Financial Reporting
and Auditing
Financial Statement Analysis
Fincial
GROUP 5
[ Thi Thanh Tra Nguyen, 0595607]
[ Krisztina Gordos, 0603398]
Academic Year 2022-2023
,Table of Content
1 Introduction 1
1.1 Global Market 1
1.2 AGFA 2
1.3 Competitor: Eastman Kodak 4
2 Financial Statement Analysis 5
2.1 Horizontal and Vertical Analysis 5
2.1.1 Income Satement 5
2.1.2 Balance Sheet 7
2.2 Ratio Analysis 10
2.2.1 AGFA 10
2.2.2 Kodak 10
2.2.3 Interpretation 10
2.3 Cashflow Statement 15
3 Conclusion 17
References 19
Appendix 21
,1 Introduction
1.1 Global Market
Businesses and organizations rely on commercial printing to handle their printing requirements
in a professional and effective way. Customers can choose from a variety of commercial
printing options, but the following are the most popular ones: Offset Printing, Lithography,
Digital Printing, Gravure, Screen Printing, and Flexography (Mondor Intelligence, 2021).
During the COVID-19 pandemic, there was a decrease in the demand for commercial printing.
The demand for promotional materials decreased as a result of the cancellation of numerous
events. Additionally, many businesses have implemented remote working, which might
accelerate the trend toward paperless business practices. Besides, advertisers are choosing
digital media over other forms of media as consumers spend more time online (Commercial
Printing Market Size, Share & Trends Report, 2030)
The future trend:
Although COVID-19 has considerably impacted the market, the Commercial Printing Market
was estimated to be worth USD 433.79 billion in 2021, and by 2027, it is anticipated to be
worth USD 484.22 billion (Commercial Printing Market Size, Share & Trends Report, 2030).
- Increased demand: Global demand is expected to be stimulated by technological
proliferation and growing applications. Over the coming years, the retail, food, and beverage
industries are expected to have a higher demand for promotional materials. A recent study
predicts that the global market for luxury packaging will grow by 4.4% annually from 2021 to
reach $25.4 million by 2031 (Sheer, 2022). Additionally, as more and more e-commerce players
quickly adopt cutting-edge printing solutions for their packaging, the booming global e-
commerce market presents a lucrative opportunity for commercial printing providers. As e-
commerce expands and takes a larger proportion of brick-and-mortar retail sales, related parties,
including those in logistics, warehousing, and retail brands, have started to invest in
technologies tailored to the industry's particular requirements.
- Digital printing innovation: Advancements in digital print technology are being
driven by the need for shorter runs at lower costs. In actuality, it is one of the primary forces
influencing change in the printing sector. According to a MarketsandMarkets report, the market
1
, for digital printing is expected to increase at a compound annual growth rate (CAGR) of 6.7%,
from $24.8 billion in 2021 to $34.3 billion by 2026 (Sheer, 2022).
- Asia-Pacific dominates the Market: Asia Pacific was the leading region in the global
market in 2021 and is anticipated to grow at the highest CAGR of 2.7% over the forecast period
(Mondor Intelligence, 2021). Due to rising demand from important regions like China, India,
the Philippines, Vietnam, and Thailand, the Asian-Pacific region holds a considerable market
share. The development of the printing industry in the region is being fueled by elements like
the emergence of new technologies, shifting lifestyles, an increase in e-commerce, and
urbanization (ReportLinker, 2022). Furthermore, the market in the region is anticipated to
benefit from the rising demand for processed and canned food in developing nations like China
and India. The e-commerce in Asia boom and organized retail sector offer massive potential
for the packaging sector’s growth, thereby supporting the commercial printing industry.
1.2 AGFA
The Agfa-Gevaert Group is the developer, producer, and distributor of imaging systems and IT
solutions, primarily for the printing and healthcare industry. The headquarters and parent com-
pany of AGFA are located in Mortsel, Belgium, and its main research and production centers
are located in Belgium, Canada, the United States, Austria, Germany, Brazil, and China. Fur-
thermore, AGFA operates commercially worldwide through fully owned sales organizations,
agents, and representatives. Offset Solutions, Radiology Solutions, Digital Print & Chemicals,
and Healthcare IT make up the company’s operational activities (AGFA/Our Company, n.d.).
Currently, AGFA is a leading supplier to the printing industry and a provider to the radiology
department of hospitals and sign & display printing companies. The company’s product port-
folio includes traditional X-ray films, digital radiography equipment, image processing soft-
ware, wide-format inject printers, imaging IT solutions, hospital IT solutions, and integrated
care solutions (AGFA/Business divisions, n.d.).
The Agfa-Gevaert Group’s history starts in the nineteenth century when a German colors dye
manufacturer (AGFA) and a Belgian photo products business (L. Gevaert & Cie) were founded.
