Agfa – which is in the process of selling its offset solutions business – made a 223 million Euros (A$360 million) net loss in 2022.

The company blamed a nine per cent adjusted EBITDA decrease on factors including continuing cost inflation, lockdowns in China and softer demand in non-healthcare markets.

It scored overall revenue growth in digital print and chemicals, but said profitability was “strongly impacted” by cost inflation and one-offs.

Shareholders were told the sale of the Offset Solutions business to Aurelius Group was “on track” and targeted for closing in the first week of April 2023.

“2022 has been a year of unprecedented economic and geopolitical instability,” Agfa-Gevaert Group president and chief executive Pascal Juéry said.

“Especially in these turbulent times, we continued to execute our strategic agenda. Given the expected strong increase in demand, the Board of Directors validated an investment in a new production facility for our Zirfon green hydrogen membranes in our Belgian site in Mortsel.

“We finalised the acquisition of Inca Digital Printers, which strengthens our position in high-speed digital printing and speeds up our entry into digital packaging printing. In HealthCare IT, we stepped up investments in R&D and commercial resources, and we established a new management team focusing on the core North American markets.

“The sale of our Offset Solutions division to Aurelius … should enable us to increase the focus on our growth businesses.”

Priorities for 2023 are implementation of further price increases, the reduction of costs related to operating model initiatives, and “to deliver growth in HealthCare IT, Zirfon and digital printing”.