Viscom AG — Interim / Quarterly Report 2011

May 12, 2011

News Details

Ireland | 12 May 2011 13:19

Viscom AG: Successful First Quarter for Viscom (Correction)

Viscom AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]

12.05.2011 13:19

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.

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Correction:
In the interim report from today, 8:02 am CET, in the table 'Consolidated
income statement' for the 'Earnings per share' instead of '0.32 EUR' it
should read '0.22 EUR'.
The complete corrected announcement is:

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 Group

Consolidated 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 0.22 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 25,905

Segment Information

Key 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 -198

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 obligation for updating
the statements contained in this report.

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

End of Announcement DGAP News-Service

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