Viscom : Interim Report as at 31 March 2024

2024

INTERIM REPORT as at 31 March 2024

Content

02 Foreword by the Executive Board

04 Viscom's shares

07 Interim Group management report

07 Basic information on the Group

07 Business model of the Group

11 Economic report

11 Macroeconomic and sector development

14 Summary analysis of the company's net assets, financial position and results of operations and course of business

1. Results of operations
2. Regional developments
3. Financial position
4. Net assets
5. Key figures on the Group's net assets, financial position and results of operations

19 Supplementary report

19 Report on risks and opportunities

19 Report on future developments in 2024

19 Economic conditions

21 Other disclosures

22 IFRS interim consolidated financial statements

1. Consolidated statement of comprehensive income
2. Consolidated statement of financial position: assets
3. Consolidated statement of financial position: equity and liabilities
4. Consolidated statement of cash flows
5. Statement of changes in equity

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Selected notes

Notes to the consolidated statement of comprehensive income

Responsibility statement

Financial calendar 2024

Viscom structure

Legal notice

Operating figures

Profit and loss

			3M 2024	3M 2023
	Revenues	K€	18,628	23,615
	EBIT	K€	-2,382	232
	Net profit for the period	K€	-1,947	-111

Balance sheet and cashflow statement figures

			3M 2024	3M 2023
	Total assets	K€	112,436	116,988
	Equity ratio	%	52.0	51.3
	Cash flow from operating activities	K€	9,111	4,637
	Cash flow from investing activities	K€	-1,303	-1,031
	Cash flow from financing activities	K€	-1,415	-1,191
	Cash and cash equivalents	K€	-18,708	-15,518

Shares

		3M 2024	3M 2023
Result per share	€	-0.22	0.00

Employees

	3M 2024	3M 2023
Employees on 31 March	597	578

VISCOM.

Vision Technology.

		Hanover
		Pari s
San José	Atlanta	Tunis	Shanghai
	Huizhou
Guadalajara		Bangalore
			Singapore

Founded:

1984 by Dr. Martin Heuser and Volker Pape

Number of employees worldwide:

597

World Market Leader:

Viscom is the No. 1 solution provider for automatic optical inspection in the automobile industry.

Headquarters and production:

"Made in Germany":

Hanover, Germany

Subsidiaries:

Viscom France S.A.R.L., Paris, France

Viscom Tunisie S.A.R.L., Tunis, Tunisia

Viscom Inc., Atlanta, Georgia, USA

Viscom Machine Vision Pte Ltd., Singapore

Viscom Machine Vision Trading Co. Ltd.,

Shanghai, China

VICN Automated Inspection Technology (Huizhou),

Huizhou, China Co., Ltd

VISCOM MACHINE VISION (INDIA) PRIVATE LIMITED,

Bangalore, India

Viscom Metallgestaltung GmbH, Langenhagen/

Hanover, Germany

Exacom GmbH, Hanover, Germany

VISCOM VXS S. DE R.L. DE C.V., Zapopan/

Guadalajara, Mexico

01

Foreword by the Executive Board

A growing reluctance to invest was already emerging among our customers in the second half of 2023. This situation grew worse in the first quarter of 2024. Owing to geopolitical uncertainty, the current economic difficulties and increased expenses for energy, raw materials and other materials and personnel, many of our customers are now even more cautious than one year ago. The scope for investment is further limited by interest rates and the associated elevated financing costs. In addition, there is currently not enough global stimulus for further growth leading to our customers expanding their capacities. The uncertain technological future of the automotive industry, which mainly affects electronics suppliers in the automotive sector, is likewise prompting greater restraint among our customers.

The currently weak demand on the markets squeezed our incoming orders to € 18.6 million (previous year: € 35.2 million). Customers have provided us with around 47 % fewer orders than in the previous year. In total, we generated revenue of

• 18.6 million in the first quarter of 2024, around 21 % less than the figure for the same period of the previous year (€ 23.6 million). EBIT was significantly impacted by the low gross revenue and amounted to € -2.4 million in the first three months of this financial year (previous year: € 0.2 million).

