Viscom AG — Interim / Quarterly Report 2006

Dec 1, 2006

Interim Report, 30 September 2006

9M/06

▪	Key Figures 3
▪	Foreword by the Board Members4
▪	The Viscom Share 6
▪	Business Development8
▪	Outlook13
▪	Notes14
▪	Consolidated Financial Statements15
	▪ Profit and Loss Statement 15
	▪ Balance Sheet 16
	▪ Cash Flow Statement 18
	▪ Shareholders` Equity 19
▪	Selected Explanatory Notes 20
▪	Financial Calendar 21
▪	Contact 24

Key Figures

	Jan.–Sept. 2006	Jan.–Sept. 2005
Revenue	38,023 K€	35,532 K€
Operating income / loss (EBIT)	6,101 K€	6,460 K€
Financial result	400 K€	-87 K€
Income taxes	-1,799 K€	-2,633K€
Period net income	4,702 K€	3,740 K€
Number of shares	9,020,000	67,200
Earnings per share (diluted and undiluted) in €	0.52 €	55.66 €
Number of employees (as of 30.09.)	334	261

Foreword by the Board Members

Viscom Board Members (l. to r.) Dr. Martin Heuser, Volker Pape, Ulrich Mohr

Dear shareholders, ladies and gentlemen,

Continuous development and innovation are the heart of Viscom AG company culture. Viscom has consequentially employed this philosophy during the first nine months of 2006: After the successful stock market entry in May of this year and the hiring of numerous experienced employees to support regional expansion, Viscom is now concretely engaged in construction of the planned application centers. In the Asiatic sector, Shanghai and the metropolitan area of Tokyo have been defined as locations. Viscom is also establishing service centers in Shenzhen and Korea. Our location in Atlanta is being supplemented by an application center in San Jose. Suitable locations have been designated and the additional personnel required are being engaged. Machines for the display rooms are already in production. At the same time, application capacity in the Atlanta and Singapore regional headquarters has been expanded.

Viscom also remains in constant motion on the production side and develops innovative solutions. With the S3016, Viscom has introduced an optical inspection system to inspect the underside of a printed circuit board. The machine is especially equipped to inspect selective solder joints on printed circuit boards assembled on both sides. The cost-efficient and robust inspection system makes it possible to positively identify open solder joints, solder bridges or missing leads on the underside of a board. This innovative technology eliminates the necessity to turn the assembly over for a thorough inspection, so our customers are spared significant costs for flip stations.

A further technological highlight is the development of the X7056 – a system that enables simultaneous optical and 3D X-ray inspection. With it Viscom sets a new standard in inspection and for the first time, makes possible a high-performance 3D X-ray inspection during parallel optical inspection of the top and bottom sides of a printed circuit board. In this way, the high throughput demands of our customers are fulfilled. The machine thereby satisfies the application needs our customers have expressed to us.

While these developments and investments will reflect in future revenue growth of the Viscom Group, at €38.0 million revenues during the first nine months of 2006 remain slightly behind our expectations. This is conditioned primarily by a temporary shift of the revenues expected from the Asian region: a portion of the revenues planned for the first half year 2006 will first be realized in the year 2007.

During this report period the EBIT reaches €6.1 million. Viscom thus achieves an EBIT margin of 16.0% – a result which lies within the scope of our projections with regard to the current revenue. We achieved this EBIT margin despite increased expenses for construction of application centers, raised trade fair and marketing costs and the targeted expansion of our employee base. During the first nine months of this year Viscom posts a profit after taxes of €4.7 million – a rise of 25.7% over the previous comparable time period. The lowered tax rate of only 27.7% results from the temporary tax-optimized investment of liquid assets not required in the short term.

The technological and sales successes attained in the first three quarters 2006 support our optimistic outlook for the future development of the Viscom Group. During the present period, however, we will not entirely reach the ambitious revenues goal we set for 2006, instead must accept a certain shift to the year 2007. For the full year 2006 we still expect an increase compared to last year.

