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MarketScreener Homepage  >  Equities  >  Xetra  >  Vectron Systems AG    V3S   DE000A0KEXC7

VECTRON SYSTEMS AG

(V3S)
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Vectron Systems AG: Improved operating result despite consumer reticence

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11/22/2019 | 02:05am EST

DGAP-News: Vectron Systems AG / Key word(s): 9 Month figures
Vectron Systems AG: Improved operating result despite consumer reticence
22.11.2019 / 08:00
The issuer is solely responsible for the content of this announcement.


  • Legislator provides clarity on fiscalisation
  • Improvement in earnings (EBITDA) expected for Q4
  • Financial year 2020 is to become clearly profitable again

Münster, 22 November 2019: Vectron Systems AG (Vectron), a leading provider of intelligent, digitised POS systems consisting of hardware, software and cloud services, with focus on the catering and bakery trade, presents the key figures for the first nine months of the current financial year 2019. 

In the first three quarters of 2019, the entire POS industry had to contend with a market that in Germany was characterized above all by customers' reluctance to buy in view of the final introduction of the new legal requirements for data security in POS systems on January 1, 2020. Customers held back on investments because the change in the law did not clarify for how long POS systems may be operated without the new technical security device (TSE). 

Although the law will start on 1 January, the Federal Ministry of Finance (BMF) determined and published the exact implementation only a few days ago. However, since it is impossible to replace or convert all POS systems on the market in such a short time, the legislator has now stipulated in a non-objection clause that the use of POS systems without TSE will be exempt from punishment until 30 September 2020. Thereafter, penalties of up to EUR 25,000 per infringement will be due.

In the context of the general conditions described above, the decline in revenue compared with the same period of the previous year fell by around 9.1 percent to EUR 17.5 million (9M 2018: EUR 19.2 million). Despite the lower revenues, the operating result (EBITDA) improved by 42.6 percent to minus EUR 1.6 million (9M 2018: minus EUR 2.8 million) thanks to consistent cost management. In this regard, it must be pointed out that the negative result includes extraordinary expenses of EUR 2.0 million for the development of the new digital products and costs in connection with a capital increase. If these factors were excluded, the company would still have been profitable in its core business despite lower sales. 

Now that the final implementation date is clear, the company is already noticing the first signs of a revival in demand. After a positive start to the quarter, Vectron is optimistic for the final quarter of 2019. For the full year 2020, the company expects clearly positive figures again. 

"After the past quarters were really challenging due to the consumer reticence, we are now very optimistic about the future. A few days after the BMF made its statement, we are already feeling the first signs of recovery. From spring 2020 onwards, based on experience with earlier fiscalisation, e.g. in Austria, we expect a real boom, which could lead to temporary supply bottlenecks. We are therefore working closely with our specialist trade partners to inform end customers in good time and increase stocks at all sales levels", explains Thomas Stümmler, Member of the Vectron Systems Board of Management.  

About Vectron:
With more than 200,000 installations, the listed Vectron Systems AG is one of the leading European manufacturers of POS systems. Stable hardware combined with flexible, reliable software has made Vectron a market leader within the hospitality and bakery industries in German-speaking countries and in Benelux. Several hundred specialist trade partners distribute the products internationally. Digital Cloud Services are offered under the brand names myVectron and bonVito. The portfolio ranges from loyalty and payment functions to online reservations and online reporting. All the services are directly connected to the POS system, making it the core data center. More information available at www.vectron.de.



Contact:
Vectron Systems AG
Tobias Meister
Willy-Brandt-Weg 41
48155 Münster, Germany
phone +49 (0) 2983 908121
mobile +49 (0) 170 2939080
fax +49 (0)251 2856-560
tobias.meister@vectron.de


22.11.2019 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.
Archive at www.dgap.de


Language: English
Company: Vectron Systems AG
Willy-Brandt-Weg 41
48155 Münster
Germany
Phone: 0251/ 28 56 - 0
Fax: 0251/ 28 56 - 564
E-mail: info@vectron.de
Internet: www.vectron.de
ISIN: DE000A0KEXC7
WKN: A0KEXC
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange
EQS News ID: 918711

 
End of News DGAP News Service

918711  22.11.2019 

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© EQS 2019
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Financials (EUR)
Sales 2019 25,4 M
EBIT 2019 -3,87 M
Net income 2019 -3,20 M
Finance 2019 0,63 M
Yield 2019 0,10%
P/E ratio 2019 -38,9x
P/E ratio 2020 31,6x
EV / Sales2019 4,99x
EV / Sales2020 2,41x
Capitalization 127 M
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Mean consensus BUY
Number of Analysts 3
Average target price 26,17  €
Last Close Price 17,50  €
Spread / Highest target 77,1%
Spread / Average Target 49,5%
Spread / Lowest Target 28,6%
EPS Revisions
Managers
NameTitle
Thomas Stümmler Chief Executive Officer
Christian Ehlers Chairman-Supervisory Board
Silvia Ostermann Chief Operating Officer
Jens Reckendorf Chief Technology Officer
Maurice Martin Oosenbrugh Deputy Chairman-Supervisory Board
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