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DGAP-News: First Sensor AG / Key word(s): 9-month figures
First Sensor successfully closes the first nine months of 2016
10.11.2016 / 07:59
The issuer is solely responsible for the content of this announcement.
- Sales increase by 11.8 percent to EUR 114.7 million
- EBIT margin above planned level at 7.3%
- EBIT margin forecast for 2016 as a whole raised to 6 to 7%
- Dr. Dirk Michael Rothweiler will start work on January 1, 2017
First Sensor AG, developer and manufacturer of customer-specific solutions in the growth market of sensor systems recorded sales of EUR38.8 million in the third quarter, which corresponds to a 9.6% increase year-on-year (EUR35.4 million). This resulted in sales growth of 11.8% in the first nine months of fiscal year 2016 compared to the same period of the previous year. The increase from EUR102.6 million to now EUR114.7 million is based in particular on the rising demand for products in the medical and mobility target markets.
This sales growth also further increased profitability. Earnings before interest and taxes (EBIT) for the nine-month period were EUR8.4 million (previous year: EUR2.3 million) and the margin amounted to 7.3% overall. In the third quarter of 2016, EBIT exceeded the expected 5% to 6% and reached around 7.4%. This equates to EBIT of EUR2.9 million (previous year: EUR-0.7 million).
"On the basis of these figures and with an eye on the months ahead, we expect, as reported in October, to exceed our EBIT forecast from March 2016. We now anticipate an EBIT margin of 6-7% for fiscal year 2016. This positive development is due to the efficiency improvements now taking effect", says Dr. Mathias Gollwitzer, CFO of First Sensor AG. The company has thus come a good way closer to its goal of achieving an EBIT margin of 10% in the medium term. Gollwitzer: "Of course, there is plenty to do. With regard to our incoming orders, we have set the course in the form of new development projects."
Segments
In the Industrial segment, sales of EUR18.6 million were generated in the third quarter (previous year: EUR18.4 million). The sales of EUR53.8 million achieved in the first nine months therefore remain EUR2.3 million (- 4.1 percent) down on the previous year's figure after the weaker first quarter. This was due to a shift in the pattern of delivery call-offs to existing customers.
With sales of EUR7.8 million in the third quarter (previous year: EUR6.4 million), the Medical segment is successfully continuing its growth trajectory, even though the level of sales in the outstanding second quarter of 2016 could not be reached again. With sales of EUR24.1 million after nine months, sales were increased by EUR6.8 million (+ 39.3 percent) year on year.
The Mobility segment generated sales of EUR12.4 million in the third quarter (previous year: EUR10.6 million), again proving one of First Sensor's main growth drivers. For the first nine months, this results in growth of 26 percent or of over EUR7.6 million on the previous year's figure to EUR36.8 million (previous year: EUR29.2 million).
Incoming orders and order volume
Incoming orders declined to EUR24.0 million in the third quarter. This was influenced by an order from an OEM in the automotive sector that is known to be expiring, which would have been booked at EUR5.6 million on this date. At EUR103.6 million, however, incoming orders after nine months were not materially below the figure for the previous year (EUR106.8 million). Incoming orders of course affected the orders on hand, which fell to around EUR77.3 million. This resulted in a book-to-bill ratio of 0.6; including the expiring order it would have been 0.8. Development projects that will offset this effect are already up and running. The book-to-bill ratio has no impact on short-term sales development.
Balance and cash flow
The small increase in total assets is due largely to the rise in trade receivables as a result of the sales growth. Net debt fell by EUR3.6 million compared with year-end to total EUR29.4 million. The equity of EUR76.8 million, which increased as a result of the positive results of the first nine months of 2016, corresponds to an equity ratio of 49.7% (previous year: 46.4%). Cash flow from operating activities also developed markedly positively in the third quarter of 2016 and amounted to EUR5.2 million. The low investment volume of EUR1.7 million remains rather below average and is due to postponements of investment projects. Cash flow from financing activities mainly reflects the steady repayment of money market loans, which accounts for EUR1.5 million of the EUR2.0 million total. After the first nine months of 2016, free cash flow was almost exactly EUR5 million (previous year: EUR-5.3 million).
Employees
At September 30, 2016, the First Sensor Group employs a total of 796 people (previous year: 779).
The growing productivity of First Sensor AG and the effect of economies of scale are also reflected in the sales per employee, which are increasing steadily. They saw another increase to EUR48.8 thousand in the third quarter.
Outlook
The Management Board has raised its forecast for the current fiscal year 2016 in October 2016. Based on the latest estimate, sales are expected to fall within the planned range at year-end (EUR145-150 million), while the EBIT margin is expected to be around one percentage point above the planned margin and amount to 6% to 7%. This positive development is the result of extensive efficiency improvements.
Staff news
The Supervisory Board has agreed with the designated CEO of First Sensor AG, Dr. Dirk Michael Rothweiler, that he will take up his position on January 1, 2017. Dr. Rothweiler was most recently in charge of the global optics activities of the Jenoptik Group.