We thank you cordially for your accompanying us upon our way into the future, and most especially for the trust you have placed on the Viscom Group.

Yours sincerely,

Dr. Martin Heuser Volker Pape Ulrich Mohr

The Viscom Share

ISIN	DE 000 7846867
Market segment	Frankfurt Stock Exchange, Prime Standard
Number of shares	9.02 million
Freefloat	33%
Market capitalization	127.2 million €
Hight	19.00 €
Low	12.35 €
Average tradevolume (Xetra/Day)	10,414 shares
Earnings per share	0.52 €
	As of 30.09.2006

After a record flight during the first months of the year, from mid-May the international stock markets ran into severe turbulence without forewarning: within a scant week the DAX dropped from 6,162 points to 5,600 points. The German stock market in particular proved to be exceptionally volatile during the further course of time.

Psychology and charting methods decisively influenced the development of share prices during the subsequent weeks. Extreme insecurity among capital market participants is evidenced in the wide index fluctuations, where days with strong climbs alternated with new retreats. Despite the solid economic situation and convincing fundamental company data the mood remained impressed by concern over prime interest rate increases, rising oil prices, developments in the U.S. dollar and finally, crises in the Middle East.

An imminent moderating interest policy in the USA and a further drop in oil prices had brought a slight rise by September – yet at low volumes, development on the stock market appeared to be driven more by chance than logic. Since the end of September, the stock market has finally entered a phase of sustained recovery.

In all, an extremely challenging environment for the Viscom share to prevail within. The share maintained on a high level of approximately €18.00 until mid-July, yet could not extract itself from the general market conditions and dropped to its low of €12.35 on August 23, 2006. By the end of September the share had regained to €14.01. During this report period the average daily volume traded on the Xetra reached 10,414 shares. Adjusted to the first day of trade, the average daily volume was 8,947 shares.

The development of the Viscom share is regularly analyzed and commented on by three investment houses. At the editorial close all analysts recommend the share for purchase. With an average price target of €20.30 the Viscom share measures a development potential of over 40% percent compared to this quarter's ultimo.

The topmost priority of our investor relations efforts is open, fair, and honest communication with all capital market participants. To enable our goal of fair evaluation of the Viscom share, we readily make ourselves available to the capital market for open dialogue. Therefore the Viscom AG has presented itself in numerous foreign and domestic investor conferences as well as at the OPTATEC analysts conference in Frankfurt. All information regarding the Viscom share is promptly made available on our homepage at www.viscom.de/de_ir.

Business Development

Revenue and Earnings Development

During the third quarter 2006 the Viscom AG raised revenues 18.9% compared to last quarter. This increase clearly underscores the seasonality of this business: industrial companies often meet large investment decisions at the end of the business year. For this reason Viscom generally sees stronger revenues during the second half year than the first. Additionally, the second half-year again displays an evident imbalance favoring the fourth quarter. Viscom increased revenues during the entire period January to September 2006 to €38.0 million – a plus of 7.0% compared to the comparable period last year.

Company EBIT reached €6.1 million and so rests slightly below the previous year's €6.5 million. The EBIT margin for the first three quarters of this year is 16.0%, 2.2 percentage points under the comparable previous year's level. This is due to intensified personnel acquisition for the planned regional expansion of the company as well as costs associated with construction of application centers in Asia and the USA. The Group is especially focused on making the trademark Viscom better known in these regions and establishing it more firmly as quality and innovation leader in the perception of customers. Increased trade fair and marketing costs accompanying boosted worldwide sales activity additionally show in the EBIT.

In comparison to last year's period, this quarter's net profit has distinctly risen. After the first nine months of 2006 it reached €4.7 million and so lies 25.7% higher than the end of third quarter 2005. This result is contingent upon the temporary taxoptimized investment of proceeds from the share issue. At 27.7%, the tax rate of the Viscom-company is significantly lower than last year's 41.3%.