Demand for inspection systems from our company increased again over the course of the first quarter. We have received an unusually very high number of customers as visitors at our Hanover location. A lot of very specific projects are already being discussed with our customers in all regions around the world. We are therefore cautiously optimistic that the current situation will ease in the second half of 2024 and that customers will resume their projects and place orders with Viscom AG. We have also been able to reduce our dependency on the automotive sector in recent years. We have succeeded in securing a positioning in other growth areas as well, such as battery production, consumer electronics and the back-end of semiconductor production. As a result of this diversification, we are nonetheless well positioned to balance demand fluctuations in individual sectors in the 2024 financial year. Megatrends such as electrification, automation and digitalisation also offer good growth opportunities in new areas for Viscom in the coming years.

Group-wide measures to handle the current situation while preserving liquidity were introduced at the start of 2024. Investments that were not immediately necessary were halted or require an individual assessment by the Executive Board.

02

Furthermore, all non-personnel costs were reviewed and the savings possible were realized in the first quarter of 2024. Expenses for trade fairs and travel not relating directly to sales were scaled back. At the Hanover location, in close coordination with the Works Council, an agreement was reached to introduce short-time work from 1 March 2024, initially due to continue until the end of May 2024. As part of this package of measures, the dividend is to be reduced as well. On 29 May 2024, the Annual General Meeting will propose a dividend of € 0.05 per entitled share for the 2023 financial year. The proposal to pay a reduced dividend for the 2023 financial year and to carry forward the remaining amount to new account are intended to ensure that Viscom AG's financial and liquidity position remain solid moving forward. This does not affect the Group's fundamental dividend policy of distributing at least 50 % of consolidated net profit.

Even though the current situation is bleak, we are still cautiously optimistic for the 2024 financial year. We are therefore confirming our existing forecast for the 2024 financial year of incoming orders and revenue of between € 100 million and € 110 million with an EBIT-Margin of between 3 % and 8 %. This corresponds to EBIT of between € 3.0 and € 8.8 million.

Please continue to place your trust in us so that we look ahead to 2024 with confidence in spite of all the challenges.

The Executive Board

Carsten Salewski

Dr. Martin Heuser

Dirk Schwingel

03

Viscom's shares

Basic information on Viscom's shares

	German Securities Code Number (WKN)	784686
	ISIN	DE 000 7846867
	Ticker symbol	V6C
	Market segment	Regulated market (Prime Standard)
	Type of shares	No-par value bearer shares
	Share capital (€)	9,020,000
	Share capital (units)	9,020,000
	Number of voting shares	8,885,060
	Opening price on 2 January 2024	€ 7.90
	Closing price on 28 March 2024*	€ 5.35
	Percentage change	-23 %
	High on 9 January 2024*	€ 7.95
	Low on 8 March 2024*	€ 5.30
	Market capitalisation as at 28 March 2024	€ 48,257,000

* All share price information is based on XETRA daily closing prices

Share price performance

in the reporting period 1 January - 31 March 2024

The financial markets had a modest start to 2024. The ongoing geopolitical tension, fading hopes for interest rate cuts and rising market interest rates took a toll on the stock markets at the beginning of the year. In particular, technology stocks, which had risen rapidly in 2023, were high on investors' sell lists. However, driven by a mostly convincing corporate reporting season and the prospect of falling interest rates, market barometers climbed to new bests in February. The DAX, Germany's benchmark index, rose above 17,700 points for the first time in its history. Despite some geopolitical uncertainty and the ongoing discussion of inflation fore-

casts, investors remained optimistic and moved markets forwards in February. By contrast, the economic data for the German economy painted a sobering picture. Not only did the industry purchasing manager index reveal a decline in production, but GDP data also did not indicate any recovery for the economy in the near term. The stock markets nonetheless continued the positive trend in March. The DAX performed particularly well, setting a series of new records that peaked at 18,514 points. Meanwhile, small cap indices lagged behind this trend, and only the TechDAX benefited from the ongoing delight in AI.

04

Viscom AG's shares began the current financial year at a price of € 7.90 on 2 January 2024 and reached their high for the year to date at € 7.95 on 9 January 2024. Viscom's shares began the year tracking sideways. In February 2024, the high level of trading led to increasing downward pressure, and the willingness to sell Viscom shares continued without slowing for several weeks. Accompanied by high turnover, Viscom AG's share price had been gradually declining since the start of February.

Viscom AG's bleak prospects for the 2024 financial year have also had a negative effect on its market value. Viscom's shares fell to their low for the year to date at € 5.30 per share on 8 March 2024. The downward pressure then eased and the share price fluctuated between € 5.30 and € 5.70 until the end of March 2024. The average price of Viscom's stock was € 6.74 in the first three months of 2024, closing at € 5.35 per share as at the end of the quarter.

