First Sensor starts fiscal year 2019 with profitable growth
- Sales reach EUR41.4 million, EBIT margin 9.9%
- Product groups photonics and pressure drive business in Industrial and Medical target markets
- Executive Board confirms guidance: Sales EUR160 million to EUR170 million, EBIT margin 8.5% to 9.5%
Sales totaled EUR41.4 million in the first quarter of 2019. This corresponds to an increase of EUR6.9 million compared with the previous year (EUR34.5 million). In particular, sales were up by EUR3.5 million in each of the two product groups pressure and photonics. Around 70% of quarterly sales were generated from customer-specific solutions here. EBIT also reflects the positive sales development. It amounted to EUR4.1 million, up EUR3.0 million on the previous year (EUR1.1 million). This increase is attributable to the higher sales level and an improved gross profit margin. The EBIT margin reached 9.9% in the first quarter of 2019 (previous year: 3.1%) and is slightly above the planned figure for the year as a whole.
"The first quarter of 2019 shows once again that our strategy for profitable growth is gradually kicking in and the instigated measures to improve economies of scale and operational excellence are taking effect," says Dr. Dirk Rothweiler, CEO of First Sensor AG. "The demand for our sensors for photonics and pressure is benefiting worldwide from the increasing digitalization and connectivity of industry, medical technology, and mobility. This lays the foundation for our aim of achieving annual sales growth of 10% in the medium term."
Target Markets
In the Industrial target market, First Sensor generated sales of EUR22.2 million in the first quarter of 2019. This was EUR5.9 million higher than in the previous year (EUR16.3 million). This is attributable to greater demand for imaging solutions and standard pressure sensors. In the Medical target market, sales amounted to EUR9.8 million in the first quarter of 2019. Compared to the first quarter of 2018 (EUR7.4 million), a sales increase of EUR2.4 million was achieved. This is attributable to increased volume requirements for imaging solutions in optical diagnostics as well as ongoing strong demand for H series pressure sensors for respirators. In the Mobility target market, sales amounted to EUR9.5 million in the first quarter of 2019, down EUR1.3 million on the previous year (EUR10.8 million). The decrease is due to a continuation of the geopolitically volatile situation and the resultant postponements of call-off orders.
Incoming Orders and Order Backlog
At EUR42.3 million, incoming orders are up EUR3 million on the previous year (EUR39.3 million). The book-to-bill-ratio of 1.02 signals further growth. The order backlog stood at EUR98.4 million in the first quarter of 2019, up EUR1.1 million on the previous year (EUR97.3 million). Around 70% of orders are scheduled for 2019 here.
Balance Sheet and Cashflow
As of March 31, 2019, total assets increased to EUR170.1 million (December 31, 2018: EUR168.4 million). With EUR36.5 million inventories increased by EUR4.3 million compared with December 31, 2018 (EUR32.2 million). This development stemmed from the strong order situation for the current fiscal year and the associated assurance of supply capability. With 11.8 Mio. Euro trade receivables decreased by EUR6.1 million as against the reporting date of December 31, 2018 (EUR17.9 million). This trend, already apparent in the 2018 annual financial statements, is continuing positively as a result of changed receivables management. Working capital stands at EUR36.1 million compared with EUR37.3 million in the previous year. This is attributable to the sharp fall in trade receivables, which more than makes up for the rise in inventories. For the same reason capital employed is reduced to EUR122.2 million (previous year: EUR123.1 million).
Cash flow from operating activities amounted to EUR5.5 million in the reporting period. This is an improvement of EUR5.4 million on the previous year (EUR0.1 million), and is attributable to the positive operating result. Cash flow from investing activities totaled EUR-2.5 million as at March 31, 2019. Consequently, it is up EUR0.5 million on the previous year (EUR-2.0 million) as a result of further investment in profitable growth. At the end of the first quarter, free cash flow amounted to EUR3.0 million, an improvement of EUR4.9 million on the previous year (EUR-1.9 million).
Outlook
For fiscal year 2019, the Executive Board expects sales of EUR160 million to EUR170 million in unchanged economic conditions. As a result of this sales growth, economies of scale and further measures to improve efficiency and productivity are likely to have a positive impact on profitability. On this basis, an EBIT margin of between 8.5% and 9.5% is still expected for fiscal year 2019. "Our EBIT margin is set to reach 10% in 2020," says CFO Dr. Mathias Gollwitzer.
The Interim Report Q1 2019 is available for download on the Internet at https://www.first-sensor.com/en/investor-relations/results-center/index.html.
Presentation of Q1 Interim Report on Tuesday, May 14, 2018 at 11 a.m. CEST: https://webcasts.eqs.com/firstsensor20190514
About First Sensor AG
Founded as a technology start-up in the early 1990s, today, First Sensor is a global player in sensor technology. Based on our know-how in chip design and production as well as microelectronic packaging, standard sensors and customer-specific sensor solutions are developed in the fields of photonics, pressure and advanced electronics for the ever-growing demand in key applications for the target markets of Industrial, Medical and Mobility. The strategy is aimed at profitable growth and focuses on key customers and products, forward integration and strengthening our international presence. First Sensor has been listed on the Frankfurt Stock Exchange since 1999 [Prime Standard Ι WKN: 720190 Ι ISIN DE0007201907 Ι SIS]. Further information: www.first-sensor.com.
