Viscom AG — Interim / Quarterly Report 2012

Aug 24, 2012

INTERIM REPORT

AS OF 30 JUNE 2012

tical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics WORLDWIDE.

Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray

tical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics

Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection

System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Op-MOTIVATION.

· AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Op-COMPETENCE.

· AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection ·

Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect de- tection · AOI · Sensor · Camera Sensorhead · Inspection System · Quality · Electronics · AXI · X-Ray Inspection · Automated Optical Ispection · Defect detection · AOI · Sensor · Camera Sensorhead · Inspection System · TECHNOLOGY. INNOVATION.

▪	KEY GROUP FIGURES 3
▪	FOREWORD FROM THE EXECUTIVE BOARD 4
▪	VISCOM SHARES 6
▪	CONSOLIDATED INTERIM MANAGEMENT REPORT 8
	Revenue and Earnings 8
	Net Assets and Financial Position 8
	Employees 9
▪	SEGMENT INFORMATION10
	Opportunities/Risks and Outlook Report 12
	Significant Transactions with Related Parties 14
	General Information on the Company 14
	IFRS CONSOLIDATED INTERIM FINANCIAL STATEMENTS15
	Consolidated Statement of Income and Accumulated Earnings15
	Consolidated Balance Sheet: Assets 16
	Consolidated Balance Sheet: Liabilities and Shareholders' Equity 17
	Cash Flow Statement18
	Statement of Changes in Shareholders' Equity 19
▪	SPECIAL DISCLOSURES 20
▪	RESPONSIBILITY STATEMENT 21
▪	GLOSSARY OF TECHNICAL TERMS 21
▪	FINANCIAL CALENDAR 2012 22
▪	IMPRINT 23

KEY GROUP FIGURES

KEY GROUP FIGURES

	01.01.– 30.06.2012	01.01.– 30.06.2011
Revenue	24,399 K€	26,853 K€
EBIT	4,028 K€	5,626 K€
Financial result	167 K€	242 K€
Taxes on income	-1,290 K€	-1,453 K€
Net profit for the period	2,905 K€	4,415 K€
Number of shares	9,020,000	9,020,000
Number of weighted shares	8,885,060	8,885,060
Diluted and undiluted earnings per share	€ 0.33	€ 0.50
Number of employees (as of 30 June)	285	266

FOREWORD FROM THE EXECUTIVE BOARD

Dirk Schwingel, Volker Pape, Dr. Martin Heuser Executive Board

Turbulent times: The German and international markets provided large growth potential in the first half of 2012. Uncertainty about the highly indebted countries in the eurozone, however, slightly slowed down the markets in the second quarter. Viscom also noticed this reserved sentiment. Investors in the main sales markets were rather less willing to invest in the second quarter of 2012. According to the latest information from the German Engineering Association (VDMA e.V.), incoming orders in the German engineering sector were considerably down year-on-year. These market developments particularly affected Viscom Group's incoming orders in the second quarter. Incoming orders in the first half of the year dropped by a total of 11.5 % compared to the same period in the previous year.

We nevertheless managed to defend our position as European market leader. The exceedingly positive figures in the USA also confirmed our excellent position among the international competition. Current International Monetary Fund forecasts, however, expect for the upturn in the USA to subside in the future. Furthermore, this market remains susceptible to an increased risk of taking a trip south. After the economic cooldown in Europe and the USA, growth in the Asian markets also subsided in the first half of the year. Investors delayed their orders and are acting rather hesitantly compared to the same time last year.

Positive news comes from the area of development. Viscom is rigorously driving additional growth and investing in new products and future technologies. The results are innovative, practical and useroriented solutions. The new software 7.45 was released in February 2012, for instance. It boasts many useful features and additional functions that make the use of AOI/AXI in production even faster and more comfortable. The "vVison" software platform, which provides intuitive controls and a clearly structured and self-explanatory user interface via a touchscreen, has also met with great acceptance among customers. This platform will increase our competitive position in the future.

