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Viscom AG — Interim / Quarterly Report 2011
Nov 11, 2011
468_10-q_2011-11-11_08a586d3-23d9-4ce3-a1c0-f8c60a5d2fbf.pdf
Interim / Quarterly Report
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INTERIM MANAGEMENT REPORT AS OF 30 SEPTEMBER 2011
VISCOM AG: GOOD TIMES FOR SUCCESS
GENERAL BUSINESS PERFORMANCE
The very upbeat business performance in the first half of 2011 continued in the third quarter. Participants in the key markets were increasingly willing to invest again. Together with investments in new products and future technologies as well as the growing service portfolio, this had a positive effect. In the reporting period, all regions contributed to a rise in revenue and consequently to the Company's positive total earnings. The European market remains Viscom Group's strongest sales region by far, but the USA and Asia also confirmed their positive market position with positive figures. Core customers' increasing willingness to invest, the strengthening of the sales and aftersales business areas as well as a greater presence at trade fairs supported this positive development.
X-ray inspection systems are becoming more important for reliably ensuring the quality of modern assemblies. Viscom is banking on factors such as a specific control for the X-ray tubes to speed up the X-ray inspection process in an environment of ever-increasing industry requirements. This technology has significantly increased speeds during inline use – providing the electronics industry with the greatest possible flexibility. In addition, demand for high-end inspection systems has risen further. Production capacities are full until the end of the year and beyond.
EARNINGS AND FINANCIAL POSITION
In the first nine months of 2011, customers placed orders totalling € 38,510 thousand with Viscom Group. Incoming orders were therefore clearly up on the comparable period (previous year: € 32,731 thousand). Order backlog at the end of the third quarter was € 12,639 thousand (previous year: € 15,011 thousand).
Viscom generated Group revenue of € 39,351 thousand in the reporting period (previous year: € 22,975 thousand). Compared to the previous year's period, this is a steep rise of 71.3 %. Earnings before interest and taxes (EBIT) amounted to € 8,692 thousand (previous year: € 2,753 thousand). This corresponds to an EBIT margin of 22.1 %. The result was positively impacted by the capitalisation of company-produced assets to the amount of € 1,297 thousand in the first nine months. Adjusted for this one-off effect, EBIT amounted to € 7,395 thousand and the adjusted EBIT margin to 18.8 % respectively. Net profit for the period more than doubled from € 2,972 thousand in the previous year to € 6,400 thousand. With an equity ratio of 87.2 %, Viscom AG still has a very positive equity base (31 December 2010: 86.3 %).
Viscom Group is sticking with its guidance from 27 July 2011 of € 50 million to € 53 million in revenue and an EBIT margin between 15 % and 18 % for the current financial year in view of its present business performance.
OUTLOOK
Viscom systems are top technological products that are employed around the world for improving quality and efficiency of electronics production processes. The Company continues to invest in research and development to maintain its status as a technological leader. Its current focus is increasingly shifting to expanding the sales of the 3D paste inspection system and developing the 3D X-ray inspection system as well as the 3D function of the bonding wire inspection system. In terms of market development, the objective remains to strengthen and expand sales in Asia.
ORGANISATIONAL CHANGES
On 1 September 2011, the Executive Board of Viscom AG resolved to merge the divisions of the special optical inspection systems (NP) and special X-ray inspection systems (XP) business areas to streamline the Group structure and further improve processes. The XP business area was integrated as an independent Group into the NP business area.
VISCOM
Viscom AG develops, manufactures and sells highquality 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.
Hanover, 11 November 2011
The Executive Board
Dr. Martin Heuser Volker Pape Dirk Schwingel
KEY FIGURES OF THE GROUP
| CONSOLIDATED INCOME STATEMENT (K€) |
01.01. – 30.09.2011 |
01.01. – 30.09.2010 |
|---|---|---|
| Revenue | 39,351 | 22,975 |
| EBIT | 8,692 | 2,753 |
| Financial result | 402 | 296 |
| Income taxes | -2,694 | -77 |
| Net profit for the period | 6,400 | 2,972 |
| Earnings per share | € 0.72 | € 0.33 |
| Number of employees at end of period |
273 | 257 |
| CONSOLIDATED BALANCE (K€) |
30.09.2011 | 31.12.2010 |
|---|---|---|
| ASSETS | ||
| Current assets | 51,051 | 51,120 |
| Non-current assets | 17,941 | 11,073 |
| thereof: financial assets | 10,565 | 3,166 |
| Total assets | 68,992 | 62,193 |
| LIABILITIES | ||
| Current liabilities | 8,403 | 8,232 |
| Non-current liabilities | 426 | 299 |
| Shareholders' equity | 60,163 | 53,662 |
| Total liabilities and shareholders' equity |
68,992 | 62,193 |
| Equity ratio | 87.2 % | 86.3 % |
| CONSOLIDATED CASH FLOW STATEMENT(K€) |
01.01. – 30.09.2011 |
01.01. – 31.12.2010 |
| Cashflow from operating activities |
10,291 | 4,686 |
| Cashflow from investing activities |
-8,874 | -4,394 |
| Cashflow from financing activities |
-15 | -6 |
SEGMENT INFORMATION
| KEY FIGURES (K€) | 01.01. – 30.09.2011 |
01.01. – 30.09.2010 |
|---|---|---|
| EUROPE | ||
| Revenue | 30,068 | 16,229 |
| EBIT | 7,661 | 2,852 |
| ASIA | ||
| Revenue | 5,736 | 4,368 |
| EBIT | 711 | 58 |
| AMERICAS | ||
| Revenue | 3,547 | 2,378 |
| EBIT | 320 | -157 |
End of period capital 27,323 25,905
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.
HEADQUARTERS: VISCOM AG
Carl-Buderus-Str. 9 - 15 · 30455 Hanover · Germany Tel.: +49 511 94996-0 · Fax: +49 511 94996-900 [email protected] · www.viscom.com
CONTACT INVESTOR RELATIONS: VISCOM AG, DIRK SCHWINGEL
Carl-Buderus-Str. 9 - 15 · 30455 Hanover · Germany Tel.: +49 511 94996-861 · Fax: +49 511 94996-555 [email protected] · www.viscom.com
Visit our website to find international subsidiaries and representatives in Europe, USA and Asia:
www.viscom.com