Viscom AG: Positive business development in the first half of 2014 - incoming orders reach record high

Viscom AG / Key word(s): Half Year Results

12.08.2014 / 08:30

- Incoming orders of EUR 30,032 thousand - up 18.8 % on the previous year
- Revenue growth of approximately 9 %
- EBIT margin of 9.2 % impacted by large build-up of inventories
- Viscom confirms forecast for the year

Hanover, 12 August 2014 - Viscom AG (ISIN DE0007846867), the European market leader for automatic optical inspection systems in the electronics industry, was able to continue its positive business development in the second quarter of 2014. Particularly encouraging was the fact that incoming orders reached a record high at the end of the first half of the year and at EUR 30,032 thousand, were up 18.8 % on the already high level achieved in the previous year (EUR 25,281 thousand).

The positive number of incoming orders led to a high order backlog of EUR 13,161 thousand (previous year: EUR 9,406 thousand) and ensures that Viscom has full capacity utilization for more than two months.

Viscom AG's revenue amounted to EUR 26,313 thousand in the first half of 2014 and was up 8.8 % on the previous year's level (previous year: EUR 24,177 thousand). Operating profit (EBIT) amounted to EUR 2,419 thousand (previous year: EUR 3,046 thousand). This corresponds to an EBIT-Margin of 9.2 % (previous year: 12.6 %). Net profit for the period declined from EUR 2,393 thousand in the previous year to EUR 1,702 thousand. This result was impacted by a significant increase in the cost of materials based on the large build-up of inventories of finished goods and work in progress.

In the first quarter of 2014, Viscom AG received a large order for the delivery of X-ray inspection systems from a customer in the Computers, Communication and Consumer (3C) sector for the electronics production at an EMS in China. The order volume totals approximately EUR 4 million and was reported for the most part as revenue and income in the first half of 2014. It should be noted that the shift in revenue year on year took place in favour of the segment Europe because the order was issued and invoiced in Europe, but was installed in Asia.

Comprising 69.6 % of revenue, Europe was by far Viscom Group's strongest region, accounting for revenue of EUR 18,327 thousand in the first half of 2014 (previous year: EUR 13,668 thousand). Revenue was up 34.1 % year on year due to the large order. Segment results for the region Europe amounted to EUR 2,127 thousand (previous year: EUR 1,989 thousand), which corresponds to a margin of 11.6 % (previous year: 14.6 %).

The second quarter in the Americas region was marked by a sustained high level of demand. The continued strength of the automotive electronics market in Mexico and the industrial electronics field in the USA is of particular importance in this context. Viscom views the business environment to be stable with constant, yet reserved growth. Viscom continues to expand its strong service and support structure in North America. New customer-oriented sales approaches targeting potential American customers operating worldwide are to form the basis for further growth. The existing network of representatives will continue to be optimised in order to establish close ties with customers in all regions. At EUR 3,686 thousand, revenue was down by 10.3 % year on year (previous year: EUR 4,110 thousand). Segment results were marginally lower than the previous year at EUR 389 thousand (previous year: EUR 418 thousand). The margin was 10.6 %, on par with the previous year (10.2 %).

China remains not only the strongest market in Asia for Viscom, but also the most competitive. The products introduced, including at Nepcon Shanghai, were received positively on the market, in particular the S3088 Ultra inspection system. Based on the market launch of 3-D technologies by all renowned manufacturers, there is product valuation, on the one hand, and purchase delays on the other. In the area of inline X-ray inspection, Viscom will make a strong move into the non-automotive segments with marketable 3-D technologies in the second half of 2014. Group revenue in Asia at EUR 4,300 thousand was below the previous year's figure due to the regional classification of the large order (previous year: EUR 6,399 thousand), which corresponds to a 32.8 % decrease. Segment results amounted to EUR -54 thousand (previous year: EUR 559 thousand), which corresponds to a margin of -1.3 % (previous year: 8.7 %).

Viscom AG's management remains optimistic about the second half of 2014 and confirms its forecast for the 2014 financial year, i.e. revenue of between EUR 55 million and EUR 60 million and an EBIT margin of between 13 % and 15 %.

The 2014 interim report is available on the company website under Investor Relations.


Consolidated income statement   01.01. - 30.06.2014 01.01. - 30.06.2013
Revenue KEUR 26,313 24,177
EBIT KEUR 2,419 3,046
EBIT-Margin % 9.2 12.6
Net profit for the period KEUR 1,702 2,393
Earnings per share EUR 0.19 0.27
Employees (as at 30 June)   315 294
Consolidated balance sheet   30.06.2014 31.12.2013
Current assets KEUR 49,264 62,785
Non-current assets KEUR 9,004 8,573
thereof: Financial assets KEUR 524 524
Total assets KEUR 58,268 71,358
Current liabilities KEUR 8,625 8,319
Non-current liabilities KEUR 1,473 1,473
Shareholders' equity KEUR 48,170 61,566
Total liabilities and shareholders' equity KEUR 58,268 71,358
Equity ratio % 82.7 86.3
Consolidated cash flow statement   01.01.-30.06.2014 01.01.-30.06.2013
Cash flow from operating activities KEUR -776 1,601
Cash flow from investing activities KEUR -1,117 -1,390
Cash flow from financing activities KEUR -15,105 -5,331
Cash and cash equivalents at end of period KEUR 12,298 24,905


    01.01. - 30.06.2014 01.01. - 30.06.2013
Revenue KEUR 18,327 13,668
EBIT KEUR 2,127 1,989
EBIT-Margin % 11.6 14.6
Revenue KEUR 3,686 4,110
EBIT KEUR 389 418
EBIT-Margin % 10.6 10.2
Revenue KEUR 4,300 6,399
EBIT KEUR -54 559
EBIT-Margin % -1.3 8.7
Consolidation differences EBIT KEUR -43 80

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
Investor Relations
Sandra M. Liedtke
Carl-Buderus-Str. 9-15
30455 Hannover
Tel.: +49-511-94996-850
Fax: +49-511-94996-555

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