International trade fairs are more than just product presentations. They pave the way for new business relationships and enable companies to create strong and accurate market forecasts. Viscom Group once again presented its products and services at the SMT Hybrid Packaging in Nuremberg this spring, where it received very positive feedback, as well as at international trade fairs such as the NEPCON in Shanghai, China, the APEX in San Diego, USA and the NEPCON Trade Show in Tokyo, Japan.

In March 2012, Viscom AG successfully held its two-day in-house trade fair in Hanover. The advantage of this event is that the Company can target and train customers. For the first time there were also various English-speaking visitors at this technology forum. They left positive feedback on account of the informative value of the presentations as well as the provision of simultaneous interpreting services.

Viscom's product portfolio spans from automated inspection systems and the high-precision recording of 3D surface geometries to a computer tomography system for recording internal structures. The Company offers solutions for every test gate with overall process controls. These comprehensive solutions are very attractive to companies with production sites and lines at various locations. Comprehensive services and training options round off the product range. Viscom operates on the highest possible standard in all of its segments.

Customers appreciate our leading technology, which forms the basis for our large competitive advantage. Our aim is to maintain this position and to expand it as it is a good strategy for creating a sustainable future. The Group is increasingly expanding and consistently advancing its activities in Asia for acquiring new customers in the EMS (electronic manufacturing services: job order producers of electronic devices) sector so as to improve its market opportunities and competitive edge. Initial success has already been achieved by the Group being placed on the Approved Vendor List (list of approved and authorised suppliers) of one of the world's largest EMS.

We are pursuing a consistent and market-focused business policy. This as well as the outstanding commitment of our employees continues to reassure us that we will meet our targets for the 2012 financial year. Power of innovation, reliable system quality and highly competent consultants continue to remain the key factors for our success.

We would like to thank you for your interest, support and trust in our Company.

Hanover, 23 August 2012

The Executive Board

Dr. Martin Heuser Volker Pape Dirk Schwingel

VISCOM SHARES

Listing	Regulated market (General Standard)
Abbreviation	V6C
ISIN	DE 000 7846867
Number of shares	9,020,000
Market capitalisation as of 30 June 2012	€ 68.20 million
High (Xetra) on 3 April 2012	€ 8.69
Low (Xetra) on 3 January 2012	€ 6.20
Average trading volume (Xetra/day)	5,330
Earnings per share	€ 0.33

As of 30 June 2012

The stock exchanges came up with some surprises in the first half of 2012 but also had to weather turbulences. Uncertainty about the highly indebted countries in the eurozone remained the top issue for the German lead index DAX. After a strong first quarter, the share indices went for another trip south. On 16 March 2012, the DAX reached its annual high at 7,157 points, then slid down to its annual low at around 5,970 points at the beginning of June. The lead index stood at 6,416 points at the end of the first half of the year.

On 3 January 2012, Viscom shares recorded their annual low at € 6.20. The extremely positive business figures and positive company news resulted in a steady rise of Viscom AG share prices. The shares went up to their annual high at € 8.69 on 3 April 2012. In the following months however, the share price remained stable, continuously fluctuating around a € 7.81 average. At the end of the first half of the year, the share was traded at € 7.56 (Xetra).

The Annual General Meeting of Viscom AG took place in Hanover on 14 June 2012. The share capital carrying voting rights totalled 8,885,060 no-par value shares, of which 7,067,152 no-par value shares (79.5 % of share capital) attended. The Annual General Meeting resolved proposals such as a dividend distribution of € 0.75 per share with the required majority of votes. This corresponds to a distribution rate of 78.4 % of consolidated net profit for the period in the amount of € 8,496 thousand.

TREND OF THE VISCOM SHARES IN THE FIRST HALF OF 2012

Source: www.ariva.de; period: 2 January 2012 – 30 June 2012

The main objective of Viscom AG's investor relation activities is to enable all capital market participants to fairly assess Viscom as a company. Open and honest communication is therefore of utmost importance. Viscom AG promptly publishes all information on the Viscom share on its website at http://www.viscom.de/en_ir.

