- Consolidated sales increase by 40% to €80.5 million
- EBIT rises by 38% to €5.7 million
- Orders books up 14% to €134.0 million
- A dividend of €1.15 planned
The euromicron Group has made successful advances in integrating telent GmbH in the first three months of fiscal 2012 and so continued its business policy geared toward sustainable growth. The increase in net sales in the first quarter has laid the foundation for achieving the operational target of €330 to €345 million in 2012.
Consolidated sales
euromicron posted consolidated sales of around €80.5 million at March 31, 2012, around 40% up on the level of the previous year (€57.5 million). This positive trend is due not only to organic growth, but also the contribution made to consolidated sales by telent GmbH, which was acquired on June 7, 2011. euromicron’s total operating performance rose from €58.4 million to €83.8 million year-on-year.
Consolidated income
Consolidated EBIT at the end of the first quarter of 2012 was around €5.7 million (previous year: €4.1 million), an almost 38% percent increase on the previous year and giving an EBIT return of 7.1% relative to sales. EBITDA rose by just under 45% from €5.2 million to €7.5 million. Net profit for the period was €3.4 million (previous year: €2.4 million), giving undiluted earnings per share of €0.50, compared with €0.46 in the same period of the previous year, despite the issue of around 1.5 million new shares in 2011.
Order situation at the Group
euromicron posted new orders of €87.5 million in the first three months of fiscal 2012, 36% up on the previous year (€64.1 million). Order books were €134.4 million (previous year: €117.6 million), likewise well up on the previous year. We are not currently aware of any risks from significant project delays or postponements.
Balance sheet structure
The euromicron Group’s total assets at March 31, 2012, were €270.6 million, up by €4.9 million from December 31, 2011 (€265.7 million).
Personnel
1,595 persons were employed by the euromicron Group as of March 31 of fiscal 2012. Personnel costs totaled €21.1 million (previous year: €14.4 million).
Equity
Equity at March 31, 2012, was €123.5 million, around €3 million above the level stated in the 2011 financial statements. The equity ratio was 45.6%.
euromicron’s share
euromicron’s share started the first quarter of 2012 at a price of €16. As of mid-February, it again reached €20.00 and stabilized from then on at a level of between €21 and €22. After admission of euromicron’s share to the TecDAX on March 19, 2012, and publication of the financial statements for the record fiscal year 2011, the price even went up to €23.00. Toward the end of the first quarter of 2012, the share settled at a level of approximately €22. Against this backdrop, a number of analysts believe a upside target of more than €30 to be realistic.
The Executive Board and Supervisory Board will propose to the General Meeting on May 25, 2012, to distribute €1.15 per share in line with the company’s continuous dividend policy.
Outlook
The continuing high demand for state-of-the-art infrastructure solutions in Germany also indicates that the company will perform well in 2012. There is currently no “killer technology” on the horizon which might make expansion of broadband networks superfluous. euromicron has established itself as the specialist in Germany for planning, installing, maintaining and providing service for these high-performance smart networks. Whereas the need to have a broadband supply is becoming a standard requirement for municipalities, companies and citizens, a demand euromicron actively supports with installation of this infrastructure, work is already being carried out alongside this on the “Internet of Things”. That means euromicron will continue to target and tackle future-oriented projects in key growth markets and occupy high-margin niches there in the next phase of its development.
At the same time, the main focus in the year of integration 2012 will be on further optimization of the corporate and personnel structures of the euromicron Group. As part of this, the company will carry on with its continuous improvement process, in which employees will be qualified further, costs structures optimized and the customer-centric corporate culture befitting a medium-sized enterprise complemented with advantageous elements of a group organization. “All these measures will enable us to keep our target EBIT return at the Group level stable at 8–11%,” says Dr. Späth, Chairman of the Executive Board. “On the basis of our extensive business model, the large number of synergy effects that can be leveraged in the Group and our solid basis for financing, in conjunction with an equity base that remains good, we believe we are excellently equipped to achieve our targets in the coming years.”
You can find the Q1/2012 Interim Report as of March 11, 2012, 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.