- Consolidated sales: Increase by around 10% to €40.1 million
- Consolidated EBIT: Up 30% to €2.7 million
- EBITDA: Up 32% to €3.4 million
- A dividend of €0.80 planned
Frankfurt/Main, May 15, 2009 – euromicron (ISIN: DE0005660005) has got off to a good start in the first quarter of 2009 and is able confirm its growth course despite the challenging market environment. The euromicron Group has not felt any effects of the financial crisis and its consequences in the first three months. There is still the necessity to invest in a powerful network infrastructure in order to meet the high requirements demanded for efficient transfer of voice, data and video.
The Group’s internationalization was further expanded by acquisition of the Italian company QUBIX S.p.A. networking solutions. The important topics of consolidation and integration will primarily continue to play a major role in the current fiscal year. The positive effects of the integration activities carried out so far at euromicron’s project and system companies are reflected in close cooperation, something that is also being rewarded by customers.
The buy and build strategy, which was launched in 2001, was successfully concluded at the end of 2008. As a result of the company acquisitions to date and those still to be made, the Group has achieved its goal of obtaining a comprehensive footprint in Germany and mastering all the technologies in its core business, according to Chairman of the Executive Board Dr. Willibald Späth. He also noted that the first stage of its international orientation had been achieved.
Consolidated sales
In the first three months of fiscal 2009, the euromicron Group generated consolidated sales of €40.1 million, a year-on-year increase of 9.1%. Its total operating performance at March 31, 2009, increased to €44.8 million (previous year: €39.2 million). The main focus of sales remains the German market, where 85.4% of total sales were achieved, up by 13.2% over the previous year.
Consolidated income
In the first quarter of fiscal 2009, euromicron posted consolidated earnings before interest and taxes (EBIT) of €2.7 million, a rise of 30.1% over the comparable figure for the previous year. Operating income of the associated companies was €3.8 million (previous year: €2.6 million). Undiluted earnings per share were €0.31 (previous year: €0.25).
Order situation at the Group
New orders totaled €45.3 million, a year-on-year increase of 32.1%. There are no signs of a slowdown in economic activity in euromicron’s markets. Order books at March 31, 2009, rose from €72.1 million in the past year to €79.9 million, an increase of some 11%. The predominant share of the orders on hand is currently scheduled by customers for implementation and completion in 2009. We are not aware of any information that customers intend to postpone orders to the new year or cancel them. Call and blanket orders are furthermore no element of the order books.
Balance sheet structure
Total assets at the euromicron Group fell as of March 31, 2009, to €162.8 million, a reduction of 5.4% compared with December 31, 2008. The main factors for this are the reduction in receivables as a result of rigorous receivables management and the repayment of loans about €6 million in the current fiscal year. On the assets side, noncurrent assets remain virtually the same in absolute terms at 59.3% compared with 55.3% as of December 31, 2008. Noncurrent assets are fully covered by stockholders’ equity and long-term outside capital.
Personnel
An average of 978 persons, as well as 58 trainees, were employed by the euromicron Group in the first three months of fiscal 2009, an increase of around 9% over the same period for the previous year. Changes in the consolidated companies last year are the main reason for this rise. new staff were hired in particular for highly qualified activities in project controlling and monitoring, as well as in sales and key account management.
Stockholders’ equity
Stockholders’ equity at March 31, 2009, was €74.7 million, around €1 million over the level at December 31, 2008. This mainly reflects the net profit for the first quarter. As a result of the high level of total assets, the equity ratio is 45.9%.
The share
In the wake of the global financial and economic crisis, the resultant lows on all stock markets worldwide and the continuing weakness of small caps, euromicron’s share price remained around the same level in the first quarter of 2009. It started at €9.98 and has been trending positively since April 2009. Following publication of the good business figures for 2008, it even touched €12.00. The recommendations from research reports are “buy” across the board.
We also aim to let our shareholders participate in the results of fiscal 2008 and the Group’s good performance. The Executive Board and Supervisory Board will propose a dividend of €0.80 a share to the General Meeting on June 18, 2009.
Outlook
The brand name euromicron has established itself even more strongly in the market and is a hallmark of quality, solution-oriented expertise and know-how in all areas relating to network-based information, communications and security needs. We are training our sights in developing the company further on neighboring countries, volume growth and complementary technologies. We also aim to examine lucrative niche providers in the domestic market who complement our portfolio of products and services and win them for the Group. We also have our sights on acquiring international licenses and rights to market products and services in the market for security, healthcare and care of the elderly and regard this as a means of expanding our portfolio.
“We feel sure that we have taken the right path and so are acting fully in accord with the interests of our shareholders and company. This will also shape our work in future,” says Dr. Späth.
euromicron AG (www.euromicron.de) is one of the leading solution providers of communications systems and security networks and boasts production expertise in the field of fiber optics technology.