CONSOLIDATED INTERIM MANAGEMENT REPORT

REVENUE AND EARNINGS

Market participants' willingness to invest slowed down in the first half of the year in Viscom's key sales markets. Investment activities remain impacted by growing uncertainty, in particular, caused by the European debt crisis. According to the Central Association of the German Electrical and Electronics Industry (Zentralverband Elektrotechnik- und Elektronikindustrie e.V. − ZVEI), order intake was down in the whole German electrical industry in the first half of the year. This development is also reflected in Viscom Group's key figures.

Incoming orders reached their highest level since the IPO in the first quarter, then declined in the second quarter. In the first six months, the Company received orders with a total volume of € 21,670 thousand (previous year: € 24,493 thousand), corresponding to a drop of 11.5 % year-on-year. This reflects the current international market performance as well as uncertainties on a global scale.

At € 8,183 thousand, order backlog on 30 June 2012 was down on € 11,120 thousand in the previous year's period and corresponds to full capacity utilisation of around two months.

Viscom generated revenue of € 24,399 thousand in the first half of 2012 (previous year: € 26,853 thousand). Compared to the previous year's period, this is a decrease of approximately 9 %.

Earnings before interest and taxes (EBIT) amounted to € 4,028 thousand (previous year: € 5,626 thousand). This corresponds to an EBIT margin of 16.5 % (previous year: 21.0 %).

Net profit for the period amounted to € 2,905 thousand (previous year: € 4,415 thousand).

NET ASSETS AND FINANCIAL POSITION

Cash flow from operating activities was positive at € 5,092 thousand (previous year: € 4,155 thousand), the main contributors being the positive net profit for the period, the significant drop in inventories, receivables and other assets as well as the decrease in liabilities.

Cash flow from investing activities amounted to € -821 thousand (previous year: € -8,287 thousand). This change was primarily due to the items "Acquisition of property, plant and equipment and noncurrent intangible assets" (€ -275 thousand) and "Capitalisation of development costs" (€ -685 thousand). The latter was capitalised and recognised pursuant to IAS 38, as in the last annual financial statements.

Cash flow from financing activities amounted to € -6,664 thousand (previous year: € -14 thousand) for the distributed dividend.

Cash and cash equivalents came to € 26,481 thousand, up 22.0 % on the previous year's level of € 21,714 thousand.

Working capital comprises current assets as well as current and non-current liabilities. This item dropped from € 48,439 thousand on 31 December 2011 to € 44,985 thousand in the first six months of the year on account of a reduction in trade receivables as well as other financial receivables and income tax liabilities.

At 87.2 %, the equity ratio is presently higher than on 31 December 2011 (86.0 %). The figure for the comparable period in the previous year was at a similar level (87.4 %).

EMPLOYEES

As an innovative mechanical engineering firm, our operations are based on the skills and knowledge of our employees.

In the first half of 2012, Viscom AG increased staff levels, in comparison to the previous year, by another 19 and presently employs 285 people worldwide (excluding trainees). Viscom therefore increased headcount by 7.1 % year-on-year (previous year: 266 employees).

EMPLOYEES

As of 30.06.2012	Europe	Asia	Americas	Total
TOTAL	244	29	12	285
of which full-time	209	29	12	250
of which part-time	35	0	0	35
Plus: trainees	8	0	0	8

SEGMENT INFORMATION

	Europe		Asia		Americas		Total
	01.01.– 30.06. 2012	01.01.– 30.06. 2011	01.01.– 30.06. 2012	01.01.– 30.06. 2011	01.01.– 30.06. 2012	01.01.– 30.06. 2011	01.01.– 30.06. 2012	01.01.– 30.06. 2011
External sales	16,399	20,388	3,602	3,623	4,398	2,842	24,399	26,853
Segment result	3,175	4,894	103	431	750	301	4,028	5,626
plus financial result	0	0	0	0	0	0	167	242
less income taxes	0	0	0	0	0	0	-1,290	-1,453
Consolidated net profit	0	0	0	0	0	0	2,905	4,415

