Viscom AG: Restrained start in the first quarter, but new record high with incoming orders at the end of April. Management confirms forecast for 2016 financial year
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DGAP-News: Viscom AG / Key word(s): Quarter Results/Interim Report Viscom AG: Restrained start in the first quarter, but new record high with incoming orders at the end of April. Management confirms forecast for 2016 financial year - Incoming orders: EUR 14,792 thousand (previous year: EUR 15,825 thousand, -6.5 %) - Revenue: EUR 11,124 thousand (previous year: EUR 17,195 thousand, -35.3 %) - EBIT: EUR -1,221 thousand (previous year: EUR 2,514 thousand, -148.6 %) - EBIT-Margin: -11.0 % (previous year: 14.6 %) - Outlook: Incoming orders on 30 April 2016 EUR 24,167 thousand (previous year: EUR 20,347 thousand, +18.8 %) Hanover, 12 May 2016 - For Viscom AG (ISIN DE0007846867), the European market leader for automated optical inspection systems for the electronics industry, the start to the 2016 financial year was characterized in the first quarter by a greater reluctance to invest of the Viscom Group's customers compared to the same period in the previous year. With an order volume of EUR 14,792 thousand, solid incoming orders were generated - by overall comparison with corresponding quarters - but still lagged behind the particularly strong previous year's quarter by around 7 %. Revenue was down by roughly 35 % compared to the first quarter of 2015. However, the figure for the current financial year is nonetheless adequate for a first quarter. From a historical point of view, the first three months are generally the weakest revenue periods in the year. In addition, 2015 saw a particularly strong first quarter which was hard to beat and also represented an exception in the past in terms of scale. The operating result and corresponding EBIT-Margin were also negatively impacted by the weaker revenue, strong build-up of inventories and higher personnel costs. After the end of the first quarter, fortunately, a strong increase appeared in the order behaviour of Viscom's customers: Till the end of April Viscom already registered incoming orders in the amount of EUR 24,167 thousand (previous year: EUR 20,347 thousand), which were up 18.8 % compared to the corresponding last year's value. In the first three months of the current financial year, the Viscom Group generated revenue of EUR 11,124 thousand, which is an decrease of 35.3 % compared to the previous year's level (previous year: EUR 17,195 thousand). Operating profit (EBIT) amounted to EUR -1,221 thousand (previous year: EUR 2,514 thousand). This corresponds to an EBIT-Margin of -11.0 % (previous year: 14.6 %). The main reason for this sharp decline was lower revenue, the strong build-up of inventories and the increase in expense items in relation to revenue. Personnel costs increased due to staff additions in Sales and Service. This increase is a result of the expanded installation base and the development of the distribution structure for further strategic alignment. Net profit for the period declined from EUR 1,782 thousand in the previous year to EUR -1,326 thousand. The effects already mentioned under operating profit also had a significant impact on net profit for the period. Comprising 70.3 % of revenue, Europe was the Viscom Group's strongest region by far and generated revenue of EUR 7,817 thousand in the first quarter of 2016 (previous year: EUR 9,674 thousand). Segment results in this region amounted to EUR -851 thousand (previous year: EUR 1,507 thousand), which corresponds to a margin of -10.9 % (previous year: 15.6 %). Lower revenue and higher personnel costs were the main reason for this decline. At a highly positive EUR 9,543 thousand, incoming orders were on par with the previous year (previous year: EUR 9,452 thousand). As expected, revenue was lower in the first quarter in the Americas region following the reduction in order backlog at the end of 2015. The generally weaker incoming orders in the first quarter were in addition negatively affected by the reluctance of Viscom customers to invest, especially in South America. At EUR 1,541 thousand, revenue was down by approximately 63 % year on year (previous year: EUR 4,184 thousand). The segment result in this region of EUR -121 thousand was subsequently below the previous year (previous year: EUR 600 thousand). The EBIT-Margin amounted to -7.9 % (previous year: 14.3 %). At EUR 1,701 thousand, incoming orders were down on the previous year (previous year: EUR 3,192 thousand). The Asia region was only able to generate relatively weak revenue in the first quarter of 2016 due to the strong reduction in order backlog towards the end of 2015, which also affected the region's operating result. Orders from the automotive supplier sector and the upgrade and service business were lower than expected. On the other hand incoming orders from the Computer, Communication and Consumer sector were positive and are primarily attributable to new customers in Asia, especially China. Despite the tough competition, business is expected to improve in the second quarter of 2016. Incoming orders amounting to EUR 3,548 thousand were up around 12 % year on year (previous year: EUR 3,181 thousand). At EUR 1,766 thousand, Group revenue in Asia was below the previous year's figure (previous year: EUR 3,337 thousand), which corresponds to a 47.1 % decrease. Segment results in the Asian region amounted to EUR -271 thousand (previous year: EUR 787 thousand) and the margin was -15.3 % (previous year: 23.6 %). Nevertheless, the interim result is positive. On the one hand, Viscom succeeded in joining initial benchmarks in the field of Computer, Communication and Consumer and was also able to prevail against strong international competitors in terms of procurement in automated X-ray inspection with a main customer, establishing itself as an exclusive supplier for the next five years. Similarly good results were achieved with other customers in conformal coating inspection. These successes offer good earnings potential for the future and once again confirm Viscom's technical expertise in inspection and electronics production. In future, Viscom will remain on a clear path focused on growth. The objective is to continue to impress existing customers, win new customers and primarily expand and strengthen the Group's presence in future-oriented segments by identifying and utilising means of diversification. Viscom is ideally equipped for this with suitable structures and strategies, and there is huge interest on the market for its technologies, which is reflected by exceptionally strong incoming orders in April 2016. For 2016, management therefore confirms the annual forecast of revenue of between EUR 70 million and EUR 75 million, with an EBIT-Margin of 13 % to 15 % despite the weaker start to the year. KEY FIGURES
SEGMENT INFORMATION
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. Contact: Viscom AG Investor Relations Anna Borkowski Carl-Buderus-Str. 9-15 30455 Hannover Tel.: +49-511-94996-861 Fax: +49-511-94996-555 investor.relations@viscom.de
2016-05-12 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English | |
| Company: | Viscom AG | |
| Carl-Buderus-Strasse 9-15 | ||
| 30455 Hannover | ||
| Germany | ||
| Phone: | +49 (0) 511 94 996 861 | |
| Fax: | +49 (0) 511 94 996 555 | |
| E-mail: | investor.relations@viscom.de | |
| Internet: | www.viscom.de | |
| ISIN: | DE0007846867 | |
| WKN: | 784686 | |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart | |
| End of News | DGAP News Service |