Safety,
Health & Environment (SH&E) policy. Each division appoints an SH&E Manager who con-
tributes to the roll-out and evaluation of the policy and objectives and is a member of the
Corporate SH&E Management Committee.
At least every three years the SH&E Management Committee re-evaluates the corporate pol-
icy, its organization, management system and objectives.
The SH&E Management Committee also monitors the constant development of Health &
Safety legislation in countries where we are present.
Our local site management is responsible for implementing the Corporate SH&E policy and
for complying with the local legislation applicable to the operation of the manufacturing
site itself, under the coordination of the plant SH&E coordinator.
To ensure the highest standards, we have different policies in place at each site that include
contractors and subcontractors wherever relevant. The focus of the different policies is de-
fined at local level, both upon the basis of the specific local and national legal requirements,
and on the type of operations carried out at each plant.
Full compliance with such standards begins with ‘soft’ measures to ensure a high level of
safety awareness from the first moment anyone steps foot on our premises, e.g. user-friendly
guidelines that are easy for everyone to follow. We then have strict protocols and control
mechanisms in place to ensure the prevention of workplace accidents and work-related in-
juries, as well as proper care in those cases where they do occur. Depending on the specific
operations at each Agfa plant, we also ensure adequate monitoring and prevention of poten-
tial workers’ and visitors’ exposure to chemicals.
Agfa’s local policies are made available to all employees in their local language(s) and local
training programs are in place.
In addition to Agfa’s specific policies, our Brazilian site in Suzano, German site in Wiesbaden
and Chinese site in Wuxi (Printing) are certified OHSAS 18001.
Observation rounds on the shopfloor are the main instrument used to closely examine activi-
ties and surroundings and to detect unsafe situations and conditions. Adequate reporting

of occurrences is key to ensure adequate follow up and, where needed, to report accidents
to the authorities according to national and local legislation. The cause of each reported
incident, near-accident and accident, is investigated so that the most adequate corrective
measures can be implemented. Important matters are immediately communicated to all
sites as an SH&E alarm and learning point.
As part of S&H measures, we also address all those aspects of people’s health that can be in-
fluenced by working conditions. For instance, we provide training on the correct ergonomic
set up of the workspaces, advice on how to keep active and healthy, as well as medical check-
ups at some of our plants.
Mental health
Mental health is also essential when preserving the health of our employees. Activities to
monitor and address concerns are defined at local level, as well as the identification and the
specificity of the potential threats due to the fact that they differ based on the operations
carried out at each site.
For our Belgian sites, we run a survey every five years that allows us to monitor the mental
well-being of our employees. This survey helps us understand their perception of working
conditions, communication and all other aspects that cause stress situations. Based on this
survey, specific actions are defined to address the identified improvement areas.
In addition to sharing a list of useful local sources of information for employees, specific
trainings related to mental health, such as self-care, stress prevention and change manage-
ment have been proposed to employees.
Our target(s)
Our vision is to achieve zero accidents. We have set a target to reduce our number of acci-
dents with minimum one day lost by 50% by 2025 compared to the 2019 baseline.
Our indicators
1. Number of accidents with minimum one working day lost

2. Frequency rate (Fg) of accidents with minimum one working day lost
Frequency rate = (Number of accidents / hours worked) * 1,000,000
3. Frequency rate (Fg) of reportable accidents for Agfa employees
Frequency rate = (Number of accidents / hours worked) * 1,000,000
4. Degree of severity of accidents involving minimum one working day lost
Degree of severity = (Number of working days lost / hours worked) * 1,000
Scope for these indicators: Until 2021 the reported quantitative data solely covered man-
ufacturing operations. Following the recent acquisition of Inca, the manufacturing site in
Cambridge (UK) has been included in the reported scope as of 2022. Additionally, in order
to have a better overview, we have also decided to add our US organizations in Elmwood,
Wilmington, Carlstadt, Greenville and Waterloo that are responsible for off-site service ac-
tivities to the reported scope.
By definition, a reportable accident is an accident that must be reported to the authorities

according to national and/or local legislation. Reporting requirements differ widely in the
countries where Agfa operates and, therefore, there is no universal definition of a reportable
accident. We therefore decided to refer to the frequency rate of these accidents and used a
generic definition to create a coherent indicator.

The focus in 2022 was to further increase safety at all levels of our operations. Our people
safety remains our number one priority and we continued to implement all necessary safety
measures, as well as adjustments to our way of working. In tandem to this, we also worked
on improving Health & Safety for all:
· We continued to analyze the root causes of accidents across all of our reporting sites to
learn from those with the lowest occurrences what measures have the most impact.
· The 6-S methodology (Sort, Set in Order, Shine and Inspect, Standardize, Sustain, Safety)
has now been implemented in close to 80% of our labs and warehouses in Belgium as part
of our two pilot projects in Mortsel. This was created upon the example of our Mississauga
site (Canada). The 6-S process is a lean approach to space management that helps create a
safe and efficient workplace and maximizes value-added work.
· We further rolled out the ‘Brain Based Safety’ initiative for our maintenance and services
team in Mortsel, which has historically been one of our sites recording a high number of
accidents. This initiative builds on neuroscience to deliver coaching that addresses human
behavior as a root cause of work-related accidents. In 2022, ten middle managers started
the individual training as part of the Safety Leadership Programme.
· We worked on the harmonization of incident reporting worldwide to ensure we always

have all data at hand to carry out appropriate corrective actions.
· We introduced a new notification process for accidents to give these occurrences more
visibility to senior management and increase accident investigation and follow-up.
· We increased overall communication to work on accident prevention by raising awareness

regarding Essential Safety Rules at Agfa (ESRA), e.g. through our newsletters and internal
communication channels and potentially dangerous situations, e.g. using a Last-Minute
Risk Assessment (LMRA).
Unfortunately our effort has not been yet translated into a full positive result for 2022. Al-
though the severity rate of accidents with more than one working day lost dropped, the
frequency rate of reportable accidents almost doubled compared to the year before and the
frequency rate of accidents with minimum one working day lost increased due to the regis-
tration of more accidents (35 in 2022). These higher figures are due to various factors, such
as the addition of new sites and especially those in the US where legislation related to ‘re-
portable’ accidents is stricter on average than in other countries. Particularly long recovery
periods for some accidents combined with a lower number of total hours worked played a
significant role in this result.
Safety shall remain part of our corporate culture. Given all the considerations and data re-
ported above, the overall long-term trend is still declining. Our ambition to halve accidents
with minimum one working day lost by 2025 remains more active than ever, since programs
to further reduce accidents are and will continue running at all locations. Planning and ex-
ecuting observation rounds remain key instruments to spot potentially unsafe situations
and prevent accidents and injuries from happening. Findings from accident investigations
continue to be shared between the sites to capitalize on the experience of those achieving
“zero” lost time accidents, some of which have been doing this for several years in a row. This
is for example the case at the Suzano plant in Brazil where a nice milestone was reached after
a lot of efforts: 1,000,000 hours worked without accident!

Total Accident Tracking
52
49 48
39 42 38
34 30 35
22
5.76 5.65 5.85

5.28 5.35
5.14
4.64 5.02
4.35
3.21
3.51
2.88
2.40
2.03 2.29
1.83 1.89
1.66
1.15 1.17
0.144 0.147 0.139 0.145

0.131 0.118 0.104
0.092 0.096
0.079
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Number of accidents with minimum one lost working day

Frequency rate of reportable accidents involving minimum one lost working day
Severity rate of reportable accidents involving minimum one lost working day
Frequency rate of reportable accidents
At the end of 2022, an additional task force has been set up at the request of the Executive Man-
agement to define and roll out a global action plan to further reduce the number of accidents.
Our commitment for the future
We will continue investing in keeping a high level of awareness and focus on preventive
measures that avoid any physical or psychological harm to our people.
To achieve our target of reducing the number of accidents with minimum one lost working
day, we will continue reinforcing safety programs and education on sites with the highest
number of accidents.
The impact of the 6-S program roll-out in Mortsel will continue to be monitored and, if suc-
cessful in reducing the occurrences of dangerous or potentially dangerous situations, will be
extended to other departments beyond the piloted ones.

Agfa’s impressive IP portfolio:
704
active patent families &
2,634
active patent rights
We invest
5.4% of revenue in R&D
2022 Innovation Award from essenscia for

Agfa’s Zirfon membrane technology for
green hydrogen production
76
Focus on
sustainable
performance
Our ambition
Agfa strives to make its customers successful and be their partner of choice for the
long term, be it for imaging and information systems or for any other partnership
aimed at sustainable innovation. We do this by offering leading edge technology,
affordable solutions and innovative ways of working based on our in-depth un-
derstanding of the businesses and individual needs of our customers. To succeed,
investing in innovation and delivering top quality solutions are key. Operating in a
responsible, sustainable and transparent way is just as important.
Our policies
Our values are reflected in the Group’s Code of Conduct (CoC). To support the
translation of the CoC into clear day-to-day processes, we rely on a series of policies
and corporate guidelines, both at global and local level. In addition to the Global
Sustainability Policy that was introduced in 2022, these are some examples of the
policies we rely on for the topics addressed in this chapter (not listed in order of
priority):
· Corporate Safety, Health and Environment Policy;
· Policy on the use of chemical substances with carcinogenic, mutagenic and
reprotoxic (CMR) properties;
· Global Information Security & Privacy Policy.
77
Our Certifications
Environmental, safety, energy and quality management systems
UK
Uxbridge
Belgium Cambridge
Canada Mortsel
Mississauga HQ The Netherlands
Leeds
Rijswijk
Westerlo Denmark
Waterloo Copenhagen
France
Rueil Malmaison Ghent
Wilrijk
Spain
Barcelona
USA
Bushy Park
Portugal Italy
Carlstadt Paço de Arcos Manerbio
Greenville
Milan
Switzerland
Dübendorf
Brazil
Suzano
78
Manufacturing
R&D
Sales & Services
Germany
Munich
Poland ISO 9001 Quality
Warsaw ISO 13485 Medical Devices
Peissenberg ISO 14001 Environment
ISO 50001 Energy

Sweden
Kista Peiting ISO 27001 Information Security
ISO 20000-1 Information technology
ISO45001 Occupational health and safety

Schrobenhausen
OHSAS Occupational Health and
Safety Assessment Series
Wiesbaden
Düsseldorf
Austria
Vienna
China
Wuxi Imaging
Wuxi Printing
Greece
Athens
Shanghai
Australia
Scoresby
79
2022 at Agfa
in a snapshot
In 2022, we continued to work on translating corporate objectives into concrete actions. The
main focus regarding our performance was to:
· Confirm the use of our in-house methodology to assess the sustainability profile of our
products at R&D design phase compared to their previous versions on the market and
achieving no throwback in sustainability towards next generation products for all new
specific product roadmaps launched this year.
· Continue complying with the highest standards required and, this year, we specifically
completed the Medical Devices Regulation CE certification for all our Healthcare activi-
ties. The success of achieving MDR certification cannot be overestimated as the MDR was
not only new for Agfa, but for the entire medical devices industry and the controlling
authorities.
· Use collaboration and open innovation to accelerate the exploration and validation of
ideas in new applications or unknown markets, but also to encourage a learning mindset
within the organization.
80
1. Sustainable business solutions and production
We take full responsibility for our products and thereby critically examine safety, health and
environmental impacts, as well as legal compliances, throughout each stage of the product’s
life cycle. To do that, we apply a three-step approach:
1.
Plan for a strong
product stewardship
& service quality.
3. 2.
Engage for Design for sustainable
sustainability in business solutions and
the value chain. production solutions.
In this view, Agfa’s Corporate Safety, Health & Environment Policy principles are:
· Comprehensive environmental protection and occupational safety are given the same
priority as customer orientation, high product quality and commercial efficiency;
· Products and processes are designed, developed and manufactured to minimize the im-
pact to the environment and the occupational safety and health risks of all the phases of
the life cycle;
· Agfa advises its customers, its employees and authorities with an evaluation of its products
and manufacturing processes in all matters pertaining to health, safety and environment;
· Agfa informs its stakeholders on a yearly basis on its safety, health and environment per-
formance through a Corporate Sustainability Report which is an integrated part of the
Group’s Annual Report.
We believe that sustainable business solutions and production are essential to accomplish
our growth strategy. We therefore consider sustainability as a decision factor in our go to
market strategies. Since 2020, we formalize this commitment by defining the goal of ‘no sus-
tainability throwback’ for new products. Simply put, we want to market new products only
having carried out a full assessment of their sustainability profile already at design phase, on
top of assessing the potential market success. Such assessment shall consider the impact of
new solutions along the full life cycle, both in terms of our own environmental and social
footprint, but also ensuring that new solutions can help our customers in reducing their
own footprint and/or bring consistent added value to society at large, e.g. via more sustain-
able healthcare.

The topic of sustainable business solutions and production is broad and it comprises many
different processes involving different layers of our organizational structure. Its manage-
ment approach is therefore multi-layered:
· Global level: for the definition of corporate strategy, global goals and markets where we
want to make an impact;
· Plant level: for the sustainability performance specific to the environmental footprint of
product manufacturing;
· Division level: for the development of sustainable business solutions and services.
While the first two layers are described respectively in chapters ‘Company Information’ and
‘Focus on our Planet’, the development of new sustainable business solutions is driven by
each business division with the support of the Corporate Sustainability Office. Our teams of
product specialists are those best placed to identify improvement opportunities and assess
market readiness for new developments, thanks to their knowledge of our customer base
and the way each line works internally.
To achieve these ambitious objectives, a series of processes are in place, including:

· Progressive transition to circular economy as essential for a sustainable society. This, to-
gether with the environmental aspects (addressed in more detail under ‘Focus on our
Planet’) entails the transformation of our business models as a whole, closer cooperation
and often shared resources and common strategy with customers and suppliers;
· More explicit focus on sustainability in the assessment of market needs via stronger stake-
holder engagement;
· Development of sustainability criteria at product level to allow decision-making at R&D level;
· Data management for efficient exchange of information which allows for better decision
making and data protection.
For some of our products and services we also rely on insights coming from market guidance
by making use of sustainability certification and labelling schemes or sectoral best practices,
if those exist. For instance, most of Agfa inks are certified GREENGUARD Gold, A+, AgBB
and M1. These rigorous standards relate to chemical emissions, e.g. air quality when prints
are used for indoor applications. They all measure the emission of airborne VOCs (Volatile
Organic Compounds) in a closed chamber but differ in VOC concentrations criterion and
country of issuance. Having our products certified ensure that they are acceptable for use in
sensitive indoor environments, like schools and healthcare facilities and for prints that cover
all walls of a room – not just as signage or partial wall decoration.
Beneath are some examples of our sustainable solutions – more details under ‘Business
Activities 2022’.
· Thin Ink Layer technology

Our patented ‘Thin Ink Layer’ technology offers extremely high-volume conductivity
at low curing temperatures, minimizing the amount of ink that is required to obtain a
high-quality print.
· ECO³: Economy, Ecology and Extra convenience

The ECO³ program is a made-to-measure screening of customers’ prepress and printing pro-
cesses, optimizing the whole process and resulting in saving on the use of ink, paper and
water, and in reducing waste generation.
· Chemistry-free printing plates

Our chemistry-free computer-to-plate (CtP) systems allow printers to reduce their environ-
mental footprint, lower their operating costs and boosting their efficiency. Over the past
82 FOCUS ON SUSTAINABLE PERFORMANCE

decade, more than 90% of our customers in the newspaper segment have already switched
to chemistry-free technology.
· Circular business model for printing plates

The system allows printing plates to be offered to large printing houses in a closed supply
system in which they are collected after use and sent back to the aluminum producer for
recycling. This collaboration across the supply chain between us, the aluminum supplier,
the logistic partners and the printing company supports our transition to a progressively
more circular economy.
· Sustainable and safe healthcare solutions

Both our Medical Imaging IT solutions and Radiology solutions are aimed at transforming
delivery of care – supporting healthcare professionals across the globe with secure, effec-
tive and sustainable imaging data, providing definitive answers to patients. These improve-
ments in the quality and efficiency of healthcare go together with high vigilance so as to
always ensure data security and systems safety.
· ZIRFON H2 separators for Alkaline Water Electrolysis (AWE)

Agfa’s ZIRFON H2 separators offer electrolyzer manufacturers and owners of hydrogen pro-
duction projects a reliable solution in terms of durability and sustained high productivity,
even in the dynamic operating conditions typical to renewable energy sources.
In 2022, we continued our efforts to integrate sustainable development in the solutions we

bring to the market. More specifically, we continued:
· Leveraging our core competences to continue supporting the emergence of the green hy-
drogen industry. As a great recognition of our effort, Agfa received the 2022 Innovation
Award from essenscia, Belgium’s Chemical Industry and Life Sciences Federation, for our
groundbreaking Zirfon UTP 220 membrane technology for green hydrogen production;
· Pushing the transition to additive inkjet technology for the Printed Circuit Boards (PCB)
industry with our DiPaMAT inks. This technology allows lower ink consumption for the
same printed surface and uses solvent-free inkjet inks;
· Evolving towards digital solutions in our medical imaging and graphics markets, optimiz-
ing workflows, material usage and remote work & collaboration so that time and resource
waste are significantly reduced when compared to the use of analog solutions.
In order to better steer the sustainability of our innovations across our diverse product port-
folio, an in-house methodology to assess the environmental and social footprint of our
products was developed in 2021. After benchmarking existing tools, we decided to opt for a
tailor-made approach that could fit our needs.
This method builds on a questionnaire for product development teams that allows to identi-
fy a product’s sustainability improvements at R&D design phase, compared to their previous
versions on the market.
After a successful pilot phase to test the draft method on a few projects, this ‘sustainability
matrix’ was added to the mandatory documents required to complete the Product Develop-
ment Procedure of Agfa Digital Print & Chemicals Division in 2022. All product roadmaps
launched since then were compliant to our no throwback in sustainability towards next gen-
eration products principle. In the coming years, we will continue to monitor the use of this
tool in order to refine and improve it where needed so it can potentially also be adapted to
the other business divisions.

2. Innovation and investments
Relevance, definition and boundaries
Innovation is part of our DNA and we consider it essential for the accomplishment of our
growth strategy. To support the different processes that ensure continuous innovation, we
invest 5-6% of our turnover in R&D and innovation each year. Product and technology inno-
vation at Agfa strives for sustainable value creation for our customers and other stakehold-
ers, an objective which is embedded in our ideation processes.
In addition to developing new products, we are constantly looking for solutions that not
only reduce our own ecological footprint, but also that of our customers.
Since 2019, our innovation generation process has been structured at global level to ensure
full synergy and cross-fertilization between different areas with a potential for innovation.
As Agfa is in a transformation process, it has been decided that innovation would best be
placed in close proximity to areas of growth. Therefore rather than operating as an indepen-
dent group, the innovation offices were transferred to the business divisions in 2022.
While our HealthCare IT business division fully relies on the innovation focus of its dedicat-
ed R&D team, the innovation teams integrated into our DPC, Offset and Radiology divisions
remain supported by our Materials Technology Centre (MTC), an R&D group which has
historically been operating as an Agfa competence center, supporting divisions in techno-
logical innovation for materials and processes.
Innovation at Agfa is characterized by the process of setting up a continuous ideation pro-

cess selecting, validating and ranking proposals. The ideas are assessed through a tailored
scoring methodology which considers the attractiveness of the market segments, commer-
cial success factors, technical feasibility and sustainability criteria regarding People & Planet.
The evaluation of changing business models is also an important assessment criterion.
A relevant example for us within this context is digitalization and Software as a Service.
Innovation teams continue to look at societal and market trends to identify where Agfa can
develop new business in adjacent and less adjacent markets and technologies, in line with
the current company strategy. This is done either by leveraging existing core competencies,
or through developing new markets and technologies.
We also involve our customers and other industry stakeholders in our innovation process
through our sales and service teams, as they are best placed to capture the needs of our cus-
tomers and, by extension, of society.
Collaboration and open innovation are stimulated to accelerate the introduction of solu-
tions in markets where we are not present today. Collaboration with startup and scale up
networks is set up to accelerate the exploration and validation of ideas in new applications
or unknown markets, but also to encourage a learning mindset and stimulate employees
to dare to leave their comfort zone. One example is engaging innovation teams and other
co-workers in corporate venture projects with business angels.
With regards to our chemistry expertise, one way that we share this is via Agfa-Labs, our
open innovation platform for materials and coating research. Through this platform, we
support the industry to investigate the potential use of materials in applications such as life
sciences, construction, plastic & polymers, etc.

Our indicators
1. % Annual revenue invested in R&D (for the full Group)
In 2022, we invested 5.4% of our revenue in R&D, which confirms our strong focus on con-
tinuous innovation. Our strong commitment is also shown by the series of collaborative
innovation projects we set up, either Government/EU funded or industry funded, which
aim to contribute to continuous innovation either by improving the performance of existing
materials, or by developing new ones.
Breakdown R&D figures per division
HealthCare IT 34%
Digital Print & Chemicals 30%
Offset Solutions 20%
Radiology Solutions 16%
In addition to the projects specifically aimed at environmental impact reduction described

under the ‘Focus on our Planet’ chapter, here are some examples of the spectrum of innova-
tion activities we have been investing our resources in:
· DUVAL
An EU funded project in collaboration with one academic partner to develop know-how
on thin film evaporation, specifically for challenging products due to their chemical nature.
We also provide access to other companies to perform research, or even run pilots on Agfa’s
distillation platforms.
· Atom and Flex

Two projects funded by the Flemish Government to develop flow chemistry solutions for a
safer and more sustainable production of chemical building blocks.
In the case of the Atom project, we are part of a wider consortium consisting of four indus-
trial and four academic partners. As a result of this project, we introduced a continuous flow
reaction process in our chemical production plant, avoiding the use of bromine on site. The
Flex project on the other hand has allowed Agfa to invest in an automated dosing station
enabling continuous production.
· MMICAS
A project funded by the Flemish Government led by a consortium of three industrial and
four academic partners to evaluate the possible use of ultrasound technology at industrial
scale. This technology fits very well in the process intensification strategy, where solutions
are developed for more sustainable chemical production with regards to raw material use,
energy use, waste generation and process safety.
As of February 7, 2023, Agfa owned 704 active patent families, together representing 2,634
active patent rights, of which 2,131 granted patents and 503 pending applications. This de-
crease, compared to previous years, is part of a planned optimization effort on the quality of
our patent portfolio, maintaining solely those patents with a high strategic value.

Our commitment for the future
2022 remained a challenging and transformative year for us. As we are in a process of internal
reorganization to adapt our structure to changing market demands, we remain convinced
that continuous investment in research and innovation is the key to continue succeeding
in our mission of being the partner of choice for the long term for our customers. R&D and
innovation will continue to be at the core of our growth strategy, focused both on improving
the performance of existing solutions and on developing new ones.

3. Ethical business conduct & compliance
Relevance, definition, and boundaries
Our goal is to compete vigorously, independently, ethically and fairly, while assuming the
responsibility of being a socially responsible company in all countries in which we operate
worldwide.
Agfa’s policies detail our commitment to acting ethically and partnering with organizations
that share our vision. These policies include our Code of Conduct that lists high-level princi-
ples that reflect our objective to operate and grow in a sustainable way, taking into account
the wishes and well-being of our stakeholders, both internal and external.
The CoC includes, amongst others, principles regarding:
· Zero-tolerance policy for bribery and improper payments, both accepted and executed;
· Zero-tolerance policy for conflict of interest and insider trading;
· Full compliance with competition and anti-trust laws;
· Strict respect of intellectual property rights of third parties, agreed confidentiality rules
and non-disclosure commitments.
The behavior covered by the CoC is defined by the Board of Directors and reviewed on a reg-
ular basis. All employees are expected to respect the rules set out in the CoC. Furthermore,
every two years, senior managers (Level 2 and above) are systematically asked to (re)confirm
that they have read and understood the Code of Conduct.
Violations of laws, regulations or Agfa-Gevaert Group policies – such as the CoC – on fraud,
antitrust, corruption, conflicts of interest and other similar areas, can have serious conse-
quences for the Group. Possible consequences include prosecution, fines and penalties, as
well as contractual, financial and reputational damage.
To track and ensure compliance with the principles of the Code, Agfa has implemented
whistle-blowing arrangements to deal with any issues that arise. Agfa’s employees can at any
time submit a question or complaint via email, phone, or letter to their immediate superior
or to the Group Compliance Office. Complaints and questions are handled in a systemat-
ic and confidential manner by the Group Compliance Office. Specialized and independent
contact people may be appointed for specific topics covered by the CoC in accordance with
local regulation, e.g. a contact person within HR for specific HR related matters.
Ethical conduct is not limited to compliance with the CoC however. It is complemented by
more detailed corporate, divisional and/or local policies that define how to roll out these
principles per each domain.
For example, in addition to the Global CoC, there is also a specific Code of Conduct for Agfa
Suppliers, Distributors and Agents that is used by the Agfa Purchasing department which,
due to the specific nature of its tasks, is one of our key interfaces with the outside world. This
CoC builds on the Global CoC and specifically regulates interactions with suppliers, distrib-
utors and agents, providing specific examples of what is considered a potential breach of the
rules and how employees are expected to behave in such circumstances.

Pursuant to Section 54 of the Modern Slavery Act 2015, Agfa HealthCare UK Ltd, as part of
Agfa-Gevaert Group, has also issued a Modern Slavery Statement, renewed in 2022. It sets
out the steps taken to prevent modern slavery and human trafficking in its business and
supply chains, such as monitoring and improving processes to ensure transparency.
Our 2022 performance and commitment for the future
One complaint was reported in 2022 via the whistle-blowing procedure for an alleged breach
of the Agfa CoC. Upon further analysis of the notification, an Internal Audit concluded that
there had been no breach and the file was closed without the need for follow-up or correc-
tive action.
Compliance with the Agfa CoC is required for all employees. In 2022, all senior managers
involved in decision-making processes (i.e. level 2 and above) had (re)confirmed that they
have read and understood the Code of Conduct. This process is repeated every two years to
mitigate the risk of non-compliance linked to unawareness.
Dedicated channels have also been made available on our online training platform Percipio,
e.g. ‘The Ethical Leader’ and ‘Ethics, Integrity & Trust’, so employees can learn behaviors and
strategies to model ethical, honest and trustworthy practices.
Our annual Compliance Review was presented directly to the Board of Directors before the
end of the 2022 fiscal year.

4. Product Stewardship & Service Quality
As stated in our Safety, Health & Environment (SH&E) policy, product stewardship is a cen-
tral corporate commitment for us.
We buy, use and sell chemical products, electronics and services globally – hence the pro-
active management of our products and services on-site and beyond, including engage-
ment with suppliers and downstream users, is the pre-requisite to deliver safe and useful
products to the market. The basis for successful product stewardship is regulatory com-
pliance to existing legislation, proactive anticipation of future requirements and a deep
understanding of the impacts of market developments on our products and services to
ensure service-oriented customer relations. This section specifically focuses on SH&E reg-
ulatory affairs management.
The different activities around SH&E management are based on our internal Corporate Safe-
ty, Health & Environment (SH&E) policy. Each division unit appoints an SH&E Manager
who contributes to the roll-out and evaluation of the corporate SH&E policy and objectives
and is member of the Corporate SH&E Management Committee. The policy is reviewed
at least every three years unless the Management Committee considers it relevant to do it
more often. The SH&E Management Committee also monitors the constant development
of legislation worldwide for the chemicals, products and services we place on the market.
Our local site management is responsible for implementing the Corporate SH&E policy
and for complying with the local legislation that is applicable to the operation of the man-
ufacturing site itself, under the coordination of the plant SH&E coordinator. To ensure the
highest SH&E standards, we have different policies in place at each site. The focus of the
different policies is defined at local level, both upon the basis of specific local and national
legal requirements, and on the type of operations carried out at each plant.
Agfa
CEO - President of the
Executive Management
Member of Executive Management

Member of Executive Management Responsible for SH&E_RA Member of Executive Management
Corporate SH&E_RA
Director
Corporate SH&E Regulatory Corporate Safety &

Health Officer Global SH&E HealthCare IT
Affairs Manager
Global SH&E Global SH&E

Global SH&E Offset Solutions Radiology Solutions Digital Print & Chemicals

A Rationalization Committee of Chemicals (RCC) is in place to support the overall imple-
mentation of legislation regarding chemicals. It is composed of managers appointed by dif-
ferent business lines and it meets every quarter to align on chemical substitution strategy or
other actions to remain compliant with current and future legislation. Due to the nature of
our products, the RCC pays particular attention to certain substances or groups of substances
and specific regulations:
· CMRs – following our CMR policy, Agfa products do not contain any CMR category 1A or
category 1B substances at market introduction. CMR category 2 substances are only allowed
if a technical investigation found their use unavoidable and safe use has been proven;
· REACH regulation;
· SVHC – for which we routinely assess safer potential alternatives;
· End-customers’ own restriction lists – we ensure our solutions meet compliance rules of
specific procurement criteria and restrictions that are defined by the end customers of our
own products;
· Eco-labelling criteria – upon request of our customers, we provide products that fulfill the
criteria of specific labeling schemes, e.g. the Nordic Swan or the EU Ecolabel.
Our goal is to always strive for zero non-compliance regarding the different guidelines listed
above. For this reason, we have an internal system in place to report and assess any instance
of non-compliance. When one is identified, either preventively, by our own audit, or re-
ported by a customer, a notified body, or an authority, we ensure the process is adapted to
prevent future occurrences.
Our efforts around sound products and services management with the aim of ensuring full
compliance of our portfolio to binding legislation was pursued in 2022.
With regards to chemical management, we focused on the following, in addition to contin-

uous supporting processes:
· Providing support to the Impact Assessment of the Chemicals Strategy on Sustainability
performed by Cefic to feed the development of the EU dossier;
· Updating REACH dossiers as Agfa is involved in the Cefic REACH Declaration of intent of
the Cefic Improvement Action plan;
· Proactive PFAS substitution.
Moreover, while Agfa HealthCare was among the first to receive the new European Medical
Device Regulation (MDR) certification from Intertek in 2021, the achievement of MDR cer-
tification was also completed in 2022 for Agfa Radiology Solutions. The success of achieving
MDR certification cannot be overstated as the MDR was not only new for Agfa, but for the
entire medical devices industry and controlling authorities as a whole. The required changes
impacted all our processes from pre- to post-market, from regulatory monitoring to clinical
evidence and was made possible through the collaborative efforts of multiple teams. This
new MDR CE marking confirms Agfa compliance with the highest standards required by
healthcare providers.

Our commitment for the future of responsible production
Helping to drive the entire industry towards more sustainable production is of utmost im-
portance to us and we will continue to fully support this goal, both via our own processes, as
well as through associations representing all of the sectors we operate in.
Our approach to product stewardship is strong, with a dedicated team, clear policies, estab-
lished processes and internal controls that define day-to-day management. This approach is
already fully embedded in our way of working and the commitments ahead of us are clear
and detailed. Beyond complying with all upcoming new regulations, our efforts for the fu-
ture will be focused on the implementation of the requirements defined within the context
of the Green Deal and particularly on the Chemicals Strategy for Sustainability.
In the coming years, we also intend to better structure our approach to delivering sustain-
able business solutions and managing sustainability in the value chain. We are already
active in these areas, mainly addressing these processes at divisional level and ‘per mar-
ket’. While the divisions know our customers better and will continue to be in charge of
defining the right approach, corporate sustainability goals and targets will serve as global
supporting guidelines.

EU Taxonomy
The EU taxonomy is a classification system establishing a list of environmentally sustainable
economic activities that could play an important role helping the EU scale up sustainable
investment and implement the European Green Deal. It is based on six environmental ob-
jectives, namely Climate Change Mitigation, Climate Change Adaptation, Sustainable Use
and Protection of Water and Marine Resources, Transition to a Circular Economy, Pollution
Prevention and Control, and Protection and Restoration of Biodiversity and Ecosystems.
The Regulation (EU) 2020/852, i.e. the EU Taxonomy Regulation, entered into force in July
2020 and sets out a disclosure obligation for entities in scope. The Agfa Group falls in scope
of the EU Taxonomy Regulation as ‘non-financial undertakings’ and it is subject to the re-
porting requirements as they apply to this category. For each of the environmental objec-
tives, technical screening criteria are defined through delegated acts.
Last year, as the first reporting application of the Regulation, we disclosed the results of
a first screening of our operations to identify taxonomy eligible activities, using both the
NACE codes and the activities descriptions listed in the Regulation. ‘3.17 Manufacture of
plastics in primary form,’ ‘3.8 Manufacture of aluminum’ (Secondary aluminum recycling)
and ‘8.1 Data processing, hosting and related activities’ (IT services and Technology Infor-
mation)’ were identified as eligible activities, and others potentially classified as 'enabling',
e.g. the construction of our solar park or the production of heat/cooling using waste heat
(‘Warmtenet’ project). Unfortunately, we could not finalize the analysis of the associated
financial KPIs due to the difficulty of linking our transaction to NACE codes rather than to
the Group divisions, as traditionally done at Agfa. These values were therefore not reported
in our previous annual report. We could in the meantime work on this.
As of this year, we are required to disclose our eligibility and alignment reports related to
Climate Change Mitigation and Climate Change Adaptation for the previous calendar year.
In other words we are required to disclose the proportion of our turnover derived from
products or services associated with Taxonomy-aligned economic activities. We are required
to disclose the proportion of their capital expenditure (CapEx) and operating expenditure
(OpEx) that are related to assets or processes associated with Taxonomy-aligned economic
activities, those that are part of a CapEx plan to expand Taxonomy eligible activities or allow
activities to become aligned or linked to the purchase of output from Taxonomy eligible
activities & individual measures enabling the target activities to become low-carbon or to
lead to GHG reductions for 2022 (these disclosures are therefore related to the same fiscal
year that is considered for the rest of our annual report).
In order to fulfill these obligations, we began carrying out a more in-depth assessment of
our activities to verify their eligibility. Our understanding of the taxonomy definitions and
application increased along the process and as a result we had to revise our initial screening.
Thus ‘3.8 Manufacture of aluminum’ (Secondary aluminum recycling) ultimately had to be
dismissed as it is related to the manufacturing of aluminum process, for which Agfa is not
involved as a manufacturer: we buy semi-finished aluminum products and deal with the
recovery of aluminum for recycling, which falls out of the Taxonomy definition.
The same situation occurred with ‘3.14 Manufacture of organic basic chemicals’ as AGFA is
involved in the mixture rather than the manufacturing of chemicals, which were also not
part of the organic basic chemicals listed in the EU Taxonomy.
This has been one of our biggest challenges in the eligibility process. We have often been
confronted with the fact that our initiatives, although they strive for more sustainable per-
92 EU Taxonomy
formance, do not fit the description of any of the activities included in the Act, neither with
regards to Climate Change Mitigation nor Climate Change Adaptation Objectives.
A further example occurred with PCB coating recycling and manufacturing of printing inks
and inkjet digital printing equipment which aim to reduce waste rather than emissions. We
are hopeful however that these could potentially be included in the Delegated Acts for the
remaining four environmental objectives, not yet available at the time this report has been
drafted.
Contribution to climate change mitigation environmental objective
During the screening assessment of Agfa economic activities, three types of eligibility were
considered:
1. Standalone eligibility when the economic activity has the potential to significantly
contribute to the climate change mitigation environmental objective through its own
performance;
2. Enabling eligibility when the economic activity has the potential to play a crucial role in
the decarbonization of the economy by directly enabling other activities to be carried out
at a low carbon level of environmental performance;
3. Transitional eligibility when the economic activity cannot yet be replaced by technolog-
ically and economically feasible low-carbon alternatives but has the potential to support
the transition to a climate-neutral economy.
As a result:
The following Agfa economic activities qualify as standalone eligible activities:
· 4.15 District heating/cooling distribution (‘Warmtenet’)
· 4.30 High-efficiency co-generation of heat/cool and power from fossil gaseous fuels
(Co-generation gas, electricity & heat)
· 5.3 Construction, extension and operation of waste water collection and treatment (Water
treatment installation)
· 5.9 Material recovery from non-hazardous waste (Recovery of phosphor out of Imaging plates)
· 6.4 Operation of personal mobility devices, cycle logistics (Mobility Plan – Bike leasing)
· 6.5 Transport by motorbikes, passenger cars and light commercial vehicles (Mobility Plan
– (PH) EVs leasing)
The following Agfa economic activities qualify as enabling eligible activities:

· 3.6 Manufacture of other low carbon technologies (Zirfon)
· 4.11 Storage of thermal energy (Heat collector in water)
· 7.3 Installation, maintenance and repair of energy efficiency equipment (for Agfa manu-
facturing sites)
· 7.4 Installation, maintenance and repair of charging stations for electric vehicles in build-
ings and parking spaces attached to buildings (for Mortsel, Belgium)
· 7.5 Installation, maintenance and repair of instruments and devices for measuring, regula-
tion and controlling energy performance of buildings (for Mortsel, Belgium)
The following Agfa economic activities qualify as transitional eligible activities:

· 3.17 Manufacture of plastics in primary form (PET)
· 8.1 Data processing, hosting and related activities (Healthcare IT Managed Services)
In 2021 In 2022
Proportion of Turnover linked to Taxonomy-eligible economic activities 28.0% 27.1%
Proportion of CapEx linked to Taxonomy-eligible economic activities 36.1% 29.7%
Proportion of OpEx linked to Taxonomy-eligible economic activities 31.7% 29.3%

Contribution to climate change adaptation environmental objective
All the previously mentioned Agfa economic activities and the additional “adapted” activity
‘8.2 Computer Programming, Consultancy and Related Activities’ that we identified could not
be considered as eligible for climate change adaptation as per the Disclosures Delegated Act
frequently asked questions (FAQ) document published by the EU Commission on December
19, 2022, due to the fact that a climate risk and vulnerability assessment of the most important
physical climate risks that are material to each economic activity and a documented climate
adaptation plan for these activities are not yet in place.
Taxonomy alignment
In order to be aligned and thus qualify as environmentally sustainable according to EU Tax-

onomy, the eligible economic activities must also do no significant harm (DNSH) to any
of the other environmental objectives set out in the Taxonomy Regulation, be carried out
in compliance with minimum (social) safeguards set out in the Taxonomy Regulation and
comply with technical screening criteria established by the Commission through delegated
acts in accordance with the Taxonomy Regulation.
Based on the fact that all activities share the same DNSH criteria with regards to the climate
change adaptation environmental objective (i.e. the development of a climate risk and vul-
nerability assessment for each eligible activity, and that Agfa’s environmental risks assess-
ment performed at corporate level (see pages 22-48) is not specifically developed to adapt
each of the eligible activities to the adverse impact of current or expected future climate
risks), it can be concluded that all activities identified as Taxonomy-eligible are automati-
cally considered not Taxonomy-aligned. As a result, the proportion of Turnover, CapEx and
OpEx linked to environmentally sustainable activities (Taxonomy-aligned) was 0.0% both
in 2021 and in 2022.
However the alignment process is an ongoing journey. Considering the relative long list of
eligible activities and the fact that these are eligible due to the nature of our business but
still need to be documented according to the EU Taxonomy Regulation requirements, we
are reviewing how to best address the gaps and speed up the assessment for the other DNSH
criteria and the Technical Screening Criteria in order to increase our aligned performance for
the next reporting years.
Regarding compliance with minimum safeguards as laid out in Article 18 of the EU Taxono-
my Regulation, we consider that the substantive topics which remain pertinent to them, i.e.
human rights (including labor and consumer rights), bribery, bribe solicitation and extor-
tion, taxation and fair competition, are already part of our DNA and way of operating.
Some process and documentation improvement points have been observed, concerning for
example the human rights due diligence process, while screening our procedures in the con-
text of EU Taxonomy to ensure the alignment with the OECD Guidelines for Multination-
al Enterprises (OECD MNE Guidelines), UN Guiding Principles on Business and Human
Rights, Declaration of the International Labor Organization on Fundamental Principles and
Rights at Work and International Bill of Human Rights.
However no breaches of laws and regulations regarding these four core topics have occurred,
neither has Agfa refused to engage in a case taken up by an OECD National Contact Point (NCP).
This annual report addresses in different sections our core values and practices implement-
ed to roll out these minimum safeguards in a responsible and respectful way. For further
details on our commitments we refer to our Group Code of Conduct and to the chapters
throughout this report.
94 EU Taxonomy
Accounting policy
Specification of the key performance indicator (KPI) related to Turnover for Eligibility Reporting
As set out in Section 1.1.1 of the Disclosures Delegated Act which defines the Turnover KPI,
the KPI numerator is calculated based on the net turnover derived from products or services,
including intangibles, associated with identified eligible activities such as those generated
by Agfa products linked to the manufacture of plastics in primary form (PET), other low car-
bon technologies (Zirfon), phosphor recovery from imaging plates, or Healthcare IT man-
aged services (hosting activities).
For the KPI denominator, Section 1.1.1 of the Disclosures Delegated Act sets out that the
total net turnover is calculated as amounts derived from the total sale of products and the
provision of services after deducting sales rebates and value added tax and other taxes di-
rectly linked to turnover. Revenue from entities under the equity method, intercompany
revenue, income from subsidies, revenue from discontinued operations and IFRS 5 profit
are excluded.
These definitions are in line with International Financial Reporting Standards (IFRS), the
reporting framework used by Agfa for the financial part of this annual report.
Specification of the Key Performance Indicator (KPI) related to capital expenditure (CapEx)
for eligibility reporting
As set out in Section 1.1.2 of the Disclosures Delegated Act that defines the CapEx KPI, the
KPI numerator is calculated based on the net CapEx from Taxonomy eligible activities that
are:
· Related to assets / processes associated with Taxonomy eligible activities;
· Part of a plan to expand taxonomy eligible activities or allow activities to become aligned
(CapEx plan);
· Linked to the purchase of output from Taxonomy eligible activities & individual measures
enabling the target activities to become low-carbon or to lead to GHG reductions, provid-
ed that such measures are implemented and operational within 18 months.
These definitions are in line with the reporting framework used by Agfa for the financial part
of this annual report. CapEx for specific projects/activities is easily traceable based on project
numbers and has been listed on that basis. More general CapEx however, for instance essential
replacements/renewals/enhancements to ensure the factory keeps running, have been allo-
cated to the eligible activities based on allocation keys linked to the volumes that each activity
represents in that CapEx area.
For the KPI denominator, according to the Section 1.1.2 of the Disclosures Delegated Act, the
total CapEx covers additions to tangible and intangible assets before depreciation, amorti-
zation and re-measurements, including those resulting from revaluations or impairments
for the relevant fiscal year and excluding any changes in fair value and assets resulting from
business combinations.

Specification of the key performance indicator (KPI) related to operating expenditure (OpEx)
for eligibility reporting
As set out in the Section 1.1.3 of the Disclosures Delegated Act which defines the OpEx KPI, the
KPI numerator is calculated based on the net OpEx from Taxonomy eligible activities that is:
· Related to assets / processes associated with Taxonomy eligible activities, including training
and other human resources on climate adaptation needs, and direct non-capitalized costs that
represent R&D;
· Part of the Capex plan to expand Taxonomy eligible activities or allow activities to become
aligned;
· Linked to the purchase of output from Taxonomy eligible activities & individual measures
enabling the target activities to become low-carbon or to lead to GHG reductions, as well as
building renovation measures, provided that such measures are implemented and operational
within 18 months.
For the KPI denominator, according to Section 1.1.3 of the Disclosures Delegated Act, the total
OpEx covers direct non-capitalized costs relating to R&D (not included in Capex), building ren-
ovation measures, short-term lease, maintenance and repair and any other direct expenditures
relating to day-to-day servicing of assets of property, plant & equipment (PPE) by the company
or a third party to whom activities are outsourced that are necessary to ensure the continued and
effective functioning of such assets.
These ‘Other direct expenses’ exclude non-exhaustively, as per the Disclosures Delegated Act
frequently asked questions (FAQ) document published by the EU Commission on February 5,
2022: overheads, raw materials, cost of employee operating the machine, cost of managing R&D
projects, electricity/fluids needed to operate PPE but include maintenance material, cost of em-
ployee repairing a machine, cost of employee cleaning a factory, IT dedicated to maintenance.
These definitions are not fully in line with the reporting framework used by Agfa for the financial
part of this annual report. Therefore we have made sure that all reported figures are documented
and auditable, limiting the number of assumptions to the maximum. We believe that the ap-
plied methodology covers most cost centers with limited deviations and therefore no significant
gaps are expected:
· R&D has been directly retrieved from our Profit & Loss statement;
· Building renovation measures, maintenance and repair and any other direct expenditures rela-
ting to day-to-day servicing have been considered together in order to avoid double counting
in the allocation in the numerator across economic activities;
· Figures are retrieved out of a dedicated G/L account for ‘Repair and Maintenance Expenses &
Quality Expenses’ that comprises all external costs related to repair and maintenance, inclu-
ding cleaning and security expenses. For internal costs, we have decided to avoid the combi-
nation of information from different cost accounts in order to keep a clear source of informa-
tion and avoid double counting in the allocation of the numerator across economic activities.
Instead, we have assumed for all companies, except the biggest contributor Agfa Gevaert NV,
that this account covers all relevant costs. For Agfa Gevaert NV we replaced this account with
only relevant external costs completed by the sum of all maintenance & special repairs (both
internal & external) registered on all costcenters within Agfa Gevaert NV (excluding of course
the R&D costcenters to avoid doublecount);
· Short-term lease is retrieved out of a dedicated G/L account ‘Lease Costs of Low Value Assets
and Short-term Leases’.
Specification of the key performance indicator (KPI) for alignment reporting
The same definitions apply as the basis for the calculations of KPIs for alignment reporting
for Turnover, CapEx and OpEx numerators and denominators, provided that ‘eligible’ gets
replaced by ‘aligned’ and ‘eligibility’ by ‘alignment’ in the text.
96 EU Taxonomy
98
Company
Information
Our governance structure
Sustainability governance is fully integrated into the overall Agfa governance struc-
ture as it is part of the organization’s core business. As explained in detail in our
publicly available Corporate Governance Charter, this means that the Board of Di-
rectors (BoD) is the ultimate management body for Agfa’s sustainability strategy.
The BoD entrusts the CEO, supported by the Executive Committee, together with
whom he forms the Executive Management Team (EMT), to steer and supervise
the implementation of Agfa’s Sustainability Strategy. The Head of Sustainability,
since 2022 himself an EMT member, reports bi-monthly directly to the EMT and to
the BoD to provide updates on progresses and to seek strategic guidance.
The Corporate Sustainability Office coordinates the daily roll-out of all activities in
cooperation with relevant departments.
Since a sustainable business practice entails embedding it in all processes and at all
levels of operations, coordination between regions and between departments and
business units is essential to successfully implement the global strategy. Hence, the
Corporate Sustainability Office relies on the Sustainability Advisory Group, which
is composed of high-level managers leading teams across different business func-
tions (e.g. Research & Development, Procurement, Communications, Human Re-
sources, Corporate Risk, etc.) and acting as sustainability ambassadors. This group
provides strategic advice on sustainability matters, suggests new ideas and ensures
synergy and cooperation between departments. More details on specific governan-
ce for the key material topics is provided in the following chapters of this report
under ‘Our management approach’.
Published in 2022, the Corporate Sustainability Policy is used at every business le-
vel in order to set specific actions and intermediate milestones to reach our com-
pany-wide objectives. Since 2022, the achievement of these ESG objectives is also
a factor in the calculation of the Global Variable Bonus for all senior leaders in ma-
nagement grades 1 & 2.
99
Double materiality assessment
Board of Directors
In 2019, we formalized our commitment to sustain-

ability by carrying out a first materiality assessment
to identify the topics representing our most signif-
Executive Management icant impacts on the economy, environment and
people, allowing us to thoroughly analyze our main
non-financial societal impacts. This internal analysis
was then integrated with an external analysis regard-
Corporate Sustainability Office Sustainability Advisory Group ing the significance for our main stakeholders and
hence how these issues would affect the business.
The internal materiality exercise was done with-
in the context of a Corporate Social Responsibility
(CSR) workshop, attended by the CEO, Executive
Division Shared Services Corporate Functions Management members and heads of the Research
& Development Center, Innovation Office, Business
Divisions, Internal Audit, Investor Relations, Human
Resources and Corporate Communications. The exter-
nal analysis was conducted via media analysis, peer-
review and expert views.
The workshop resulted in the identification of the

key priorities on which our sustainability strategy
was to be shaped:
Influence on stakeholder · Six Sustainable Development Goals (SDGs) were
assessment & decisions
selected as the most relevant for Agfa based on
the potential beneficial impact that our activi-
ties can have in reaching these goals and were
10 grouped around three focus areas: Planet, People
and Performance;
· The upper right quadrant comprises the 13 themes
12
13 11 with the highest materiality for our stakeholders
and impact of Agfa – these are therefore covered in
9 8 most detail in this report.
3
7 6 We realize that a materiality assessment needs reg-

ular revision. Constant reviews allow to pursue the
1
Significance of economic,
goal of continuous improvement, gradually step-
environmental & social impacts ping up our ambition based on our maturity. They
also ensure relevance of the assessment versus the
Planet
ever-changing societal context we operate in. We ex-
pect to update our materiality assessment every two
1. Resource scarcity and efficiency (raw materials)
to three years.
2. Circular economy: Waste management & product recycling
3. Water and waste water
4. Energy usage For this reason, we surveyed our Sustainability Ad-
5. Greenhouse gas emissions
6. Sustainability in the value chain visory Group in 2021 so as to ensure the adequacy of
selected goals. The survey confirmed that we were in-
People
deed working on priorities that were relevant to the
7. Employee well-being, Human Capital, Learning & Development business context. Survey results also identified addi-
8. Respect for Human Rights
9. Health & Safety tional focus areas where additional efforts would be
needed for our priority SDGs, such as smaller actions
Performance
to avoid mid to long term health issues, e.g. from
10. Sustainable business solutions and production sitting behind a computer for too long under Good
11. Innovation and investments
12. Ethical business conduct and compliance
Health and Well-Being (SDG 3).
13. Product Stewardship & Service Quality
100 sustainability
company information
This led to concrete actions, such as the kick-off of our Employee Resource Groups in 2022
that showed an increased awareness of the role employees can play in driving the journey.
We are also preparing to run a full double materiality assessment in the coming years where
we will include our stakeholders in the external analysis process more directly.
To assess our approach to sustainability management and benchmark our performance

compared to the best in the sector, we carried out a third-party assessment via EcoVadis
for the first time in 2021. EcoVadis is one of the world’s largest providers of business sus-
tainability ratings, which we chose because it has already rated more than 85,000 compa-
nies. The EcoVadis sustainability assessment is a paid service to assess a company’s material
sustainability impacts based on a questionnaire and extensive supporting documentation.
This material is assessed by the organization based on international standards such as the
Global Reporting Index (GRI), ISO 26000 and the guiding principles of the Global Compact.
In 2021, we decided to begin such assessment by focusing on the sites belonging to our
Agfa-Gevaert NV entity. The feedback received by EcoVadis is a great source of information
that we are using to identify improvement paths in our processes for the whole Group.
In 2022, our performance was scored at 53 out of 100, placing us in the 60th percentile of
the companies assessed by EcoVadis and allowing us to renew our Bronze medal. This im-
provement compared to 2021 was mainly driven by the impact of dedicated working groups
implemented for Ethics and Sustainable Procurement. We plan to use the same approach in
2023 and progress even further.
Risk management
Prioritizing sustainability material topics, as well as delivering our growth strategy in the
long term, relies on appropriately identifying and managing risks that could affect our op-
erations. Risk management is therefore an integral part of our decision-making process re-
garding the business strategy as a whole. At a higher level, Agfa’s Executive Management
is responsible for the Group’s internal control and risk system, including those related to
financial reporting as approved by the Board of Directors.
Risk management processes, in accordance with ISO 31000 risk management standards,
are already embedded in Agfa procedures and management systems. Considering risks and
opportunities are an integral part of the decision process at the different levels within the
organization, specific control mechanisms and deep-dive risk assessments are implemented
where needed by business units and/or by corporate offices. Overall, there is strong aware-
ness of risks (internally referred to as uncertainty/threat) with a very high focus on mitiga-
tion actions.
The Agfa Risk Management approach uses the principle of both the 2017 COSO-ERM and
the 2018 ISO-31000 risk management guidelines with a focus on strategic objectives to en-
able the identification of the main threats and relevant treatments strategies linked to stra-
tegic objectives.
In the first quarter of 2022, Agfa performed a series of structured interviews that were con-
ducted with Executive Management as well as other critical corporate support functions
(e.g. Human Resources, Finance, IT and Supply Chain). We discussed key objectives with
each leader and the associated uncertainty/threats that they anticipated could hinder the
achievement of their top objectives.
The information collected was systematized and regrouped into three main areas of threat:
Business, Operational Excellence and Human Capital. Then they were prioritized by assess-
ing their likelihood of happening within a five-year strategic horizon, as well as their poten-
tial financial impact should they materialize.

This top-down approach acted as a proxy to highlight the current highest risks for the Agfa
group. Below are the top risks that were identified by the 2022 risk management process -
certain risks are slightly regrouped and renamed compared to last year following the most
recent risk identification process:
Business
· Market Trend & Evolution
· Marketing & Customer Relationship
· Regulatory Pressure
Operational Excellence
· Information Security & Data Management
· Innovation & IP
· Customer Supply
· Transformation of Operating Model
Human Capital
· Employee Motivation & Focus
· Competency Bridge
The following is a short description of the risks relevant to Agfa:

Market Trend & Evolution
· Ability to adjust to macro-economic trends and (un)expected events such as Covid19, the
war in Ukraine, accelerated market transition to digital, etc.
· Ability to integrate and accomplish expected value
Marketing & Customer Relationship
· Ability to understand and anticipate the needs of customers
· Compliance with contract agreements and the protection of Agfa’s reputation (Brand)
Regulatory Pressure
· Ability to comply with global and local regulations
· Ability to manage unexpected (social) media spill over
· Ability to interact with all stakeholders (community, regulators, etc.)
Information Security & Data Management
· Ability to secure information technology (IT) systems and operational technology (OT)
systems against internal and external cyber threats
· Ability to protect data that Agfa manages internally and on behalf of customers
· Ensure continuity of operations at both customer and supplier level
Innovation & IP
· Necessity to innovate as well as to protect intellectual property
· Ability to seek partnership to speed up innovation and market entry
Customer Supply
· Ability to deliver products and services to customers
· Ability to manufacture safely and according to customers’ quality specifications
· Ability to monitor third party dependency while maximizing sourcing opportunities
Transformation of Operating Model
· Ability to execute complex projects on time
· Ability to ensure accurate and timely financial closing
· Ability to ensure business continuity in all ongoing projects
Employee Motivation & Focus
· Ability to ensure employee well-being
· Ability to maintain employee motivation and focus on strategic projects
· Ability to adequately communicate internally on the future changes required by the
group, as well as maintenance of social dialogue
Competency Bridge
· Ability to manage both in and out flow of workforce over the next five years
· Ability to transfer and safeguard Agfa specific technological knowledge
102 company information

In addition to the risks described in this chapter, failure to fulfil our obligations towards au-
thorities and stakeholders for any of the points described could result in reputational damage
that could hinder the future of the Group. While it is difficult to estimate the impact of such
damage, as it would widely depend on the type of issue occurred, we make all possible efforts
to prevent this by setting in place clear and effective governance to run all our operations.
The numerous laws and regulations to which Agfa is subject are becoming increasingly
complex, stringent and are changing faster and more frequently than before. These laws
and regulations include, among others, requirements related to data protection, intellectual
property laws, labor relation laws, tax laws, anti-competition rules, etc. Complying with all
these regulations on a global scale involves risks as well as additional costs that may nega-
tively impact the group's overall profit performance.
Agfa owns, has applications pending for, and is licensed, under many patents relating to
a variety of products, as well as software. The company relies on a combination of patent,
copyright, trademark and trade secret legislation, trade secrets, confidentiality procedures,
contractual provisions and license arrangements to establish and protect its proprietary
rights. The Group also has a policy of strictly respecting third party’s intellectual property
rights, however there can be no assurance that third parties will not claim such infringe-
ments. Any such claim will be investigated on its merits and corrective actions, if any, will
be taken as appropriate.
Risks to be disclosed pursuant to the rules regarding non-financial information
Environmental matters
Risk description:
Agfa is subject to many environmental requirements in the various countries in which it
operates, including air and waste water emissions, hazardous materials and spill prevention
and clean up. Significant operating and capital expenditures are invested to comply with ap-
plicable standards. Provision is also made for current and reasonably foreseeable compliance
and remediation costs.
Approach:
Agfa has developed strict policies at each site to prevent the likelihood of these risks mate-
rializing. Risk assessment with regards to environmental aspects must be updated at least
annually by the responsible departments.
In addition to our efforts to limit our operations’ impact on the planet, as previously dis-
cussed in the dedicated section of this report, Agfa has assessed and is monitoring possible
adverse effect of climate change on its operations in order to be able to initiate an adequate
response in case of a major event impacting Agfa’s operations and its customers.
Among other long(er) term impacts, climate change causes extreme natural events that
could impact the continuity of operations for our sites or in our supply chain. Our glob-
al distribution and diverse site locations reduce our exposure to physical risks. Every year,
Agfa carries out an assessment of its potential exposure to natural disasters, i.e. earthquake,
volcanic eruption, cyclone, tornado, flood, lightning, tropical storm, tsunami and thermal
anomalies. In 2022, the assessment covered 296 locations (own manufacturing sites, owned
or rented warehouses and stocks at customer locations), distributed across 36 countries and
six continents. From this analysis it resulted that the exposure for our direct operations is
relatively low.

Number Locations 322 Continents 6
Total Value 1.309 bn Subcontinents 14
Average Location 4.068 mi Countries 37
Biggest Location 103.094 mi Regions 105
Smallest Location 89
Score Overview
NatCat-Score 4.09
Earthquake 3.58
Volcanoes 1.85
Tropical Cyclones 2.40
Extra Tropical Cyclone 3.14
Tornado 2.78
Lightning 1.72
Flood 3.38
Tsunami 1.84
Tropical Storm Surge 1.99
Thermal Anomalies 1.71
Social and personnel issues

With regards to social and personnel related risks, failure to attract relevant talents and the
potential to lose key management and personnel are key points to address in orderAllto
ARGOS 03/11/2022
enable
values in: EUR
Agfa to fulfill its strategic ambition, build further expertise and, above all, manage the other
risks faced as an organization. In 2021, the continued COVID-19 crisis severely affected our
people and society at large and we continued taking precautionary measures to ensure the
safety of our teams.
In cases where the pandemic had an impact on retaining personnel, decisions were made
in liaison with union representatives and in full transparency with relevant stakeholders.
We also work to ensure we can offer a remuneration package in line with the market, as well
as the possibility of growing and developing within the organization as a way of retaining
talent as long as possible. More details on the concrete policies in place are listed in the ‘Peo-
ple’ chapter of our Annual Report.
Governance
Effective corporate governance and stakeholder management practices can create several
benefits for a company and its stakeholders. The reverse is that weaknesses in corporate gov-
ernance practices and stakeholder management processes expose a company and its stake-
holders to several risks. Potential risks inter alia include the following:
· One stakeholder group may benefit unfairly at the expense of other stakeholder groups
due to weaknesses in a company’s control systems;
· Managers could make poor investment decisions that benefit them but are detrimental to
the company’s other stakeholders;
· A company’s exposure to legal, regulatory and reputational risks could become heighte-
ned - for example, a company may be subject to an investigation by a regulatory authority
due to a violation of laws and regulations. The company could also receive lawsuits from
one of its stakeholders due to some form of impropriety;
· A company’s ability to honor its debt obligations may become hindered in the absence of
effective corporate governance. This exposes it to bankruptcy risk if its creditors decide to
take legal action against it.
These risks could potentially damage the reputation of the company and lead to significant
legal costs.
Our stakeholders
As part of an ecosystem, our stakeholder engagement remains a key process to ensure we do

business in the most responsible, efficient and sustainable way. Regular exchange with our
stakeholders serves as input to define our business strategy, to understand and meet mu-
tual expectations and needs, to compare our performance with that of peers and to acquire
new knowledge.