DISCLOSURES ON THE GROUP'S GEOGRAPHIC SEGMENTS BY SALES MARKET (K€)

Viscom's large sales network provides it with a global presence. Subsidiaries manage the three largest sales markets – Europe, the Americas and Asia – and look after local customers. These geographical segments make it possible for the individual subsidiaries to provide an optimal and firstclass service in the markets. Europe, the strongest sales market, is managed by Group headquarters in Hanover, the Munich branch office and the French subsidiary in Paris. "One face to the customer" is also the motto for the US market: Viscom also ensures close customer contact in this region with its subsidiary in Atlanta and branch office in San José. Strengthening activities in Mexico has turned out to be a very important and successful step. With the subsidiary in Singapore and its sub-organisation in Shanghai, Viscom provides players in the hot spots of the Asian market with an easy point of contact.

EUROPE

The latest escalation of the banking crisis has further depressed sentiment all over Europe; especially the economies of the crisis-hit countries Greece, Italy and Spain deteriorated in the second quarter and the markets cooled down significantly.

We nevertheless continued to maintain our position as European market leader − despite declining yearon-year figures.

Europe is Viscom Group's strongest region by far with 67.2 % of revenues, generating € 16,399 thousand in the first half of 2012 (previous year: € 20,388 thousand). Revenues therefore came to 19.6 % less than in the previous year's period.

In Germany the revenue amounted to € 9,697 thousand (previous year: € 12,575 thousand).

EBIT in Europe amounted to € 3,175 thousand (previous year: € 4,894 thousand), corresponding to an EBIT margin of 19.4 % (previous year: 24.0 %). At € 14,541 thousand, incoming orders were down year-on-year (previous year: € 17,713 thousand).

Europe		01.01.– 30.06.2012	01.01.– 30.06.2011
Revenue	K€	16,399	20,388
EBIT	K€	3,175	4,894
EBIT margin	%	19.4	24.0
Employees		244	232

ASIA

Whereas in 2011, the Asian market for inspection systems – particularly in China – benefitted from the investment backlog in 2010, this development subsided significantly in the first half of 2012. Investments in inline inspection systems decreased or ceased altogether in the automotive segment as well as the consumer, computer and communication sectors apparently on account of the increasing uncertainty regarding the robustness of the European economy. A few companies in the smartphone/tablet and network infrastructure segments and their selected subcontractors proved an exception. This resulted in increased competition, a fight which was often decided on the basis of price, local presence, Asia-based production and consequently low prices and short delivery times. New Chinese market players, in particular, started to obtain an increasing number of projects. Viscom nevertheless managed to get included in the list of preferred suppliers of a large multi-national EMS in Asia thanks to its increasingly strong global sales focus. It remains difficult, however, to provide a forecast of developments on the Asian market as a few large customers dictate the market volume with their investment strategies.

Group revenue in Asia was € 3,602 thousand, on par with € 3,623 thousand in the previous year.

EBIT in Asia amounted to € 103 thousand (previous year: € 431 thousand), and the EBIT margin came to 2.9 % (previous year: 11.9 %). This reflects the high competitive pressure as well as increased price stability in the market. Cost structures are being additionally impacted by the rise in the number of sales employees. Incoming orders of € 2,588 thousand were down year-on-year (previous year: € 4,399 thousand).

Asia		01.01.– 30.06.2012	01.01.– 30.06.2011
Revenue	K€	3,602	3,623
EBIT	K€	103	431
EBIT margin	%	2.9	11.9
Employees		29	23

AMERICAS

The economic recovery in North America continued in the first half of this year. In the automotive supply segment, in particular, expanded capacities brought good business for Viscom Inc. The order books of small and medium-sized service providers are full and these companies are investing in production equipment. The discussions about transferring production previously outsourced abroad back home help small US companies and could result in a positive long-term order situation for this customer group. Viscom has suitable products for this segment − the optical inspection system "S3088 basic" and the software platform "vVision".

