20.03.2017
First Sensor AG DE0007201907
DGAP-News: First Sensor AG: First Sensor Closes 2016 at Upper End of Expectations
DGAP-News: First Sensor AG / Key word(s): Final Results
First Sensor AG: First Sensor Closes 2016 at Upper End of Expectations
20.03.2017 / 08:00
The issuer is solely responsible for the content of this announcement.
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First Sensor Closes 2016 at Upper End of Expectations
- Sales rise to EUR150.1 million, EBIT margin reaches 6.7%
- Fiscal year 2017 impacted by the scheduled expiration of a major order in
the Mobility segment at the end of last year: Guidance for 2017 forecasts
sales of EUR140-145 million, EBIT margin of 5-6%
First Sensor AG, a developer and manufacturer of standard products and
customer-specific solutions in the growth market of sensor systems,
increased its sales by 9.0% to EUR150.1 million in fiscal year 2016
(previous year: EUR137.7 million). The EUR150 million mark was thus exceeded
for the first time and a figure at the upper end of the forecast (EUR145-150
million) was achieved. With percentage increases of between 29.2% and 17.8%
compared to the previous year, the Medical and Mobility segments made a
particularly significant contribution to this positive development.
"The growth achieved in the past fiscal year not only shows that we are
continuing to participate in the strong growth of sensor technology, a key
technology that is essential to many innovations in different industries. In
addition, this success is also the result of our commitment to excellence,"
says Dr. Dirk Rothweiler, CEO of First Sensor AG. "For us, this begins with
customer collaboration. We use our technological expertise and application
know-how to help our customers develop the right product or find a
customized solution. But excellence also means ensuring efficiency at all
stages of the value chain with clear processes. This gives rise to powerful
sensors and sensor systems with tailored features that guarantee sustainable
success for both us and our customers."
The company thus achieved an EBIT margin of 6.7% in 2016, also putting it at
the upper end of its forecast (6-7%). This equates to EBIT of EUR10.0
million. EBITDA amounted to EUR19.4 million, corresponding to an EBITDA
margin of 12.9%. "With this result, we have demonstrated that First Sensor
is capable of translating the volume of business into a significant
improvement in profitability. This achievement is even more important to us,
and no doubt also to our shareholders, than the increase in sales," says Dr.
Mathias Gollwitzer, CFO of First Sensor AG. "It indicates that our
activities aimed at improving processes and increasing efficiency are
starting to bear fruit. And it also shows that we are coming closer step by
step to our goal of achieving an EBIT margin of 10%."
However, this positive business development will be impacted by the
scheduled expiration of a major order in the Mobility segment at the end of
last year. To compensate for this, internal growth of as much as EUR10
million will first have to be achieved over the course of the year.
Consequently, the Management Board is expecting a sales level in the region
of EUR140 million to EUR145 million in fiscal year 2017. This already takes
into account that the launch of new products may result in delays on the
customer's end. The Management Board is planning to generate an EBIT margin
of 5% to 6% in fiscal year 2017. The margin target is thus at the level of
the original EBIT forecast for fiscal year 2016 despite the lower sales
guidance compared to 2016.
Target markets
In the industrial target market, a decline in sales of 2.2% to EUR72.5
million (previous year: EUR74.1 million) was recorded in the past fiscal
year. This target market thus accounts for 48% of sales (previous year:
54%). However, the difference in sales of EUR1.6 million was far more than
offset by the business performance in the other two sales markets.
Particularly strong growth was recorded in the medical target market, where
sales rose by 29.2% to EUR30.7 million (previous year: EUR23.8 million). Its
share of total sales thus reached 21% (previous year: 17%). The mobility
target market also developed positively, with sales rising by 17.8% to
EUR46.9 million (previous year: EUR39.8 million). This represents 31% of
total sales (previous year: 29%).
Incoming orders and orders on hand
Incoming orders amounted to just EUR132.9 million after EUR142.3 million in
the previous year. This was largely due to a major order from an automobile
manufacturer that expired as scheduled in 2016. The book-to-bill ratio came
to 0.89 (previous year: 1.03) for reporting-date-related reasons. As a
result of the high level of sales in fiscal year 2016, orders on hand fell
from EUR90.7 million to EUR82.2 million over the course of the year (-9.4%).
Statement of financial position and cash flow
Total assets increased to EUR154.0 million in fiscal year 2016 (previous
year: EUR153.5 million). As a result of the retained earnings for fiscal
year 2016, the equity ratio rose to 50.3% (previous year: 46.4%). Cash and
cash equivalents amounted to EUR23.8 million at the end of the year
(previous year: EUR21.5 million). Working capital was reduced further
despite the rise in sales and amounted to EUR35.7 million as at the end of
2016 (previous year: EUR36.5 million). Cash flow from operating activities
increased by EUR11.6 million year-on-year from EUR5.0 million to EUR16.6
million. It was positively influenced in particular by the higher earnings
before taxes of EUR8.7 million (previous year: EUR-1.2 million). Free cash
flow reached EUR10.0 million (previous year: EUR-1.8 million), the highest
figure in the company's history. In the current fiscal year, the company
plans to make investments of between EUR8 million and EUR10 million.
