11.08.2016
First Sensor AG DE0007201907
DGAP-News: Strong sales and earnings growth at First Sensor during the first half of 2016
DGAP-News: First Sensor AG / Key word(s): Half Year Results
Strong sales and earnings growth at First Sensor during the first half of
2016
11.08.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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- Sales increase by 13 percent to 75.9 million Euros
- EBIT margin at 7.2% after six months
- Outlook for financial year 2016 remains unchanged
First Sensor AG, developer and manufacturer of customer-specific solutions
in the growth market of sensor systems recorded sales of 38.4 million Euros
for the second quarter of 2016 (previous year: 33.9 million Euros, which
represents an increase of 13.2%). Consequently, the dynamic growth
experienced during the first quarter of 2016 has continued, meaning that
the total sales for the first half of the year increased to 75.9 million
Euros (previous year: 67.2 million Euros, which represents an increase of
13.0%). The higher sales volume, the introduced process optimisations and
an advantageous product mix have all contributed to a markedly
disproportionate increase in profitability. The EBIT for the second quarter
of 2016 (3.3 million Euros) was more than double the figure achieved during
the same quarter from the previous year (1.4 million Euros). This results
in an EBIT of 5.5 million Euros for the first half of 2016 (previous year:
2.9 million Euros), which represents an EBIT margin of 7.2%.
"In a volatile environment, First Sensor was able to record a stable
business performance during the first half of the year. The current figures
indicate that we are continually developing opportunities for growth and
are also markedly increasing our profitability. And we are continuing to
work on this", says Dr. Mathias Gollwitzer, Chairman of First Sensor AG.
"Therefore, we believe we are in an excellent position to achieve our goals
for the entire year. This means increasing our sales from 145 to 150
million Euros and achieving an EBIT margin of between 5 and 6 percent. At
the same time, we do not believe we should distance ourselves from our set
objectives. The uncertainties in the overall economic environment and that
have an impact on our business are still too great to do so."
Segments
The decline experienced during the first quarter eased in the Industrial
Business Unit. Sales for the first half of the year amounted to 35.2
million Euros (previous year: 37.7 million Euros). Once again, the Medical
Business Unit recorded strong and stable growth; sales increased by 50% to
16.3 million Euros (previous year: 10.9 million Euros). Following the
above-average first quarter, the business performance in the Mobility
Business Unit stabilised and the sales figures illustrated dynamic growth
of approx. 30% to 24.4 million Euros (previous year: 18.6 million Euros).
Incoming orders and order volume
As expected, the order situation returned to normal during the second
quarter. Incoming orders accelerated significantly and, after six months,
amounted to 80.2 million Euros. Consequently, the order volume reached a
three-figure level for the first time (101.2 million Euros) and the book-
to-bill ratio is 1.06.
Balance and cash flow
Since the effective date 31.12.2016, the balance sheet total declined
slightly to 152.9 million Euros (31.12.2015: 153.5 million Euros). Due to
the sales growth, the working capital rose disproportionate by only 7.8%
from 36.5 to 39.4 million Euros. Since the start of the year, the debt-
equity ratio (net debt/EBITDA) has decreased from 2.9 to 2.32. Thanks to
the positive increase in the profit contribution, the net assets have
increased to 75.2 million Euros (31.12.2015: 71.3 million Euros), the net
asset ratio is 49.2%).
For the first half of the year, the operative cash flow amounted to 3.6
million Euros; the value for the previous year (-7.1 million Euros) was
still characterised by the completion of the factoring. Investments worth
2.1 million Euros were invested over the course of the first half of the
year and it is anticipated that this volume will increase during the second
half of the year. A balanced sum amounting to 5.0 million Euros was used
for financing activities, primarily in order to repay liabilities. The free
cash flow was positive and amounted to 1.5 million Euros (previous year:
-9.8 million Euros).
Employees
At June 30, 2016, the First Sensor Group employs a total of 792 people
(31.12.2014 773, which represents an increase of 2.5%). During the
reporting period, the sales per employee disproportionately increased from
88.0 to 96.7 million Euros, which represents an increase of 9.9%.
Outlook
For the current financial year 2016, the Management Board confirms its
forecast of increasing sales from 145 to 150 million Euros and, in doing
so, to first achieve an EBIT margin of between 5 and 6 percent. Over the
forthcoming years, the objective is to gradually increase the EBIT margin
to 10% whereby an annual sales growth of approximately 10 percent can be
expected. The aim is to constantly increase the value.
About First Sensor AG
First Sensor AG is one of the world's leading suppliers in the field of
sensor systems. Our company develops and manufactures standardized and
customized sensor solutions for applications in the Industrial, Medical and
Mobility growth markets. With over 800 employees, we are represented at six
German locations and also have development, production and sales sites in
the USA, Canada, Singapore, China, the Netherlands, Great Britain, France,
Sweden and Denmark along with a worldwide partner network. First Sensor AG
is a German public limited company and has been listed in the Prime
Standard of the German stock exchange in Frankfurt since 1999. For more
details on First Sensor, please visit www.first-sensor.com.
Quarterly Results at a Glance*
in EUR million, Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
unless otherwise
indicated
Sales revenues 33.3 33.9 35.4 35.1 37.5 38.4
Industrial 18.7 19.0 18.5 18.0 16.9 18.3
Medical 5.3 5.6 6.4 6.5 7.2 9.1
Mobility 9.3 9.3 10.6 10.6 13.4 11.0
EBITDA 3.9 3.7 1.7 2.1 4.5 5.6
EBITDA margin (%) 11.4 10.7 5.0 6.1 12.1 14.4
as compared to
total output
EBIT 1.5 1.4 -0.7 -1.0 2.2 3.3
EBIT margin (%)as 4.4 4.1 -1.9 -3.0 6.0 8.4
compared to total
output
Net profit for the 1.1 0.7 -1.3 -1.9 1.7 2.5
period
Earnings per share 0.10 0.06 -0.14 -0.19 0.16 0.25
(EUR)
Cash flow from -1.0 -6.1 6.1 6.1 3.4 0.2
operating
activities
Free cash flow -2.7 -7.1 4.5 3.5 2.5 -1.0
Balance sheet total 147.5 149.6 148.5 153.5 154.3 152.9
Shareholders' 73.7 74.3 73.1 71.3 72.8 75.2
equity
Equity ratio (%) 50.0 49.7 49.2 46.4 47.2 49.2
Net dept 32.8 40.3 36.1 33.0 31.0 32.1
Working capital 31.8 42.1 39.2 36.5 38.3 39.4
ROCE (%) 1.2 2.3 1.8 1.0 1.8 4.5
Incoming orders 34.9 43.3 28.6 35.5 31.4 48.8
Orders on hand 90.6 98.7 91.0 90.7 84.4 101.2
Book-to-bill-ratio 1.0 1.3 0.8 1.0 0.8 1.3
Employees (average 767 774 779 773 781 789
of the period)
Sales revenues per 43,4 43,8 45,5 45,4 48,0 48.7
employee
Number of shares in 10.135 10.141 10.147 10.155 10.155 10.717
thousand
*Rounding differences may arise.
Disclaimer
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 contact:
Peter-Behrens-Str. 15 Corinna Krause
12459 Berlin E-Mail: [email protected]
Deutschland T +49 30 639923-571
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11.08.2016 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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Language: English
Company: First Sensor AG
Peter-Behrens-Straße 15
12459 Berlin
Germany
Phone: +49 (0)30 63 99 23-760
Fax: +49 (0)30 63 99 23-719
E-mail: [email protected]
Internet: www.first-sensor.com
ISIN: DE0007201907
WKN: 720190
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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