10.11.2016
First Sensor AG DE0007201907
DGAP-News: First Sensor successfully closes the first nine months of 2016
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.
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- 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3
million, 2015 2015 2015 2015 2016 2016 2016
unless
otherwise
indicated
Sales 33.3 33.9 35.4 35.1 37.5 38.4 38.8
revenues
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 11.4 10.7 5.0 6.1 12.1 14.4 13.5
(%) as
compared to
total output
EBIT 1.5 1.4 -0.7 -1.0 2.2 3.2 2.9
EBIT margin 4.4 4.1 -1.9 -3.0 6.0 8.4 7.4
(%) as
compared to
total output
Net profit 1.1 0.7 -1.3 -1.9 1.7 2.4 1.7
for the
period
Earnings per 0.10 0.06 -0.14 -0.19 0.16 0.22 0.16
share (EUR)
Cash flow -1.0 -6.1 6.1 6.1 3.4 0.2 5.2
from
operating
activities
Free cash -2.7 -7.1 4.5 3.5 2.5 -1.0 3.5
flow
Balance sheet 147.5 149.6 148.5 153.5 154.3 152.9 154.6
total
Shareholders' 73.7 74.3 73.1 71.3 72.8 75.2 76.8
equity
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 31.8 42.1 39.2 36.5 38.3 39.4 40.0
capital
ROCE (%) 1.2 2.3 1.8 1.0 1.8 4.5 6.9
Incoming 34.9 43.3 28.6 35.5 31.4 48.2 24.0
orders
Orders on 90.6 98.7 91.0 90.7 84.4 101.2 77.3
hand
Book-to-bill 1.0 1.3 0.8 1.0 0.8 1.3 0.6
ratio
Employees 767 774 779 773 783 792 796
(average of
the period)
Sales 43.4 43.8 45.5 45.4 48.0 48.5 48.8
revenues per
employee in
EUR thousand
Number of 10,152 10,153 10,160 10,167 10,167 10,171 10,172
shares in
thousand
*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 Contact:
Peter-Behrens-Str. 15 Corinna Krause
12459 Berlin Mail: [email protected]
Germany 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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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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