Viscom AG: Global economic conditions impact figures in the second quarter

 

- Revenue of EUR 24,399 thousand as planned in the first half of 2012

- EBIT of EUR 4,028 thousand and EBIT margin of 16.5 % are on track

- Incoming orders of EUR 21,670 thousand slightly down year-on-year

- Viscom confirms annual guidance

Hanover, 23 August 2012 - Willingness to invest abated somewhat in the first half of 2012 in the main sales markets of Viscom AG (ISIN DE0007846867), European market leader for high-quality inspection systems for automated optical inspection systems in the electronics industry. Investment activities remain impacted by growing uncertainty caused in particular by the European sovereign 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 of 2012, then declined in the second quarter. In the first six months, the Company received orders with a total volume of EUR 21,670 thousand (previous year: EUR 24,493 thousand), corresponding to a drop of 11.5 % year-on-year. This also reflects the current international market performance as well as uncertainties on a global scale. At EUR 8,183 thousand, order backlog on 30 June 2012 was down on EUR 11,120 thousand in the previous year's period and corresponds to full capacity utilisation of around two months.

Viscom generated EUR 24,399 thousand in revenue in the first six months of 2012 compared to EUR 26,853 thousand in the comparable period in 2011. This corresponds to a revenue drop of around 9 %. This figure reflects the already mentioned hesitancy to invest and the slow-down in the main sales markets in the second quarter.

Earnings before interest and taxes (EBIT) amounted to EUR 4,028 thousand (previous year: EUR 5,626 thousand). This corresponds to an EBIT margin of 16.5 %. Net profit on 30 June 2012 was EUR 2,905 thousand (previous year: EUR 4,415 thousand).

The latest worsening of the banking crisis has further depressed sentiment throughout Europe. The general economic situation deteriorated in the second quarter with the markets cooling down considerably as a result, particularly in the crisis-hit South European countries. Viscom nevertheless continued to maintain its position as European market leader − despite declining year-on-year figures. Europe is Viscom Group's strongest region by far with 67.2 % of revenues, generating EUR 16,399 thousand in the first half of 2012 (previous year: EUR 20,388 thousand).

Group revenue in Asia was EUR 3,602 thousand, on par with EUR 3,623 thousand in the previous year. EBIT in Asia amounted to EUR 103 thousand (previous year: EUR 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 sensitivity in the market. The cost structure also reflects the increased number of employees.

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

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

The full Interim Report as of 30 June 2012 is now available on the Company website www.viscom.de in the Investor Relations section.

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.

Viscom AG Key Figures

Key Group Figures

Key figures (KEUR)	01.01.−30.06.2012	01.01.−30.06.2011
Revenue	24,399	26,853
EBIT	4,028	5,626
EBIT margin	16.5 %	21.0 %
Financial result	167	242
Taxes on income	-1,290	-1,453
Net profit for the period	2,905	4,415
Earnings per share	EUR 0.33	EUR 0.50
Number of shares	9,020,000	9,020,000
Dividend bearing shares	8,885,060	8,885,060
Number of employees (as of 30 June)	285	266

 

Segment Information

Key figures (KEUR)	01.01.−30.06.2012	01.01.−30.06.2011
Europe
Revenue	16,399	20,388
EBIT	3,175	4,894
EBIT margin	19.4 %	24.0 %
Asia
Revenue	3,602	3,623
EBIT	103	431
EBIT margin	2.9 %	11.9 %
Americas
Revenue	4,398	2,842
EBIT	750	301
EBIT margin	17.1 %	10.6 %

Contact:
Viscom AG
Investor Relations
Dirk Schwingel
Carl-Buderus-Str. 9-15
30455 Hannover
Tel.: +49-511-94996-771
Fax: +49-511-94996-555
dirk.schwingel@viscom.de