Order Situation

Order intake as of September 30, 2006 was especially positive: the Viscom AG was awarded over €38.1 million during this year's first nine months, – a rise of 16.2% from the comparable period last year. Order backlog at the 30th of September stood at €9.1 million compared to €8.8 million at the end of the third quarter 2005.

Financial and Assets Situation

Cash flow from operating activities for the first nine months of the year 2006 was -€36.3 million, clearly lying under the comparable previous year's period level of €2.7 million. This is due to an increase in inventories and other assets from investment of proceeds from the stock market entry. €30.0 million were invested in the context of a securities loan. Correspondingly there is a claim with regard to the bank in the amount of €30.0 million. The transaction raises the financial assets of the Viscom Group by €29.1 million compared to the previous year. Conversely, there is an equivalent liability to the bank regarding the received securities in the amount of €29.1 million.

Cash flow from investing activities in the first three quarters of this year amounts to -€0.7 million (2005, -€0.7 million) and so remains unchanged in comparison to last year's period. The financially effective investments in fixed assets of the Viscom AG are contained in cash flow from investing activities. Investment in office and business equipment centered in the newly added employees is particularly noted here.

The influx of liquidity from the stock market entry in the amount of €42.5 million significantly raised Cash flow from financing activity in comparison to last year's period. From January to September 2006 it amounted to €34.7 million (2005, -€2.3 million). Interest rates granted due to the excellent liquidity situation also have a very positive effect. At the end of the third period 2006 the Viscom Group had available liquid assets in the amount of €8.8 million.

The equity ratio of the Viscom AG reached 58.1% at the end of the report period to show a rise of 2.8 percentage points to the comparable period last year. Viscom attained this improvement despite the significant balance extension through booking of the securities loan. The annualized return on equity reaches 10.6% during the report period. This decrease of 13.9 percentage points to last years comparable period is based on the clearly raised equity after the initial public offering.

Employees

To realize its goals, the Viscom Group relies on the commitment and strong company identification of its employees. Encouraging and maintaining a positive company culture that supports creativity, continual development and motivation is therefore an important element of the Viscom business model. On September 30, 2006 the Viscom Group employed 334 people, 28.0% more than a year ago. An additional 17 persons are in training at Viscom at the end of this third quarter.

As of September 2006	AG	USA	Singapore	France	Total
Total	294	17	17	6	334
Full time	276	17	17	4	314
Part time	15	0	0	2	17
Interns/students	3	0	0	0	3
Additional: Trainees	17	0	0	0	17

Segment Information

Europe

The segment Europe remains the strongest source of revenues for the Viscom Group. The markets Germany, Ireland and France as well as Portugal and East Europe, among others, produced approximately 70% of the company earnings in the first nine months of this year.

With particular success the Viscom Group has built up its position in Ireland during the course of this year. Behind this success is primarily the special concept of cooperation with an Irish representative, which can also serve as model for further regions: the establishment of a training center in Ireland afforded the representative the possibility to train Irish customers in the operation of Viscom-products in their homeland. With a flexible training unit he is also able to offer customers training directly at their company location – a service that is increasingly in demand and significantly raises customer bonds with the Viscom Group.

The excellent economic framework in Ireland supports positive development and opens many promising future perspectives for the Viscom AG. While the Republic of Ireland was still a markedly impoverished land with a high portion of agriculture at the time of its admittance to the EU in 1973, comprehensive economic aids in the meantime have been effective and contributed to the construction of a modern infrastructure. The low Irish average age of only 33.7 years as well as the very good educational opportunities in the Republic condition an especially high proportion of well-educated young academics. This local advantage draws industry to Ireland ever more strongly – including medical technology companies which comprise a very attractive target sector for the Viscom Group.

