DGAP-News: euromicron AG: 2012 annual financial statements - euromicron lays foundation for Agenda
(firmenpresse) - DGAP-News: euromicron AG / Key word(s): Final Results
euromicron AG: 2012 annual financial statements - euromicron lays
foundation for Agenda
27.03.2013 / 07:00
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- Growth targets achieved: Total operating performance rises by 10% to
around EUR330 million
- Structural and integration measures implemented as planned and managed
well in economic terms: Operating EBIT is EUR23.0 million (previous year:
EUR30.0 million)
- On the way to the Agenda 500 Order books of approximately EUR130 million
are a good springboard for further growth in 2013
Frankfurt/Main, March 27, 2013 - By embarking on the 2- to 3-year build and
integrate phase at the start of fiscal year 2012, euromicron put the focus
of its activities, as planned, on optimizing and consolidating its
corporate structures and processes. This first stage of integration was
brought forward and, following completion of the buy and build phase and
the early acquisition of telent as the first large target in 2011, had
become necessary in order to adapt the Group to the new general conditions
as quickly as possible and to get its structures ready for further growth.
'Our aim with this is to prepare our company for its next phase of growth
and give it a secure and professional setup as we move to the next plane,'
explains Dr. Willibald Späth. 'In 2015 we plan to achieve the final stage
of our 15-year strategy of achieving annualized sales of EUR500 million. So
that we can cope with this ambitious growth, it's vital for us to adapt
structures, optimize processes and costs, reorganize business and make our
organization even more professional - in short, to put the company on a new
foundation,' adds the Chairman of the Executive Board.
In view of that, the company has launched a large number of measures in
fiscal 2012 as part of the 'Agenda 500', i.e. at the start of the third
5-year phase in the corporate strategy. They range from location
optimization, reorganization of management structures at the operating
companies, expansion and modernization of the IT landscape, investment in
product innovations, professionalization of the sales team, initiation of
Competence Centers, the setup of operational controlling units to
establishment of a compliance organization.
The first stage of these extensive measures has resulted in total
integration costs of around EUR4.5 million. The quality of earnings - with
a consolidated EBIT margin of 5.2% - is lower than in previous years due to
these measures. The minimum sales growth target was achieved despite the
organization's focus on integration and structuring.
'After buying telent, we planned for a decline in the quality of our EBIT
to a maximum of 7% and so a lower share of high-margin manufacturing
business relative to total consolidated EBIT for the integration phase
2012-2014 and also communicated that. This trend was bolstered in 2012 by
the unforeseen drop in high-margin delivery business as a result of
investments being deferred, in particular by the telecommunications
industry, and consequently an operationally weaker 2nd half of the year,'
states Dr. Späth.
Nevertheless, the company did not slacken its pace in implementing the
planned integration measures in the course of the year and will continue
them in 2013 so as to prepare itself purposefully for further growth. The
Group has come to terms well with the structural and integration measures
implemented as planned in the fiscal year and posted respectable figures:
Total operating performance and consolidated sales In fiscal 2012, the
euromicron Group posted a total operating performance of around EUR330
million and so, largely like sales, around 10% above the comparable figure
for the previous year (around EUR300 million). The euromicron Group
generated sales of EUR330.0 million (previous year: EUR305.3 million).
Own work capitalized Own work capitalized of EUR5.6 million grew by
EUR3.7 million over the previous year's figure of EUR1.9 million and
reflects the company's significantly greater efforts in connection with the
development of new products to secure its market position and increase its
innovativeness. Moreover, the inclusion of the companies acquired in the
previous year for the first time for the year as a whole resulted in an
increase in own work capitalized.
Consolidated income EBITDA was EUR25.0 million (previous year: EUR30.7
million). Operating EBIT was EUR23.0 million (previous year: EUR30.0
million). Earnings before interest and taxes (EBIT) were EUR17.1 million
(previous year: EUR24.2 million). The consolidated EBIT margin relative to
sales was 5.2% (compared with 7.9% in the previous year) following the
strong growth in the previous year, the impact of the consolidation effects
in 2012, extensive postponement of investments in the telecommunications
market in the 2nd half of the year and the generally difficult economic
climate. Consolidated net income was EUR8.6 million (previous year: EUR12.2
million). After the issue of more than 2 million new shares in the years
2010 and 2011, undiluted earnings per share were EUR1.29 following EUR2.32
in the previous year.
