ISRA VISION Parsytec AG
Parsytec AG: Increase in profitability, EAT & free cash flow in 9-month comparison
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The issuer is solely responsible for the content of this announcement.
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Increase in profitability, EAT & free cash flow in 9-month comparison
Order entry and revenue in the third quarter unsatisfactory
Outlook: Rise in order entry and revenue expected in Q4 2006
Aachen – November 7, 2006. Parsytec AG – the world’s leading producer of
surface inspection systems for strip products – announces its results for
the first nine months of financial year 2006 as of September 30, 2006. The
accounting has been made according to International Financial Reporting
Standards (IFRS).
(Mio. EUR) 9M 2006 9M 2005 Q3 2006 Q3 2005
Order entry 16.0 17.4 2.7 3.9
Revenue 17.9 22.0 4.8 7.1
EBIT 1.6 1.7 0.2 0.7
EAT 1.2 1.1 0.2 0.4
Net return on revenue 6.6% 4.9% 4.9% 5.7%
RoE (before taxes) 9.6% 9.6% 5.5% 10.6%
Revenue down 19% and order entry down 8% on 9-month figures for 2005
In Q3 2006, a decrease in revenue of 32% to EUR 4.8 million was recorded
compared with the previous year and of 19% to EUR 17.9 million when
compared over nine months. The development in the order entry was also
unsatisfactory. At EUR 16 million, it was down 8% on the 9-month figure for
2005 and at EUR 2.7 million it was down 30% on the level of the same
quarter of the previous year. This weakness in revenue and order entry was
mainly reflected in order delays, in addition to the well-known
seasonality, and is therefore considered temporary.
Q3 clearly positive despite revenue decrease
Despite an unsatisfactory revenue level in the 3rd quarter 2006, a
significant profitability of 4.9% respectively EAT of EUR 0.2 million could
be generated because of new cost structures. This was possible by making
the operating expenses flexible and reducing cost of revenues. Furthermore
there was additional scope remaining for invests which are necessary
prerequisites for growing order entry in the future. The profitability rose
by 1.7 percentage points to 6.6% compared with the 9-month result for 2005.
EAT improved cumulatively from EUR 1.1 million to EUR 1.2 million (+11%).
At EUR 2.6 million free cash flow, an increase of 146% was generated
compared with the comparable period of 2005.
Outlook: Rise in order entry and revenue expected
As already reported in the ad hoc disclosure dated October 13, 2006, the
annual forecast for 2006 was revised. The order entry is now expected to be
in a corridor of EUR 22.0 million to EUR 25.0 million and revenue within a
range of EUR 23.5 million to EUR 25.5 million. Meeting the net return on
revenue target will in part depend on the revenue generated: at the upper
end of the corridor, the 7.5% EAT originally announced is expected to be
exceeded slightly; if revenue fluctuates at the lower end of the range, the
Company will still aim towards EAT above the figure for 2005 of 5.2%. From
Q4 2006, the Company expects business to pick up substantially again
compared with the Q3 2006.
(c)DGAP 07.11.2006
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Language: English
Issuer: Parsytec AG
Auf der Hüls 183
52086 Aachen Deutschland
Phone: +49 (0)2419696-200
Fax: +49 (0)241 9696-500
E-mail: ir@parsytec.de
WWW: www.parsytec.de
ISIN: DE000A0JQ4J9
WKN: A0JQ4J
Indices:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin-Bremen, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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