(DGAP-Media / 28.02.2014 / 19:15)
Financial Results 2013
exceet confirmed solid growth basis -
Strong Cash Flow Improvement
? Net Sales EUR 190.8 million (2013)
? Order Backlog for 2013 increased by 6.2% (book to bill ratio of
1.03)
? EBITDA Margin 2013 of 9.6%
? Net Debt decreased by EUR 7.0 million to EUR 7.0 million for 2013
? Free Cash Flow of EUR 6.9 million (3.6% of Net Sales) in 2013
? Management expects for 2014 further improvement of profitability
Luxembourg, February 28, 2014 - 07.30 p.m. exceet Group SE improved 2013
its profitability despite a challenging market. Group sales 2013 increased
by 1.1%, reaching EUR 190.8 million against EUR 188.8 million for 2012. The
development was negatively affected by the exchange rates of the Swiss
franc and US-dollar to the euro which reduced the consolidated net sales by
0.7%. On 31 December 2013 exceet's order backlog amounted to EUR 106.1
million which is 6.2% higher as of 31 December 2012 (EUR 99.9 million) and
reflects a book-to-bill ratio of 1.03 (2012: 0.99).
Sales in exceet's largest segment, Electronic Components, Modules & Systems
(ECMS), increased by 6.4% to EUR 140.7 million against EUR 132.2 million
during the same period of the previous year. In 2013, EBITDA reached EUR
20.2 million against EUR 15.8 million in 2012. The EBITDA margin improved
accordingly from 11.9% in 2012 to 14.3% in 2013 due to the strong customer
demand for intelligent electronics especially in the health sector. The
existing customer relationship with Siemens has been reinforced through the
launch of two new generations of digital imaging devices. In addition
another major player in this field placed a long-term development and
manufacturing order. Furthermore, exceet strengthened its close development
and manufacturing cooperation with a leading semiconductor equipment
manufacturer. The group's customers have initiated several new important
development projects in the field of implants and opto-electronics. These
projects will support the expected further margin improvement.
exceet invested into a new development and production facility in Berlin
(Germany) to cover the strong market demand for high-end health
applications. The new facility has been completed in August 2013 fully in
line with the foreseen budget and timelines.
The ID Management & Systems (IDMS) segment was able to move the product mix
towards higher margin products improving the EBITDA margin from 4.7% to
5.5% with an EBITDA of EUR 2.5 million (same level as 2012) despite a
decrease of net sales of -13.6% to EUR 45.6 million (2012: EUR 52.8
million). The overall performance in 2013 was below expectations due to
dramatically reduced order volumes for the German Health Card (Q1),
discontinuation of non-strategic low margin business in Eastern Europe and
weak demand for skiing cards due to the warm winter in Europe. Nevertheless
in the IDMS market segment Retail, exceet has won in Q3 several orders
whereof a large order from one of the leading loyalty solution providers.
Orders in this segment will positively impact the revenue and profitability
situation in the coming quarters. Furthermore, exceet has secured a 4-years
contract with Transport for London where exceet was selected to supply
potentially 6 to 8 million smart cards per year.
The Embedded Security Solutions (ESS) segment achieved sales of EUR 4.4
million during the reporting period (2012: EUR 3.7 million). ESS proved its
IT security competence by winning one of Europe's largest public key
infrastructure (PKI) projects. ESS underlines to be the ideal partner for
such projects since it is certified and experienced in the handling of
confidential data and an expert in data communication.
Particularly in the field of Machine-to Machine Communication (M2M),
customers are seeking for secure communication in various projects. One
important pilot project was won in 2013 and already implemented for a
customer in the health sector. With a clear focus on M2M solutions and a
forthcoming new product launch in 2014 for the security market sector, the
management is expecting to double the sales in this segment.
Group Financial Positions
Due to the focus on higher margin products, the gross profit margin
improved from 15.2% to 16.9%, which represents an increase from EUR 28.7
million to EUR 32.3 million (+12.5%). exceet achieved an EBITDA of EUR 18.3
million (9.6% of net sales) in 2013 compared to EUR 16.5 million (8.7% of
net sales) in 2012.
The net financial income of EUR 2.1 million (2012: net financial loss of
EUR 2.3 million) includes a gain of EUR 3.0 million which was a result of
the revaluation of warrants (2012: loss of EUR 0.8 million), a positive net
foreign currency effect of EUR 0.3 million (2012: loss of 0.4 million) and
interest and other financial cost in the amount of EUR 1.2 million (2012:
1.2 million).
The reduction of inventory from EUR 35.8 million (2012) to EUR 31.3 million
(2013) led to a significant decrease of the net working capital from EUR
35.8 million to EUR 31.0 million, which represents 16.3% of net sales
(2012: 19.0%). This had a positive impact on the cash and cash equivalents,
which increased to EUR 31.2 million at the end of the financial year (2012:
EUR 24.4 million). The solid growth basis is represented in a strong free
cash flow of EUR 6.9 million (2012: cash out of EUR 10.6 million).
Net debt as at 31 December 2013 decreased by EUR 7.0 million, representing
a net debt position of EUR 7.0 million at 31 December 2013, compared to the
net debt position at 31 December 2012 of EUR 14.0 million. The net debt to
EBITDA ratio dropped to 0.39x versus 0.85x in 2012.
During the 2013 financial year, operative cash inflow amounted to EUR 18.3
million, compared to EUR 0.3 million in 2012.
Outlook for 2014
The Group is well-positioned in its core markets health, industry and
security to face the challenging market environment and will continue to
focus on business activities with high margins.
Management expects for 2014 moderate organic revenue growth and a further
improvement of the profitability. This is supported by the actual positive
market trends and the on-going streamlining of the group structure.
The complete Annual Report 2013 and the actual Investor Relation
Presentation are available at http://www.exceet.lu
Please contact for further information:
Wolf-Günter Freese, CFO
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 first quarter results for 2014 on 2 May 2014 (after
closing of the market).
About exceet:
exceet is an international technology group specialized in the development
and manufacturing of intelligent, mission critical and secure electronics
with small and mid-size volumes. The group provides highly sophisticated
solutions and distinguishes through its technical skill set in embedded
intelligent electronics with a leading position in the health, industry &
security markets. exceet consists of 6 manufacturing sites in the heart of
Europe and 7 technical sales & development centers for customer proximity
to ensure smooth and close communication for innovative solutions and
attractive time-to-market for the customer.
End of Media Release
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=QPFHTGSWJB
Document title: Financial Results 2013
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Issuer: exceet Group SE
Key word(s): Enterprise
28.02.2014 Dissemination of a Press Release, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: exceet Group SE
114, avenue Gaston Diderich
L-1420 Luxemburg
Grand Duchy of Luxembourg
Phone: +352 2600 3181
Fax: +352 2600 3133
E-mail: info@exceet.ch
Internet: www.exceet.ch
ISIN: LU0472835155, LU0472839819
WKN: A0YF5P, A1BFHT
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in München
End of News DGAP-Media
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255284 28.02.2014
(END) Dow Jones Newswires
February 28, 2014 13:16 ET (18:16 GMT)