The positive trend in the US market continued for Viscom. Revenues growth was largest in this region at 54.8 % in the first six month, rising from € 2,842 thousand in the previous year's period to € 4,398 thousand.

EBIT in the Americas region also more than doubled from € 301 thousand to € 750 thousand in the first half of the year. The EBIT margin increased by 61.3 %, from 10.6 % to 17.1 %. Incoming orders of € 4,541 thousand were around 90.7 % up on the previous year's value of € 2,381 thousand.

Americas		01.01.– 30.06.2012	01.01.– 30.06.2011
Revenue	K€	4,398	2,842
EBIT	K€	750	301
EBIT margin	%	17.1	10.6
Employees		12	11

OPPORTUNITIES / RISKS AND OUTLOOK REPORT

For over 25 years, Viscom has been a global supplier of automated optical and X-ray inspection systems for quality assurance and process optimisation in the industrial production of electronic assemblies. The Company develops and produces its products exclusively at its Hanover site. Viscom is setting quality assurance standards with innovative solutions such as the AOI/ AXI combination system "X7056", the bonding wire control system and the customer-focused software "vVision".

Viscom systems are top technological products that are employed around the world for improving quality and efficiency of electronics production processes. Its product portfolio spans from automated inspection systems and the high-precision recording of 3D surface geometries to a computer tomography system for capturing internal structures.

Viscom AG is currently the only producer to cover nearly every field in non-contact industrial inspections. Viscom's main target group is the electronics industry, and particularly the automotive, telecommunication and EMS, aerospace and medical sub-markets.

In addition to its existing and established products, Viscom is presently carrying out intensive research and development and in turn has developed and launched further future-oriented projects. These include:

• Launch of Uplink Soldering Paste System "S3088 SPI"

The "S3088 SPI" system provides reliable paste print inspection as well as a unique process uplink. The combination of AOI base technology and triedand-tested, high-performance 3D SPI sensor technology creates a highly efficient inspection system. All key 3D features such as volume, height and form are recorded and controlled as well as area, displacement and luting. Wherever conventional inspection systems only distinguish between good and bad, this software add-on also makes it possible to use the features of error-free pads.

• Increased X-ray technology activities

Viscom considerably increased its activities with regard to its manual and semi-automated X-ray inspection product portfolio in electronics production. The "X8011PCB" system is meeting with excellent response from customers and will shortly be included in the Viscom process uplink concepts. Viscom MXI consequently provides a considerable advancement compared to its competitor systems in the market.

• Service changes

The service technician network in Germany and Europe was expanded considerably on account of rising demand for maintenance and service agreements. Since the beginning of 2012, Service has also been providing customer support for the entire product portfolio in Germany. Additional employees were hired in Hungary to provide application support. Service has expanded enormously in recent years and has become one of Viscom Groups solid business supports.

• New SI 7.45 software release

The new SI 7.45 software was released in February 2012. It boasts many useful features and additional functions that make the use of AOI/AXI in production even faster and more comfortable. The new inspection method can reliably detect errors and reduce pseudo error rates. A new analysis method is available with which the colour rings of Melf and THT components can be inspected. This is based on 8M sensor technology colour images. This further increases the scope of inspection and continues to ensure the inspection programmes' quality.

Viscom Group is also well positioned as a result of the restructuring and internal reorganisation measures in the past years.

Viscom has installed a risk management system in accordance with Section 91 (2) of the Stock Corporation Act (Aktiengesetz - AktG). The guiding principle of risk management is that the relevant decision-makers should be made aware of the development of significant risks as promptly and comprehensibly as possible in order to facilitate a timely and appropriate response or pre-emptive action. To this end, the risk managers from the individual business areas meet on a regular basis to discuss and clarify the current status of and approach to the significant risk positions on the basis of corresponding evaluations and reports. Specialist employees provide additional clarification as necessary.

