DGAP-News: euromicron AG: Promising start to october after a restrained 3rd quarter - euromicron expects sales to grow by around 10% in 2012
(firmenpresse) - DGAP-News: euromicron AG / Key word(s): Quarter Results
euromicron AG: Promising start to october after a restrained 3rd
quarter - euromicron expects sales to grow by around 10% in 2012
09.11.2012 / 07:00
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- Consolidated EBITDA of EUR18.2 million is virtually on a par with the
previous year
- Consolidated sales increase by around 3% to EUR226.5 million
- Consolidated EBIT is EUR12.1 million (previous year: EUR14.9 million)
after non-recurring expense for integration
- New orders in the 3rd quarter rise to around EUR77 million despite
project postponements
- The Executive Board remains optimistic about achieving the ambitious
sales targets and expects operating income to be around the level of the
previous year
Frankfurt/Main, November 9, 2012 - Following the successful first two
quarters, euromicron was also not able to avoid being impacted by the
unexpected weak demand from just about all major sectors and the cooling
down in investment in the German and European economy in the third quarter.
The main causes of this included the huge downturn in the economic mood,
which reached Germany's key industries at the beginning of September.
euromicron was prepared for this situation and, building on its solid
economic foundation, continued in the third quarter to press ahead
rigorously and successfully with integrating the company in the areas of
structures, processes and personnel with an eye to the future. Alongside
this, euromicron worked to broaden the Group's expert workforce and, by
acquiring RSR Datacom GmbH&Co. KG, signaled the start of its intention to
start taking over smallish specialist companies so as to expand the group's
competence and complement the integration phase from 2012 to 2014.
'We are embarking on the final quarter with optimism. After the weak patch
in September, our operational business is at a stable level. The cash flow
has been significantly improved. The strong level of new orders in October
may well be an indicator of good end-of-year business, meaning our sales
target of EUR330 to EUR345 million and earnings at last year's level should
be achievable, provided the general economic conditions do not grow
gloomier,' said Dr. Willibald Späth, Chairman of the Executive Board.
Consolidated sales euromicron's consolidated sales as of September 30,
2012, were EUR226.5 million, an increase of around 3% and even surpassing
the exceptionally strong figure of EUR220.6 million for the same period of
the previous year. Our consolidated revenues rose by 8% to EUR 234.6
million and supports our positive expectations for the last quarter.
Consolidated income EBITDA totaled EUR18.21 million (previous year:
EUR18.99 million), almost on a comparable, significant double-digit level.
Earnings before income and taxes (EBIT) were EUR12.1 million, around 20%
below the exceptional strong figure of the previous year of EUR14.9
million, above all due to depreciation-related reasons. They were impacted
in particular by non-recurring effects of the integration process that has
now been underway for nine months, such as extra costs for IT/data
processing, optimization of locations or personnel rationalization measures
totaling approximately EUR2.5 million, which will however also enable the
company to bring forward a cost-saving and sustainable development. The
operating income of the associated companies at the balance sheet date in
this difficult climate is also some 16% down on the previous year's
exceptional EUR19.6 million. Net profit for the period fell from EUR7.8
million last year to EUR6.3 million and, in conjunction with the larger
number of shares - around 1.5 million - compared with the same period of
the previous year, resulted in lower undiluted earnings per share of
EUR0.94 (previous year: EUR1.53).
Order situation at the Group Despite the fact that investments and projects
in the telecommunications sector were postponed, euromicron was able to
increase new orders by EUR16 million to around EUR77 million in the third
quarter. Nevertheless, the accumulated figure is below expectations and is
approximately EUR225 million, lower than the previous year's record of
EUR245.4 million. Order books are at EUR126 million, of which the majority
is still in 2012 for processing.
Balance sheet structure The euromicron Group's total assets at September
30, 2012, increased to EUR284.7 million, up by around EUR19 million from
December 31, 2011 (EUR265.7 million).
Equity Equity at September 20, 2012, is EUR118.8 million and, after
payment of the total dividend of approximately EUR7.7 million, is around
EUR1.4 million below the level at December 31, 2011. As in the previous
year, the equity ratio at September 30, 2012, is thus temporarily at 41.7%
due to the effects of the dividend payout (December 31, 2011: 45.2%).
euromicron's share euromicron's share performance was characterized by
repeated volatility in the course of the third quarter of 2012, although
the price always stayed at around a good level, for the most part above the
EUR20 mark. The share began the second half of the year at the beginning of
July 2012 at a price of EUR20.74 and by the end of the month had almost
reached the EUR21 mark. Toward the end of the third quarter of 2012, the
share was constantly above the EUR20 mark and even rose temporarily above
EUR21, which was the occasion for many investors, even to get into the
stock.
Outlook
If the economic climate does not become gloomier by the end of the year, we
assume that we will achieve our sales target of EUR330 to EUR345 million
and post operating income, allowing for integration costs, at around the
level of the previous year.
'After the surprising slump in September 2012, we expect to see most
sectors stabilize at a low level for the rest of the year, which will make
it possibly more difficult to make good the declines in income,' says
Späth.
In the remaining weeks, the company is consequently focusing on familiar
sectors that are bucking the general negative market trend, such as
customers from the healthcare, transportation and data center sectors.
Moreover, euromicron continues to work intensively to integrate and
professionalize the company further. To enable that, the ongoing continuous
improvement process (CIP) will be strengthened further. The company also
continues to focus on recruiting sufficiently qualified staff and ensuring
they remain with the company long-term, as well as investing in new,
innovative products and technologies. To expand the Group's competence in
the ICT market and broaden its expert workforce, the company has also
signaled its intention to start taking over smallish specialist companies,
of which it is currently looking at three to four, which will be
incorporated in the group if the result of this examination is positive.
'These measures, which we are undertaking to give the organization an
increasingly professional setup, above all in the medium and long term,
will do their but to help us achieve the previous year's performance by the
end of the year. In view of the good new orders in October and the fact
that many large projects are billed in the final quarter, we feel positive,
in particular about achieving our sales target of EUR330 to EUR345 million.
However, the time remaining in the final quarter of 2012 will probably not
be sufficient to allow us to post thequality of earnings in 2012 we would
like to achieve with a consolidated EBIT return in the 8% to 11% corridor,
which we aim to accomplish again on a stable basis once the integration
phase from 2012 to 2014 has been completed,' explains Späth.
The growing number and quality of terminal devices is also impressive proof
that, in the medium to long term, there will still be high demand in
Germany for expansion of high-speed network infrastructures with
integration of the relevant applications. 'With a business model geared
toward sustainable growth, our clear strategic orientation, our operational
expertise and skills and a basis for financing that remains secure, we are
excellently equipped to steer euromicron through the current market
fluctuations, the uncertain situation as regards investment and the
structural changes in the world of communications.'
As a result, the company is ready - as soon as the necessary prerequisites
and general conditions have been created for the urgently needed radical
changes in all sectors, public agencies and budgets by policymakers and
business - to actively accompany these developments so as to increase the
company's value and ensure a return on its shareholders' capital.
You can find the Q3/2012 Interim Report as of November 9, 2012, on our
homepage at http://www.euromicron.de/finanzberichte.
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
its 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: +49 (0)69-631583-0
Fax: +49 (0)69-631583-17
E-mail: IR-PR(at)euromicron.de
http://www.euromicron.de
ISIN DE000A1K0300
Securities identification number A1K030
End of Corporate News
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09.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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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192332 09.11.2012
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Datum: 09.11.2012 - 07:00 Uhr
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