Ireland | 12 May 2011 08:00
Viscom AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 12.05.2011 08:00 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. --------------------------------------------------------------------------- Successful First Quarter for Viscom Hanover, 12 May 2011 Viscom AG develops, manufactures and sells high-quality automated optical and X-ray inspection systems for use in industrial electronics production and is one of the global leaders in its field. Viscom inspection systems are used in nearly all sectors of the electronics industry. General Business Performance All signs are indicating that Viscom has left the crisis behind. In financial year 2010, the Company managed to return to its success path, with a spring in its step and the right strategy. And this positive development continued in the first quarter of 2011. Viscom customers were increasingly willing to invest again, especially in the automotive supplier industry, which added to the positive result. In the first quarter of 2011, all regions contributed to the Company's positive total earnings and consequently the rise in revenue. The European market remains the bedrock of the Company. The Asian market is booming and filling Viscom's order books. This development is supported by the excellent market position of automotive and electronics equipment producers. The Americas region has also been emitting positive signals again since the beginning of 2011. Production volumes are covering capacities for the coming three months. The Company is processing the current high order backlog with its core workforce as well as temporary staff. By outsourcing module production steps to suppliers, Viscom AG is much more flexible and is able to optimise production processes without compromising quality. The Company's dependence on individual suppliers was also reduced by entering into agreements with additional suppliers. Improvements to the general economic environment have led to the number of incoming orders in the first quarter of 2011 rising by around 52 % year-on-year, a very positive development indeed. Net Assets and Financial Position Viscom was able to significantly improve its net assets, financial position and results of operations in the first quarter of 2011 on account of the extremely high order backlog. Consolidated revenue in the first quarter of 2011 came to EUR 13,175 thousand, 2.6 times up year-on-year (previous year: EUR 5,102 thousand). Earnings before interest and taxes (EBIT) were EUR 2,915 thousand, a definite improvement on the previous year's figure of EUR -1,569 thousand. This corresponds to an EBIT margin of 22.1 %. The positive result was positively impacted by one-off effects such as EUR 206 thousand from the recognition of company-produced assets and EUR 629 thousand from the write-up of slow movers. Adjusted for these one-off effects, EBIT amounted to EUR 2,080 thousand and the adjusted EBIT margin to 15.8 %. In the first three months of 2011, customers placed EUR 11,921 thousand in orders with Viscom Group. Incoming orders were therefore clearly up on the comparable period (previous year: EUR 7,829 thousand). Order backlog at the end of the first quarter of 2011 came to EUR 11,758 thousand (previous year: EUR 7,983 thousand). Viscom AG had an equity ratio of 86.6 % at the end of the first quarter of 2011. This once again makes for a very positive equity base (31 March 2010: 87.8 %). The equity ratio dropped by 1.2 percentage points due to total assets being higher in the previous year. Outlook Above all else, Viscom AG excels with its technological leadership. The Company is investing in research and development to maintain this status. One of the major projects was and is the development of new operating and application software for all Viscom inspection systems, providing for intuitive operation of inspection systems via touch screen. The user-friendly plant operating interface 'vVision' will be delivered for the first time in summer 2011. Other innovative and forward-looking developments such as the 3D paste printing inspection system are underway. A sustainable increase in efficiency and a streamlined structure are the foundation for increasing results as planned in 2011. The stronger markets and companies are also generating a very positive economic trend that will provide the Company with further growth perspectives in 2011. Viscom still expects to achieve revenue between EUR 45 million to EUR 47 million and an EBIT margin between 10 % and 13 %. Whether or not these targets are achievable however remains dependent on the future development of the global economy and the resulting order behaviour of Viscom Group's customers. Personnel The Supervisory Board of Viscom AG extended the existing contracts of Executive Board members and company founders Volker Pape and Dr. Martin Heuser by another five years until 17 April 2016. Key figures of the GroupConsolidated income statement (KEUR) 01.01.-31.03.2011 01.01.-31.03.2010 Revenue 13,175 5,102 EBIT 2,915 -1,569 Financial result 226 87 Income taxes -1,113 114 Net profit for the period 2,028 -1,368 Earnings per share 0.32 EUR -0.15 EUR Number of employees at end of period 261 264 Consolidated balance (KEUR) 31.03.2011 31.12.2010 Assets Current assets 49,941 51,120 Non-current assets 14,397 11,073 thereof: financial assets 6,495 3,166 Total assets 64,338 62,193 Liabilities Current liabilities 8,240 8,232 Non-current liabilities 370 299 Shareholders' equity 55,728 53,662 Total liabilities and shareholders' 64,338 62,193 equity Equity ratio 86.6 % 86.3 % Consolidated cashflow Statement 01.01.- 01.01.- (KEUR) 31.03.2011 31.12.2010 Cashflow from operating activities 1,960 4,686 Cashflow from investing activities -3,658 -4,394 Cashflow from financing activities 241 -6 End of period capital 24,410 25,905Segment InformationKey figures (KEUR) 01.01.-31.03.2011 01.01.-31.03.2010 Europe Revenue 10,399 3,805 EBIT 2,606 -1,223 Asia Revenue 1,244 907 EBIT 49 -148 Americas Revenue 1,532 390 EBIT 260 -198Any forecasts, expectations or forward-looking statements included in this report may carry risks and uncertainties. We therefore cannot guarantee that these assumptions will turn out to be correct. Actual results and developments may vary significantly from the forecasts and assumptions made in this report. Factors that may lead to such deviations include changes to the general economic development and competitive position, exchange rate and interest rate fluctuations as well as amendments to national and international laws. The Company does not assume any obligation for updating the statements contained in this report. 12.05.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 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.de End of Announcement DGAP News-Service ---------------------------------------------------------------------------