Although the majority of Group revenue is invoiced in euros, Viscom remains under risk from currency translations arising from sales and acquisitions. The main risks originate from US dollars, as part of the revenue generated in the Asian and US subsidiaries is invoiced in this currency. This part however currently amounts to less than 11.2 % of total revenue.

Despite the general uncertainty in both the markets and the whole global economy, we continue to expect to generate revenues of € 52 million to € 54 million in the 2012 financial year as well as an EBIT margin of 13 % to 17 %.

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

The Company has lease agreements for seven properties in Carl-Buderus-Strasse and one property in Fraenkische Strasse, Hanover, with Dr. Martin Heuser/Petra Pape GbR, Hanover, Marina Hettwer/ Petra Pape GbR, Hanover, and HPC Vermoegensverwaltung GmbH, Hanover. All these contracting parties are classed as related parties within the meaning of IAS 24.

Viscom has also entered into car lease agreements with HPC Vermoegensverwaltung GmbH. HPC Vermoegensverwaltung GmbH provides further services such as Company childcare, cleaning services and other miscellaneous services.

GENERAL INFORMATION ON THE COMPANY

The headquarters of Viscom AG are in Hanover, Germany, and the Company is registered at Hanover Commercial Register, file number HR B 59616. The business address is: Viscom AG, Carl-Buderus-Strasse 9 - 15, 30455 Hanover, Germany.

The Company's business activities consist of the development, manufacture and sale of automated inspection systems for industrial production. Inspection is performed by the computer-based optical and/or X-ray comparison of the inspected objects with the specifications defined in the inspection system.

IFRS-CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME AND ACCUMULATED EARNINGS

	01.01.– 30.06.2012 K€	01.01.– 30.06.2011 K€
Revenue	24,399	26,853
Other operating income	546	271
	24,945	27,124
Changes in finished goods and work in progress	1,034	2,280
Other capitalised company-produced assets	685	930
Cost of materials	-8,448	-10,582
Staff costs	-8,902	-8,077
Depreciation and amortisation expense	-516	-369
Other operating expenses	-4,770	-5,680
Operating expenses	-20,917	-21,498
Operating profit	4,028	5,626
Interest income	184	256
Interest expenses	-17	-14
Financial result	167	242
Income taxes	-1,290	-1,453
Net profit for the period	2,905	4,415
Earnings per share (diluted and undiluted) in €	0.33	0.50
Other earnings
Currency translation differences	46	-62
Other earnings after taxes	46	-62
Total earnings	2,951	4,353

CONSOLIDATED BALANCE SHEET: ASSETS

ASSETS

	30.06.2012 K€	31.12.2011 K€
Current assets
Cash and cash equivalents	26,481	28,810
Trade receivables	10,319	12,184
Current income tax assets	146	14
Inventories	15,923	13,594
Other financial receivables	313	3,478
Other assets	391	498
Total current assets	53,573	58,578
Non-current assets
Property, plant and equipment	1,172	1,163
Intangible assets	4,043	3,623
Financial assets	7,177	7,177
Loans originated by the Company	131	131
Deferred tax assets	1,120	1,808
Total non-current assets	13,643	13,902
Total assets	67,216	72,480

CONSOLIDATED BALANCE SHEET: LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

	30.06.2012 K€	31.12.2011 K€
Current liabilities
Trade payables	2,061	1,945
Advance payments received	341	577
Provisions	1,523	1,483
Current income tax liabilities	545	1,708
Other financial liabilities	2,418	2,572
Other current liabilities	1,241	1,402
Total current liabilities	8,129	9,687
Non-current liabilities
Non-current provisions	459	452
Total non-current liabilities	459	452
Shareholders' equity
Subscribed capital	9,020	9,020
Capital reserve	32,050	35,221
Retained earnings	17,276	17,864
Exchange differences	282	236
Total shareholders' equity	58,628	62,341
Total liabilities and shareholders' equity	67,216	72,480