However not only Ireland but Europe as a whole remains a rewarding location for technological companies. From a global perspective Europe is in no way the least expensive location for production, yet there are certain positives: excellent infrastructure, political stability, social standards, attention to environmentally relevant factors and a generally good educational standard, as well as a high consciousness for quality. European production, with its high degree of automation, can indeed compete with locations in the cheaper regions, and comes up against borders only where price is the sole determining criterion. Wherever it comes to innovative technical superiority, many European suppliers and mid-sized operations maintain an excellent market position – and exactly here, the demand for inspection systems to ensure quality exists.

The Viscom Group has set the intensified goal of winning new customers from among mid-sized firms worldwide. In Germany alone 99.7% of taxpaying concerns are designated as mid-sized – so these company groups promise a meaningful earnings potential. Viscom has been very successful in gaining new customers among mid-sized companies above all in the German market, which contributed to 38% of company revenues in the first nine months of the year.

Business with small and mid-sized companies has also seen dynamic development in France: during the first three quarters of the year Viscom won more new customers here than in any previous comparable period. Parallel to this runs the continued conservative investment bearing of large customers – the investment surge of recent years and continuing price pressure from the automotive industries continue to have a restraining effect. The construction of a new customer structure is nonetheless time-intensive and cannot yet compensate for loss of revenues from the larger companies.

Decreased revenues in France are more than compensated for by higher revenues in other European lands: Viscom raised revenues in Europe 10.2% in comparison to the previous year's period, to €26.8 after the first nine months of the year. In the same time period Viscom improved EBIT in this segment by 6.6% to €5.4 million.

Europe		Jan.–Sept. 2006 Jan.–Sept. 2005
Revenue (K€)	26,763	24,280
EBIT (K€)	5,376	5,041
EBIT-Margin (%)	20.1	20.8
Employees (30.09.)	300	239
Representatives	17	16

Asia

Asia is the future growth market for the electronics industry: 65% of global electronic production in 2005 took place in Asia – a rising tendency. A high growth rate in the immediate future is expected particularly in China: this sector should grow an average 14% annually and so reach a market volume of \$459 billion in the year 2010. In Southeast Asia – specially Singapore, Thailand and Malaysia – the electronics industry should grow at up to 10% annually to a volume of \$96 billion in 2010.

Despite the great market potentials in Asia revenue development of the Viscom Group in this region stayed below its own expectations. In particular, the Chinese and Korean markets offered more earnings potential than Viscom could realize within the report period. Complex administrative structures in the Chinese market posed numerous customers of the Viscom AG with unanticipated challenges to the construction of their production lines, delaying progress and so acquisition of the requisite inspection systems. Since these restrictions are only temporary in nature, the revenues originally expected for this report period will nonetheless be realized – merely after a certain temporary delay. During the report period Viscom accomplished revenues of €4.4 million, a drop of 28.0% from the previous year's period (€6.1 million). Due to expenditure for construction of application centers, strengthened personnel, and distinctly higher trade fair marketing costs the EBIT in this period reached €0.1 million. This corresponds to a decline of 89.5% from the comparable previous year's period (€1.0 million), to find itself still within the planned framework.

The situation in Korea has also shaped up to be challenging. Founding of a service center of our own in this region now sets the course for Viscom to link up with very positive sales success in Korea. Three Korean employees who are exceptionally adept with Viscom inspection systems have already assumed their activity for Viscom.

Viscom has achieved a decisive breakthrough in Japan: for the first time an order from a market-leading Japanese company has been won. With this Viscom has taken a significant step to open up an especially promising market. This acceptance won on the Japanese market along with construction of an application center in the metropolitan area of Tokyo form a solid foundation for winning further customers in this region.

Asia	Jan.–Sept. 2006 Jan.–Sept. 2005
Revenue (K€)	4,416	6,134
EBIT (K€)	106	1,013
EBIT-Margin (%)	2.4	16.5
Employees (30.09.)	17	9
Representatives	7	6

America

Viscom accomplished a revenue increase of more than a third in the region America: revenues climbed 33.7% during the first three quarters of 2006 from €5.1 million in the comparable period last year to a current €6.8 million. During the same period Viscom improved EBIT 52.5% to €0.6 million (previous year, €0.4 million) – a rise that Viscom achieved despite comparably high expenditures for the extension of the employee base and increase sales supporting activities during the report period.