Disclaimer
Statements in this report relating to future developments are based on a prudent estimate of future events. Actual events of the company may deviate significantly from planned events, as they depend on a large number of market and economic factors, some of which are outside of the company's control.
Key Figures at a Glance (rounding differences may arise)
| in EUR million, unless otherwise indicated |
Q1 17 |
Q2 17 |
Q3 17 |
Q4 17 |
Q1 18 |
Q2 18 |
Q3 18 |
Q4 18 |
Q1 2019 |
| Sales revenues |
34.3 |
34.6 |
39.3 |
39.3 |
34.5 |
39.9 |
40.8 |
40.0 |
41.4 |
| Industrial |
17.8 |
18.3 |
19.4 |
19.6 |
16.3 |
20.7 |
20.7 |
22.6 |
22.2 |
| Medical |
6.4 |
6.4 |
7.6 |
7.6 |
7.4 |
9.0 |
9.5 |
8.7 |
9.8 |
| Mobility |
10.1 |
9.9 |
12.3 |
12.1 |
10.8 |
10.2 |
10.5 |
8.7 |
9.5 |
| EBITDA |
4.0 |
3.8 |
6.3 |
5.5 |
3.3 |
5.2 |
6.9 |
5.9 |
6.4 |
| EBITDA margin (%) |
11.7 |
11 |
16 |
14.1 |
9.5 |
13.0 |
17.0 |
14.7 |
15.4 |
| EBITA |
2.4 |
2.2 |
4.7 |
3.6 |
1.6 |
3.6 |
5.1 |
3.6 |
3.6 |
| EBITA margin (%) |
6.9 |
6.3 |
11.9 |
9.3 |
4.7 |
8.9 |
12.6 |
9.0 |
8.6 |
| EBIT |
1.8 |
1.6 |
4.1 |
3.1 |
1.1 |
3.0 |
4.6 |
3.6 |
4.1 |
| EBIT margin (%) |
5.1 |
4.6 |
10.4 |
7.8 |
3.1 |
7.5 |
11.3 |
9.0 |
9.9 |
| EBT |
1.4 |
1.5 |
2.2 |
2.0 |
0.6 |
2.6 |
4.2 |
3.0 |
3.9 |
| EBT margin (%) |
4.1 |
4.4 |
5.5 |
5.2 |
1.8 |
6.4 |
10.4 |
7.5 |
9.4 |
| Net profit for the period |
1.2 |
0.8 |
0.9 |
1.3 |
0.2 |
2.1 |
3.4 |
1.8 |
2.7 |
| Earnings per share (EUR) |
0.13 |
0.08 |
0.09 |
0.13 |
0.02 |
0.21 |
0.33 |
0.17 |
0.26 |
| |
|
|
|
|
|
|
|
|
|
| Cash flow from operating activities |
-0.2 |
2.0 |
3.8 |
10.4 |
0.1 |
-2.0 |
6.0 |
11.8 |
5.5 |
| Free cash flow |
-2.5 |
-0.7 |
0.9 |
5.8 |
-1.9 |
-3.9 |
3.8 |
8.2 |
3.0 |
| |
|
|
|
|
|
|
|
|
|
| Balance sheet total |
154.6 |
153.1 |
158.3 |
159.6 |
159.2 |
156.9 |
162.1 |
168.4 |
170.1 |
| Shareholders' equity |
78.7 |
79.4 |
80.2 |
81.9 |
82.1 |
82.8 |
86.3 |
88.8 |
91.6 |
| Equity ratio (%) |
50.9 |
51.8 |
50.7 |
51.3 |
51.5 |
52.8 |
53.3 |
52.7 |
53.8 |
| Net dept |
27.3 |
28.0 |
27.5 |
22.8 |
25.2 |
30.5 |
26.9 |
19.5 |
16.7 |
| Working capital |
38.3 |
38.8 |
41.1 |
37.5 |
38.4 |
43.4 |
44.5 |
37.3 |
36.1 |
| |
|
|
|
|
|
|
|
|
|
| Incoming orders |
35.1 |
44.4 |
42 |
42.1 |
39.3 |
44.4 |
39.5 |
36.4 |
42.3 |
| Orders on hand |
88.9 |
90.7 |
96.5 |
92.5 |
97.3 |
102.1 |
100.7 |
97.6 |
98.4 |
| Book-to-bill-ratio |
1 |
1.3 |
1.1 |
1.1 |
1.14 |
1.11 |
0.97 |
0.91 |
1.02 |
| |
|
|
|
|
|
|
|
|
|
| Employees (FTE) |
783 |
784 |
784 |
798 |
811 |
830 |
845 |
863 |
863 |
| |
|
|
|
|
|
|
|
|
|
| Number of shares in thousand |
10,211 |
10,211 |
10,211 |
10,216 |
10,216 |
10,216 |
10,216 |
10,222 |
10,222 |
First Sensor AG
Peter-Behrens-Str. 15
12459 Berlin
Deutschland |
Contact
Corinna Krause
E-Mail: ir@first-sensor.com
T +49 30 639923-760 |
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