CASH FLOW STATEMENT

CASH FLOW STATEMENT

	01.01.– 30.06.2012 K€	01.01.– 30.06.2011 K€
Cash flow from operating activities
Net profit for the period after interest and taxes	2,905	4,415
Adjustment of net profit for income tax expense (+)	1,290	1,453
Adjustment of net profit for interest expense (+)	17	14
Adjustment of net profit for interest income (-)	-184	-256
Adjustment of net profit for depreciation and amortisation expense (+)	516	369
Increase (+) / decrease (-) in provisions	46	317
Gains (-) / losses (+) on the disposal of non-current assets	10	-77
Increase (-) / decrease (+) in inventories, receivables and other assets	2,008	-1,047
Increase (+) / decrease (-) in liabilities	-1,498	-777
Income taxes repaid (+) / paid (-)	-18	-256
Net cash used in/from operating activities	5,092	4,155
Cash flow from investing activities
Proceeds (+) from the disposal of non-current assets	5	32
Acquisition (-) of property, plant and equipment and noncurrent intangible assets	-275	-250
Acquisition (-) of non-current financial investments	0	-7,284
Capitalisation of development costs (-)	-685	-930
Interest received (+)	134	145
Net cash from/used in investing activities	-821	-8,287
Cash flow from financing activities
Dividend distribution (-)	-6,664	0
Interest paid (-)	0	-14
Cash flow from financing activities	-6,664	-14
Changes in cash and cash equivalents due to changes in interest rates	64	-45
Cash and cash equivalents
Changes in cash and cash equivalents	-2,393	-4,146
Cash and cash equivalents at 1 January	28,810	25,905
Total cash and cash equivalents	26,481	21,714

CASH FLOW STATEMENT STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

	Sub scribed Capital K€	Capital Reserve K€	Exchange Rate Differences K€	Retained Earnings K€	Total K€
Shareholders' equity at 01 January 2011	9.020	35.135	139	9.368	53.662
Net profit for the period	0	0	0	4.415	4.415
Other earnings	0	0	-62	0	-62
Total earnings	0	0	-62	4.415	4.353
Payment of deferred receivables into capital reserves	0	86	0	0	86
Shareholders' equity at 30 June 2011	9.020	35.221	77	13.783	58.101
Shareholders' equity at 01 January 2012	9.020	35.221	236	17.864	62.341
Net profit for the period	0	0	0	2.905	2.905
Other earnings	0	0	46	0	46
Total earnings	0	0	46	2.905	2.951
Dividends	0	-3.171	0	-3.493	-6.664
Shareholders' equity at 30 June 2012	9.020	32.050	282	17.276	58.628

SPECIAL DISCLOSURES

Declaration of Compliance

The present interim financial statements were prepared at the end of the second quarter of 2012 in accordance with all International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) as applicable on the balance sheet date on 30 June 2012, including in particular IAS 34 (Interim Reporting). These standards were uniformly applied throughout.

Basic Principles of Preparation

The IFRS Interim Financial Statements were prepared in euros. Most figures are presented in K€. The segment report is included in the Consolidated Interim Management Report.

Essentially, the same accounting and valuation methods as in the 2011 consolidated financial statements were applied.

The income statement was prepared in accordance with the total cost method.

Pursuant to IAS 1, assets and liabilities are classified as either current or non-current. Assets or liabilities are classified as current if they are designated for disposal/redemption within one year.

The preparation of the interim financial statements requires certain assumptions and estimates to be made which affect the amounts and classification of the assets, liabilities, income, expenses and contingent liabilities recognised. Actual amounts may differ from these estimates.

Acquisition and Recognition of Corporate Bonds

Viscom had acquired corporate bonds from companies with top credit ratings in the second quarter of 2009 and the first half of 2010. In the first half of 2011, further bonds with this rating were purchased. Viscom will hold these corporate bonds to maturity (some until 2015) and classify them as held to maturity investments in accordance with IAS 39. Their fair value as of 30 June 2012 amounted to € 7,314 thousand.