With the move into new quarters in Atlanta on November 3 2006, Viscom nearly doubled its available space for presentation and evaluations. Six new employees strengthen the team and markedly extend sales and service capacities.

In addition to the USA, the region America embraces Central and South America as well. Due to low production costs Mexico shows especially strong growth. Numerous large electronics production companies have settled here and made cost-effective production shifting a component of their business model. This does not signify that all production is withdrawn from Europe and the USA. Quite the opposite – these regions remain a crucial hub for companies for which proximity to electronic designers during the development of new products is essential. Numerous smaller companies will also continue to serve as suppliers for larger concerns. These mid-sized companies operate a low-volume/ high-mix production and do not command a mass production facility which they can leave to change production locations. These companies form an attractive target group in the USA for Viscom.

Viscom has currently established itself as the supplier of high-quality inspection systems particularly among these small and mid-sized companies. With the goal of driving trademark recognition by the smaller companies in the US, Viscom has strengthened training of employees from its representative companies in the USA. A corresponding meeting in Hanover last October 2006 accomplished the goals of reinforcing representatives' understanding of the Viscom philosophy and products and strengthening bonds with the company.

Amerika	Jan.–Sept. 2006 Jan.–Sept. 2005
Umsatz (T€)	6,844	5,118
EBIT (T€)	619	406
EBIT-Marge (%)	9.0	7.9
Mitarbeiter (30.09.)	17	13
Repräsentanten	15	13

Viscom systems are technologically high end products and have been successfully applied around the world. Viscom inspection systems find their application in nearly every branch of the electronics industry: the delivery spectrum reaches from the automobile industry over aviation and aerospace technology to machine fabrication and pharmaceuticals as well as their suppliers. The highest standards of quality are imposed in these sectors. With its regional expansion Viscom increasingly opens up the consumer and communications sectors – branches that promise a particularly strong potential. Around 24% of global electronics production is devoted to communications and about 11% to the consumer sector, while automotive – the current focus of the Viscom Group – comprises a mere 6% of electronics production.

With the construction of application centres in Shanghai and the metropolitan area of Tokyo as well as service centres in Shenzhen and now also in Korea, Viscom achieves the preconditions for optimum service to rising demands from electronics producers in the consumer and communication sectors. To be on-site with the right systems as well as a comprehensive service offering is a decisive competitive advantage especially in Asia.

The strengthened presence of the Viscom Group in Asia has already begun to show advantages: com-

Outlook

panies located in the region value the benefits of proximity and direct access to service and support. Before the purchase of a new product potential customers usually carry out benchmark tests during which they can see machines from various suppliers compete against each other. Due to their technological superiority Viscom machines predominantly attain the best marks here. With the founding of application centers in Asia, the opportunity to perform such benchmark tests rises significantly: due to prolonged transport and installation times Viscom has been able to offer only about one test per month. Opening the new application

centers can boost test frequency up to four benchmarks per week, per application center. The application centers are slated to assume activity in the first quarter 2007.

The development perspectives of the Viscom Group in Asia are extremely advantageous. Still, Asia is also a market with complex structures that open to Western business culture gradually. Viscom has already been fortunate to win crucial key customers in this promising market. At the same time some primary business approaches stretch out over a longer time frame than was initially assumed. It is therefore taken that a portion of the revenues anticipated for the year 2006 will first be realized during the course of the year 2007. Despite this the Viscom Group expects a distinct revenue increase in comparison to last year.

Notes

The Viscom AG has their headquarters in Hanover, Germany and is registered in the Trade Register there under the number HR B 59616. Their business address is Viscom AG, Carl-Buderus-Str. 9–15, 30455 Hanover.