Order situation at the Group New orders in fiscal 2012 rose by around 6% to
EUR327.8 million (previous year: EUR309.2 million) despite the tough
general economic conditions. Order books were EUR125.2 million and so
around the good level of the previous year (EUR127.5 million). That means
euromicron enters fiscal 2013 with well-filled order books.
Balance sheet structure Total assets of the euromicron Group at December
31, 2012, rose to EUR283.9 million or by 7.1% year on year.
Personnel The euromicron Group employed 1,699 persons at December 31,
2012. The increase of 244 in the headcount compared with the previous year
is mainly attributable to changes in the consolidated companies.
Equity Equity at December 31, 2012, was EUR119.0 million and so at the
level of the previous year (EUR120.0 million). The equity ratio was around
42%, still at a very stable level against the backdrop of the further
increase in total assets and well above the average for the German small
and medium-sized sector.
Finances/liquidity euromicron's partner banks again supported its corporate
strategy in fiscal 2012, proving to be strong and dependable partners. All
of the financial institutes expressed their interest in expanding their
commitment at euromicron as the company grows. Of particular importance for
the company is the statement by all of the financing partners that
euromicron in its entirety is graded as a virtually 'risk-free commitment'
- a result of the many years of trusted cooperation and substantial
understanding of the financial partners for the company's strategic
development.
Share and investor relations
The euromicron share started the fiscal year 2012 very positively with its
admission to the TecDAX. After publication of the annual financial
statements for the record fiscal year 2011, the share even went as high as
EUR23 at one stage. Although the restrained trend in operational business
against the background of a turndown in the investment climate resulted in
temporary fluctuations in the further course of the year, the share proved
stable overall and was mostly listed at around the EUR20 mark thanks to
greater attention for it on the capital market. At December 31, 2012, the
share's market capitalization was EUR120.9 million, well up on the previousyear (EUR106.2 million) and the volume of trading in the share also around
30% higher at 7.4 million (previous year: 5.7 million).
In line with a sustainable financial policy, the Executive Board and
Supervisory Board will propose a dividend payout to the General Meeting on
May 17, 2013, at a lower level in the years of structuring and integration
so as to ensure that the company has the necessary financial flexibility on
its way to becoming a EUR500 million enterprise. That also accords with the
long-term objectives of the corporate strategy, which include a reduction
in net financial debt, strengthening of the equity structure and
maintaining the good rating as the basis for trusted cooperation with
financial partners. EUR0.30 per share is to be proposed as the dividend for
2012.
Outlook The focus of activities in the year 2013 will again be on
integration of the company. The framework of measures initiated in fiscal
2012 will be expanded further and flanked by appropriate adjustment of the
cost ratios and programs to increase efficiency, with the objective of
giving the company feasible structures for its further growth and the
necessary security and agility.
'As part of adapting our organizational structures, we will deal in
particular with expanding the Competence Centers we have launched,'
explains Thomas Hoffmann from euromicron's Executive Board. 'Our aim here
is to build important future topics, such as active technology or data
centers, pool them in the overall organization and make them available
comprehensively.'
The company aims to let specific functions - such as IT or Purchasing - act
as a service function/shared service center in future. Structuring of the
company's international activities will also be a subject of the 2- to
3-year integration phase. It will also continue its strategy of acquiring
specialized companies in order to round out its expertise and portfolio in
the future.
In view of the demand for high-speed, state-of-the-art data transmission
networks, the company is excellently equipped to tackle structural changes
in the world of communications thanks to its business model geared to
sustainable growth, clear strategic orientation, operational competences
and skills and a secure basis for financing. 'We assume that, following the
operational structuring phase, the phase of strategic integration of the
Group can be accomplished on a strong economic foundation and that, after
the years of integration 2012 to 2014, expansion of our manufacturing
activities and optimization of all internal general conditions, we can
again attain the quality of earnings and dividends we have had all these
years,' concludes Dr. Willibald Späth.
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
Zum Laurenburger Hof 76
60594 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 DE000A1EMGE2
Securities identification number A1EMGE
End of Corporate News
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27.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: euromicron AG
Zum Laurenburger Hof 76
60594 Frankfurt am Main
Germany
Phone: +49(0) 69 631583-0
Fax: +49(0) 69 631583-17
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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