Agfa’s stakeholder landscape is quite diverse due to the different markets we serve and the
fact that we are a publicly listed company and, as such, is framed by specific reporting and
transparency duties. Our stakeholders can be split into internal ones (our own Agfa employ-
ees and trade union representatives) and external ones (shareholders and business partners
across the value chain).
The level of engagement with each stakeholder group depends on the relevance of the topic
and is likely to vary over time based on other business priorities. The exchanges we regularly
had in past years helped us understand the expectations of each stakeholder and served to
shape our future actions. In order to achieve a meaningful outcome, stakeholder engage-
ment at Agfa is based on a local approach whereby all divisions and sites are responsible for
identifying their respective stakeholders, as well as engaging with them in suitable ways ac-
cording to needs and interests. While we have built strong relationships with our stakehold-
ers over time, we have also been progressively integrating and structuring our sustainability
dialogues within the same framework.
Employees
To ensure an appropriate level of engagement and dialogue with its almost 7,000 employ-
ees, Agfa makes use of different internal platforms, tools and processes, providing a variable
level of interaction – some at local level and some at corporate level. These include quarterly
Infotours (business updates on strategy and results), Intranet & newsletter publications, in-
dividual performance reviews, HR engagement survey, whistleblower channel, etc.
Moreover, in each country where it operates, Agfa enters into dialogue with employee rep-
resentatives. In most countries, works councils represent employees and at the European
level, a European Works Council is in place. For Health and Safety matters, local committees
consisting of employee and employer representatives are also active.
Our employees often express the need to be more involved in decision making and priority
setting. In 2022, we therefore called upon employees to join our Employee Resource Groups
as part of our Diversity, Equality and Inclusion strategy. This resulted in the appointment of
three Employee Resource Groups (ERG) Leads and 30 participating employees. The diverse
representation from our Agfa divisions, geographies and functions will surely enhance and
improve the scope and impact of our DEI actions.
More details on how we engaged with our employees are provided under the chapter ‘Focus
on our People’ on pages 50-74.
Customers, distributors and suppliers

Dialogue with customers, distributors and suppliers is primarily managed by the business
divisions through direct contact with sales, service, procurement and marketing depart-
ments through regular business meetings, customer visits and training, customer surveys,
annual trade shows and events or tech days, etc.
These are great platforms to discuss new products and solutions launch, commercial condi-
tions, market trends, innovation, specific needs, co-creation projects etc.
Digital interactions (remote IT project implementations and support, customer virtual

demos, webinars, virtual global conferences and exhibitions, etc.) have been increasingly
used since the COVID-19 pandemic and are now fully part of our business practices as a
complement to the more traditional forms of engagement stated above.
Financial markets
Engagement with shareholders, analysts, investors and potential investors is organized at

corporate level under the coordination of the Investor Relations & Corporate Communica-
tions department. We regularly organize investor events, shareholder and analyst meetings,
roadshows and personal one-on-one meetings with Executive Management members and
the Investor Relations department.
In 2022, we:
· Held our annual shareholders meeting physically on May 10, 2022, where 19 shareholders
were represented;
· Held approximately 80 one-to-one investor calls to exchange on a series of financial and
non-financial topics, mainly addressing key strategic questions around the Group’s strate-
gy and transformation, the business evolution, the impact of the COVID-19 crisis and the
cost of inflation, pension de-risking actions and efforts regarding sustainability and ESG
as a whole.
More details on how we engaged with our financial stakeholders, including agenda and
minutes of shareholders meetings, are provided on Agfa’s corporate website.
Market peers, academia and policy makers

Collaboration with market peers, academia and policy makers is essential for Agfa to con-
tribute to broader, industry-wide action on sustainable development and to create synergies
that expand our knowledge and potential to make a positive impact. These collaborations
are normally topic/product-specific and are primarily managed by the divisions through
direct contact via research projects, monitoring of market developments via dedicated press/
communication channels and exchange in various industry associations.
At a less formal level, members of our senior management are often called upon or volunteer
to participate in public fora to discuss our business strategy and sustainable development
approach. Such events provide the opportunity to interact with various groups including
business leaders, academia and civil society.
By the end of 2022, Agfa (either as Agfa HealthCare, Agfa Radiology Solutions, Agfa Offset
Solutions or Agfa-Gevaert) was an active supportive member of the following associations:
· AXREM – UK trade association representing suppliers of diagnostic medical imaging, ra-
diotherapy, healthcare IT and care equipment;
· BELIR – Belgian Investor Relations Association;
· BiR&D – Association of international industrial companies having major R&D operations
in Belgium;
· COCIR – European trade association representing medical imaging, radiotherapy, health
ICT and electromedical industries;
· essenscia – Belgian Chemical Industry Federation;
· EPLF – Association of European Producers of Laminate Flooring;
· ESMA – European Specialist Printing Manufacturing Association;
· FEFCO – European Corrugated Packaging Association;
· Hydrogen Europe – European industries, national associations and research centers active
in the hydrogen sector;
· I&P – European Imaging and Printing Association;
· MedTech Europe – European trade association for the medical technology industry.
Agfa is also part of several networks and knowledge centers, for instance:
· Blauwe Cluster – Belgian innovation cluster for the sustainable blue economy;
· CATALISTI – Cluster for the chemical and plastics industry in Flanders;
· European Clean Hydrogen Alliance – Supporting the EU’s commitment to reach carbon
neutrality by 2050;
· FESPA Belgium – An organization bringing together people and organizations active in
screen printing, digital printing and textile printing;

· Pack4Food – Consortium of companies and research institutes working on the food pack-
aging of the future;
· The Shift – Belgian sustainability network;
· VIGC – Flemish Innovation Center for Graphic Communication, independent knowledge
center in the Benelux;
· WaterstofNet – Belgian catalyst for sustainable hydrogen.
Via the above platforms, Agfa is also able to participate in knowledge sharing events and is
invited to sit at Advisory Committees or ad hoc working groups organized by partners such
as the Federation of Belgian Enterprises (VBO) and the Belgian Risk Management Associa-
tion (BELRIM).
We are also involved with a series of platforms and networks via Agfa-Labs, our open inno-
vation platform for materials and coating research. For instance, the Belgian Association of
Technicians for Paint and Related Industries (ATIPI), the Royal Flemish Chemical Associa-
tion (KVCV) and the Organization for Surface Characterization of Materials (VOM).
Communities
We see ourselves as part of the communities where our operations are set and where our em-
ployees live. Therefore we always dedicate time and resources to engage with them. This is
particularly the case when some of our facilities, like the ones in Mortsel, Belgium, are in urban
zones. We use several ways to inform local communities about what we do, answer questions
and propose and listen to suggestions and ideas to reduce the potential nuisances reported to
Agfa via e-mail or the available toll-free phone number. This is done by physically meeting
communities and, especially in the last years, by using virtual tools, social media, website, etc.
Agfa has also appointed a representative to sit on the city’s local Environment Council.
Environmental incidents and complaints
Another aspect that we monitor closely and that we consider relevant as a reflection of our
overall performance, is the number of environmental incidents and complaints. Incidents
are one-off events such as spills or releases, for instance due to a machine malfunction, while
complaints are those raised for instance by neighbors regarding smell or noise coming from
one of our plants. We strive to minimize these occurrences as much as possible through reg-
ular monitoring and corrective actions depending on the severity of the occurrence. Beneath
is a summary of the evolution of such figures over time.
38
31
27 28 27 27
23 24
21 19
17
18 14
15 14 13 11 19
22
22
5 8 10 6 13 21 13 8 8 8
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Incidents Complaints

In 2022, we received a higher number of complaints related to noise coming from the factory
in Mortsel. Measures have been implemented to address them, e.g. restricting the use of
internal transport vehicles at certain times.
Agfa is also regularly active in local knowledge sharing events in school masterclasses, in-
teracting with potential future employees at job fairs, etc. This helps to foster discussions,
create an adequate funnel of talents, engage with local communities and encourage social
responsibility initiatives.
In addition to transparent communication and proactive engagement to understand what

concerns are to be addressed, we try to provide concrete support whenever possible via
monetary or materials/equipment donations.

STEM projects –
building a sustainable
future educating the
scientists and technicians
of tomorrow
We believe that education with a long-term perspective
is one of the keys to succeeding in building a better
future. This is why we support several Science, Tech-
nology, Engineering and Mathematics (STEM) projects
and related initiatives.
• Science, Technology, Engineering and Mathematics (STEM) Charter,

Belgium:
http://stemcharter.be/charter.php
We participate as a STEM ambassador, acknowledging the
importance of STEM in our current and future society and
stimulating the passion and interest for STEM education
and professions.
• STEMfluencer, via essenscia Vlaanderen and Vlajo:

https://www.essenscia.be/prioriteiten/talent/stemfluencers/wie-is-wie/
We are proud participants of this new project launched in 2021, where
some of our employees (<35) as STEMfluencers give one or several
guest lectures in the 1st and 2nd year of high school
to inspire and get kids interested in technology and sciences.
• Dual learning, via essenscia, Belgium:

https://www.essenscia.be/prioriteiten/talent/duaal-leren/
Dual learning was launched in 2017 to train students for jobs in the
chemical industry by providing relevant internships. We have been
offering such opportunities and guiding several students over the
past years.
More details on how we engaged with our commu-

nities are provided on Agfa’s corporate website and
through social media.

110
Comments on
the Consolidated
Financial
Statements
111
Revenue (million Euro)
2021 1,760
2022 1,857
Share of Group revenue 2022 Share of Group revenue 2022

by division by region
Digital Print & Chemicals Latin America

20% 7%
Offset Solutions
42% Europe
37%
Asia
Oceania
HealthCare IT Radiology Solutions Africa Nafta
13% 25% 33% 23%
Adjusted EBITDA 1 (million Euro) Adjusted EBIT 1 (million Euro)
2021 2021 42
104
2022 2022 31
94
(1) Before restructuring and non-recurring items (1) Before restructuring and non-recurring items
Result for the period

(million Euro)
(14) 2021
(223) 2022
112 comments on the consolidated financial statements

Revenue
Excluding currency effects, the Agfa-Gevaert Group posted 1% top line growth. The Health-
Care IT and Digital Print & Chemicals divisions posted sales growth excluding currency im-
pact. Offset Solutions’ top line remained stable mainly due to price increases and Radiology
Solutions’ medical film business was heavily impacted by the COVID lockdowns in China.
Results
The Group’s gross profit margin remained stable at 28.5% of revenue, mainly due to price
increase actions to tackle the strong impact of cost inflation and supply chain issues. Adjust-
ed EBITDA was influenced by inflationary pressure, disrupted supply chains and industrial
inefficiencies in the fourth quarter.
Impacted by strong post-COVID cost inflation, our HealthCare IT division’s gross profit mar-
gin decreased from 46.5% of revenue in 2021 to 45.2%. The adjusted EBITDA margin de-
creased from 13.8% to 11%. In 2022, the division also stepped up its investments in R&D and
commercial resources to grow the business.
Our Radiology Solutions division’s full year profitability was affected by volume decreases,
mix effects and cost inflation. The division’s gross profit margin reached 32.1% of revenue
versus 33.9% in 2021.
Our Digital Print & Chemicals division’s gross profit margin decreased from 26.3% of revenue
in 2021 to 24.9%. This was mainly due to strong cost inflation, lower volumes for certain
businesses (including industrial inkjet and products for the electronics industry) caused by
COVID lockdowns in China and logistical challenges. Additional cost reduction measures
were taken In the fourth quarter to adjust to the economic reality.
Although affected by cost inflation, Offset Solutions division’s gross profit margin improved
from 20.4% of revenue in 2021 to 22.7% due to implemented price adjustments and a focus
on high-value regions. Adjusted EBITDA improved strongly to 35.7 million Euro.
In addition to heavy transformation efforts, impairments in Radiology Solutions (73 million

Euro) and Offset Solutions (41 million Euro) had a strong impact on the Group’s restructur-
ing and non-recurring items, resulting in a charge of 192 million Euro versus 33 million Euro
in 2021. The Group’s net finance costs amounted to 19 million Euro.
Income tax expenses increased to 42 million Euro versus 15 million Euro in 2021, primarily
driven by additional tax expenses related to the Offset Solutions carve-out and the impair-
ment of deferred tax assets related to the performance of Radiology Solutions and the Offset
Solutions transaction.
As a result, the Agfa-Gevaert Group posted a net loss of 223 million Euro.
Statement of financial position

At the end of 2022, total assets were 1,756 million Euro, compared to 2,095 million Euro at
the end of 2021.
Trade working capital

Although the Group was able to reduce trade working capital from 31% of turnover in the
third quarter of 2022 to 28% in the fourth quarter, this is still an increase versus the end of
2021 (26%). In absolute numbers, trade working capital evolved from 449 million Euro at
the end of 2021 to 523 million Euro, including an effect of the newly acquired Inca Digital
Printers at year-end (19 million Euro).

Financial debt
Statement of financial Net financial debt (including IFRS 16) evolved from a net cash
position (million Euro) position of 325 million Euro at the end of 2021 to a net cash po-
sition of 72 million Euro, as it was partially impacted by the Inca
acquisition and the Group’s share buy-back program.
2,095
2021 1,339 756 Pension liabilities

After a first pension buy-in transaction for the UK pension plan in
current assets non-current assets
2021, an additional buy-in transaction has taken place which leads
to a full de-risking of the UK pension plan, without additional
2022 cash contributions. Thanks to all pension actions and driven by
1,153 602
the higher discount rate, a strong decrease in net pension liability
1,756 (material countries) was recorded: a positive impact of 177 million
Euro was recorded versus the end of 2021.
2,095 Equity
In 2022, equity amounted to 561 million Euro, against 685 million
2021 685 1,409 Euro at the end of 2021.
equity liabilities Cash flow

In the full year 2022, the Group used a free cash flow of 127 million
2022 561 1,195 Euro.
1,756 Outlook
Overall, the Agfa-Gevaert Group expects a recovery in profitability
in the full year 2023 versus 2022.
Our HealthCare IT division’s growth strategy is expected to de-

Trade working capital liver top line growth, as well as double-digit adjusted EBITDA
(million Euro/% of sales) growth in 2023.
Stability is expected for our Radiology Solutions division, with

continuous margin pressure for medical film. Progress record-
Dec. 2021 449 26% ed in Direct Radiography in the second half of 2022 is expected
to continue.
Dec. 2022 523 28%

Finally, our Digital Print & Chemicals division expects to restore
profitability, based on pricing, cost improvement actions and pos-
itive contributions from the Inca acquisition and Zirfon mem-
branes. The revenue generated by Zirfon will continue to grow
very strongly.
Net financial debt (cash)
(million Euro)
2021 (325)
2022 (72)
114 sustainability
comments on the consolidated financial statements
Comments on the Statutory Accounts of Agfa-Gevaert NV
The Annual Accounts as will be presented to the General Meeting of Shareholders of May 9,
2023, were tested against the valuation rules by the Board of Directors and approved in that form.
The following points, in particular, will be submitted to the General Meeting of Sharehold-
ers for approval:
The Annual Accounts close with a loss for the accounting year 2022 of 6,045,693.85 Euro.
Based on the profit or loss account, the Board of Directors concludes that the Company has
suffered a loss for two consecutive years. Article 3:6 1, 6° of the Code of Companies and
Associations requires that the Board of Directors justifies the accounting principles in the
assumption of going concern. As the going concern assumption of a holding company, such
as Agfa-Gevaert NV, basically depends on the Group as a whole, the Board refers to the net
cash position at Group level and the undrawn credit facilities available at balance sheet date.
It is proposed to allocate the result as follows: deduction of the result carried forward. As a
result, the result carried forward will amount to minus 502,305,718.19 Euro.
Explanation of the most significant entries

of the Annual Accounts
In 2022, the Company achieved a revenue of 415.6 million Euro. This means an increase of
1.4% compared to the revenue of 2021 (409.8 million Euro). The increase was mainly caused
by an increase of the sales prices (+1.6%), a decrease of the volume/mix (-3.6%) and a positive
currency exchange rate difference (+3.4%).
The 2022 operating loss amounts to minus 71.1 million Euro. This represents a decrease of
30.1 million Euro compared to 2021.
The financial result improved with 101.9 million Euro compared to 2021, resulting in a
loss from operating activities before taxes of minus 4.8 million Euro (-136.9 million Euro in
2021).
After income taxes (2022: -1.2 million Euro, 2021: 0.0 million Euro), the loss for the book
year amounts to minus 6.0 million Euro (2021: -136.8 million Euro). This is also the result of
the finacial year to be allocated. This is a decrease of the loss with 130.8 million Euro com-
pared to 2021.
In 2022, the Company spent an amount of 11.6 million Euro on research and development
in Belgium.
In 2022, the number of Agfa-Gevaert NV employees in Belgium decreased by 164 to

1,779 employees on December 31, 2022. This decrease is the result of the recruitment of 109
new employees and 273 employees leaving the Company.

116
HealthCare
IT
At the forefront of Medical Imaging IT Software
Agfa HealthCare has been dedicated exclusively to Enterprise Imaging

since 2020. The company was first in the industry to build a platform
from the ground up. Momentum in market adoption of its Enterprise
Imaging Platform is evident in the company’s growing business agree-
ments, as leading health systems select the platform to create a true
Imaging Health Record™ (IHR).
With its flagship Enterprise Imaging Platform, Agfa HealthCare pro-

vides secure, effective, modular and scalable imaging data manage-
ment. The company strategically guides healthcare providers to transi-
tion from volume-based imaging to value-based imaging, accompanies
growth, reduces complexity and redundancy, and improves care deliv-
ery and physician experiences. Implementation of the Agfa HealthCare
Enterprise Imaging Platform allows the creation of an IHR, to align
with and complete a health system’s electronic health record strategy.
% change
MILLION EURO 2022 2021
(excl. currency effects)
Revenue 244 219 11.5% (4.0%)
Adjusted EBITDA (*)

26.9 30.2 -10.8%
% of revenue 11.0% 13.8%
Adjusted EBIT (*) 19.6 21.6 -9.3%
% of revenue 8.0% 9.9%
(*)
Before restructuring and non-recurring items
117
HealthCare IT
in 2022
HealthCare IT’s order book remains at a very healthy level. The division recorded 18% growth
in the 12 months rolling order intake versus the year before, with high value business (own
software) increasing by 23%.
Due to increased momentum in the second half of the year, HealthCare IT division’s top
line increased in North America and Europe versus the previous year. Growth was driven
by revenue recognition from a number of important contracts, as well as a stabilization of
recurring revenue.
Impacted by strong post-COVID cost inflation, the division’s gross profit margin decreased
from 46.5% of revenue in 2021 to 45.2%. The adjusted EBITDA margin decreased from 13.8%
to 11.0%. In 2022, the division also stepped up its investments in R&D and commercial re-
sources to grow the business.
2022 was a year of consolidation, as the focus turned towards profitable growth. The success
of the division’s strategy to target customer segments and geographies for which its Enter-
prise Imaging solution is best fit and prioritize higher value revenue streams is working and
delivering - exemplified by the positive development of order intake. This strategy will ulti-
mately allow the division to reach targeted EBITDA growth: starting from a mid-single-digit
percentage in 2019 to percentages in the high-teens over the coming years.
118 Healthcare it
Medical Imaging IT Software
Agfa HealthCare’s Medical Imaging IT Solutions equal reliability and efficiency for care pro-
viders around the world. With innovation deeply rooted in its DNA and building on more
than 100 years of experience, Agfa HealthCare became one of the first companies in the
early 1990’s to supply radiology departments with its Picture Archiving and Communication
System (PACS) to efficiently store, manage, process and distribute digital medical images.
As health networks become become increasingly bigger and the need for higher productivi-
ty and better care delivery increases, care providers understand that it is crucial to efficiently
capture, aggregate, share and mine all imaging related information. Across the globe care
organizations are starting to look for a more integrated imaging strategy and the conver-
gence of fragmented, redundant and siloed Imaging IT solutions into a more unified enter-
prise-wide approach with scalability and systemness.
Agfa HealthCare anticipated this demand and in 2014 pioneered when bringing its flagship
Enterprise Imaging Platform to the market. The unified Enterprise Imaging Platform cre-
ates a true longitudinal Imaging Health Record for every patient, completing the customer’s
Confirmation EHR strategy. It is intended to address not only radiology and cardiology, but also the nu-
merous departments and service lines across the healthcare enterprise that generate various
of Industry
forms of imagery.
At the top of Agfa HealthCare’s list of priorities is a focus on enabling ‘flow’ — the ability of
Leadership radiologists and clinicians to cut through the noise and stay focused on the ultimate goal of
their role: getting rapidly to an accurate diagnosis, and communicating it to the right people.
Through Agfa HealthCare’s Enterprise Imaging platform images and related data are instant-
IDC has recognized ly accessible throughout the hospital, the care organization, or even all care facilities includ-
Agfa HealthCare for its industry ed in a regional network. This way, the Enterprise Imaging platform speeds up overall diag-
expertise, analytics capabilities noses, enhances patient care, accelerates clinical collaboration across multi-specialties and
and integration engine. multiple systems, improves physician and patient experience and satisfaction, and drives
the health systems’ business, clinical and operational excellence. This converged services ap-
Agfa HealthCare has been proach helps clinicians and non-clinicians stay in their flow as long as they need to be there.
recognized in the Leaders category From product development to implementation, Agfa HealthCare’s best-of-suite Imaging IT
in the IDC MarketScape Vendor software solutions are purpose-built to help manage complexity and to support care provid-
Assessment for Europe as well ers to achieve success in their clinical, operational and business strategies.
as the United States.

Customer Satisfaction
Top Performer
The KLAS Research 2022 Europe PACS report named Agfa HealthCare among the top per-
formers in terms of customer satisfaction. In the report Agfa HealthCare is confirmed to
have one of the most expansive footprints, with strong customer bases. Highlighted are the
strong implementation in the United Kingdom and Ireland and high levels of satisfaction in
the company’s Benelux home region. 1
In the Middle East, KLAS Research highlights Agfa HealthCare as one of the most frequently
considered vendors, offering strong support leading to a loyal customer base. 2
In its most recent Enterprise Imaging Report, KLAS Research reports Agfa customers appre-
ciate the vendor’s increased executive involvement and engagement and strong technology
offerings. More specifically on its Vendor Neutral Archive (VNA) and Universal Viewer (UV)
solution, the report states that across the board, responding customers see Agfa HealthCa-
re’s VNA and UV offerings as strong, stable, and easy to use. In the last year, these offerings
have been expanded across additional service lines, particularly with cardiology and point-
of-care ultrasound. 3
1, 2, 3 Selected commentary collected about Agfa HealthCare

1 KLAS® Europe PACS 2022
2 KLAS® Middle East & Africa PACS 2022
3 KLAS® Enterprise Imaging 2022
© 2022 KLAS. Visit klasresearch.com for a complete view.
Cybersecurity
Transparent Leader
At RSNA 2022, Agfa HealthCare received, for the 2nd time, the prestigious
recognition of Cybersecurity Transparent Leader, awarded by KLAS Research
and Censinet. The designation as Cybersecurity Transparent Leader is a demon-
stration of Agfa HealthCare’s commitment to its clients to support them in the
delivery of safe and secure patient care.
Commercial successes
In 2022, Agfa HealthCare continued to convince care organizations of the many advantag-
es of its platform approach to enterprise imaging. Numerous leading health systems, in-
cluding large luminary care organizations in the USA, selected Agfa HealthCare’s Enterprise
Imaging Platform that creates a true Imaging Health Record.
120 Healthcare it
800+
Agfa HealthCare’s Enterprise
Imaging Platform is live in more
than 800 healthcare sites
across the world.
The company’s XERO Universal

Viewer supports the extended
care collaboration in close to
400 care organizations.

HealthCare IT Customer cases
Zuckerberg San Francisco General Hospital (USA)
Zuckerberg San Francisco General Hospital (ZSFG) in California, USA, has recently upgrad-
ed to version 8.2 of Agfa HealthCare’s Enterprise Imaging platform. The solution is solving
radiologists’ challenges, helping them deliver excellent care with increased productivity, and
enhancing their workplace wellbeing. Zuckerberg San Francisco General Hospital and Trau-
ma Center is a community hospital and Level 1 trauma center that partners with the Univer-
sity of California San Francisco (UCSF) on clinical training and research.
“We’ve been with Agfa HealthCare since 2005, so it has been a

long journey together. We feel confident that Agfa HealthCare
supports us in our ongoing ambition to deliver ‘all care for all
patients and all images accessed anywhere.”
RJ Merck,
Radiology IT Supervisor of Zuckerberg
San Francisco General Hospital
Northwest Clinics (the Netherlands)
Agfa HealthCare and Northwest Clinics have extended their strategic cooperation, and further
expanded the consolidated Enterprise Imaging platform with the RUBEE™ for AI Augmented
Intelligence portfolio. This enhanced collaboration supports Northwest Clinics in its on-
going commitment to further optimize care delivery, and allows the healthcare provider
and Agfa HealthCare to work together to curb growing healthcare cost. Northwest Clinics
is a five-site top clinical healthcare organization in the northwest of the Netherlands.
“We are very satisfied with our many years of collaboration

with Agfa HealthCare. This experience made it logic for us
to take the decision to enter into a new agreement with them.
Together, we can ensure that patient care is further optimized,
which is quite simply our most important objective.”
Floor Haak,
Member of the Board of Directors of Northwest Clinics
122 Healthcare it
Sihtasutus Eesti Tervishoiu Pildipank (Estonia)
Estonia’s Pildipank and Agfa HealthCare are strengthening and extending their relationship
by moving the national shared Picture Archiving Communication System (PACS) to the En-
terprise Imaging platform. New functionalities will deliver key benefits, including advanced
viewing capabilities, enhanced collaboration between healthcare providers, reduced IT
complexity and maintenance, and better-informed decision-making. Pildipank enables all
healthcare institutions in Estonia to share a single environment for exchanging, archiving
and accessing medical images.
“From the beginning, Agfa HealthCare was able to support a sys-

tem architecture and design that met our KPIs and leveraged our
other investments. But equally as important as the technology, is
Agfa HealthCare’s strong commitment to service and partnership.”
Andrus Paats,
Board member of Pildipank
King Abdullah Medical City (Kingdom of Saudi Arabia)
Long-term Agfa HealthCare customer King Abdullah Medical City (KAMC) in Makkah up-
graded its former Agfa HealthCare image management system to Enterprise Imaging. This
converged platform has enabled the hospital to enhance patient care, with a broad range of
tools that speed up reporting, increase radiology productivity, and improve the work/life
balance of the radiologists. KAMC is a specialist healthcare facility committed to providing
the highest standards of quality and excellence in patient care.
“Enterprise Imaging supports a better work/life balance for

the radiologists, even as they continue providing the highest
level of patient care, quality of service and reporting. In ad-
dition, the remote access enables faster response for critical
cases during nights or weekends.”
Dr. Elham Rawah,

Head of Radiology at KAMC

124
Radiology
Solutions
Agfa’s Radiology Solutions division is using new technologies and tra-
ditional know-how to create medical imaging solutions that open up
new views to caregivers and meet the ever evolving needs of health-
care providers. By supporting them in every step of the patient’s jour-
ney, Agfa helps its customers to improve the quality and efficiency of
their patient care.
% change
Revenue 462 464 -0.4% (-5.4%)
Adjusted EBITDA (*)

46.9 60.7 -22.9%
% of revenue 10.1% 13.1%
Adjusted EBIT (*) 22.3 37.7 -40.9%
(*)

Radiology Solutions
in 2022
The medical film business was impacted by COVID lockdowns occurring in China mainly.
The current geopolitical situation and slower than normal volumes in some export markets
also had an impact. The market driven top line decline for the Computed Radiography busi-
ness was further amplified by the current geopolitical situation and component shortages.
Agfa continues to manage the CR business to maintain healthy profit margins.
Following a number of slower quarters, the Direct Radiography business’ revenue started to
pick up in the second half of the year. Strong sales growth was recorded in ASPAC and LA-
TAM. In a number of countries in those regions, first-of-a-kind installations were achieved
with several systems, including high-end modalities and the recently introduced VALORY
X-ray room. Recently, the DR market saw the entry of several new competitors with low-
cost solutions. The order book for DR remains strong, with continuously longer conversion
lead times affected by the supply chain environments.
The division’s full year profitability was affected by volume decreases, mix effects and cost
inflation. Agfa is taking actions (right-sizing of the organization, relocations, costs control
actions, price increases, net working capital actions) to increase the business’ agility and to
better adapt it to current market conditions.
126 Radiology Solutions

The expert in medical imaging
Agfa is a global provider of traditional X-ray film, hardcopy film and printers, digital radiogra-
phy equipment and image processing software. Its roots are in traditional medical imaging,
but in today’s healthcare market, digital radiography has become the dominant technology.
Due to the competition of softcopy diagnosis, the market for hardcopy film – on which digital
images are printed – is declining in the US and Western Europe. In the emerging countries,
this market segment is flat. Besides hardcopy film, Agfa also supplies hardcopy printers that
enable clinicians to print digital images made by general radiography equipment, as well as
images made by other modalities, including CT and MRI scanners.
500,000
Agfa has installed over 9,000
Direct Radiography systems all
over the world. Together, they
account for over 500,000 imaging
exams per day.
60% / 30%
Healthcare organizations report
that Agfa’s DR solutions and
MUSICA® software allow them
to reduce X-ray doses by up
to 60%1 and to increase their
productivity by up to 30%.
1 Testing with board-certified radiologists has In digital radiography, Agfa is active with both Computed Radiography (CR) and Direct
determined that Cesium Bromide (CR) and Cesium Radiography (DR) systems. Compatible with traditional radiography equipment, CR offers
Iodide (DR) Detectors, when used with MUSICA image image intensive departments an affordable entry to digital imaging. DR is often the tech-
processing, can provide dose reductions between 50 to nology of choice for hospital departments demanding a higher throughput and immediate
60%, compared to traditional Barium Fluoro Bromide availability of high-quality digital images. Furthermore, mobile DR equipment allows for
CR systems. Contact Agfa for more details. bed-side imaging, e.g. in emergency rooms or ICU’s. Many hospitals combine CR and DR
technologies to cover all their X-ray imaging needs. As a technology leader in both areas,
Agfa is in a unique position to offer tailor-made solutions to healthcare facilities planning to
invest in digital imaging.
All Agfa’s CR and DR systems are offered with its leading MUSICA ® image processing soft-
ware and its MUSICA ® workstation for image identification, acquisition and quality control.
Agfa’s SmartXR software solution brings intelligence to digital radiography equipment at
the point of care, even before the image is made. It assists the radiology lab technician by
simplifying and automating a number of tasks. In this way, lab technicians can work faster,
with more attention to the patient.

VALORY ™: Excellence.
Pure and Simple.
End 2021, Agfa launched its new VALORY TM digital radiography room at the RSNA event.
VALORY TM delivers a simple design with functionality that goes far beyond the ‘basics’, bring-
ing reliability, productivity and ‘first-time-right’ imaging into reach for any hospital. VALORY ™
offers an ideal solution as a backup for large hospitals, or as the main X-ray system for
smaller healthcare facilities, where equipment reliability is not an option but a must. With
VALORY ™, Agfa proves that ‘simple’ is not a synonym for ‘basic’.
2022 has been a challenging year for companies that are active in the healthcare industry.
In China, for instance, lockdowns prevented people from visiting hospitals for non-COVID
medical exams and treatment. In other regions, the post-COVID market context continued
to be volatile as healthcare providers continued to face operational challenges affecting
short term spend decisions, while having to review investment priorities for the short and
medium term. This mainly impacted Agfa’s DR business. However, even in these difficult
circumstances, numerous hospitals and hospital groups decided to invest in Agfa’s radiology
solutions. At the end of the year, Agfa had a global installed base of over 100,000 DRYSTAR
hardcopy printers and over 89,000 digital radiography solutions (CR and DR), all with its
leading MUSICA ® Nerve Center and image processing software.

Radiology Solutions Customer cases
Aleris-Hamlet hospital services group (Denmark)
Aleris-Hamlet is the largest supplier of private healthcare in Denmark, with seven hospitals
throughout the country. Recently, the group decided to install a VALORY DR room at the
Aleris-Hamlet Aalborg hospital, and a DR 400 room at the Aleris-Hamlet Aarhus hospital.
Aleris-Hamlet thus became the first organization to implement VALORY ™ in Europe.
“Agfa’s digital imaging solutions offer excellent image quality for

a broad range of applications, which will enable us to increase
the satisfaction of patients and referrers, and to strengthen our
offer for corporate partners.”
Vivian Brix,
Hospital Manager, Aleris-Hamlet Aalborg
Spire Healthcare (UK)
Spire Healthcare, one of the UK’s largest providers of private healthcare, chose Agfa’s DR
solutions, powered by MUSICA ® software, for a significant number of its 40 hospitals. The
long-term contract is expected to include over 60 DR systems, covering mobile and fixed
DR, that offer high image quality, low dose and an intuitive workflow.
“We have been using Agfa DR at two of our sites, and were very
pleased with the results; they deliver the high image quality, low
dose and intuitive workflow we need to provide outstanding per-
sonalized care to our patients.”
Ben Foxley,
Head of Procurement of Spire Healthcare

Sushrushah Hospitals (India)
Sushrushah Hospitals in Nagercoil, Tamil Nadu, India, is adding the power of Augmented
Intelligence to its orthopedic patient care, with Agfa’s top-performance, ceiling-suspended
DR 600 room and SmartXR ® intelligent digital radiography tools. SmartXR ® is a solution
designed to help radiographers capture quality images, while reducing their workload in the
process and preventing common mistakes that lead to retakes.
“As a long-standing Agfa customer, we know we can rely on Agfa’s

service and support, as well as on the quality of their solutions.
The DR 600 delivers clinical and workflow benefits for our busy
practice.”
Dr. Mohandhas,
Orthopedic surgeon and owner of Sushrushah Hospitals
Hull Royal Infirmary (UK)
Hull Royal Infirmary, which is operated by the Hull University Teaching Hospitals NHS Trust,
recently installed three fully automated DR 600 X-ray rooms. The three DR 600 rooms, each
of them with EasyStitch ™ technology for full leg/full spine imaging, were chosen for their im-
age quality and workflow benefits. The systems are now helping the hospital manage patient
flows and enhance the patient experience, backed by reliable Agfa support.
“With the DR 600 rooms, patient flow is much faster – the

patients themselves are amazed with how quickly it goes. Further-
more, the rooms deliver on the superior image quality our clini-
cians need.”
Ann McFadyen,
Specialty Manager General and Fluoroscopy Radiology for the
Trust

132
Digital Print
& Chemicals
Agfa’s Digital Print & Chemicals division is a leading supplier of digital
printing solutions for sign & display and industrial markets as well
as of innovative products for customers active in the energy sector
and various niche industries. The division develops, manufactures and
markets state-of-the-art inkjet printing equipment and software and a
wide range of highly specialized inks for specific applications. Further-
more, it supplies customers in a variety of industrial markets with a
broad range of films, coated products, chemicals and innovative mem-
branes for the production of green hydrogen.
% change
Revenue 372 330 12.9%(10.4%)
Adjusted EBITDA (*)

3.2 19.2 -83.1%
Adjusted EBIT (*) (9.5) 7.4
% of revenue -2.6% 2.3%
(*)
133
in 2022
In the field of digital print, the top line of the sign & display business grew strongly. The
ink product ranges for sign & display applications performed well throughout the year. In
spite of industry-wide logistical challenges for our high-end equipment, the wide-format
printing equipment business posted solid revenue growth. In the field of industrial ink-
jet, the décor printing business was impacted by the weakening economic environment,
as customers are postponing investments in their digitization process. Volumes for OEM
inks decreased due to the lockdowns in China, the unstable geopolitical situation and the
weak economic environment.
Sales figures for the Zirfon membranes for advanced alkaline electrolysis are growing ac-
cording to plan and production was ramped up to a steady regime. In 2022, the number of ac-
tive customers for Zirfon has increased to over 100. On March 7, 2023, the Board of Directors
validated an investment for a new industrial unit for the production of Zirfon membranes at
Agfa’s Mortsel site in Belgium. This will allow the Group to prepare for the expected further
increase in customer demand.
The weakness in the electronics industry and lockdowns in China impacted volumes of the
Orgacon conductive materials and products for the production of printed circuit boards.
Agfa’s specialty film and foil products business remained stable versus 2021.
The division’s gross profit margin decreased from 26.3% of revenue in 2021 to 24.9%. This
was mainly due to strong cost inflation, lower volumes for certain businesses (including
industrial inkjet and products for the electronics industry) caused by COVID lockdowns in
China and logistical challenges. In the fourth quarter, additional cost reduction measures
have been taken to adjust to the economic reality.
As price actions did not suffice to tackle cost inflation in 2022, Agfa implemented dou-
ble-digit price increases across its Digital Print & Chemicals portfolio worldwide, effective
January 1, 2023.
134 Digital Print & Chemicals

Digital printing solutions: state-of-the-art equipment, ink,
software and service
Agfa aims to drive the adoption of inkjet printing across various industries. It empowers
graphic printing and goods-producing industries to become more versatile and efficient
through the innovative use of inkjet printing technology by analyzing their experiences,
needs and challenges, and by actively partnering with them, as well as with industry experts.
Agfa’s inkjet printing portfolio consists of in-house designed and developed state-of-the-art
inkjet printers, inks, and software – either in the shape of complete and perfectly matched
printing solutions, or as customized components that are integrated within a larger indus-
trial production process.
Sign & display print service providers, as well as goods-producing industries in need of dig-
ital printing, use Agfa’s solutions to print on a wide variety of substrates for an ever-growing
range of applications, such as signs, displays, billboards, promotional materials, packaging,
leather goods, laminated flooring and decorative materials.
For many applications, inkjet has become the most important alternative to screen printing,
gravure printing and flexo printing technologies, offering unique possibilities of personal-
ization, as well as shorter runs and just-in-time printing – thus expanding companies’ offer-
ing while reducing lead times, waste and working capital.
905 m²/h
The Jeti Tauro H3300 UHS LED
is Agfa’s fastest multi-pass inkjet
press. Nicknamed ‘the Beast’,
it prints media up to 3.3 m wide
in four or six colors at a speed
up to 905 m²/h.
1,450 m²/h
Agfa’s Onset X3 HS achieves a dazzling printing speed of up to 1,450 m²/h. This page-wide
inkjet press runs on Agfa’s proprietary Onset 560 ink set and comes with different automation
options, such as robots, for a fast job turnaround.
Agfa develops and produces its inkjet inks in-house, ensuring that they are perfectly tuned
to both the printers they are used in and to specific materials and printing applications.
Many of these inks are GREENGUARD Gold certified, which means they meet some of the
world’s most stringent chemical emission standards and can be used in sensitive indoor
environments such as schools and healthcare facilities.

Efficiency and automation are keywords in today’s printing companies. Agfa’s high-end
printers come with advanced automation options for loading and unloading printing
substrates – even including robots. Also adding to a more automated production process is
Agfa’s workflow software, which streamlines digital printing workflows by limiting manual
interventions (and thus errors), printer idle time and media waste. An intuitive production
overview dashboard allows for efficient planning and follow-up of jobs.
Last but not least, Agfa attaches great importance to providing great service for its printing
customers. The company has an expert team of highly skilled engineers across the globe,
in addition to online monitoring tools, allowing for fast remote interventions. Advanced
training programs and feedback sessions make sure that printing companies are confident
in using Agfa solutions and always remain up to date.
Agfa acquires Inca Digital Printers

In 2022, Agfa acquired Inca Digital Printers. Inca is a Cambridge UK based leading developer
and manufacturer of advanced high speed printing and production technologies for sign and
display applications, as well as for the rapidly growing digital printing market for packaging.
The acquisition strengthens Agfa’s position in high speed digital printing and brings an ad-
ditional focus on packaging printing markets.
Inca is an ideal partner for Agfa, bringing a complementary portfolio of printing solutions
of the highest standard and a strong technological platform to launch robust single pass
printing presses for the packaging market. The acquisition encompasses the portfolio of
existing high speed multi pass printers, including a strong service organization, a newly-de-
signed line of single pass printers for several packaging applications which is an essential
ingredient in Agfa’s growth market focused business strategy, as well as a joint development
of a customized in-line Print Engine in collaboration with leading corrugator manufacturer
BHS Corrugated.
Vincent Wille, President of Agfa’s Digital Print & Chemicals division: “The combination
of Inca Digital’s manufacturing knowhow and Agfa’s inks, technical expertise, worldwide
presence and excellent service networks makes this a great opportunity to grow in the fast-
moving packaging business. We now can take our position with high-end and high-speed
systems in both the sign & display and the developing carton and corrugated markets.”
In 2022, Agfa’s sign & display business grew strongly in spite of industry-wide challenges,
such as component shortages. The Anapurna, Jeti, Avinci and Oberon wide-format print
engines continued to convince sign & display printers all over the world of their excellent
print quality and high production speeds. The dedicated Asanti workflow software – which
streamlines operations and guarantees color consistency – is often named by customers as
an important advantage over alternative options. In the third quarter, the company sold the
first Agfa-branded Onset machines, developed by the recently acquired Inca Digital Printers.
In the field of industrial printing, Agfa received several orders for its new InterioJet 2250i
system for printing on décor paper used for interior decoration, such as laminate floors and
furniture. Towards the end of the year, this business began to feel the impact of the weak-
ening economic environment, as customers started postponing investments in their digiti-
zation process.

Award-winning
equipment
Agfa’s inkjet printing solutions conquered no less than five Pinnacle Product Awards from PRINTING United Alliance. The
Pinnacle Product Awards recognize products that improve or advance the printing industry with exceptional contributions in
quality, capability and productivity. The awards confirm Agfa’s technological leadership in the field of large-format digital inkjet
printing. PRINTING United Alliance is the most comprehensive member-based printing and graphic arts association in the
United States. The award-winning machines were:
· Avinci CX3200 textile printer – category RTR dye-sublimation on textile (more than $100k)
· Jeti Tauro H3300 UHS LED – category UV hybrid/flatbed high-volume production
· Jeti Tauro H3300 UHS LED with MRTR & backlit camera – category automation equipment
· Jeti Tauro H3300 HS LED varnish – category UV/latex hybrid (more than $500k)
· Jeti Tauro H2500 LED with light black ink – category UV/latex hybrid ($100k – $500k)
In January 2022, the European Digital Press Association rewarded three Agfa inkjet printing innovations introduced in 2021:
the Jeti Tauro H3300 UHS LED hybrid large-format printing press, the InterioJet water-based décor paper printing press for
laminate surfaces, and the Alussa leather printing system.

Digital Print & Chemicals Customer cases
Ecco Leather (the Netherlands)
ECCO Leather calls itself the world’s first design-led tannery. Their recent investment in
Agfa’s Alussa leather printing technology will enable them to create fully personalized
products in any volume, at any time. When ECCO started researching providers of digital
leather printing technologies, they were convinced by Alussa’s high-quality prints with out-
standing durability and rub resistance.
“Alussa’s personalization options will enable us to expand our

product offering and attract additional customers. We feel that
Agfa strives for constant improvement and diversification, in
the same way that we do.”
Ricardo Cid Miranda,

Director of the ECCO Leather Factory
Format Graphics (UK)
Format Graphics specialize in large-format printing, mainly in the form of signage and point
of sale, for exhibitions and events. They complete many bespoke projects for office refits
and museums, but their core customer base is made up of exhibition companies and de-
sign agencies. To satisfy their growing soft signage requirements, they purchased an Avinci
CX3200 dye-sub textile that complements their hybrid print engines printer and can print
both directly to textile and to transfer paper at a speed of up to 270 m² per hour.
“It now takes us less than a day to print the same volume it used
to take us a week to produce. The speed, quality and colors are
excellent. We kept the old machine as a backup, but we’ve had
no need to use it in the past five months.”
Baz Ogle,
Owner/Managing Director of Format Graphics

The Bernard Group (USA)
The Bernard Group (TBG) took print manufacturing to the next level by purchasing four Jeti
Tauro H3300 UHS LED systems from Agfa. TBG is a 100% employee-owned visual merchan-
dising company that designs and produces experiential environments for the world’s most
prestigious retail brands. With the addition of the four Agfa machines, TBG continues to
wow its clients with speed to market, the highest quality product, and services that the retail
industry requires. TBG anticipates a swift return on its investment within the first two years
of operating the Jeti Tauro H3300 UHS LEDs.
“We pride ourselves on staying on the cutting edge of techno-

logy and go to excruciating lengths to make sure we get it right.
We spent several weeks traveling multiple continents resear-
ching vendors, technological updates, new functions, and faster
run times to secure the right partner.”
Kristopher Parks,
Director of Print Production at TBG
Creapack (belgium)
Creapack is one of the references on the Belgian and European market for POS material,
displays and luxury packaging. The company recently installed a Jeti Tauro H3300 LED large
format printer with automatic loading and unloading to replace two existing printers.
Decisive for Creapack was the high degree of automation and the good reputation of the
Jeti Tauro in the market.
“The Jeti Tauro delivers a nice print quality that is comparable

to offset, so that combination orders, in which part is produced
in offset and part digitally, do not form any obstacle. And then
there is the speed: with one Jeti Tauro, we produce three times
as much as before with two machines – almost unattended.”
Kris Debosschere,
COO Creapack

Chemicals: innovative solutions for
industrial applications
Agfa develops and manufactures specialty chemicals for promising growth markets, such as
membranes for green hydrogen production and conductive polymers for electric cars. Next
to specialty foils & films for applications such as printed circuit boards, the division also mar-
kets chemicals, synthetic paper and classic film types for several industrial uses, such as non-
destructive testing and aerial photography. Through AgfaLabs, the company shares its
research knowledge and infrastructure commercially with third parties.
Materials for Printed Electronics: Agfa is a recognized expert in the field of conductive
polymers for use in antistatic protection layers for films and components as well as transparent
electrodes. Based on these products, Agfa has further developed its conductive Orgacon prod-
uct line of printing inks, pastes and formulations used in electronic devices and in – among
other applications – capacitive sensors, touch screens and membrane switches. A promising
growth market for Orgacon is the hybrid vehicle industry. Growth in this part of the Orgacon
business was partially hampered in 2022 due to supply chain issues in the car industry. Fur-
thermore, Orgacon sales were influenced by the lower demand for certain electronic devices
in the second half of the year, especially display screens.
Agfa’s portfolio also includes highly innovative silver inks for the production of rigid and
flexible printed electronic circuitry. Typical applications are printed RFID antennas, touch
sensors and metallization grids for photovoltaics.
Materials for Printed Circuit Boards: Agfa is the world’s most important manufacturer
of phototooling film for the production of printed circuit boards (PCB) for the electronics
industry. Manufacturers of electronics use the film to transfer the circuitry layout onto a
copper laminate. As inkjet is identified as the technology for making PCB noticeably more
efficient and environmentally friendly, Agfa is focusing its R&D efforts on the development
of inkjet inks for the production of PCB’s. These inks are marketed under the DiPaMat brand
and include etch resist, legend and solder mask inks.
Agfa’s photooling films and inks also find their application, in chemical milling for the
manufacturing of small mechanical parts and in metal decoration.
In 2022, Agfa’s range of products for the production of PCB’s was impacted by cost inflation
and by the COVID-related lockdowns in China.

#1
With its Idealine range, Agfa is the number 1 phototooling film
supplier worldwide. That makes it very likely that Agfa contributed to
the production of your television set, PC, washing machine or any
other object that operates with the use of PCB’s.
Materials for green hydrogen production: With its best-in-class Zirfon membranes, Agfa
is in a good position to benefit from the rise of the green hydrogen economy. Agfa’s mem-
branes are an essential part of electrolysis technologies for green hydrogen production. Zir-
fon is a high yield separator for use in advanced alkaline water electrolysis systems (separat-
ing water into oxygen and hydrogen) with exceptional durability even in the dynamic power
supply environment of renewable energies. It is rapidly becoming the preferred choice of
major research institutes and system developers as the replacement material for the tra-
ditional structures that include felt or asbestos. A study by the Fraunhofer Institute using
Agfa’s Zirfon separator membranes confirms that the alkaline electrolysis technology is the
most cost efficient hydrogen production system to date.
Agfa is a member of the European Clean Hydrogen Alliance, which brings together all
stakeholders in the hydrogen value chain. With its investment and projects program, the
alliance will support the deployment of green hydrogen production, application demand
and distribution.
Purchase contract with industry

leader thyssenkrupp nucera
In 2022, thyssenkrupp nucera signed a purchase contract with Agfa for the supply of a sig-
nificant volume of Agfa’s Zirfon separator membranes to be used in large-scale hydrogen
projects. thyssenkrupp nucera’s alkaline water electrolysis is one of the world’s leading tech-
nologies for the large scale generation of green hydrogen and the company recently secured
several projects in this field.
Prestigious award
In October, Agfa received the prestigious essenscia Innovation Award 2022 for its Zirfon
UTP 220 membrane technology. Essenscia is the Belgian sector federation of the chemical
industry and life sciences.

Synthetic Paper: Agfa develops and markets a range of synthetic pa-
per types as alternatives to laminated paper for applications with high
demands on durability. Branded Synaps, the papers are valued for their
print efficiency thanks to exceptionally quick ink acceptance and their
water repellence and resistance to tearing and UV light. Synaps papers
can be printed with standard inks on offset presses as well HP Indigo and
dry toner printers. They are suitable for a wide variety of applications,
including labels, indoor and outdoor displays, signage and promotion
printing. Although the business continued to grow its top line, the Syn-
aps range started to see the impact of weak economic conditions in the
second half of 2022.
Kinder to our Planet

Agfa products are designed and manufactured so that production,
storage, transport, use and end-of-life waste management have
minimal impact on the environment. In 2022 we announced a new
element that contributes to minimizing environmental impact: after
several years of ramp up, our SYNAPS synthetic paper now contains
more than 15 percent of recycled PET, including post-consumer
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not one single tree chopped>15% Recycling of post-consumer SYNAPS trimmings to rPET POST-CONSUMER RECYCLING FLOW
POST-CONSUMER RECYCLING FLOW
>15% Recycling of post-consumer SYNAPS trimmings to rPET POST-CONSUMER RECYCLING FLOW

Print shop Inspection Shredding Washing Drying rPET
trimmings
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trimmings
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100% Recycling of SYNAPS production waste

Print shop Inspection Shredding Washing Drying rPET
100% Recycling
trimmings of SYNAPS production waste
100% Recycling of SYNAPS production waste
RECYCLING FLOW OF
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100% Recycling
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of SYNAPS production
and virgin
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RECYCLING FLOW OF
PRODUCTION WASTE
and virgin RECYCLING FLOW OF
raw materials
rPET Storage Drying Washing Shredding PRODUCTION WASTE
and virgin
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Recycling of SYNAPS RECYCLING FLOW OF
100% rPET
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Shredding Washing Shredding PRODUCTION WASTE
production waste raw materials SYNAPS
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SYNAPS Trimmings
100% Purification Extrusion
of process water for the production and recycling of SYNAPS
Trimmings Finishing Finished
100% Purification of process water for the production and recycling of SYNAPS product
100% Purification of process water for the production and recycling of SYNAPS
WATER PURIFICATION FLOW
Trimmings
Purification of process WATER PURIFICATION FLOW
100% Purification of process water for the production and recycling ofWATER SYNAPS
100% water for the production Washing of shreds
PURIFICATION FLOW
Washing of shreds
and recycling of SYNAPS Film processing
Process water Biological Clean water
purification WATER PURIFICATION FLOW
Washing of shreds Process water Biological Clean water
Film processing purification
Film processing purification
Washing of shreds
SYNAPS. ANOTHER GREAT BRAND OF
Film processing S Y N A P S . A N O T Hpurification
ER GREAT BRAND OF
142 Digital Print & Chemicals SYNAPS. ANOTHER GREAT BRAND OF
SYNAPS. ANOTHER GREAT BRAND OF

Security Documents: The ever increasing attention for security and identification incites
authorities to invest in high-tech ID documents of which the authenticity can be checked
quickly and effectively. Agfa responds to this need for fraud-proof ID documents with film
and chemistry solutions for ABSOLUT-ID, an innovative solution for card manufacturing.
Non-Destructive Testing (NDT): Agfa produces high-quality X-ray film for non-destruc-
tive testing of – among others – welds in pipelines, steel structures and fuselages. When
Agfa divested its NDT business group to the General Electric Company (GE) in 2003, both
parties signed a long-term agreement under which Agfa continues to supply X-ray film to
GE Inspection Technologies (now Baker Hughes/Waygate Technologies). Agfa now acts as
the exclusive manufacturer of Baker Hughes/Waygate Technologies’ NDT X-ray films and
related chemicals.
Aerial Photography: For the aerial photography industry, Agfa supplies films, chemicals
and photo paper.
AgfaLabs: Through AgfaLabs, third parties have access to the knowhow of Agfa’s research-
ers and the facilities of Agfa’s Materials Technology Center. AgfaLabs offers both analytical
and development services in the field of materials and coatings. The AgfaLabs website (agfa.
com/agfa-labs/cases) contains case studies that show how Agfa assists companies in tackling
challenges in various application fields.

144
Offset
Solutions
Agfa’s Offset Solutions division aims to be the number one supplier of
integrated prepress solutions for commercial, newspaper and packag-
ing printing, as well as a leading supplier of security printing software
solutions. Its mission is to enable graphic businesses to achieve profit-
able growth and stay ahead of their competition. The division delivers
integrated solutions, which excel by being innovative and reliable, as
well as sustainable. By doing so, it enables its customers to cost-effec-
tively adjust to new market demands. Agfa’s range of consumables,
hardware, software and services combines in-house and leading man-
ufacturers’ technologies and know-how.
% change
Revenue 779 748 4.2% (-0.1%)
Adjusted EBITDA (*)

35.7 12.4 188.7%
Adjusted EBIT (*) 17.9 (6.0)
% of revenue 2.3% -0.8%
(*)
145
Offset Solutions
in 2022
The division continued to focus on high-value regions, concentrating on margins rather
than volumes. In spite of lower volumes, the successful implementation of price increases
to tackle overall cost inflation for raw materials, packaging and freight amongst others, led
to top line growth.
Although affected by cost inflation, the gross profit margin improved from 20.4% of revenue
in 2021 to 22.7% due to the implemented price adjustments and a focus on high-value regi-
ons. Adjusted EBITDA strongly improved to 35.7 million Euro.
In August 2022, the Agfa-Gevaert Group signed a share purchase agreement with Aurelius
Group for the sale of its Offset Solutions division, expected to be completed in April 2023.
146 Offset Solutions

A trusted partner for professional printers
Agfa’s Offset Solutions division is a leading supplier of integrated prepress solutions and
security printing software. All over the world, professional printers and publishers rely on
the division’s experience and first-rate technology.
Prepress
The term prepress is used for the chain of processes that precede the actual printing process.
Prepress activities begin after the print layout decisions have been made and end where the
printing process itself begins.
Printers rely on Agfa’s equipment, consumables (such as printing plates and graphic film),
software and services for almost every stage in the preparatory process. The software tools
are key elements in the overall solution offered to printers. They automate the prepress pro-
cesses, guarantee better quality and improve cost efficiency.
Although Agfa’s prepress solutions mainly target the info printing segment of the graphics
industry, the Offset Solutions division also supplies prepress technology to customers speci-
alizing in printing for packaging purposes.
Agfa is a worldwide market leader in digital printing plates as well as in the field of eco-friendly
chemistry-free printing plates. In addition, Agfa is one of the few remaining suppliers of
graphic film.
30% - 50% - 90%

With Agfa’s ECO3 program, printers can save up to 30% on ink, 50% on waste, and up to
90% on water. When developing and creating solutions – which include hardware, soft-
ware and consumables – Agfa focuses on ecology, economy and extra convenience (ECO³).
By doing so, it makes the prepress and printing processes cleaner and more cost efficient.
1/2
Globally, one in two
newspaper printing
companies are using
Agfa’s technology.

Security printing
Agfa offers valuable software solutions to the different markets suffering from counterfei-
ting. Its dedicated security packages help designers of passports, tax stamps, lottery tickets,
packaging and labels, concert tickets, stamps, certificates etc. to stay a few steps ahead of
counterfeiters and forgers.
70%
of all banknote printers in
the world are using security
printing software solutions
developed by Agfa.
In a challenging offset printing industry, Agfa continues to support its customers with state-
of-the-art solutions and services.
Both in the commercial and the newspaper segment of the printing market, Agfa confirmed
its strong position in the field of eco-friendly prepress technology in 2022. With these che-
mistry-free computer-to-plate (CtP) solutions, printers can minimize their environmental
footprint, reduce their operational costs and boost their efficiency.
In addition to platesetters and other equipment and printing plates, CtP solutions often
include state-of-the art workflow software. At the end of the year, more than 9,500 Apogee
software systems were installed at commercial print houses around the world. Agfa is also
the world’s leading supplier of prepress workflow software for the automation of the produc-
tion of printed newspapers. Publishers can operate these Arkitex workflow systems in their
local prepress departments, but Agfa also offers the software as a cloud solution.
New ownership
In August, the Agfa-Gevaert Group signed a share purchase agreement with AURELIUS
Group for the sale of its Offset Solutions division. The proposed transaction is subject to
customary employees’ information and consultation processes, regulatory approvals and
closing conditions, expected to be completed in April 2023.
The majority of the Offset Solutions management team and employees will remain in place
under the new ownership. They will continue to supply their customers with state-of-the-
art solutions and products.

