Viscom AG: Viscom impresses with positive business performance and continues stable growth with investments. Management confirms annual forecast.

14.08.2018 / 07:50
The issuer is solely responsible for the content of this announcement.

Viscom impresses with positive business performance and continues stable growth with investments. Management confirms annual forecast.

Incoming orders: EUR 48,789 thousand (previous year: EUR 42,270 thousand, +15.4 %)
Revenue: EUR 42,892 thousand (previous year: EUR 39,895 thousand, +7.5 %)
Order backlog: EUR 25,674 thousand (previous year: EUR 20,445 thousand, +25.6 %)
EBIT: EUR 4,602 thousand (previous year: EUR 5,701 thousand, -19.3 %)
EBIT-Margin: 10.7 % (previous year: 14.3 %)

Hanover, 14 August 2018- Viscom AG (ISIN DE0007846867), European market leader for automated optical inspection systems in the electronics industry, continued to perform well on the market in the first six months of the current financial year. Orders totalling EUR 48,789 thousand (previous year: EUR 42,270 thousand) were received in the first half of the year. This represents a significant year-on-year increase of 15.4 %. The order backlog also rose significantly to EUR 25,674 thousand as at 30 June 2018 (previous year: EUR 20,445 thousand), corresponding to full capacity utilisation for a good three months.

The still relatively low level of revenue in the first quarter of 2018 was followed by a significant increase to EUR 26,114 thousand in the second quarter of 2018 alone (previous year: EUR 20,353 thousand). Viscom's total revenue amounted to EUR 42,892 thousand in the first half of 2018, up 7.5 % on the same period of the previous year (EUR 39,895 thousand). This revenue growth was driven by a substantial upturn in system sales, particularly in the area of series systems.

Operating profit (EBIT) was still negatively influenced by muted revenue development in the first quarter of 2018. In the second quarter of 2018, EBIT was significantly improved by the increased revenue. EBIT amounted to EUR 4,602 thousand in the first half of the financial year (previous year: EUR 5,701 thousand). This corresponds to an EBIT-Margin of 10.7 % (previous year: 14.3 %). The year-on-year decrease was due in particular to the capacity increases made in connection with the Company's high order backlog and forecast growth prospects. These were reflected in increased staff costs and other operating expenses. Net profit for the period fell from EUR 4,122 thousand in the previous year to EUR 3,578 thousand. The effects discussed under operating profit above also had an impact on net profit for the period. Moreover, net profit was increased by the reduced income tax expense as a result of the lower earnings and tax refunds for previous years.

Europe was the Viscom Group's strongest region by some distance, generating revenue of EUR 25,724 thousand in the first six months of the 2018 financial year (previous year: EUR 20,912 thousand) and accounting for around 60 % of total revenue. Revenue increased by around 23 % as against the previous year. This was primarily due to higher system sales with European key accounts, particularly in the area of series inspection systems. Revenue in Germany amounted to EUR 12,556 thousand (previous year: EUR 8,781 thousand). Segment earnings in the Europe region totalled EUR 3,740 thousand (previous year: EUR 4,181 thousand), corresponding to an EBIT-Margin of 14.5 % (previous year: 20.0 %). This decrease was primarily attributable to the effects already discussed under operating profit. At an encouraging EUR 33,116 thousand, incoming orders were up significantly on the same period of the previous year (EUR 23,345 thousand).

Segment revenue in the Americas region declined by around 35 % year-on-year to EUR 4,198 thousand (previous year: EUR 6,497 thousand). Segment earnings amounted to EUR 16 thousand (previous year: EUR 642 thousand), corresponding to an EBIT-Margin of 0.4 % (previous year: 9.9 %). Revenue development reflected the muted incoming orders in the first quarter of 2018 and fell below our expectations. In addition, the comparative figures for the first half of 2017 were unusually strong. The propensity to invest among customers in Mexico was restrained in the first half of 2018. However, some orders from the region were received in the second quarter. We are positive with regard to the realisation of this and other projects in the course of the year. We expect to see a growing recovery in Mexico and are observing healthy demand in the USA and Canada. Incoming orders in the Americas region amounted to EUR 4,388 thousand in the first six months of the 2018 financial year (previous year: EUR 7,937 thousand).

Viscom generated segment revenue of EUR 12,970 thousand in the Asia region (previous year: EUR 12,486 thousand) and segment earnings of EUR 1,126 thousand (previous year: EUR 1,136 thousand), thereby maintaining the high level recorded in the previous year. The EBIT-Margin amounted to 8.7 % (previous year: 9.1 %). Viscom posted robust incoming orders of EUR 11,285 thousand in the Asia region in the first half of 2018 (previous year: EUR 10,988 thousand). These orders are primarily driven by technology, with the desire to consolidate their market position prompting more and more customers to invest in combined optical/X-ray inspection in SMT production.

In light of this encouraging business performance, we are confirming the forecasts for the year as a whole that were published previously, with revenue of between EUR 93 million and EUR 98 million and an EBIT-Margin of between 13 % and 15 %.

The consolidated interim report for the first six months of 2018 can now be found in the Investor Relations section of the company's website at www.viscom.com/europe.

OPERATING FIGURES

Consolidated statement of comprehensive income		01.01.-30.06.2018	01.01.-30.06.2017
Revenue	KEUR	42,892	39,895
EBIT	KEUR	4,602	5,701
EBIT-Margin	%	10.7	14.3
Net profit for the period	KEUR	3,578	4,122
Earnings per share	EUR	0.40	0.46
Employees at end of the quarter		458	397

Consolidated statement of financial position		30.06.2018	31.12.2017
Assets
Current assets	KEUR	64,174	59,889
Non-current assets	KEUR	13,384	11,453
Total assets	KEUR	77,558	71,342
Liabilities and shareholders' equity
Current liabilities	KEUR	19,548	11,804
Non-current liabilities	KEUR	2,961	2,778
Shareholders' equity	KEUR	55,049	56,760
Total shareholders' equity and liabilities	KEUR	77,558	71,342
Equity ratio	%	71.0	79.6
Consolidated statement of cash flows		01.01.-30.06.2018	01.01.-30.06.2017
Cash flow from operating activities	KEUR	-5,779	8,828
Cash flow from investing activities	KEUR	-2,634	-917
Cash flow from financing activities	KEUR	-5,342	-3,984
Cash and cash equivalents	KEUR	-2,189	10,251

SEGMENT INFORMATION

		01.01.-30.06.2018	01.01.-30.06.2017
EUROPE
Revenue	KEUR	25,724	20,912
EBIT	KEUR	3,740	4,181
EBIT-Margin	%	14.5	20.0
AMERICAS
Revenue	KEUR	4,198	6,497
EBIT	KEUR	16	642
EBIT-Margin	%	0.4	9.9
ASIA
Revenue	KEUR	12,970	12,486
EBIT	KEUR	1,126	1,136
EBIT-Margin	%	8.7	9.1
Consolidation differences EBIT	KEUR	-280	-258

Insofar as this report contains forecasts, expectations or statements relating to the future, these statements can involve risks and uncertainties. Therefore, we cannot guarantee that the expectations will prove correct. Actual results and developments can differ materially from the expectations and assumptions expressed. Factors that can cause such differences include changes in the general economic or competitive situation, fluctuations in exchange and interest rates, and reforms of national and international laws. The Company assumes no obligation to update the statements included in this report.

Contact:
Viscom AG
Investor Relations
Anna Borkowski
Carl-Buderus-Str. 9-15
30455 Hannover
Tel.: [phone]
Fax: [phone]
[e-mail]

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