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euromicron AG: 2013 Annual financial statements - Seite 2
acquisition and integration of a larger company as of 2015.
In operating business, the mainly politically induced uncertainties as part
of the energy debate, modernization of transport networks, future-oriented
radio technology for public authorities or broadband expansion, above all
for customers from the WAN arena, were reflected in increasingly hesitant
and deferred capital spending. Accompanying that, euromicron's system
houses increasingly had to cope with project delays and postponements in
the course of 2013, which meant a higher cost burden and reduced earnings,
whereas its production companies faced postponements in the call-off of
deliveries by important regular customers and so lost a large part of their
planned income.
Finally, the beginning of December saw a successive pickup in capital
spending, such as by Deutsche Telekom in VDSL2 vectoring, which brought
about a high level of capacity utilization, but was not sufficient for the
company to achieve its customary strong performance of the final quarters
of previous years and compensate for the dual effect of project
postponements and lower call-offs of deliveries. euromicron AG accordingly
adjusted its guidance for the year as whole with its ad-hoc announcement on
December 4, 2013.
Total operating performance and consolidated sales Despite project
postponements and lower call-offs of deliveries, euromicron posted stable
sales at December 31, 2013, of EUR329.4 million, around the same level of
the previous year, but not enough to compensate for the extra costs for the
planned stage of growth in 2013 in terms of earnings. Total operating
performance rose slightly to EUR328.7 million, a year-on-year increase of
1.4%.
Consolidated income Earnings before interest and taxes (EBIT) were EUR5.5
million after integration costs of around EUR5.5 million, special effects
from project valuation (approximately EUR4.9 million) and a loss of EBIT
totaling some EUR7.9 million due to order postponements at the production
companies and project postponements at the system houses. EBITDA was
EUR14.4 million, giving an EBITDA margin of 4.4% compared with 7.6% the
year before. The consolidated net loss for shareholders of euromicron AG in
2013 was EUR -0.9 million compared with consolidated net income of EUR8.6
in the previous year. Undiluted earnings per share were EUR -0.12 versus
EUR1.29 in the previous year.
Order situation at the Group New orders at the euromicron Group from
January 1 to December 31, 2013, were EUR327.7 million and so at the good
level of the previous year (EUR327.8 million). Order books were EUR126.5
postponements and lower call-offs of deliveries, euromicron posted stable
sales at December 31, 2013, of EUR329.4 million, around the same level of
the previous year, but not enough to compensate for the extra costs for the
planned stage of growth in 2013 in terms of earnings. Total operating
performance rose slightly to EUR328.7 million, a year-on-year increase of
1.4%.
Consolidated income Earnings before interest and taxes (EBIT) were EUR5.5
million after integration costs of around EUR5.5 million, special effects
from project valuation (approximately EUR4.9 million) and a loss of EBIT
totaling some EUR7.9 million due to order postponements at the production
companies and project postponements at the system houses. EBITDA was
EUR14.4 million, giving an EBITDA margin of 4.4% compared with 7.6% the
year before. The consolidated net loss for shareholders of euromicron AG in
2013 was EUR -0.9 million compared with consolidated net income of EUR8.6
in the previous year. Undiluted earnings per share were EUR -0.12 versus
EUR1.29 in the previous year.
Order situation at the Group New orders at the euromicron Group from
January 1 to December 31, 2013, were EUR327.7 million and so at the good
level of the previous year (EUR327.8 million). Order books were EUR126.5
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