Offset solutions Customer cases
FDA Eurostampa Srl (Italy)
Longstanding Agfa customer FDA Eurostampa specializes in web offset printing of news-
papers, magazines, periodicals etc. Agfa thermal platesetters and software workflow have
played a central role in the company’s inventory for many years. To improve print quality
and lower ink consumption, the company has recently implemented Agfa’s new SolidTune
software in addition to SPIR@L screening. SolidTune and SPIR@L are part of Agfa’s revolu-
tionary ECO3 program for sustainable innovation.
“We started to use SolidTune in our print production together

with SPIR@L screening to better manage the inking and drying
processes. The products have led to a reduction in the thick-
ness of the ink layer, so drying is faster, and the result is much
cleaner. This has been achieved without making any changes in
prepress or printing.”
Filippo Zamboni,
Owner of FDA Eurostampa
Colours Factory (Poland)
Colours Factory is one of the largest printing companies in Poland. The company recently
invested in an Avalon N24-90XT VLF platesetter to image Energy Elite Pro plates. The in-
stallation also includes a robotic plate loader, because automation is important to the com-
pany. With the new computer-to-plate system, Colours Factory’s operators no longer need
to manually load cassettes. The plate loader lets them load pallets holding up to 600 plates
directly into the machine.
“The past two years we’ve focussed on optimizing prepress and

logistics processes. With the new system, our operators no
longer need to manually lift and load 14 tons of VLF plates per
month. The automation has improved the ergonomics and eco-
nomics of the entire prepress production process.”
Michał Graś,
Head of the prepress department at Colours Factory

Imprimerie Gutenberg (France)
Imprimerie Gutenberg offers offset printing services for local authorities, manufacturing
companies and other businesses. The company recently invested in an automated compu-
ter-to-plate solution including process-free Eclipse plates. Reducing the use of chemicals is
important for Imprimerie Gutenberg, who carry the Imprim’Vert eco-label. By eliminating
the processor, the CtP system also has a much smaller footprint, which was important given
the limited available space.
“The process-free Eclipse plates are as hard-wearing as they are

high-quality, even for longer print runs. Thanks to Agfa, we can
offer our customers exactly the quality that they want.”
Frank Teso,
Owner of Imprimerie Gutenberg
Litografía Francisco Jaramillo (Colombia)
Litografía Francisco Jaramillo has been in the market for 60 years. It specializes in publicity
materials and packaging. In line with their environmental objectives for their production
chain, the company recently switched to Agfa’s process-free Eclipse printing plates. With
Eclipse, the company found a printing plate that combines the benefits of process-free tech-
nology with effortless printing.
“Eclipse is really easy to handle and enables us to save time,

as there are no errors or scratches that might otherwise cause
delays in the print production process.”
Jenny Urquina Motta,

General manager Litografía Francisco Jaramillo

152
Financial
Statements
Opinion on the fair presentation in accordance with the
Royal Decree of November 14, 2007
The Board of Directors and the Executive Management of Agfa-Gevaert NV, repre-
sented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry,
President and Chief Executive Officer and Mr. Dirk De Man, Chief Financial Officer,
hereby declare that, to the best of their knowledge,
· the consolidated financial statements give a true and fair view of the Group’s net
worth and financial position and of its results in accordance with International
Financial Reporting Standards as adopted by the EU;
· the annual report gives a true and fair view of the developments and results of the
Company and its subsidiaries included in the consolidated financial statements, as
well as a description of the main risks and uncertainties which the Group is facing.
The accompanying notes are an integral part of these consolidated financial statements.
153
Financial report
Table of contents
CONSOLIDATED FINANCIAL STATEMENTS OF THE AGFA-GEVAERT GROUP
Profit or loss 156
Comprehensive income 157
Financial position 158
Changes in equity 159
Cash flows 160
BASIS OF PREPARATION
1 Reporting entity 162
2 Basis of accounting 162
3 Functional and presentation currency 162
4 Use of estimates and judgments 162
5 Changes in significant accounting policies 165
PERFORMANCE OF THE YEAR

6 Reportable segments 167
7 Alternative performance measure 172
8 Revenue 173
9 Other operating income and expenses 177
10 Net finance costs 179
11 Information on the nature of expenses 180
12 Earnings per share 181
EMPLOYEE BENEFITS
13 Post-employment benefit plans 182
14 Long-term termination benefits 191
15 Share-based payment transactions 191
16 Other employee benefits 192
TAXES
17 Income taxes 193
18 Other taxes 196
ACQUISITIONS AND DISPOSALS

19 Acquisitions 197
154
20 Disposals 198
FINANCIAL RISKS AND FINANCIAL INSTRUMENTS

21 Market risk 200
22 Credit risk 206
23 Liquidity risk 209
24 Capital management 211
25 Accounting classification and fair values 211
26 Items of income, expense, gains and losses on financial instruments recognized in profit or loss 214
ASSETS
27 Goodwill and intangible assets 215
28 Property, plant and equipment 219
29 Right-of-use assets 220
30 Investments in associates and other financial assets 221
31 Receivables under finance leases 221
32 Inventories 223
33 Other receivables 223
34 Cash and cash equivalents 223
35 Non-current assets held for sale 223
36 Other assets 224
EQUITY AND LIABILITIES

37 Equity 225
38 Loans and borrowings 228
39 Provisions 230
40 Other Payables 230
41 Other liabilities 230
LIST OF SUBSIDIARIES
42 Investments in subsidiaries 231
43 Equity accounted investees 232
OTHER INFORMATION
44 Operating leases 233
45 Commitments and contingencies 233
46 Related party transactions 234
47 Events subsequent to December 31, 2022 235
48 Information on the auditor’s assignments and related fees 235
ACCOUNTING POLICIES
49 Basis of measurement 236
50 Significant accounting policies 236
51 New standards and interpretations issued but not yet effective 254
Comparative figures for five years (profit or loss, cash flows, financial position) 316
155
Agfa-Gevaert Group - Consolidated statement of profit or loss
The accompanying notes on pages 162 to 255 are an integral part of these consolidated financial statements.
MILLION EURO Note 2021 2022
Revenue 8 1,760 1,857
Cost of sales (1,263) (1,329)
Gross profit 497 528
Selling expenses (231) (249)
Research and development expenses (95) (101)
Administrative expenses (155) (182)
Net impairment loss on trade and other receivables, including contract assets 22.2 (2) (1)
Other operating income 9 41 27
Other operating expenses 9 (47) (182)
Results from operating activities 6 9 (160)
Interest income (expense) - net (1) -
Interest income 10 2 4
Interest expense 10 (3) (4)
Other finance income (expense) - net (6) (20)
Other finance income 10 10 6
Other finance expense 10 (16) (26)
Net finance costs (8) (19)
Share of profit of associates - net of tax 30.1 - (1)
Profit (loss) before income taxes 1 (181)
Income tax expense 17 (15) (42)
Profit (loss) for the year (14) (223)
Profit (loss) attributable to:
Owners of the Company (17) (221)
Non-controlling interests 4 (2)
Earnings per share (Euro)
Basic earnings per share / diluted earnings per share (Euro) 12 (0.11) (1.41)
156 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Agfa-Gevaert Group - Consolidated statement of comprehensive income
Profit (loss) for the period (14) (223)
Other comprehensive income, net of tax
Items that are or may be reclassified subsequently to profit or loss: 21 7
Exchange differences: 30 7
Exchange differences on translation of foreign operations 37.6 30 7
Cash flow hedges: (9) -
Effective portion of changes in fair value of cash flow hedges 37.4 4 (5)
Change in fair value of cash flow hedges reclassified to profit or loss 37.4 (1) 5
Adjustments for amounts transferred to initial carrying amount of hedged items 37.4 (13) -
Income taxes 37.4 2 -
Items that will not be reclassified subsequently to profit or loss: 91 123
Equity investments at fair value through OCI - change in fair value 37.3 2 (2)
Remeasurements of the net defined benefit liability 37.5 96 148
Income tax on remeasurements of the net defined benefit liability 37.5 (7) (23)
Total other comprehensive income for the period, net of tax: 112 130
Total comprehensive income for the period attributable to: 99 (93)
Owners of the Company 91 (91)
Non-controlling interests 8 (2)

Agfa-Gevaert Group - Consolidated statement of financial position
MILLION EURO Note December 31, 2021 December 31, 2022

ASSETS
Non-current assets 756 602
Goodwill 27 280 218
Intangible assets 27 13 29
Property, plant and equipment 28 129 107
Right-of-use assets 29 68 45
Investments in associates 30 1 1
Other financial assets 30 8 5
Assets related to post-employment benefits 13 40 18
Trade receivables 22.2 12 9
Receivables under finance lease 31 70 72
Other assets 36 11 8
Deferred tax assets 17 124 91
Current assets 1,339 1,153
Inventories 32 418 487
Contract assets 8.3 76 94
Current income tax assets 17 63 56
Other tax receivables 18 19 28
Other financial assets 30 2 1
Other receivables 33 4 6
Other current assets 36 18 17
Derivative financial instruments 25 1 3
Cash and cash equivalents 34 398 138
Non-current assets held for sale 35 3 2
TOTAL ASSETS 2,095 1,756
Equity 37 685 561
Equity attributable to owners of the Company 632 520
Share capital 187 187
Share premium 210 210
Retained earnings 1,284 1,042
Other reserves (1) (3)
Translation reserve (15) (9)
Post-employment benefits: remeasurements of the net defined benefit liability (1,033) (908)
Non-controlling interests 37.8 54 41
Non-current liabilities 812 610
Liabilities for post-employment and long-term termination benefit plans 13/14 735 536
Other employee benefits 16 11 9
Loans and borrowings 38 46 41
Provisions 39 12 14
Deferred tax liabilities 17 6 9
Contract liabilities 8.3 1 -
Current liabilities 597 585
Loans and borrowings 38 27 25
Provisions 39 42 36
Trade payables 23 252 249
Contract liabilities 8.3 111 109
Current income tax liabilities 17 28 29
Other tax liabilities 18 28 32
Other payables 40 9 6
Employee benefits 16 99 95
Other current liabilities - -
Derivative financial instruments 25 2 2
TOTAL EQUITY AND LIABILITIES 2,095 1,756

Agfa-Gevaert Group - Consolidated statement of changes in equity
ATTRIBUTABLE TO OWNERS OF THE COMPANY
NON-CONTROLLING INTERESTS
net defined benefit liability
Reserve for own shares
Remeasurement of the
Revaluation reserve
Translation reserve
Retained earnings
Hedging reserve
TOTAL EQUITY
Share premium
Share capital
TOTAL
MILLION EURO Note
Balance at January 1, 2021 187 210 1,412 (82) - 7 (1,122) (42) 570 51 620
Comprehensive income for the period
Profit (loss) for the period - - (17) - - - - - (17) 4 (14)
Other comprehensive income net of tax 37.9 - - - - 2 (9) 89 26 109 4 112
Total comprehensive income for the period - - (17) - 2 (9) 89 26 91 8 99
Transactions with owners, recorded directly in equity - changes in ownership
Dividends 37.8 - - - - - - - - - (5) (5)
Purchase of own shares 37.2 - - - (29) - - - - (29) - (29)
Cancellation of own shares 37.2 - - (111) 111 - - - - - - -

Total transactions with owners,
- - (111) 82 - - - - (29) (5) (34)
recorded directly in equity
Balance at December 31, 2021 187 210 1,284 - 2 (2) (1,033) (15) 632 54 685
Balance at January 1, 2022 187 210 1,284 - 2 (2) (1,033) (15) 632 54 685
Comprehensive income for the period
Profit (loss) for the period - - (221) - - - - - (221) (2) (223)
Other comprehensive income net of tax 37.9 - - - - (2) - 125 7 130 - 130
Total comprehensive income for the period - - (221) - (2) - 125 7 (91) (2) (93)
Transactions with owners, recorded directly
in equity - changes in ownership
Dividends 37.8 - - - - - - - - - (10) (10)
Purchase of own shares 37.2 - - - (21) - - - - (21) - (21)
Cancellation of own shares 37.2 - - (21) 21 - - - - - - -

Total transactions with owners,
- - (21) - - - - - (21) (10) (31)
recorded directly in equity
Balance at December 31, 2022 187 210 1,042 - (1) (2) (908) (9) 520 41 561

Agfa-Gevaert Group - Consolidated statement of cash flows
Profit (loss) for the period (14) (223)
Income taxes 17 15 42
Share of (profit)/loss of associates - net of tax - 1
Net finance costs 10 8 19
Operating result 9 (160)
Depreciation and amortization (excluding D&A on right-of-use assets) 27/28 34 35
Depreciation and amortization on right-of-use assets 29 28 28
Impairment losses on goodwill 27 - 70
Impairment losses on intangibles 27 - 3
Impairment losses on PP&E 28 - 26
Impairment losses on right-of-use assets 29 1 15
Recycling of hedge reserve 21.4 (1) 5
Government grants and subsidies (13) (5)
Gains/losses on the sale of intangible assets and PP&E (8) (1)
Expenses for defined benefit plans and long term termination benefits 30 35
Accrued expenses for personnel commitments 75 70
Write-downs/reversals on inventories 32 11 12
Impairments/reversals on receivables 22.2 2 1
Additions/reversals of provisions 39 13 23
Exchange results and changes in fair value of derivatives 5 10
Operating cashflow before changes in working capital 186 166
Change in inventories (48) (65)
Change in trade receivables 6 25
Change in contract assets (8) (14)
Change in trade working capital assets (50) (55)
Change in trade payables 38 (7)
Change in contract liabilities 3 (8)
Change in trade working capital liabilities 41 (15)
Changes in trade working capital (10) (69)
Cash out for employee benefits (273) (149)
Cash out for provisions 39 (39) (27)
Changes in lease portfolio (1) (2)
Changes in other working capital 17 4
Cash settled operating derivatives 12 (9)
Cash generated from (used in) operating activities (108) (86)
Income taxes paid (8) (15)
Net cash from (used in) operating activities (116) (100)

Agfa-Gevaert Group - Consolidated statement of cash flows (continued)

Capital expenditures 27/28 (26) (33)
Proceeds from sale of intangible assets and PP&E 27/28 12 2
Acquisition of subsidiaries, net of cash acquired 19 - (48)
Investments in associates 30 (1) (1)
Disposal of discontinued operations, net of cash disposed of 20 - (5)
Repayment of loans granted to 3rd parties 9 -
Interest received 4 7
Net cash from (used in) investing activities (2) (76)
Interest paid (4) (5)
Dividends paid to non-controlling interests 37.8 (5) (11)
Purchase of treasury shares 37.2 (29) (21)
Proceeds from borrowings 38.4 2 3
Repayment of borrowings 38.4 (3) (4)
Payment of finance leases 38.4 (29) (30)
Proceeds/(payment) of derivatives (2) (9)
Other financing income/(costs) received/paid 4 1
Net cash flow (used in) financing activities (67) (77)
Net increase (decrease) in cash and cash equivalents (185) (253)
Cash and cash equivalents at the start of the period 585 398
Net increase/(decrease) in cash & cash equivalents (185) (253)
Effect of exchange rate fluctuations (1) (7)
Gains/(losses) of marketable securities (1) -
Cash and cash equivalents at the end of the period (1)
34 398 138
(1) Bank overdrafts are presented in minus of cash and cash equivalents in the cash flow statement: December 2022 0.1 million Euro, December 2021
0.1 million Euro.

BASIS OF PREPARATION
1. REPORTING ENTITY
Agfa-Gevaert NV (‘the Company’) is a company established in Belgium. The address of the Company’s registered office is
Septestraat 27, 2640 Mortsel.
The 2022 Consolidated Financial Statements of the Group include the Company and 99 consolidated subsidiaries (2021: 96
consolidated subsidiaries) controlled by the Company. Investments in subsidiaries are listed in Note 42.
Non-controlling interests have a material interest in nine subsidiaries in greater China and the ASEAN region. The financials
are explained in Note 37.8. In Europe, there are a few subsidiaries in which non-controlling interests have an interest that is of
minor importance to the Group.
2. BASIS OF ACCOUNTING
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Stan-
dards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union up to
December 31, 2022.
The Group has not early adopted any new IFRS requirements that were not yet effective in 2022. Further information is
provided in Note 51 ‘New standards and interpretations issued but not yet effective’ The consolidated financial statements
were authorized for issue by the Board of Directors on March 21, 2023.
3. FUNCTIONAL AND PRESENTATION CURRENCY
The consolidated financial statements are presented in Euro, which is the Company’s functional currency. All financial
information presented in Euro has been rounded to the nearest million, except when otherwise indicated. By using round-
ed numbers, the sum of line items presented in a table may not always match with (sub)totals as this total itself has been
rounded to the nearest million and is not the sum of rounded data.
4. USE OF ESTIMATES AND JUDGMENTS
In preparing these consolidated financial statements, management has made judgments and estimates that affect the
Group’s accounting policies and the reported amounts of assets, liabilities, income and expense.
Revisions to accounting estimates are recognized prospectively. Accounting estimates and underlying assumptions are
continually reviewed but may vary from the actual values.
The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant
to the consolidated financial statements are listed below with reference to the respective note(s) where more informa-
tion is disclosed.
Area of judgments, assumptions and accounting estimates Explanatory notes
The discounted cash flows used for impairment testing Note 27 Goodwill and intangible assets
The assessment of the adequacy of liabilities for pending

Note 17 Income taxes
or expected income tax audits over previous years
The recoverability of deferred tax assets Note 17 Income taxes
The actuarial assumptions used for the measurement
Note 13 Post-employment benefits
of defined benefit obligations
Revenue recognition with regard to multiple-element arrangements Note 8 Revenue
Impairment of financial assets expected credit losses Note 22.2 Expected credit losses

Additionally, management has made significant judgments and estimates on the presentation and disclosure of
the planned sale of the Group’s ‘Offset Solutions’ business. These judgments and estimates are explained in more
detail hereafter.
4.1 Management’s judgment on presenting and disclosing ‘Offset Solutions’ as ‘Net assets held for
sale and discontinued operations’
The Group’s management has concluded that the criteria as described in IFRS 5 ‘non-current assets held for sale and dis-
continued operations’ have not been met as per December 31, 2022. According to this standard, when the carrying amount
of the net assets attributable to a disposal group (in this case the Offset Solutions business) will be recovered principally
through a sale transaction, related net assets, operations and cashflows are to be presented in the Group’s primary financial
statements as ‘held for sale and discontinued operations’. This is only the case when the disposal group is available for im-
mediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups,
and its sale is highly probable.
As per August 30, 2022, the Group has entered into an agreement with a financial group AURELIUS to sell the Offset Solu-
tions business. Management expects completion to take place on April 3, 2023, after all regulatory approvals have been
obtained and all carve-out steps have been completed. In the meantime, Offset Solutions will remain part of the Group and
operations will continue as usual.
One of the most important carve-out steps to be completed before Closing is the carve-out in US and Canada of the Offset
Solutions’ business from the remainder of its operations in Digital Print & Chemicals. These carve-outs will be accompa-
nied by the implementation of new transactional systems for the Offset Solutions activities within the entities founded for
the purpose of these carve-out transactions.
Next to Europe, the North American region is one of the most important value regions for Offset Solutions and thus also
for the perimeter of the planned disposal towards the AURELIUS Group. North America plays an important role in terms
of gross margin as well as price evolution, both in film and plates. It is also worth mentioning this region is sourced with
plates produced in Europe and as such supports the Group’s production infrastructure in Germany (Wiesbaden): in 2022
the North American region represented 28% of the production volume of this factory. In addition, the presence of Offset
Solutions’ business in US and Canada is also important from a strategic point of view, more specifically in regards of the
Group’s competitive positioning. It is therefore clear that the North American region forms an essential part in the planned
sale transaction of the Group’s Offset Solutions business.
The separation of the Offset Solutions business from the remainder of the Group’s activities in US and Canada, requires the
implementation of a new transactional system (SAP ERP) in both countries. This SAP ERP system should encompass all the
core business processes needed to run a company: finance, HR, supply chain, services, procurement, and others. In the exe-
cution of separating the Offset Solutions business in US and Canada, major steps are still to be taken during the first quarter
of 2023. Management considers the implementation of a new ERP system as neither usual nor customary for the sale of a
disposal group, not even in case of a carve-out transaction. The legal carve-outs in US and Canada towards the new entities are
scheduled for March 31, 2023 and are intended to be immediately followed by a go-live of the new SAP ERP systems.
As per December 31, 2022 the Group’s Offset Solutions business that is subject to disposal is not available for immediate
sale in its present condition. The separation of the Offset Solutions’ business in US and Canada from its Digital Print &
Chemicals business and the implementation of the ERP system for the Offset Solutions operations in that region are im-
portant conditions that are to a considerable degree to be fulfilled during the first quarter of 2023. These terms could not be
considered as usual and customary for the sale of said group of assets.
Management expects that all criteria to classify the net assets of the Offset Solutions business that will be disposed of as
‘held-for-sale’ would be fulfilled as per March 31, 2023. The Group’s primary financial statements of the first quarter 2023
will present the net assets of the Offset Solutions business that will be disposed of as ‘held for sale’ and related operations
and cashflows as ‘discontinued operations’. On initial classification as ‘held-for-sale’, the group of assets attributable to the
business that is disposed of – called a disposal group - is measured at the lower of the carrying amount and its fair value
less costs of disposal. As the Group has signed a sales purchase agreement, the sales price, consisting of a fix and variable
portion, is to be used as a proxy for the fair value of the disposal group.

The Group measures all its assets and liabilities in accordance with applicable IFRSs. According to IAS 36 ‘Impairment of
Assets’, non-current assets such as intangibles, property, plant and equipment and right-of-use assets are tested for im-
pairment when there is an indication for impairment. Given the existence of a sales purchase agreement and a sales price
which is below the carrying amount of the non-current assets, including the right-of-use assets, an impairment loss equal
to the carrying amount of the assets that are in scope of IAS36 has been recognized. As such an impairment loss on prop-
erty, plant and equipment and right-of-use assets amounting in aggregate 41 million Euro has been recognized in profit or
loss as per December 31, 2022. The goodwill attributable to Offset Solutions has already been fully impaired as per Decem-
ber 31, 2019. As per December 31, 2022 other assets such as inventory, trade receivables and deferred tax assets attributable
to the Offset Solutions business have also been measured according to the applicable IFRS. Except for deferred tax assets,
this measurement has not resulted in the recognition of additional losses. For the valuation loss of deferred tax assets relat-
ing to the Offset Solutions business that is recorded at year-end 2022, we refer also to Note 17 ‘Taxes’.
In 2023, when the criteria as specified in IFRS 5 to present the net assets of Offset Solutions as ‘held for sale’ are met, the en-
tire disposal group will be measured at ‘fair value less costs of disposal’ which will result in an additional loss to be reflected
in the Profit or loss statement.
The total expected loss on the sale transaction is estimated to range between 100 and 115 million Euro. This amount is a best
estimate of the total loss on the transaction determined based upon data available as per December 31, 2022 and comprises
five components:
· The impairment loss recognized as per December 31, 2022 on property, plant & equipment and “right-of-use” assets,
amounting to 41 million (IAS 36);
· The valuation loss recognized as per December 31, 2022 on deferred tax assets, amounting to 8 million Euro (IAS 12);
· The incremental costs attributable to the sale: they have been accrued for in the accounts of 2022 and amount to 5 million
Euro;
· When the conditions specified in IFRS 5 requiring the net assets of a disposal group to be presented as ‘net assets held for
sale’ are fulfilled, the impact of valuing the disposal group at ‘fair value less costs of disposal’ is expected to be recognized:
expected by the end of the first quarter of 2023; and
· The release in profit or loss of the cumulative translation adjustments historically built up until disposal and attributable
to the Offset Solutions business. This last part will be recognized on Closing, currently foreseen on April 3, 2023.
This expected loss considers a ‘Consideration, net of cash’ estimated to range between 15 and 30 million Euro. This
amount considers, among other things, the transfer of pension and similar liabilities to the buyer amounting to around
50 million Euro.
The evolution of the working capital as well as the debt and debt like items on the date of closing the sales transaction will
impact the ‘Consideration receivable, net of cash’. The sales purchase agreement foresees a price mechanism that com-
pensates for the difference between the actual and target working capital, defined according to contractually agreed rules.
The actual loss on the transaction will be mainly dependent on the evolution of the working capital, items contractually
excluded for the calculation of the purchase price as well as the translation adjustments on investments in the Offset Solu-
tions’ foreign operations that are currently comprised in the Group’s equity.
The final amount of consideration receivable, the carrying amount of the disposal group at Closing and resulting loss on
the transaction will only be known at final settlement of the purchase price.
For an overview of the operating assets and liabilities of the reportable segment Offset Solutions, we refer to Note 6 ‘Re-
portable Segments’. These assets and liabilities might deviate from the assets and liabilities attributable to the disposal
group ‘Offset Solutions’: one of the main elements that explains this difference relates to the agreement of Agfa to continue
producing and supplying film and chemicals for Offset Solutions. Another major difference relates to the pension liabilities
of inactive employees (former employees and employees with deferred vested rights) of the factory in Germany that are
comprised in the net assets that will be disposed of. These liabilities are not reflected in the Offset Solutions segment as all
the Group’s pension liabilities for ‘Inactives’ are not attributed to reportable segments.

5. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
Financial reporting standards applied for the first time in 2022

The consolidated statements of the Group as disclosed in this annual report take into account new standards applicable as
from January 1, 2022. Following standards and amendments were applied for the first time to the Group’s financial state-
ments for the year 2022.
It relates to:
· Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabili-
ties and Contingent Assets as well as Annual Improvements.
These standards were either not applicable or did not have a material impact to the Group’s financial statements.

PERFORMANCE OF THE YEAR
The HealthCare IT and Digital Print & Chemicals divisions posted sales growth excluding currency impact. Mainly due
to price increases, Offset Solutions’ top line remained stable and Radiology Solutions’ medical film business was heavily
impacted by the COVID-lockdowns in China. The Group’s gross profit margin remained stable at 28.5% of revenue, mainly
due to price increase actions to tackle the strong impact of cost inflation and supply chain issues. Adjusted EBITDA was
influenced by inflationary pressure, disrupted supply chains and industrial inefficiencies in the fourth quarter.
For HealthCare IT, 2022 was a year of consolidation, as the focus turned towards profitable growth. As shown by the pos-
itive development of the order intake, the division’s strategy to target customer segments and geographies for which its
Enterprise Imaging solution is best fit and to prioritize higher value revenue streams is working and delivering. This strat-
egy will ultimately allow the division to reach the targeted growth of EBITDA: starting from a mid-single-digit percentage
in 2019 to percentages in the high-teens over the next years. Due to increased momentum in the second half of the year, the
HealthCare IT division’s top line increased in North America and Europe versus the previous year. The growth was driven
by the revenue recognition from a number of important contracts, as well as a stabilization of recurring revenue.
For Radiology Solutions, mainly in China, the medical film business was impacted by the COVID situation. The current
geopolitical situation and slower than normal volumes in some export markets also had an impact. The market driven top
line decline for the Computed Radiography business was further amplified by the current geopolitical situation and
component shortages. Agfa continues to manage the CR business to maintain healthy profit margins. Following a
number of slower quarters, the Direct Radiography business’ revenue started to pick up in the second half of
the year. Strong sales growth was recorded in ASPAC and LATAM. In a number of countries in those regions,
first-of-a-kind installations were realized with several systems, including high-end modalities and the recent-
ly introduced VALORY X-ray room. Furthermore, Agfa has taken measures to deal with the post-COVID mar-
ket volatility. Recently, the DR market saw the entry of several new competitors with low-cost solutions.
The order book for DR remains strong, with continuously longer conversion lead times affected by the supply chain en-
vironments. Agfa is taking actions (right-sizing of the organization, relocations, costs control actions, price increases, net
working capital actions) to increase the business’ agility and to better adapt it to the current market conditions.
In the course of the fourth quarter, the Group has tested the goodwill attributed to the CGU Radiology Solutions for im-
pairment, taking into account the five-year business plan approved by the Board of Directors with a substantially increased
WACC. As a result of these tests, the calculated value in use of the CGU Radiology Solutions was lower than its carrying
amount and an impairment loss was recognized on goodwill (70 million Euro) and intangible assets (3 million Euro) (see
Note 27).
In the field of digital print, the top line of the sign & display business grew strongly. The ink product ranges for sign &
display applications performed well throughout the year. In spite of industry-wide logistic challenges for the high-end
equipment, the wide-format printing equipment business posted solid revenue growth. In the field of industrial inkjet, the
décor printing business was impacted by the weakening economic environment, as customers are postponing investments
in their digitization process. Volumes for OEM inks decreased due to the lockdowns in China, the unstable geopolitical
situation and the weak economic environment.
Mainly due to price increases, Offset Solutions’ top line remained stable. The division continued to focus on high-value re-
gions, concentrating on margins rather than volumes. In spite of the lower volumes the successful implementation of price
increases to tackle the overall cost inflation, among others for raw materials, packaging and freight led to top line growth.
Although affected by cost inflation, the gross profit margin improved from 20.4% of revenue in 2021 to 22.7% due to the
implemented price adjustments and the focus on high-value regions. Adjusted EBITDA improved strongly.
In August 2022, the Agfa-Gevaert Group has signed a share purchase agreement with AURELIUS Group for the sale of its
Offset Solutions division. Both parties aim to complete the transaction in the first week of April, 2023.
Overall, the Agfa-Gevaert Group expects a significant improvement in profitability in the full year 2023 versus 2022.
The HealthCare IT division’s growth strategy is expected to deliver top line growth, as well as double-digit adjusted
EBITDA growth in 2023. In Radiology Solutions, stability is expected, with continuous margin pressure for medical film.
The progress in Direct Radiography that was recorded in the second half of 2022 is expected to continue. For Digital Print
& Chemicals, the division expects to restore profitability, based on pricing actions and on positive contributions from the
Inca acquisition and the ZIRFON membranes. The revenue generated by ZIRFON will continue to grow very strongly.

Business continuity in Russia
The Agfa Group’s business in Russia concerns less than 2% of the Group’s turnover, and the majority relates to the Radiol-
ogy Solutions business. Agfa is not producing in Russia. Some Agfa products, such as offset equipment and ink products
can no longer be shipped to Russia/Belarus due to EU restrictive measures. Within the limits set by the EU and competent
national authorities, Agfa will continue using commercially reasonable efforts to deliver and ship any unaffected, ordered
goods. Agfa has no assets and no personnel in Ukraine that is affected by the ongoing crisis.
Indirect effects from the situation in Russia/Ukraine mainly relate to expected credit losses on trade receivables and lease
receivables, restricted cash and the realization of the business plan in the Radiology Solutions business taking into account
increased inflation and increased interest rates. The Agfa Group has two subsidiaries of minor importance in Russia and
the outstanding 3rd party trade receivables amount to 1 million Euro at the end of December 2022. During 2022, turnover
realized in Russia amount to 25 million Euro. There is no restricted cash in these two legal entities.
6. REPORTABLE SEGMENTS
The activities of the Group have been grouped into four divisions: HealthCare IT, Radiology Solutions, Digital Print & Chemi-
cals and Offset Solutions. This divisional structure is technology and solutions based and will allow the business to seek future
partnerships.
The Group’s management has identified the aforementioned divisions as its operating segments. They equal the Group’s
reportable segments. All operating segments have strong market positions, well-defined strategies and full responsibility,
authority and accountability.
To allow for a more accurate assessment of the performance of the operating segments some costs of Corporate functions at
Group level (e.g. Investor Relations, Corporate Finance, Internal Audit, Innovation Office) are not attributed to the operating
segments. These costs are reported under ‘Corporate Services.’
The Group’s operating segments reflect the level at which the Group’s CEO and the Executive Committee review the business
and make decisions about the allocation of resources and other operating matters. The reportable segments comprise the
following activities:
HealthCare IT
The HealthCare IT division supports healthcare professionals across the globe with secure, effective and sustainable imag-
ing data management. Focused on its robust and unified Enterprise Imaging Platform the division helps its clients manage
resource allocation, improve productivity and provide clinical confidence with patient-centric contextual intelligence.
With its core commitment on delivering value, Agfa HealthCare’s technology suits multi-specialty requirements and se-
curely standardizes workflows, to collaborate seamlessly between departments and across geographies. From product de-
velopment to implementation, Agfa HealthCare’s best-of-suite Imaging IT software solutions are purpose-built to reduce
complexity and support healthcare providers to achieve their clinical, operational and business strategies.
Radiology Solutions
Agfa’s Radiology Solutions division is a major player on the diagnostic imaging market, providing analog and digital im-
aging technology to meet the needs of specialized clinicians in hospitals and imaging centers around the world. Agfa’s
innovative imaging equipment and its leading MUSICA image processing software set standards in productivity, safety,
clinical value and cost effectiveness.
With over 150 years of experience, Agfa helps its customers to improve the quality and efficiency of their patient care. Every
single day, Agfa proves that medical imaging is in its DNA.

Agfa’s Digital Print & Chemicals division serves a great variety of industries. Building on Agfa’s expertise in chemistry and its
deep knowledge of the graphic arts industry, the division has a leading position in inkjet printing. Agfa supplies sign & display
printing companies with a range of highly productive and versatile wide-format inkjet printers with matched inks, powered
by dedicated workflow software. In addition, it develops high-performance inkjet inks and fluids for industrial inkjet appli-
cations, enabling manufacturers to integrate print into their existing production processes. It also offers dedicated inkjet inks
to specific hi-tech industries such as the printed electronics industry. Furthermore, the division supplies membranes to the

hydrogen production industry (Zirfon), as well as a range of printable synthetic papers. The product assortment is completed
by films for micrography, non-destructive testing, aerial photography and printed circuit board production.
Offset Solutions
The Offset Solutions division is a global leading supplier to the offset printing industry, offering commercial, newspaper
and packaging printers and the most extensive range of integrated prepress and printing solutions. These span the entire
prepress workflow right up to the press with computer-to-plate systems using digital offset printing plates, pressroom
supplies, and state-of-the-art software for workflow optimization, color management, screening and print standardization.
Agfa’s sustainable innovations for offset printing bring value to printing companies in terms of ecology, economy, and extra
convenience — or ECO³.
6.1 Principles applied in determining segment results, segment assets and liabilities
The Group’s management has identified the aforementioned divisions as its operating segments. They equal the Groups report-
able segments.
There are no transactions between operating segments.
Segment results, assets and liabilities are attributed to a reportable segment based on the following principles:
· Direct attributable to a reportable segment whenever possible; otherwise
· Allocated to a reportable segment on a reasonable basis, preferably activity based or effortized.
To allow for a more accurate assessment of the performance of the operating segments some costs of Corporate functions at
Group level (e.g. Investor relations, Corporate Finance, Internal Audit, Innovation office) are not attributed to the operating
segments. These costs are currently reported under ‘Corporate Services.’ Also the costs and liabilities for inactive employees (see
below) and closed defined benefit plans are not attributed to operating segments as they cannot be allocated on a reasonable
basis to one or more reportable segments.
These unallocated data are included in the reconciling items between the total reportable segment information and the consol-
idated profit or loss, total assets and total liabilities. This reconciliation is provided in Note 6.3.
Inactive employees are defined as permanently retired employees, former employees with vested rights, and other employees
who are not expected to return to active status, e.g. early retirement. Employees who are in principle only temporarily inactive,
e.g. long-term disability or illness, maternity leave, military service, etc. are treated as active employees and are consequently
assigned to one of the reportable segments.
Segment assets and liabilities do not comprise current income tax receivables and payables and deferred taxes (see reconcilia-
tion in Note 6.3).
6.2 Key data by business
Key data for the reportable segments have been calculated as follows:
· Adjusted EBIT is the result from operating activities before net restructuring expenses (2022: 32 million Euro, 2021: 20
million Euro) and non-recurring items (2022: 160 million Euro, 2021: 13 million Euro). Non-recurring items mainly com-
prise impairment losses, strategic transformation projects related costs (consultancy) and lawyer expenses;
· % of revenue is the ratio of adjusted EBIT to revenue;
· Adjusted EBITDA = adjusted EBIT before depreciation and amortization;
· Segment result is the profit from operating activities;
· Segment assets are those operating assets that are employed by a reportable segment in its operating activities;
· Segment liabilities are those operating liabilities that result from the operating activities of a reportable segment;
· Net cash from (used in) reportable segments is the excess of cash receipts over cash disbursements from activities that
result from a reportable segment. The financial flows, the interest received and cash flows from other investing activities
are not attributed to a reportable segment;
· Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to
be used for more than one year;

· Other non-cash items include impairment losses and reversal of impairment losses of receivables, write downs of in-
ventories and reversals of write downs, past service costs (credits) and gains and losses on settlements of defined benefit
liabilities, granted subventions and additions and reversals of provisions, excluding provisions for income tax, to the
extent reflected in results from operating activities.
Radiology Digital Print

Reportable segment HealthCare IT Offset Solutions TOTAL
Solutions & Chemicals
MILLION EURO 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
Revenue 219 244 464 462 330 372 748 779 1,760 1,857
Change -4.8% 11.5% -4.5% -0.4% 13.9% 12.9% 6.3% 4.2% 3.0% 5.5%
Adjusted EBIT 22 20 38 22 7 (9) (6) 18 61 50
% of revenue 9.9% 8.0% 8.1% 4.8% 2.3% -2.6% -0.8% 2.3% 3.5% 2.7%
Amortization and depreciation 3 2 15 15 8 9 8 8 34 35
Depreciation right-of-use assets 6 5 8 9 4 4 10 10 28 28
Adjusted EBITDA 30 27 61 47 19 3 12 36 122 113
Segment result 18 18 41 (72) 5 (15) (16) (36) 47 (105)
Segment assets 395 420 392 306 240 333 429 382 1,456 1,441
Segment liabilities 129 123 193 164 76 105 293 228 691 620
Net cash from (used in) reportable segments 6 (7) 54 4 5 (38) 3 (28) 68 (68)
Capital expenditures 1 2 10 11 9 11 6 8 26 32
Impairment losses recognized on
- - - 73 - - 1 41 1 114
non-current assets
Other non-cash items 15 20 32 51 27 35 40 39 114 144
Research and development expenses 29 33 18 16 22 29 20 20 89 98
Average number of employees
1,281 1,229 2,285 2,112 1,157 1,230 2,402 2,151 7,126 6,721
(Full time equivalents) (1)
(1) The figures comprise permanent and temporary contracts.

6.3 Reconciliation of revenue, adjusted EBIT, profit or loss, assets, liabilities and cash flows

Revenue
Revenue for reportable segments 1,760 1,857
Consolidated revenue 1,760 1,857
Adjusted EBIT
Adjusted EBIT for reportable segments 61 50
Adjusted EBIT not allocated to a reportable segment (1)
(19) (19)
Consolidated adjusted EBIT 42 31
Profit or loss
Segment result 47 (105)
Profit (loss) from operating activities not allocated to a reportable segment (1) (38) (55)
Results from operating activities 9 (160)
Other unallocated amounts:
Interest income (expense) - net (1) -
Other finance income (expense) - net (6) (20)
Share of profit of associates - net of tax - (1)
Consolidated profit (loss) before income taxes 1 (181)
Assets
Total assets for reportable segments 1,456 1,441
Operating assets not allocated to a reportable segment (1)
43 22
Other financial assets 10 6
Deferred tax assets 124 91
Derivative financial instruments 1 3
Cash and cash equivalents 398 138
Current income tax assets 63 56
Consolidated total assets 2,095 1,756
Liabilities
Total liabilities for reportable segments 691 620
Operating liabilities not allocated to a reportable segment (1) 608 469
Loans and borrowings 72 66
Deferred tax liabilities 6 9
Derivative financial instruments 2 2
Current income tax liabilities 28 29
Other unallocated liabilities 2 -
Equity 685 561
Consolidated total equity and liabilities 2,095 1,756
Cash flows
Net cash from (used in) reportable segments 68 (68)
Operating cash flows not allocated to a reportable segment (218) (92)
Net interest and dividend paid to non-controlling interests (5) (10)
Purchase of treasury shares (29) (21)
Net proceeds from borrowings (2) (1)
Acquisitions and disposals of business - (53)
Proceeds/(payment) of derivatives (2) (9)
Other 4 1
Consolidated net increase (decrease) in cash and cash equivalents (185) (253)
(1) Operating results, assets and liabilities and cash flows, not allocated to a reportable segment, relate mainly to corporate functions
at Group level and inactive employees.

6.4 Reconciliation of other material items for 2021 and 2022
Other material items 2021

The segmented other material items as presented in the table under Note 6.2 can be reconciled with the consolidated
figures as follows:
Reportable
MILLION EURO Note Adjustments TOTAL
segments total
Capital expenditures (cash outflows) 27/28 26 - 26
Amortization and depreciation 27/28 34 - 34
Depreciation right-of-use assets (IFRS 16) 29 28 - 28
Impairment losses recognized on non-current assets 27/28/29 1 - 1
Other non-cash items 114 - 114
Research and development expenses 89 6 95
Other material items 2022

Reportable
MILLION EURO Note Adjustments TOTAL
segments total
Capital expenditures (cash outflows) 27/28 32 - 33
Amortization and depreciation 27/28 34 - 35
Depreciation right-of-use assets (IFRS 16) 29 28 - 28
Impairment losses recognized on non-current assets 27/28/29 114 - 114
Other non-cash items 144 5 149
Research and development expenses 98 3 101
6.5 Geographical information for 2021 and 2022
The Group distinguishes four geographical regions: Europe, NAFTA, Latin America and Asia/Oceania/Africa. The Group’s
country of establishment is Belgium.
2021 2022
MILLION EURO
Revenue by market (1) Revenue by market (1)
Europe 654 683
of which related to home market Belgium 34 35
NAFTA 350 425
Latin America 107 128
Asia/Oceania/Africa 650 620
TOTAL 1,760 1,857
All foreign countries
Germany 132 129
France 57 60
Italy 69 74
UK 74 90
US 270 328
Canada 48 60
Brazil 50 60
India 54 60
China 322 301
Japan 50 46
Other countries 634 649
TOTAL CONSOLIDATED 1,760 1,857
(1) Location by customer

2021 2022
MILLION EURO
Non-current assets (1) Non-current assets (1)
Europe 267 220
of which related to home market Belgium 184 191
NAFTA 301 266
Latin America 9 5
Asia/Oceania/Africa 54 23
TOTAL 632 513
All foreign countries
Germany 33 6
Belgium 183 174
UK 41 28
US 151 114
Canada 148 150
Brazil 6 2
China 29 9
Hong Kong 12 9
Other countries 28 22
TOTAL 632 513
(1) Excluding deferred tax assets based on the location of the assets.
7. ALTERNATIVE PERFORMANCE MEASURE
Management has presented the performance measures ‘Adjusted EBIT’ and ‘Adjusted EBITDA’ because it monitors these
performance measures by division and believes that these measures are relevant to an understanding of the financial per-
formance of the Group’s operating segments.
‘Adjusted EBIT’ is the result from operating activities before restructuring and non-recurring items.
‘Adjusted EBITDA’ is the result from operating activities before depreciation, amortization, restructuring expenses and
non-recurring items. Restructuring expenses mainly relate to employee related termination costs. These costs are present-
ed in Other expense (see Note 9.2).
At year-end 2022, non-recurring items amount to 160 million Euro and mainly comprise impairment losses on Goodwill
of 70 million Euro (Radiology Solutions), impairment losses on intangible assets of 3 million Euro, impairment losses on
Property, Plant & Equipment of 26 million Euro, Impairment losses on Right-of-use Assets of 15 million Euro, strategic
transformation projects related costs of 36 million Euro (stand-alone of Offset Solutions and changing the organizational
structure into a lean, agile and future-oriented structure), lawyer expenses of 4 million Euro, an exceptional write-down
of inventories of 1 million Euro, consultancy expenses on acquisitions and divestitures of 2 million Euro and a negative
pension adjustment of 1 million Euro.
At year-end 2021, non-recurring items amount to 13 million Euro and mainly comprise strategic transformation projects
related costs of 20 million Euro (stand-alone of Offset Solutions and changing the organizational structure into a lean, agile
and future-oriented structure), lawyer expenses of 1 million Euro, an exceptional write-down of inventories of 1 million
Euro, an exceptional write-down of unrecoverable balance sheet amounts of 1 million Euro, a provision related to the exit
of a leased facility in the US of 1 million Euro, a gain on the sale of assets of 7 million Euro and a positive pension adjust-
ment of 4 million Euro.
The following table gives an overview of the performance of each reportable segment.

Radiology Digital Print Offset
Reportable segment HealthCare IT TOTAL
Solutions & Chemicals Solutions
MILLION EURO 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
Segment result (*)
18 18 41 (72) 5 (15) (16) (36) 47 (105)
Adjusted EBIT 22 20 38 22 7 (9) (6) 18 61 50
Adjusted EBITDA 30 27 61 47 19 3 12 36 122 113
(*) Segment result: the profit from operating activities allocated to a reportable segment.
Reconciliation of segment adjusted EBIT to results from operating activities 2021 2022
Segment adjusted EBIT 61 50
Adjusted EBIT from operating activities not allocated to a reportable segment: mainly related to ‘Corporate Services’ (19) (19)
Adjusted EBIT 42 31
Restructuring (20) (32)
Non-recurring (13) (160)
Results from operating activities 9 (160)

Reconciliation of adjusted EBIT to adjusted EBITDA
Adjusted EBIT 42 31
Depreciation and amortization on Intangible assets and PP&E 34 35
Depreciation right-of-use assets (IFRS 16 impact) 28 28
Adjusted EBITDA 104 94
Reconciliation of segment adjusted EBITDA to adjusted EBITDA
Segment adjusted EBITDA 122 113
Adjusted EBITDA from operating activities not allocated to a reportable segment: mainly related to ‘Corporate Services’ (19) (19)
Adjusted EBITDA 104 94
8. REVENUE

Revenue from contracts with customers 1,709 1,806
Revenue from other sources: Cash Flow hedges 1 (5)
Revenue from other sources: Leasing activities 50 56
TOTAL REVENUE 1,760 1,857
The HealthCare IT and Digital Print & Chemicals divisions posted sales growth excluding currency impact. Mainly due
to price increases, Offset Solutions’ top line remained stable and Radiology Solutions’ medical film business was heavily
impacted by the COVID-lockdowns in China.
Due to increased momentum in the second half of the year, the HealthCare IT division’s top line increased in North Amer-
ica and Europe versus the previous year. The growth was driven by the revenue recognition from a number of important
contracts, as well as a stabilization of recurring revenue.
For Radiology Solutions, stability is expected, with continuous margin pressure for medical film. The progress in Direct
Radiography that was recorded in the second half of 2022 is expected to continue. The market driven top line decline for
the Computed Radiography business was further amplified by the current geopolitical situation and component shortages.
Agfa continues to manage the CR business to maintain healthy profit margins. Following a number of slower quarters,
the Direct Radiography business’ revenue started to pick up in the second half of the year. Strong sales growth was recorded
in ASPAC and LATAM. In a number of countries in those regions, first-of-a-kind installations were realized with several
systems, including high-end modalities and the recently introduced VALORY X-ray room. Furthermore, Agfa has taken
measures to deal with the post-COVID market volatility. Recently, the DR market saw the entry of several new competitors
with low-cost solutions.

In the field of digital print, the top line of the sign & display business grew strongly. The ink product ranges for sign &
display applications performed well throughout the year. In spite of industry-wide logistic challenges for the high-end
equipment, the wide-format printing equipment business posted solid revenue growth. In the field of industrial inkjet, the
décor printing business was impacted by the weakening economic environment, as customers are postponing investments
in their digitization process. Volumes for OEM inks decreased due to the lockdowns in China, the unstable geopolitical
situation and the weak economic environment.
Mainly due to price increases, Offset Solutions’ top line remained stable. The division continued to focus on high-value re-
gions, concentrating on margins rather than volumes. In spite of the lower volumes, the successful implementation of price
increases to tackle the overall cost inflation, among others for raw materials, packaging and freight led to top line growth.
8.1 Nature of goods and services
The Group generates revenue from the sale of goods, the rendering of services and offers multiple-element arrangements
to customers. Other sources of revenue include rental income from owned and leased equipment under finance leases and
immaterial amounts related to hedge accounting.
Revenue from the sale of goods includes the sale of consumables, chemicals, spare parts, stand-alone equipment sales and
software licenses. Revenue from the sale of goods are recognized when the customer obtains control of the goods and when
it is probable that the agreed transaction price will be collected. In evaluating whether collectability is probable, the entity
considers the customer’s ability and intention to pay that amount when it is due.
Revenue from the rendering of services includes installation services, maintenance and post-contract support services. Un-
der the IFRS 15 standard, as the customer simultaneously receives and consumes the benefits related to these services, the
revenue from rendering of services is recognized over time. In case the Group sells multiple services, the total consideration
in service contracts will be allocated to all services based on their stand-alone selling price. The stand-alone selling price
will be determined based on the list prices at which the Group sells the services in separate transactions.
The Group moreover enters into multiple-element arrangements with customers whereby several deliverables such as
software, licenses, hardware, services and maintenance are combined and offered to the customer. In accordance with IFRS
15, the Group has assessed whether these deliverables qualify as separate performance obligations, based on the criteria of
separate identifiability and whether or not the customer can benefit from goods or services on its own or with resources
readily available to him. The Group concluded that for arrangements not requiring substantive customization of the soft-
ware, these criteria were met.
The application of the Group’s accounting policy on recognition of revenue with regard to multiple-element arrangements
requires judgment from management in allocating the total arrangement fee, including any discounts, to each perfor-
mance obligation. Changes to the performance obligations in a multiple-element arrangement and the respective value
allocated to the performance obligations could materially impact the amount of earned and unearned revenue.
Within the HealthCare IT and Radiology Solutions business segment, the vast majority of the arrangements do not require
significant customization or modification. Within the Offset Solutions and Digital Print & Chemicals business segment,
equipment sales that require substantive installation activities are recognized when the installation of the equipment is
finalized in accordance with the contractually agreed specifications. Under IFRS 15, installation services and equipment are
considered highly interrelated and are identified as one performance obligation that will be recognized at a point in time,
i.e. at installation at the client’s premises.
Within HealthCare IT, the Group has defined standard payment terms which differ between regions based on local practic-
es. Payment terms are kept as short as possible. In Europe, LATAM, NAFTA and ASPAC these payment terms are on average
30 days after invoicing date, except for Southern Europe where these range between 60-90 days after invoicing date.
In other divisions of the Group, payment terms are set based on business and geographical requirements. Deviations from
this policy are reviewed by the Credit Committees and approved based on different criteria.
Contract assets related to multiple-element arrangements within the HealthCare IT business amount to 85 million Euro

(2021: 66 million Euro), to 7 million Euro within the Radiology Solutions division (2021: 9 million Euro), and to 3 million
Euro within the division of Digital Print & Chemicals (2021: 0 million Euro). There are limited contract assets outstanding
within the Offset Solutions division per December 31, 2022 and per December 31, 2021. Contract liabilities related to mul-
tiple-element arrangements within the HealthCare IT business amount to 56 million Euro (2021: 58 million Euro), within
Radiology Solutions to 26 million Euro (2021: 27 million Euro), within Digital Print & Chemicals to 16 million Euro (2021:
11 million Euro) and within Offset Solutions to 12 million Euro (2021: 16 million Euro).
8.2 Disaggregation of revenue from contracts with customers
The disaggregation of revenue from contracts with customers at December 31, 2022, and December 31, 2021, as required by
IFRS 15 can be presented as follows:
2022
MILLION EURO Radiology Digital Print Offset
HealthCare IT TOTAL
Geographical region
Europe 71 120 156 336 683
NAFTA 139 58 100 128 425
Latin America 11 54 9 54 128
Asia/Oceania/Africa 23 231 106 261 620
Total revenue by geographical region
244 462 372 779 1,857
(destination perspective)
Revenue by nature
Revenue from the sale of goods 75 364 330 739 1,508
Revenue from the sale of services 169 98 42 40 349
Timing of recognition
Revenue recognized at a point in time 75 364 331 739 1,509
Revenue recognized over time 169 98 42 40 349
2021
Radiology Digital Print Offset
MILLION EURO HealthCare IT TOTAL
Geographical region
Europe 70 120 145 318 654
NAFTA 119 55 72 103 350
Latin America 9 46 8 44 107
Asia/Oceania/Africa 21 242 104 283 650
Total revenue by geographical region
219 464 330 748 1,760
(destination perspective)
Revenue by nature
Revenue from the sale of goods 62 370 301 704 1,438
Revenue from the sale of services 157 93 28 43 322
Timing of recognition
Revenue recognized at a point in time 62 372 302 707 1,443
Revenue recognized over time 157 92 27 41 317
Transaction prices allocated to unsatisfied performance obligations are not disclosed as the contracts have in general orig-
inal expected durations of one year or less.

8.3 Contract balances
The Group has recognized following revenue-related receivables, contract assets and contract liabilities:

Trade receivables 319 300
Contract assets
Assets recognized for costs to fulfill contracts 16 25
Goods/services transferred before payment is due 60 70
Contract liabilities
Deferred revenue 84 81
Advance payments received from customers 19 18
Expected volume discounts - rebates 9 11
At December 31, 2022, contract assets amounted to 94 million Euro (2021 : 76 million Euro). Contract assets primarily relate
to the Group’s rights to consideration for work performed that is not yet billed. Contract assets are transferred to receivables
when the right to payment becomes unconditional. Assets recognized for costs to fulfill contracts comprise all costs that are
directly related to a contract such as direct labor, direct materials (WIP balances) and costs that are explicitly chargeable to a
customer under a contract. The Group does not capitalize costs to obtain a contract because the amortization period of this
asset is less than one year.
At December 31, 2022, contract liabilities amounted to 109 million Euro (2021 : 112 million Euro) and comprise ‘Deferred reve-
nue and advance payments received from customers’ and accruals for bonuses and rebates to goods and service purchased by
customers during 2022.
Deferred revenue comprises amounts invoiced in accordance with contractually agreed terms but unearned, whereas advance
payments reflect the amounts paid by customers who have not yet received an invoice and to whom the Company still has
to fulfill its commitment, i.e. delivery of goods and/or services. Deferred revenue primarily results from milestone billing in
arrangements combining multiple deliverables such as software, hardware, services, (multiple-element arrangements) and
from the advance billing of service and maintenance contracts.
8.4 Evolution of contract balances
The following table shows how much of the revenue recognized in the current period relates to the carry forward of con-
tract balances and how much relates to performance obligations that were satisfied in a prior period:
MILLION EURO Contract assets Contract liabilities

Opening balance of contract balances 76 112
Revenue recognized that was included in the contract liability
- (112)
at the beginning of the period
Revenue recognized from performance obligations satisfied
- -
in previous periods
Advance billings to customers during the year - 135
Advance payments received from customers during the year - 27
Revenue recognized during the period - (60)
Contract assets recognized during the period 175 -
Transfer from contract assets to receivables (112) -
Impairment of contract assets - -
Contract assets (work in progress) released in Cogs during the period (49) -
Change in volume discounts/rebates - 2
Acquisitions and disposals of business 2 4
Exchange differences 2 1
Closing balance of contract balances 94 109

9. OTHER OPERATING INCOME AND EXPENSES
9.1 Other operating income

Exchange gains and changes in fair value of derivatives 6 5
Finance lease income 6 7
Gains on the sale of property, plant & equipment 8 1
Income from reversal of unutilized provisions 1 4
Past service credits related to pension plans in France 1 -
Gains on freeze and settlement of defined benefit plan in Sweden 5 -
Other income 14 10
TOTAL 41 27
Finance lease income mainly comprises interest income.

For 2021, gains on the sale of property, plant and equipment relate for 7 million Euro to the sale of our former production
site in Leeds (UK), previously classified as held-for-sale (see Note 35).
In 2022, 3 million Euro income from reversal of restructuring provisions has been recognized due to an update of the pro-
vision for the reorganization of the Company’s IT-department and the partnership with Atos.
The past service credits shown in 2021 are the result of restructuring exercises in France during the year.
In Sweden, the Company has transferred out its pension liabilities in the course of Q1 2021 to an insurance company result-
ing in a one-time cash-out of 16 million Euro and a one-time gain of 5 million Euro.
9.2 Other operating expenses

Restructuring expenses 20 35
Impairment losses on goodwill - 70
Impairment losses on intangible assets - 3
Impairment losses on PP&E - 26
Impairment losses on right-of-use assets 1 15
Exchange losses and changes in fair value of derivatives 10 13
Past service cost 'Jubilee' plan Belgium 2 -
Housing expenses related to empty space 3 4
Other expenses 11 16
TOTAL 47 182
As a result of the impairment test on goodwill attributable to the cash generating unit Radiology Solutions, an impairment
loss amounting to 73 million Euro has been recognized. The full carrying amount of goodwill (70 million Euro) and intan-
gible assets (3 million Euro) has been impaired. More information on the major assumptions used for this impairment test
is provided in Note 27.
For the cash-generating unit Offset Solutions, property, plant and equipment and right-of-use assets that could be attribut-
ed to the entities that are dedicated to the Offset Solutions activity and are therefore subject to the planned disposal, have
been fully impaired. A resulting loss on impairment amounting to 41 million Euro has been recognized, 26 million Euro re-
lated to property, plant and equipment and 15 million Euro to right-of-use assets. The expected sale of the Offset Solutions
business has been the indication for impairment as the expected consideration receivable is much lower than the carrying
amount of the net assets attributable to the disposal group, even after impairment of all non-current assets in scope of
IAS36. More information on the impairment of assets attributable to Offset Solutions and how it fits in the total expected
loss of the sale transaction is described under section 4 ‘Use of estimates and judgments’.

For 2021, the impairment loss on right-of-use assets amounting to 1 million Euro related to the termination of a rental
contract on a former production site in the US.
In 2022, restructuring plans have resulted in an expense of 35 million Euro. This amount partly resulted from the var-
ious transformation actions mainly with regard to the Group’s internal financial services impacting a number of posi-
tions, mainly in Europe (5 million Euro). Moreover, several activities felt the weakening economic environment, mainly
in Europe and China. On top of the transformation actions regarding the Group’s IT and financial services, the economic
situation thus required further measures for the Group’s activities in Radiology Solutions and Digital Print & Chemicals to
adapt the cost structure of the Group. In Germany, the production and assembly of some equipment and equipment parts
for Computed Radiography has been stopped in 2022. For Direct Radiography, some actions were taken to simplify the op-
erational business model. The aggregate amount of restructuring expenses recognized in 2022 with regard to the measures
taken for Radiology amounted to 12 million Euro. Measures taken with regard to the Digital Print & Chemicals business
have resulted in a restructuring expense of 2 million Euro.
Other restructuring expenses recognized in the course of 2022 related to individual efficiency/savings initiatives (5 million
Euro) and a voluntary leave plan in Belgium for people aged above 60 with a minimum seniority of 15 years: according to
this plan, employees could enter during a fix period starting in 2023 into a time credit for 50%, are exempted from daily
performance for the part of their working time that they still work for the Company, until their legal retirement or early
retirement (the impact at year-end 2022 is estimated at 5 million Euro).
In 2021, the Company has recognized 20 million Euro restructuring expenses, mainly comprising transformation costs
for the Group’s IT services linked to a decrease of a number of IT-functions within the Group and a collaboration with an
external partner Atos, a global leader in digital transformation (14 million Euro). Additionally some restructuring costs
have been recognized for the closure of some entities: Ipagsa, a printing plate supplier operating in the low cost business
(4 million Euro), the closed production sites in Leeds and Pont-à-Marcq (3 million Euro), offset by a positive impact of 10
million Euro due to the reassessment of the reorganization costs for the factories in Peisenberg and Peiting (Germany). The
remainder of the restructuring expenses related to costs for long-term termination benefits resulting from new collective
labor agreements (2 million Euro).
‘Jubilee’ benefits in Belgium relate to travel vouchers granted on 25-, 35-, and 40-year service anniversaries. As per December
31, 2021, they have been valued for the first time, resulting in the recognition of a past service cost amounting to 2 million Euro.