About First Sensor AG
In the growth market of sensor systems, First Sensor develops and produces customer-specific solutions for the ever-increasing number of applications in the industrial, medical, and mobility target markets. Based on tried-and-tested technology platforms, we develop products from chips to complex sensor systems. Trends such as Industry 4.0, autonomous driving, and the miniaturization of medical technology will drive our growth extremely rapidly in the future. First Sensor was established 25 years ago in Berlin and has been listed on the Frankfurt Stock Exchange since 1999 [Prime Standard Ι WKN: 720190 Ι ISIN: DE0007201907 Ι SIS]. More information: www.first-sensor.com.
Quarterly Results at a Glance*
| in EUR million, unless otherwise indicated |
Q1 2015 |
Q2 2015 |
Q3 2015 |
Q4 2015 |
Q1 2016 |
Q2 2016 |
Q3 2016 |
| Sales revenues |
33.3 |
33.9 |
35.4 |
35.1 |
37.5 |
38.4 |
38.8 |
| Industrial |
18.7 |
19.0 |
18.4 |
18.0 |
16.9 |
18.3 |
18.6 |
| Medical |
5.3 |
5.6 |
6.4 |
6.5 |
7.2 |
9.1 |
7.8 |
| Mobility |
9.3 |
9.3 |
10.6 |
10.6 |
13.4 |
11.0 |
12.4 |
| EBITDA |
3.9 |
3.7 |
1.7 |
2.1 |
4.5 |
5.5 |
5.4 |
| EBITDA margin (%) as compared to total output |
11.4 |
10.7 |
5.0 |
6.1 |
12.1 |
14.4 |
13.5 |
| EBIT |
1.5 |
1.4 |
-0.7 |
-1.0 |
2.2 |
3.2 |
2.9 |
| EBIT margin (%) as compared to total output |
4.4 |
4.1 |
-1.9 |
-3.0 |
6.0 |
8.4 |
7.4 |
| Net profit for the period |
1.1 |
0.7 |
-1.3 |
-1.9 |
1.7 |
2.4 |
1.7 |
| Earnings per share (EUR) |
0.10 |
0.06 |
-0.14 |
-0.19 |
0.16 |
0.22 |
0.16 |
| |
|
|
|
|
|
|
|
| Cash flow from operating activities |
-1.0 |
-6.1 |
6.1 |
6.1 |
3.4 |
0.2 |
5.2 |
| Free cash flow |
-2.7 |
-7.1 |
4.5 |
3.5 |
2.5 |
-1.0 |
3.5 |
| |
|
|
|
|
|
|
|
| Balance sheet total |
147.5 |
149.6 |
148.5 |
153.5 |
154.3 |
152.9 |
154.6 |
| Shareholders' equity |
73.7 |
74.3 |
73.1 |
71.3 |
72.8 |
75.2 |
76.8 |
| Equity ratio (%) |
50.0 |
49.7 |
49.2 |
46.4 |
47.2 |
49.2 |
49.7 |
| Net debt |
32.7 |
40.3 |
36.1 |
33.0 |
31.0 |
32.1 |
29.4 |
| Working capital |
31.8 |
42.1 |
39.2 |
36.5 |
38.3 |
39.4 |
40.0 |
| ROCE (%) |
1.2 |
2.3 |
1.8 |
1.0 |
1.8 |
4.5 |
6.9 |
| |
|
|
|
|
|
|
|
| Incoming orders |
34.9 |
43.3 |
28.6 |
35.5 |
31.4 |
48.2 |
24.0 |
| Orders on hand |
90.6 |
98.7 |
91.0 |
90.7 |
84.4 |
101.2 |
77.3 |
| Book-to-bill ratio |
1.0 |
1.3 |
0.8 |
1.0 |
0.8 |
1.3 |
0.6 |
| |
|
|
|
|
|
|
|
| Employees (average of the period) |
767 |
774 |
779 |
773 |
783 |
792 |
796 |
| Sales revenues per employee in EUR thousand |
43.4 |
43.8 |
45.5 |
45.4 |
48.0 |
48.5 |
48.8 |
| |
|
|
|
|
|
|
|
| Number of shares in thousand |
10,152 |
10,153 |
10,160 |
10,167 |
10,167 |
10,171 |
10,172 |
*Rounding differences may arise.
Disclaimer
The consolidated interim financial report as at September 30, 2016 is available for download on the Internet at http://www.first-sensor.com/en/investor-relations/financial-publications/quarterly-reports/. This report contains statements of a predictive nature and does not represent any incitement to purchase shares of First Sensor AG. but rather is intended exclusively for information purposes with regard to possible future developments at the company. All future-oriented information in this consolidated financial report were produced on the basis of probability-based plan and represent statements regarding the future which cannot be guaranteed.
First Sensor AG
Peter-Behrens-Str. 15
12459 Berlin
Germany |
Contact:
Corinna Krause
Mail: ir@first-sensor.com
P +49 30 639923-571 |
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10.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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