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exceet Group SE: REPORT THIRD QUARTER 2015 - Business picks up - Performance still below potential

Montag, 02.11.2015 19:25

(DGAP-Media / 02.11.2015 / 19:23)
 
 Business picks up - Performance still below potential
 
   - Sales of EUR 132.7 million (9M 2014: EUR 140.1 million) showing the
     expected improvements versus Q2
 
   - EBITDA climbing to EUR 8.2 million (9M 2014: EUR 15.1 million) with Q3
     adding EUR 3.9 million showing the highest quarterly margin year to
     date
 
   - exceet USA, Inc. successfully established
 
 Luxembourg, 2 November 2015 - 06.30 p.m. - A low propensity to invest and
 reluctant call-ups from existing framework agreements are still negatively
 affecting exceet's revenues and margins. Nevertheless the group managed to
 achieve 3.5% higher revenues in Q3 2015 versus Q2. Revenues for the first
 nine months 2015 reached EUR 132.7 million (9M 2014: EUR 140.1 million)
 representing a decline of 5.3%.
 
 The gross profit and the EBITDA results of the group have therefore still
 to be seen in the light of lower than anticipated sales and utilization
 rates. For the first nine months exceet achieved an EBITDA of EUR 8.2
 million (6.2% of net sales) compared to EUR 15.1 million (10.8% of net
 sales) in 9M 2014. On 30 September 2015 exceet's order backlog amounted to
 EUR 87.1 million which is at the level of 31 December 2014 (EUR 87.3
 million).
 
 Electronic Components, Modules & Systems (ECMS) contributed 71.8% to
 overall group sales. Net sales decreased to EUR 95.4 million during the
 first nine months of 2015, against EUR 99.2 million during the first nine
 months of 2014. The segment achieved an EBITDA of EUR 11.4 million,
 accounting for an EBITDA margin of 11.9% compared to EUR 16.2 million or a
 margin of 16.3% in the same period of the previous year.
 
 For the intensification of its business and market development in the North
 American Market, exceet USA, Inc. was established with opening a
 representative office on the US East Coast near Boston, MA. exceet USA is
 especially focused on activities related to the health market.
 
 ID Management & Systems (IDMS) accounted for 23.0% of the group sales. The
 revenue in the first nine months 2015 amounted to EUR 30.5 million, which
 represented a decrease of 12.9% compared to EUR 35.0 million in 9M 2014.
 IDMS reported an EBITDA of EUR 1.4 million for the first nine months 2015
 which results in an EBITDA margin of 4.5%. In the same period of the
 previous year the segment achieved an EBITDA of EUR 2.3 million
 representing 6.6% EBITDA margin.
 
 Currently IDMS has nearly full capacity utilization and has an optimistic
 view for the coming months. The card specialist expects positive seasonal
 effects in the fourth quarter and year-end related orders.
 
 exceet Secure Solutions (ESS) contributed 5,2% of total group sales. In the
 first nine months 2015 the segment generated revenues of EUR 6.9 million.
 This reflects an increase by 13.1% compared to 9M 2014 revenues of EUR 6.1
 million. EBITDA for this reporting period reached minus EUR 0.3 million (9M
 2014: minus EUR 0.2 million).
 
 ESS continued the realization of a follow-up order in context with the
 German electronic health card (eGK) and strengthened its position as an IT
 Security specialist and experienced partner in this market. The Internet of
 Things (IoT) business is still characterized by a slow but steady market
 development. Nevertheless, ESS sold several IoT projects in various
 industries. The new German IT Security Law, which came into effect in July
 2015, opens up new opportunities for ESS to offer its IT security and
 compliance know-how and to benefit from these new obligations and upcoming
 standards.
 
 Outlook for 2015
 
 The long-term growth prospects for exceet with respect to its technological
 skills and its product and service portfolio remain unchanged despite the
 setbacks seen in the course of the current year. The main trigger for
 exceet's business performance would be a convincing upswing of overall
 investment activities, especially investments into intelligent electronics,
 for example in the field of the Internet of Things (IoT). Studies by
 International Data Corporation (IDC) disclose that executives worldwide put
 the IoT topic at the top of their agendas but close to 40 percent of them
 see obstacles for investments within the next two years because of high
 initial costs. For one of four executives, data security concerns also
 might lead to the postponement of investment decisions. However, more than
 a third of the interviewed executives unanimously regard suppliers of
 electronic hardware - like exceet - to turn out the strongest beneficiaries
 once investment sentiment improves. Therefore the management of the group
 maintains its confidence to participate in the growth within these markets
 as the company's portfolio addresses the skills in demand.
 
 Each of the first three quarters 2015 showed slightly lower sales by
 mid-single digit percentages compared to the prior year period. The final
 quarter 2015 most probably should exceed the Q4 figure of 2014 thus
 continuing the trend seen since this summer.
 
 In order to enhance the operational efficiency of the group, exceet will
 run through a process of structural adjustments and optimizations including
 the management structure and asset base of the group. The process will
 emphasize the group's focus on its high margin core businesses.
 
 Greenock S.à r.l. a major shareholder of exceet Group SE had informed the
 company in Q1 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 nine months 2015
 Complete Interim Management Report on the first nine months 2015 and actual
 Investor Relation Presentation available at www.exceet.lu
 
 Please contact for further information:
 
 Wolf-Günter Freese, 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 full year results for 2015 on 2 March 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 02.11.2015 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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