DGAP-News: euromicron AG: 2011 annual financial statements - A record fiscal year for euromicron
(firmenpresse) - DGAP-News: euromicron AG / Key word(s): Final Results
euromicron AG: 2011 annual financial statements - A record fiscal year
for euromicron
28.03.2012 / 07:00
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- Consolidated sales increase by 50% to EUR305.3 million (previous year:
EUR203.6 million)
- Consolidated EBITDA grows by 24% to EUR30.8 million (previous year:
EUR24.7 million)
- Consolidated EBIT increases by 20% to EUR24.2 million (previous year:
EUR20.1 million)
- Order books rise to EUR127.5 million (previous year: EUR91.1 million)
Frankfurt/Main, March 28, 2011 - Strong organic growth of 10% in its
traditional markets and the acquisition of telent ensured that euromicron
posted a record fiscal year in 2011. The sales volume is thus well over the
target of EUR280 to EUR300 million the company set itself. The target of
EUR300 million, which was actually planned for 2013, has thus already been
exceeded and euromicron will embark on the next stage of its corporate
strategy ahead of schedule.
'In the past fiscal year we succeeded as planned in rigorously continuing
the profitable growth course of the past years,' is how Thomas Hoffmann
describes euromicron's outstanding performance. Apart from permanent
improvement in the general conditions for operational business, there was
particular focus in 2011 on optimizing the corporate and financing
structures. 'The stable data from the German economy, good forecasts for
euromicron's traditional markets and our high order books are an excellent
platform for 2012,' adds Hoffmann.
Consolidated sales In fiscal 2011, the euromicron Group generated sales of
EUR305.3 million, an increase of 50% over the previous year's figure of
EUR203.6 million. Sales outside the German market were EUR37.5 million
(previous year: EUR29.6 million), a share of 12.3% in relation to total
sales.
Consolidated income In the period under review, consolidated EBIT rose from
EUR20.1 million in the previous year to EUR24.2 million or by around 20%.
As a result, the euromicron Group achieved a consolidated EBIT margin of
just under 8%, despite high non-recurring expenses as a result of
acquisitions, and so is within its forecast range of 7.5% to 8.5%. Given
the first-time consolidation of telent in the euromicron Group, this
temporary decline in the EBIT ratio was expected for fiscal year 2011.
Profitability is to be increased significantly alongside integration of
telent's business and leveraging of synergies in 2012 and 2013, with the
objective of enabling the group to quickly achieve its target EBIT return
of 8% to 11% again as it has done in previous years. EBITDA increased to
EUR30.8 million (previous year: EUR24.7 million).
Consolidated net income was around EUR12.9 million (previous year: EUR12.1
million), giving (undiluted) earnings per share of EUR2.33 (previous year:
EUR2.38). Despite the sharp increase in the weighted average number of
euromicron shares due to the issue of new shares in fiscal years 2010 and
2011 and large one-off effects in fiscal 2011, undiluted earnings per share
remained largely constant thanks to the euromicron Group's excellent
fundamentals.
Order situation at the Group New orders in fiscal 2011 rose by around 50%
to EUR309.2 million (previous year: EUR205.6 million).
New orders were EUR127.5 million, well above the figure of EUR91.1 million
in 2010. euromicron enters fiscal 2012 with well-filled order books.
Balance sheet structure Total assets of the euromicron Group at December
31, 2011, rose to EUR265.7 million or by 35.4% year on year.
Personnel The euromicron Group employed 1,565 persons and 102 trainees at
December 31, 2011. The headcount grew sharply, above all due to the
acquisitions (telent added 400 employees to the Group).
Equity Stockholders' equity at December 31, 2011, was EUR120.2 million
(previous year: EUR89.3 million), a year-on-year increase of 34.6%.
Contributory factors in the increase in equity were the net income for 2011
and the capital increase in November 2011. Consequently, the equity ratio
at December 31, 2011, remained stable at 45.2%, on a par with the good
level of the previous year (45.5%), against the backdrop of the sharp rise
in total assets.
Finances/liquidity As in past years, euromicron's banks again proved to be
strong and dependable partners in fiscal 2011. None of the financial
institutes stated that it intended to end or restrict its commitment at
euromicron. On the contrary, euromicron AG had new opportunities to improve
its financing structure on account of its investment grade status. For
example, the raising of a borrower's note loan of EUR24.5 million
significantly improved the ratio between short- and long-term financial
debt and so enabled further optimization of the euromicron Group's
financing structure. Of particular importance for the company is the
statement by all of the financing partners that euromicron in its entirety
is graded as a risk-free commitment.