10. NET FINANCE COSTS

Interest income
on bank deposits 2 4
TOTAL INTEREST INCOME 2 4
Interest expense on financial liabilities measured at amortized cost
on bank loans (3) (4)
on debentures - -
TOTAL INTEREST EXPENSE (3) (4)
Other finance income

Exchange gains on non-operating activities net of changes in fair value of derivative financial instruments not part
7 5
of a hedging relationship
Other 3 1
TOTAL OTHER FINANCE INCOME 10 6
Other finance expense

Net periodic pension cost treated as other finance income (expense) and interest portion on other interest-
(7) (9)
bearing provisions (1)
Exchange losses on non-operating activities net of change in fair value of derivative financial instruments not part
(1) (2)
of a hedging relationship
Interest expense on derivatives not part of a hedging relationship (1) (4)
Interest expense on cash flow hedges - -
Interest expense on other receivables - (1)
Interest expense for leases (2) (2)
Impairment loss on marketable securities (1) -
Unwinding of discount on provisions (1) -
Exchange differences on disposal of foreign operations reclassified to profit or loss - (3)
Other (3) (4)
TOTAL OTHER FINANCE EXPENSE (16) (26)
NET FINANCE COSTS (8) (2) (19) (2)

(1) The interest portion of other interest-bearing provisions primarily comprises the allocation of interest on provisions for pre-retirement.
(2) The above finance income and finance costs include the following interest income and expense in respect of assets (liabilities) not at fair value through
profit or loss.
Total interest income on financial assets 2 4
Total interest expense on financial liabilities (5) (6)

11. INFORMATION ON THE NATURE OF EXPENSES
The following table gives an overview of the major expenses/income (incl. subject to restructuring) of the Group’s operat-
ing result classified by nature:

Revenue 1,760 1,857
Cost of raw materials, goods purchased for resale and production related costs
(739) (767)
(including changes in inventories)
Cost of services and other goods (340) (413)
Personnel expenses (593) (614)
Amortization and depreciation 27/28/29 (62) (63)
Impairment losses on goodwill, intangible assets, PP&E and right-of-use assets 9.2 (1) (114)
Write-downs/write-offs on inventories 32 (11) (12)
Impairment losses on receivables 22.2 (2) (1)
Changes in provisions excl. restructuring - 1
Restructuring expenses 6/7/9 (20) (32)
Other tax expenses (13) (11)
Other expenses (23) (26)
R&D tax credits 5 7
Interest income from leasing activities 4 4
Capitalized expenses (projects, assets under construction) 3 4
Gain on the sale of intangible assets and PP&E 8 1
Other income 33 20
Operating result 9 (160)
Cost of raw materials, goods purchased for resale and production related costs cover all costs incurred to purchase raw ma-
terials, goods purchased for resale, spare parts, changes in inventory and all costs that have a clear link to production such
as costs for recutting and refurbishing, to the extent reflected in the cost of sales as comprised in profit or loss for the year.
Cost of services and other goods mainly cover:
· the external preliminary work for the processing or manufacturing of products and projects on behalf of the Company;
· transport, freight, duties, storage and handling expenses;
· utilities and energy expenses;
· travel and entertainment;
· expenses from leasing activities.
The increase of these costs was driven by global inflation on energy, raw material, logistics and salary costs.
Personnel expenses in 2022 amounted to 614 million Euro compared to 593 million Euro in 2021 (see also Note 13).
The increase in personnel expenses was also inflation driven and impacted by the acquisition of Inca Digital Printers.
Personnel expense comprises:
· payroll related expenses: wages and salaries and social security contributions;
· expenses for retirement benefits;
· accrued expenses for personnel expenses (such as annual vacation and annual variable payments);
· other personnel expenses (such as temporary staff, training, recruitment and outplacement). Personnel related restruc-
turing expenses are reported as restructuring expenses.
The average number of employees in full-time equivalent heads for 2022 amounted to 6,721 (2021: 7,126). Classified per
corporate function, this average comprising permanent and temporary contracts can be presented as follows:
2021 2022
Manufacturing/Engineering 2,261 2,196
Research and development 844 822
Sales and Marketing/Service 2,614 2,527
Administration 1,408 1,176
TOTAL 7,126 6,721

12. EARNINGS PER SHARE
12.1 Basic earnings per share / diluted earnings per share
The calculation of earnings per share at December 31, 2022, was based on the profit attributable to owners of the Com-
pany of minus 221 million Euro (2021: minus 17 million Euro) and a weighted average number of ordinary shares out-
standing during the year ended December 31, 2022, of 156,236,319 (2021: 165,003,570).
Number of shares issued 154,820,528

Own shares (see Note 37.2) -
Number of outstanding ordinary shares at December 31, 2022 (see Note 37.1) 154,820,528
Effect of options exercised during 2022 -
Effect of stock options on issue -
Weighted average number of ordinary shares at December 31, 2022 156,236,319
Euro 2021 2022

Basic earnings per share / Diluted earnings per share (0.11) (1.41)
The average fair value of one ordinary share during 2022 was 3.44 Euro per share.

EMPLOYEE BENEFITS
Employee benefit liabilities
MILLION EURO December 31, 2021 December 31, 2022

Liabilities for post-employment benefits 728 531
Long-term termination benefits 8 5
Liabilities for post-employment and long-term benefit plans 735 536
Other non-current employee benefits 11 9
Non-current employee benefit liabilities 747 545
Current employee benefit liabilities 99 95
Total employee benefit liabilities 846 640
Employee benefit expenses

Payroll related expenses 463 478
Expenses for retirement benefits included in EBIT 36 44
Accrued expenses for personnel expenses 75 70
Other personnel expenses 19 23
Total employee benefit expenses included in EBIT 593 614
13. POST-EMPLOYMENT BENEFIT PLANS
The Group provides retirement benefits in most countries in which it operates, mainly through defined contribution plans.
In some countries however, the Group organizes its retirement benefits via defined benefit plans. The net defined benefit
liability for Belgium, Germany, UK and US together (within Agfa in this context also referred to as ‘material countries’) rep-
resent 98% (2021: 98%) of the total net defined benefit liability of the Group. A major part of these liabilities relates to closed
pension plans, meaning that no further benefits are accrued under these plans. This is the case in the UK, the US and for a
major part of the German pension plans. In Belgium, the major pension plan – referred to as ‘Fabriekspensioenplan’ – has
been closed to new managers entering as from January 2019.
The following table summarizes the impact of the Group’s post-employment benefit plans on its consolidated statements
of financial position and profit or loss, broken down into material countries and other countries.
December 31, 2021 December 31, 2022

Belgium/ Other Belgium/ Other
TOTAL TOTAL
MILLION EURO Germany/UK/US countries Germany/UK/US countries
Liabilities for post-employment benefits 714 14 728 521 10 531
Assets related to post-employment benefits (40) - (40) (18) - (18)
Net balance sheet position 674 14 688 503 10 513
98% 98%

Belgium/ Belgium/
Other Other
Germany/ TOTAL Germany/ TOTAL
countries countries
MILLION EURO UK/US UK/US
Defined contribution plans - net premiums and taxes 4 4 8 4 4 9
Post-employment defined benefit plans - current service
24 - 24 19 1 20
& administrative cost
Post-employment defined benefit plans - past service cost (gain) - (1) (1) - - -
Post-employment defined benefit plans - loss (gains) on settlements - (4) (4) - - -
Belgian defined contribution plans with return guaranteed by law 9 - 9 15 - 16
Expenses related to post-employment benefits, included in EBIT 37 (1) 36 39 5 44
Net interest cost related to post-employment benefits, including

8 - 8 8 - 8
administrative costs of closed DB-plans
Total expenses related to post-employment benefits 45 (1) 44 47 5 52
In Sweden, the Company transferred out its pension liabilities in the course of Q1 2021 to an insurance company resulting
in a one-time cash-out of 16 million Euro and a one-time gain of 5 million Euro. The transfer of the Swedish pension plan
to an external insurer mainly explains the evolution of the pension liabilities for the Groups non-material countries for the
year to December 31, 2021.
The evolution of the pension liabilities for the Group’s material countries is explained in section 13.2.
13.1 Defined contribution plans
The Agfa-Gevaert Group companies’ contributions to publicly or privately administered defined contribution pension
funds or insurance contracts totaled 9 million Euro in 2022 (8 million Euro in 2021) of which 4 million Euro relates to the
Group’s material countries (4 million Euro in 2021). Once the contributions have been paid, the Group companies have no
further payment obligation. The regular contributions constitute an expense for the year in which they are due.
Defined contribution plans in Belgium are for the purpose of the IFRS accounting treatment not considered as defined
contribution plans but instead as defined benefit plans. More information on these plans is provided hereafter.
13.2 Defined benefit plans
13.2.1 Belgian defined contribution plans with return guaranteed by law
Belgian ‘Defined Contribution’ plans are subject to the Occupational Pensions Act of April 2003. In accordance with article
24 of the Occupational Pensions Act, affiliated persons are entitled to a guaranteed return with regard to contributions
made by the organizer of the plan and by the employee. Until December 31, 2015, the minimum guaranteed return amount-
ed to 3.25% on employer contributions and of 3.75% on employee contributions.
The Act of December 18, 2015, which entered into force on January 1, 2016, has introduced several amendments to the Act
of April 28, 2003. As of January 1, 2016, the guaranteed return is aligned with the percentage (65%) of the average return on
June 1 over the last 24 months of Belgian State linear bonds (‘OLOs’) with a maturity of 10 years, with a minimum of 1.75%
and a maximum of 3.75%. As of 2016, the return guaranteed by law is set at 1.75% and applies to both personal contributions
made by the employee and contributions made by the employer.
With regard to the application of the guaranteed return in case of modification of the interest rate, the Act of December
18, 2015 introduced the ‘horizontal method’ applicable for all insured plans which guarantee a fixed return up to the retire-
ment age (so-called Branch 21 insured products) and the ‘vertical method’ in all other situations. Within our Belgian group
companies, all insured pension plans are managed via ‘Branch 21’ insured products.
The application of the ‘horizontal method’ is comparable to a fixed-rate term deposit account. The previous interest rate is
applicable until exit, retirement or abolition of the pension engagement – whichever occurs first – to the contributions due
on the basis of the plan rules before the modification. The new interest rate is then applicable to contributions due on the
basis of the plan rules from the modification onwards until the first of the aforementioned occurrences.

Therefore, for all of the Group’s defined contribution plans with return guaranteed by law, the minimum return of 3.25%
(employer contributions) and 3.75% (employee contributions) still apply for contributions made until December 31, 2015.
For these contributions, affiliated persons are entitled to at least a return of 3.25%/3.75% until retirement age (or exit/aboli-
tion of the pension engagement). For contributions made as from 2016, the employer is committed to a minimum return
of 1.75% until occurrence of retirement age, exit or abolition of the pension engagement.
As insurance companies apply technical interest rates – i.e. agreed interest rates excluding profit-sharing – below the min-
imum return guaranteed by law, not all actuarial and investment risks relating to these insured plans are transferred to the
insurance company managing the plans. Therefore these plans do not meet the definition of defined contribution plans
under IFRS and are by default classified and measured as defined benefit plans. In Belgium, the DC-plans comprise pension
plans, group insurance plans and bonus pension plans. The net liability at December 31, 2022 amounted to 10 million Euro
(2021: 5 million Euro).
The total defined benefit cost for Belgian defined contribution plans recognized in profit or loss for 2022, amounted to 15
million Euro (2021: 9 million Euro) or an increase of 6 million Euro mainly explained by the higher employee bonuses
awarded over the 2021 service year and paid into the plan in 2022.
Except for a group insurance plan for managers and executives, all DC-plans are fully financed by employer contributions.
In 2022, the annual employer contributions amounted in total to 15 million Euro (2021: 8 million Euro). The Group expects
a similar contribution amount in 2023.
13.2.2 Defined benefit plans excluding defined contribution plans with return guaranteed by law
The Group’s post-employment defined benefit plans primarily relate to retirement benefits.
The Group Pension Committee, created as a subcommittee of the Executive Committee (Exco) of the Group assists the
Exco in the oversight and supervision of the different pension plans and other post-employment arrangements that exist
within the Group.
The Committee advises the Exco on benefit plan design matters such as amendment to or termination – in whole or in part
– of the benefit plans and their respective funding arrangements. Next to providing advice to the Exco, the Group Pension
Committee is also responsible for advising local management – i.e. local management of the pension funds as well as local
management of the sponsoring employers of the benefit plans – in fulfilling their responsibilities in relation to pension
matters.
The Group Pension Committee has set a strategic asset allocation for its major plans that are financed through a separate
pension fund. The committee reviews the asset allocation targets regularly to ensure that they remain appropriate to the
pension fund liability profiles. For the management of the plan assets, the Group Pension Committee is assisted by the
Group Pension Investment Committee. The Group Pension Investment Committee has issued a Group Investment Guide-
line which was approved by the Group Pension Committee. The Group Pension Committee monitors the proper applica-
tion of this guideline.
The Group, through its Group Pension Committee, investigates liability reduction solutions and seeks to de-risk the
Group’s post-employment benefit liabilities. In recent years, the Group Pension Committee has proposed different mea-
sures that have been realized, among which the closure of the ‘Fabriekspensioenplan’ for new managers entering as from
January 2019, the offer in December 2018 to transfer to a third party insurer a certain portion of the benefits built under the
Agfa UK Pension Plan and a terminated vested cash-out project for the Agfa Corporation Pension Plan launched in 2018.
In 2019, an annuity purchase project has taken place for the pensioners of the Agfa Corporation Pension Plan. In 2020, the
de-risking activities continued with a terminated vested cash-out, an annuity placement on retirees and an age 59.5 in-ser-
vice distributions for the Agfa Corporation Pension Plan.
In 2021, the Agfa UK Pension Plan has bought an annuity buy-in contract backing 70% of the pensioner liabilities of the
plan, and in 2022 a second annuity buy-in was completed covering the remaining pensioner liabilities and the majority of
the deferred member liabilities. Under these buy-in policies purchased from insurers, an up-front premium is paid by the
Scheme at the time of the transaction after which the insurer pays the Scheme the benefits due to members as they fall

due. The income the Scheme receives from the insurers matches the outgoing payment due to members, due to which the
Scheme is protected against the risk of having insufficient assets to meet its liabilities in the future. Management of the
Group has concluded that the impact of the transaction is to be treated as an asset remeasurement loss with the impact
going through Other Comprehensive Income. This conclusion is based on the substance of the transaction being a change
in investment strategy. This conclusion is also supported by the decision of both the Group’s management and the trustees
of the UK pension plan not to buy-out/wind up the plan, at least for the coming four years.
The Group’s major defined benefit plans generally provide benefits that are related to an employee’s remuneration and
years of service. Their characteristics and associated risks are explained in more detail hereafter.
Belgium
In Belgium, the defined benefit obligation relates mainly to ‘Fabriekspensioenplan’ that is financed through contributions
paid to an external Organization for Financing Pensions (OFP). This fund has the duty to foresee the payments of the pen-
sions promised by its participating employers, being Agfa-Gevaert NV, Agfa NV and Agfa Offset BV to the beneficiaries of
the plan.
As of January 1, 2019, the ‘Fabriekspensioenplan’ was closed for new managers of the Group. For the ‘Fabriekspensioen’, the
plan participants are eligible for a benefit based on a last yearly income formula. As this funded pension plan is still open
to future accruals and new entrants except for managers, the plan exposes the Company to a salary increase risk, next to an
interest rate risk, an investment risk and a longevity risk. Although this plan has been set up as an annuity plan, more than
95% of the members choose to take their benefit as a lump sum pension payment at retirement age.
The legal and regulatory framework for the ‘Fabriekspensioenplan’ is based on the applicable Belgian law, i.e. the law of
October 27, 2006 on the supervision of institutions for occupational retirement provision and the law on supplementary
pensions (WAP), applicable as from January 1, 2004. Based on this legislation a funding valuation is prepared annually. The
valuation method, used to determine the contributions to the Belgian OFP, is the ‘aggregate cost method’.
The contribution, according to the calculation method defined in the financing plan, is expressed as an annual fixed per-
centage of payroll in order to finance the total service liability. According to the latest actuarial valuation report on the
Belgian OFP, dated January 2022, the Long Term Provision funding ratio was 120% (2021: 116.86%).
The Board of Directors of the ‘Pensioenfonds Agfa-Gevaert OFP’ bears the ultimate responsibility for the management of
the assets and liabilities of the ‘Fabriekspensioenplan’. They have delegated investment oversight of the plan’s assets to
the Local Investment Committee who in turn operates within the framework set by the Group Pension Committee. The
Statement of Investments Principles (SIP), prepared by the Local Investment Committee in accordance with the Group In-
vestment Guidelines, has been formally ratified at the Extraordinary General Meeting of the ‘Pensioenfonds Agfa-Gevaert
OFP’ on January 31, 2020. The Local Investment Committee needs to ensure that plan assets are invested effectively and
prudently, in full compliance with all applicable laws, and for the benefit of plan participants and beneficiaries.
Germany
In Germany, no legal or regulatory minimum funding requirements apply, and as such the Group’s German defined benefit
retirement plans are all unfunded plans.
The German pension plans include a basic plan related to pension relevant salary up to the Social Security Ceiling (SSC)
and a supplementary plan covering benefits attributed on pension relevant salary above the Social Security Ceiling. Ad-
ditionally, Agfa is obliged to provide pension plans according to the Collective Labor Agreement (CLA) regulation of the
Chemical Sector.
In Germany, we have two main pension plans: the ‘old pension plan’ that was closed to new entries as from 2005 and the
‘new pension plan’ applicable to employees joining as from 2005. The ‘old pension plan’ was closed to future benefit ac-
crual as of December 31, 2009 and the participating employees joined the ‘new pension plan’ for future benefit accrual on
enhanced benefit terms. Both plans comprise a basic and a supplementary plan.
Under the ‘old pension plan’, the basic plan is managed by the Bayer Pensionskasse (Penka). The Bayer Pensionskasse is a
multi-employer plan accounted for as if it were a defined contribution plan (IAS 19.34 (a)). The plan is a defined benefit
plan under control of the Group’s former parent company Bayer AG. It is accounted for as a defined contribution plan as

the Group has no right to obtain the necessary data for defined benefit plan accounting. In case of a deficit, this plan may
expose the Group to investment and actuarial risk. The Group however considers these risks insignificant. From 2004
onwards, Agfa has been responsible for adjustments to the pension payments processed by the Bayer Pensionskasse in
accordance with Sec. 16, 1 and 2 of the German Pension Act (BetrAVG – Betriebsrentengesetz). The base pension including
the adjustments processed according to the aforementioned legal regulations up until 2003 are paid by the Penka directly.
Consequently, the defined benefit liability disclosed in Agfa’s accounts in respect of this basic plan solely relate to the post-
2003 adjustments to the pension payments.
The benefits accrued under the supplementary plan are accounted for as a defined benefit plan. They are based on ‘contri-
butions’(1) calculated as a fixed percentage of pensionable salary above the SSC. Then, an age independent factor is used for
converting those ‘contributions’(1) into individual pension entitlements.
The ‘new pension plan’ includes a basic pension plan, i.e. benefits entitlements on pensionable salary up to the SSC, and
a supplementary pension plan accruing benefits on pensionable salary above the SSC. The basic plan is funded through
contributions paid to the Rheinische Pensionskasse. Employees contribute to the Rheinische Pensionskasse by deferred
compensation. Once the contributions have been paid to the Rheinische Pensionskasse, in principle the group companies
have no further payment obligation. This plan is consequently accounted for as a defined contribution plan. The new sup-
plementary plan, which is accounted for on the balance sheet as a direct pension commitment, has no upper ceiling for
pensionable salary.
The benefits accrued under the supplementary plan are based on ‘contributions’(1) calculated as a fixed percentage of pen-
sionable salary above the SSC. In contrast to the old pension plan, ‘contributions’(1) to the new supplementary pension plan
are then converted into pension entitlements based on age-dependent pension factors and considering a pre-determined
annual increase of those entitlements. As of 2012, the plan introduced an option to pay out lump sums instead of monthly
pension payments.
Employees who participated in the ‘old pension plan’ when it was closed to future accrual as of December 31, 2009, receive
supplementary pension entitlements based on a matching ‘fifty-fifty’ approach meaning that the employer pays contribu-
tions to the extent of the employee contributions. The structure itself is similar to the new supplementary pension plan as
described above.
The pension plan according to the CLA of the Chemical Sector is based on ‘contributions’(1) that are converted into in-
dividual pension entitlements using age-dependent pension factors. Employees also contribute to this plan by deferred
compensation.
In Germany, Agfa has a number of smaller plans from previous corporate acquisitions. These plans are all closed to future
benefit accrual.
The defined benefit liability in Germany also includes pension plans that are fully based on deferred compensation mod-
els. The benefits accrued under these plans are based on the annually deferred compensation amount of each beneficiary
converted into pension entitlements and in some cases additionally considering a pre-determined annual increase of those
entitlements.
For HealthCare IT employees, there are pension plans managed by different external funds (Pensionskassen). These plans
are mainly financed by deferred compensation models and are accounted for as defined contribution plans. Additionally,
top management of Agfa HealthCare IT in Germany is provided with a salary related pension scheme, processed by a con-
gruently funded multi-employer plan (kongruent rückgedeckte Unterstützungskasse).
The different defined retirement benefit plans expose the Company to actuarial risks such as interest rate risk, pension
indexation risk and longevity risk.
The expense for the German defined contribution plans is included in the amount disclosed in Note 13.1 with regard to the
Group’s material countries.
(1) ‘Contributions’ in this context means a calculation base which is used to finally determine the pension entitlements.

UK
As from 2010, the Agfa UK Pension Plan has been fully closed. As from 2022, its participating employer is limited to Ag-
fa-Gevaert NV (previously also Agfa HealthCare UK Ltd and Agfa Graphics Ltd). The plan members are eligible for a benefit
based on a final average pay formula. From the age of 55, benefits accrued under this plan can be paid partly in cash with
the remainder paid in monthly payments.
If the benefit is taken before the normal retirement age of 65 there is an actuarial reduction of the benefit’s value.
Deferred plan members are entitled to an inflation increase, based on CPI (Consumer Price Index), of their accrued benefits
until retirement payments are taken.
Pension payment increases are generally in line with RPI (Retail Price Index) with a minimum increase of 3% and a maxi-
mum increase of 5%. Next to inflation risk, the frozen defined benefit plan exposes the Company to actuarial risks such as
investment risk, interest rate risk and longevity risk.
The defined benefit plan is governed by a benefit trust whose decision making body is a Board of Trustees. They have a
fiduciary duty to act solely in the best interests of the beneficiaries according to the trust rules and UK law.
In 2021, the Agfa UK Pension Plan entered into an annuity buy-in contract backing 70% of the pensioner liabilities of the
plan. To support this de-risking activity the Group made a contribution of 90 million Pound Sterling (105 million Euro) to
the plan in 2021, effectively bringing forward the contributions expected under the agreement with the trustees. In 2022,
the Agfa UK Pension Plan entered into a second annuity buy-in contract covering the liabilities of the remaining pension-
ers and substantially all deferred members. The liabilities in respect of plan members with small pensions, whose benefits
are expected to be paid out as a lump sum as in due course remain uninsured.
The required funding is determined by a funding valuation carried out every three years based on legal requirements and
funding valuation assumptions that meet the UK regulatory body’s current requirements and are also agreed between the
Company and the Trustees. The last full actuarial valuation was undertaken in April 2021, following the payment of the
aforementioned 90 million Pound Sterling by the Company. The funding position in April 2021 showed that the Plan had
a funding surplus relative to the Plan’s statutory funding objective end projections since this data shows that this remains
the case. Therefore, no further deficit reduction contributions are required as part of the March 31, 2021 actuarial valuation.
There was a valuation update on March 31, 2022 and a further annual update will be due as at March 31, 2023. The next full
valuation will be undertaken as at March 31, 2024. Following the latest valuation update on March 31, 2022, the Scheme
Actuary confirmed that no member contributions or sponsor contributions for new benefits are due to be paid to the Plan.
US
As from 2009, the Agfa Corporation Pension Plan has been fully closed. Agfa Corporation, Agfa HealthCare Corporation,
Agfa Materials Corporation, Agfa Finance Corporation and Agfa US Corporation are participating employers in this pen-
sion plan.
The plan participants are eligible for a benefit based on a final average pay formula. This frozen defined benefit plan exposes
the Company to actuarial risks such as investment risk, interest rate risk and longevity risk.
The defined benefit plan assets are held in a trust. The Board of Directors of Agfa Corporation, the plan sponsor, delegate
investment decisions and oversight of the plan’s assets to a local investment committee, the Benefits Plan Investment
Committee (BPIC). The BPIC members have a fiduciary duty to act solely in the best interests of the beneficiaries according
to the trust agreement and US law. The legal and regulatory framework for the plan is based on the applicable US legislation
Employee Retirement Income Security Act (ERISA). Based on this legislation a funding valuation is prepared annually.
The plan sponsor and participating employers contribute such amounts as are deemed necessary on an actuarial basis to
provide sufficient funds to meet the benefits to be paid to plan members. Minimum contributions are based on the require-
ments prescribed by the provisions of the Employee Retirement Income Security Act (ERISA) of 1974 and the Pension
Protection Act of 2006 (PPA). Pursuant to the PPA, each year the actuary is required to certify the plan’s funded percentage.
The 2022 funding percentage is 109.97% (2021: 102.91%) and was certified in March 2023.

13.2.3 Evolution net defined benefit liability and its components
The following three tables show a reconciliation from the opening balances to the closing balances for the net defined
benefit liability and its components.
Evolution net defined benefit liability during 2021 and 2022
2021 2022
Retirement plans Belgian DC-plans Retirement plans Belgian DC-plans
(excl. Belgian with return TOTAL (excl. Belgian with return TOTAL
MILLION EURO DC-plans) guaranteed by law DC-plans) guaranteed by law
Net liability at January 1 900 9 909 670 5 674
Defined benefit cost included in profit or loss 32 9 41 28 15 44
Total remeasurements included in OCI (88) (6) (94) (150) 5 (145)
Net transfer in/(out), including impact of
- - - (2) - (2)
business combinations and divestitures
Cash flows
Employer contributions (138) (8) (146) (16) (15) (31)
Benefits paid directly by the company (40) - (40) (39) - (39)
Currency effects: charge (or credit) 4 - 4 2 - 2
Net liability at December 31 670 5 674 493 10 503
The employer contributions for 2021 were impacted by one-time payments for the UK (105 million Euro in 2021) and
Belgium (9 million Euro in 2021).
The net transfer out relates to the outsourcing of the Group’s Information and Communications Services (including trans-
ferring employees and the associated pension liabilities) to Atos during 2022.
Defined benefit costs for 2021 and 2022
2021 2022
Retirement plans Retirement plans
(excl. Belgian Belgian DC-plans TOTAL (excl. Belgian Belgian DC-plans TOTAL
MILLION EURO DC-plans) DC-plans)
Service cost
Service cost, exclusive of employee contributions 23 9 32 18 15 33
Past service cost - - - - - -
(Gain) loss on settlements - - - - - -
Total service cost 23 9 32 18 15 33
Net interest cost
Interest expense on DBO 20 2 22 25 2 27
Interest (income) on plan assets (13) (2) (14) (17) (2) (20)
Total net interest cost 7 - 7 8 - 7
Administrative expenses and taxes 2 - 2 2 - 3
DEFINED BENEFIT COST INCLUDED
32 9 41 28 15 44
IN PROFIT OR LOSS
Actuarial losses (gains)
Experience losses (gains) on plan liabilities (21) (4) (25) 45 (14) 31
Demographic assumptions (3) - (3) - 1 1
Financial assumptions (77) (6) (83) (463) (37) (500)
Return on plan assets excl. Interest income 13 4 17 268 56 323
Total remeasurements included in OCI (88) (6) (94) (150) 5 (145)
TOTAL DEFINED BENEFIT COST RECOGNIZED
(57) 4 (53) (122) 20 (102)
IN PROFIT OR LOSS AND OCI

The total defined benefit credit recognized in profit or loss and Other Comprehensive Income (OCI) for 2022 for the Group’s
material countries amounted to 102 million Euro (2021: credit of 53 million Euro). Of this amount, 44 million Euro expense
is reflected in the Group’s Consolidated Statement of Profit or Loss over 2022 (2021: 41 million Euro expense). The balance,
being a credit of 145 million Euro for 2022 (a credit of 94 million Euro for 2021) is reflected in OCI under ‘Remeasurements
of the net defined benefit liability’. These remeasurements originate from experience gains on plan liabilities, changes in
demographic and financial assumptions as well as from experience adjustments on the fair value of assets. The gains due to
changes in financial assumptions in 2022 are principally due to the increase in the discount rate over the year.
Evolution defined benefit obligation, fair value of assets and funded status during 2021 and 2022
The defined benefit obligation, plan assets and funded status for the Group’s material countries are shown below.
2021 2022
Retirement plans Belgian DC-plans Retirement plans Belgian DC-plans
(excl. Belgian with return TOTAL (excl. Belgian with return TOTAL
MILLION EURO DC-plans) guaranteed by law DC-plans) guaranteed by law
Change in defined benefit obligation
Defined benefit obligation at January 1 1,863 198 2,061 1,767 191 1,959
Service cost
Current service cost, exclusive of employee
23 9 32 18 15 33
contributions
Past service cost - - - - - -
(Gain)/loss on settlements - - - - - -
Interest expense 20 2 22 25 2 27
Cash flows
Benefit payments (79) (8) (87) (92) (16) (108)
Employee contributions - - - - - -
Premiums Paid - - - - - -
Increase (decrease) due to transfers, including
- - - (15) (8) (23)
impact of business combinations and divestitures
Remeasurements
Effect of changes in demographic assumptions (3) - (3) - 1 1
Effect of changes in financial assumptions (77) (6) (83) (463) (37) (500)
Effect of experience adjustments (21) (4) (25) 45 (14) 31
Currency effects: charge (or credit) 42 - 42 (15) - (15)
Defined benefit obligation at December 31 1,767 191 1,959 1,270 134 1,404
Change in plan assets
Fair value of assets at January 1 963 189 1,152 1,098 187 1,284
Interest income 13 2 14 17 2 20
Employer contributions 178 8 186 55 15 70
Employee contributions - - - - - -
Benefit payments (79) (8) (87) (92) (16) (108)
Administrative expenses and taxes (2) - (2) (2) - (3)
Premiums Paid - - - - - -
Increase (decrease) due to transfers, including
- - - (14) (8) (22)
impact of business combinations and divestitures
Return on plan assets
(13) (4) (17) (268) (56) (323)
(excluding interest income)
Currency effects: (charge) or credit 38 - 38 (17) - (17)
Fair value of assets at December 31 1,098 187 1,284 777 124 901
Funded status at December 31
Funded status 670 5 674 493 10 503
Effect of asset ceiling/onerous liability - - - - - -
Net liability (asset) at December 31 670 5 674 493 10 503

At December 31, 2022, the total defined benefit obligation for the Group’s material countries, excluding defined contribu-
tion plans with return guaranteed by law, amounted to 1,270 million Euro (1,767 million Euro at December 31, 2021). Of
this amount, 789 million Euro (1,088 million Euro at December 31, 2021) is related to wholly or partly funded plans and 481
million Euro (679 million Euro at December 31, 2021) is related to unfunded plans.
At December 31, 2022, the financing deficit for the Belgian defined contribution plans with guaranteed return amounted
to 10 million Euro (5 million Euro at December 31, 2021). The net pension liability for these plans is calculated as the differ-
ence between the present value of the defined benefit obligation (DBO) amounting to 134 million Euro (191 million Euro
at December 31, 2021) and the fair value of the plan assets amounting to 124 million Euro (187 million Euro at December
31, 2021).
13.2.4 Defined benefit obligation - Principal actuarial assumptions at the reporting date
The liabilities and defined benefits cost of the Group’s retirement plans are determined using actuarial valuations that
involve several actuarial assumptions. At the end of the reporting periods 2021 and 2022, the following principal actuarial
assumptions (weighted averages) have been used:

Discount rate 1.42% 4.33%
Price inflation 2.18% 2.36%
The above stated average discount rates and price inflation rates have been determined based on the actuarial assumptions
applied in the different defined benefit plans of the Group’s material countries weighted by the defined benefit obligation
of the respective plan.
The weighted average price inflation relates to Belgium, Germany, and the UK (RPI). Inflation over the year 2022 was in-
cluded in the base data used for the actuarial calculations and is therefore not reflected in the evolution of price inflation
compared to last year.
The discount rates used are determined by reference to the rates available on high-quality corporate bonds, that have a
credit rating of at least AA from a main rating agency, and that have maturity dates approximating the terms of the Group’s
obligations.
Weighted average duration

The Group has consistently calculated the weighted average duration by taking the average of the durations obtained via
sensitivities on the discount rate for the retirement plans of the Group’s material countries. At December 31, 2022, the
weighted average duration is 10.3 years (13.2 years at December 31, 2021).
Sensitivity analysis
The following information illustrates the sensitivity to a change as at December 31, 2022 in certain assumptions for the
retirement plans of the Group’s material countries.
MILLION EURO Effect on December 31, 2022 Defined benefit obligation

50 bp decrease in discount rate 72
50 bp increase in discount rate (66)
25 bp decrease in price inflation assumption (17)
25 bp increase in price inflation assumption 18
Change in mortality table, assuming employees live one year longer 35
Change in mortality table, assuming employees live one year shorter (33)
(1) It is assumed that if the inflation rate increases / decreases, then so do other assumptions that are linked to the inflation rate, such as salary increases and
increases to pensions in payment.

13.2.5 Plan assets
Fair value of assets, split by major asset class

For the Group’s material countries, plan assets comprise following major asset classes:
MILLION EURO December 31, 2021 December 31, 2022

Cash, cash equivalents and other 75 28
Equity instruments 124 121
Debt instruments 587 297
Investment funds 61 -
Assets held by insurance company (1) 437 455
TOTAL 1,284 901
(1) Mainly Belgian DC-plans with return guaranteed by law, and the annuity buy-in contracts in the UK.
The de-risking activity in the UK in 2021 included the purchase of an annuity buy-in contract backing 70% of the pensioner
liabilities (239 million Euro at December 31, 2021), as well as a change in the investment strategy for the plan to include LDI
investment funds to better match the UK-plan liabilities and reduce interest rate and inflation risks. In 2022, the de-risking
activity in the UK included the purchase of an annuity buy-in contract such that the buy-in policies held by the UK plan
now cover all pensioner members and substantially all deferred members (319 million Euro at December 31, 2022).
For the equity and debt instruments the Group applies a passive or semi-passive management (index tracking).
At 2021 and 2022 year-ends, the fair value of assets does not comprise equity or debt instruments of the Company or its
subsidiaries.
13.2.6 Expected defined benefit costs and cash flows for 2023
For 2023, the Group expects for the defined benefit plans of its material countries a total defined benefit cost in profit or
loss of 48 million Euro, comprising of 27 million Euro service cost (of which 13 million Euro related to defined contribution
plans in Belgium), 2 million Euro administrative expenses and taxes and 20 million Euro net interest costs.
During the 2023 fiscal year, the Group expects to contribute 15 million Euro to its material funded retirement plans (com-
pared to 16 million Euro in 2022). This amount excludes the estimated contribution payments for the defined contribution
plans in Belgium amounting to 15 million Euro (2022: 15 million Euro). Additionally, the Group expects to make direct
benefit payments totaling 39 million Euro to beneficiaries of its material unfunded retirement plans (compared to 39 mil-
lion Euro in 2022).
The estimated contributions and benefit payments as well as the defined benefit cost for the Group’s defined benefit plans
comprise the cashflows and defined benefit cost for the Offset Solutions division, estimated to amount for 5 million Euro
respectively 3 million Euro on a full year basis.
14. LONG-TERM TERMINATION BENEFITS
Long-term termination benefits result from the Group’s commitment to either terminate the employment before the nor-
mal retirement date or provide termination benefits as a result of an offer made to encourage voluntary redundancy. At
December 31, 2022, long-term termination benefits amounted to 5 million Euro (8 million Euro at December 31, 2021) and
mainly relate to severance payments in connection with early retirement arrangements with employees of the Group’s
Belgian entities.
15. SHARE-BASED PAYMENT TRANSACTIONS
In the course of 2020, the Board of Directors has appointed Mr. Pascal Juéry as CEO of the Agfa-Gevaert Group and Man-
aging Director. Mr. Juéry is eligible for a long-term variable compensation, embedded in a Stock Appreciation Rights Plan
that can result in an additional cash bonus.

The key components of the Stock Appreciation Rights Plan are the following:
· Over a period of five years, commencing on February 1, 2020, Mr. Juéry will annually receive 200,000 Stock Appreci-
ation Rights;
· The strike price for these Stock Appreciation Rights has been set for the year 2020 at 4.75 Euro (to be adjusted downwards
for any dividend distribution). As of 2021, the strike price is depending on the average closing price of the Agfa-Gevaert
share during the 30 days preceding the grant date. The strike price for this second tranche was 3.7793 Euro, and for the
third tranche was 3,6 Euro. At December 31, 2022, the total outstanding stock appreciation rights amount to 600,000;
200,000 at strike price of 4.75 Euro, 200,000 at strike price of 3.7793 Euro and 200,000 at strike price of 3,6 Euro;
· The Stock Appreciation Rights will vest for one/third of each grant at the end of each calendar year over three years;
· The Stock Appreciation Rights can be exercised at the earliest three years after grant.
The fair value of the Stock Appreciation Rights Plan is calculated using a Black & Sholes model with expected life of 10
years for the first two tranches and with an expected life of five years for the third tranche and is presented as a liability with
corresponding changes in fair value recognized in profit or loss (2022: -0.1 million Euro; 2021: -0.3 million Euro).
In the course of 2021 and 2022, a long-term variable compensation, embedded in a Stock Appreciation Rights Plan that can
result in an additional cash bonus, was granted to key personnel members of the Group.
The key components of this Stock Appreciations Rights Plan are the following:
· At March 9, 2021 an amount of 830,000 Stock Appreciation Rights have been granted to key member personnel. The
outstanding Stock Appreciation Rights at December 31, 2022 amount to 665,000;
· The strike price of these Stock Appreciation Rights have been set at 3.7793 Euro;
· At March 9, 2022 an amount of 1,397,000 Stock Appreciation Rights have been granted to key member personnel. The
outstanding Stock Appreciation Rights at December 31, 2022 amount to 1,332,000;
· The strike price of these Stock Appreciation Rights have been set at 3.6 Euro;
The fair value of the Stock Appreciation Rights Plan is calculated using a Black & Sholes model with expected life of five
years and is presented as a liability with corresponding changes in fair value recognized in profit or loss (2022: -0,2 million
Euro; 2021: -0.3 million Euro).
The total liability related to the share appreciation rights amounts to 1 million Euro at December 31, 2022.
16. OTHER EMPLOYEE BENEFITS
The split between long-term and short-term employee benefits is presented in the table below:

Long-term employee benefits 11 9
Short-term employee benefits
Liabilities for social expenses 20 19
Payroll liabilities 3 4
Other short-term liabilities 76 72
TOTAL 110 105
Long-term employee benefits comprise a long-term disability plan in the US, the plans ‘Jubilee’ and ‘Pensionsurlaub’ in
Germany, ‘Jubilee’ benefits in Belgium and some other long-service leave and service awards.
At December 31, 2022, these amounted to 9 million Euro (11 million Euro at December 31, 2021).
Other short-term employee benefits comprise liabilities set up for all commitments relating to the workforce in the broad-
est sense such as accruals for vacation entitlements and flexi-time surpluses, continuation of wage and salary payments in
the event of sickness amounts payable within 12 months, short-term disability benefits, accruals for bonuses of all kinds,
payments under profit-sharing plans.

TAXES
17. INCOME TAXES
The Group is subject to income taxes in numerous jurisdictions. Uncertainties exist with respect to the interpretations of
complex tax regulations in the respective countries. The Group establishes accruals for anticipated tax audit issues based on
reasonable estimates of whether additional taxes will be due, considering various factors such as experience with previous
tax audits and differing legal interpretations by the taxable entity and the responsible tax authority.
Differences arising between the actual results and the assumptions made, or future changes to such assumptions, could
necessitate adjustments to tax income and expense in future periods. The Group is closely following up on tax develop-
ments at OECD (Pillars 1 and 2), EU (Pillar 2, BEFIT, others) as these measures may have an impact on the tax position in
the longer term.
The breakdown of the income tax expenses by origin is as follows:

Taxes paid or accrued 20 31
Related to this year 23 28
Related to prior years (3) 3
Deferred tax expense (income) (5) 12
From temporary differences (2) -
From tax loss carryforwards and tax credits (3) 12
Income tax expense 15 42
Current tax expenses have increased from 20 million Euro in 2021 to 31 million Euro in 2022. This is mainly explained by
changes in the Group structure, such as separate entities created in preparation of the divestment for the Offset division,
which realized taxable profits.
Deferred tax income of 5 million Euro in 2021 has evolved to a deferred tax expense of 12 million Euro in 2022. This is main-
ly the result of a valuation loss on deferred tax assets recognized in previous years relating to the Offset activities which are
no longer expected to be recoverable.
Further information on the major components of tax expense (income) is provided in the table reflecting the reconciliation
between the theoretical tax rate and the effective tax rate in Note 17.3.2.
17.1 Current income tax assets and liabilities
At December 31, 2022, current income tax assets amount to 56 million Euro (2021: 63 million Euro), of which 80% relates
to the refund of R&D tax credits.
Current income tax liabilities amount to 29 million Euro (2021: 28 million Euro), of which 16 million Euro (2021: 17 million
Euro) relates to uncertain tax positions. From these uncertain tax positions 8 million Euro is relating to ongoing tax audits,
procedures and litigations in various jurisdictions (2021: 9 million Euro). Another 7 million Euro is relating to potential
discussions in respect of transfer pricing. Although the Group is confident that all of its intragroup dealing are at arm’s
length and documented, transfer pricing is a topic that continues to trigger scrutiny from tax authorities worldwide. Some
discussions may lead to double taxation, whereby the outcome of mutual agreement procedures or other procedures might
still have a negative effect on the tax expense.
Current income tax for current and prior periods are, to the extent unpaid, recognized as a liability. If the amount already
paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognized as an asset.
Current income tax assets are offset against current income tax liabilities when they relate to taxes levied by the same taxa-
tion authority and are intended to be settled on a net basis.
The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many
factors as explained above.

17.2 Deferred tax assets and liabilities
Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary diffe-
rences, the carry-forward of unused tax losses and the carry-forward of unused tax credits.
Deferred tax assets are recognized where it is sufficiently probable that taxable income will be available in the future to
enable the deductible temporary differences, tax loss carry forwards and tax credits to be utilized.
The Group’s management regularly assesses the recoverability of its deferred tax assets, mainly based on the long-term
business plans for the divisions HealthCare IT, Radiology Solutions, Digital Print & Chemicals and Offset Solutions and
considering historical profitability and projected future taxable income of the individual consolidated entities that are
involved. Other parameters such as the expected timing of the reversals of existing temporary differences and tax planning
strategies are considered as well in this assessment. Material changes to business plans and/or business (goods and servi-
ces) flows impacting the taxable profit or loss of certain entities of the Group may influence the realization of deferred tax
assets. Differences arising between the actual results and the assumptions made, or future changes to such assumptions,
could necessitate reversing certain deferred tax assets resulting in an increase of the Group’s effective tax rate.
Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary
differences. Deferred tax assets and deferred tax liabilities are offset if they relate to income taxes levied by the same
taxation authority.
Deferred tax assets and liabilities are attributable to the following items:

MILLION EURO Assets Liabilities Net Assets Liabilities Net
Intangible assets and goodwill 27 2 25 29 1 28
Property, plant and equipment 11 8 3 3 6 (3)
Right-of-use assets - 17 (17) - 15 (15)
Investments in associates and non-current financial assets - 3 (3) - 3 (3)
Inventories 20 4 17 14 - 14
Receivables 1 3 (1) 1 3 (2)
Provisions and liabilities for post-employment benefits 39 3 36 19 4 15
Lease liabilities 18 - 18 14 - 14
Other current assets and other liabilities 8 7 1 6 2 4
Deferred tax assets and liabilities related to temporary differences 124 46 78 87 35 52
Tax loss carry-forwards 38 38 27 - 27
Excess tax credits 1 1 3 - 3
Deferred tax assets/liabilities 164 46 118 117 35 82
Set off of tax (40) (40) - (26) (26) -
Net deferred tax assets/liabilities 124 6 118 91 9 82
The movement in temporary differences during 2021-2022 is disclosed in Note 17.4.
At December 31, 2022, the Group has a net deferred tax asset position of 82 million Euro (2021: 118 million Euro).
More than half of this balance relates to the HealthCare IT division, mainly linked to tax attributes and R&D related tempo-
rary differences in key jurisdictions. None of these attributes or differences are subject to expiration.
The Group believes it is probable that these recognized deferred tax assets on HealthCare IT are recoverable by 2030, taking
into account the negative impact of newly enacted legislation in Belgium (whereby the annual utilization of certain tax
attributes is restricted to 1m€ increased with 40% on the excess, theoretically resulting in a minimum effective tax cash rate
of 15%) in anticipation of the implementation the OECD Pillar 2 rules. Without this impact, the Group expects these assets
to be recoverable by 2028.
Other major deductible temporary differences and resulting deferred tax asset positions relate to defined benefit plans in
Germany, mostly related to active employees.

97% of the Group’s tax losses is concentrated in seven entities in Belgium, US and Germany and only for 6% of the total tax
loss a deferred tax asset has been recognized.
Deferred tax assets have not been recognized in respect of ‘tax loss carry forwards,’ ‘tax credits’ and ‘temporary differences’
for the amounts stated hereafter because it is not probable that future taxable profit will be available against which the
Group can utilize the benefits there from:
· tax loss carry-forwards: 403 million Euro (2021: 373 million Euro);
· tax credits: 17 million Euro (2021: 17 million Euro);
· temporary differences: 149 million Euro (2021: 158 million Euro).
The deferred tax asset impact on unused temporary differences, tax losses and tax credits expires as follows
MILLION EURO Temporary differences Tax losses Tax credits TOTAL

Expiry in:
2022 - - - -
2023 - - - -
2024 - - - -
2025 - - - -
2026 - - - -
after - 38 - 38
No expiry 149 363 17 529
TOTAL 149 401 17 567
17.3 Relationship between income tax expense and profit (loss) before income taxes
17.3.1 Summary 2021 and 2022

Tax rate - -23.37%
17.3.2 Reconciliation of effective tax rate 2021 and 2022

Theoretical income tax expense (income) 1 (45)
Theoretical tax rate (1)
129.17% 24.77%
Disallowed items 7 9
Impact of tax credits and other deduction from tax basis (5) (1)
Tax losses of the year for which no deferred tax asset has been recorded 41 34
Tax losses used this year for which no deferred tax asset was recorded (2) (3)
Tax expense/(income) recorded on losses of previous years (5) 3
Prior year adjustments 2 3
Tax expense/(income) due to movement in deductible temporary differences for which no
(24) -
deferred tax asset was recorded
Withholding taxes 1 3
Impairments on goodwill and other assets for which no deferred tax asset has been recorded - 21
Valuation loss on previously recognised deferred tax assets on temporary differences - 15
Impact of adjustment in deferred tax rates - 2
Other (3) 1
Effective tax rate -23.37%
(1) The theoretical tax rate is the weighted average tax rate of the Company and all subsidiaries included in the consolidation.

17.4 Movement in temporary differences during 2021-2022
comprehensive income
comprehensive income
consolidation scope
consolidation scope
Recognized in other
Recognized in other
Translation reserves
Translation reserves
accounting policies
December 31, 2022

December 31, 2020
December 31, 2021

PPA Adjustments
Recognized in
Recognized in
(see Note 19)
profit or loss
profit or loss
Change in
Change in
Change in
MILLION EURO
Intangible assets and goodwill 24 - - - 2 - - 25 - 1 - 1 28
Property, plant and equipment 2 - - - - - - 2 - (6) - - (3)
Right-of-use assets (20) - - - 3 - (1) (17) - 2 - - (15)
Investments in associates and
(3) - - - - - - (3) - - - - (3)
non-current financial assets
Inventories 17 - - - (1) - - 17 - (1) (1) 14
Receivables - - - - (1) - - (1) - - - - (2)
Provisions and liabilities for
39 - - - 2 (6) 1 36 - 2 (23) - 15
post-employment benefits
Lease liabilities 20 - - - (3) - 1 18 - (3) - - 14
Other current assets and
(2) - - - - 2 1 1 (1) 6 - (1) 4
other liabilities
Deferred tax assets and liabilities
78 - - - 2 (4) 2 78 (2) - (23) (1) 52
related to temporary differences
Tax loss carry-forwards 37 - - - 2 - (1) 38 - (11) - - 27
Excess tax credits 2 - - - 1 - - 3 - (1) - - 3
Deferred tax assets/liabilities 116 - - - 5 (4) 1 118 (2) (12) (23) (1) 82
The deferred tax asset on provisions and liabilities for post-employment benefits which is recognized in other compre-
hensive income is related to the remeasurements of the net defined benefit liability (IAS 19R). These deferred tax assets
decreased significantly in 2022 as a result of the increase in discount rates (see Note 13).
18. OTHER TAXES
Other tax receivables amount to 28 million Euro (2021: 19 million Euro) and other tax liabilities amount to 32 million Euro
(2021: 28 million Euro).
Other tax receivables and liabilities relate to other tax, such as VAT and other indirect taxes.
Other tax receivables are offset against other tax liabilities when they relate to taxes levied by the same taxation authority,
there is a legal right to offset and are intended to be settled on a net basis.

ACQUISITIONS AND DISPOSALS
19. ACQUISITIONS
19.1 Acquisitions 2022
On June 1, 2022, the Agfa Group acquired Inca Digital Printers. The acquisition encompassed the portfolio of existing high
speed multi pass printers, including a strong service organization, a newly designed line of single pass printers for several
packaging applications, as well as a joint development of a customized in-line Print Engine in collaboration with leading
corrugator manufacturer BHS Corrugated.
Inca Digital Printers is a Cambridge UK based leading developer and manufacturer of advanced high-speed printing and
production technologies for sign & display applications, as well as for the rapidly growing digital printing market for pack-
aging. Inca is an ideal partner for Agfa, bringing a complementary portfolio of printing solutions of the highest standard
and a strong technological platform to launch robust single pass printing presses for the packaging market.
The acquisition comprised a share-deal of 100% of the shares of two UK based companies, an asset deal of the US business
and the purchase of assigned intellectual property. The purchase price amounts to 54 million Euro.
Intangible assets identified relate to trademarks, being the brandnames Inca and Onset; the technological IP, being the on-
set multi-pass technology which have both been valued using the relief from royalty method. Technological IP rights will
be amortized over a period of seven years. The brandnames will be amortized over an estimated useful life of six years. The
acquired ‘assigned intellectual property’ will be amortized over a period of ten years. The goodwill on acquisition (2 million
Euro) mainly relates to operating synergies and workforce. The goodwill is not expected to be deductible for tax purposes.
Inventories have been valued at fair value being the estimated selling price in the ordinary course of business less estimated
costs of completion and sale and a reasonable profit margin based on the effort required to sell the inventory.
The amounts of revenue of the acquiree from acquisition date amount to 18 million Euro and the net loss amounts to 5
million Euro. This loss was in line with management expectations and was triggered by a decision to shift Inca printers to
Agfa inks, for which first sales will be recognized in 2023. In addition, due to the fact that the acquired inventories have
been valued at fair value less costs to sell, no margin has been realized on these sales. Management strongly believes that
the Inca acquisition will create new growth opportunities.
Acquisition related costs were immaterial.
The gross contractual amount of the receivables acquired amount to 4 million Euro which equals its fair value. There are no
acquired receivables at acquisition date for which the contractual cash flows are not expected to be received.

The acquisition had the following effect on the consolidated statement of financial position and the consolidated state-
ment of cash flows:
2022
MILLION EURO
Inca Digital Printers
Intangibles with finite useful life
Trademarks 2
Assigned Intellectual Property 19
Acquired technology 3
Property, plant and equipment 1

Right-of-use assets 8
Inventories 18
Trade receivables 4
Contract assets 2
Trade payables (3)
Contract liabilities (4)
Other tax receivables 5
Other current assets 1
Other receivables 1
Other tax liabilities (5)
Cash and cash equivalents 10
Lease liabilities (8)
Provisions (1)
Total identifiable net assets acquired 52

Goodwill amount recognized 2
Deferred purchase price receivable 3
Consideration paid (57)
Cash acquired 10
Net cash outflow for acquisitions (48)
19.2 Acquisitions 2021
During 2021, the Group made no acquisitions.
20. DISPOSALS
20.1. Disposal 2022
On April 7 2022, Agfa and Atos concluded its partnership according to which Atos will accompany Agfa in its digital trans-
formation as announced in Q4, 2021. Atos will provide and manage a major part of Agfa’s internal IT services and will
support the company’s digital journey. As a global imaging technology and IT leader, Agfa has engaged in an ambitious IT
transformation program, striving for a simple, agile and future-proof digital organization.
Through this strategic move, Agfa will benefit from Atos’ long-lasting expertise to implement an innovative and modern
IT landscape, while optimizing its IT cost in all of its countries of operations. Atos will implement first-class solutions,
including mainframe services, hosting, workplace management, cloud solutions and network.
Atos’ solutions will also include a range of key application-related services and transformational projects aimed at sim-
plifying, standardizing and modernizing the Agfa IT landscape, including harmonization of Agfa’s ERP, CRM, HR and
digital workplace solutions. By personalizing and significantly enhancing the IT experience for the employees of Agfa,

Atos will allow them to enjoy the highest level of employee experience in the sector and help them to further innovate for
their clients.
The partnership had the following effect on the Group’s Balance Sheet:
Effect of disposal on the financial position of the Group
MILLION EURO 2022
Liabilities for post-employment benefit plans 2

Provision 1
Current employee benefits 2
Net liabilities divested 5

Consideration (5)
Cash outflow from disposal (5)
The restructuring provision related to these divested activities amounts to 14 million Euro and was recognized in Q4, 2021.
In the course of 2022, a reversal of 3 million Euro to this provision was recognized as a result of updated facts and circum-
stances (see Note 9). This divestment did not have any other impact to the consolidated financial statements of the Group.
20.2. Disposal 2021
During 2021 there were no disposals.

FINANCIAL RISKS AND FINANCIAL INSTRUMENTS
In the normal course of its business, the Group is exposed to a number of financial risks such as currency risk, interest rate
risk, commodity price risk, liquidity risk and credit risk that could affect its financial position and its result of operations. The
Group’s objectives, policies and processes in managing these financial risks are described further in this note. In managing
these risks, the Group may use derivative financial instruments. The use of derivative financial instruments is subject to inter-
nal controls and uniform guidelines set up by the Group’s Treasury Committee. Derivatives used are over-the-counter instru-
ments, particularly forward exchange contracts.
21. MARKET RISK
21.1 Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to chan-
ges in foreign exchange rates. The foreign currency risk management distinguishes between three types of foreign currency
risk: foreign currency transaction risk, foreign currency translation risk and foreign currency economic risk.
The Group incurs foreign currency transaction risk on accounts receivable, accounts payable and other monetary items
that are denominated in a currency other than the Company’s functional currency. Foreign currency transaction risk in the
Group’s operations also arises from the variability of cash flows in respect of forecasted transactions.
Foreign operations which do not have the Euro as their functional currency give rise to a translation risk.
The foreign currency economic risk is the risk that future cash flows and earnings generated by foreign operations may vary.
Foreign currency economic risk is highly connected with other factors such as the foreign operations’ competitive position
within an industry, or its relationship with customers and suppliers.
In monitoring the foreign currency risk exposures, the central treasury department focuses on the transaction and trans-
lation risk exposures, whereas business management seeks to manage the foreign economic risk through natural hedges.
Each of the above types of foreign currency risk exposure impacts the financial statements differently. The following signi-
ficant exchange rates have been applied:
Yearly average rate Year-end closing rate

2021 2022 2021 2022
EUR/USD 1.183456 1.053899 1.1326 1.0666
EUR/GBP 0.86002 0.852622 0.84028 0.88693
EUR/RMB 7.633574 7.080221 7.1947 7.3582
EUR/CAD 1.483489 1.370356 1.4393 1.444
EUR/AUD 1.574826 1.517361 1.5615 1.5693
EUR/INR 87.479778 82.713808 84.2292 88.171
EUR/HKD 9.19828 8.251409 8.8333 8.3163
The central treasury department monitors and manages foreign currency exposure from the view of its impact on either the
statement of financial position or profit or loss.

21.1.1. Foreign currency transaction risk in the statement of financial position
The currencies that primarily impact the net foreign currency exposure on the statement of financial position are as follows:
Net exposure Hedging

of receivables Cash, cash equivalents Derivative financial Net position
MILLION FOREIGN CURRENCY and payables loans & deposits instruments
December 31, 2021
USD 44.0 7.1 (48.7) 2.4
RMB 190.9 (186.4) - 4.5
GBP 7.4 (6.6) - 0.8
CAD (1.8) 0.7 - (1.1)
AUD 6.2 (4.8) - 1.4
INR 263.9 - (365.0) (101.1)
HKD 3.2 (2.5) - 0.8
December 31, 2022
USD 28.7 26.6 (48.7) 6.6
RMB 154.0 (143.1) - 10.9
GBP 9.5 (13.2) - (3.7)
CAD (4.9) 2.7 - (2.2)
AUD 2.6 (1.4) - 1.2
INR 768.5 - (993) (224.5)
HKD 6.1 (6.1) - -
The Group uses cash, cash equivalents, loans and deposits held in a foreign currency as natural hedges of the net exposure
of receivables and payables held in these respective currencies.
The aim of the Group’s management regarding transaction exposure in the statement of financial position is to minimize,
over the short term, the revaluation results – both realized and unrealized – of items in the statement of financial position
that are denominated in a currency other than the Company’s functional currency.
In order to keep the exposures within predefined risk adjusted limits, the central treasury department economically hedges
the net outstanding monetary items in the statement of financial position in foreign currency using derivative financial
instruments such as forward exchange contracts. As of December 31, 2022, the outstanding derivative financial instruments
are mainly forward exchange contracts with maturities of generally less than one year.
Where derivative financial instruments are used to economically hedge the foreign exchange exposure of recognized mo-
netary assets or liabilities, no hedge accounting is applied. Changes in the fair value of these derivative financial instru-
ments are recognized in profit or loss.
21.1.2 Foreign currency translation risk in the statement of financial position
When the functional currency of the entity that holds the investment is different from the functional currency of the rela-
ted subsidiary, the currency fluctuations on the net investment directly affect other comprehensive income (‘Translation
reserve’) unless any hedging mechanism exists.
All subsidiaries have as functional currency the currency of the country in which they operate. The currencies giving rise to
the Group’s translation risk in the statement of financial position are primarily the US Dollar, Chinese Renminbi, Brazilian
Real, Mexican Peso, Australian Dollar and British Pound.

Net investment in a foreign entity
MILLION FOREIGN CURRENCY December 31, 2021 December 31, 2022
USD 232 184
RMB 578 596
BRL 92 62
AUD 40 17
MXN 234 219
GBP (77) 14
The central treasury department monitors the translation exposure in the statement of financial position of the Group at
least on a quarterly basis. The Treasury Committee proposes corrective actions if needed to the Executive Management.
21.1.3 Foreign currency risk in profit or loss
Foreign currency risk in profit or loss includes both the risk of the variability of cash flows in respect of forecasted transactions
as a result of changes in exchange rates and the risk that the profit (loss) for the year generated by foreign operations may vary
in amount when translated into the presentation currency (Euro). The central treasury department monitors and manages
both risks simultaneously.
The currencies that primarily impact the net foreign currency exposure in profit or loss are US Dollar, Chinese Renminbi, Ca-
nadian Dollar, Pound Sterling, Australian Dollar, Korean Won, Indian Rupees, Japanese Yen and Swiss Franc.
The Executive Management decides on the hedging policy of aforementioned currency exposures considering the market
situation and upon proposal of the Treasury Committee. The objective of the Group’s management of exposure in profit or
loss is mainly to increase the predictability of results but also to allow the business to react to the changing environment (e.g.
by adapting prices or shifting production).
The Group uses forward exchange contracts to hedge its currency risk related to a forecasted exposure. These forward exchange
contracts are designated as cash flow hedges. The Group designates only the spot element of forward foreign exchange con-
tracts to hedge its foreign currency risk and applies a hedge ratio of 1:1. The forward element of forward exchange contracts
is excluded from the designation of the hedging instrument and is separately accounted for in financial result. The Group’s
policy is to align the critical terms of the forward exchange contracts with the hedged item. The existence of an economic rela-
tionship between the hedged item and the hedging instrument is based on the currency, amount, and timing of the respective
cash flows. The Group assesses whether the derivative designated in the hedging relationship is expected to be and has been
effective in offsetting changes in cash flows using the hypothetical derivative method. Very little ineffectiveness is expected
from these cash flow hedges. In these relationships, the main sources of ineffectiveness are the counterparty risk and the
Group’s own credit risk on the fair value of the forward exchange contracts which is not reflected in the fair value. Also changes
in the timing of the hedged transactions can cause hedge ineffectiveness.
In the course of 2022, the Group designated foreign exchange contracts as ‘cash flow hedges’ of its foreign currency exposure
in US Dollar related to highly probable forecasted revenue over the following 12 months.
The portion of the gain on the forward exchange contracts that is determined to be an effective hedge is recognized directly in
‘Other comprehensive income’ (December 31, 2022: -2 million Euro net of tax; December 31, 2021: -2 million Euro net of tax).
During 2022, losses amounting to 5 million Euro have been recognized in ‘Other comprehensive income.’ An amount of 5
million Euro has been reclassified from ‘Other comprehensive income’ and has been deducted from ‘Turnover’. During 2021,
losses amounting to 3 million Euro have been recognized in ‘Other comprehensive income.’ An amount of 1 million Euro has
been reclassified from ‘Other comprehensive income’ and has been included in ‘Turnover’. Taxes amounting to 1 million Euro
have been deducted from ‘Other comprehensive income.’
A reconciliation in tabular format is provided in Note 21.4 ‘Summarizing table of cash flow hedge reserve.’