The business activities of the company consist of the development, production and sales of automated inspection systems for industrial production. Inspection is accomplished by computer-based optical and/or X-ray comparison of inspected objects with required specifications based in the inspection system.

Statement of Conformity

This interim financial statement at the end of the third quarter 2006 was prepared on the basis of uniform application and conforms to the International Financial Reporting Standards (IFRS) applicable at the financial closing date September 30 2006, and in particular to IFRS 34.

Basic Principles

The IFRS Interim Financial Statement is expressed in €. The tables were generally prepared in thousands of euros (K€).

The same accounting, appraisal and calculation methods as in the company financial statements 2005 were applied.

The Profit and Loss Statement was generated according to the total expenditure method.

Current and non-current assets listed in the balance sheet were differentiated according IAS 1. Assets and debts were accounted for as current insofar as they are due within a year.

IFRS accounting requires certain assumptions and estimates to be made in company financial statements which are included in the amounts of the entered assets, debts, earnings and expenditures and contingent liabilities values. Actual developments may therefore differ from these values.

Currency Differences

In the category operating earnings and expenditures are contained price differences to the date September 30, 2006 in the amount of -€192 thousand (previous year, €214 thousand).

Events after Closing

No events of particular significance occurred after September 30, 2006.

IFRS Consolidated Financial Statements of the Viscom Group as of September 30, 2006 Profit and Loss Statement

Profit and Loss Statement	01.07.– 30.09.2006 K€	01.07.– 30.09.2005 K€	01.01.– 30.09.2006 K€	01.01.– 30.09.2005 K€
Revenues	13,549	12,214	38,023	35,532
Other operating income	123	144	556	503
	13,672	12,358	38,579	36,035
Changes in inventories of finished goods and work in progress	355	-644	3,205	1,263
Costs of purchased materials and services	-5,795	-3,999	-16,773	-14,176
Personnel expenses	-3,994	-3,460	-11,613	-10,112
Depreciation and amortisation	-197	-198	-536	-471
Other operating expenses	-2,031	-2,005	-6,761	-6,079
Total operating expenses	-11,662	-10,306	-32,478	-29,575
Operating income / loss (EBIT)	2,010	2,052	6,101	6,460
Interest income	395	-24	669	-3
Interest expense	-179	0	-269	-84
Income tax expense	-133	-784	-1,799	-2,633
Net income / loss	2,093	1,244	4,702	3,740
Net income per share	0.23	18.51	0.52	55.66
(diluted and basic) in €

Balance Sheet

	Pos. Assets	30.09.2006 K€	31.12.2005 K€
	Current Assets
	Cash and cash equivalents	8,816	11,286
A 1	Short term investments	34,146	0
	Trade accounts receivable	11,408	13,285
	Inventories	11,458	8,760
A 2	Prepaid expenses and other current assets	32,312	636
	Total current assets	98,140	33,967
	Non-current assets
	Property, plant, equipment	1,955	1,815
	Intangible assets	123	48
	Investments	23	70
	Deferred taxes	1,144	843
	Total non-current assets	3,245	2,776
	Total assets	101,385	36,743

Pos.	Liabilities and shareholders' equity	30.09.2006 K€	31.12.2005 K€
	Current liabilities
	Short-term debt and current portion of long-term debt	0	49
	Trade accounts payable	1,627	1,031
	Advanced payments received	68	815
	Accrued liabilities	3,516	3,541
	Income tax liability	3,719	6,338
P 1	Other current liabilities	33,155	4,365
	Total current liabilities	42,085	16,139
	Non-current liabilities
	Deferred tax liability	399	273
	Total non-current liabilities	399	273
	Shareholders' equity
P 2	Share capital	9.020	67
P 3	Capital reserve	42,022	7,913
P 4	Retained earnings	7,807	12,177
	Currency adjustments	52	174
	Total equity	58,901	20,331
	Total equity and liabilities	101,385	36,743

