Viscom AG — Earnings Release 2013

Nov 7, 2013

News Details

Ireland | 7 November 2013 09:00

Viscom AG: Revenue and income solid in Q3, full-year revenue expected on previous year’s level

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.

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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 Group

Consolidated 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 27.678

Segment Information

Key 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 585 895

Any 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.

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Language: English
Company: Viscom AG
Carl-Buderus-Strasse 9-15
30455 Hannover
Germany
Internet: www.viscom.de

End of Announcement DGAP News-Service

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