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exceet Group SE: Financial Results First Quarter 2016

Montag, 02.05.2016 19:30

DGAP-Media / 02.05.2016 / 19:27
 
 Financial Results First Quarter 2016
 
 Focus on Electronics and Secure Solutions
 
   - Divestment process for card segment (IDMS) has been started
 
   - Q1 net sales of continued operations reached EUR 31.5 million (3M 2015:
     EUR 35.6 million),
 on a total group basis (incl. IDMS) EUR 42.5 million
     (3M 2015: EUR 46.0 million)
 
   - Q1 EBITDA of continued operations reached EUR 1.8 million (Q1 2015: EUR
     2.5 million),
 on a total group basis EUR 1.7 million (3M 2015: EUR 3.0
     million)
 
   - Order Backlog of continued operations EUR 81.7 million (31.3.2015: EUR
     79.0 million),
 on a total group basis EUR 89.5 million (31.3.2015: EUR
     85.4 million)
 
 Luxembourg, 02 May 2016 - 06.30 p.m. - To focus the exceet Group on the
 electronic and secure solutions activities, the Board of exceet Group SE
 decided at the beginning of March 2016 to start a process to sell the
 business segment of ID Management & Systems (IDMS). As a consequence, the
 group's IFRS reporting will be split in "Continued Operations" and
 "Discontinued Operations" as of Q1 2016. Please see for further details the
 notes of the Quarterly Report.
 
 The revenue of the first quarter 2016 of continued operations reached EUR
 31.5 million (3M 2015: EUR 35.6 million) representing a decline of 11.5%;
 on a group total basis including IDMS EUR 42.5 million (3M 2015: EUR 46.0
 million). With the combination of the lower sales level, the project mix
 and the ongoing investments into new business activities and projects,
 exceet's continued operations achieved an EBITDA of EUR 1.8 million (5.7%
 of net sales) compared to EUR 2.5 million (7.0% of net sales) in Q1 2015.
 
 Electronic Components, Modules & Systems (ECMS) contributed 70% to overall
 Group sales on a total basis. Net sales decreased to EUR 29.8 million
 during the first three months of 2016, against EUR 33.1 million during the
 first three months of 2015. The ECMS segment achieved an EBITDA of EUR 3.6
 million, accounting for an EBITDA margin of 12.0% compared to EUR 4.3
 million or a margin of 13.1% in the same period of the previous year.
 
 In Q1 ECMS expanded the activities in the wafer processing area. This new
 business field integrates vertically within the segments value chain and
 offers substantial advantages to the customers, mainly by reducing the time
 to market. The setup of the new production infrastructure is very
 sustainable and
 
 guarantees a technological cutting edge for the next 3-5 years. First
 customers already valued exceet's competitive advantage and decided to
 realize upcoming projects with ECMS. Further orders are expected for the
 second half-year of 2016. Additionally ECMS is in the process to bundle
 production capabilities to further streamline its operations. The segment
 shifts production capacities in cooperation with the customers from
 Rotkreuz (Switzerland) to Ebbs (Austria). This enables ECMS to focus in
 Rotkreuz on its high and longtime engineering competence.
 
 exceet Secure Solutions (ESS) accounted for 4% of total group sales. In the
 first three months 2016 the segment generated revenues of EUR 1.7 million.
 This reflects a decrease by 34.4% compared to Q1 2015 of EUR 2.5 million.
 As of 31 March 2016 the costs of current projects have been capitalized as
 work in progress with expected future revenue of EUR 0.6 million
 (31.3.2015: none). The EBITDA for this reporting period reached minus EUR
 0.6 million (3M 2015: minus EUR 0.1 million).
 
 In the first three months ESS was able to extend its IoT projects with
 international, well-known customers. The segment focused on companies
 especially in the mechanical- and medical engineering industries. With
 these projects ESS gained comprehensive industry specific IoT know-how and
 also enlarged its sector specific IoT security expertise in these markets.
 ESS improved further eHealth, eSignature and Hardware Security Module (HSM)
 related developments and sales activities and submitted several offers to
 existing and potential customers.
 