Cash Flow Statement

Cash Flow Statement	01.01.2006– 30.09.2006 K€	01.01.2005– 30.09.2005 K€
Cash flow from operating activities
Profit after interest and taxes	4,702	3,740
Taxes on income (+)	1,799	2,633
Interest expense (+)	269	84
Interest income (-)	-669	3
Depreciation (+)	536	471
Increase (+) / decrease (-) in provisions	-24	122
Profit (-) / loss (+) on disposal of property, plant and equipment	-14	-11
Increase (-) / Decrease (+) in inventories, receivables and other assets	-66,250	-4,300
Increase (+) / decrease (-) in trade and other payables	27,949	922
Income tax paid (-)	-4,593	-943
Net cash flow from operating activities	-36,295	2,721
Cash flow from investing activities
Proceeds (+) from property, plant and equipment	28	50
Acquisition (-) of property, plant and equipment	-746	-779
Net cash flow for investing activities	-718	-729
Cash flow from financing activities
Proceeds (+) from issue of share capital	42,550	0
Cost of IPO (-)	-1,299	0
Equity dividends paid (-)	-8,381	-2,112
Payment of deferred receivables into capital reserve (+)	1,811	0
Repayment (-) of long-term loans	-49	-171
Interest paid (-)	-94	-25
Interest received (+)	129	23
Cash flow from financing activities	34,667	-2,285
Changes in exchange rate on cash	-124	169
Cash and cash equivalents
Net increase in cash and cash equivalents	-2,470	-124
Cash and cash equivalents at the end of the fiscal year 2005/2006	11,286	5,318
Cash and cash equivalents at the end of the half year	8,816	5,194

Changes in Shareholders` Equity

Equity	Share capital K€	Capital reserve K€	Currency adjustments K€	Net retained earnings K€	Total K€
Equity 01.01.2005	67	7,659	-105	6,995	14,616
Currency adjustments	0	0	245	0	245
= Non-operating result	0	0	245	0	245
+ Profit of the period	0	0	0	3,740	3,740
- Dividends	0	0	0	-2,285	-2,285
Equity 30.09.2005	67	7,659	140	8,450	16,316
Equity 01.01.2006	67	7,913	174	12,177	20,331
Currency adjustments	0	0	-122	0	-122
Payment of deferred receivables into capital
reserve	0	1,811	0	0	1,811
= Non-operating result	0	1,811	-122	0	1,689
Capital increase from the com panies own resources	6,653	-6,653	0	0	0
+ Profit of the period	0	0	0	4,702	4,702
- Dividends	0	0	0	-9,072	-9,072
+ Increase of capital	2,300	38,952	0	0	41,251
Equity 30.09.2006	9,020	42,022	52	7,807	58,901

Segment Information

Information to the	Europe		Asia		America		Total
geographic segments according to sales market (in K€)	01.01.– 30.09. 2006	01.01.– 30.09. 2005	01.01.– 30.09. 2006	01.01.– 30.09. 2005	01.01.– 30.09. 2006	01.01.– 30.09. 2005	01.01.– 30.09. 2006	01.01.– 30.09. 2005
Revenues	26,763	24,280	4,416	6,134	6,844	5,118	38,023	35, 532
EBIT	5,376	5,041	106	1,013	619	406	6,101	6,460
Financial Result (+)	414	-87	0	0	-14	0	400	-87
Income Taxes (-)	1,537	2,295	21	185	241	153	1,799	2,633
Consolidated Earnings	4,253	2,659	85	828	364	253	4,702	3,740

Further information regarding the segments can be found in the section"Segment Information" in the chapter "Business Developments".

Selected Explanatory Notes

(A1)

Current Financial Assets/

Investments

Current financial assets and investments consist of the current value of a securities transaction at the closing date September 30, 2006 (€29.1 million) as well as a time deposit (€5 million).

(A2)

Receivables and other assets

Receivables and other assets include a liability in the amount of €30 million to a credit institute from a transfer of currency placed by the Viscom AG as collateral for transferred shares in the context of a securities loan.

