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
12.05.2016 / 07:45
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
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.
The Interim Report as of 31 March 2016 is available now on the company
website www.viscom.com under Investor Relations.
KEY FIGURES
<pre>
Consolidated income statement 01.01.-31.03.2016 01.01.-31.03.2015
Revenue KEUR 11,124 17,195
EBIT KEUR -1,221 2,514
EBIT-Margin % -11.0 14.6
Net profit for the period KEUR -1,326 1,782
Earnings per share EUR -0.15 0.20
Employees at end of period 369 338
</pre>
<pre>
Consolidated balance sheet 31.03.2016 31.12.2015
Assets
Current assets KEUR 47,803 53,203
Non-current assets KEUR 10,058 9,927
Total assets KEUR 57,861 63,130
Liabilities
Current liabilities KEUR 9,001 12,539
Non-current liabilities KEUR 1,732 1,934
Equity KEUR 47,128 48,657
Total capital KEUR 57,861 63,130
Equity ratio % 81.5 77.1
</pre>
<pre>
Consolidated cash flow 01.01.-31.03.2016 01.01.-31.03.2015
statement
Cash flow from operating KEUR -423 2,473
activities
Cash flow from investing KEUR -530 -601
activities
Cash flow from financing KEUR 0 0
activities
Cash and cash equivalents at KEUR 10,862 19,118
the end of the period
</pre>
SEGMENT INFORMATION
<pre>
01.01.-31.03.2016 01.01.-31.03.2015
EUROPE
Revenue KEUR 7,817 9,674
EBIT KEUR -851 1,507
EBIT-Margin % -10.9 15.6
AMERICAS
Revenue KEUR 1,541 4,184
EBIT KEUR -121 600
EBIT-Margin % -7.9 14.3
ASIA
Revenue KEUR 1,766 3,337
EBIT KEUR -271 787
EBIT-Margin % -15.3 23.6
Consolidation differences EBIT KEUR 22 -380
</pre>
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
---------------------------------------------------------------------------
12.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
462535 12.05.2016
DGAP-News: 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
| Source: EQS Group AG