 ID Management & Systems (IDMS) accounted for 26% of group-wide sales. The
 revenue in the first three months 2016 amounted to EUR 11.0 million, which
 represented an increase of 5.9% compared to EUR 10.4 million in Q1 2015.
 Due to the margin reduction related to the project mix and the additional
 costs out of the loyalty business restructuring, IDMS reported an EBITDA of
 minus EUR 0.1 million for the first three months 2016 which resulted in an
 EBITDA margin of minus 1.1%. In the same period of the previous year the
 segment achieved an EBITDA of EUR 0.5 million representing 4.8% EBITDA
 margin.
 
 The segment continued to further implement the centers of excellence
 structure and started in Q1 to move the loyalty card activities from
 Unterschleissheim (Germany) to Kematen (Austria). IDMS is expecting service
 and efficiency improvements out of this shift. At the same time the center
 of excellence for banking cards, with certified VISA and Mastercard
 processes and facilities, was being expanded continuously in
 Unterschleissheim and Paderborn (Germany).
 
 In the first three months IDMS won a substantial follow-up order from a
 public transport provider in UK and could hereby successfully expand an
 existing customer relationship. The segment also generated further projects
 with new customers, which were acquired in 2015, e.g. with the customer
 "Number26" (online and mobile banking).
 
 Outlook 
 
 With the decision to sell the card activities and to focus on the highly
 synergetic ECMS and ESS business units, the group underlines its ambition
 to restore group margins as quickly as possible and to reduce earnings
 volatility. Furthermore the group structure will be simplified by a
 significant reduction of the number of sites, thus streamlining management
 procedures and making the organization in total more cost-efficient.
 The concentration on the two business units with the focus on intelligent
 electronics and secure solutions will allow the group to respond more
 flexible to market requirements and to improve its market presence. The
 group will also emphasize the further bundling of competences at its sites
 and push forward its market efforts as envisaged for the sites in Rotkreuz
 (Switzerland) and Ebbs (Austria).
 
 exceet's market performance is restricted by the ongoing sluggish overall
 investment sentiment. The group's portfolio of technological skills is
 highly regarded and competitive, but the economic conditions under which
 the company operates are expected to remain challenging for the time being.
 But a convincing upturn in general investment carried forward by big
 companies and governments into IoT, IT Security, eHealth, MedTech and Smart
 Living will put exceet among the beneficiaries.
 
 The financial guidance given in the report for the fiscal year 2015 remains
 in place for the group in total (continued operations plus discontinued
 operations) from a current perspective as the IDMS business has not been
 sold yet. The guidance will be adapted to changing corporate structures
 dependent on the timing of the execution of the intended changes.
 
 Greenock S.à r.l. a major shareholder of exceet Group SE had informed the
 company in Q3 2014 that they are assessing their strategic options related
 to their shareholding in exceet Group SE, including a possible disposal of
 such shareholding to a third party. Pursuant to the updated information
 provided by Greenock S.à r.l., no final decision has still been taken
 regarding the form and timing of a potential transaction.
 
 Annex: Performance and Structural Data first three month 2016
 Complete Interim Management Report on the first three month 2016 and actual
 Investor Relation Presentation available at www.exceet.lu
 
 Please contact for further information:
 
 Wolf-Günter Freese, acting CEO & CFO - Email: Investor.relations@exceet.lu 
 exceet Group SE
 115 avenue Gaston Diderich
 L-1420 Luxembourg
 Phone +352 26 29 91 22
 
 ISIN LU0472835155 (Public Shares), Regulated Market, Prime Standard,
 Frankfurt/Main
 ISIN LU0472839819 (Public Warrants), Regulated Market, General Standard,
 Frankfurt/Main
 
 exceet will announce half year results for 2016 on 08 August 2016 (after
 closing of the market)
 
 About exceet
 exceet is an international technology group, which is specialized in the
 development and production of intelligent, complex and secure electronics.
 End of Media Release
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Issuer: exceet Group SE Key word(s): Enterprise 02.05.2016 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: exceet Group SE 115, avenue Gaston Diderich L-1420 Luxemburg Grand Duchy of Luxembourg Phone: +352 2629 9122 Fax: +352 2629 9150 E-mail: info@exceet.ch Internet: www.exceet.ch ISIN: LU0472835155, LU0472839819 WKN: A0YF5P, A1BFHT Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Munich End of News DGAP Media
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