The following table summarizes the effect of the cash flow hedges related to currency risk on the financial statements:
2022
During the period - 2022
Carrying amount
position where the hedging instrument
Line item in profit or loss affected by

Amounts reclassified from hedging

Line item in statement of financial
includes hedge ineffectiveness

Line item in profit or loss that
reserve to cost of inventory

of the hedging instrument
reserve to profit or loss

Hedge ineffectiveness
Changes in the value
the reclassification
recognized in P&L
recognized in OCI
Nominal amount
is included
Liabilities
Assets
MILLION EURO
Derivative Other
Forward exchange contracts
16 - (1.0) financial (5) - finance 5 - Revenue
designated as cash flow hedges
instruments expense
2021
During the period - 2021
Carrying amount
position where the hedging instrument
Line item in profit or loss affected by


Line item in statement of financial
includes hedge ineffectiveness

Line item in profit or loss that
reserve to cost of inventory

of the hedging instrument
reserve to profit or loss

Changes in the value
recognized in P&L
recognized in OCI
Nominal amount
is included
Liabilities
Assets
MILLION EURO
Derivative Other
Forward exchange contracts
15 - (1.0) financial (3) - finance (1) - Revenue
designated as cash flow hedges
instruments expense
Cash flow hedges hedging its exposure in foreign currency have the following maturities:
Maturity
2022
1-3 months 3-12 months More than 1 year
Forward exchange contracts designated as cash flow hedges
Nominal amounts net in millions of foreign currency USD 18 - -
Average EUR:USD forward contract rate 1.12770 - -

Maturity
2021
1-3 months 3-12 months More than 1 year
Forward exchange contracts designated as cash flow hedges
Nominal amounts net in millions of foreign currency USD 18 - -
Average EUR:USD forward contract rate 1.23243 - -
21.1.4 Sensitivity analysis foreign currency risk
A strengthening/weakening of the Euro by 10% against the currencies listed hereafter with all other variables held constant,
would have increased (decreased) profit or loss by the amounts shown below. The analysis has been carried out on the
budgeted net exposure by currency for the year 2022, net of the use of cash flow hedges.

Profit and loss
2021 2022
Strengthening of the Weakening of the Strengthening of the Weakening of the
MILLION EURO Euro by 10% Euro by 10% Euro by 10% Euro by 10%
USD 2.0 (2.0) 5.5 (5.5)
RMB (4.6) 4.6 (2.2) 2.2
CAD 0.3 (0.3) (0.4) 0.4
GBP (3.2) 3.2 (4.1) 4.1
AUD (1.6) 1.6 (1.9) 1.9
INR (3.2) 3.2 (3.4) 3.4
KRW (1.9) 1.9 (2.0) 2.0
CHF (1.1) 1.1 (1.1) 1.1
JPY (2.8) 2.8 (3.5) 3.5
With regard to cash flow hedges, a strengthening/weakening of the Euro by 10% against the US Dollar would have an
impact to ‘Other Comprehensive income’, net of tax of 1.5 million/(1.5) million Euro. This analysis assumes that all other
variables, in particular interest rates, remain constant and ignores any impact of forecasted sales.
21.2 Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes
in market interest rates.
The Group’s exposure to changes in interest rates primarily relates to the Group’s net financial debt position, including
the FX-swaps and its interest component that economically hedge intercompany loans and deposits. For the most im-
portant currencies the following interest rate profile exists at the reporting date:
Profit and loss

2021 2022
Outstanding amount Outstanding amount Outstanding amount Outstanding amount
MILLION EURO At floating rate At fixed rate At floating rate At fixed rate
EUR (250) - (4) -
USD (33) - (14) -
GBP 1 - (24) -
RMB (16) - (34) -
AUD (23) - (7) -
JPY 13 - 11 -
BRL 15 - 16 -
CAD (13) - (22) -
HKD (8) - (8) -
PLN (5) - (4) -
KRW (4) - 1 -
ZAR (8) - (1) -
INR (12) - (4) -
Other 18 - 21 -
TOTAL (325) - (72) -
NET FINANCIAL DEBT (325) (72)
21.2.1 Sensitivity analysis interest rate risk
A change of 100 basis points in interest rates at December 31, 2022 would have increased (decreased) profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
The analysis is performed on the same basis for 2021.

Profit and loss
100 bp increase 100 bp decrease
December 31, 2021
Net impact 3.30 (3.30)
December 31, 2022
Net impact 0.72 (0,72)
21.3 Commodity price risk
The Group’s most important raw material exposures relate to silver and aluminum. The Group’s commodity price risk – i.e.
the risk that its future cash flows and earnings may vary because of changed material prices – is highly connected with other
factors such as the Group’s competitive position within an industry, its relationship with customers and suppliers.
In the past, the Group applied for the purchase of aluminum, a strategy of purchasing at spot rates, combined with a system
of "Rolling layered forward buying", in order to prevent negative effects from potential future price rises or price volatility
of aluminum. The amount of forward buying was defined based on the metal volume for customer contracts without alu-
minum clauses. In 2022, almost all contracts contain quarterly price adjustment clauses, a.o. for aluminum, eliminating the
need for forward buying. Hence the system of forward buying is not used anymore.
As from 2022, the Group no longer concludes metal swap agreements with banks.
At December 31, 2022 and 2021, there are no outstanding metal swap agreements. During 2021, gains amounting to 7 mil-
lion Euro have been recognized in ‘Other comprehensive income’. An amount of 13 million Euro has been reclassified
from ‘Other comprehensive income’ and has been deducted in ‘Inventory’. Taxes amounting to 1 million Euro have been
included in ‘Other comprehensive income’.
A reconciliation in tabular format is provided in Note 21.4 ‘Summarizing table of cash flow hedge reserve’.
The following table summarizes the effect of the cash flow hedges related to commodity risk on the financial statements:
2022 During the period - 2022

Line item in profit or loss
Line item in statement of
financial position where
the hedging instrument

Changes in the value of
from hedging reserve

Amounts reclassified
Carrying amount
that includes hedge
to cost of inventory
recognized in P&L
recognized in OCI
or loss affected by
Line item in profit
to profit or loss
ineffectiveness
is included
Assets Liabilities
MILLION EURO
Metal swap agreements - - - - - - - - -
2021 During the period - 2021
Changes in the value of the
Line item in profit or loss

Line item in statement of
financial position where
Carrying amount

hedging instrument
that includes hedge
to cost of inventory
recognized in P&L
recognized in OCI
or loss affected by
Line item in profit
to profit or loss
ineffectiveness
is included
Assets Liabilities
MILLION EURO
Derivative
Metal swap agreements - - financial 7 - - - (13) -
instruments

21.3.1 Sensitivity analysis commodity price risk
For 2022, the Group’s exposed tonnage of silver is around 82 tons (2021: 89 tons). For every US Dollar/troy change in the
silver price, the impact on the Group’s consolidated profit or loss statement is estimated at 2.6 million US Dollar on a yearly
basis (2021: 2.8 million US Dollar). The analysis has been carried out on the actual exposed volume for the year 2022. The
aforementioned Group’s exposed tonnage of silver disregards the ability to partly charge its customers without existing
silver clauses on the variability of the silver price.
For 2022, the Group’s exposed tonnage of aluminum is around 77 kilotons (2021: 72 kilotons). For every 100 US Dollar/ton
change in the European aluminium metal price (LME), the impact on the Group’s aluminum spending is estimated at 3.4
million Euro on a yearly basis (2021: 3 million Euro). For every 500 Chinese Yuan/ton change in the Chinese alu metal price
(SHME & CNAL), the impact on the Group’s aluminum spending is estimated at 2.1 million Euro on a yearly basis (2021:
1.8 million Euro). Both analyses have been carried out on the budgeted exposed volume for the year 2022 converted at the
budgeted rate of respectively the US Dollar and Chinese Yuan to Euro.
The aforementioned Group’s exposed tonnage of aluminum disregards both the ability to partly charge its customers on
the variability of the aluminum metal price, as well as any hedging done. By year-end 2021 the Offset Solutions division had
updated a majority of its contracts for printing plates with quarterly price adjustment clauses, hence reducing drastically
the exposure to aluminum.
21.4 Summarizing table of cash flow hedge reserve: currency risk and commodity risk
The following table provides a summary of the effect in accumulated other comprehensive income of cash flow hedges by
type of risk:
Cash flow hedges related to

TOTAL
Currency risk Commodity risk
Other comprehensive income at January 1, 2021 2 4 7
Effective portion of changes in fair value booked in 'Other comprehensive income' (3) 7 4
Changes in fair value of cash flow hedges reclassified to turnover (1) - (1)
Adjustments for amounts transferred to initial carrying amount of inventory - (13) (13)
Income taxes 1 1 2
Other comprehensive income at December 31, 2021 (2) - (2)
Other comprehensive income at January 1, 2022 (2) - (2)

Effective portion of changes in fair value booked in 'Other comprehensive income' (5) - (5)
Changes in fair value of cash flow hedges reclassified to turnover 5 - 5
Adjustments for amounts transferred to initial carrying amount of inventory - - -
Income taxes - - -
Other comprehensive income at December 31, 2022 (2) - (2)
There are no balances in hedge reserve related to hedge relationships for which hedge accounting is no longer applied.
22. CREDIT RISK
Credit risk is the risk that the counterparty to a financial instrument may fail to discharge an obligation and cause the
Group to incur a financial loss.
The Group manages exposure to credit risk by working with upfront agreed counterparty credit limits and through diver-
sification of counterparties.
Credit risk arises mainly from the Group’s receivables from customers, investments and foreign currency forward contracts.
The exposure to credit risk from customer receivables is monitored on an ongoing basis by the Credit Committee. Credit
limits are set for each customer based on its creditworthiness and are reviewed periodically by the Credit Committee. In
monitoring the credit risk, customers are grouped in risk categories according to their financial characteristics. It is the

Group’s policy to cover a portion of the receivables portfolio through credit insurance to cover default risk.
Goods sold are subject to retention of title clauses, so that in the event of non-payment, the Group may have a secured
claim. In normal circumstances, the Group does not require collateral in respect of trade or other receivables.
Transactions involving derivative financial instruments and deposits are to be kept within predefined credit limits set by
counterparty based on the Standard & Poor’s rating of the related financial institution. To minimize the concentration of
counterparty risk, the Group enters into derivative transactions with a number of financial institutions. Investments are
only allowed in liquid assets.
22.1 Exposure to credit risk
As a result of the Group’s broad customer portfolio, there were no significant concentrations of credit risk at December 31,
2022. The maximum exposure is kept within predefined limits.
The carrying amounts of the financial assets, including derivative financial instruments, in the statement of financial po-
sition reflect the maximum exposure to credit risk. The maximum exposure to credit risk at the reporting date per class of
financial asset is as follows:

Financial assets at fair value through OCI
Equity instruments 30.2 7 4
Financial assets at fair value through profit or loss
Derivatives not part of a hedging relationship – assets 25 1 3
Financial assets at amortized cost and contract assets
Contract assets 8.3 76 94
Other receivables 33 4 6
Other investments and loans measured at cost 30.2 4 1
Cash 34 398 138
TOTAL 909 650
At December 31, 2022 and 2021, the exposure to credit risk for trade receivables, contract assets and lease receivables by
geographic region was as follows:
2021 2022
MILLION EURO Trade receivables Contract assets Lease receivables Trade receivables Contract assets Lease receivables
Europe 135 25 73 126 34 67
NAFTA 47 44 26 47 49 37
Latin America 27 6 - 31 7 -
Asia/Oceania/Africa 110 2 - 96 5 -
TOTAL 319 76 100 300 94 103
22.2 Expected credit loss
With regard to impairment of trade receivables, lease receivables and contract assets, the Group applies the simplified
approach for the impairment evaluation, which implies that credit losses for these categories of assets are always measured
at an amount equal to lifetime expected credit losses. Credit losses are measured as the present value of all cash shortfalls –
i.e. the difference between the cash flows to which the entity is entitled to and what the entity expects to receive.
The inputs and assumptions to the expected credit loss model are the following: significant financial difficulty of the coun-
terparty, a default of more than 90 days past due, a possible bankruptcy of the counterparty.

The evaluation of possible credit-impairment takes into account forward-looking elements. For the major part of the ac-
counts receivable balances, debtors are scored and rated based on quantitative and qualitative information on an ongoing
basis through Credit Risk Application in place. All customers are classified into different risk categories which are reas-
sessed on a yearly basis based on relevant forward-looking information such as data from external credit bureaus, age of
business, country risk and the credit manager’s assessment. To mitigate the credit risk, credit insurance and other risk
mitigation tools such as letter of credit, bank guarantees, or mortgages are used within the Group.
The ageing of trade receivables and receivables under finance lease at the reporting date was:
2021 2022
MILLION EURO Gross value Impairment loss Net Gross value Impairment loss Net
Trade receivables
Not past due 288 (3) 284 264 (3) 261
Past due 0 - 30 days 9 - 9 15 (1) 15
Past due 31 - 90 days 19 - 19 15 (1) 15
Past due 91 - 180 days 4 - 3 4 (1) 3
Past due 181 - 360 days 6 (6) - 9 (7) 2
Past due more than 360 days 39 (34) 5 36 (31) 5
TOTAL TRADE RECEIVABLES 365 (45) 319 343 (44) 300
Receivables under finance lease

Not past due 99 - 99 101 - 101
Past due 0 - 30 days 1 - 1 2 - 2
Past due 31 - 90 days - - - 1 - 1
Past due 91 - 180 days - - - - - -
Past due 181 - 360 days - - - - - -
Past due more than 360 days 1 (2) - 1 (1) -
TOTAL RECEIVABLES UNDER FINANCE LEASES 102 (2) 100 105 (1) 103
Past due amounts of more than 360 days mainly arise in Belgium and are mainly caused by commercial disputes. These
overdues are for the major part written down. Overdues by region are very closely monitored case by case by the Credit
Committees within the Group.
The following table provides information about the exposure to credit risk for trade receivables from individual customers
at December 31, 2022:
MILLION EURO Weighted average loss rate Gross carrying amount Loss allowance
Not past due 1.16% 264 (3)
Past due 0 - 30 days 5.50% 15 (1)
Past due 31 - 90 days 4.58% 15 (1)
Past due 91 - 180 days 20.21% 4 (1)
More than 180 days 85.26% 45 (38)

The movement in the allowance for impairment in respect of trade, lease receivables and contract assets during the year is
shown in the following table. The loss amount is measured at an amount equal to lifetime expected credit losses.
2021 2022
Impairment losses Impairment losses Impairment
Impairment losses
on trade and on trade and losses on
on contract assets
MILLION EURO lease receivables lease receivables contract assets
Balance at January 1 45 1 47 -
Additions/reversals charged to profit or loss 2 - 1 -
Deductions from allowance (1) - - (3) -
Disposals - - - -
Exchange differences - - - -
Balance at December 31 47 - 45 1
(1) Write-offs for which an allowance was previously recorded.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering
a financial asset in its entirety or a portion thereof. The Group individually makes an assessment for each type of financial
asset based on whether there is a reasonable expectation of recovery. Financial assets that are written off are still subject to
enforcement activities of the Group for recovery of amounts due.
The impairment loss relates to several other customers that indicated not to be able to pay their outstanding balances
mainly due to economic circumstances.
The cash held by the Group, is deposited with banks having an A credit rating.
23. LIQUIDITY RISK
Liquidity risk is the risk that the Group will encounter difficulties in meeting commitments related to financial liabilities when
they fall due.
The Group ensures that it has sufficient liquidity to meet its liabilities. Liquidity risk is managed by maintaining a sufficient
degree of diversification of funding sources. The Group has a policy in place to limit concentrations related to liquidity risk.
The total share of gross drawn term debt and all undrawn committed facilities provided by one bank or bank group should not
exceed predetermined limits. Risk concentrations are monitored on an ongoing basis by the Treasury Committee.
In managing its liquidity risk, the Group has a revolving credit facility it can access to meet its liquidity needs. The notional
amount of this credit facility amounts to 230 million Euro with maturity date March, 2024 with a possibility of extension of
the term two times with one year. In the course of 2022 the maturity date has been extended until March 2025. Drawdowns
under these lines are made for shorter periods but the Group has the discretion to roll-over the liability under the existing
committed loan agreement. In the liquidity analysis, repayments of the committed facilities are included in the earliest time
band the Group could be required to repay its liabilities. At December 2022, there are no drawdowns under these lines (2021:
0 million Euro).
The following are the remaining contractual maturities at the end of the reporting period of financial liabilities, including
estimated interest payments based on conditions existing at the reporting date, i.e. exchange rates and interest rates. With
regard to derivatives, the maturity analysis comprises liabilities arising from derivatives and all gross settled forward exchange
contracts. The contractual cash flows for forward exchange contracts are determined using forward rates.

2021
Contractual cash flows

Carrying
amount 3 months 3-12 1-5 More than
TOTAL
MILLION EURO or less months years 5 years
Non-derivative financial liabilities
Debenture - - - - - -
Revolving credit facility (1) (1) (1) - - - -
EIB loan - - - - - -
Other loans 3 3 1 2 - -
Lease liabilities 70 70 6 17 43 3
Bank overdrafts - - - - - -
Trade payables 252 252 252 - -
Other payables 9 9 9 - -
Derivative financial liabilities
Forward exchange contracts designated as cash flow hedges:
Outflow (1) (16) (16) - - -
Inflow - 15 15 - - -
Other forward exchange contracts:
Outflow (1) (139) (41) (98) - -
Inflow 1 140 41 99 - -
Swap contracts designated as cash flow hedges:
Outflow - - - - - -
Inflow - - - - - -
(1) Transaction costs (1 million Euro) are presented as a reduction of the carrying amount of the financial liability.
2022
Contractual cash flows

Carrying
amount 3 months 3-12 1-5 More than
TOTAL
MILLION EURO or less months years 5 years
Non-derivative financial liabilities
Debenture - - - - - -
Revolving credit facility (1) (1) (1) - - - -
EIB loan - - - - - -
Other loans 4 4 - 4 - -
Lease liabilities 62 62 6 14 35 6
Bank overdrafts - - - - - -
Trade payables 249 249 249 - -
Other payables 6 6 6 - -
Derivative financial liabilities -
Outflow (1) (17) (17) - - -
Inflow - 16 16 - - -
Other forward exchange contracts:
Outflow (1) (128) (67) (61) - -
Inflow 3 130 67 62 - -
(1) Transaction costs (1 million Euro) are presented as a reduction of the carrying amount of the financial liability.
The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur
and impact the profit or loss with the fair value of the related hedging instruments.

2021 Expected cash flows
Fair
value 3 months 3-12 More than
MILLION EURO TOTAL 1-5 years
or less months 5 years
Derivative financial instruments designated as cash flow hedges
Outflow (1) (16) (16) - - -
Inflow - 15 15 - - -
Outflow - - - - - -
Inflow - - - - - -
2022 Expected cash flows

Fair
value 3 months 3-12 More than
MILLION EURO TOTAL 1-5 years
or less months 5 years
Derivative financial instruments designated as cash flow hedges
Outflow (1) (17) (17) - - -
Inflow - 16 16 - - -
Outflow - - - - - -
Inflow - - - - - -
24. CAPITAL MANAGEMENT
The Executive Management seeks to maintain a balance between the components of the shareholders’ equity and the net
financial debt at an agreed level. Net financial debt is defined as current and non-current loans and borrowings and lease lia-
bilities less cash and cash equivalents. There were no changes in the Group’s approach to capital management during the year.
The Group is not subject to any externally imposed capital requirements, with the exception of the statutory minimum equity
funding requirements that apply to its subsidiaries in the different countries.
In March 2021, the Group announced a share buyback program with a volume of 50 million Euro. Within the framework of
the share buyback program, Agfa-Gevaert NV proceeded with the purchase of own shares on the market of Euronext Brus-
sels. The authorization to acquire own shares was granted to the Board of Directors by the Extraordinary General Meeting
of Shareholders of May 12, 2020.
Agfa-Gevaert NV has requested a financial intermediary to repurchase Agfa-Gevaert shares for a maximum amount of
50,000,000 Euro on its behalf under the terms of an initial discretionary mandate agreement with validity until March 31,
2022, effective as from April 1, 2021. On March 8, 2022, the Board of Directors decided to extend the ‘2021 Share Buyback
Program’ through March 31, 2023 (the ‘Extended Share Buyback Program 2021’).
Since the beginning of the share buyback program until June 9th, 2022, based on the transaction date, the Agfa-Gevaert
Group bought 12,930,662 own shares for a total amount of 49,999,997.30 Euro, representing 7.71% of the total outstanding
shares on April 1, 2021. With this announcement, Agfa-Gevaert NV has completed its share buyback program that had
started on April 1, 2021.
In the first half-year of 2022, the Group has purchased 5,618,125 own shares for an amount of 21 million Euro. These
shares were cancelled in the course of the first half-year of 2022. At December 31, 2022, the issued capital of the Group
amounted to 187 million Euro represented by 154,820,528 fully paid shares. At December 31 ,2022, the Group does not
hold any own shares.
25. ACCOUNTING CLASSIFICATION AND FAIR VALUES
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.

All derivative financial instruments are recognized at fair value in the statement of financial position.
The Group aggregates its financial instruments into classes based on their nature and characteristics. The following table
shows the carrying amounts and fair values of financial assets and liabilities by category and a reconciliation of the corres-
ponding line items in the statement of financial position. It does not include fair value information for financial assets and
liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. During 2022 and
2021 there have been no reclassifications of financial assets between categories.
The other payables classified as mandatorily at fair value through profit or loss in the fair value hierarchy 2 (2022: 2 million
Euro, 2021: 2 million Euro) relate to a deposit of 3.4 ton silver placed by a metal recovery and refining company, valued at
fair value (observable market price).
2021
Financial assets/liabilities: carrying amount
value through P&L –
Equity instruments
Financial liabilities
Mandatorily at fair
Financial assets at
at amortized cost
amortized cost
Note
through OCI –
instruments
Fair value
Fair value
Hedging
Others
TOTAL
MILLION EURO
Fair value hierarchy (2) (2) (3) (1)
Assets
Other financial assets 30 - - - 7 4 - 10 10
Trade receivables 22.2 - - - - 319 - 319 (a)
Receivables under finance lease 31 - - - - 100 - 100 (a)
Other receivables 33 - - - - 4 - 4 (a)
Derivative financial instruments:
Forward contracts used for hedging - - - - - - - -
Swap contracts used for hedging - - - - - - - -
Other forward exchange contracts - - - - - - - -
Other swap contracts - 1 - - - - 1 1
Cash and cash equivalents 34 - - - - 398 - 398 398
TOTAL ASSETS - 1 - 7 825 - 832 -
Liabilities
Loans and borrowings
Revolving credit facility (b) 38 - - - - - (1) (1)
Bank overdrafts 38 - - - - - - -
Other bank liabilities 38 - - - - - 3 3 3
Lease liabilities 38.2 - - - - - 70 70 (c)
Trade payables - - - - - 252 252 (a)
Other payables 40 - 2 - - - 7 9 (a)
Forward contracts used for hedging 1 - - - - - 1 1
Other forward exchange contracts - 1 - - - - 1 1
Other swap contracts - - - - - - - -
TOTAL LIABILITIES 1 3 - - - 331 335 -
Fair value hierarchy:
(1) Fair value hierarchy 1 means that the fair value is determined based on quoted prices in active markets.
(2) Fair value hierarchy 2 means that fair value is determined based on inputs other than quoted prices that are observable for that related asset or liability.
(3) Fair value hierarchy 3 means that fair value is determined based on inputs that are not based on observable market data: related to other payable.
(a) The Group has not separately disclosed the fair value of trade and other receivables and the fair value of trade payables and other payables as these assets
and liabilities are mainly short-term receivables and payables for which the carrying amount is an approximation of fair value.
(b) Transaction costs are included in the initial measurement of the financial liability (1 million Euro).
(c) Fair value is not disclosed for lease liabilities in accordance with IFRS 7.

2022
Financial assets/liabilities: carrying amount
value through P&L –
Financial liabilities
Mandatorily at fair
Financial assets at
Fair value through
at amortized cost
amortized cost
Note
OCI – Equity
instruments
instruments
Fair value
Hedging
Others
TOTAL
MILLION EURO
Fair value hierarchy (2) (2) (3) (1)
Assets
Other financial assets 30 - - - 4 1 - 5 5
Trade receivables 22.2 - - - - 300 - 300 (a) -
Receivables under finance lease 31 - - - - 103 - 103 (a) -
Other receivables 33 - - - - 6 - 6 (a)
-
Forward contracts used for hedging - - - - - - - -
Other forward exchange contracts - 1 - - - - 1 1
Cash and cash equivalents 34 - - - - 138 - 138 138
TOTAL ASSETS - 3 - 4 547 555 -
Liabilities
Loans and borrowings - - - - - - - -
Revolving credit facility (b)
38 - - - - - (1) (1) -
Bank overdrafts 38 - - - - - - - -
Other bank liabilities 38 - - - - - 4 4 4
Lease liabilities 38.2 - - - - - 62 62 (c) -
Trade payables - - - - - 249 249 (a) -
Other payables 40 - 2 - - - 4 6 (a) -
Forward contracts used for hedging 1 - - - - - 1 1
Other forward exchange contracts - - - - - - - -
TOTAL LIABILITIES 1 3 - - - 318 322 -
Fair value hierarchy:

(1) Fair value hierarchy 1 means that the fair value is determined based on quoted prices in active markets.
(2) Fair value hierarchy 2 means that fair value is determined based on inputs other than quoted prices that are observable for that related asset or liability.
(3) Fair value hierarchy 3 means that fair value is determined based on inputs that are not based on observable market data: related to other payable.
(a) The Group has not separately disclosed the fair value of trade and other receivables and the fair value of trade payables and other payables as these assets
and liabilities are mainly short-term receivables and payables for which the carrying amount is an approximation of fair value.
(b) Transaction costs of the revolving credit facility are included in the initial measurement of the financial liability (1 million Euro).
(c) Fair value is not disclosed for lease liabilities in accordance with IFRS 7.
25.1 Basis for determining fair values
Significant methods and assumptions used in estimating the fair values of financial instruments are as follows.

The fair value of investments in equity securities is determined by reference to their quoted market price at the reporting date.
The fair value of forward exchange contracts and swap contracts is valued using quoted forward exchange rates and yield
curve data at reporting date.
The fair value of trade and other receivables and trade and other payables is not disclosed as it mainly relates to short-term
receivables and payables for which their carrying amount is a reasonable approximation of fair value.
The fair value of financial liabilities is calculated based on the present value of future principal and interest cash flows,
discounted at market rates of interest at the reporting date. The fair value of the debenture is the quoted market price at
the reporting date.
The fair value for the current bank liabilities approximates nominal amounts excluding transaction costs, as drawdowns
are made for short periods.
The fair value of the deferred contingent consideration from business combinations is calculated using a discounted cash
flow model. The valuation model considers the present value of the expected future payments, discounted using a risk-
adjusted discount rate. Significant observable inputs are the expected cash flows and the risk-adjusted discount rate. The
estimated fair value would increase (decrease) if the expected performances are higher (lower).
26. ITEMS OF INCOME, EXPENSE, GAINS AND LOSSES ON FINANCIAL INSTRUMENTS

RECOGNIZED IN PROFIT OR LOSS
2021
Financial assets at Financial liabilities carried Financial liabilities

MILLION EURO Derivatives TOTAL
amortized cost at amortized cost at fair value
Interest income 5 - - - 5
Interest expense - (1) (6) - (7)
Finance lease income 7 - - - 7
Impairment charges (6) - - - (6)
Income from reversal of impairment losses 4 - - - 4
Change in fair value of financial instruments
- 1 - - 1
not part of a hedging relationship
Net result from ineffectiveness of hedging
- - - - -
instruments designated as cash flow hedges
2022
Financial assets at Financial liabilities carried Financial liabilities

MILLION EURO Derivatives TOTAL
amortized cost at amortized cost at fair value
Interest income 5 - - - 5
Interest expense - (4) (7) - (11)
Finance lease income 7 - - - 7
Impairment charges (5) - - - (5)
Income from reversal of impairment losses 4 - - - 4
Change in fair value of financial instruments
- (8) - - (8)
not part of a hedging relationship
Net result from ineffectiveness of hedging
- - - - -
instruments designated as cash flow hedges

ASSETS
27. GOODWILL AND INTANGIBLE ASSETS
Intangible assets
Indefinite
useful Finite useful lives
lives
Management information
concessions and IP rights
acquire intangible assets

Contractual customer
Advance payments to
Acquired technology
development costs
Software, licenses,
relationships
Trademarks
Trademarks
Capitalized
Goodwill
systems
TOTAL
MILLION EURO
Cost at December 31, 2020 349 - 4 42 43 4 126 58 627
Exchange differences 20 - - 2 4 - 3 (1) - 29
Business combinations additions - - - - - - - - - -
Business combinations divestment - - - - - - - - - -
CHP certificates and emission rights (non-cash) - - - - - - - - - -
Capital expenditures - - - - - - - 1 - 1
Disposals and retirements - - (2) (6) - - (2) (4) - (13)
Construction in progress put into use - - - - - - - - - -
Reclasses - - - - - - - - - -
Cost at December 31, 2021 370 - 2 38 47 4 128 54 - 644
Exchange differences 9 - - - - - 3 - - 12
Business combinations additions 2 - - 22 - 2 - - - 26
CHP certificates and emission rights (non-cash) - - - - - - - (2) - (2)
Capital expenditures - - - - - - - 7 - 7
Disposals and retirements (2) - - - (5) (1) - (1) - (8)
Construction in progress put into use - - - - - - - - - -
Reclasses - - - - - - - - - -
Cost at December 31, 2022 379 - 2 61 43 5 131 58 - 679
Accumulated amortization and impairment losses
(84) - (4) (42) (31) (4) (123) (55) - (342)
December 31, 2020
Exchange differences (6) - - (2) (3) - (3) 1 - (13)
Amortization during the year - - - - (4) - (2) (1) - (7)
Impairment loss during the year - - - - - - - - - -
Disposals and retirements - - 2 6 - - 2 2 - 12
Reclasses - - - - - - - - - -
(90) - (2) (38) (39) (4) (126) (52) - (351)
December 31, 2021
Exchange differences (2) - - - - - (3) - - (5)
Business combinations divestment - - - - - - - - - -
Amortization during the year - - - (1) (5) - (1) (1) - (9)
Impairment loss during the year (70) - - - (3) - - - - (73)
Disposals and retirements 2 - - - 5 1 - - - 7
Reclasses - - - - - - - - - -
(160) - (2) (39) (42) (4) (130) (54) - (431)
December 31, 2022
Carrying amount December 31, 2020 265 - - - 12 - 4 3 - 284
Carrying amount December 31, 2021 280 - - - 9 - 2 2 - 293
Carrying amount December 31, 2022 218 - - 21 1 1 1 5 - 248

In 2022, the cash relevant capital expenditures for intangible assets amount to 7 million Euro (2021: 1 million Euro) and
mainly relate to software, licences and emission rights. Business combinations additions in 2022 relate to the acquisition
of Inca (see Note 19.1).
At year-end 2022, the Group does not hold intangible assets with indefinite useful lives for impairment. The Group has
assessed whether there was an indication of impairment for intangible assets with finite useful lives. These tests did result
in the recording of an impairment loss in the business segment of Radiology Solutions (see Note 27.1.2).
The Group’s management has reviewed the appropriateness of the useful lives of its major intangible assets at year-end
2022. This review has not resulted in revised amortization periods for intangible assets belong to HealthCare IT, Radiology
Solutions, Digital Print & Chemicals and Offset Solutions.
More information on the underlying assumptions of the useful lives is provided in section 27.3 of this Note.
27.1 Impairment tests for goodwill
For the financial statements of the Group, goodwill is tested for impairment annually and whenever there is an indication
of impairment. For the purpose of impairment testing, goodwill is allocated to a cash-generating unit (CGU).
In line with the definition of cash-generating units, the management of the Group has identified the reportable segments
as the cash-generating units, i.e. HealthCare IT, Radiology Solutions, Digital Print & Chemicals and Offset Solutions. The
operating segment is the lowest level within the Group at which the goodwill is monitored for internal management pur-
poses (see Note 6 ‘Reportable segments’).
At the end of 2022, the impairment test for goodwill was performed for the cash-generating units HealthCare IT, Radiology
Solutions and Digital Print & Chemicals. The goodwill belonging to the cash-generating unit Offset Solutions was already
fully impaired in former years.
The impairment testing has been carried out by comparing the carrying amount of each cash-generating unit to its recover-
able amount. The recoverable amount of the CGU has been determined based upon a value in use calculation. The value in
use is determined as the present value of estimated future cash flows that are derived from the current long-term planning
of the Group. The discount rate used in calculating the present value of the estimated future cash flows, is based on an
average market participant’s weighted average cost of equity and debt capital (WACC).
The WACC considers a debt/equity ratio for an average market’s participant increased with an additional risk premium to the
cost of equity. The cost of debt is based on the conditions on which comparable companies can obtain long-term financing.
The discount rate is calculated for each cash-generating unit independently, considering the debt/equity ratio of each peer
group. The pre-tax discount rates are derived from the WACC by means of iteration.
27.1.1 CGU Agfa HealthCare IT
At December 31, 2022, the carrying amount of the CGU Agfa HealthCare IT comprises goodwill of 217 million Euro. At year-
end 2022, the Group tested its goodwill of HealthCare IT for impairment.
Based on the assumptions used, the calculated value in use of the CGU was higher than its carrying amount and no impair-
ment loss was recognized.
The value in use of the CGU Agfa HealthCare IT has been determined based on estimated cash flow projections covering
the next five years. The estimated cash flow projections are based upon the strategic business plan formally approved by the
Board of Directors. After five years a terminal value is computed using a growth rate in the division Information Technolo-
gies (IT Solutions) of 1.5%. These growth rates are derived from respective market information.
The main assumptions used in the annual impairment test are determined by the reportable segment’s key management
and are based on past performance and management’s expectations for the market development.

Key assumptions are:
· after-tax WACC: 10.15% (2021: 7.91%);
· pre-tax discount rate: 12.43% (2021: 9.51%);
· terminal growth rate (after five years): 1.5% for IT Solutions (2021: 1.5%);
· exchange rate USD/Euro: 1.05 (2021: 1.13);
· revenue and gross margin: revenue and gross margin reflect management’s best expectations, based on past experience
and taken into account the specific business risks.
Sensitivity analyses on changes in key assumptions, i.e. substantial changes in WACC, have been performed. The sensi-
tivity analysis was based on a 100 basis point increase in the weighted average cost of capital. These sensitivity analyses
have not revealed any risk for impairment loss. Based upon these sensitivity analyses, management is of the opinion that a
reasonable, possible change in one of these key assumptions would not trigger an impairment loss to occur.
27.1.2 CGU Radiology Solutions
At December 31, 2022, the carrying amount of the goodwill belonging to the CGU Radiology Solutions was fully impaired.
Due to a substantially increased WACC in combination with a reduced five-year business plan, the calculated value in use
of the CGU was lower than its carrying amount and an impairment loss was recognized. The Group recognized an impair-
ment loss of 70 million Euro on goodwill and 3 million Euro on intangible assets in other operating expenses (Note 9).
The value in use of the CGU Radiology Solutions has been determined based on estimated cash flow projections covering
the next five years. The estimated cash flow projections are based upon the strategic business plan formally approved by
the Board of Directors. After five years, a terminal value is computed using a weighted average growth rate of minus 3.87%.
These growth rates are derived from respective market information.

· after-tax WACC: 9.79% (2021: 7.94%);
· pre-tax discount rate: 13.18% (2021: 9.67%);
· weighted average terminal growth rate (after five years): minus 3.87% (2021: minus 0.19%);
· silver: 20.5 USD/Troz. (2021: 25 USD/Troz.);
· exchange rate USD/Euro: 1.05 (2021: 1.13);
27.1.3 CGU Digital Print & Chemicals
At December 31, 2022, the carrying amount of the CGU Digital Print & Chemicals comprises goodwill of 2 million Euro.
At year-end 2022, the Group tested its goodwill of Digital Print & Chemicals for impairment.
Based on the assumptions used, the calculated value in use of the CGU was higher than its carrying amount and no impair-
ment loss was recognized. The value in use of the CGU Digital Print & Chemicals has been determined based on estimated
cash flow projections covering the next five years. The estimated cash flow projections are based upon the strategic busi-
ness plan formally approved by the Board of Directors. After five years, a terminal value is computed using a growth rate in
the division of 5%. These growth rates are derived from respective market information.

· after-tax WACC: 10.43%
· pre-tax discount rate: 12.86% ;
· terminal growth rate (after five years): 5%;
· exchange rate USD/Euro: 1.05

27.1.4 CGU Offset Solutions
At December 31, 2022, the carrying amount of the CGU Offset Solutions comprises no goodwill.
27.2 Impairment tests for intangible assets with indefinite useful lives
At year-end 2022, the Group has no intangible assets with indefinite useful lives on its balance sheet.
27.3 Useful lives of intangible assets with finite useful lives
The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the
future cash flows of the Group. Acquired technology and customer relationships are the most crucial recognized intangible
assets with finite useful lives for the Group. For acquired technology, the estimation of the remaining useful life is based
on the analysis of factors such as typical product life cycles in the industry and technological and commercial obsolescence
arising mainly from expected actions by competitors or potential competitors.
At December 31, 2022, the net carrying amount of the Group’s acquired technology amounted to 21 million Euro (2021:
0 million Euro). This technology was acquired in the business combination of Inca Digital Printers (see Note 19.1). The
Group’s acquired technology has an estimated weighted average remaining useful life of approximately nine years. The
useful lives are periodically reviewed and revised if necessary.
For acquired contractual customer relationships, the estimated remaining useful life is assessed by reference to customer
attrition rates. For the estimation of appropriate customer attrition rates, the Group assesses the probability that existing
contracts will be renegotiated. For the assessment of the probability that existing contracts can be renegotiated, demand as
well as competition and other factors such as technological lock-in and related sunk costs are of importance. At December
31, 2022, the net carrying amount of the Group’s remaining acquired contractual customer relationships amount to 1 mil-
lion Euro (2021: 9 million Euro). An impairment loss amounting to 3 million Euro was recognized on customer relation-
ships belonging to the Radiology business segment as a result of the impairment testing performed during 2022.
The Group’s acquired contractual customer relationships have an estimated weighted average remaining useful life of ap-
proximately five years. The useful lives are periodically reviewed and revised if necessary.
While the Group believes that the assumptions (such as attrition rates and product life cycles) used for the determination
of the useful lives of aforementioned intangibles are appropriate, significant differences in actual experience would affect
the Group’s future amortization expense.

28. PROPERTY, PLANT AND EQUIPMENT
Land, Machinery Furniture, Construction in progress

buildings and and technical fixtures and and advance payments to TOTAL
MILLION EURO infrastructure equipment other equipment vendors and contractors
Cost at December 31, 2020 320 1,407 148 14 1,889
Exchange differences 6 14 3 1 23
New lease contracts - - 4 - 4
Capital expenditures 1 16 4 4 25
Disposals and retirements (13) (27) (19) (2) (61)
Construction in progress put into use - 1 - (1) -
Reclasses 1 2 - (2) -
Cost at December 31, 2021 315 1,412 139 14 1,880
Exchange differences 2 4 - - 6
New lease contracts - - - - -
Capital expenditures 1 16 4 5 26
Business combinations additions 2 10 1 - 13
Disposals and retirements (24) (52) (4) (1) (81)
Construction in progress put into use - 1 - (1) -
Reclasses - - 2 (1) 2
Cost at December 31, 2022 297 1,390 143 16 1,846
Accumulated depreciation and
(287) (1,333) (134) (8) (1,762)
impairment losses December 31, 2020
Exchange differences (5) (14) (2) - (21)
Depreciation during the year (4) (15) (8) - (27)
Impairment loss during the year - - - - (1)
Disposals and retirements 11 26 19 1 57
Reclasses 1 - 1 - 2
(283) (1,335) (126) (7) (1,751)
Exchange differences (1) (3) (1) - (5)
Depreciation during the year (4) (15) (8) - (26)
Impairment loss during the year (6) (10) (2) (7) (26)
Business combinations additions (2) (9) (1) - (12)
Disposals and retirements 24 53 3 1 80
Reclasses - 1 - (1) -
(273) (1,319) (133) (14) (1,739)
Carrying amount December 31, 2020 33 74 13 6 127
In 2022, capital expenditure for property, plant and equipment amount to 26 million Euro (2021: 25 million Euro), of which
16 million Euro (2021: 16 million Euro) relates to machinery and technical equipment, mainly in Belgium and of which 5
million Euro (2021: 4 million Euro) relates to construction in progress mainly for production efficiency, maintenance and
IT-related projects in Belgium, Germany and Brasil.
The Group, as lessor, included assets subject to operating leases in its statement of financial position under the caption
‘Other Equipment.’ At the end of December 2022, the assets subject to operating leases have a total net carrying amount of
4 million Euro (2021: 6 million Euro) (see Note 44).
Impairment losses on PP&E amount to 26 million Euro and mainly relate to assets belonging to entities that are dedicated
to the Offset Solutions activity and are therefore subject to the planned disposal in 2023. These assets were fully impaired as
the sales price for the disposal group is lower than the carrying amount of the disposal group. More information is provided
under section 4 ‘use of estimates and judgments’.

29. RIGHT-OF-USE ASSETS
Due to the application of IFRS 16, the Group – as lessee – recognizes as of 2019 right-of-use assets representing its right to
use the underlying assets and lease liabilities representing its obligation to make lease payments. Exemptions are however
made for short-term leases and leases of low value items such as the major part of the Group’s ICT-equipment.
The right-of-use asset is initially measured at cost and subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset by the end
of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In these cases,
the right-of-use asset is depreciated over the useful life of the underlying asset, compliant with the methodology applicable
for property, plant and equipment.
The following table shows a reconciliation to the closing balances at December 31, 2022, for the right-of-use assets, broken
down by category. The Group distinguishes four categories: 1) Right-of-use land, buildings and infrastructure, 2) Right-
of-use cars, 3) Right-of-use other transportation equipment, mainly related to our manufacturing organizations and 4)
Right-of-use other assets.
Right-of-use land, buildings, Right-of-use other Right-of-use

Right-of-use cars TOTAL
MILLION EURO infrastructure transportation equipment other assets
Cost at December 31, 2020 85 39 2 1 127
New lease contracts 4 6 1 1 12
Lease revaluations 8 (1) - - 7
Disposals and retirements (3) (6) - - (10)
Reclasses (3) (2) - - (5)
Cost at December 31, 2021 93 35 2 2 132
Exchange differences - - - - -
New lease contracts 6 8 - - 14
Lease revaluations (3) - - - (2)
Business combinations 8 - - - 8
Disposals and retirements (9) (7) - - (17)
Reclasses (1) (1) - - (2)
Cost at December 31, 2022 94 36 2 1 134
Accumulated depreciation and impairment
(32) (16) (1) - (49)
losses December 31, 2020
Amortization during the year (17) (11) (1) - (28)
Impairment loss during the year (1) - - - (1)
Disposals and retirements 3 6 - - 10
Reclasses - - - - 1
Accumulated depreciation and impairment
(43) (18) (1) - (63)
losses December 31, 2021
Amortization during the year (17) (10) (1) - (28)
Impairment loss during the year (11) (4) (1) - (15)
Disposals and retirements 9 6 - - 16
Reclasses 1 1 - - 1
(62) (25) (2) (1) (89)
New lease contracts concluded during 2022 amounted to 14 million Euro (2021: 12 million Euro) and primarily related to
buildings and cars. The increase in right-of-use assets equals the increase in lease liabilities. For additional information on
the evolution of the lease liabilities, see Note 38.
Lease revaluations made during 2022 amounting to minus 2 million Euro (2021: 7 million Euro) mainly relate to contract
terminations.

Business combinations amounting to 8 million Euro relate to the acquisition of Inca (See note 19).
In 2022, impairment losses amounting to 15 million Euro (2021: 1 million Euro) have been recognized and mainly relate to
assets belonging to entities that are dedicated to the Offset Solutions activity and therefore subject to the planned disposal
in 2023. These assets were fully impaired as the sales price for the disposal group is lower than the carrying amount of the
disposal group. More information is provided under section 4 ‘Use of estimates and judgments’.
30. INVESTMENTS IN ASSOCIATES AND FINANCIAL ASSETS
30.1 Investments in associates
In the course of 2021, the Group established with other investment partners the company Penny Black, a start-up private
limited liability company providing software and printing solutions for the e-commerce business. The Group holds an
investment of 49.80% in this company. The investment in this associate is measured using the equity method. In the
course of 2022, the Agfa-Gevaert Group made an extra investment of 0,7 million Euro in this associate. During 2022, the
Group has recognized losses amounting to 0.7 million Euro in relation to its interest in this associate (2021: 0,2 million
Euro). The carrying amount of the investment in Penny Black amounts to 0.7 million Euro after equity pick-up.
2021 2022
MILLION EURO
Penny Black (49.63%) Penny Black (49.80%)
Carrying amount of interests, including goodwill 0.7 0.7
Net loss after taxes (0.3) (1.3)
Group’s share of net loss after taxes (0.2) (0.7)
Other Comprehensive Income of MphRx - -
Group’s share of Other Comprehensive Income - -
Summarized financial information
Non-current assets 0.4 -
Current assets 1.1 1.3
Equity 1.5 1.2
Current liabilities - 0.1
Group’s share of equity 0.7 0.7
Goodwill included in carrying amount of the investment - -
Carrying amount of investment in other affiliates 0.7 0.7
30.2. Financial assets
At December 2022 and 2021, financial assets at fair value through OCI comprise the investment in Digital Illustrate Inc., a
Korean UV printer manufacturer. The Group owns 15% of the shares of this company. This investment is carried at fair value,
being the quoted price on the stock exchange with changes in fair value booked in OCI.
The Group designated this investment as at FVOCI because this represents an investment that the Group intends to hold
for the long term for strategic purposes. During 2022, no dividends have been received (2021: 0 million Euro).

Financial assets at fair value through OCI - Equity instruments 7 4
Financial assets at amortized cost 4 1
TOTAL 10 5
31. RECEIVABLES UNDER FINANCE LEASES
Lease agreements in which the other party, as lessee, is to be regarded as the economic owner of the leased assets give rise
to accounts receivable in the amount of the discounted future lease payments. These receivables amounted to 105 million
Euro as of December 31, 2022 (2021: 102 million Euro) and will bear interest income until their maturity dates of 11 million
Euro (2021: 10 million Euro).

As of December 31, 2022, the impairment losses on the receivables under finance leases amounted to 1 million Euro (2021:
2 million Euro).
The receivables under finance leases can be presented as follows:
2021 2022
Total future Unearned Present Total future Unearned Present
MILLION EURO payments interest income value payments interest income value
Not later than one year 36 4 32 37 4 33
Year +2 28 3 25 28 3 25
Year +3 22 2 21 21 2 19
Year +4 12 1 12 15 1 14
Year +5 6 - 6 9 1 8
Later than five years 4 - 3 4 - 4
Total minimum lease payments 108 10 99 114 11 104
Unguaranteed residual value 3 - 3 1 - 1
TOTAL 110 10 102 115 11 105
Impairment losses (2) (1)

Receivables under finance lease 100 103
The Group leases out its commercial equipment under finance leases mainly via Agfa Finance (i.e. Agfa Finance NV, Agfa
Finance Corp. and Agfa Finance Inc.) and via Agfa sales organizations in Australia and Belgium.
At the inception of the lease, the present value of the minimum lease payments generally amounts to at least 90% of the
fair value of the leased assets.
The major part of the leases concluded with Agfa Finance typically run for a non-cancellable period of four years. The con-
tracts generally include an option to purchase the leased equipment after that period at a price that generally lies between
2% and 5% of the gross investment at the inception of the lease.
Sometimes, the fair value of the leased asset is paid back by means of a purchase obligation for consumables at a value high-
er than its market value, in such a way that this mark-up is sufficient to cover the amount initially invested by the lessor.
In these types of contracts the mark-up and or the lease term can be subject to change.
Agfa Finance offers its products via its subsidiaries in France and Italy and its branches in Europe (Spain, Switzerland,
Benelux, Germany, UK and the Nordic countries), via Agfa Finance Corp. in the US and Agfa Finance Inc. in Canada. As of
December 31, 2022, the present value of the total future lease payments before impairment losses for Agfa Finance amount-
ed to 104 million Euro (2021: 101 million Euro).
The Agfa sales organization in Australia offers customer financing of graphical equipment with an average remaining term
of 12 months and in Belgium, Agfa Offset BV is the lessor of offset equipment. As of December 31, 2022, the present value
of the total future lease payments before impairment losses for these sales organizations are 1 million Euro (2021: 1 million
Euro).
During 2022 and 2021, the Group hasn’t sold any receivables under finance lease.

32. INVENTORIES

Raw materials and auxiliaries 69 92
Work in progress and semi-finished goods 100 118
Finished goods 29 30
Goods purchased for resale including spare parts 192 224
Inventory in transit & other inventory 29 22
TOTAL 418 487
In 2022, inventories are written down to net realizable value for an amount of 12 million Euro (2021: 12 million Euro). These
write-downs relate to obsolete, damaged or expired inventory. Write-downs of inventories are included in cost of sales in
the consolidated statement of profit or loss.
Increased inventory levels versus last year are mainly driven by inflation, supply chain issues, component shortages and
the acquisition of Inca Digital Printers.
In the course of 2022, the Group acquired Inca Digital Printers (see Note 19). Inventories acquired in this business com-
bination were valued at fair value less costs to sell being the estimated selling price in the ordinary course of business less
estimated costs of completion and sale and a reasonable profit margin based on the effort required to sell the inventory.
33. OTHER RECEIVABLES
Other receivables can be presented as follows:

Uninstalled leases (1) - (2)
Deferred purchase price related to the Inca acquisition - 3
Subsidies and grants 1 -
Payroll receivables - 1
Other receivables 3 4
TOTAL 4 6
(1) Leased equipment not yet installed at the client’s premises.
34. CASH AND CASH EQUIVALENTS
The reconciliation of cash and cash equivalents with its corresponding items in the statement of financial position can be
presented as follows:

Total cash and cash equivalents as reported in the consolidated statement of financial position 398 138
Bank overdrafts (reported under current loans and borrowings) - -
Total cash and cash equivalents as reported in the consolidated statement of cash flows 398 138
35. NON-CURRENT ASSETS HELD FOR SALE
The non-current assets, classified as held for sale, relate to the planned sale of the closed offset printing plate factory in
Vallese (Italy) belonging to the Offset Solutions segment. The sale is planned for next year. Related land, buildings and
infrastructure are measured at their carrying amount at December 31, which is lower than the fair value less costs to sell.
The site in Pont-à-Marcq (France), classified as held-for-sale last year was successfully sold in 2022.
The site in Leeds (UK), classified as held-for-sale in 2020 was successfully sold in 2021 with a gain amounting to 7 million
Euro (see Note 9.1 ‘Other operating income’).

36. OTHER ASSETS
Other non-current and current assets can be presented as follows:

Non-current
Multi year service contracts (strategic suppliers) 1 -
Prepayments (see Note 46.2 Other related party transactions) 10 7
Total non-current 11 8
Current
Multi year service contracts (strategic suppliers) 8 10
Advances on costs - -
Guarantees and deposits 7 3
Prepayments 3 3
Other 1 -
Total current 18 17
TOTAL 29 24

37. EQUITY
The various components of Equity and the changes therein from January 1, 2021 to December 31, 2022 are presented in the
Consolidated Statements of Changes in Equity.
37.1 Share capital and share premium
At December 31, 2022 and 2021, the issued capital of the Company amounts to 187 million Euro. The outstanding ordinary
shares amount to 154,820,528 at December 31, 2022 (2021: 160,506,706 outstanding shares).
37.2 Reserve for own shares
The reserve for the Company’s own shares comprises the cost of the Company’s shares held by the Group. At December 31,
2022, the Group does not hold own shares (2021: 68,053).
On March 10, 2021, the Group has announced a share buyback program with a volume up to 50 million Euro. Agfa-Gevaert
NV has requested a financial intermediary to repurchase Agfa-Gevaert shares for a maximum amount of 50,000,000 Euro
on its behalf under the terms of an initial discretionary mandate agreement with validity until March 31, 2022, effective as
from April 1, 2021. On March 8, 2022, the Board of Directors decided to extend the ‘2021 Share Buyback program’ through
March 31, 2023 (the ‘Extended Share Buyback Program 2021’).
Since the beginning of the share buyback program until June 9th, 2022, based on the transaction date, the Agfa-Gevaert
Group bought 12,930,662 own shares (2021 : 7,312,537 shares; 2022 : 5,618,125 shares) for a total amount of 50 million Euro
(2022 : 21 million Euro; 2021 : 29 million Euro). With this announcement, Agfa-Gevaert NV has completed its share buy-
back program that had started on April 1, 2021.
In the first half-year of 2022, the Group has purchased 5,618,125 own shares for an amount of 21 million Euro. These shares
were cancelled in the course of the first half-year of 2022 (2021 : 11,344,336 cancellation of shares). At December 31, the
Group does not hold own shares.
37.3 Revaluation reserve
The revaluation reserve comprises the revaluation of the Group’s investment in Digital Illustrate Inc. which is irrevocably
designated at fair value through OCI and will subsequently not be recycled to profit or loss.
37.4 Hedging reserve
As of December 31, 2022, the hedging reserve comprises the effective portion of the cumulative net change in fair value of
foreign exchange contracts designated as cash flow hedges.
In the course of 2022 and 2021, the Group designated foreign exchange contracts as ‘cash flow hedges’ of its foreign curren-
cy exposure in US Dollar related to highly probable forecasted revenue over the following 12 months. The portion of the
gain on the forward exchange contracts that is determined to be an effective hedge is recognized directly in ‘Other compre-
hensive income’ (December 31, 2022: -2 million Euro net of tax, December 31, 2021: - 2 million Euro net of tax).
A reconciliation of hedge reserve in tabular format for each type of risk is provided in Note 21.4.
37.5 Remeasurement of the net defined benefit liability
Remeasurements of the net defined benefit liability comprise both the impact of the first time adoption of the 2011 amend-
ment of IAS 19 and all subsequent remeasurements of the net defined benefit liabilities. Remeasurements of the net defined
benefit liability primarily relate to actuarial gains and losses and return on plan assets, excluding the amounts included in net
interest on the net defined benefit liabilities.

The evolution for the year 2022 is as follows:
Remeasurement of
MILLION EURO December 31, 2021 the net defined Tax impact December 31, 2022
benefit liability
Note 13 Note 17.4
Remeasurement of the net defined benefit liability
Related to material countries (1,006) 145 (23) (883)
Related to non-material countries (27) 2 - (25)
TOTAL (1,033) 148 (23) (908)
The movement of the year, net of tax amounts is an increase of 128 million Euro. Deferred taxes related to the effects of
remeasurements are also recognized in ‘Other comprehensive income’. The tax effect is further explained in Note 17.4.
37.6 Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of
foreign operations, as well as from the translation of financial instruments that hedge the Company’s net investment in a
foreign subsidiary.
Until May 2016, the Group utilized forward exchange contracts to hedge the foreign currency exposure of the Group’s net
investment in one of its subsidiaries in the United States. As from May 2016, the Group has revoked the designation of the
hedge. The gain on the hedging instrument relating to the effective portion of the hedge that was recognized in ‘Other com-
prehensive income’ (December 31, 2022: 10 million Euro, December 31, 2021: 10 million Euro) shall be reclassified from equity
to profit or loss on the disposal of the foreign operation.
37.7 Dividends
For 2021, no dividend has been paid out based on the decision of the General Assembly of Shareholders of Agfa-Gevaert NV
on May 11, 2021. For 2022, no dividend has been paid out based on the decision of the General Assembly of Shareholders of
Agfa-Gevaert NV on May 10, 2022. For 2023, no dividend has been recommended by the Board of Directors.
37.8 Non-controlling interests
Non-controlling interests have a material interest in nine subsidiaries of the Group in Greater China and the ASEAN region
(December 31, 2022: 40 million Euro; December 31, 2021: 52 million Euro). In Europe, there are a few subsidiaries in which
non-controlling interests have an interest that is of minor importance to the Group (December 31, 2022: 1 million Euro; De-
cember 31, 2021: 1 million Euro).
In Greater China and the ASEAN region, the Group and its business partner Shenzhen Brother Gao Deng Investment Group
Co., Ltd. combined as of 2010 their activities aiming at reinforcing the market position in the Greater China and the ASEAN
region. Shenzhen Brother Gao Deng Investment Group Co., Ltd. has a 49% stake in Agfa Graphics Asia Ltd., the holding com-
pany of the combined operations of both parties.
The subsidiaries of Agfa Graphics Asia Ltd. at December 31, 2022 are:
· Agfa (Wuxi) Printing Plate Co., Ltd.
· Agfa ASEAN Sdn. Bhd.
· Agfa Imaging (Shenzhen) Co., Ltd.
· Agfa Singapore Pte. Ltd.
· Agfa Taiwan Co., Ltd.
· Agfa Graphics Shanghai Co., Ltd.
· Agfa Pty Ltd.
· OOO Agfa Graphics
· Agfa HuaGuang (Shanghai) Graphics

Based on the current governance structure, the Group has determined that it has control over these subsidiaries. At December
31, 2022, the accumulated amount of non-controlling interests attributable to Shenzhen Brother Gao Deng Investment Group
Co., Ltd. and Lucky HuaGuang Graphics Co., Ltd. amounts to 40 million Euro, including the loss allocated to non-controlling
interests of these business partners amounts (2 million Euro).
The following table summarizes the information relating to the companies in which the business partner Shenzhen Brother
Gao Deng Investment Group has a non-controlling interest of 49%, and information relating to the non-controlling interest
in the company Agfa HuaGuang (Shanghai) Graphics. This company was newly established in 2019 by Agfa Graphics Asia,
in which the Group has a stake of 51% and by Lucky HuaGuang Graphics Co. The latter holds a stake of 49% in this newly es-
tablished company which brings the share in this newly established company belonging to minority shareholders to 73.99%.
The information provided is before intercompany eliminations with other companies of the Agfa-Gevaert Group.
2021 2022
Agfa Graphics Agfa Graphics
Agfa HuaGuang Agfa HuaGuang
Asia Ltd. and Asia Ltd. and
Graphics (73,99%) Graphics (73,99%)
MILLION EURO subsidiaries (49%) subsidiaries (49%)
Current assets 98 49 79 43
Non-current assets 49 1 35 -
Current liabilities 47 45 38 38
Non-current liabilities 2 - 2 -
Net assets Agfa Graphics Asia Ltd. and its
99 5 74 5
subsidiaries (consolidated)
Carrying amount of non-controlling interests in
48 - 36 -
Agfa Graphics Asia Ltd. and its subsidiaries (49%)
Carrying amount of non-controlling interests in
- 4 - 4
Agfa HuaGuang Graphics (73.99%)
Revenue 164 132 172 119
Profit for the year 8 - (5) -
Profit allocated to non-controlling interests in Agfa
4 - (2) -
Graphics Asia Ltd. and its subsidiaries (49%)
Profit allocated to non-controlling interests in Agfa
- - - -
HuaGuang Graphics Asia (73.99%)
Other comprehensive income: translation differences 4 - - -
Other comprehensive income allocated to non-controlling
- - - -
interests in Agfa Graphics Asia Ltd. and its subsidiaries (49%)
Total comprehensive income allocated to
non-controlling interests in Agfa Graphics Asia Ltd. 8 - (2) -
and its subsidiaries (49%)
Total comprehensive income allocated to
non-controlling interests in Agfa HuaGuang Graphics - - - -
(73.99%)
Cash flows from operating activities 21 1 38 1
Cash flows from investing activities - - - -
Cash flows from financing activities (27) - (25) (1)
Dividends paid to non-controlling interests
(5) - (10) (1)
during the year (1)
(1) Included in cash flows from financing activities.