(P1)

Other short-term liabilities

Other short-term liabilities include a €29.1 million liability to a credit institute resulting from a securities loan.

(P2 + P3)

Share capital

2,300,000 shares from the capital increase agreed to on April 13, 2006 were placed in the context of the stock market entry. The issue price was €18.50, resulting in a funds influx of €42.6 million and an increase in shareholders' equity of €41.3 million after IPO costs (IPO costs adjusted to the tax benefit).

(P3)

Capital reserve

Leading employees of the Viscom AG received advances from the Viscom AG in 2001 to acquire a share of the company. These advances were partially retired by profit dividends or direct repayment by the employees during Q3. This raised shareholders' equity by €1.8 million.

(P4)

Retained earnings

A dividend of €135.00 per share for the business year 2005 was paid in 2006. This resulted in a total dividend of €9.1 million for 67,200 shares. This amount reduced accumulated results as shown in the share equity development.

Financial Calendar

▪	November 10, 2006 Nine Month Report 2006 / Telephone Conference	Hanover
▪	November 14–17, 2006 Electronica	Munich
▪	November 29, 2006German Shareholders' Forum, German Stock Market AG	Frankfurt
▪	January 17–19, 2007 Internepcon Japan	Tokyo
▪	February 06–08, 2007 Componez/Electronic India	New Delhi
▪	February 08–10, 2007 Apex California	Anaheim
▪	March 07–08, 2007 Viscom Technology Forum	Hanover
▪	March 2007 Company Report 2007 / Analysts' Conference	Hanover
▪	April 24–27, 2007 Nepcon EMT Shanghai	Shanghai
▪	May 2007 Interim Report Q1 2007 / Telephone conference	Hanover
▪	May 2007 Shareholders' Meeting	Hanover

Viscom AG

Supervisory Board	Dr. Jürgen Knorr (Chairman)
	Hans E. Damisch (Vice-Chairman)
	Prof. Dr. Claus-Eberhard Liedtke
Executive Board	Dr. Martin Heuser
	Volker Pape
	Ulrich Mohr
Location	Carl-Buderus-Str. 9 - 15, 30455 Hanover
	Commercial Registry: Amtsgericht Hanover HR B 59616
Subsidiaries	Viscom France S.A.R.L., Cergy Pontoise Cedex, France
	Viscom Inc., Atlanta, Georgia, USA
	Viscom Machine Vision Pte Ltd., Singapore

Imprint

Publisher	Viscom AG, Carl-Buderus-Str. 9 - 15, 30455 Hanover Tel.: +49 511 94996-0, Fax: +49 511 94996-900 info@viscom.de, www.viscom.de
Responsibility	Viscom AG, authorized by the Board members
Editorial	Dr. Martin Heuser (Executive Board) Volker Pape (Executive Board) Ulrich Mohr (Executive Board) Katharina Blanke (Investor Relations Manager)
Layout and Design	Viscom AG – Graphics and Marketing corinna.lorenz.grafik.design, Hanover
Photography	www.bluestudios.de www.photocase.com
Print and Production	Druckhaus Benatzky GmbH Büttnerstraße 15, 30165 Hanover www.benatzky.de
Register and Register Number	Viscom AG Registration Office: Amtsgericht Hanover Registration Number: HR B 59616 UST-IdNr. according to § 27 of the Income Tax Law: DE 115675169
Copyright	All photographs and articles contained herein are pro tected by copyright. Reproduction of any kind requires the written agreement of the Viscom AG.

Contact

Headquarters

Viscom AG Carl-Buderus-Str. 9 - 15 30455 Hanover Germany Tel.: +49 511 94996-0 Fax: +49 511 94996-900 info@viscom.de

Contact Investor Relations

Viscom AG Katharina Blanke Carl-Buderus-Str. 9 - 15 30455 Hanover - Germany Tel.: +49 511 94996-861 Fax: +49 511 94996-501 katharina.blanke@viscom.de