- Consolidated sales: Up 12.6% to €45.2 million
- Consolidated EBIT: Rise from 14.7% to €3.1 million
- A dividend of €1.00 planned
The euromicron Group was able to buck the market trend at the beginning of the new fiscal year and continues to grow in the first quarter of 2010.
“Integration and development” of our group are the watchwords for the new fiscal year 2010, stated Dr. Späth, Chairman of the Executive Board Dr. Späth. In the first three months, the financial market again focused on solid securities that offer growth potential. In this regard in particular, euromicron was able to attract significantly greater attention from investors following completion of its buy and build phase at the end of 2008 and in view of the build and integrate phase that has been underway since 2009. A solid balance sheet structure with sufficient own funds, complemented by a good liquidity situation with unused credit lines, is the foundation to protect the company against market fluctuations.
Capital structure and financing
euromicron is committed to a solid financial profile that enables us to achieve our growth and portfolio development objectives by means of financial flexibility.
To adjust the equity structure of euromicron to the current annual sales of approximately €200 million, on April 29, 2010, euromicron’s Executive Board made use of the power to utilize authorized capital as granted by the General Meeting on June 23, 2005, with the consent of the Supervisory Board. As part of this, the capital stock of €11,914 thousand, divided into 4,660,000 no-par value bearer shares, was increased by €1,191 thousand to €13,105 thousand in exchange for cash contributions. Demand for euromicron shares was so successful that the issue of new shares was able to be completed on the next day of trading. This capital increase was a key step in fostering the Group’s organic growth and achieving the goal of reducing net financial debt and so securing its liquidity.
Consolidated sales
In the first quarter of 2010, the euromicron Group generated sales of €45.2 million, an increase of 12.6% year-on-year. The euromicron Group’s total operating performance rose to €47.8 million at March 31, 2010, a year-on-year increase of 7%.
Consolidated income
Consolidated EBIT rose to €3.1 million in the period under review.
Operating income of the associated companies was as we expected: €4.2 million, compared with €3.8 million in the previous year. Undiluted earnings per share were €0.38 (previous year: €0.31) on a net profit of €1.7 million (previous year: €1.4 million).
Order situation at the Group
The sustained operational growth was also reflected in the first three months of fiscal 2010. New orders (€52.8 million) and order books (€83.2 million) increased yet again.
Balance sheet structure
The euromicron Group’s total assets at March 31, 2010, were €185.6 million, virtually constant compared with December 31, 2009 (€185.9 million).
Personnel
1,069 persons, excluding trainees, were employed by the euromicron Group in the first three months of fiscal 2010, roughly the same as the figure stated in the 2009 financial statements.
Stockholders’ equity
Shareholders’ equity is €81.1 million at March 31, 2010, around €0.8 million above the level stated in the 2009 financial statements. The equity ratio is 43.7%.
The share
euromicron’s share was able to buck the market trend significantly in the first months of fiscal 2010 thanks to the good business performance in 2009. Its price at the end of April was €18.29, an increase of 17% over its listing at the end of 2009.
Interest in the company and trust in its share has increased considerably as a result of a series of analysts’ conferences, roadshows and one-on-one meetings in the first four months of the fiscal year.
The Executive Board and Supervisory Board will propose to the General Meeting on June 17, 2010, to distribute €1.00 per share in line with its continuous dividend policy. As a result, the dividend will have remained stable, despite a weaker economic environment.
Outlook
euromicron remains an attractive investment story with good prospects. In line with the slogan “We fill visions with life”, we are systematically tackling development projects in important growth markets for us, for example in the field of health and care, so that we can proactively recognize the changes and trends in new segments and participate in their development.
Long-term positioning of us as a reliable partner to our customers, partner banks and investors will also be the focus of our actions in 2010, in the words of the Chairman of the Executive Board. We will continue the company’s build and integrate phase in 2010, with the goal of further optimizing the Group’s structures. As part of the integration phase, we will also develop the cash flow, financing, capital flow, shareholders’ capital and outside debt toward a balanced structure that ensures our strategic and operational growth and also enables further optimization of our balance sheet ratios.
Our objective for fiscal 2010 is to establish the euromicron brand further as a byword for quality, solution-oriented expertise and know-how in all areas relating to network-based information, communications and security needs.
We feel sure that, with our business model predicated on a conservative basis for financing and our good equity ratio, we are solidly positioned to secure the long-term development of the company and its value and remain an attractive investment,” stated Dr. Späth.
euromicron AG (www.euromicron.de) is an all-round solution provider for communications, data and security networks. Its 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 now 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.