ISRA VISION Parsytec AG
Parsytec AG: 1st half 2006 EAT reaches the EUR 1.0 million threshold
Ad hoc announcement transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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1st half 2006 EAT reaches the EUR 1.0 million threshold
Gross margin rises to 60 %, cash growth + EUR 1.2 million in Q2
Expectation for FY 2006: revenue down slightly and order entry increasing
Aachen – August 8, 2006. Parsytec AG – the world’s leading producer of
surface inspection systems for strip products – announces its results for
the first six months of financial year 2006 as at June 30, 2006. The
accounting has been made according to International Financial Reporting
Standards (IFRS).
(EUR million) H1 2006 H1 2005 Q2 2006 Q2 2005
Order entry 13.2 13.5 7.4 5.8
Revenue 13.1 14.9 6.2 7.4
EBIT 1.4 1.0 0.6 0.6
EAT 1.0 0.7 0.5 0.4
Net return on revenue 7.3 % 4.4 % 7.6 % 5.0 %
RoE (before taxes) 11.5 % 9.0 % 11.3 % 10.0 %
Net return on revenue of 7.6 % EAT reaches the profitability level targeted
The favorable trend with the net return on revenue rising to 7.0 % in
Q1 2006 continued in Q2 2006, when the figure reached 7.6 %. As such, the
target for profitability of 7.5 % could be slightly topped in Q2, which
spells growth in profitability on the year of 2.6 percentage points. The
cumulative after-tax profit for 1st half 2006 amounts EUR 1.0 million, a 44
% improvement on the year. Earnings per share doubled to 7.6 euro cents.
Revenue decrease while gross margin and order entry rise
In Q2, 2006 revenue fell 11 % on the prior quarter and is 17 % down on the
year-before quarter. The EAT for Q2 (up 26 % on the prior year) meant that
the decline in revenue was offset by a gross margin 7 percentage points
higher. The main reason is the positive trend for manufacturing costs,
which were significantly reduced in the case of the new espresso SI product
due to the use of new technologies. Order entry was very positive, as it
was up 26 % on the prior quarter.
FY 2006: 7.5 % EAT and growing order entry expected
The Company assumes that the EAT of 7.3 % as achieved in 1st half 2006
bears out the validity of its target of a 7.5 % net return on revenue (EAT)
for the year as a whole. Particularly worthy of mention here are the
positive effects for the net return that result from the decidedly
gratifying trend for gross margins. Contrary to prior forecasting, annual
revenue is expected to be slightly down on the year. With order entry
rising on 2005, however, the signals of the revenue trend for the future
are positive. The Company thus thinks a turnaround is reached in the 2nd
and 3rd quarter of the current year, with book-to-bill ratios of >1 giving
cause to expect higher revenue again in the future. The cash development is
forecasted to be at least on a par with the expected rise in EAT.
(c)DGAP 08.08.2006
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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: DE0005089908
WKN: 508990
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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