Share price performance

as against the DAX and TecDAX in the first three months of 2024

■ Viscom (Xetra): 67.7 %

■ DAX (Xetra): 110.3 % ■ TecDAX (Perf.) (Xetra): 103.9 %

1. %

1. %

1. %

1. %

1. %

1. %

1. %

1. %

1. %

1. %

| JAN

| FEB

| MAR

05

Shareholder structure

Freefloat 33.46 %

Shareholder of long standing 60.12 %

Allianz Retraite S.A. 4.92 %

Viscom AG 1.50 %

Viscom AG's shareholder structure is largely defined by the considerable investment held by its founders, Dr. Martin Heuser and Volker Pape. Dr. Heuser and Mr. Pape hold 60.12 % of the shares, either directly or through intermediary companies and foundations. Viscom AG itself holds 1.50 % of its own shares, which the company purchased under a share buyback programme in 2008/2009. 4.92 % of its shares are held by Allianz Retraite S.A. The 33.46 % of shares in free float are primarily held by investors in Germany and other European countries.

Investor Relations

The objective of our investor relations work is to enable all capital market participants to assess Viscom AG fairly. This is why we pursue a policy of continuous and transparent communication. Pareto Securities AS and EQUI.TS GmbH regularly cover and comment on Viscom's shares. The shares had two "buy" recommendations as at 31 March 2024.

Extensive information on Viscom's shares can be found in the Investor Relations section of the company's website at www.viscom.com.

You can also contact the Investor Relations department at the following address:

Viscom AG

Investor Relations

Sandra M. Liedtke

Carl-Buderus-Straße9-15

30455 Hanover

1. [phone]

1. [phone]

1. [e-mail]

06

Interim Group management report Basic information on the Group

Business model of the Group

Structure of the company and its investees

Viscom AG, Hanover (hereinafter: Viscom AG), is the parent company of the Viscom Group (here-inafter referred to as Viscom).

Viscom AG is entered in commercial register B of the Hanover Local Court under HRB 59616.

With subsidiaries in Asia, the Americas, Europe and Africa that are directly or indirectly wholly owned by Viscom AG, the Group has an efficient, market-oriented organisational structure. Viscom AG directly holds 85 % of the shares in Exacom GmbH. All the companies focus on their respective customer groups and their requirements. This enables them to act and respond quickly and flexibly. They also benefit from the advantages of belonging to a larger group, thus enabling the mutual sharing and utilisation of knowledge and experience. Production takes place exclusively in the Group's home base of Hanover. This means that Viscom enjoys the production advantages of one of the most highly developed industrial locations, allowing it to guarantee a very high quality level for its products.

In 2001, Viscom GmbH changed its legal form to that of a German stock corporation (Aktiengesellschaft) and became Viscom AG. The company's share capital is divided into 9,020,000 shares. 60.12 % of the shares are held by the company's founders Dr. Martin Heuser and Volker Pape, either directly or through intermediary companies and foundations. 4.92 % of its shares are held by Allianz Retraite S.A.

The Extraordinary General Meeting held on 20 August 2013 agreed to convert some of the committed capital reserves (€ 22,550 thousand) into free capital reserves (section 272(2) no. 4 of the Handelsgesetzbuch (HGB - German Commercial Code)) by way of an increase in the company's share capital from corporate funds without issuing new shares and a subsequent reduction in capital. This was in accordance with the proposals of the Executive Board and Supervisory Board published in the German Federal Gazette (Bundesanzeiger) on 10 July 2013.

Under item 7 of the agenda, the Annual General Meeting of the company on 8 June 2021 resolved to create new authorised capital (Authorised Capital 2021) with the option to disapply shareholders' pre-emption rights in certain cases. Authorised Capital 2021 was entered in the competent commercial register on 15 June 2021. It is limited to the end of 7 June 2026. Regarding this authorisation, the Executive Board and the Supervisory Board of Viscom AG, Hanover, hereby announce that the Executive Board and the Supervisory Board of Viscom AG adopted the following unanimous resolution on

8 December 2023:

"For the duration of the authorisation, i.e. until the end of 7 June 2026, the Executive Board and the Supervisory Board of Viscom AG issue the following irrevocable pledge that will be permanently accessible in the Investor Relations section of the company's website:

The total number of shares issued on the basis of the authorisations to disapply pre-emption rights in accordance with item 7 of the agenda of the Annual General Meeting of

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