37.9 Other comprehensive income - net of tax
2021
Attributed to owners of the Company
COMPREHENSIVE INCOME
Non-controlling interests
Revaluation reserve
Remeasurement of
Translation reserve
Hedging reserve
TOTAL OTHER
the net defined
benefit liability
TOTAL
MILLION EURO
Exchange differences on translation of foreign operations 26 - - - 26 4 30
Effective portion of changes in fair value of cash flow hedges, net of tax - 5 - - 5 - 5
Net changes in fair value of cash flow hedges reclassified to profit or loss, net of tax - (1) - - (1) - (1)
Net changes in fair value of cash flow hedges transferred to initial carrying amount
- (13) - - (13) - (13)
of hedged items, net of tax
Net change in fair value of equity investments through OCI - - 2 - 2 - 2
Remeasurement of the net defined benefit liability, net of tax - - - 89 89 - 89
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 26 (9) 2 89 109 4 112
2022
Attributed to owners of the Company
COMPREHENSIVE INCOME
Non-controlling interests
Revaluation reserve
Remeasurement of
Translation reserve
Hedging reserve
TOTAL OTHER
the net defined
benefit liability
TOTAL
MILLION EURO
Exchange differences on translation of foreign operations 7 - - - 7 - 7
Effective portion of changes in fair value of
- (5) - - (5) - (5)
cash flow hedges, net of tax
Net changes in fair value of cash flow hedges
- 5 - - 5 - 5
reclassified to profit or loss, net of tax
Net changes in fair value of cash flow hedges transferred to initial carrying amount of
- - - - - - -
hedged items, net of tax
Net change in fair value of equity investments through OCI - - (2) - (2) - (2)
Remeasurement of the net defined benefit liability, net of tax - - - 125 125 - 125
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX 7 - (2) 125 130 - 130
38. LOANS AND BORROWINGS

Non-current liabilities 46 41
Revolving credit facility (1) (1)
Lease liabilities 47 42
Current liabilities 27 25
Liabilities to banks 3 4
Debentures - -
Bank overdrafts - -
Lease liabilities 24 20
TOTAL LOANS AND BORROWINGS 72 66

38.1 Revolving credit facility
On March 5, 2021, Agfa-Gevaert NV closed a three-year multi-currency revolving credit facility of 230 million Euro. This facil-
ity is unsecured and provides for an extension of the term of two times one year. In the course of 2022, the facility has been
extended with one additional year, extending the maturity date until March 2025. In January 2023, this facility had again been
extended with one additional year through to March 2026. The new revolving credit facility will be used for general corporate
purposes. The applicable interest rate is Euribor, Libor or its equivalent replacement benchmark (Reuters) and a margin. In
general, drawdowns under this facility are made for short periods, but the Group has the discretion to rollover the liability
under the existing committed loan facility.
The conditions of the revolving credit facility stipulate that in case of a significant disposal of part of the Group, an event of
default could occur. Pro-actively , the Group has obtained a waiver for the potential event of default related to the disposal
of the Offset business.
At December 31, 2022 and 2021, there were no drawdowns under this facility.
MILLION EURO Notional amount Outstanding amount Currency Interest rate

Maturity date 2021 2022 2021 2022 2021 2022
2025 230 230 - - EUR - -
TOTAL 230 230 - -
38.2 Lease liabilities
The group mainly leases buildings (such as office buildings and warehouses), company cars, other transportation equip-
ment (such as forklifts), and other equipment (such as IT equipment).
Building leases include both annually renewable contracts with options to renew the lease, as well as leases with longer
fixed lease terms. The lease liability relating to building leases amounts to 45 million Euro or approximately 72% of the
Group’s lease liability, and has an average estimated remaining lease term of three years.
Company car leases typically run for a period of four to five years and represent approximately 26% of the Group’s lease lia-
bility. Other leases represent less than 2% of the Group’s lease liability and include forklifts, printers, packaging systems, etc.
Lease liabilities are payable as follows:

Maturing Outstanding amount Incremental borrowing rate Outstanding amount Incremental borrowing rate
< 1 year 24 2.5% 20 2.4%
Between 1-5 years 43 2.5% 35 3.2%
> 5 years 3 5.8% 6 5.3%
TOTAL 71 62
Lease liabilities do not comprise costs for low value leases, short-term leases and other out of scope costs, amounting to 11
million Euro in total (2021: 9 million Euro).
38.3 Liabilities to banks
Liabilities to banks comprise at December 31, 2022, short-term facilities in LATAM and ASPAC countries with a weighted
average interest rate of 6.36% (2021: 16.6%).
38.4 Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-
cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be,
classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.

Cash flows from
Non-cash changes
financing activities
December 31, 2022

Effect of changes
Interest expense
Net repayment/
Interests paid (2)
January 1, 2022
lease contracts
Revaluation of
Combinations
exchange rate
on loans and
proceeds of
borrowings
borrowings
Balance at
Balance at
New lease
in foreign
contracts
Business
MILLION EURO
Revolving credit facility (1) - - - - - - - (1)
Liabilities to banks 3 (3) 1 - - - 3 - 4
Debentures - - - - - - - - -
Lease liabilities 70 - (30) (1) 14 - (3) 2 8 62
Bank overdrafts - - - - - - - - -
Total Loans and borrowings 72 (3) (29) 14 - (3) 5 8 66
(1) Comprises interests paid (2 million Euro).
(2) Interests paid in cash flow statement comprises interests paid on net financial debt (3 million Euro), interests paid on cash and cash equivalents
(1 million Euro), and on other financial assets and liabilities (1 million Euro).
39. PROVISIONS
As of December 31, 2022, provisions amounted to 50 million Euro (2021: 54 million Euro).
MILLION EURO Environmental Trade-related Restructuring Other TOTAL

Provisions at December 31, 2021 3 10 33 8 54
Provisions made during the year - - 26 1 27
Provisions used during the year (1) (1) (24) (1) (27)
Business combinations divestment - - (1) - (1)
Provisions reversed during the year - (1) (3) - (4)
Transfers - - - - -
Provisions at December 31, 2022 2 9 31 8 50
Provisions for environmental protection relate to future re-landscaping, landfill modernization and the remediation of
land contaminated by past industrial operations.
Provisions for trade-related commitments at closing date and related flows during the year primarily comprise commis-
sions to agents, warranty provisions and commercial litigations.
Provisions for restructuring mainly comprise employee related costs regarding the announced reorganization and trans-
formation projects.
Additions for this year mainly comprise costs linked to specific cost saving measures for Radiology and DPC, Finance as well
as costs for a voluntary leave plan for people aged above 60 in Belgium and individual efficiency restructuring initiatives.
Other provisions comprise a provision for dismantling of the Offset production site in Germany, legal claims (including
lawyer fees) and a legal claim regarding import duties.
40. OTHER PAYABLES
The other payables at December 31, 2022, amounting to 6 million Euro (2021: 9 million Euro) comprise a liability manda-
torily measured at fair value through profit or loss (2022: 2 million Euro, 2021: 2 million Euro) related to a deposit of 3.4 ton
silver placed by a metal recovery and refining company valued at the quoted market price interests, share-based payment
transactions (see Note 15), tantièmes, accruals for insurances, finance leases, liabilities against staff resulting from compen-
sation of travel and other personal related expenses and other various amounts payable.
41. OTHER LIABILITIES

The other liabilities current and non-current at December 31, 2022, amounting in aggregate to 1 million Euro (2021: less
than 0.5 million Euro) comprise the unearned portion of government grants and subsidies and other current liabilities.

LIST OF SUBSIDIARIES
42. INVESTMENTS IN SUBSIDIARIES
The ultimate parent of the Group is Agfa-Gevaert NV (BE 0404 021 727), Mortsel (Belgium). The Company is the parent
company for the following significant subsidiaries.
Consolidated companies, December 31, 2022

Name of the company Location Effective interest %
Agfa (Pty.) Ltd. Isando/Rep. of South Africa 51
Agfa (Wuxi) Imaging Co. Ltd. Wuxi/PR China 99.16
Agfa (Wuxi) Printing Plate Co. Ltd. Wuxi/PR China 51
Agfa ASEAN Sdn. Bhd. Kuala Lumpur/Malaysia 51
Agfa Corporation Elmwood Park/United States of America 100
Agfa de Mexico S.A. de C.V. Mexico D.F./Mexico 100
Agfa Finance Corp. Wilmington/United States of America 100
Agfa Finance Inc. Toronto/Canada 100
Agfa Finance Italy SpA Milan/Italy 100
Agfa Finance NV Mortsel/Belgium 100
Agfa Graphics Argentina S.A. Buenos Aires/Argentina 100
Agfa Graphics Asia Ltd. Hong Kong/PR China 51
Agfa Graphics Ecuador CIA. LTDA Quito/Ecuador 100
Agfa Graphics Ltd. Leeds/United Kingdom 100
Agfa Middle East FZCO Dubai/United Arab Emirates 100
Agfa NV Mortsel/Belgium 100
Agfa Graphics S.r.l. Milano/Italy 100
Agfa S.A. (Arg) Buenos Aires/Argentina 100
Agfa HealthCare Australia Pty. Ltd. Scoresby/Australia 100
Agfa Do Brasil Ltda. Sao Paulo/Brazil 100
Agfa HealthCare Chile Ltda. Santiago de Chile/Chile 100
Agfa HealthCare Colombia Ltda. Bogota/Colombia 100
Agfa HealthCare Corporation Greenville/United States of America 100
Agfa HealthCare Denmark A/S Copenhagen/Denmark 100
Agfa HealthCare Germany GmbH Düsseldorf/Germany 100
Agfa HealthCare Hong Kong Ltd. Hong Kong/PR China 100
Agfa HealthCare Inc. Mississauga/Canada 100
Agfa HealthCare India Private Ltd. Thane/India 100
Agfa HealthCare Luxembourg S.A. Bertrange/Luxembourg 100
Agfa HealthCare Malaysia Sdn. Bhd. Kuala Lumpur/Malaysia 100
Agfa HealthCare Mexico S.A. de C.V. Mexico D.F./Mexico 100
Agfa HealthCare Norway AS Oslo/Norway 100
Agfa HealthCare NV Mortsel/Belgium 100
Agfa HealthCare Saudi Arabia Company Limited LLC Riyadh/Saudi Arabia 100
Agfa HealthCare (Shanghai) Co. Ltd. Shanghai/PR China 100
Agfa HealthCare Singapore Pte. Ltd. Singapore/Republic of Singapore 100
Agfa HealthCare South Africa Pty. Ltd. Gauteng/Rep. of South Africa 100
Agfa HealthCare Spain S.A.U. Barcelona/Spain 100
Agfa HealthCare Sweden AB Kista/Sweden 100
Agfa HealthCare UK Limited Brentford/United Kingdom 100
Agfa Imaging (Shenzhen) Co. Ltd. Shenzhen/PR China 51
Agfa Inc. Mississauga/Canada 100
Agfa Industries Korea Ltd. Seoul/Korea 100
Agfa Ltd. Dublin/Ireland 100
Agfa Materials Corporation Wilmington/United States of America 100
Agfa Materials Japan Ltd. Tokyo/Japan 100
Agfa Materials Taiwan Co. Ltd. Taipei/Taiwan 100
Agfa Singapore Pte. Ltd. Singapore/Republic of Singapore 51
Agfa Solutions SAS Rueil-Malmaison/France 100

Agfa Sp. z.o.o. Warsaw/Poland 100
Agfa Taiwan Co. Ltd. Taipei/Taiwan 51
Agfa-Gevaert M.A.E.B.E. Athens/Greece 100
Agfa GmbH Düsseldorf/Germany 100
Agfa-Gevaert Argentina S.A. Buenos Aires/Argentina 100
Agfa-Gevaert B.V. Rijswijk/the Netherlands 100
Agfa-Gevaert Colombia Ltda. Bogota/Colombia 100
Agfa-Gevaert do Brasil Ltda. Sao Paulo/Brazil 100
Agfa-Gevaert Graphic Systems GmbH Düsseldorf/Germany 100
Agfa-Gevaert HealthCare GmbH Düsseldorf/Germany 100
Agfa-Gevaert Japan, Ltd. Tokyo/Japan 100
Agfa-Gevaert Limited Scoresby/Australia 100
Agfa-Gevaert Limited Brentford/United Kingdom 100
Agfa-Gevaert Ltda. Santiago De Chile/Chile 100
Agfa-Gevaert GmbH Düsseldorf/Germany 100
Agfa-Gevaert NZ Ltd. Auckland/New Zealand 100
Agfa-Gevaert S.A.S. Pont-à-Marcq/France 100
Agfa-Gevaert S.p.A. Milan/Italy 100
Lastra Attrezzature S.r.l. Manerbio/Italy 60
Litho Supplies (UK) Ltd. Derby/United Kingdom 100
Luithagen NV Mortsel/Belgium 100
New ProImage America Inc. Princeton/United States of America 100
New ProImage Ltd. Netanya/Israel 100
OOO Agfa Graphics Moscow/Russian Federation 51
OOO Agfa Moscow/Russian Federation 100
Agfa HealthCare Kazakhstan LLP Almaty/Republic of Kazakhstan 100
Agfa HealthCare Ukraine LLC Kyiv/Ukraine 100
PT Gevaert-Agfa HealthCare Indonesia Jakarta/Indonesia 100
Bodoni Systems Watford/United Kingdom 100
Agfa HealthCare Middle East FZ-LLC Dubai/United Arab Emirates 100
Agfa HealthCare IT UK Limited Middlesex/United Kingdom 100
Agfa South Africa (Pty) Ltd. Gauteng/Rep. of South Africa 100
Agfa Australia Pty Ltd. Scoresby/Australia 100
Agfa Canada Inc. Mississauga/Canada 100
Agfa US Corp. Greenville/United States of America 100
Agfa Graphics Shanghai Co. Ltd. Shanghai/PR China 51
Agfa HealthCare IT (Shanghai) Co. Ltd. Shanghai/PR China 100
Agfa Hong Kong Ltd. Hong Kong/PR China 100
Agfa HealthCare Vietnam Co. Ltd. Ho Chi Minh City/Vietnam 100
Agfa HuaGuang (Shanghai) Graphics Equipment Ltd. Shanghai/PR China 26.01
Agfa Materials Korea Co Ltd. Seoul/Korea 100
Agfa Ré S.A. Luxembourg/Luxembourg 100
Agfa Offset Colombia S.A.S. Bogota/Colombia 100
Agfa Offset BV Mortsel/Belgium 100
Agfa Offset US Corp. Delaware/United States of America 100
Agfa Offset Canada Inc. Mississauga/Canada 100
Agfa Offset Single Member S.A. Athens/Greece 100
Inca Digital Printers Cambridge/United Kingdom 100
Agfa IJC Cambridge/United Kingdom 100
Agfa Alterssicherungs-AG Düsseldorf/Germany 100
43. EQUITY ACCOUNTED INVESTEES
Associated companies, December 31, 2022

Name of the company Location Effective interest %
Penny Black BV Antwerp/Belgium 49.80

OTHER INFORMATION
44. OPERATING LEASES
Within the segment HealthCare IT, the Group offers Software as a Service (‘SaaS’) which are offsite, onsite or hybrid mo-
dels under which software, hardware and services are offered to the customer on a pay-per-use basis or a monthly/annual
fee basis. The Group guarantees the management of the system over the contract period, and provides daily technical
operations, maintenance and support to the customer. These contracts can comprise an operating lease component. The
lease income related to this contracts amounts to 14 million Euro during 2022 (2021: 12 million Euro) and was recognized
in revenue based upon use/consumption by the client.
The Group moreover offers ‘bundle deals’ whereby equipment usage is financed by an uplift on consumables purchased by
the customer. An operating lease component can be embedded in these type of contracts. The operating lease component
is recognized in revenue based on the consumables purchase.
The total of assets in operating lease contracts recognized in the statement of financial position at December 31, 2022
amounts to 4 million Euro (December 31, 2021: 6 million Euro) (see Note 28).
45. COMMITMENTS AND CONTINGENCIES
45.1 Contingencies
Contingencies resulted entirely from commitments given to third parties and comprise:

Bank guarantees 32 36
Other - -
Corporate guarantees 188 184
TOTAL 220 220
Corporate guarantees mainly relate to guarantees given by the parent company on behalf of its subsidiaries towards banks
and mainly relate to the revolving credit facility (see Note 38.1) and other negotiated credit lines.
There are no purchase commitments in connection with major capital expenditure projects for which the respective con-
tracts have already been awarded or orders placed.
45.2 Legal risks/contingencies
The Group is currently not involved in any major litigation apart from those related to the AgfaPhoto insolvency.
AgfaPhoto
In connection with the divestment of the Consumer Imaging business of Agfa-Gevaert AG and certain of its subsidiaries,
the Group entered into various contractual relationships with AgfaPhoto Holding GmbH, AgfaPhoto GmbH and their
subsidiaries in various countries (the ‘AgfaPhoto group’), providing for the transfer of its Consumer Imaging business,
including assets, liabilities, contracts and employees, to AgfaPhoto group companies.
Subsequent to the divestment, insolvency proceedings have been opened with respect to AgfaPhoto GmbH and a number
of its subsidiaries in both Germany and other countries. The Group had been sued through lawsuits or other actions in
various countries in connection with a number of disputes. Those disputes have been resolved, with the exception of the
following dispute.
With respect to that divestment, the insolvency receiver of AgfaPhoto GmbH initiated various arbitration proceedings be-
fore the ICC International Court of Arbitration in Paris. In arbitration proceeding ICC N°. 15362, the receiver claimed dama-
ges allegedly suffered as a result of, inter alia, the alleged undercapitalization of AgfaPhoto GmbH and the alleged causation
of the insolvency of AgfaPhoto GmbH. The ICC Tribunal issued a final award on May 31, 2018, through which it dismissed
all of the insolvency receiver’s claims, and ordered him to reimburse to Agfa a very substantial part of the costs that Agfa

incurred in that arbitration proceeding. The insolvency receiver filed a request for the annulment of that final award before
a German court (‘Oberlandesgericht Frankfurt/Main’ or ‘OLG’) in October 2018. By judgment of January 16, 2020, the OLG
declared the annulment of the final award of May 31, 2018. The concerned Agfa companies appealed this judgment before
the ‘Bundesgerichtshof’ (BGH). The BHG confirmed the judgment of the OLG by decision of November 26, 2020 which
was communicated to Agfa on January 20, 2021. The concerned Agfa companies decided not to appeal this decision before
the German Federal Constitutional Court (‘Bundesverfassungsgericht’). Consequently, the final award of May 31, 2018 has
been set aside definitively. After an unsuccessful conciliation attempt the insolvency receiver of AgfaPhoto GmbH initiated
a new arbitration proceeding before the ICC International Court of Arbitration in April 2021 (ICC N°. 26175), in which he
pursues his claim for damages allegedly suffered as a result of the alleged undercapitalization of AgfaPhoto GmbH, in addi-
tion to the reimbursement of his costs borne in the first arbitration (ICC N°. 15362). An ICC tribunal with three arbitrators
was formed in the course of 2021. In the course of 2022, the insolvency receiver submitted his full Statement of Claim and
Agfa submitted its Statement of Defense. In the course of 2023, the insolvency receiver will submit his full Reply Brief and
Agfa will submit its Rejoinder Brief. A hearing is scheduled to take place in the last quarter of 2023. The Group will vigorous-
ly defend itself in this new procedure.
Other
Further legal risks for the Group exist with regard to a dispute with a former distributor of the Group’s products in Bolivia
who claims compensation for breach of contract. The Group believes it has meritorious defenses in this lawsuit and is de-
fending itself vigorously.
46. RELATED PARTY TRANSACTIONS
46.1 Transactions with Directors and members of the Executive Management (key management personnel)
Key management personnel compensation (excluding employer’s social contribution) included in profit or loss can be detai-
led as follows:
2021 2022
MILLION EURO Directors Executive Management Directors Executive Management
Short-term employee benefits 0.5 3.3 0.5 3.3
Termination benefits - -
Post-employment benefits 0.2 0.3
Share-based payment 0.6 0.3
TOTAL 0.5 4.1 0.5 3.9
As of December 31, 2022, there were no loans outstanding neither to members of the Executive Management nor to mem-
bers of the Board of Directors.
Pension provisions for members and retired members of the Executive Management, amounting to 11 million Euro, are re-
flected in the statement of financial position of the Group at December 31, 2022. Key management personnel remuneration
is also included in the Remuneration Report (see pages 279-284).
46.2 Other related party transactions
Transactions with related companies are mainly trade transactions.
The Group and its business partner Shenzhen Brother Gao Deng Investment Group Co., Ltd. combined as of 2010 their
activities aiming at reinforcing both partners’ market position in Greater China and ASEAN region.
Shenzhen Brother Gao Deng Investment Group Co., Ltd. has a 49% stake in Agfa Graphics Asia Ltd., the holding company
of the combined operations of both parties. In 2019, the Group transferred two subsidiaries to Agfa Graphics Asia Ltd. Also
in 2019, Agfa Graphics Asia established a new company, Agfa HuaGuang (Shanghai) Graphics, in which a new business
partner Lucky HuaGuang Graphics Co., Ltd. participated for 49%. This strategic alliance should allow both business part-
ners to realize growth through the optimization of their respective strengths in the field of manufacturing, technology and
distribution of graphics prepress products and services. See also Note 37.8 ‘Non-controlling interests.’
The following table summarizes the transaction values and the outstanding balances between the Group and its related

parties Shenzhen Brother Gao Deng Investment Group Co., Ltd. and Lucky HuaGuang Graphics Co., Ltd. In the course of
2022, Shenzhen Brother Gao Deng Investment Group Co., Ltd. received a dividend of 10 million Euro (49%). In the course
of 2022, Lucky HuaGuang Graphics Co., Ltd. received a dividend of 1 million Euro.
Transaction value for

Balance outstanding at December 31
the year ended December 31
MILLION EURO 2021 2022 2021 2022
Sales to Shenzhen Brother Gao Deng Investment Group Co., Ltd. 26 14 8 2
Sales to Lucky HuaGuang Graphics Co., Ltd. 13 8 4 1
Purchases from Shenzhen Brother Gao Deng
59 90 1 1
Investment Group Co., Ltd.
Purchases from Lucky HuaGuang Graphics Co., Ltd. 175 165 62 62
Dividend 5 11 1 -
Prepayment - - 10 7
Prepayments with an outstanding balance of 7 million Euro relate to supplier advances against companies of the Shenzhen
Brother Gao Deng Group for whose account the film conversion takes place and from whom aluminum is bought.
The advance is amortized based upon future film volumes supplied to Agfa Graphics Asia Ltd. The outstanding amount of
7 million Euro is recognized as ‘Other assets’ (see Note 36).
47. EVENTS SUBSEQUENT TO DECEMBER 31, 2022
There are no subsequent events.
48. INFORMATION ON THE AUDITOR’S ASSIGNMENTS AND RELATED FEES
The following fees for the services of KPMG Bedrijfsrevisoren/Réviseurs d’Entreprises were recognized as an expense:
Euro 2021 2022

Fees of the independent auditor with respect to the statutory audit mandate for the Company and the Group (Belgium) 890,350 982,520
Fees for non-audit services rendered by the independent auditor to the Company and the Group
Other attestation 25,500 20,000
Tax - -
Other non-audit - -
SUBTOTAL 915,850 1,002,520
Fees of independent auditor’s network with respect to a statutory audit mandate at the level of the Group
591,911 668,494
(foreign operations)
Fees for non-audit services rendered by the independent auditor’s network to the Group (Belgian and foreign operations)
Other attestation 25,000 25,078
Tax 48,747 127,425
Other non-audit 149,288 380,355
SUBTOTAL 814,946 1,201,352
TOTAL 1,730,796 2,203,872
The fees for the auditing of financial statements comprise those for the audits of the consolidated financial statements of
the Agfa-Gevaert Group and the financial statements of its subsidiaries in Belgium and abroad. Other non-audit fees main-
ly relate to advice and due diligence assistance.

ACCOUNTING POLICIES
49. BASIS OF MEASUREMENT
The consolidated financial statements have been prepared on the historical cost basis except for the following items in the
statement of financial position:
· Derivative financial instruments are measured at fair value;
· Non-derivative financial instruments at fair value through profit or loss (FVTPL) are measured at fair value;
· Debt and equity instruments at FVOCI are measured at fair value;
· Contingent consideration assumed in a business combination is measured at fair value;
· Liabilities for cash-settled shared-based payments arrangements are measured at fair value;
· Plan assets attributable to the Company’s defined benefit retirement plans and other post-employment benefit plans are
measured at fair value; and
· DBO attributable to defined benefit plans are measured using the projected unit credit method.
50. SIGNIFICANT ACCOUNTING POLICIES
50.1 Basis of consolidation
50.1.1 Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on
which control is transferred to the Group.
Control is the power over the entity, i.e. the right that gives the Company the ability to direct the relevant activities of relat-
ed entity, and is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity.
Goodwill is not amortized but tested for impairment on an annual basis and whenever there is an indication that the
cash-generating unit to which goodwill has been allocated may be impaired. The impairment testing process is described
in the appropriate section of these policies. Goodwill is stated at cost less accumulated impairment losses. With respect to
associates, the carrying amount of goodwill is included in the carrying amount of the investment.
The Group measures goodwill at the acquisition date as:

· the fair value of the consideration transferred; plus
· the recognized amount of any non-controlling interests in the acquiree; and if the business combination is achieved in
stages, the fair value of the existing equity interest in the acquiree; less
· the net fair value of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. Any contingent consid-
eration payable is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent
consideration recognized as a liability are recognized in profit or loss.
Costs related to the acquisition are expensed as incurred.
50.1.2 Discontinued operations
A discontinued operation is a component of the Group’s business, the operations and cash flows which can be clearly dis-
tinguished from the rest of the Group and which:
· represents a separate major line of business or geographic area of operations;
· is part of a single co-ordinated plan to dispose of a separate major line of business or geographic area of operations; or
· is a subsidiary acquired exclusively with a view to resale.
Classification as a discontinued operation occurs at the earlier of disposal or when an operation meets the criteria to be
reclassified as held-for-sale.

When an operation is classified as a discontinued operation, the comparative statement of profit or loss and OCI is re-
presented as if the operation has been discontinued from the start of the comparative year.
50.1.3 Measurement of non-controlling interests
Non-controlling interests are measured at their proportionate share of the acquirees identifiable net assets at the date
of acquisition. Changes in the Group’s interest in a subsidiary that do not result in the loss of control are accounted for as
equity transactions. When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsid-
iary, and any related NCI and other components of the equity. Any resulting gain or loss is recognised in profit or loss. Any
interest retained in the former subsidiary is measured at fair value when control is lost.
50.1.4 Subsidiaries
A subsidiary is an entity controlled by the Company. Control exists when the Company has the power over the entity, i.e.
the right that gives the Company the ability to direct the relevant activities of related entity, and is exposed to or has rights
to variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity.
The financial statements of a subsidiary are included in the consolidated financial statements from the acquisition date
until the date when the parent ceases to control the subsidiary.
Changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control
Changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions (i.e. transactions with owners in their capacity as owners).
In such circumstances, the carrying amounts of the controlling and non-controlling interests shall be adjusted to reflect the
changes in their relative interests in the subsidiary. Adjustments to non-controlling interests arising from transactions that
do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference
between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or
received, shall be recognized in equity and attributed to the owners of the parent.
50.1.5 Loss of control
On the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the
other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit
or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that
control is lost. Subsequently it is accounted for as an equity-accounted investee or as a financial asset depending on the level
of influence retained.
50.1.6 Investments in associates
An associate is an entity in which the Company has significant influence and that is neither a subsidiary nor an interest in a
joint venture. Significant influence is presumed to exist when the Company holds between 20% and 50% of the voting power
of another entity. An investment in an associate is accounted for using the equity method from the date on which it becomes
an associate and is recognized initially at cost. The cost of the investment includes transaction costs. On acquisition of the
investment, any difference between the cost of the investment and the Company’s share of the net fair value of the associate’s
identifiable assets and liabilities is accounted for as follows:
· Goodwill relating to an associate is included in the carrying amount of the investment;
· Any excess of the Company’s share of the net fair value of the associate’s identifiable assets and liabilities over the cost of
the investment is included as income in the determination of the Company’s share of the associate’s profit or loss in the
period in which the investment is acquired.
Elimination of unrealized profits and losses on transactions with associates

Profits and losses resulting from upstream and downstream transactions between the Company – included its consolidated
subsidiaries – and an associate must be eliminated to the extent of the Company’s interest in the associate.
Upstream transactions are, for example, sales of assets from an associate to the Company. Downstream transactions are, for
example, sales of assets from the Company to an associate.

When an investment ceases to be an associate
From the date when the Company ceases to have significant influence over an associate, it accounts for related investment in
accordance with IFRS 9 from that date. On the loss of significant influence, the Company measures at fair value any invest-
ment the Company retains in the former associate.
The Company recognizes in profit or loss any difference between:

· the fair value of any retained investment and any proceeds from disposing of the (partial) interest in the associate; and
· the carrying amount of the investment at the date when significant influence is lost.
Amounts recognized in OCI in relation to the associate or joint venture are accounted for on the same basis as would be re-
quired if the investee had disposed of the related assets and liabilities directly.
50.1.7 Jointly controlled entities and jointly controlled operations
A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually
agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control. Depending upon the rights and obligations of the parties to the arrange-
ment, the joint arrangement is classified either as a joint operation or a joint venture.
A. Joint operation
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
The consolidated financial statements include the assets that the Group controls and the liabilities that it incurs in the
course of pursuing the joint operation and the expenses that the Group incurs and its share of the income that it earns from
the joint operation.
B. Joint venture
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the arrangement. Those parties are called joint venturers.
The Group as joint venturer recognizes its interest in a joint venture as an investment that is accounted for using the equity
method (see Note 50.1.6).
50.1.8 Transactions eliminated on consolidation
Intragroup balances and transactions, including income, expenses and dividends, are eliminated in full. Unrealized profits
and losses resulting from intragroup transactions that are recognized in assets, such as inventory and fixed assets, are elim-
inated in full.
Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the
extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only
to the extent that there is no evidence of impairment.
50.2 Foreign currency
Items included in the financial statements of each of the Company’s entities are measured using the currency of the prima-
ry economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements
are presented in Euro, which is the Company’s functional and presentation currency.
50.2.1 Foreign currency transactions
All transactions in currencies other than the functional currency are foreign currency transactions. Foreign currency trans-
actions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at closing
rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss. However, foreign

currency differences arising from the translation of the following items are recognized in OCI:
· An investment in equity securities designated as at FVOCI (except on impairment, in which case foreign currency differ-
ences that have been recognized in OCI are reclassified to profit or loss);
· Qualifying cash flow hedges to the extent that the hedges are effective.
Non-monetary assets and liabilities measured at historical cost that are denominated in foreign currencies are translated
using the exchange rate at the date of the transaction.
50.2.2 Foreign operations
A foreign operation is an entity that is a subsidiary, associate, joint venture or branch of the Company, of which the activi-
ties are based or conducted in a currency other than the Euro.
The financial statements of foreign operations are translated for the purpose of the consolidation as follows:
· Assets and liabilities are translated at the closing rate;
· Income and expenses are translated at average year-to-date exchange rates; and
· Equity components are translated at historical rates, excluding current year movements, which are translated at rates
approximating the rate at the time of the transaction.
All resulting exchange differences are recognized in other comprehensive income and accumulated in a separate com-
ponent of equity being ‘Translation reserve’. The amount attributable to any non-controlling interests is allocated to and
recognized as part of non-controlling interests.
On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign opera-
tion, recognized in other comprehensive income and accumulated in the separate component of equity, is reclassified from
equity to profit or loss when the gain or loss on disposal is recognized.
On the partial disposal of a subsidiary that includes a foreign operation, the proportionate share of the cumulative amount
of the exchange differences recognized in other comprehensive income is re-attributed to non-controlling interests in that
foreign operation. Any other partial disposal of a foreign operation – related to an associate, joint venture or branch of the
Company – results in a reclassification to profit or loss of the proportionate share of the cumulative amount of the exchange
differences recognized in other comprehensive income.
A partial disposal of an entity’s interest in a foreign operation is any reduction in an entity’s ownership interest in a foreign
operation, except for those reductions resulting in:
· the loss of control of a subsidiary;
· the loss of significant influence over an associate;
· the loss of joint control over a joint arrangement.
These reductions are accounted for as disposals resulting in a reclassification from other comprehensive income to profit or
loss of the cumulative amount of the exchange differences relating to that foreign operation.
50.3 Revenue from contracts with customers
Revenue from contracts with customers is recognized according to the criteria set in IFRS 15 Revenue from contracts with
customers. In recognizing revenue from contracts with customers a five-step approach is to be applied: first the contract
with the customer should be identified; then the distinct performance obligations in the contract should be identified; as a
third step the transaction price should be determined; then the transaction price should be allocated to the distinct perfor-
mance obligations in the contract; and finally revenue is recognized when the distinct performance obligation is satisfied.
The standard moreover specifies whether revenue should be recognized at a certain point in time or over a period of time.
Revenue is recorded net of sales taxes, customer discounts and rebates.
The Group’s policy distinguishes revenue from the sale of goods, the rendering of services and multiple-element arrangements.
Revenue from the sale of goods comprises revenue from the sale of consumables, chemicals, spare parts, standalone
equipment and software licenses. Revenue from the rendering of services includes installation services, maintenance and
post-contract support services. The Group also enters into arrangements combining multiple deliverables such as software,

hardware/equipment and services, including training, maintenance and post-contract customer support, the ‘multiple-el-
ement arrangements.’ Freight charged to customers is recognized as revenue as incurred.
A. Sale of goods
Revenue from the sale of goods is recognized when the customer obtains control of the goods and when it is probable
that the agreed transaction price will be collected. In evaluating whether collectability is probable, the entity considers
the customer’s ability and intention to pay that amount when it is due. Revenue from the sale of goods is, under IFRS 15,
recognized upon delivery following applicable freight terms, at a point in time.
Revenue from the sale of stand-alone software licenses is recognized at a point in time, at the delivery of the source key.
The license is recognized at a point in time as the Group provides the customer access to and a right to use the intellectual
property as it exists at a point in time.
In case volume discounts incentives are offered to the customer, the expected volume rebates are estimated based on
historical experience. The amount of the variable consideration is made based on the most likely amount-method. The
variable consideration is recognized only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue will not occur.
B. Rendering of services
Under the IFRS 15 standard, revenue from maintenance contracts is recognized straight-line over the maintenance period
as the customer simultaneously receives and consumes the benefits from the maintenance over time.
Revenue from installation and implementation services are recognized as rendered. The progress is measured based on
input methods being the labor hours expended to date versus the estimated hours spend.
When in a service contract multiple services are offered, the total consideration is allocated to all services based on their
stand-alone selling price.
C. Multiple-element arrangements
Multiple-element arrangements offer the customer a combination of several deliverables such as software, licenses,
hardware, implementation services and maintenance and post-contract support services. For arrangements not requir-
ing substantive customization of the software, each aforementioned deliverable is assumed to qualify as a separate per-
formance obligation.
The total arrangement fee is allocated to the distinct performance obligations based on the stand-alone selling prices of the
performance obligations.
In case discounts are offered, a proportionate amount is allocated proportionally to each performance obligation based on
their stand-alone selling price.
Within the HealthCare IT and Radiology Solutions business segments, most arrangements do not require significant cus-
tomization of modification.
Revenue allocated to the hardware portion of the arrangement is recognized on delivery when it creates value to the cus-
tomer on a stand-alone basis. Hardware is considered as a distinct performance obligation as there is no transformative
relationship between the hardware and other components of the contract.
Revenue allocated to the software component is recognized after successful installation and acceptation at the client’s
premises. The software license is a distinct performance obligation as the customer can benefit from the license with read-
ily available resources. The license is recognized at a point in time as the Group provides the customer access to and a right
to use the intellectual property as it exists at a point in time.
Revenue from installation and implementation services are recognized as rendered. The progress is measured based on
input methods being the labor hours expensed to date versus the estimated hours spend.
Extended warranty whereby the customer purchases additional warranty separately, i.e. warranty that is adding additional
services on top of the legal warranty or for a longer period than legal warranty, is considered as a distinct performance obli-
gation within multiple-element arrangements.

Revenue recognized for which no billing has yet occurred is recognized in the statement of financial position as contract
assets and advance payments received for which no revenue has been recognized is presented as contract liabilities.
Within the Offset Solutions and Digital Print & Chemicals divisions, revenue from sale of equipment that require substan-
tive installation activities is recognized when the installation of the equipment is finalized in accordance with the contrac-
tually agreed specifications. Installation services and equipment are considered highly interrelated and are identified as
one performance obligation that is recognized at a point in time, i.e. at installation at the client’s premises.
50.4 Employee benefits
For the accounting treatment of post-employment plans, IFRS distinguishes defined contribution plans and defined ben-
efit plans. The classification depends on which party – Company or employee – bears the actuarial and investment risk.
In case of a defined contribution plan, the employee bears all the risks and therefore the Company does not recognize a
liability in its statement of financial position except for any unpaid contribution.
In case of a defined benefit plan, the Company bears the actuarial and investment risk and should consequently recognize
a liability in its statement of financial position.
50.4.1 Defined contribution plans
Contributions to defined contribution pension plans are recognized as an expense in profit or loss as incurred.
They are allocated among functional costs: cost of sales, research and development expenses, selling and administrative ex-
penses, following the functional area of the corresponding profit and cost centers to which related employees are attributed.
50.4.2 Defined benefit plans
As from December 31, 2016, the accounting treatment for Belgian defined contribution plans with return guaranteed by
law has been aligned with the accounting treatment of defined benefit plans.
A. Liabilities for post-employment benefits

For defined benefit plans, the amount recognized in the statement of financial position is determined as the present value
of the defined benefit obligation less the fair value of any plan assets. Where the calculation results in a net surplus, the
recognized asset does not exceed the present value of any economic benefits available in the form of refunds from the plan
or reductions in future contributions to the plan.
The present value of the defined benefit obligations (DBO) and the service costs are calculated by a qualified actuary using
the Projected Unit Credit (PUC) method. Under this method projected benefits that are payable each future year are dis-
counted to the reporting date at the assumed interest rate. The resulting total benefit obligation is then allocated to past
service, presenting the DBO and year-in-service, presenting the service cost. The assumed interest rate is the discount rate
based on yields at reporting date on high-quality corporate bonds that have maturity dates approximating the terms of the
Group’s obligations. In determining the net present value of the future benefit entitlement for service already rendered
(DBO), the Group considers future compensation and benefit increases. The DBO also comprises the present value from
the effects of taxes payable by the plan on contributions or benefits relating to services already rendered.
More information about the application of the PUC method for Belgian defined contribution plans can be found hereafter.
B. Defined benefit cost recognized in profit or loss and ‘Other comprehensive income’
The amount charged to profit or loss consists of current service cost, past service cost, gain or loss on settlement, net inter-
est cost and administrative expenses and taxes. Current service costs as well as administrative expenses and taxes, which
are borne by the employer(s) participating to the plan, are allocated among functional costs: cost of sales, research and de-
velopment expenses, selling and general administrative expenses, following the functional area of the corresponding profit
and cost centers to which related employees are attributed. Past service cost and settlement gains (losses) are recognized
immediately in profit or loss under ‘Other operating income’ or ‘Other operating expense’ when the plan amendment,
curtailment or settlement occurs. Administrative expenses which are related to the management of plan assets and taxes
directly linked to the return on plan assets – borne by the plan itself – are included in the return on plan assets and are
recognized in ‘Other comprehensive income, net of income taxes (OCI)’.

Net interest cost is recognized in profit or loss under ‘Other finance expense.’ It is calculated by applying the discount rate
used to measure the defined benefit obligation to the net defined benefit liability. The net interest cost is broken down
into interest income on plan assets and interest cost on the defined benefit obligation. The difference between the return
on plan assets and the interest income on plan assets is included in line item ‘Post-employment benefits: remeasurements
of the net defined benefit liability’ and recognized in ‘Other comprehensive income, net of income taxes’. Next to the
difference between the actual return and the interest income on plan assets, the line item ‘Post-employment benefits:
remeasurements of the net defined benefit liability’ also comprises actuarial gains and losses resulting for example from an
adjustment of the discount rate.
C. Defined contribution plans with return guaranteed by law

Belgian ‘Defined contribution plans’ are subject to the Occupational Pensions Act of April 2003. According to article 24 of
this Act, affiliated persons are entitled to a guaranteed minimum return on contributions made by either the organizer of
the plan or the employee. Some conditions in this law, such as the required level of minimum return, have been amended
by the Act of December 18, 2015. Similar to the measurement of all other defined benefit plans, the net pension liability
related to defined contribution plans with return guaranteed by law is calculated as the difference between the present
value of the defined benefit obligation (DBO) and the fair value of the plan assets. As of December 31, 2016, the present
value of the defined benefit obligation (DBO) and the service costs are calculated by a qualified actuary using the Projected
Unit Credit (PUC) method. More information on the general principles of this method can be found under ‘Liabilities for
post-employment benefits’.
Within the Belgian Agfa-Gevaert Group entities, all insured plans guarantee a fixed return up to retirement age (so-called
Branch 21 insured products). Depending on the nature of the insured contract, the DBO has been determined with or with-
out future contributions and their related minimum returns up to the retirement age or exit. For the Top Performance Plan
no future contributions were considered, for all other ‘Branch 21’ insured products recurring contributions are paid and
therefore considered in the actuarial calculation.
Similar to the Belgian DC-plans, the Group’s Swiss DC-plans are accounted for as DB-plans under IAS 19.
In measuring the net liability related to Belgian and Swiss defined contribution plans with return guaranteed by law, the
Group has applied paragraph 115 of IAS 19. Paragraph 115 states “Where plan assets include qualifying insurance policies
that exactly match the amount and timing of some or all of the benefits payable under the plan, the fair value of those insur-
ance policies is deemed to be the present value of the related obligations” up to the guaranteed rate of the insurer. The ap-
plication of this paragraph 115 implies a market valuation of the retirement age contractual insured benefit, which impacts
both the assets to account for and the DBO. In terms of applying the methodology of paragraph 115, management believes
that the DBO calculation should reflect that the employee is entitled to the higher of the actual accumulated reserves and
the minimum reserves. Therefore, the DBO calculation reflects this plan characteristic for every event, being leaving before
retirement or staying until retirement.
50.4.3 Termination benefits
Termination benefits are recognized as a liability and an expense when a Group company is demonstrably committed
to either:
· terminate the employment of an employee or group of employees before the normal retirement date; or
· provide termination benefits as a result of an offer made in order to encourage voluntary redundancy and to the extent it
is probable that the employees will accept the offer.
Where termination benefits fall due more than twelve months after the reporting date, they are discounted using a dis-
count rate which is the yield at reporting date on high quality corporate bonds that have maturity dates approximating the
terms of the Group’s obligations.
The interest impact of unwinding and re-measuring long-term termination benefits at adjusted discount rates at financial
reporting date is reflected in profit or loss under ‘Other finance expense’ whereas the impact of increases and decreases of
the Group’s commitments are presented under ‘Other operating expenses – Restructuring expenses’.

50.4.4 Other long-term employee benefits
The Group’s net obligation in respect of long-term employee benefits, other than pension plans, post-employment life in-
surance and medical care, is the amount of future benefit that employees have earned in return for their service in current
and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value
and the fair value of any related assets is deducted. The discount rate used is the yield at reporting date on high quality
corporate bonds that have maturity dates approximating the terms of the Group’s obligations.
Unlike the accounting treatment of post-employment defined benefit plans, remeasurements of other long-term employee
benefits are not reflected in other comprehensive income. Instead, the impact of remeasurements is recognized in profit or loss.
50.4.5 Current employee benefits
Current employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is
provided. A liability is recognized for the amount expected to be paid within twelve months if the Group has a present legal
or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can
be estimated reliably.
50.4.6 Share-based payment transactions
The Group has cash-settled share-based payment transactions as it has granted a long-term variable compensation em-
bedded in a Phantom Stock Option Plan to its CEO and key personnel members of the Group. This plan can result in an
additional cash bonus.
In the established share-based payment transaction, the eligible person directly participates in changes in value of the un-
derlying equity instrument, being the shares of Agfa-Gevaert NV and, accordingly, the cash payment is based on the price
or value of the equity instrument.
Related share appreciation rights do not vest until the eligible persons have completed a specified period of service. There-
fore, the Company recognizes the services received, and a liability to pay for them, as the eligible person renders service
during that period. The liability is measured, initially and at the end of each reporting period until settled, at the fair value
of the share appreciation rights, by applying an option pricing model, and the extent to which the employees have ren-
dered service to date. Changes in fair value are recognized in profit or loss. Both the cost recognized at initial measurement
as well as the impact of changes in fair value are considered as employee benefit expenses. Black and Scholes is the applied
option pricing model.
50.5 Research and development expenses
For accounting purposes, research expenses are defined as costs incurred for current or planned investigations undertaken
with the prospect of gaining new scientific or technical knowledge and understanding. Development expenses are defined
as costs incurred for the application of research findings or specialist knowledge to plans or designs for the production,
provision or development of new or substantially improved products, services or processes, respectively, prior to the com-
mencement of commercial production or use.
Research and development expenses are incurred in the Agfa-Gevaert Group for in-house research and development activ-
ities, as well as numerous research and development collaborations and alliances with third parties.
Research and development expenses include, in particular, the running costs of the research and development depart-
ments such as personnel expenses, material costs and depreciation of fixed assets as well as the costs of laboratories, costs
of applications development facilities, engineering departments and other departments carrying out research and devel-
opment tasks, costs of contacts with universities and scientific institutes including expenses incurred for commissioned
research and development work.
Research costs cannot be capitalized. The conditions for capitalization of development costs are closely defined: an intan-
gible asset must be recognized if, and only if, there is reasonable certainty of receiving future cash flows that will cover an
asset’s carrying amount.

50.6 Net finance costs
Interest income (expense) – net comprises interests receivable/payable in relation to items of the net financial debt position.
Net financial debt is defined as current and non-current loans and borrowings and lease liabilities less cash and cash equiv-
alents. Other finance income (expense) – net comprises:
· interest received/paid on other assets and liabilities not part of the net financial debt position such as the net interest cost
of defined benefit plans and the interest component of long-term termination benefits;
· exchange results on non-operating activities;
· changes in the fair value of derivative instruments economically hedging non-operating activities;
· the ineffective portion of cash flow hedges hedging non-operating activities;
· impairment losses recognized on financial assets;
· results on the sale of marketable securities;
· change in contingent consideration from a business combination; and
· other finance income (expense).
Interest income is recognized in profit or loss as it accrues, taking into account the effective yield on the asset. Dividend
income is recognized in profit or loss on the date that the dividend is declared.
All interest and other costs incurred in connection with borrowings are expensed as incurred using the effective interest rate.
The interest expense component of lease payments is recognized in profit or loss using the effective interest rate method.
The net interest cost of defined benefit plans is determined by multiplying the net defined benefit liability by the discount rate
that is used to measure the defined benefit obligation, both as determined at the start of the annual reporting period, taking
account of any changes in the net defined benefit liability during the period as a result of contributions and benefit payments.
The interest component of long-term termination benefits comprises the impact of unwinding the liability, as well as the
impact of the changed discount rate.
50.7 Income tax and other tax
Income tax on the profit (loss) for the year comprises taxes paid or accrued and deferred tax expense (income). Income
tax is recognized in profit or loss except to the extent that it relates to items recognized directly in other comprehensive
income, in which case it is recognized in other comprehensive income or if part of a business combination in which case it
is recognized against goodwill.
In determining the amount of taxes paid or accrued and deferred tax expense (income), the Company takes into account
the impact of uncertain tax positions and whether additional taxes and interest may be due.
Other tax receivables and liabilities relate to other tax, such as VAT, property tax and other indirect taxes. They are carried
at cost. Both current and other tax receivables are offset against current tax liabilities, respectively other tax liabilities when
they relate to taxes levied by the same taxation authority and are intended to be settled on a net basis and there is a legal
right to offset.
50.7.1 Income taxes paid or accrued
Taxes paid or accrued are the expected tax payable on the taxable income for the year, using tax rates enacted or substan-
tially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Additional income taxes
that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend.
Current income tax for current and prior periods are, to the extent unpaid, recognized as a liability. If the amount already
paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognized as an asset.
50.7.2 Deferred tax
Deferred tax is calculated using the balance sheet method, providing for temporary differences between the carrying
amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for:
· taxable temporary differences on the initial recognition of goodwill;
· the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction, affects neither accounting profit nor taxable profit (tax loss); and
· differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.

The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantially enacted at the reporting date. A deferred tax asset is recog-
nized only to the extent that it is probable that future taxable profits will be available against which the deductible tem-
porary differences, unused tax losses and credits can be utilized. Deferred tax assets are reduced to the extent that it is no
longer probable that the related tax benefit will be realized.
Deferred tax assets and deferred tax liabilities are offset in the statement of financial position if the entity has a legal right to
settle current tax amounts on a net basis and the deferred tax amounts are levied by the same taxing authority on the same
entity that intend to realize the asset and settle the liability at the same time.
50.8 Goodwill and intangible assets with indefinite useful lives
Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying
amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the car-
rying amount of the equity-accounted investee as a whole.
Intangible assets with indefinite useful lives, such as trademarks, are stated at cost less accumulated impairment losses.
Intangible assets with indefinite useful lives are not amortized. Instead, they are tested for impairment annually and when-
ever there is an indication that the intangible asset may be impaired.
50.9 Intangible assets with finite useful lives
50.9.1 Recognition and measurement
Intangible assets with finite useful lives are stated at cost less accumulated amortization and impairment losses.
Research and development costs are expensed as they are incurred, except for certain development costs, which are cap-
italized when it is probable that a development project will be a success, and certain criteria, including technological
and commercial feasibility, have been met. Capitalized development costs are amortized on a systematic basis over their
expected useful lives.
In accordance with IFRS 3 Business combinations, if an intangible asset is acquired in a business combination, the cost of
that intangible asset is its fair value at the acquisition date. The fair value of an intangible asset reflects market expectations
about the probability that the future economic benefits embodied in the asset will flow to the entity.
50.9.2 Subsequent expenditure
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset
to which it relates. All other expenditure is recognized in profit or loss as incurred.
50.9.3 Amortization
Intangible assets with finite useful lives, such as acquired technology and customer relationships are amortized on a
straight-line basis over their estimated useful lives, generally for periods ranging from five to 15 years. Amortization meth-
ods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
50.10 Property, plant and equipment
50.10.1 Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
The cost of an item of property, plant and equipment comprises:
· its purchase price, including import duties and non-refundable purchase taxes;
· any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operat-
ing in the manner intended by management;
· the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the

obligation for which the Company incurs either when the item is acquired, or as a consequence of having used the item
during a particular period for purposes other than to produce inventories during that period;
· capitalized borrowing costs.
For self-constructed assets, directly attributable costs are direct cost of materials, direct manufacturing expenses, appro-
priate allocations of material and manufacturing overheads, and an appropriate share of the depreciation of assets used in
construction. It includes the share of expenses for company pension plans and discretionary employee benefits that are
attributable to construction and capitalized borrowing costs.
50.10.2 Subsequent expenditure
Expenses for the repair and maintenance of property, plant and equipment are usually expensed as incurred. They are,
however, capitalized when they increase the future economic benefits embodied in the item of property, plant and equip-
ment.
50.10.3 Depreciation
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful life of the item. For leased
assets, the depreciation period is the estimated useful life of the asset, or the lease term if shorter.
The estimated useful lives of the respective asset categories are as follows:
Buildings 20 to 50 years
Outdoor infrastructure 10 to 20 years
Plant installations 6 to 20 years
Machinery and equipment 6 to 12 years
Laboratory and research facilities 3 to 5 years
Vehicles 4 to 8 years
Computer equipment 3 to 5 years
Furniture and fixtures 4 to 10 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
50.11 Non-current assets held for sale
The Group classifies an asset (or disposal group) as held for sale if its carrying amount will be recovered principally through
a sale transaction rather than through continuing use. For this to be the case, the asset (or disposal group) must be available
for immediate sale in its present condition subject only to terms that are usual and customary for sale of such assets (or
disposal groups) and its sale must be highly probable.
Immediately before classification as held for sale, the Group measures the carrying amount of the asset (or all the assets and
liabilities in the disposal group) in accordance with applicable IFRS. Then, on initial classification as held for sale, assets
and disposal groups are recognized at the lower of their carrying amount and fair value less costs to sell. Impairment losses
are recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. Assets
classified as held for sale are no longer amortized or depreciated.
50.12 Financial instruments
50.12.1 Financial assets
Financial assets comprise equity and debt instruments in another entity, cash and cash equivalents, loans receivable, trade
receivables, receivables under finance leases and other receivables as well as derivative financial instruments.
The Group initially recognizes loans and receivables on the date that they are originated. All other non-derivative financial
assets are recognized on the trade date when the Group becomes a party to the contractual provisions of the instrument.
A trade receivable without significant financing is initially measured at its fair value plus any transaction costs that are di-

rectly attributable to the acquisition of the financial assets. Transaction costs related to financial assets and liability carried
at fair value through profit and loss are recognized in the income statement.
The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it
transfers the rights to receive the contractual cash flows on a financial asset in a transaction in which substantially all the
risks and rewards of ownership of the financial asset are transferred. In a transaction where an entity neither transfers nor
retains substantially all of the risks and rewards of ownership of a financial asset, the related asset is derecognized in case
the entity lost control of the asset. Financial assets and liabilities are offset and the net amount presented in the statement
of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on
a net basis or to realize the asset and settle the liability simultaneously.
The Group has the following categories of non-derivative financial assets: financial assets at amortized cost and financial
assets at fair value through other comprehensive income. Its classification reflects the business model in which the assets
are managed and their cash flow characteristics.
A. Financial assets at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold
financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on speci-
fied dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
All the Group’s receivables – trade receivables, receivables under finance leases as well as other receivables – and cash and
cash equivalents fit into aforementioned definition and are consequently measured at amortized cost.
B. Financial assets at fair value through other comprehensive income (FVOCI)

A debt instrument is measured at fair value through other comprehensive income if it is held within a business model
whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms
of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding. Interest income calculated using the effective interest method, foreign exchange gains and
losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition,
gains and losses accumulated in OCI are reclassified to profit or loss.
The Group has made an irrevocable election for the investment in Digital Illustrate Inc. to classify it as FVOCI. The impact
of subsequent measurement of this investment in equity securities is reflected in OCI under ‘Other reserves’. This item in
OCI will not be reclassified subsequently to profit or loss.
50.12.2 Financial liabilities
Financial liabilities comprise debentures, uncommitted bank facilities, revolving and other credit facilities, trade and other
payables as well as derivative financial instruments.
Financial liabilities are recognized initially at fair value on the trade date at which the Group becomes a party to the con-
tractual provisions of the instrument.
At initial recognition, the Group measures its financial liabilities at its fair value less any transaction costs that are directly
attributable to the issuance of the financial liability.
Non-derivative financial liabilities are subsequently measured at amortized cost except for financial liabilities that arise when
a transfer of a financial asset does not qualify for de-recognition or when the continuing involvement approach applies.
Interest-bearing loans and borrowings are stated at amortized cost with any difference between the initial amount and the
maturity amount being recognized in profit or loss over the expected life of the instrument on an effective interest rate basis.
If a transfer of a financial asset does not result in de-recognition because the entity has retained substantially all the risks
and rewards of ownership of the transferred asset, the Group continues to recognize the transferred asset in its entirety and
recognizes a financial liability for the consideration received. In subsequent periods, the Group recognized any income on
the transferred asset and any expense incurred on the financial liability.
If the Group neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, and
retains control of the transferred asset, the entity continues to recognize the transferred asset to the extent of its continuing

involvement and recognizes an associated liability. The extent of the Group’s continuing involvement in the transferred
asset is the extent to which it is exposed to changes in the value of the transferred asset.
The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the en-
tity has retained. The associated liability is measured in such a way that the net carrying amount of the transferred asset and
the associated liability is the amortized cost of the rights and obligations retained by the Group assuming the transferred
asset is measured at amortized cost.
The Group de-recognizes a financial liability when its contractual obligations are discharged, cancelled or expired. The
Group also de-recognizes a financial liability when the terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on modified terms is recognized at fair value. On de-rec-
ognition of the financial liability, the difference between the carrying amount extinguished and the consideration paid is
recognized in profit or loss.
50.12.3 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments primarily to manage its exposure to foreign currency risks and price
changes in commodities arising from operational, financing and investment activities.
The Group uses following types of derivative financial instruments: forward exchange contracts used for hedging, swap
contracts used for hedging and other forward exchange contracts and swap contracts.
The Group uses forward exchange contracts to hedge the variability in cash flows arising from changes in foreign ex-
change rates relating to future sales. The Group also uses metal swap agreements hedging the Group’s exposure to fluctu-
ations in commodity prices related to highly probable forecasted purchases of aluminum. The contracts are designated
as cash flow hedges and are held for the purpose of the receipt of commodities in accordance with the Group’s expected
usage of aluminum.
Derivative financial instruments that are not designated as cash flow hedges are measured at fair value through profit or
loss. In accordance with its treasury policy, the Group does not currently hold or issue derivatives for trading purposes.
Derivative financial instruments are initially recognized at fair value on the date at which a derivative contract is entered
into (trade date) and are subsequently re-measured at their fair value. In case cash flow hedge or net investment hedge
accounting is applied, the effective portion of any gain or loss is recognized in OCI, the non-effective portion in profit or
loss. Transaction costs related to financial assets and liability carried at fair value through profit and loss are recognized in
the income statement.
The Group has the following categories of derivative financial instruments: derivatives not formally designated as hedging
instruments and cash flow hedging instruments.
A. Hedging instruments
The Group’s forward exchange contracts and swap contracts, that are formally designated as cash flow hedging instru-
ments, are subsequently re-measured at their fair value.
Cash flow hedge accounting is applied to all hedges that qualify for hedge accounting when required documentation of the
hedging relationship is in place and when the hedge is determined to be effective. When hedge accounting is applied, the
effective portion of any gain or loss is recognized in OCI, the non-effective portion in profit or loss.
With regard to hedge accounting, the Group applies the requirements of IFRS 9. This standard requires the Group to en-
sure that hedge accounting relationships are aligned with the Group’s risk management objectives and strategy and to
apply a more qualitative and forward looking approach to assessing hedge effectiveness. The Group uses forward exchange
contracts to hedge the variability in cash flows arising from changes in foreign exchange rates relating to future sales. The
Group currently designates only the change of the spot element of the forward exchange contract as the hedging instru-
ment in cash flow hedging relationships. Under IFRS 9, the change in the fair value of the forward element (‘forward
points’) is accounted for as fair value through profit or loss and reflected in ‘Net finance costs.’
The Group also uses metal swap agreements hedging the Group’s exposure to fluctuations in commodity prices related to
highly probable forecasted purchases of aluminum.

