Ireland | 12 May 2010 07:30
Viscom AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 12.05.2010 07:30 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Hanover, 12 May 2010 Viscom AG (ISIN DE0007846867) develops, builds, and markets premium quality automatic optical and X-ray inspection systems for use in industrial electronics production and is one of the leading providers in the world. Viscom inspection systems are used in almost every sector of the electronics industry. General business development After the global economic crisis had significantly impacted Viscom AG's business development in the past year, the market showed increasing signs of recovery in the first quarter of 2010. The willingness to invest has increased again in the markets most important to Viscom AG, particularly the automotive supplier industry, and also our key customers have started investing again. Viscom AG also managed to reduce its dependency on the automotive supplier industry and obtain more orders from the communications and EMS sector. We are also pleased with the large demand for our cutting-edge, high-end X7056RS inspection system, which combines optical and X-ray inspection technology and offers significant advantages for the inspection of electronics components due to its considerable measuring depth and speed. The improved overall economic conditions helped us increase the number of incoming orders in the first quarter of 2010 by around 77 % year on year. The positive development of the Asian business is particularly worth mentioning. At the end of the first three months of 2010, incoming orders in this region were already 78 % up on total revenue in the 2009 financial year. The low order backlog at the end of the year compared to previous years still impacted Viscom AG's revenue and results of operations in the first two months of the current financial year. In March 2010, revenue increased significantly compared to the previous months, as the number of incoming orders increased. The restructuring of the Group in 2009 and the consistent cost cutting measures had a positive effect on the development of earnings. In combination with the reduced working hours at Viscom's Hanover site this lead to a considerable reduction in staff costs compared to the previous year. Other operating expenses also dropped significantly year on year. Business development in previous years has shown that the first quarter is always the weakest of the financial year in terms of revenue and earnings. Results of operations in the first quarter of 2010 were already considerably better than in 2009 and revenue was within our plans for the year. Earnings and financial position Group revenue for the first quarter of 2010 amounted to EUR 5,102 thousand, which was lower than in the previous year (EUR 5,471 thousand). Earnings before interest and taxes (EBIT) were EUR -1,569 thousand, a significant improvement compared to the previous year (EUR -2,866 thousand) and the result of cost cutting measures. In the first three months of 2010, customers placed orders to the value of EUR 7,830 thousand with Viscom AG. Incoming orders were therefore significantly up year on year (previous year: EUR 4,435 thousand). Order backlog at the end of the first quarter of 2010 was EUR 7,983 thousand (Q1 2009: EUR 5,162 thousand). With an equity ratio of 87.8 %, Viscom AG continues to show a very positive equity base at the end of the first quarter of 2010 (Q1 2009: 88.1 %). Outlook Viscom AG is one of the market leaders in the technology sector. We are investing large sums in research and development to maintain this status. One of our most important projects is the development of a new type of user interface for all Viscom inspection systems, which is going to make their operation even more intuitive. The new user-friendly interface will be introduced in mid-2010. After the losses in 2009, we are aiming to break even in 2010 and increase revenue to EUR 30 million. Whether or not Viscom AG achieves this goal depends on the future development of the global economy and the order behaviour of our customers. Key figures of Viscom AG Group informationKey figures (KEUR) 01.01.- 01.01.- 31.03.2010 31.03.2009 Revenue 5,102 5,471 EBIT -1,569 -2,866 Financial result 87 80 Income taxes 114 71 Net profit for the period -1,368 -2,715 Earnings per share EUR -0.15 EUR -0.31 Number of employees 264 361 Key figures (KEUR) 01.01.- 01.01.- 31.03.2010 31.12.2009 Current assets 39,300 43,113 Non-current assets 8,144 5,005 Current liabilities 5,561 5,045 Non-current liabilities 229 231 Balance sheet total 47,444 48,118 Shareholders' equity 41,654 42,842 Equity ratio 87.8 % 89.0 % Cash flow from operating activities -627 1,757 Cash flow from investing activities -2,630 -2,635 Cash flow from financing activities 0 -26 Cash and cash equivalents 22,177 25,322 Financial assets 5,333 2,159Segment informationKey figures (KEUR) 01.01.-31.03.2010 01.01.-31.03.2009 Europe Revenue 3,805 4,336 EBIT -1,223 -2,457 Asia Revenue 907 305 EBIT -148 -225 Americas Revenue 390 830 EBIT -198 -184Any forecasts, speculations or statements regarding future events included in this report may contain risks and be of unreliable nature. We can therefore not guarantee that these speculations will prove true. Actual results and developments may vary greatly from the expressed speculations and assumptions. Factors that could cause actual results to differ from forecasts include, amongst others, changes in the general economic environment and competition, exchange rate and interest rate fluctuations, changes of national and international laws. The Company does not assume any responsibility for updating the statements contained in this report. 12.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Viscom AG Carl-Buderus-Strasse 9-15 30455 Hannover Deutschland Internet: www.viscom.com End of News DGAP News-Service ---------------------------------------------------------------------------