Ireland | 7 November 2013 09:00
Viscom AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 07.11.2013 09:00 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Hanover, 7 November 2013 General Business Performance Backed by the realigned product portfolio, the development of new revenue areas outside of the automotive industry bore fruit for the first time. The first nine months of 2013 have proven that the course set by Viscom Group is both correct and appropriate. However, if Viscom Group is to establish new revenue areas alongside its leading automotive business, these positive developments in this area must be pushed on even further through product innovations, stronger sales commitment and enhanced customer service. Reluctance to invest from Viscom customers in Europe continued in the third quarter and the European economic climate continues to be plagued by uncertainty. The weak automotive market, especially in countries in southern Europe, and poor economic development negatively impacted Viscom Group's business development over the first nine months of 2013. In Asia, the positive trend during the first half of the year continued and the region is increasingly developing into a driving force for growth at Viscom Group, which resulted in successfully and markedly increasing incoming orders in this region thanks to consistent and long-term customer relationship management and the acquisition of new customers outside of the automotive industry. In the Americas region, the economic climate improved slowly but steadily over the first half of the year. In the third quarter however, recovery was held back as a result of a certain unwillingness to invest. Extraordinary General Meeting / Capital Measure As of 31 December 2012, Viscom AG possessed committed capital reserves in accordance with section 272 (2) (1) of the German Commercial Code (HGB) amounting to approximately EUR 37.1 million. The extraordinary General Meeting held on 20 August 2013 agreed to convert a part of the committed capital reserves (around EUR 22.6 million) into free capital reserves (section 272 (2) (4) of the German Commercial Code (HGB)) by way of increasing share capital from corporate funds without issuing new shares and a subsequent reduction in capital. This is in accordance with the proposals by the Executive Board and Supervisory Board published on 10 July 2013 in the German Federal Gazette. The conversion offers Viscom AG increased opportunities for flexible and efficient equity management in line with capital market requirements. Following the corresponding entries in the commercial register and the expiry of the qualifying period specified in section 225 (2) of the German Stock Corporation Act (AktG), the capital reduction amount is expected to be available beginning in spring 2014, also for potential dividends payments or share buy-back programmes. Net Assets and Financial Position Viscom generated Group revenue of EUR 35,818 thousand (previous year: EUR 35,939 thousand) in the first three quarters of 2013 and remained at a similar level to the previous year. Earnings before interest and taxes (EBIT) amounted to EUR 4,471 thousand (previous year: EUR 5,924 thousand). With an EBIT-Margin of 12.5 % (previous year: 16.5 %), Viscom Group's profitability remains at a satisfactory level. Net profit for the period declined from EUR 4,243 thousand in the previous year to EUR 3,691 thousand. In the first nine months of 2013, customers placed orders in the amount of EUR 36,970 thousand with Viscom Group. Incoming orders were up by around 4.3 % on the previous year (previous year: EUR 35,448 thousand). Order backlog at the end of the third quarter of 2013 was EUR 9,454 thousand (previous year: EUR 10,421 thousand). With an equity ratio of 87.5 %, Viscom AG still has a very comfortable equity base (31 December 2012: 85.9 %). Outlook Due to the fact, however, that several orders received will not impact revenue before the fiscal year change, the management of Viscom AG does not expect to achieve the revenue targets set for 2013 in full. The full-year revenue is expected to be on previous year's level (previous year: EUR 50,037 thousand). As a result, the company has abandoned its original forecast of a 10 % rise in revenue. The EBIT-Margin for the year as a whole is still expected to come in at between 13 % and 17 % as anticipated. The Executive Board of Viscom AG anticipates that the initial revenue target for 2013 will be achieved in the financial year 2014. Viscom AG 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. Key Figures of the GroupConsolidated income statement 01.01. - 01.01. - 30.09.2013 30.09.2012 Revenue KEUR 35,818 35,939 EBIT KEUR 4,471 5,924 EBIT-Margin % 12.5 16.5 Net profit for the period KEUR 3,691 4,243 Earnings per share EUR 0.42 0.48 Number of employees at end of 297 290 period Consolidated balance sheet 30.09.2013 31.12.2012 Assets Current assets KEUR 56,958 61,423 Non-current assets KEUR 12,303 11,082 thereof: Financial assets KEUR 4,680 4,680 Total assets KEUR 69,261 72,505 Liabilities Current liabilities KEUR 7,306 9,280 Non-current liabilities KEUR 1,371 949 Shareholders' equity KEUR 60,584 62,276 Total liabilities and KEUR 69,261 72,505 shareholders' equity Equity ratio % 87.5 85.9 Cash flow statement 01.01. - 01.01. - 30.09.2013 30.09.2012 Cash flow from operating KEUR 3,953 6.821 activities Cash flow from investing KEUR -1,876 -1.282 activities Cash flow from financing KEUR -5,331 -6.664 activities Changes in cash and cash KEUR -39 -7 equivalents due to changes in interest rates End of period capital KEUR 26,721 27.678Segment InformationKey figures 01.01. - 30.09.2013 01.01. - 30.09.2012 Europe Revenue KEUR 20,410 23,467 EBIT KEUR 3,285 4,732 Asia Revenue KEUR 9,769 6,559 EBIT KEUR 601 297 Americas Revenue KEUR 5,639 5,913 EBIT KEUR 585 895Any 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 responsibility for updating the statements contained in this report. 07.11.2013 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 Germany Internet: www.viscom.de End of Announcement DGAP News-Service ---------------------------------------------------------------------------