The contracts are designated as cash flow hedges and are held for the purpose of the receipt of commodities in accordance
with the Group’s expected usage of aluminum. Under IFRS 9 as well as under IAS 39, the amounts accumulated in the cash
flow hedge reserve are removed from OCI and included in the initial carrying amount of the inventory purchased.
The types of hedge accounting transactions that the Group currently designates meet the requirements of IFRS 9 and are
aligned with the Group’s risk management strategy and objectives.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or
exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontin-
ued, the amount that has been accumulated in hedge reserve remains in other comprehensive income until, for a hedge of
a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item’s initial cost or for
other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash
flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedge
reserve are immediately reclassified to profit or loss.
B. Mandatory at FVTPL
Derivative financial instruments that are economic hedges but that do not meet the hedge accounting criteria of IFRS 9 are
categorized as Mandatory at FVTPL and are accounted for as financial assets or liabilities at fair value through profit or loss.
The impact in profit or loss is reflected in either ‘Other operating income/expense’ or ‘Net finance costs’ depending on the
nature of the item economically hedged.
50.13 Impairment
50.13.1 Impairment testing of goodwill, intangible assets and property, plant and equipment
Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually and upon the occur-
rence of an indication of impairment.
The impairment tests are performed annually at the same time each year and at the cash-generating unit level.
The Group defines its cash-generating units based on the way that it monitors its goodwill and will derive economic benefit
from the acquired goodwill and intangibles.
The impairment tests are performed by comparing the carrying value of the assets of these cash-generating units with their
recoverable amount, based on their future projected cash flows discounted at an appropriate pre-tax rate of return.
The discount rate used in calculating the present value of the estimated future cash flows is based on a weighted average
cost of equity and debt capital (WACC), using a debt-equity ratio of an average market participant. An additional risk pre-
mium was added to the cost of equity. The cost of debt is based on conditions on which comparable companies can obtain
long-term financing.
The forecasting risk related to silver and aluminum is reflected in the cash flow projections.
An impairment loss is recognized whenever the carrying amount of the cash-generating unit exceeds its recoverable
amount. Impairment losses are recognized in profit or loss.
Consideration is given at each reporting date to determine whether there is any indication of impairment of the carrying
amounts of the Group’s property, plant and equipment and intangible assets with finite useful lives.
If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit or loss and the
carrying amount of related asset is reduced through use of an allowance account.
The recoverable amount of the Group’s property, plant and equipment and intangible assets with finite useful lives is the
greater of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are dis-
counted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset.

An impairment loss recognized in prior periods for an asset other than goodwill shall be reversed if, and only if, there
has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss
was recognized.
50.13.2 Impairment testing for right-of-use assets
At each reporting date, the Group reviews the carrying amounts of its right-of-use assets to determine whether there is any
indication of impairment. Indication of impairment exists when a lease concluded as a lessee becomes onerous in which
case an impairment loss is recognized, measured at the present value of the lower of the expected cost of terminating the
contract and the expected net cost of continuing with the contract.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation, if no impairment loss had been recognized.
50.13.3 Impairment of financial assets and contract assets
The IFRS 9 standard replaces the ‘Incurred loss’ model with a forward-looking ‘Expected credit loss’ (ECL) model. This
requires considerable judgment about how changes in economic factors affect expected credit losses. With regard to im-
pairment of trade receivables, lease receivables and contract assets, the Group applies the simplified approach for the im-
pairment evaluation, which implies that credit losses for these categories of assets are always measured at an amount equal
to lifetime expected credit losses. Credit losses are measured as the present value of all cash shortfalls – i.e. the difference
between the cash flows to which the entity is entitled to and what the entity expects to receive. A financial asset is credit
impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset
have occurred.
The inputs and assumptions to the expected credit loss model are the following: significant financial difficulty of the coun-
terparty, a default of more than 90 days past due, or a possible bankruptcy of the counterparty.
The evaluation of possible impairment takes into account forward-looking elements. For the major portion of the accounts
receivable balances, debtors are scored and rated based on quantitative and qualitative information on an ongoing basis
through Credit Risk Application in place. All customers are classified into different risk categories which are reassessed on
a yearly basis based on relevant forward-looking information such as data from external credit bureaus, age of business,
country risk and the credit manager’s assessment. To mitigate the credit risk, credit insurance and other risk mitigation
tools such as letter of credit, bank guarantees, mortgage are used within the Group.
This methodology of individually reviewing outstanding receivable amounts taking into account forward-looking infor-
mation to assess impairment risks hasn’t been changed due to the application of IFRS 9.
Loss allowances for financial assets measured at amortized cost are charged to profit or loss and deducted from the gross
carrying amount of the assets to obtain a net presentation in the consolidated financial statements. For debt securities at
FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering
a financial asset in its entirety or a portion thereof. The Group individually makes an assessment for each type of financial
asset based on whether there is a reasonable expectation of recovery. Financial assets that are written off are still subject to
enforcement activities of the Group for recovery of amounts due.
50.14 Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a
lease in IFRS 16.
A. As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration
in the contract to each lease component on the basis of its relative stand-alone prices. The Group has elected not to separate
non-lease components and account for the lease and non-lease components as a single lease component.

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is ini-
tially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The
right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of
the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the
cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will
be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and
equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as
the discount rate. The Group determines its incremental borrowing rate (IBR) twice a year based on the government bond
yields per country and per maturity bucket obtained from Reuters and adds a risk premium reflecting the Group’s risk pro-
file. The latter risk premium differs from the country risk classified according to the Organization of Economic Cooperation
and Development (OECD). Depending on the low, medium or high risk of the country a different spread is added. As such
a IBR-matrix is obtained reflecting six maturity buckets and 50 countries.
Lease payments included in the measurement of the lease liability comprise in the following:
· fixed payments, including in-substance fixed payments;
· variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commence-
ment date; and
· the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of
a lease unless the Group is reasonably certain not to terminate early.
There are no leases for which it is expected that the Group would need to pay a residual value guarantee.
The lease liability is measured at amortized cost using the effective interest method. It is re-measured when there is a
change in future lease payments arising from a change in an index or rate if the Group changes its assessment of whether
it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When
the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets (mainly related
to IT equipment) and short-term leases. Short-term leases are leases with a lease term of twelve months or less. The Group
recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
On the statement of financial position right-of-use assets are presented separately whereas lease liabilities are comprised
in ‘Loans and borrowings.’ All lease payments that are due within 12 months after the balance sheet date are classified as
current liabilities. All lease payments that are due later than 12 months after the balance sheet date are classified as non-cur-
rent liabilities.
B. As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it
is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the
major part of the economic life of the asset.
The majority of the Group’s finance lease arrangements are concluded by Agfa Finance, i.e. Agfa Finance NV or its subsid-
iaries Agfa Finance Corp. and Agfa Finance Inc.
On manufacturing leases, the Group recognizes revenue and related profit margin at the moment a Group’s manufacturing
organization or any related company invoices Agfa Finance at commencement of the lease with the external customer.

A commercial contract whereby a certain piece of equipment is financed by means of a medium or long-term agreement
under which the customer commits to purchase a certain level of consumables at a mark-up price is called a ‘bundle deal.’
At each sale of consumables, the Group allocates the consideration received from this sale to a reduction of the outstanding
lease receivable and revenue from sale of goods on the basis of their stand-alone selling prices.
Receivables under finance leases are measured at an amount equal to the discounted future minimum lease payments.
Finance lease income – presented as part of ‘Other operating income’ – is subsequently recognized based on a pattern re-
flecting constant periodic rate of return on the net investment using the effective interest method.
On the statement of financial position receivables under finance leases are presented separately. All lease receivables that
are due within 12 months after the balance sheet date are classified as current assets. All lease receivables that are due later
than 12 months after the balance sheet date are classified as non-current assets.
The Group applies the de-recognition and impairment requirements in IFRS 9 to the net investment in the lease.
The Group recognizes lease payments received under operating leases as Revenue, on a straight line basis over the lease term.
50.15 Other assets
Other assets comprise deferred charges and other non-financial assets. Deferred charges relate to payments made by the
Company before the balance sheet date in respect of the expenses of future periods (prepayments). Examples of deferred
charges are payments of rent, interests and insurance premiums that were made before the balance sheet date but relate to
a specific period after the balance sheet date.
Non-financial assets are carried at cost. Deferred charges are recognized in profit or loss by the straight-line method or ac-
cording to performance of the services received.
50.16 Inventories
Raw materials, supplies and goods purchased for resale are valued at purchase cost.
Work in progress and finished goods are valued at the cost of production. The cost of production comprises the direct cost
of materials, direct manufacturing expenses, appropriate allocations of material and manufacturing overheads, and an
appropriate share of the depreciation of assets used for production. It includes the share of expenses for company pension
plans and discretionary employee benefits that are attributable to production. Administrative costs are included where
they are attributable to production. Inventories are valued using the weighted-average cost method.
If the purchase or production cost is higher than the net realizable value, inventories are written down to net realizable val-
ue. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary
to make the sale. The cost of inventories may not be recoverable in the following situations:
· obsolete inventory: this is determined based on a list of non-moving or slow-moving inventory-items, including items
approximating the expiry date;
· damaged or expired inventory items or products showing quality problems;
· declining selling prices.
Within the Group, write-downs of inventories mainly result from obsolescence.
50.17 Cash and cash equivalents
Cash and cash equivalents comprise cash, checks received, and balances with banks and companies. Cash equivalents are
highly liquid short-term financial investments that are subject to an insignificant risk of changes in value, are easily convert-
ible into a known amount of cash and have a maturity of three months or less from the date of acquisition or investment.
50.18 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares, net of any tax
effects, are recognized as a deduction from retained earnings.
When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attrib-
utable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury
shares and presented as a deduction from total equity under the caption ‘Reserve for own shares’. Repurchased shares are

accounted for using settlement date accounting. Cancelled treasury shares are transferred from ‘Reserve for own shares’
to ‘Retained earnings’. When treasury shares are sold, the amount received is recognized as an increase in equity and the
resulting surplus or deficit on the transaction is presented within share premium.
50.19 Provisions
Provisions are recognized in the statement of financial position when a Group company has a present obligation (legal or
constructive) as a result of a past event and when it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at
the reporting date.
If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that
reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
50.19.1 Restructuring
A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and
the restructuring has either commenced or has been announced to those affected by it. Future operating costs are not
provided for.
50.19.2 Environmental protection
In accordance with the Group’s published environmental policy and applicable legal requirements, a provision for site
restoration in respect of contaminated land is recognized when the land is contaminated.
50.19.3 Trade-related
Trade-related provisions mainly comprise provisions for sales commissions and warranty and commercial litigations. A
provision for product warranty is made at the time of revenue recognition and reflects the estimated costs of replacement
that will be incurred by the Group.
50.19.4 Onerous contracts
A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are
lower than the unavoidable cost of meeting its obligations under the contract, which is determined based on the incremen-
tal cost of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the con-
tract. Provisions are established for impending losses on purchase or sales contracts at the amount of the anticipated losses.
50.20 Contract liabilities
The Group applies IFRS 15 Revenue from contracts with customers, that introduced the concept of contract assets and contract
liabilities.
Contract liabilities comprise deferred revenue and advance payments received from customers, as well as accruals for bo-
nuses and rebates related to goods and services purchased by customers during the period.
50.21 Other liabilities
Other liabilities primarily relate to unearned other operating income. Government grants are a typical example of unearned
other operating income. They are recognized in profit or loss when there is a reasonable assurance that the conditions
attached to the grants will be or are complied with and the grants will be received. Grants that compensate the Group
for expenses incurred are recognized in profit or loss under the same functional reporting line item as the corresponding
expenses. They are recognized as income over the periods necessary to match them on a systematic basis to the costs that
are intended to be compensated. Grants awarded for the purchase or production of assets (Intangible assets or Property,
plant and equipment) are recognized initially as other liability and then recognized in profit or loss as other income on a
systematic basis over the useful life of the asset. Government grants for future expenses are recorded as ‘Other liabilities’.

51. NEW STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE
A number of new IFRS standards, amendments to IFRS standards and interpretations issued, were not yet effective for the
year ended on December 31, 2022 and have not been applied in preparing the consolidated financial statements.
The Group shall adopt these standards after endorsement by the European Union. This relates to:
• Amendments to IFRS 16 Leases : Lease liability in a Sale and Leaseback

In September 2022, the IASB issued an amendment to IFRS 16 Leases related to the treatment of a lease liability in a sale and
leaseback transaction. These amendments are effective for annual periods beginning on or after January 1, 2024. Earlier
application is permitted.
The amendment to IFRS 16 Leases specifies the requirements that a seller-lessee uses in measuring the lease liability arising
in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates
to the right of use it retains. A sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee)
to another entity (the buyer-lessor) and the leaseback of the same asset by the seller-lessee. The amendment is intended
to improve the requirements for sale and leaseback transactions in IFRS 16. It does not change the accounting for leases
unrelated to sale and leaseback transactions.
The amendments have been endorsed by the European Union in January 2023. The application of this amendment will not
have a material impact to the consolidated statements of the Group.
• Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as current or non-current, and
deferral of effective date
In January 2020, the IASB issued amendments to IAS 1 related to the classification of liabilities. The amendments in Classi-
fication of liabilities as current or non-current (Amendments to IAS 1) affect only the presentation of liabilities in the statement
of financial position – not the amount or timing of recognition of any asset, liability income or expenses, or the information
that entities disclose about those items.
A company classifies a liability as non-current if it has a right to defer settlement for at least twelve months after the report-
ing period. The amendments clarify that the classification of liabilities as current or non-current should be based on rights
that exist at the end of the reporting period. They clarify that classification is unaffected by expectations about whether an
entity will exercise its right to defer settlement of a liability.
The IASB has proposed further amendments to IAS 1 and the deferral of the 2020 amendments to no later than January 1,
2024. These amendments have not yet been endorsed by the European Union. The application of this amendment will not
have a material impact to the consolidated financial statements of the Group.
• Amendments to IAS 1: Non-current liabilities with covenants

In October 2022, the IASB issued an amendment to IAS 1 Non-Current liabilities with Covenants effective for annual periods
beginning on or after January 1, 2024. Earlier application is permitted.
The amendment clarifies how an entity classifies debt and other financial liabilities as current or non-current in particular cir-
cumstances. Under the 2022 amendments, only covenants of a liability arising from a loan arrangement, which an entity must
comply with on or before the reporting date affect the classification of that liability as current or non-current. The 2022 amend-
ments, as opposed to the proposed amendments in the 2021 ED, do not require an entity to present separately non-current
liabilities for which the entity’s right to defer settlement is subject to compliance with future covenants within twelve months.
Instead, the 2022 amendments require entities to disclose information about such covenants and related liabilities in the notes.
These amendments have not yet been endorsed by the European Union. The Group will apply these amendments after en-
dorsement. The application of this amendment will not have a material impact to the consolidated financial statements of
the Group.
• Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies, issued on February 12, 2021
These amendments include narrow-scope amendments to improve accounting policy disclosures so that they provide

more useful information to investors and other primary users of the financial statements. The amendments to IAS 1 require
companies to disclose their material accounting policy information rather than their significant accounting policies. The
amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting poli-
cy disclosures. The amendments are effective for annual periods beginning on or after January 1, 2023 with early application
permitted. These amendments have been endorsed by the EU. The application of this amendment will not have a material
impact to the consolidated financial statements of the Group.
• Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates
In February 2021, the IASB issued amendments to IAS 8 that clarify how companies should distinguish changes in account-
ing policies from changes in accounting estimates. The distinction is important because changes in accounting estimates
are applied prospectively only to future transactions and other future events, but changes in accounting policies are gener-
ally also applied retrospectively to past transactions and other past events.
The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted.
These amendments have been endorsed by the European Union. The application of this amendment will not have a mate-
rial impact to the consolidated financial statements of the Group.
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
In May 2021, the IASB issued amendments to IAS 12 that clarify how companies should account for deferred tax on trans-
actions such as leases and decommissioning obligations. IAS 12 Income Taxes specifies how a company accounts for income
tax, including deferred tax, which represents tax payable or recoverable in the future. In specified circumstances, compa-
nies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there
had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning
obligations, transactions for which companies recognize both an asset and a liability. The amendments clarify that the
exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the
amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations.
The amendments are effective for annual periods beginning on or after January 1, 2023 with early application permitted.
These amendments have been endorsed by the European Union. The application of this amendment will not have a mate-
rial impact to the consolidated financial statements of the Group.
The following changes have not been elaborated on as the Group does not expect these to have a material impact to the
consolidated financial statements. These relate to:
• IFRS 17 Insurance Contracts (issued on May 18, 2017); including Amendments to IFRS 17 (issued on June 25, 2020) - en-
dorsed effective for annual periods beginning on or after January 1, 2023;
• Amendments to IFRS 17 Insurance Contracts: initial application of IFRS 17 and IFRS 9 Comparative Information (issued
on December 9, 2021) – endorsed effective for annual periods beginning on or after January 1, 2023.

Statutory auditor’s report to the general meeting of Agfa-Gevaert NV
on the consolidated financial statements as of and for the year ended
December 31, 2022
FREE TRANSLATION OF UNQUALIFIED STATUTORY AUDITOR’S REPORT ORIGINALLY PREPARED IN DUTCH
In the context of the statutory audit of the consolidated financial statements of Agfa-Gevaert NV (“the Company”) and
its subsidiaries (jointly “the Group”), we provide you with our statutory auditor’s report. This includes our report on the
consolidated financial statements for the year ended December 31, 2022, as well as other legal and regulatory requirements.
Our report is one and indivisible.
We were appointed as statutory auditor by the general meeting of May 10, 2022, in accordance with the proposal of the
Board of Directors issued on the recommendation of the audit committee and as presented by the workers’ council. Our
mandate will expire on the date of the general meeting deliberating on the annual accounts for the year ended December
31, 2024. We have not been able to identify the exact date of our initial appointment. However, we can confirm that we
have performed the statutory audit of the consolidated financial statements of Agfa-Gevaert NV for at least 45 consecutive
financial years.
Report on the consolidated financial statements
Unqualified opinion
We have audited the consolidated financial statements of the Group as of and for the year ended December 31, 2022, pre-
pared in accordance with IFRS Standards as issued by the International Accounting Standards Board and as adopted by
the European Union, and with the legal and regulatory requirements applicable in Belgium. These consolidated financial
statements comprise the consolidated statement of financial position as at December 31, 2022, the consolidated statements
of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended and notes, comprising a
summary of significant accounting policies and other explanatory information. The total of the consolidated statement of
financial position amounts to 1.756 million Euro and the consolidated statement of profit or loss shows a loss for the year
of 223 million Euro.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s equity and financial position
as at December 31, 2022 and of its consolidated financial performance and its consolidated cash flows for the year then
ended in accordance with IFRS Standards as issued by the International Accounting Standards Board and as adopted by the
European Union, and with the legal and regulatory requirements applicable in Belgium.
Basis for our unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (“ISAs”) as adopted in Belgium. In ad-
dition, we have applied the ISAs as issued by the IAASB and applicable for the current accounting year while these have
not been adopted in Belgium yet. Our responsibilities under those standards are further described in the “Statutory audi-
tors’ responsibility for the audit of the consolidated financial statements” section of our report. We have complied with
the ethical requirements that are relevant to our audit of the consolidated financial statements in Belgium, including the
independence requirements.
We have obtained from the Board of Directors and the Company’s officials the explanations and information necessary for
performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opin-
ion on these matters.
256 STATUTORY auditor’s report

Impairment of goodwill and indefinite-life intangible assets
We refer to note 27 “Goodwill and Intangible assets” and note 50.13 “Impairment” of the consolidated financial statements.
• Description
The Group operates in business sectors where financial performance is impacted by competitive pressures, decline in
demand and volatile commodity prices (silver and aluminum). Goodwill and indefinite-life intangible assets are as-
sessed for impairment annually in accordance with IAS 36. Management prepares a recoverable amount assessment by
discounting future cash flow projections to determine whether these assets are impaired at the reporting date as well as
the level of impairment charge to be recognized. This assessment is performed at cash-generating unit level.
Impairment of goodwill and indefinite-life intangible assets is a Key audit matter due to:
· The size of the balance (being 12,4% of total assets); and
· The level of judgement required by management in its assessment of impairment, which principally relates to the
inputs used in both forecasting and discounting future cash flows to determine the recoverable amount.
• Our audit procedures

Our audit procedures included:
· We evaluated the process by which managements’ cash flow forecasts were prepared, including testing the underlying
calculations and reconciling them to the latest Board of Directors approved financial targets.
· We analyzed the Group’s previous ability to forecast cash flows accurately and challenged the reasonableness of cur-
rent forecasts by comparing key assumptions to historical results, economic and industry forecasts and internal plan-
ning data.
· We assessed the appropriateness of the Group’s valuation methodology and its determination of discount rates by
including valuation specialists in our team.
· Furthermore we performed sensitivity analyses around the key assumptions used for the determination and discount-
ing of the cash flow forecasts, in particular discount rates, growth rates and commodity prices. We assessed how man-
agement incorporated the specific risk factors faced by the businesses and the Group in their cash flow forecasts and
discount rates. Having ascertained the extent of change in the assumptions that either individually or collectively
would be required for the goodwill and indefinite-life intangible assets to be potentially impaired, we assessed the
likelihood of such a movement in those key assumptions.
· Furthermore, we assessed the appropriateness of the Group’s disclosures in respect of impairment, which are included
in note 27 to the consolidated financial statements.
Recoverability of deferred tax assets

We refer to note 17 “Income taxes” and note 50.7.2 “Deferred tax” of the consolidated financial statements.
• Description
The Group has significant tax losses and deductible temporary differences from past business performance for which a
deferred tax asset of 91 million Euro has been recognized, of which more than half of this balance is related to
the HealthCare IT division.
There is an inherent uncertainty involved in assessing the availability of future taxable profits, which determines the
extent to which deferred tax assets are or are not recognized. Due to the significance of the balance as well as the
judgment involved in the estimations described above, the recoverability of deferred tax assets is a key audit matter
for our audit.

· We assessed the Group’s view on the likelihood of generating sufficient taxable profits to support the recognition
of deferred tax assets, which includes an assessment of the long-term business plans, the historical and projected
taxable profit forecasts at legal entity level, a consideration of tax planning strategies and sensitivities to changes
in assumptions.
· We analyzed and challenged the reasonableness of current taxable profit forecasts by comparing key assumptions to
historical results, economic and industry forecasts and internal planning data.
· Furthermore, we assessed the appropriateness of the Group’s disclosures in respect of income taxes, which are in-
cluded in note 17 to the consolidated financial statements.

Measurement of post-employment benefits
We refer to note 13 “Post-Employment benefit plans” and note 50.4 “Employee benefits” of the consolidated financial
statements.
• Description
The Group provides retirement benefits in most countries in which it operates. Retirement benefits are organized
through defined contribution plans, as well as defined benefit plans. The Group funds its obligations in relation to
those plans via insurance plans and segregated assets in Pension Funds.
The net defined benefit liability for Belgium, Germany, UK and US together represents 98% of the total net
defined benefit liability.
Post-employment benefits are a Key Audit Matter due to:
· The size of the balance (536 million Euro which represents 31% of total equity and liabilities);
· The significant estimates made in valuing the Group’s post-employment benefit obligations and underlying assets.
Small changes in assumptions and estimates used to value the Group’s net post-employment benefit liabilities would
have a significant effect on the Group’s financial position.

· We updated our understanding of the Group’s valuation process;
· We assessed the competence, objectivity and capabilities of the external actuarial experts engaged by management;
· We challenged the key assumptions, being the discount rates, inflation rates and mortality expectations underlying
the valuation of the Group’s post-employment benefit obligations with the support of our actuarial specialists. This
included a comparison of key assumptions used against externally derived data;
· We verified the accuracy of the census data underlying the actuarial valuation and reconciled the fair value of the plan
assets with external confirmations;
· We assessed the overall reasonableness of the valuation outcome and assessed the accounting treatment of plan
amendments;
· Furthermore, we assessed the appropriateness of the Group’s disclosures in respect of employee benefits, which are
included in note 13 of the consolidated financial statements.
Revenue recognition
We refer to note 8 “Revenue” and note 50.3 “Revenue from contracts with customers” of the consolidated financial state-
ments.
• Description
For the year ended December 31, 2022, the Group recorded revenue amounting to 1.857 million Euro.
We identified the recognition of revenue as a key audit matter because revenue is one of the key performance
indicators of the Group (including management bonus arrangements) and is, therefore, subject to an inherent risk
of manipulation by management to meet targets or expectations and because errors in the recognition of revenue could
have a material impact on the Group’s profit for the year.
This leads to an increased audit risk relating to sales cut-off (revenues not being recorded in the proper accounting
period) and manual interventions on revenue recognition.

· Evaluating the design, implementation and operating effectiveness of key controls (including IT environment) over
the existence, accuracy and timing of revenue recognition;
· Challenging the revenue recognition policies adopted by the Group by making inquiries of management and inspect-
ing a sample of sales contracts to understand the contractual components, the delivery terms and to assess the Group’s
timing of revenue recognition with reference to the requirements of the prevailing accounting standards;
· Assessing whether revenue had been recognized in the appropriate accounting period by comparing a sample of sales
transactions around the year-end with relevant underlying documents (e.g. delivery documentation);
· Inspecting manual adjustments to revenue, enquiring of management as to the reason for such adjustments and com-
paring the details of the adjustments with relevant underlying documentation.

Offset Solutions – planned disposal
We refer to note 4.1 “Management’s judgment on presenting and disclosing ‘Offset Solutions’ as ‘Net assets held for sale
and discontinued operations’” and note 50.11 “Non-current assets held for sale” of the consolidated financial statements
• Description
As per August 30, 2022, the Group has entered into an agreement to sell the Offset Solutions business. The Group
has concluded that the criteria as described in IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Opera-
tions’ have not been met at December 31, 2022. The non-financial assets of the Offset Solutions cash-generating
unit in scope of IAS 36 Impairment of assets have therefore been tested for impairment based on this standard,
taking into account that related assets are expected to be recovered principally through a sale transaction.
This is a Key Audit Matter due to:

· The importance of the judgment made by the Group in determining that the Offset Solutions cash-generating unit
does not meet the criteria as described in IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Operations’ and
its related impacts on presentation and measurement;
· The significance of the impairment loss recognized at December 31, 2022 on property, plant and equipment and right-
of-use assets attributable to the Offset Solutions cash-generating unit (41 million Euro).

· Evaluating the Group ’s conclusion on the determination that the Offset Solutions business does not meet the criteria
to be classified as “assets held for sale” or “discontinued operations” under IFRS 5 as at December 31, 2022 as it is not
considered available for immediate sale in its present condition subject only to terms that are usual and customary for
sales of such disposal groups;
· Evaluating how management performed the impairment assessment for the non-financial assets of the Offset Solu-
tions cash-generating unit in accordance with IAS 36 Impairment of assets, taking into account that related assets
are expected to be recovered principally through a sale transaction (not meeting the IFRS 5 criteria for presentation
as assets held for sale at December 31, 2022) and assessing the reasonableness of the impairment charge based on the
expected cashflows from this sale transaction;
· Evaluating the completeness, accuracy and relevance of disclosures required by IFRS Standards as issued by the Inter-
national Accounting Standards Board and as adopted by the European Union.
Board of Directors’ responsibilities for the preparation of the consolidated financial statements
The Board of Directors is responsible for the preparation of these consolidated financial statements that give a true and fair
view in accordance with IFRS Standards as issued by the International Accounting Standards Board and as adopted by the
European Union, and with the legal and regulatory requirements applicable in Belgium, and for such internal control as
the Board of Directors determines, is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Statutory auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of the
users taken on the basis of these consolidated financial statements.
When performing our audit we comply with the legal, regulatory and professional requirements applicable to audits of
the consolidated financial statements in Belgium. The scope of the statutory audit of the consolidated financial statements
does not extend to providing assurance on the future viability of the Group nor on the efficiency or effectivity of how the

Board of Directors has conducted or will conduct the business of the Group. Our responsibilities regarding the going con-
cern basis of accounting applied by the Board of Directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism
throughout the audit. We also perform the following procedures:
· Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenta-
tions, or the override of internal control;
· Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropri-
ate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal
control;
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors;
· Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a
going concern;
· Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclo-
sures, and whether the consolidated financial statements represent the underlying transactions and events in a manner
that achieves fair presentation;
· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, related safeguards.
For the matters communicated with the audit committee, we determine those matters that were of most significance in the
audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the Board of Directors

The Board of Directors is responsible for the preparation and the content of the Board of Directors’ Annual Report on the
consolidated financial statements and the other information included in the Annual Report.
Statutory auditor’s responsibilities

In the context of our engagement and in accordance with the Belgian standard which is complementary to the Interna-
tional Standards on Auditing as applicable in Belgium, our responsibility is to verify, in all material respects, the Board
of Directors’ Annual Report on the consolidated financial statements and the other information included in the Annual
Report, and to report on these matters.
Aspects concerning the Board of Directors’ Annual Report on the consolidated financial statements and other information
included in the Annual Report
Based on specific work performed on the Board of Directors’ Annual Report on the consolidated financial statements, we
are of the opinion that this report is consistent with the consolidated financial statements for the same period and has been
prepared in accordance with article 3:32 of the Companies’ and Associations’ Code.

In the context of our audit of the consolidated financial statements, we are also responsible for considering, in particular
based on the knowledge gained throughout the audit, whether the Board of Directors’ Annual Report on the consolidated
financial statements and other information included in the Annual Report:
· Letter to the Shareholders
· Key Figures 2022
contain material misstatements, or information that is incorrectly stated or misleading. In the context of the procedures
carried out, we did not identify any material misstatements that we have to report to you.
The non-financial information required by article 3:32 §2 of the Companies’ and Associations’ Code has been included in
the Board of Directors’ Annual Report on the consolidated financial statements, which is part of the section Non-Financial
Report of the Annual Report. The Company has prepared this non-financial information based on Global Reporting Initia-
tive (GRI) standards. In accordance with article 3:80 §1, 1st paragraph, 5° of the Companies’ and Associations’ Code, we do
not comment on whether this non-financial information has been prepared in accordance with the GRI standards.
Information about independence

· Our audit firm and our network have not performed any engagement which is incompatible with the statutory audit of the
consolidated accounts and our audit firm remained independent of the Group during the term of our mandate.
· The fees for the additional engagements which are compatible with the statutory audit referred to in article 3:65 of the Com-
panies’ and Associations’ Code were correctly stated and disclosed in the notes to the consolidated financial statements.
European Single Electronic Format (ESEF)

In accordance with the draft standard on the audit of compliance of the Financial Statements with the European Single
Electronic Format (hereafter “ESEF”), we have audited as well whether the ESEF-format is in accordance with the regula-
tory technical standards as laid down in the EU Delegated Regulation nr. 2019/815 of 17 December 2018 (hereafter “Del-
egated Regulation”).
The Board of Directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated
financial statements in the form of an electronic file in ESEF format (hereafter “digital consolidated financial statements”)
included in the annual financial report.
It is our responsibility to obtain sufficient and appropriate information to conclude whether the format and the tagging
of the digital consolidated financial statements comply, in all material respects, with the ESEF requirements under the
Delegated Regulation.
In our opinion, based on our work performed, the format of and the tagging of information in the official Dutch version of
the digital consolidated financial statements as per December 31, 2022, included in the annual financial report of Agfa-Ge-
vaert NV, are, in all material respects, prepared in compliance with the ESEF requirements under the Delegated Regulation.
Other aspect
This report is consistent with our additional report to the audit committee on the basis of Article 11 of Regulation (EU) No
537/2014.
Antwerp, April 7, 2023
KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises

Statutory Auditor
represented by
F. Poesen
Bedrijfsrevisor / Réviseur d’Entreprises

Statutory accounts
The following pages are extracts of the statutory annual accounts of Agfa-Gevaert NV prepared
under Belgian accounting policies. The management report of the Board of Directors to the
Annual General Meeting of Shareholders and the annual accounts of Agfa-Gevaert NV as well
as the Auditor’s Report, will be filed with the National Bank of Belgium within the statutory
stipulated periods. These documents are available on request from Agfa’s Investor Relations
department and at www.agfa.com/investorrelations.
Only the Consolidated Annual Financial Statements as set forth in the preceding pages
present a true and fair view of the financial position and performance of the Agfa-Gevaert
Group. The Statutory Auditor’s Report is unqualified and certifies that the non-consolidated
financial statements of Agfa-Gevaert NV for the year ending December 31, 2022 give a true
and fair view of the financial position and results of the Company in accordance with all
legal and regulatory dispositions.
262 statutary accounts

263
Income Statements
(Euro Million) 2021 2022

I. Operating income
A. Turnover 410 416
B. Stocks of finished goods, work and contracts in progress (increase +,decrease -) (3) 18
C. Own work capitalised 18 13
D. Other operating income 80 71
E. Non-recurring operating income 1 -
Total operating income 506 518
II. Operating charges

A. Raw materials, consumables
1. Purchases 218 247
2. Stocks (increase -, decrease +) (9) (10)
B. Services and other goods 98 136
C. Remuneration, social security costs and pensions 249 185
D. Depreciation of and other amounts written off formation expenses, intangible and tangible fixed assets 28 24
E. Amounts written off stocks, contracts in progress and trade debtors (appropriations +, write-backs -) -1 -
F. Provisions for liabilities and charges (appropriations +, uses and write-backs -) 9 (5)
G. Other operating charges 15 12
H. Non-recurring operating charges - -
Total operating charges 607 589
III. Operating profit/Loss (101) (71)

IV. Financial income 71 361
V. Financial charges (106) (295)
VI. Gain/ Loss for the period before taxes (136) (5)
VII. Transfer from deferred taxes - -
VIII. Income taxes - (1)
IX. Gain/ Loss of the period (136) (6)
X. Transfer from untaxed reserves - -
XI. Gain/ Loss of the period available for appropriation (136) (6)
Appropriation account
A. Profit to be appropriated (496) (502)
1. Gain (loss) of the period available for appropriation (136) (6)
2. Accumulated profits (losses) (360) (496)
B. Withdrawals from capital and reserves - -
C. Transfer to capital and reserves - -
D. Accumulated profits (losses) (496) (502)
F. Profit to be distributed - -
264 SUMMARY VERSION OF STATUTORY ACCOUNTS OF AGFA-GEVAERT NV

Balance sheet
December 31, December 31,

(Euro Million)
2021 2022
Assets
I. Formation expenses 1 1
II. Intangible fixed assets 17 14
III. Tangible fixed assets 40 47
IV. Financial fixed assets 796 742
V. Amounts receivable after more than 1 year 4 4
VI. Stocks and contracts in progress 111 140
VII. Amounts receivable within one year 649 548
VIII. Current investments 212 -
IX. Cash at bank and in hand 59 13
X. Deferred charges and accrued income 4 6
1,893 1,515
Liabilities
I. Capital 187 187
II. Share premium account 211 211
IV. Reserves 304 283
V. Accumulated profits (496) (502)
VI. Investment grants - -
206 179
VII. Provisions and deferred taxes 26 21

VIII. Amounts payable after more than one year 403 624
IX. Amounts payable within one year 1,257 691
X. Accrued charges and deferred income 1 -
1,893 1,515

266
Corporate
Governance
Statement
The Company applies the Belgian Corporate Governance Code 2020
as reference code. This Code can be consulted on www.corporate-
governancecommittee.be.
In 2020, the Articles of Association of the Company have been con-

formed to the new Code of Companies and Associations (Law of March
23, 2019).
In 2020, the Board of Directors revised the Corporate Governance Char-

ter of the Company in order to adapt this Charter to the provisions of
the Belgian Corporate Governance Code 2020. Within the scope of this
revision, the option for a monistic governance structure has also been
evaluated and confirmed. The complete Corporate Governance Charter
of the Company is published on www.agfa.com/investorrelations.
Unless otherwise stated in the relevant sections of this Statement, the

Company is completely in line with the Belgian Corporate Governance
Code 2020 for the financial year 2022.
The governance structure of the Company is built up around the Board

of Directors, the Chief Executive Officer (CEO) and the Executive Com-
mittee (Exco). The Board of Directors is assisted by a Nomination and
Remuneration Committee and an Audit Committee.
267
Board of Directors
As the ultimate management body of the Company, the Board of Directors is empowered
to carry out any necessary or useful actions for the achievement of the corporate purpose,
the exception being the powers reserved by law for the General Meeting of Shareholders
(such as amendments to the articles of association, capital increases other than through the
authorized capital, capital decreases). The powers and operation of the Board of Directors
are described extensively in the Corporate Governance Charter. The articles of association
determine that the Board of Directors meets whenever the interest of the Company so re-
quires or following a request by two directors.
In 2022, nine effective meetings took place, as well as a couple of short discussions per con-
ference call.
In the course of 2022, the Board of Directors discussed and decided upon, inter alia: defi-
ning the corporate strategy and key policies, the transformation process of the Agfa-Gevaert
Group, the Inca acquisition, the extension of the share buyback program, the perspectives
for 2023 and the action plans for the years to come, ESG related topics, recommendations
from the various Committees to the Board of Directors, risk management, the approval of
budgets, cost control scenarios, the evolution of important litigations and the approval of
the annual accounts.
Directors likely to have conflicting interests with regard to any item on the agenda must dis-
close the conflict before any deliberation and must abstain from deliberating and voting on
that item. More particularly, the directors must not put themselves in conflict situations as
described in the Corporate Governance Charter of the Company. Should such an event occur
against their will, they must disclose it before any deliberation relating to the conflicting
item and must abstain from deliberating and voting on that item.
Composition of the Board of Directors
The articles of association of the Company provide that the Board of Directors has at least
six members, who do not need to be shareholders and who are appointed for a renewable
maximum term of four years. The majority of the members are to be non-executive direc-
tors, including a minimum of three independent directors.
The mandate of Mrs. Hilde Laga as director ended immediately after the General Meeting
of May 10, 2022. She decided not to make herself eligible for re-election. To make sure the
Board of Directors has sufficient independent directors, the shareholders elected to appoint
Albert House BV, permanently represented by Ms. Line De Decker, as an independent direc-
tor of the Company, for the duration of four (4) years.
Likewise, the mandate of MRP Consulting BV, permanently represented by Mr. Mark
Pensaert, ended immediately after the General Meeting of May 10, 2022. The shareholders
elected to reappoint MRP Consulting BV, permanently represented by Mr. Mark Pensaert, as
director of the Company for the duration of four (4) years.
During the meeting of the Board of Directors of June 21, 2022, it was decided to accept Ms.
Helen Routh’s resignation as director of the Company. At the same time, it was decided to
co-opt H F Routh Consulting LLC, permanently represented by Ms. Helen Routh, as inde-
pendent director of the Company until the next General Meeting.
268 Corporate Governance Statement

The Board therefore consists today of the following seven members:
· Vantage Consulting BV (1), permanently represented by Frank Aranzana, Chairman, mem-
ber since 2019, Director of companies;
· PJY Management BV, permanently represented by Pascal Juéry, CEO, member since 2020,
Director of companies;
· Klaus Röhrig, member since 2018, Director of companies;
· MRP Consulting BV (1), permanently represented by Mark Pensaert, member since 2018,
· Albert House BV (1), permanently represented by Line De Decker, member since 2022,
· H F Routh Consulting LLC (1), permanently represented by Helen Routh, member since
2022, Director of companies;
· Christian Reinaudo, member since 2010, Director of companies.
(1) Independent director in accordance with article 7:87 §1. of the Code of Companies and Associations
The mandates of H F Routh Consulting LLC, permanently represented by Ms. Helen Routh,
of Vantage Consulting BV, permanently represented by Mr. Frank Aranzana, and of Mr.
Klaus Röhrig will expire immediately after the General Meeting of Shareholders of May 9,
2023. All three directors shall be eligible for re-election.
At the General Meeting, it therefore will be proposed to the shareholders to reappoint H F

Routh Consulting LLC, permanently represented by Ms. Helen Routh, and Vantage Consul-
ting BV, permanently represented by Mr. Frank Aranzana, as independent directors for the
duration of four (4) years, and to reappoint Mr. Klaus Röhrig as a non-executive director,
also for the duration of four (4) years.
CV’s of the members of the Agfa-Gevaert Board of Directors
Frank Aranzana (°1958 - French) holds a Bachelor’s degree in Economics and Political
Sciences from IEP Paris and a Bachelor’s degree in Law from Nice University. He later ob-
tained a Master’s degree in Management from ESSEC Paris. He started his career in 1986
with Dow Chemical, where he worked in sales, marketing and business management. In
1996, he joined DuPont Dow Elastomers as Business Director. In 1999, he joined UCB as a
Director of the Radcure business unit and subsequently Specialty Chemicals, which were
sold to Cytec Industries in 2005. He became Vice President of Cytec Surface Specialties and
in 2008 President of Cytec Specialty Chemicals, member of Cytec’s Executive Leadership
team and an Officer of Cytec Industries Inc. In 2013, he was appointed CEO of Allnex, the
leading producer of coating resins acquired by Advent International Private Equity and until
2020, he was an Advent Operating partner, sitting on Allnex’s Advisory Committee.
Frank Aranzana joined the Board of Directors in May 2019 and was elected Chairman of the Board
in August 2020.
Current mandates:
· Chairman of the Board at Anqore
· Industrial Advisor at CVC Capital Partners

Line De Decker (°1974 - Belgian/British) is a senior executive with over 25 years’ extensive
experience operating at management board level in large, complex, regulated organizations.
She combines her excellent communication, influencing and change management skills
with an exceptional track record of leading businesses through critical transformations.
Ms. De Decker holds a Law degree from Universities of Leuven and Barcelona, as well as a
Master in Tax Management from Solvay Business School. She is the Chief People & Sustai-
nability Officer and a member of the Executive Committee at Aliaxis, a world leader ena-
bling access to water and energy through innovative fluid management solutions. Prior to
joining Aliaxis, she was Senior Vice President and Head of Transformation at GlaxoSmith-
Kline, where she led a global initiative aimed at transforming the company, creating new
structures and processes fit for the future. Before taking up this role in the global strategy
team, she held multiple senior HR roles in Belgium and the UK in the Corporate, Vaccines,
Pharma and Consumer business. Prior to GSK, Ms. De Decker worked at DuPont in Belgium
and Spain, where she was involved in setting up their global business services. She started
her career at PriceWaterhouseCoopers and UCB, as a tax and reward specialist.
Line De Decker joined the Agfa-Gevaert Board of Directors in May 2022.
Current mandates:
Member of the Executive Committee at Aliaxis
Pascal Juéry (°1965 - French) is a graduate from ESCP Business School in Paris, France. He
provides more than 30 years of experience in the chemical and advanced material industries.
Pascal Juéry started his career in finance and soon demonstrated his ability to lead various
global businesses as well as hold key functional responsibilities. Between 2010 and 2019, he
was a member of the Executive Committee of Rhodia and then Solvay, where he took an
active part in the group’s portfolio and business transformation.
Pascal Juéry joined the Agfa-Gevaert Board of Directors in 2020. As from February 1, 2020,
he became CEO of Agfa-Gevaert.
Current mandates:
· Board member at Blue Industry & Science
· Board member at Desmet-Ballestra
Mark Pensaert (°1964 - Belgian) holds a Master of Law from the State University of Ghent
(Belgium) and later obtained a Master of Law from the Cambridge University St. Cathari-
ne’s College. He started his career in 1988 in London with Lazard Brothers & Co, one of the
leading independent global investment banks with principal offices in New York, Paris and
London. Between 1992 and 1996, he was finance director of Interbuild NV and Rombouts
NV. In 1996, he became CFO of Carestel NV (currently part of the Autogrill Group).
Between 2000 and 2004, he returned to the international M&A business by rejoining Lazard
Frères in Paris to help establish and set up the M&A platform for Lazard in the Benelux.
In 2004, he became a Partner and started the Amsterdam office covering the Benelux. In
2008, he joined, as CEO, Leonardo & Co, a spin-off from Lazard, to establish their network
in Continental Europe and from September 2015 until July 2018, he served as Chairman of
the investment banking division of Alantra Partners, a global investment banking and asset
management group quoted on the Madrid Stock Exchange.
Mark Pensaert joined the Agfa-Gevaert Board of Directors in 2018.
Current mandates:
· Member Supervisory Board of Rabobank

Christian Reinaudo (°1954 - French) is a graduate from the ‘Ecole de Physique et de
Chimie Industrielles de Paris’ and holds a doctorate from the University of Paris (France).
He started his career with Alcatel, where he managed several multibillion Euro global busi-
nesses and international sales and services organizations, including the Cable Group of Al-
catel (now Nexans), the Submarine Networks Division and the whole Optics Group. He
enters the Executive Committee of Alcatel in early 2000 as Executive Vice-President. After
managing the AsiaPacific Region, he managed the integration and the transition process
associated with the merger of Alcatel and Lucent Technologies. In 2007, he was appointed
President Northern and Eastern Europe of Alcatel-Lucent and he joined the Board of Direc-
tors of Alcatel-Lucent (Belgium). Early 2008, Christian Reinaudo joined Agfa-Gevaert to be
President of Agfa HealthCare.
Christian Reinaudo joined the Agfa-Gevaert Board of Directors in 2010. As from May 2010 until
February 2020, he was CEO of Agfa-Gevaert.
Current mandates:
· Director of Domo Chemicals Holding NV
· Chairman Biocartis Group NV
Klaus Röhrig (°1977 - Austrian) holds a Master of Economics and Business Administration
from Vienna University of Economics and Business Administration. In 2000, Klaus Röhrig
started his career at Credit Suisse First Boston in London, focusing on corporate finance and
M&A for technology companies. In 2006, he joined Elliott Associates where he was respon-
sible for the funds’ investments in the German speaking countries as well as selected debt,
equity and sovereign investments. In 2015, Klaus Röhrig founded Active Ownership S.à r.l.
(AOC). Throughout his career, he focused on identifying investment opportunities, structu-
ring of investments and process-driven value creation.
Klaus Röhrig joined the Agfa-Gevaert Board of Directors in November 2018. From May 2019 until
August 2020, he was Chairman of the Board of Directors.
Current mandates:
· Member of the Supervisory Board of Formycon AG
· Member of the Supervisory Board of Francotyp-Postalia Holding AG
Helen Routh (°1962 - British/American) is a global healthcare executive with a record of

solving complex problems at the intersection of innovation and business. She has a PhD
in Physics, specializing in medical ultrasound from University College Cardiff (UK). Until
2017, she held diverse business and functional roles in healthcare at Philips, working across
products, software and services. She was the General Manager of Philips Research in North
America and General Manager of Philips’ global Clinical Informatics businesses.
As Senior VP of Strategy and Innovation, she led the development of Innovation Strategy
across Royal Philips and was head of the Integrated Solutions team.
She is an invited keynote speaker and panelist on both technical and business topics, and
serves as an advisor to small and large companies and academic and clinical organizations
in both the US and Europe.
Helen Routh joined the Agfa-Gevaert Board of Directors in May 2019.
Current mandates:
· Non-Executive Director of Ultromics
· Non-Executive Director of Health Innovation Manchester

Committees established by the Board of Directors
Audit Committee (AC)

The Audit Committee completes the tasks as described in article 7:99 §4 of the Code of Com-
panies and Associations and assists the Board of Directors in achieving its mission of control
in the broadest sense. Its powers and the way it functions are described extensively in chap-
ter 5.1 of the Corporate Governance Charter.
As from May 14, 2019, the Audit Committee consists of the following three non-executive
Directors: Mr. M. Pensaert, Chairman, Mr. K. Röhrig and Ms. H. Routh (as permanent repre-
sentative of H F Routh Consulting LLC since June 21, 2022). Two of them are independent
directors. They all meet the requirements described in article 7:99 §2 of the Code of Com-
panies and Associations, with respect to the expertise in the field of accounting and audit.
The Committee held five meetings in 2022. Amongst other items the following topics were
discussed: the verification of the annual accounts 2021, the quarterly results of 2022, the
reappointment of the Statutory Auditor, the reports of the internal audit department, the
follow-up of important legal issues such as the AgfaPhoto files, QARA (Quality Assurance &
Regulatory Affairs) and the evaluation of risk management in the Group.
Nomination and Remuneration Committee (NRC)

The Nomination and Remuneration Committee has been entrusted by the Board of Direc-
tors with responsibilities concerning the nomination for appointment, reappointment or
dismissal of Directors and members of the Executive Management, the remuneration pol-
icies and the individual remuneration of the Directors and the members of the Executive
Management. Operation and functions of the NRC are described extensively in chapter 5.2
of the Corporate Governance Charter. The Nomination and Remuneration Committee con-
sists exclusively of non-executive directors.
Since May 2022, the Nomination and Remuneration Committee consists of the following
three non-executive directors: Mr. C. Reinaudo, Chairman, Ms. L. De Decker and Mr. F.
Aranzana. Two of them are independent directors. The NRC had three meetings in 2022
and the following agenda items, among others, were discussed: the composition of the
Board of Directors and its Committees, identification of critical roles and their succession
planning, the remuneration policy, the performance and remuneration of the Executive
Management and Senior Executives and the preparation of the Remuneration Report.
Presence at the meetings of the Board of Directors and the Committees
Board AC NRC
Mr. Frank Aranzana 9/9 3/3
Mr. Christian Reinaudo 9/9 3/3
Ms. Helen Routh 9/9 5/5
Mr. Pascal Juéry 9/9
Mrs. Hilde Laga (1)
3/4 2/2
Mr. Mark Pensaert 8/9 5/5
Mr. Klaus Röhrig 9/9 5/5
Mrs. Line De Decker (2)
4/5 1/1
(1) Director and member of NRC up to and including May 9, 2022

(2) Director and member of NRC as from May 10, 2022

Management of the Company
CEO and Executive Committee (Exco)

The Executive Management is at present entrusted to a Managing Director/CEO assisted by
an Exco. Together they represent the Executive Management.
The CEO is responsible for the implementation of the Company’s policy and strategy laid
down by the Board of Directors. Consequently, he has the most extensive powers regarding
day-to-day management as well as a number of specific special powers. These powers are
described extensively in the Corporate Governance Charter.
In order to allow the Board of Directors to exercise its control, the CEO regularly reports about
his activities and about the development of the subsidiaries and affiliated companies.
Since September 2021, date on which Gunther Koch joined the Exco, the Exco is composed
as follows:
· Mr. Dirk De Man, Chief Financial Officer;
· Mr. Luc Delagaye, President Agfa Offset Solutions;
· Mr. Vincent Wille, President Agfa Digital Print & Chemicals;
· Mr. Gunther Koch, Chief Human Resources Officer.
Internal control and risk management systems in relation

to financial reporting
Agfa’s Executive Management is responsible for the Group’s internal control and risk sys-
tems including those regarding financial reporting as approved by the Board of Directors.
Internal control over financial reporting includes the assessment of the relevant risks, the
identification and monitoring of key controls and actions taken to correct deficiencies as
identified. The Audit Committee reviews the effectiveness of the internal control and risk
management systems.
Control environment
Agfa’s control environment comprised in 2022 of central finance functions such as consoli-
dation and reporting, tax, treasury, investor relations on the one hand and finance functions
at the level of the four business divisions on the other.
All finance functions report directly to the Chief Financial Officer. All Group entities fol-
low uniform central accounting policies and reporting requirements which are described in
Agfa’s Group Consolidation Accounting Manual.
Risk management
Based on review meetings with the central functions and the management of the divisions,
the Executive Management had, in 2022, a process in place to identify, assess and follow-up
on risks including those with regard to the financial reporting process on a regular basis and
reports on those risks to the Audit Committee. These risks are being reviewed by the Audit
Committee who might define further actions to the Executive Management.
Control activities
In 2022, each division was responsible for the monitoring of the financial performance and
forecasting and reports to the Executive Management. The consolidation process, based on
a more extensive reporting, was performed on a quarterly basis and reviewed by the Execu-
tive Management and the Audit Committee who might define actions to the divisions and
the central functions.

Information and communication
All entities use uniform central reporting tools and report in accordance with the instructions
and reporting guidelines set out by the central reporting department.
Financial information (including key performance indicators) was prepared on a consistent

basis for each division and at consolidated level and reviewed by the appropriate responsible.
The Executive Management reports to the Audit Committee on all key risk factors on a
regular basis.
Monitoring
One of the responsibilities of the financial department is to improve the procedures used to
prepare and process financial information.
Regular reviews are conducted on the key control procedures in the preparation of financial
information in the subsidiaries and at Group level in order to ensure proper application of
instructions and guidelines with regards to financial reporting.
Internal Audit performs reviews on the monitoring of internal policies, guidelines and con-
trols both relating to financial reporting and operational matters such as sales, production
and R&D. Internal Audit reports to the Audit Committee which monitors the effectiveness.
The Company Secretary has been appointed as Compliance Officer to monitor the Directors’
and other designated persons’ compliance with the Group’s policy with regard to inside in-
formation and market manipulation.
Risk management
See p. 101 through p. 104.
Evaluation of the Board of Directors and its Committees
The major features of the evaluation process for the Board of Directors and its Committees
include assessing how the Board of Directors and its Committees operate, checking that the
important issues are suitably prepared and discussed, evaluating the actual contribution of
each Director’s work and their involvement in discussions and decision-making. The com-
plete evaluation process is extensively dealt with in the chapters 3, 4 and 5 of the aforemen-
tioned Corporate Governance Charter.
The last formal evaluation occurred in 2021, in which an internal evaluation process has
taken place on the initiative of the Chairman of the Board and in collaboration with the
Chairman of the Nomination and Remuneration Committee, involving contacts with the
members of the Board of Directors and of the Executive Management in order to evaluate
the functioning of the Board and the Executive Management (on individual level as well as
on a corporate body level) on the one hand and the cooperation and relation between both
bodies on the other.
The criteria taken into consideration for the evaluation concerned the size, composition and
performance of the Board of Directors and the Committees, as well as the quality of the in-
teraction between the Board of Directors and the Executive Management. The results were
based on answers given to a questionnaire (containing about seventy questions divided into
ten chapters) on the one hand and the feedback provided during individual interviews on
the other.
In the years where no formal evaluation is scheduled, the Chairman of the Board will in-
formally inquire the members of the Board and of the Executive Management at regular
intervals regarding the functioning of the various corporate bodies.

Diversity, equality & inclusion
See p. 55 through p. 61.
Policy regarding the appropriation of the result
The Board of Directors’ proposals to the General Meeting of Shareholders with regard to the
allocation and distribution of the result take into consideration several factors, such as the
Company’s financial situation, the operating results, the current and expected cash flows
and the plans for expansion.
Policy regarding the dealing in shares of the Company
Consistent with its principles and values, Agfa formulated a Code of Dealing immediately
after the IPO in 1999. The Code contains rules with which Directors and members of se-
nior management have to comply in case they wish to deal in financial instruments of the
Company. The Code forbids these persons, inter alia, to deal during well-defined periods
preceding the announcement of its financial results and the announcement of other price
sensitive information.
Taking into account the Market Abuse Regulation, which became effective on July 3, 2016,
Agfa has changed this Code to make it compliant with the current legal regulations. The
Code of Dealing was last modified on May 11, 2021. The adapted version of the Code is avail-
able on the Company’s website as part of the Corporate Governance Charter.
INFORMATION RELATED TO SHARE-BUY-BACK OPERATIONS
See Note 24 p. 211 and Note 37.2 p. 225.
Information related to major events subsequent to Decem-

ber 31, 2022 and information on circumstances that could
significantly impact the development of the Group
See Note 47 p. 235.
Information on the R&D activities
See p. 84-86.
Information related to the existence of branches of

the Company
Since closing down its only branch office in the United Kingdom (Agfa Materials UK) on
May 20, 2022, Agfa-Gevaert NV has no more branches.
Information related to the use of derivative

financial instruments
In order to minimize the risk of fluctuations in exchange rates and interest rates, the appro-
priate hedge contracts were implemented.
These mainly include short-term transactions in foreign currencies, option contracts and
interest swaps.

Their implementation occurs according to uniform guidelines, is subject to internal audits,
and is limited to cover for the operational activities, and related money investments and
financial transactions.
Further detail hereon is provided in the ‘Notes to the Consolidated Financial Statements’.
Non-financial information
See chapter Non-financial information p. 10 through p. 109.
Auditor
Agfa-Gevaert NV’s Statutory Auditor is KPMG Bedrijfsrevisoren, represented by Mr. Frederic

Poesen.
The Statutory Auditor was reappointed at the General Meeting of Shareholders of May 10,
2022, for another three-year term. Hence, the mandate would normally expire immediately
following the General Meeting of Shareholders of May 13, 2025. Mandatory rotation rules
however will require KPMG to resign after having conducted the audit with respect to finan-
cial year 2023. The Board of Directors already prepared the succession of KPMG .
Information with regard to important participations
See p. 319.
Information related to the implementation of the EU

takeover directive
The Board of Directors hereby states that the Annual Report has been drafted in accordance
with article 34 of the Royal Decree of November 14, 2007. In this respect the Board of Direc-
tors explains that:
· A complete overview of the capital structure dated March 22, 2022, is included in the An-
nual Financial Report;
· There are no statutory restrictions with respect to the transfer of securities of the Compa-
ny or to the exercise of voting rights;
· There are no special rights attached to the issued shares of the Company;
· The Company has entered into certain financial agreements which would either become
effective, be amended and/or terminated due to any change of control over the Company
as a result of a public takeover bid;
· The Company is not aware of the existence of shareholder agreements resulting in restric-
tions on the transfer of securities and/or on the voting rights;
· The procedure for the appointment and replacement of members of the Board and the
amendment of the Articles of Association of the Company are extensively described in
the Articles of Association and the Corporate Governance Charter of the Company, both
of which can be consulted on the Investor Relations page of the website www.agfa.com;
· The powers of the Board of Directors regarding issuing and purchasing stock are extensively
described in article 12 of the Articles of Association of the Company (version June 21, 2022);
· All important agreements entered into as from the date of the Royal Decree mentioned
above, to which the Company is a party and which contain a ‘change of control’ clause,
have been submitted for approval to the respective annual meetings;

· The agreements with the members of the Executive Management no longer contain a
‘change of control’ clause, following which they would receive compensation if their
agreement with the Company would terminate as a result of a change of the control over
the Company.
General information about the Company
Agfa-Gevaert NV (Company number 0404.021.727, Register of Legal Entities Antwerp) is a

listed company under Belgian law, incorporated on June 10, 1964.
The registered office of the Company is located at Septestraat 27, 2640 Mortsel, Belgium.
The full and annotated financial data and statements are available on the website of the
Company, www.agfa.com, or at the registered office of the Company itself. Information with
respect to environmental matters can be found in the Sustainability Report of the Company
which is integrated in this Annual Report.
Availability of information
The Company’s Articles of Association are available at the clerk’s office of the commercial
court of Antwerp (Belgium) and at the registered office of the Company. They can also be
found on the website of the Company, www.agfa.com.
The Corporate Governance Charter and the Code of Dealing can be found on the Investor
Relations page of the website www.agfa.com.
The annual accounts are filed with the National Bank of Belgium.
The annual accounts, together with the related reports, are communicated every year to the
holders of registered shares and upon request to any interested party.
The Annual Report, the remuneration report, the statutory and consolidated annual ac-
counts including the report of the auditor, as well as the remuneration policy, can be found
on the website www.agfa.com and at the registered office.
The convocation to the General Meeting of Shareholders is published in the financial press
and can also be found on the website. As regards financial information, the financial results
and the other required information are published on the website of the Company, in com-
pliance with the guidelines of the Financial Services and Markets Authority (FSMA).
The decisions with respect to the nomination and dismissal of members of the Board of
Directors are published in the Annexes to the Belgian State Gazette.
Any interested party can register free of charge on www.agfa.com to receive the press
releases and required financial information by e-mail.
The Annual Report is available on the website www.agfa.com, in Dutch and English.