Employees
The First Sensor Group had a total of 804 employees as at December 31, 2016,
compared with 773 in the previous year. The workforce expansion was
particularly attributable to sales, product management, and development.
Outlook
Based on a survey of its mostly small and medium-sized members, the German
AMA Association for Sensors and Measurement anticipates sales growth of 5.0%
in the current year. This represents a year-on-year increase of 1.0%. It
also expects the number of sensors used to double every five years and
forecasts a long-term increase to 100 sensors for each of the world's
inhabitants. In the medium and long term, the Management Board therefore
continues to anticipate growth rates averaging 10% over the next few years.
"These expectations are supported not only by market data, but also by our
many development projects, which are based on tangible customer
requirements," says Rothweiler. "By focusing on the high-growth industrial,
medical and mobility markets, we will continue to participate in trends such
as Industry 4.0, autonomous driving and miniaturization of medical
technology going forward and leverage these opportunities both
quantitatively and qualitatively. To achieve this, we will boost sales and
expand internationalization, initially continuing to focus on North America
and China. We will generate further growth on this basis."
The company is tapping further potential with a strong customer focus, which
it believes to be the key to success in sales and earnings. "We will focus
our efforts on improving profitability in 2017 as well. For this reason, we
are sticking to our motto of 'no sale at any cost'," says Gollwitzer. "This
means that we accept orders only if they make an adequate contribution to
earnings. In tandem with this, we will leverage further optimization
potential as planned in order to gradually improve profitability to an EBIT
margin of 10% over the coming years. The goal is to enhance value
continuously."
First Sensor in figures
in EUR million, unless otherwise 2012 2013 2014 2015 2016
indicated
Sales revenues 111.9 108.5 124.0 137.7 150.1
Industrial - - 68.4 74.1 72.5
Medical - - 20.4 23.8 30.7
Mobility - - 35.2 39.8 46.9
EBITDA 13.4 11.6 13.5 11.4 19.4
EBITDA margin (%) as compared to 12.0 10.7 10.9 8.3 12.9
total output
EBIT 3.6 2.7 4.1 1.2 10.0
EBIT margin (%) as compared to 3.1 2.5 3.2 0.9 6.7
total output
Net profit for the period 0.5 -0.5 0.4 -1.5 6.1
Earnings per share (EUR) 0.05 -0.05 0.02 -0.17 0.57
Cash flow from operating 10.0 13.1 12.2 5.0 16.6
activities
Free cash flow -2.9 5.9 7.5 -1.8 10.0
Balance sheet total 158.6 144.9 144.9 153.5 154.0
Shareholders' equity 69.9 70.0 72.0 71.3 77.5
Equity ratio (%) 44.1 48.3 49.7 46.4 50.3
Net dept -39.0 -35.8 -29.7 -33.0 24.4
Working capital 36.3 28.6 30.3 36.5 35.7
ROCE 2.6 2.3 3.4 1.0 8.5
Incoming orders 117.8 121.4 139.3 142.3 132.9
Orders on hand 73.4 73.7 86.4 90.7 82.2
Book-to-bill-ratio 1.05 1.11 1.12 1.03 0.89
Employees (average of the period) 691 686 719 770 791
Sales revenues per employee 161.9 158.2 172.5 178.9 186.7
Number of shares in thousands as 9.940 9.981 10.131 10.167 10.208
at 31.12.
About First Sensor AG
In the growth market of sensor systems, First Sensor develops and produces
standard products and customer-specific solutions for the ever-increasing
number of applications in the industrial, medical, and mobility target
markets. Based on innovative technology platforms, we develop products such
as chips, components, sensors, and entire 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 founded in Berlin 25 years ago and has been listed on the
Frankfurt Stock Exchange (SIS) since 1999 [Prime Standard Ι WKN: 720190 Ι
ISIN: DE0007201907 Ι SIS]. For more details on First Sensor, please visit
www.first-sensor.com.
Disclaimer
Statements in this Corporate News relating to future developments are based
on a prudent estimate of future events. Actual events may deviate 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.
Download
The consolidated financial report is available for download on the internet
at https://www.first-sensor.com/en/investor-relations/financial-publications
Events
It is intended to publish the Q1 Interim Report on May 18th, 2017.
The annual general meeting takes place on May 24th 2016 at 10:00 a.m. at the
Pentahotel Berlin
Köpenick, Grünauer Straße 1 in 12557 Berlin.
Printable images
If you require material, please contact us or visit
http://www.first-sensor.com/en/company/press/picture-archive/index.html.
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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20.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
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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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