Events after the Balance Sheet Date

There are no significant events after the balance sheet date on 30 June 2012.

Audit of the Accounts

As in the case of previous quarterly accounts, the interim financial statements as of 30 June 2012 were neither examined by an auditor in accordance with Section 320 of the German Commercial Code (Handelsgesetzbuch – HGB), nor subjected to an audit review within the meaning of the Securities Trade Act (Wertpapierhandelsgesetz – WpHG).

RESPONSIBILITY STATEMENT

"To the best of our knowledge, and in accordance with the applicable principles for interim financial reporting, the interim consolidated financial statements convey a true and fair view of the assets, financial and earnings position of the Company, and the interim Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year."

Dr. Martin Heuser Volker Pape Dirk Schwingel

GLOSSARY OF TECHNICAL TERMS

TERM	DEFINITION
AOI	automated optical inspection
AXI	automated x-ray inspection
SP	serial products
NP	new products
3D SPI	3D sensor technology
Melf components	cylindrical surface-mounted devices (SMD)
THT components	wired electronic components
Process uplink	combination of SPI and AOI information
vVision	new machine operating interface
EMS (Electronic Manufacturing Services)	electronics equipment contract manufacturer

FINANCIAL CALENDAR 2012

VISCOM AG

SUPERVISORY BOARD	Bernd Hackmann (Chairman) Klaus Friedland (Deputy Chairman) Prof. Dr. Claus-Eberhard Liedtke
EXECUTIVE BOARD	Dr. Martin Heuser Volker Pape Dirk Schwingel
HEADQUARTERS	Carl-Buderus-Strasse 9 - 15, 30455 Hanover, Germany Commercial Register of Hanover District Court, file number HR B 59616
AFFILIATES	Viscom France S.A.R.L., Cergy Pontoise Cedex, France Viscom Inc., Atlanta, Georgia, USA Viscom Machine Vision Pte Ltd., Singapore
SUBSIDIARY OF VISCOM MACHINE VISION PTE. LTD., SINGAPORE	Viscom Machine Vision (Shanghai) Trading Co., Ltd.
SUBSIDIARY OF VISCOM FRANCE S.A.R.L., FRANCE	Viscom Tunisie S.A.R.L., Tunis, Tunisia

IMPRINT

PUBLISHER	Viscom AG, Carl-Buderus-Str. 9 - 15, 30455 Hanover, Germany Phone: +49 511 94996-0, Fax: +49 511 94996-900 info@viscom.de, www.viscom.com
CONTENT	Viscom AG, represented by the Executive Board
EDITORS	Dr. Martin Heuser (Executive Board) Volker Pape (Executive Board) Dirk Schwingel (Executive Board) Anna Borkowski (Investor Relations)
LAYOUT AND DESIGN	CL*GD, www.clgd.de
PHOTOGRAPHY	ISO K° Photography, www.iso-k.de Blue Studios GmbH, Hanover, Germany
PRINTING AND PRODUCTION	gutenberg beuys Feindruckerei, www.feindruckerei.de
COMMERCIAL REGISTER AND REGISTRATION NUMBER	Viscom AG Register court: Hanover District Court Registration number: HR B 59616 VAT ID number in accordance with section 27a of the VAT Tax Act: DE 115675169
COPYRIGHT	All photographs and content are protected by copyright. Reproduction in any form requires the written permission of Viscom AG.

HEADQUARTERS: VISCOM AG

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

CONTACT INVESTOR RELATIONS: DIRK SCHWINGEL

Carl-Buderus-Str. 9 - 15 · 30455 Hanover · Germany Phone: +49 511 94996-861 · Fax: +49 511 94996-555 investor.relations@viscom.de

Visit our website to find international subsidiaries and representatives in Europe, USA and Asia:

www.viscom.com