278
Remuneration
report
The Nomination and Remuneration Committee (NRC) meets at least
three times a year to, among other things, develop proposals to the
Board on the remuneration policy and level for the Directors and the
members of the Executive Management.
The NRC had three meetings in 2022 and the following agenda items,
among others, were discussed: the composition of the Board of Direc-
tors and its Committees, identification of critical roles and their suc-
cession planning, the remuneration policy, the performance and remu-
neration of the Executive Management and Senior Executives and the
preparation of the Remuneration Report.
The NRC would like to refer to the Annual Financial Report of the Group
for a detailed description of the operating results that have affected the
results of the different divisions of the Group, and consequently the
remuneration of the Executive Management.
There were no changes in the composition of the Executive Manage-

ment team in 2022.
279
Remuneration results for the year 2022
Remuneration policy
The new remuneration policy, approved by the shareholders at the Annual Meeting held on
May 11, 2021, is available on the Company's website: www.agfa.com/investor-relations. This
remuneration policy is aligned with the Shareholders' Rights Directive II, the Companies
and Associations Code and the Corporate Governance Code 2020.
Remuneration of Directors and members of the Committees

The current remuneration policy for Directors and members of the Committees was estab-
lished at the Annual Meeting held in 2021 and varies according to the number of meetings
attended. The remuneration of the Chairman of the Board is an all-inclusive fee.
Further details on the remuneration for fiscal year 2022 are provided later in this remuner-
ation report.
Remuneration of the members of the Executive Management

The remuneration package of the members of the Executive Management consists of (i)
a base salary, (ii) benefits, (iii) short and long-term variable remuneration and (iv) pen-
sion-related benefits. These various components are described in more detail in the Compa-
ny's remuneration policy.
The impact of the Global Bonus Plan on the remuneration of the Executive Committee in
the year 2022 is further specified in this Remuneration Report.
Dialogue with Shareholders

The Annual Meeting held on May 10, 2022, approved the previous remuneration report with
83.9% of the votes (compared to 57.4% of the votes in 2021). When drafting and revising its
remuneration policy, Agfa-Gevaert takes into account the votes and suggestions of its share-
holders. Agfa-Gevaert invites its shareholders to an open and transparent communication
on its remuneration policy and other Corporate Governance aspects.
Remuneration policy 2022 in summary

Board of Directors
As stipulated in the current policy, non-executive Directors receive a fixed fee and possibly
an attendance fee. The non-executive Directors do not receive any performance-related re-
muneration directly related to the Company's results. The non-executive Directors also did
not receive any part of their remuneration in the form of shares of the company for the fiscal
year 2022. In accordance with the policy, non-executive board members do not receive equi-
ty-related remuneration as referred to under provision 7.6 of the 2020 Corporate Governance
Code. Agfa adheres to Principle 6 of the Code and considers that remunerating the non-ex-
ecutive directors entirely in cash serves better the avoidance of any conflicts of interests
and guarantees their complete independence of mind. Expenses (e.g. for intercontinental
or international travel) are reimbursed separately. The CEO only receives compensation as
a member of the Executive Management. He does not receive a separate fee for his role as
Executive Director.
Executive Management
The remuneration policy was revised when Mr. Juéry joined the company as CEO. The new
remuneration policy submitted for approval to the annual meeting held in 2021 builds on the
approach taken in the contractual arrangements with Mr. Juéry. This new policy is rolled out
further as new members join the Executive Committee or whenever the current members of
the Executive Committee wish to adapt their existing contractual arrangements to such new
280 remuneration report

policy. The NRC regularly reviews the appropriateness of remuneration for executive manage-
ment and, where necessary, makes proposals to the Board of Directors for changes.
The remuneration of the CEO consists of a fixed remuneration, a short-term variable remu-
neration and a long-term variable remuneration. The allocation and amount of short-term
variable compensation depends on the Group results and on the achievement of personal
objectives set by the Board of Directors. The long-term variable compensation was embed-
ded in a Stock Appreciation Rights Plan and may lead to an additional cash bonus.
The main elements of this Stock Appreciation Rights Plan are:

· Mr. Juéry will be granted 200,000 Stock Appreciation Rights annually for a period of five
years, commencing on February 1, 2020.
· The strike price for these Stock Appreciation Rights has been set for the year 2020 at 4.75
Euro (to be adjusted downwards for any dividend distribution). Since 2021, the strike price
is depending on the average closing price of the Agfa-Gevaert share during the 30 days pre-
ceding the grant date.
· The Stock Appreciation Rights vest at the end of each calendar year for a period of three
years at a rate of one-third of each grant.
· In addition, Mr. Juéry is entitled to reimbursement of reasonable international travel ex-
penses and representation expenses.
The remuneration of the members of the Executive Committee consists of a fixed remuner-
ation, a short term and a long term remuneration. The short term cash component amounts
to 50% of their base salary and is based on achieving financial and personal objectives of no
more than one year. The long term component is covered by a Stock Appreciation Rights
Plan. The variable compensation may be partially converted into a pension contribution. In
addition, the members of the Executive Committee are entitled to certain benefits in kind,
such as a company car, a representation allowance, meal vouchers and various insurances.
Upon the recruitment of one of the Executive Committee Members, a sign-on bonus of €
100,000 was awarded to buy out lost compensation which the candidate held prior to join-
ing Agfa-Gevaert. This sign-on bonus will be paid out over a period of 2 years.

Acquired compensation for the year 2022
Board of Directors
Table 1 - Compensation of the Directors for the reported fiscal year. The Directors do not
receive any compensation from other companies of the Agfa-Gevaert Group.
Fixed remuneration Variable remuneration
Proportion of fixed and

variable remuneration
Total remuneration
Extraodinary items
Multi-year variable
One-year variable
Committee Fee
Other benefits
Board Fee
Pension
name of director, position
Frank Aranzana (1) 180,000 € 0€ 0€ 0€ 0€ 0€ 0€ 180,000 €
Pascal Juéry (2) 0€ 0€ 0€ 0€ 0€ 0€ 0€ 0€
Mark Pensaert (3) 52,500 € 25,000 € 0€ 0€ 0€ 0€ 0€ 77,500 €
Christian Reinaudo (4) 55,000 € 15,000 € 0€ 0€ 0€ 0€ 0€ 70,000 €
Klaus Röhrig (5) 55,000 € 12,500 € 0€ 0€ 0€ 0€ 0€ 67,500 €
Helen Routh (6) 55,000 € 12,500 € 0€ 0€ 0€ 0€ 0€ 67,500 €
Line De Decker (7) 50,000 € 7,500 € 0€ 0€ 0€ 0€ 0€ 57,500 €
TOTAL 447,500 € 72,500 € 0€ 0€ 0€ 0€ 0€ 520,000 € Variable : 0.00%
(1) Chairman of the Board and member of the NRC. Permanent representative of Vantage Consulting SRL.
(2) Executive director (CEO). Permanent representative of PJY Management BV.
(3) Non-executive director and member of the Audit Committee. Permanent representative of MRP Consulting BV.
(4) Non-executive director and chairman of the NRC.
(5) Non-executive director and member of the Audit Committee.
(6) Non-executive director and member of the Audit Committee. As natural person until June 20th , 2022.
Permanent representative of H F Routh Consulting LLC as of June 21th, 2022.
(7) Non-executive director and member of the NRC. Permanent representative of Albert House BV.
CEO
Table 2 - CEO compensation.
variable remuneration (*)

Proportion of fixed and
Extraordinary items
Total remuneration
Other benefits
remuneration
Multi-year
One-year
Pension
variable
variable
Base
Fees

Pascal Juéry (1) - CEO 780,000 € 0€ 0€ 334,360 € 0€ 0€ 0€ 1,114,360 € Fixed : 70.00%
TOTAL 780,000 € 0€ 0€ 334,360 € 0€ 0€ 0€ 1,114,360 € Variable : 30.00%
Executive Committee
Table 3 - Aggregated remuneration of the members of the Executive Committee in 2022.

Extraordinary items
Total remuneration
variable remunera-
Proportion of fixed
Other benefits
remuneration
Multi-year
One-year
Pension
variable
variable
tion (*)
Base
Fees
and

Executive Committee 1,325,006 € 136,800 € 61,209 € 641,030 € 0€ 245,576 € 2,409,621 €
TOTAL 1,325,006 € 136,800 € 61,209 € 641,030 € 0€ 0€ 245,576 € 2,409,621 € Variable : 26.60%
(*) Extraordinary items are not taken into account for the calculation of the proportion of fixed and variable remuneration.

Share-based compensation
Next to Mr. Pascal Juéry, all members of the Executive Committee are entitled to receive stock-based compensation as long-
term variable compensation.
Main conditions of the share option plan Information regarding the reported financial year
closing
Opening balance in the course of the year
balance
a) # options a) # options
awarded vested
b) value under-
lying shares @
awarded and unvested

share options held at
beginning of the year
b) value vesting date
underlying
c) value @ strike
share options
Specification
shares
price
of the plan
end of @ offer date

award vesting retention exercise strike d) gain @ vesting
name & position date date period period price date
Pascal Juéry (1) SAR 2020 1/02/2020 1/02/2021 01-02-2023 1/02/2023 - 4.75 € - a) 200,000 a) 133,333 66,667
SAR 2020 1/02/2022 unlimited b) 405,935 b) 270,623
SAR 2020 1/02/2023 c) 0
d) 0
9/03/2024 -
SAR 2021 9/03/2021 9/03/2022 09-03-2024 3.78 € 200,000 a) 200,000 a) 66,667 133,333
9/03/2029
9/03/2024 -
SAR 2021 9/03/2023 b) 334,000 b) 111,333
9/03/2029
9/03/2024 -
SAR 2021 9/03/2024 c) 0
9/03/2029
d) 0
9/03/2025 -
SAR 2022 9/03/2022 9/03/2023 09-03-2025 3.60 € 400,000 a) 200,000 a) 0 200,000
9/03/2030
9/03/2025 -
SAR 2022 9/03/2024 b) 288,000 b) 0
9/03/2030
9/03/2025 -
SAR 2022 9/03/2025 c) 0
9/03/2030
d) 0
Executive 9/03/2024 -
SAR 2021 9/03/2021 9/03/2022 09-03-2024 3.78 € - a) 90,000 a) 30,000 60,000
Committee 9/03/2029
9/03/2024 -
SAR 2021 9/03/2023 b) 150,300 b) 50,100
9/03/2029
9/03/2024 -
SAR 2021 9/03/2024 c) 0
9/03/2029
d) 0
9/03/2025 -
SAR 2022 9/03/2022 9/03/2023 09-03-2025 3.60 € 90,000 a) 328,000 a) 0 328,000
9/03/2030
9/03/2025 -
SAR 2022 9/03/2024 b) 472,320 b) 0
9/03/2030
9/03/2025 -
SAR 2022 9/03/2025 c) 0
9/03/2030
TOTAL

Severance payments
No severance payments were made to members of the Executive Management in 2022.
Comparative information
Table 5 provides comparative information regarding the annual change in remuneration and
performance, as well as the ratio between the highest remuneration of members of
Executive Management and the lowest remuneration (in full-time equivalent) of employ-
ees.Only active board members have been taken into account.
The evolution in remuneration for the CEO is mainly related to the company performance.
No extraordinary items have been taken into account for the ease of comparison.
The evolution in aggregated remuneration for the Executive Committee members is mainly
a combination of company performance related remuneration. No extraordinary items have
been taken into account, nor severance packages, for ease of comparison.
We are reporting the average remuneration of employees on a full-time equivalent base.

For the average remuneration of the employees of the company only employees in Belgium
have been considered. The average remuneration of the employees of the Group takes into
account all employees worldwide.
Table 5 - Comparative table on the remuneration and Company performance over the last
five reported financial years (RFY).
RFY-4 vs RFY-3 vs RFY-2 vs RFY1 vs RFY vs Information

RFY-5 RFY-4 RFY-3 RFY-2 RFY-1 regarding
name of director, position 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 the RFY
Remuneration of Directors and Executive Committee
Frank Aranzana (1) 141% 38% 0% 180,000
Pascal Juéry (2)
Mark Pensaert (3) -7% 8% 3% 0% 77,500
Christian Reinaudo (4) 0% -10% 27% 17% 0% 70,000
Klaus Röhrig (5) -30% -42% 4% 67,500
Helen Routh (6) 16% 0% 4% 67,500
Line De Decker (7)
CEO (excl. Agfa Gevaert NV director fee) 10% 3% -50% 48% -3% 1,114,360
Executive Committee 14% 1% -43% 21% 24% 2,105,959
Company Performance
Financial metric A: revenue -10% -10% -13% 3% 6% 1.875 mio
Financial metric B: EBITDA -18% -16% -35% 5% -10% 94 mio
Financial metric C: Net profit -133% -220% 1394% -102% 1493% -223 mio
Non-financial metric C
Average Remuneration of employees, on a full-time equivalent base
Employees of the company 71,885 € 74,994 € 81,751 €
Employees of the Group 61,070 € 62,836 € 68,663 €
Ratio highest/lowest remuneration 22.5 28.7 35.0
(1) Chairman of the Board and member of the NRC. Permanent representative of Vantage Consulting SRL.
(3) Non-executive director and member of the Audit Committee. Permanent representative of MRP Consulting BV.
(4) Non-executive director and chairman of the NRC.
(5) Non-executive director and member of the Audit Committee.
(6) Non-executive director and member of the Audit Committee. As natural person until June 20th , 2022.
Permanent representative of H F Routh Consulting LLC as of June 21th, 2022.
(7) Non-executive director and member of the NRC. Permanent representative of Albert House BV.

Appendices
285
GRI content index
Agfa-Gevaert NV has reported the information cited in this GRI content index for the period
Statement of use
from 1 January 2022 to 31 December 2022 with reference to the GRI Standards.
GRI 1 used GRI 1: Foundation 2021
GRI STANDARD DISCLOSURE LOCATION Page
Company Profile - Global production and sales network
Company Profile - Agfa in The world
2-1 Organizational details 11-13 ; 277
Corporate Governance Statement - General information
about the Company
2-2 Entities included in the organization’s sustainability About this report - Scope of the reported data and
20
reporting reporting process
2-3 Reporting period, frequency and contact point About this report 19-20
2-4 Restatements of information Appendices - Notes on changes to KPI data 289
2-5 External assurance Corporate Governance Statement - Auditor 276
Company Profile - Global production and sales network
2-6 Activities, value chain and other business relationships Healthcare IT ; Radiology Solutions ; Digital Print & Chemicals ; 11 ; 117-151
Offset Solutions
2-7 Employees Focus on our people - We are Agfa 52-53
Company information - Our governance structure
2-9 Governance structure and composition 99 ; 267-277
Corporate Governance Statement
2-10 Nomination and selection of the highest governance body Corporate Governance Statement 267-277
2-11 Chair of the highest governance body Corporate Governance Statement 267-277
2-12 Role of the highest governance body in overseeing the Company information - Our governance structure
99 ; 267-277
management of impacts Corporate Governance Statement
GRI 2: General
Company information - Our governance structure
Disclosures 2021 2-13 Delegation of responsibility for managing impacts 99 ; 267-277
Corporate Governance Statement
2-14 Role of the highest governance body in sustainability
Company information - Our governance structure 99
reporting
2-15 Conflicts of interest Corporate Governance Statement 267-277
2-18 Evaluation of the performance of the highest governance Corporate Governance Statement - Evaluation of the Board of
274
body Directors and its Committees
2-19 Remuneration policies Corporate Governance Statement - Remuneration Report 279-281
2-20 Process to determine remuneration Corporate Governance Statement - Remuneration Report 279-281
2-22 Statement on sustainable development strategy Letter to the shareholders 5-6
Focus on a sustainable performance - Ethical business
2-23 Policy commitments conduct & compliance 87-88 ; 68-70
Focus on our people - Respect for Human Rights
2-24 Embedding policy commitments conduct & compliance 87-88 ; 68-70
Focus on our people - Respect for Human Rights
2-26 Mechanisms for seeking advice and raising concerns 87-88
conduct & compliance
2-28 Membership associations Company information - Our stakeholders 106-107
2-29 Approach to stakeholder engagement Company information - Our stakeholders 104-109
GRI 3: Material 3-1 Process to determine material topics Company information - Double materiality assessment 100-101
Topics 2021 3-2 List of material topics Company information - Double materiality assessment 100
GRI 205: Anti-
205-3 Confirmed incidents of corruption and actions taken Ethical business conduct & compliance 68-70
corruption 2016
GRI 206: Anti-
206-1 Legal actions for anti-competitive behavior, anti-trust,
competitive Ethical business conduct & compliance 68-70
and monopoly practices
Behavior 2016
GRI 301: Focus on our planet - Resource scarcity and efficiency
301-2 Recycled input materials used 26-29
Materials 2016 (raw materials)
302-1 Energy consumption within the organization Focus on our planet - Energy usage 38-40
GRI 302:
302-3 Energy intensity Focus on our planet - Energy usage 38-40
Energy 2016
302-4 Reduction of energy consumption Focus on our planet - Energy usage 38-40
GRI 303: Water and
303-5 Water consumption Focus on our planet - Water and waste water 33-36
Effluents 2018
286 GRI content index

GRI content index (continued)
305-1 Direct (Scope 1) GHG emissions Focus on our planet - Greenhouse gas (GHG) emissions 41-43
305-2 Energy indirect (Scope 2) GHG emissions Focus on our planet - Greenhouse gas (GHG) emissions 41-43
305-4 GHG emissions intensity Focus on our planet - Greenhouse gas (GHG) emissions 41-43
GRI 305:
Emissions 2016 305-5 Reduction of GHG emissions Focus on our planet - Greenhouse gas (GHG) emissions 41-43
305-6 Emissions of ozone-depleting substances (ODS) Focus on our planet - Other emissions to air 44-45
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx),
Focus on our planet - Other emissions to air 44-45
and other significant air emissions
Focus on our planet - Circular Economy: Waste management
306-3 Waste generated 30-32
& product recycling
GRI 306: Waste 2020 306-4 Waste diverted from disposal 30-32
& product recycling
306-5 Waste directed to disposal 30-32
& product recycling
GRI 401: Focus on our people - Employee Well-Being, Human Capital
401-1 New employee hires 55-67
Employment 2016 and Learning & Development
GRI 403: 403-1 Occupational health and safety management system Focus on our people - Health & Safety 71-74
Occupational 403-3 Occupational health services Focus on our people - Health & Safety 71-74
Health and
Safety 2018 403-9 Work-related injuries Focus on our people - Health & Safety 71-74
404-1 Average hours of training per year per employee Focus on our people - Learning & Development 65
GRI 404: Training
and Education 2016 Focus on our people - Career guidance, performance
404-2 Programs for upgrading employee skills 62-66
and talent management
GRI 405: Diversity Focus on our people - We are Agfa
405-1 Diversity of governance bodies and employees 52-53 ; 59-60
and Equal Focus on our people - Diversity, Equality & Inclusion
Opportunity 2016 405-2 Ratio of basic salary and remuneration of women to men Focus on our people - Remuneration policies and practices 61-62

Consolidated KPI table
Beneath a summary of our progress regarding the main Key Performance Indicators.
More details about specific split, e.g. waste per destination type, and explanations about the actions driving the changes are
given in the dedicated sections of this report.
As we started tracking different KPIs at different points in time, some older data might be unavailable.
We plan to gradually increase the number of disclosed KPIs over time based on the needs identified in dialogue with our
internal and external stakeholders.
Evolution Evolution Evolution

Key Performance Indicators (KPIs) Unit of Measure 2022 2021 2017 2012
1-year 5-year 10-years
Production volumes tons/year 109,191 124,167 -12.1% 167,800 -34.9% 241,531 -54.8%
Percentage of aluminum recovery % 28.1% 25.7% 9.1% 21.7% 29.7% - -
Total waste volume tons/year 23,759 26,478 -10.3% 32,041 -25.8% 55,730 -57.4%
Specific waste volume kg/ton of product 217.6 213.2 2.0% 191.0 14.0% 230.7 -5.7%
Share of hazardous waste % 22.0% 22.3% -1.5% 14.4% 52.5% 23.4% -6.1%
Waste diverted from disposal % 91.2% 92.3% -1.2% 85.9% 6.1% 85.7% 6.4%
Total water consumption m³/year 3,631,000 3,184,122 14.0% 4,996,281 -27.3% 6,637,563 -45.3%
Specific water consumption m³/ton of product 33.3 25.6 29.9% 29.8 11.8% 27.5 21.2%
Focus on our Planet
Total waste water volume m³/year 1,077,207 1,092,343 -1.4% 1,810,981 -40.5% 3,012,470 -64.2%
Specific waste water volume m³/ton of product 9.87 8.80 12.2% 10.79 -8.5% 12.47 -20.9%
Waste water pollutant load tons per year 195 207 -5.8% 461 -57.7% 718 -72.8%
Total energy consumption TJ/year 2,012 2,124 -5.3% 2,753 -26.9% 3,534 -43.1%
Specific energy consumption GJ/ton of product 18.4 17.1 7.5% 16.4 12.2% 14.6 25.7%
Total CO2 emissions (scope 1 + scope 2) to air ktons/year 128.9 137.7 -6.4% 182.1 -29.2% 230.1 -44.0%
Specific CO2 emissions to air tons/ton of product 1.181 1.109 6.5% 1.085 8.8% 0.952 24.0%
Emissions of ozone-depleting substances kg R11 equivalents/year 731 3,008 -75.7% - - - -
NOx, SO2, VOC, VIC emissions tons per year 126.0 135.2 -6.8% 214.9 -41.4% 327.4 -61.5%
VOC emissions tons per year 35.4 38.2 -7.4% 112.7 -68.6% 171.6 -79.4%
Specific VOC emissions kg/ton of product 0.32 0.31 3.9% 0.67 -52.3% 0.71 -55.0%
(Number of accidents /
Frequency rate (Fg) of reportable accidents Performance hours) 2.29 1.17 95.6% 1.89 21.5% 3.05 -25.0%
* 1.000.000
(Number of accidents /
Frequency rate (Fg) of accidents with more than one
hours worked) 5.35 5.02 6.6% 5.28 1.4% 5.79 -7.7%
working day lost
* 1.000.000
Number of accidents with one day lost - 35 30 16.7% 42 -16.7% 55 -36.4%
Focus on our People
(Number of working
Degree of severity of accidents involving more than
days lost / hours worked) 0.104 0.145 -28.2% 0.131 -20.7% 0.196 -46.9%
one working day lost
* 1.000
Total women share in workforce % 22.7% 22.9% -1.0% 22.5% 1.0% - -
Total women share on recruitment % 32.8% 30.9% 6.3% 27.6% 18.9% - -
Women share as Executive Manager (level 1 and 0) % 11.1% 13.3% -16.8% 5.6% 99.8% - -
Women share as Executive Manager (level 2) % 11.9% 9.5% 25.0% 9.3% 27.5% - -
Women share as Middle Manager % 18.2% 16.9% 8.0% 14.5% 25.9% - -
Women share as Manager % 23.0% 22.7% 1.4% 20.3% 13.5% - -
Women share as Employee % 23.2% 23.7% -2.0% 24.0% -3.5% - -
Sustainable Performance
Contracts signed by key and core suppliers including

% 100.0% 100.0% 0.0% - - - -
Agfa Supplier of CoC
Focus on a
% annual turnover invested in R&D

% 5.4% 5.4% 0.9% - - - -
(for the full group)
288 KPI Sustainability

Notes on changes to KPI data
In this non-financial Sustainability report, the following restatements of information must

be reported compared to the previous reporting period:
· On page 35 in Annual Report 2021: The production volume in numbers indicated ap-
proximately 2,295 units for medical applications in 2021, while it should have been read as
27,295 units (typographical error)
· The figure reported for waste water pollutant load in 2021 has been modified from 246.2
to 207.3 tons per year due to an error in the reported value of aluminum in Wiesbaden
in Germany

Proportion of turnover from products or services associated
with Taxonomy-aligned economic activities -
disclosure covering year 2021
Substantial contribution criteria
Proportion Climate Climate Water and Biodiversity

Absolute Circular
of change change marine Pollution (9) and
Economic activites (1)
Code(s) (2) turover (3) economy (8)
turnover (4) mitigation (5) adaption (6) resources (7) ecosystems (10)
Currency % % % % % % %
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmental sustainable activities
(Taxonomy-aligned)
Turnover of environmental sustainable
€- 0.0% 0.0% 0.0% - - - -
activities (Taxonomy-aligned) (A.1)
A.2 Taxonomy-Eligible but not
environmental sustainable activities
(not Taxonomy-aligned activities)
3.6 Manufacture of other low
C22 € 1,744,786 0.1%
carbon technologies
3.17 Manufacture of plastics in primary form C20.16 € 475,172,747 27.0%
4.15 District heating/cooling distribution D35.30 €- 0.0%
4.30 High-efficiency co-generation of heat/
D35.11 €- 0.0%
cool and power from fossil gaseous fuels
4.11 Storage of thermal energy - €- 0.0%
5.3 Construction, extension and operation
E37.00 €- 0.0%
of waste water collection and treatment
5.9 Material recovery from
E38.32 € 8,144,604 0.5%
non-hazardous waste
6.4 Operation of personal mobility devices,
N77.11 €- 0.0%
cycle logistics
6.5 Transport by motorbikes, passenger
N77.11 €- 0.0%
cars and light commercial vehicles
F42, F43,
7.3 Installation, maintenance and repair
M71, C25, €- 0.0%
of energy efficiency equipment
C33.12
of charging stations for electric vehicles F42, F43,
€- 0.0%
in buildings (and parking spaces attached to M71, C25
buildings)
of instruments and devices for measuring, F42, F43,
€- 0.0%
regulation and controlling energy M71, C25
performance of buildings
8.1 Data processing, hosting and
J63.11 € 8,030,000 0.5%
related activities
Turnover of Taxonomy-eligible but not
environmentally sustainable activities € 493,092,138 28.0%
(not Taxonomy-aligned activities) (A.2)
Total (A.1 + A.2) € 493,092,138 28.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B) € 1,267,160,863 72.0%
Total (A + B) € 1,760,253,000 100.0%
290 EU Taxonomy Disclosures

DNSH criteria ( Does Not Significantly Harm)
Taxonomy aligned
Climate Climate Water and Biodiversity Minimum Taxonomy aligned Category Category
Circular proportion
change change marine Pollution (15)
and safe- proportion of turn- (enabling (transitional
economy (14) of turnover,
mitigation (11) adaption (12) resources (13) ecosystems (16) guards (17) over, year 2020 (19) activity) (20) activity) (21)
year 2021 (18)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N Percent Percent E T
- N - - - - - 0.0% -
0.0% -

Proportion of CapEx from products or services
associated with Taxonomy-aligned economic activities -

Absolute Circular
Code(s) (2) CapEx (3) economy (8)
CapEx (4) mitigation (5) adaption (6) resources (7) ecosystems (10)
Currency % % % % % % %
(Taxonomy-aligned)
CapEx of environmental sustainable
€- 0.0% 0.0% 0.0% - - - -
C22 € 414,853 1.6%
carbon technologies
4.15 District heating/cooling distribution D35.30 € 61,011 0.2%
D35.11 €- 0.0%
4.11 Storage of thermal energy - € 187,688 0.7%
E37.00 €- 0.0%
E38.32 €- 0.0%
non-hazardous waste
N77.11 €- 0.0%
cycle logistics
N77.11 €- 0.0%
F42, F43,
M71, C25, € 21,111 0.1%
C33.12
€- 0.0%
buildings)
€- 0.0%
J63.11 €- 0.0%
related activities
CapEx of Taxonomy-eligible but not
Total (A.1 + A.2) € 9,404,181 36.1%
CapEx of Taxonomy-non-eligible activities (B) € 16,681,044 63.9%
Total (A + B) € 26,085,224 100.0%

Taxonomy aligned
Circular proportion
and safe- proportion of (enabling (transitional
economy (14) of CapEx,
mitigation (11) adaption (12) resources (13) ecosystems (16) guards (17) Capex, year 2020 (19) activity) (20) activity) (21)
year 2021 (18)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E T
- N - - - - - 0.0% -
0.0% -

Proportion of OpEx from products or services

Absolute Circular
Code(s) (2) OpEx (3) economy (8)
OpEx (4) mitigation (5) adaption (6) resources (7) ecosystems (10)
Currency % % % % % % %
(Taxonomy-aligned)
OpEx of environmental sustainable
€- 0.0% 0.0% 0.0% - - - -
C22 € 508,335 0.3%
carbon technologies
D35.11 € 3,190,401 2.2%
E37.00 € 1,594,513 1.1%
E38.32 € 290,000 0.2%
non-hazardous waste
N77.11 €- 0.0%
cycle logistics
N77.11 €- 0.0%
F42, F43,
M71, C25, €- 0.0%
C33.12
€- 0.0%
buildings)
€ 445 0.0%
J63.11 €- 0.0%
related activities
OpEx of Taxonomy-eligible but not
Total (A.1 + A.2) € 46,954,972 31.7%
OpEx of Taxonomy-non-eligible activities (B) € 101,190,666 68.3%
Total (A + B) € 148,145,639 100.0%

Taxonomy aligned
Circular proportion
and safe- proportion of OpEx, (enabling (transitional
economy (14) of OpEx,
mitigation (11) adaption (12) resources (13) ecosystems (16) guards (17) year 2020 (19) activity) (20) activity) (21)
year 2021 (18)
- N - - - - - 0.0% -
0.0% -

Proportion of turnover from products or services associated
with Taxonomy-aligned economic activities -

Absolute Circular
Code(s) (2) turover (3) economy (8)
turnover (4) mitigation (5) adaption (6) resources (7) ecosystems (10)
Currency % % % % % % %
(Taxonomy-aligned)
Turnover of environmental sustainable
€- 0.0% 0.0% 0.0% - - - -
C22 € 4,064,331 0.2%
carbon technologies
4.15 District heating/cooling distribution D35.30 €- 0.0%
D35.11 €- 0.0%
E37.00 €- 0.0%
E38.32 € 6,949,958 0.4%
non-hazardous waste
N77.11 €- 0.0%
cycle logistics
N77.11 €- 0.0%
F42, F43,
M71, C25, €- 0.0%
C33.12
€- 0.0%
buildings)
€- 0.0%
J63.11 € 9,600,000 0.5%
related activities
Turnover of Taxonomy-eligible but not
Total (A.1 + A.2) € 502,799,287 27.1%
Turnover of Taxonomy-non-eligible activities (B) € 1,354,186,713 72.9%
Total (A + B) € 1,856.986,000 100.0%

Taxonomy aligned
Circular proportion
and safe- proportion of turn- (enabling (transitional
economy (14) of turnover,
mitigation (11) adaption (12) resources (13) ecosystems (16) guards (17) over, year 2021 (19) activity or) (20) activity) (21)
year 2022 (18)
- N - - - - - 0.0% 0.0%
0.0% 0.0%

Proportion of CapEx from products or services

Absolute Circular
Code(s) (2) CapEx (3) economy (8)
CapEx (4) mitigation (5) adaption (6) resources (7) ecosystems (10)
Currency % % % % % % %
(Taxonomy-aligned)
CapEx of environmental sustainable
€- 0.0% 0.0% 0.0% - - - -
C22 € 2,270,447 7.0%
carbon technologies
D35.11 €- 0.0%
4.11 Storage of thermal energy - € 104,002 0.3%
E37.00 €- 0.0%
E38.32 €- 0.0%
non-hazardous waste
N77.11 €- 0.0%
cycle logistics
N77.11 €- 0.0%
F42, F43,
M71, C25, €- 0.0%
C33.12
€ 172,750 0.5%
buildings)
€- 0.0%
J63.11 €- 0.0%
related activities
CapEx of Taxonomy-eligible but not
Total (A.1 + A.2) € 9,665,243 29.7%
CapEx of Taxonomy-non-eligible activities (B) € 22,879,221 70.3%
Total (A + B) € 32,544,464 100.0%

Taxonomy aligned
Circular proportion
and safe- proportion of (enabling (transitional
economy (14) of CapEx,
mitigation (11) adaption (12) resources (13) ecosystems (16) guards (17) Capex, year 2021 (19) activity or) (20) activity) (21)
year 2022 (18)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N Percent Percent E T
- N - - - - - 0.0% 0.0%
0.0% 0.0%

Proportion of OpEx from products or services

Absolute Circular
Code(s) (2) OpEx (3) economy (8)
OpEx (4) mitigation (5) adaption (6) resources (7) ecosystems (10)
Currency % % % % % % %
(Taxonomy-aligned)
OpEx of environmental sustainable
€- 0.0% 0.0% 0.0% - - - -
C22 € 959,713 0.6%
carbon technologies
4.15 District heating/cooling distribution D35.30 € 1,033,167 0.7%
D35.11 € 2,513,675 1,6%
E37.00 € 1,035,914 0.7%
E38.32 € 290,000 0,2%
non-hazardous waste
N77.11 €- 0.0%
cycle logistics
N77.11 € 630 0.0%
F42, F43,
M71, C25, €- 0.0%
C33.12
€ 29,518 0.0%
buildings)
€ 25,880 0.0%
J63.11 €- 0.0%
related activities
OpEx of Taxonomy-eligible but not
Total (A.1 + A.2) € 45,559,445 29.3%
OpEx of Taxonomy-non-eligible activities (B) € 109,680,708 70.7%
Total (A + B) € 155,240,153 100.0%

Taxonomy aligned
Circular proportion
and safe- proportion of OpEx, (enabling (transitional
economy (14) of OpEx,
mitigation (11) adaption (12) resources (13) ecosystems (16) guards (17) year 2021 (19) activity) (20) activity) (21)
year 2022 (18)
- N - - - - - 0.0% 0.0%
0.0% 0.0%

2022 Complementary disclosures referred to in Article 8(6) and (7)
Nuclear and fossil gas related activities
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
1 No
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
2 electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, No
as well as their safety upgrades, using best available technologies.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity
3 or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear No
energy, as well as their safety upgrades.
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
4 Yes
electricity using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool
5 Yes
and power generation facilities using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
6 Yes
facilities that produce heat/cool using fossil gaseous fuels.

303
Taxonomy-aligned economic activities (denominator)
Amount and proportion for KPI Turnover
Climate change Climate change

Economic activities CCM + CCA
mitigation (CCM) adaptation (CCA)
Amount % Amount % Amount %
Amount and proportion of taxonomy-aligned economic activity referred to

1 in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the €- 0% €- 0% €- 0%
denominator of the applicable KPI





Amount and proportion of other taxonomy-aligned economic activities not

7 €- 0% €- 0% €- 0%
referred to in rows 1 to 6 above in the denominator of the applicable KPI
8 Total applicable KPI €- 0% €- 0% €- 0%

Amount and proportion for KPI CapEx Amount and proportion for KPI OpEx
Climate change Climate change Climate change Climate change

CCM + CCA CCM + CCA
mitigation (CCM) adaptation (CCA) mitigation (CCM) adaptation (CCA)
Amount % Amount % Amount % Amount % Amount % Amount %
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%

Taxonomy-aligned economic activities (numerator)


numerator of the applicable KPI





Amount and proportion of other taxonomy-aligned economic activities not

7 €- 0% €- 0% €- 0%
referred to in rows 1 to 6 above in the numerator of the applicable KPI
Total amount and proportion of taxonomy-aligned economic activities in the

8 €- 0% €- 0% €- 0%


CCM + CCA CCM + CCA
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%

Taxonomy-eligible but not taxonomy-aligned economic activities

Amount and proportion of taxonomy-eligible but not taxonomy-aligned

1 economic activity referred to in Section 4.26 of Annexes I and II to Delegated €- 0% €- 0% €- 0%
Regulation 2021/2139 in the denominator of the applicable KPI


Amount and proportion of taxonomy- eligible but not taxonomy-aligned



Amount and proportion of other taxonomy-eligible but not taxonomy-aligned

7 economic activities not referred to in rows 1 to 6 above in the denominator of € 502,799,287 0% € 502,799,287 0% €- 0%
the applicable KPI
Total amount and proportion of taxonomy-eligible but not taxonomy-aligned

8 € 502,799,287 100% € 502,799,287 100% €- 0%
economic activities in the denominator of the applicable KPI


CCM + CCA CCM + CCA
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€- 0% €- 0% €- 0% € 2,513,675 5.5% € 2,513,675 5.5% €- 0%
€- 0% €- 0% €- 0% €- 0% €- 0% €- 0%
€ 9,665,243 0% € 9,665,243 0% €- 0% € 43,045,770 94.5% € 43,045,770 94.5% €- 0%
€ 9,665,243 100% € 9,665,243 100% €- 0% € 45,559,445.09 100% € 45,559,445 100% €- 0%

Taxonomy non-eligible economic activities
Economic activities
Amount and proportion of economic activity referred to in row 1 of 'Nuclear and fossil gas related activities' that is taxonomy-non-eligible in
1
accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
3
4
5
6
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of
7
the applicable KPI
8 Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI

KPI Turnover KPI CapEx KPI OpEx
Amount Percentage Amount Percentage Amount Percentage
€- 0% €- 0% €- 0%
€- 0% €- 0% €- 0%
€- 0% €- 0% €- 0%
€- 0% €- 0% €- 0%
€- 0% €- 0% €- 0%
€- 0% €- 0% €- 0%
€ 1,354,186,713 100% € 22,879,221 100% € 109,680,708 100%
€ 1,354,186,713 100% € 22,879,221 100% € 109,680,708 100%

Glossary
Sum of organic halogen compounds in water that can be adsorbed by activated carbon under stan-
AOX
dardized conditions.
A capacitive sensor detects anything that is conductive or has a dielectric different from that of air.
capacitive sensor
Capacitive sensors replace mechanical buttons.
chemistry-free
A printing plate that does not require chemical processing after imaging.
(printing plate)
CO2 Carbon dioxide, generated by combustion of fuel.
Chemical oxygen demand, the amount of oxygen needed for chemical oxidation of constituents
COD
of water.
The technology of making X-ray images with conventional X-ray equipment but whereby the images
are captured on reusable image plates, instead of X-ray film. The information on the plates is read by a
computed radiography digitizer and provides a digital image. Dedicated image processing software (such as Agfa’s MUSICA)
(CR) can be used to automatically maximize the quality of the images for diagnostic purposes. The digital
images can also be completed with manual inputs (annotations, measurements, etc.) and are ready
for archiving on a Picture Archiving and Communication System. see also direct radiography
A process whereby the pages or artwork of printed matter – e.g. the pages of newspapers or magazines
computer-to-plate (CtP) – are digitally imaged onto printing plates directly from computer files without the intermediate step
of film.
Conductive inks are typically used for printed electronics applications such as: printed busbars and
conductors in membrane keyboards and switches, RFID antennas, touch screen panels, … Agfa’s
conductive ink ORGACON nano-silver inks feature very high conductivity with a low silver deposition and sup-
port high-resolution patterning. ORGACON advantages are: patterning of micro-grid electrodes by
screen-printing, high-conductive traces at low thickness and width, formability and flexibility.
A CT scanner uses a series of X-rays to create image ‘slices’ of the body. Agfa’s product portfolio does
CT not include CT scanners, but its Picture Archiving and Communication Systems (PACS) are used for
(computed tomography) the management and the (3D) visualization of the digital images. Agfa’s hardcopy printers are used to
produce high quality prints of the images.
CtP see computer-to-plate
A form of X-ray imaging, where digital technology is used instead of traditional photographic X-ray
digital radiography film. The most commonly used digital radiography technologies are computed radiography and di-
rect radiography.
312
Radiographic technology that converts X-ray energy into digital data without the use of intermediate
image capturing plates or films. These digital data generate a diagnostic image on a PC. As the data
direct radiography (DR) are digital, a wide range of possibilities is available for image optimization or completion as well as for
archiving the images on Picture Archiving and Communication Systems. DR systems are mostly used
in centralized radiology environments. see also computed radiography
An Electronic Health Record is created when a person’s Electronic Patient Record is linked to his/
Electronic Health Record
her non-medical electronic files from organizations such as governments and insurance companies.
Agfa HealthCare’s Enterprise Imaging platform unites departmental PACS, RIS, advanced 3D func-
tionalities, voice recognition, vendor-neutral archiving, viewer and mobile functionalities. The solu-
Enterprise Imaging
tion enhances and speeds up image acquisition and retrieval, optimizes system efficiency and perfor-
mance, enhances patient care, and allows true collaboration across departments, hospitals or regions.
Method of printing using flexible, rubber or synthetic printing plates attached to rollers. The inked
flexo(graphic) printing
image is transferred from the plate directly to the paper, or other substrate.
A hardcopy is the printed version of a digital image. Agfa’s hardcopy printers are used for printing
hardcopy medical images from various sources: CT scans, MRI scans, computed radiography (CR), direct radi-
ography (DR), etc.
These software applications analyze medical digital images and automatically apply image enhance-
ment techniques to better visualize all details. They improve the workflow in the radiography de-
image processing software
partment and allow the radiologist to work faster and more accurately. Agfa’s MUSICA software is
generally accepted as a standard in the market.
Any printer that transfers extremely small droplets of ink onto paper to create an image, from small
inkjet (system) models for office use over medium models – e.g. for poster printing – to larger equipment for indus-
trial applications.
membrane Thin, flexible layer or material designed to separate components of a solution.
A membrane switch is an electrical switch for turning a circuit on and off. Membrane switches are
membrane switch user-equipment interface utilities which can be as simple as a tactile switch for controlling lightning,
or as complex as membrane keyboards and switch panels for computers.
In this report this term is used for the various imaging systems, including radiography equipment,
modalities MRI scanners and CT scanners. These systems can all be connected to an Agfa HealthCare Picture
Archiving and Communication System (PACS).
The MRI scanner uses very strong magnetic fields and creates images by pulsing radio waves that are
MRI directed at the parts of the body to be examined. Agfa’s product portfolio does not include MRI scan-
(Magnetic Resonance ners but its Picture Archiving and Communication Systems (PACS) are used for the management and
Imaging) visualization of the digital images. Agfa’s hardcopy printers are used to produce high-quality prints
of the images.
N Nitrogen.
non-destructive testing To check the structure and tolerance of materials without damaging or deforming them.
NOX Nitrogen oxide, generated for example as a result of combustion with air.
Printing technique where thin aluminum printing plates are wrapped and fixed round a cylinder on
a (litho) printing press. While rotating, the printing plates obtain ink and water. The ink adheres to
offset printing the image whilst the water prevents ink adhering to the non-printing areas. The inked image is trans-
ferred onto a rubber blanket attached to a second cylinder and then transferred from the blanket to
the paper or another medium.

International standard for health and safety management systems (OHSAS stands for Occupational
OHSAS 18001 Health and Safety Assessment System).
P Phosphor.
PACS see Picture Archiving and Communication System
PET Polyethylene terephthalate or polyester is a chemical prepared with a base of ethylene glycol and
(polyethylene terephtalic acid. It is the basic raw material for the substrate of photographic film; it is coated with
terephthalate or polyester) different types of purpose specific chemical layers, such as for medical and graphic purposes.
PACS was originally developed to efficiently manage the distribution and archiving of diagnostic im-
ages produced by radiology departments. Due to specific software developments, Agfa HealthCare’s
Picture Archiving and Com- systems are also suitable for use by other departments in the hospital, such as cardiology, orthopedics
munication System (PACS) and women’s care. Extensive PACS systems are also used to connect all hospital departments that
intensively use clinical images on one network. Agfa’s MUSICA software is used to process and opti-
mize the images on the PACS system.
A platesetter digitally images the pages or artwork of printed matter from the computer onto printing
platesetter
plates, which are then processed and mounted on a printing press.
A polymer is a large molecule composed of many smaller units (monomers) joined together. Poly-
polymer mers can be natural (e.g. proteins and rubber) or manmade (e.g. plastics and nylon). Conductive poly-
mers conduct electricity. ORGACON is the trade name for Agfa’s conductive polymer product line.
The preparation and processing of content and document files for final output to printing plates,
prepress
including high-resolution scanning of images, color separation, different types of proofs, etc.
A thin plate on which chips and other electronic components are placed. Computers consist, princi-
printed circuit board (PCB)
pally, of one or more boards.
Printing plates consist of a high-quality grained and anodized aluminum substrate and a (silver or
photopolymer) coating. The lasers used to expose these plates typically operate on thermal energy
printing plate
or visible light. The coatings respond to the laser energy creating chemical/physical changes to the
(for computer-to-plate)
plate surface. CtP plates are chemically processed to create a press-ready plate, though some CtP plate
technologies are process-free.
RFID stands for radio-frequency identification. It is the use of radio signals to transfer data from a tag
attached to an object or embedded in an ID card, for the purposes of automatic identification. The
RFID antenna
system does not require physical contact between the tag and the identification device as the data are
transmitted via an antenna, which is also embedded in e.g. the ID card.
UV LED (curable) inks consist mainly of acrylic monomers. After printing, the ink is transformed
into a hard polymerized film by a high dose of UV LED light. UV LED stands for UltraViolet Light
UV LED ink Emitting Diode. The advantage of UV LED curable inks is that they dry instantly, can print on a wide
range of uncoated substrates and make a very robust image. The ink does not contain hazardous com-
ponents such as Volatile Organic Compounds (VOC) or solvents and does not evaporate.
VIC Volatile inorganic compounds.
VOC Volatile organic compounds.
A wide-format printer – sometimes also referred to as a large format printer – is a digital printer that
wide-format (printer)
prints on sheets or rolls 24-inches/60 cm wide or more.
Software that allows operators to control the prepress process with a software interface. It also
workflow software streamlines the flow of work by automating individual steps in the process – thus saving time and
reducing costs.
314
CONSOLIDATED STATEMENT OF PROFIT OR LOSS 2018-2022
MILLION EUR0 2018 2019 2020 2021 2022

Re-presented
Revenue 2,191 1,975 1,709 1,760 1,857
Cost of sales (1,489) (1,387) (1,215) (1,263) (1,329)
Gross profit 701 589 494 497 528
Selling expenses (306) (271) (223) (231) (249)
Administrative expenses (172) (157) (144) (155) (182)
Research and development expenses (141) (103) (95) (95) (101)

Net impairment loss on trade and other receivables,
(5) (5) (2) (2) (1)
including contract assets
Other operating income 56 41 39 41 27
Other operating expenses (73) (127) (122) (47) (182)
Results from operating activities 62 (34) (52) 9 (160)
Interest income (expense) - net (8) (8) (4) (1) -
Other finance income (expense) - net (31) (28) (26) (6) (20)
Net finance costs (39) (36) (31) (8) (19)
Share of profit of associates - net of tax (1) - - - (1)
Profit (loss) before income taxes 22 (70) (83) 1 (181)
Income tax expense (34) (14) (15) (15) (42)
Profit (loss) from continuing operations (12) (84) (98) (14) (223)
Profit (loss) from discontinued operations - net of tax (3) 36 719 - -
Profit (loss) attributable to:
Owners of the Company (24) (53) 613 (17) (221)
Non-controlling interests 9 5 7 4 (2)
Earnings per share (Euro)
Basic earnings per share (Euro) (0.14) (0.32) 3.66 (0.11) (1.41)
Diluted earnings per share (Euro) (0.14) (0.32) 3.66 (0.11) (1.41)
During 2018, the Group has consistently applied its accounting policies used in previous years, except for the presentation of the statement of profit or loss and
comprehensive income that has changed resulting from the application of the new IFRS standard IFRS 9 ‘Financial Instruments’. According to this new standard
the impairment losses on trade and other receivables are now shown on the face of the statement of profit or loss. The Group has initially applied IFRS 16 at January
1, 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. There has been no impact to retained earnings
of initially applying IFRS 16 at the date of initial application.
Compliant with IFRS 5.33, the Company has disclosed in its Consolidated Statements of Profit or Loss and Comprehensive Income, a single amount comprising
the total of the post-tax profit of discontinued operations and the post-tax gain on the disposal of the net assets constituting the discontinued operation. The
Group has sold its reseller business in the US (July 2019) and part of Agfa HealthCare’s IT business (May 2020). Therefore, the Company has re-presented these
disclosures for prior periods presented being FY 2019.
This footnote refers to the table Consolidated Statement of Financial Position 2018-2022 on p. 317.
During 2018, the Group has consistently applied its accounting policies used in previous year, except for the presentation of the balance sheet that has changed
resulting from the application of the new IFRS standard 15 ‘Revenue from Contracts with Customers’. The Group has adopted IFRS 15 using the cumulative effect
method, with the effect of initially applying this standard recognized at the date of initial application, i.e. January 1, 2018. As a result, the Group will not apply the
requirements of IFRS 15 to the comparative period presented.
The new standard has introduced the concept of contract assets and contract liabilities. At December 31, 2017, these assets and liabilities were included in other
captions of the balance sheet. At January 1, 2018, recognized not billed revenue amounting to 84 million Euro, previously comprised in trade receivables, has been
reclassified to contract assets. Reclassifications from inventory to contract assets amounted to 11 million Euro and mainly comprised work in progress. The reclassi-
fication from other assets to contract assets amounted to 10 million Euro and related to contracts with a third party that provides supporting services enabling the
Group to deliver maintenance services to the customers.
On the liability side, contract liabilities at January 1, 2018, comprised ‘Deferred revenue and advance payments received from customers’ amounting to 128 million
Euro, previously presented separately on the face of the balance sheet and bonuses and rebates related to goods and service purchased by customers during the
period. The latter amounted to 17 million Euro and was previously presented as part of trade-related provisions.
316
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2018-2022
MILLION EURO Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022
ASSETS
Non-current assets 1,019 1,060 714 756 602
Intangible assets and goodwill 615 566 284 293 247
Property, plant and equipment 174 142 127 129 107
Right-of-use assets - 110 78 68 45
Investments in associates 4 4 - 1 1
Other financial assets 9 8 7 8 5
Assets related to post-employment benefits - - - 40 18
Trade receivables 16 21 15 12 9
Receivables under finance lease 62 62 68 70 72
Other assets 24 24 16 11 8
Deferred tax assets 114 125 120 124 91
Current assets 1,348 1,234 1,490 1,339 1,153
Inventories 498 436 389 418 487
Trade receivables 420 408 297 307 291
Contract assets 105 100 64 76 94
Current income tax assets 71 75 63 63 56
Other tax receivables 25 25 15 19 28
Other financial assets - - 9 2 1
Receivables under finance lease 30 34 29 30 31
Other receivables 14 15 9 4 6
Other current assets 34 21 18 18 17
Derivative financial instruments 1 1 9 1 3
Cash and cash equivalents 141 107 585 398 138
Non-current assets held for sale 10 10 4 3 2
TOTAL ASSETS 2,367 2,294 2,204 2,095 1,756
Total equity 290 130 620 685 561
Equity attributable to owners of the Company 252 83 570 632 520
Share capital 187 187 187 187 187
Share premium 210 210 210 210 210
Retained earnings 854 803 1,412 1,284 1,042
Other reserves (93) (84) (76) (1) (3)
Translation reserve (9) (5) (42) (15) (9)
Post-employment benefits: remeasurement of the net defined benfit liability (897) (1,028) (1,122) (1,033) (908)
Non-controlling interests 38 47 51 54 41
Non-current liabilities 1,336 1,402 1,046 812 610
Liabilities for post-employment and long-term termination benefit plans 1,066 1,137 956 735 536
Other employee benefits 13 12 13 11 9
Loans and borrowings 219 225 54 46 41
Provisions 9 5 16 12 14
Deferred tax liabilities 22 19 4 6 9
Trade payables 2 2 - - -
Contract liabilities 3 1 2 1 -
Other non-current liabilities 2 1 1 - -
Current liabilities 740 761 538 597 585
Loans and borrowings 66 101 29 27 25
Provisions 52 45 63 42 36
Trade payables 217 232 198 252 249
Contract liabilities 163 151 103 111 109
Current income tax liabilities 47 49 23 28 29
Other tax liabilities 27 38 24 28 32
Other payables 17 9 8 9 6
Employee benefits 134 130 88 99 95
Other current liabilities 4 1 1 - -
Derivative financial instruments 13 5 2 2 2
TOTAL EQUITY AND LIABILITIES 2,367 2,294 2,204 2,095 1,756
317
CONSOLIDATED STATEMENT OF CASH FLOWS 2018-2022
MILLION EURO 2018 2019 2020 2021 2022

Income taxes 34 28 8 15 42
Share of (profits)/loss of associates, net of tax 1 1 - - 1
Net finance costs 39 38 31 8 19
Operating result 59 19 660 9 (160)
Depreciation, amortization and impairment losses 60 171 70 63 177
Other non-cash expenses 168 159 (526) 114 150
Change in inventories (57) 50 25 (48) (65)
Change in trade receivables (8) 4 50 6 25
Change in contract assets 4 7 (10) (8) (14)
Change in trade working capital assets (61) 62 64 (50) (55)
Change in trade payables (4) 19 2 38 (7)
Change in contract liabilities 25 (13) 23 3 (8)
Changes in trade working capital liabilities 21 6 25 41 (15)
Changes in trade working capital (40) 68 89 (10) (69)
Cash out for employee benefits (209) (226) (403) (273) (149)
Cash out for provisions (25) (36) (37) (39) (27)
Changes in lease portfolio (11) (9) (3) (1) (2)
Changes in other working capital (29) 18 15 17 4
Cash settled operating deriviatives 13 (16) (3) 12 (9)
Cash generated from/(used in) operating activities (14) 147 (136) (108) (86)
Income taxes paid (30) (24) (17) (8) (15)
Net cash from / (used in) operating activities (44) 123 (153) (116) (100)
Capital expenditure (40) (38) (33) (26) (33)
Proceeds from sale of other investing activities 5 7 9 12 2
Acquisition of associates and subsidiaries,
(25) (16) (1) (1) (49)
net of cash acquired
Disposal of discontinued operations, net of cash disposed of - 16 915 - (5)
Proceeds from other investment activities - 1 - 9 -
Interests received 3 3 2 4 7
Net cash from / (used in) investing activities (57) (28) 892 (2) (76)
Interests paid (15) (15) (7) (4) (5)
Dividends paid to non-controlling interests (3) - - (5) (11)
Purchase of treasury shares - - - (29) (21)
Proceeds from borrowings 227 127 59 2 3
Repayment of borrowings (34) (201) (259) (3) (4)
Payment of finance leases (1) (42) (34) (29) (30)
Proceeds/(payment) of derivatives (1) 3 (9) (2) (9)
Other financing income/(costs) received/paid - (3) - 4 1
Net cash from (used in) financing activities 175 (131) (249) (67) (77)
Net increase / (decrease) in cash & cash equivalents 74 (36) 490 (185) (253)
Cash & cash equivalents at the start of the period 67 136 99 585 398
Net increase/(decrease) in cash & cash equivalents 74 (36) 490 (185) (253)
Gain/losses (in marketable securities) - - (1) (1) -
Effect of exchange rate fluctuations on cash held (5) (1) (3) (1) (7)
Cash & cash equivalents at the end of the period 136 99 585 398 138
318
Shareholder
Information
Listing BRUSSELS STOCK EXCHANGE Share Information
Reuters Ticker AGFAt.BR First day of listing June 1, 1999
Bloomberg Ticker AGFB: BB/AGE GR Number of shares issued on December 31, 2022 154,820,528
Datastream B:AGF Own shares on December 31, 2022 0
Number of outstanding ordinary shares with voting rights on

154,820,528
December 31, 2022
Market capitalization on December 31, 2022 413 million Euro
Shareholder structure (March 27, 2023)
According to the information available to the Company by virtue of the transparency declarations received in accor-
dance with the relevant legal and statutory stipulations, the main shareholders on date of this Annual Report are
the following:
· Active Ownership Capital S.à r.l. with between 15% and 20% of the outstanding stock as from December 30, 2022;
· Axxion S.A. with between 5% and 10% of the outstanding stock as from July 2, 2021;
· LLB Fund Services AG with between 3% and 5% of the outstanding stock as from July 1, 2020;
· Dimensional Fund Advisors LP with between 3 and 5% of the outstanding stock as from June 2, 2022;
· Sheffield Asset Management L.L.C. with between 3 and 5% of the outstanding stock as from August 24, 2022.
Euro 2018 2019 2020 2021 2022

Earnings per share (0.14) (0.32) 3.66 (0.11) (1.41)
Net operating cash flow per share (0.26) 0.88 (0.81) (0.65) (0.55)
Gross dividend - - - - -
Year end price 3.33 4.62 3.90 3.79 2.67
Year’s high 4.34 4.86 4.83 4.55 4.13
Year’s low 2.91 3.21 2.90 3.49 2.65
Average volume of shares traded/day 425,481 281,280 272,995 204,607 173,097
Weighted average number of ordinary shares 167,751,190 167,751,190 167,751,190 165,003,570 156,236,319
Shareholder queries Financial calendar 2023

Investor Relations Department
Annual General Meeting May 9, 2023
Septestraat 27, B-2640 Mortsel, Belgium
First quarter 2023 results May 9, 2023
Phone +32-(0)3-444 7124
Fax +32-(0)3-444 4485 Second quarter 2023 results August 23, 2023
[email protected]
Third quarter 2023 results November 15, 2023
www.agfa.com/investorrelations

Published by Agfa-Gevaert NV
Corporate Communications
Septestraat 27
B-2640 Mortsel (Belgium)
T +32 3 444 71 24
www.agfa.com
Agfa, the Agfa Rhombus and other mentioned Agfa

products and services are trademarks of the Agfa Group.
They may be registered in certain jurisdictions under
the name of Agfa-Gevaert NV, Belgium, or one of its
affiliates. All other trademarks, product names and
company names or logos cited herein, are the property
of their respective owners.
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Mathildestudios (Belgium)

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AGFA-GEVAERT

Annual Report 2022

ANNUAL REPORT FROM THE BOARD OF DIRECTORS TO THE SHAREHOLDERS OF AGFA-GEVAERT NV

BUSINESS ACTIVITIES IN 2022

Corporate Governance Statement 267

Agfa-Gevaert – Annual Report 2022 3

Shaping the company for future growth

CHOOSING HOW WE WORK

Agfa-Gevaert – Annual Report 2022 5

Financial results for the Agfa-Gevaert Group in 2022

6 letter to the shareholders

What’s on the horizon for 2023

Agfa-Gevaert – Annual Report 2022 7

MILLION EURO 2018 2019 (2)(3) 2020 2021 2022

(1) For intangible assets and property, plant and equipment.

Agfa-Gevaert – Annual Report 2022 9

Digital Print & Chemicals

Agfa-Gevaert – Annual Report 2022 11

Peissenberg Digital Print & Chemicals

Agfa-Gevaert – Annual Report 2022 13

Agfa-Gevaert – Annual Report 2022 15

To ensure a thorough and comprehensive understanding of the Group’s overall

This Annual Report complies with European Non-Financial reporting guidelines

Unless otherwise stated:

Agfa’s approach to sustainability management

“Sustainability is a critical focus for Agfa, as we recognize the importance of

We understand that businesses have a significant impact on the environ-

Gunther Koch, Agfa Head of Sustainability

Justine Ciret, Agfa Sustainability Manager

We have been committed to sustainability

We have increased sustainability awareness

Our effort has been recognized

Agfa-Gevaert – Annual Report 2022 21

CO2 emissions (Scope 1 & 2)

VOC emissions decreased to

35.4 tons per year

At Agfa, we are committed to continuously improving the balance between our

Production volumes (tons/year)

Production volume by weight for equipment decreased by 3% in 2022. In terms of

24 FOCUS ON OUR PLANET

This project is carried out with the support and

Our management approach

26 FOCUS ON OUR PLANET

Operation Clean Sweep® for

In light of the above, we have set up prevention and awareness raising

Agfa-Gevaert – Annual Report 2022 27

1. Production volumes (tons/year)

Our 2022 performance and activities

Percentage of aluminum recovery (versus total volume of used aluminum)

28 FOCUS ON OUR PLANET

2017 2018 2019 2020 2021 2022

Recovered aluminum by recollection of used plates (from plate to plate)

Agfa-Gevaert – Annual Report 2022 29

Relevance and boundaries

Our management approach

30 FOCUS ON OUR PLANET

1. Total waste volume (tons/year)

Our 2022 performance and activities

Total (tons/year) Specific waste volumes (kg/ton of product)