- Consolidated sales are €77.3 million
- Consolidated EBITDA is around €6.2 million
- Orders books are €132.4 million, on a par with the previous year
- A dividend of €0.30 planned
In the first quarter of 2013 and so at the start of the second “year of core integration” in the build and integrate phase, euromicron is working intensively to create the conditions for tackling the Agenda 500 – i.e. expansion of the company to achieve annualized sales of €500 million in 2015 – on a solid, economically stable base. The integration measures intended for this have been continued and stepped up with undiminished effort. On the basis of this, the Executive Board is planning organic growth in sales in fiscal 2013 of 5% to 10 %, i.e. to €350–365 million.
Consolidated sales
Given the restrained economic climate at the beginning of the year, euromicron posted consolidated sales of around €77.3 million at March 31, 2013, compared with €80.5 million in the particularly strong first quarter of the previous year. The euromicron Group’s total operating performance was €78.3 million (previous year: €83.8 million).
Consolidated income
EBITDA was €6.2 million following €7.5 million last year, or a margin of 8.0%. Operating income of the associated companies was €5.4 million (previous year: €7.0 million). In the first quarter of fiscal 2013, euromicron posted consolidated income before interest and taxes of around €4.1 million (previous year: €5.7 million), The EBIT return is 5.3% and so, as anticipated, at a good level despite the restrained economic climate in the first quarter of 2013, an aspect that shows the effect of the Group’s flexibilization of cost structures. The net profit for the period after minority interests as of March 31, 2013, was €2.2 million (previous year: €3.4 million). Undiluted earnings per share were €0.33 (previous year: €0.50).
Order situation at the Group
New orders were €82.4 million (previous year: €87.5 million). Order books were approximately €132.4 million, around the level of the previous year (€134.4 million), and – in conjunction with the highly promising new orders in April – form a good basis for achieving the targets for 2013. The Group is not currently aware of any risks from significant project delays or postponements.
Balance sheet structure
The euromicron Group’s total assets at March 31, 2013, were €286.0 million, an increase of €2.1 million over the figure at December 31, 2012 (€283.9 million).
Personnel
1,705 persons were employed by the euromicron Group as of March 31 of fiscal 2013. Personnel costs totaled €22.5 million (previous year: €21.1 million).
Equity
Equity at March 31, 2013, was €121.1 million, €2.0 million above the level stated in the consolidated financial statements as of December 31, 2012. The equity ratio was as aimed for at 42.3%.
euromicron’s share
Against the backdrop of an extremely volatile stock market and a sharp reduction in the shares held by large investors in small caps, euromicron’s share performed respectably and in line with the index in the first quarter of 2013. The share began the first quarter at €18.14 and ended it at €15.66. Analysts assume that the price will rise sharply in the course of the present fiscal year. Consequently, many analysts and research houses regard an upside target of up to €25.50 as realistic and continue to recommend buying the share.
The Executive Board and Supervisory Board will propose to the General Meeting on May 17, 2013, to distribute €0.30 per share in line with its continuous dividend policy. That corresponds to around 50% of euromicron AG’s profit.
Outlook
“As in 2012, we aim to focus on integrating our company in the further course of fiscal 2013 in order to put euromicron on a new structural and professional foundation as soon as possible. Feasible structures and enhanced agility are vital to enabling us to grow our sales volume to €500 million,” explains Dr. Willibald Späth, Chairman of the Executive Board.
To achieve that objective, the company will initially focus on continuing and intensifying the scope and speed of the measures aimed at optimizing its corporate structures as part of the Agenda 500. As a second focus of the Agenda 500, euromicron will focus in fiscal 2013 on developing its business organically and strategically rounding out its expertise in the market and its regional activities. euromicron expects that the rather restrained level of investment at the beginning of the year will be overcome in its market in 2013.
Cost-cutting programs will flank the various personnel, structural and financial measures and will contribute around €10 million over the integration phase up to the end of 2014 and so help secure the quality of earnings.
“We feel certain that this path also reflects the interests of the company and our growing circle of shareholders as best possible. We will continue to be guided by these interests in future and work in a focused way to fulfill them,” concludes the Chairman of the Executive Board.
You can find the Q1/2013 Interim Report as of May 8, 2013, on our homepage at http://www.euromicron.de/en/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 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.