Share and investor relations The euromicron share started the fiscal year
at a price of EUR22.40 and peaked at EUR23.29 in the first quarter. After a
very good performance in the first and second quarters, the share of
euromicron AG was not fully able to buck the general trend on the financial
markets, but proved extremely robust in relation to general price trends on
the stock market and displayed a clear upward tendency despite the volatile
market. At the end of the year, the fine performance of the share was
impacted by the capital increase and an issue price of EUR16.00 per share
and closed 2011 at a relatively weak EUR15.93. At December 31, 2011, the
share's market capitalization was therefore EUR106 million, slightly down
on the previous year (EUR110 million). At present (March 2012), however,
euromicron's share is again performing stably in the EUR22 to EUR23 range
and has an increased market capitalization of around EUR150 million.
euromicron AG conducted a capital increase on November 7, 2011, to
strengthen its equity ratio and give it economic flexibility. A total of
1,537,800 new shares were placed on the market at a price of EUR16.00 and
the number of shares increased to 6,663,799. The company obtained liquid
funds of around EUR24.6 million and its capital stock rose by just over
EUR3.9 million to EUR17.0 million as a result of the capital increase. The
proceeds from the capital increase of around EUR24.6 million are part of
the framework for financing the company's growth and innovation program for
new products and systems. At the same time, the capital increase largely
served to strengthen the equity ratio, bolster the capital structure and
reduce borrowings. As a result, euromicron was able to boost its financial
flexibility for the next stage of its corporate strategy.
Due to the company's good performance, the Executive Board and Supervisory
Board will propose to the General Meeting on May 25, 2012, to distribute
EUR1.15 per share in line with its continuous dividend policy. This payout
totals around 50% of the profits earned.
Outlook 'In the next two fiscal years, we intend to focus on organic
growth and further optimization of the company's structures as part of
integration,' is how Dr. Willibald Späth explains the company's prospects.
That means that not only value-adding processes, but also sales and
administration processes will be reviewed with a view to enhancing their
efficiency and again achieving and maintaining an EBIT return within the
Group's target of between 8% and 11% on the basis of the sharp increase and
continuing growth in sales.
'Particular opportunities for the future enterprise as a whole will arise
thanks to the combination of the advantages of telent GmbH and its strong
structures with the strengths of euromicron's existing flexible,
SME-oriented and customer-centric companies,' adds Dr. Späth. The focus in
the coming phase of development will be on improving profitability after
the Group's sharp growth, expanding its technological expertise, securing
its liquidity by enhanced cash and receivables management and so extending
and fortifying the company's economic stability. This extensive
optimization process will, alongside organic growth, take up the years 2012
and 2013 as planning stand, as well as a large part of the company's
attention.
euromicron AG (www.euromicron.de) is an all-round solution provider for
communications, transport, data and security networks. euromicron's network
infrastructures integrate voice, video and data transport wirelessly, via
copper cable and by means of fiber-optic technologies. euromicron builds
leading applications, such as security, control, healthcare or surveillance
systems, on the basis of these cutting-edge network infrastructures.
Founded on its expertise as a developer and producer of fiber-optic
components, euromicron AG is a strongly growing, highly profitable group
that is listed on the stock market, has a medium-sized character and
focuses on operational growth, integration and further market penetration,
internationalization and expansion.
Contact:
euromicron AG
Investor&Public Relations
Speicherstr. 1
60327 Frankfurt/Main
Germany
Phone: 069-631583-0
Fax: 069-631583-17
E-mail: IR-PR(at)euromicron.de
http://www.euromicron.de
ISIN DE000A1EMGE2
Securities identification number A1EMGE
End of Corporate News
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28.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: euromicron AG
Speicherstr. 1
60327 Frankfurt
Germany
Phone: +49(0) 69 631583-0
Fax: +49(0) 69 631583-20
E-mail: info(at)euromicron.de
Internet: www.euromicron.de
ISIN: DE000A1K0300
WKN: A1K030
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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162546 28.03.2012
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Datum: 28.03.2012 - 07:00 Uhr
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