About 90 years later, AGFA and Gevaert merged and two operating companies (Gevaert-Agfa
N.V. & Agfa-Gevaert AG) were established with each one holding a 50 percent stake. In 1980,
the German company gained full ownership of the organization, which became the Agfa-
Gevaert Group as it is known today. AGFA became the leading company in the market for
healthcare IT solutions, by acquiring Symphonie On Line, GWI, and some other companies in
2
and Auditing
Financial Statement Analysis
Fincial
GROUP 5
[ Thi Thanh Tra Nguyen, 0595607]
[ Krisztina Gordos, 0603398]
Academic Year 2022-2023
,Table of Content
1 Introduction 1
1.1 Global Market 1
1.2 AGFA 2
1.3 Competitor: Eastman Kodak 4
2 Financial Statement Analysis 5
2.1 Horizontal and Vertical Analysis 5
2.1.1 Income Satement 5
2.1.2 Balance Sheet 7
2.2 Ratio Analysis 10
2.2.1 AGFA 10
2.2.2 Kodak 10
2.2.3 Interpretation 10
2.3 Cashflow Statement 15
3 Conclusion 17
References 19
Appendix 21
,1 Introduction
1.1 Global Market
Businesses and organizations rely on commercial printing to handle their printing requirements
in a professional and effective way. Customers can choose from a variety of commercial
printing options, but the following are the most popular ones: Offset Printing, Lithography,
Digital Printing, Gravure, Screen Printing, and Flexography (Mondor Intelligence, 2021).
During the COVID-19 pandemic, there was a decrease in the demand for commercial printing.
The demand for promotional materials decreased as a result of the cancellation of numerous
events. Additionally, many businesses have implemented remote working, which might
accelerate the trend toward paperless business practices. Besides, advertisers are choosing
digital media over other forms of media as consumers spend more time online (Commercial
Printing Market Size, Share & Trends Report, 2030)
The future trend:
Although COVID-19 has considerably impacted the market, the Commercial Printing Market
was estimated to be worth USD 433.79 billion in 2021, and by 2027, it is anticipated to be
worth USD 484.22 billion (Commercial Printing Market Size, Share & Trends Report, 2030).
- Increased demand: Global demand is expected to be stimulated by technological
proliferation and growing applications. Over the coming years, the retail, food, and beverage
industries are expected to have a higher demand for promotional materials. A recent study
predicts that the global market for luxury packaging will grow by 4.4% annually from 2021 to
reach $25.4 million by 2031 (Sheer, 2022). Additionally, as more and more e-commerce players
quickly adopt cutting-edge printing solutions for their packaging, the booming global e-
commerce market presents a lucrative opportunity for commercial printing providers. As e-
commerce expands and takes a larger proportion of brick-and-mortar retail sales, related parties,
including those in logistics, warehousing, and retail brands, have started to invest in
technologies tailored to the industry's particular requirements.
- Digital printing innovation: Advancements in digital print technology are being
driven by the need for shorter runs at lower costs. In actuality, it is one of the primary forces
influencing change in the printing sector. According to a MarketsandMarkets report, the market
1
, for digital printing is expected to increase at a compound annual growth rate (CAGR) of 6.7%,
from $24.8 billion in 2021 to $34.3 billion by 2026 (Sheer, 2022).
- Asia-Pacific dominates the Market: Asia Pacific was the leading region in the global
market in 2021 and is anticipated to grow at the highest CAGR of 2.7% over the forecast period
(Mondor Intelligence, 2021). Due to rising demand from important regions like China, India,
the Philippines, Vietnam, and Thailand, the Asian-Pacific region holds a considerable market
share. The development of the printing industry in the region is being fueled by elements like
the emergence of new technologies, shifting lifestyles, an increase in e-commerce, and
urbanization (ReportLinker, 2022). Furthermore, the market in the region is anticipated to
benefit from the rising demand for processed and canned food in developing nations like China
and India. The e-commerce in Asia boom and organized retail sector offer massive potential
for the packaging sector’s growth, thereby supporting the commercial printing industry.
1.2 AGFA
The Agfa-Gevaert Group is the developer, producer, and distributor of imaging systems and IT
solutions, primarily for the printing and healthcare industry. The headquarters and parent com-
pany of AGFA are located in Mortsel, Belgium, and its main research and production centers
are located in Belgium, Canada, the United States, Austria, Germany, Brazil, and China. Fur-
thermore, AGFA operates commercially worldwide through fully owned sales organizations,
agents, and representatives. Offset Solutions, Radiology Solutions, Digital Print & Chemicals,
and Healthcare IT make up the company’s operational activities (AGFA/Our Company, n.d.).
Currently, AGFA is a leading supplier to the printing industry and a provider to the radiology
department of hospitals and sign & display printing companies. The company’s product port-
folio includes traditional X-ray films, digital radiography equipment, image processing soft-
ware, wide-format inject printers, imaging IT solutions, hospital IT solutions, and integrated
care solutions (AGFA/Business divisions, n.d.).
The Agfa-Gevaert Group’s history starts in the nineteenth century when a German colors dye
manufacturer (AGFA) and a Belgian photo products business (L. Gevaert & Cie) were founded.
About 90 years later, AGFA and Gevaert merged and two operating companies (Gevaert-Agfa
N.V. & Agfa-Gevaert AG) were established with each one holding a 50 percent stake. In 1980,
the German company gained full ownership of the organization, which became the Agfa-
Gevaert Group as it is known today. AGFA became the leading company in the market for
healthcare IT solutions, by acquiring Symphonie On Line, GWI, and some other companies in
2
