13.08.2018
First Sensor AG DE0007201907
DGAP-News: First Sensor grows by 15.6% in the second quarter of 2018
DGAP-News: First Sensor AG / Key word(s): Half Year Results
First Sensor grows by 15.6% in the second quarter of 2018
13.08.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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First Sensor grows by 15.6% in the second quarter of 2018
- Sales reached EUR 39.9 million in the second quarter
- EBIT margin within the target range for the year as a whole at 7.5%
- Order backlog of EUR 102.1 million and book-to-bill ratio of 1.13 lend
further tailwind
- Management Board confirms sales and earnings forecast for fiscal year 2018
First Sensor AG, a developer and manufacturer of standard products and
customer-specific solutions on the growth market of sensor technology,
generated sales of EUR 39.9 million in the second quarter of 2018. This
equates to growth of 15.6% on Q1 2018 (EUR 34.5 million) and the same period
of the previous year (EUR 34.6 million). EBIT reached EUR 3.0 million in the
second quarter of 2018 compared to EUR 1.1 million in the first quarter and
EUR 1.6 million in the previous year. This corresponds to an EBIT margin of
7.5%. In the first half of the year, sales grew by 7.9% to EUR 74.4 million
(previous year: EUR 68.9 million), and the EBIT margin was 5.5% (previous
year: 4.9%). With net profit for the period of EUR 2.3 million (previous
year: EUR 2.1 million), earnings per share amounted to EUR 0.22 (previous
year: EUR 0.19).
"After having generated sales only at the previous year's level in the first
quarter as a result of reduced output in connection with our ERP system
launch, we gained ground in the second quarter as planned. We achieved the
highest quarterly sales in the company's history at EUR 39.9 million," says
Dr. Dirk Rothweiler, CEO of First Sensor AG. "At the same time, the high
order backlog and the continued high demand for standard products, sensor
solutions and integrated manufacturing services from First Sensor provide a
very good foundation for a successful second half of the year."
"As a consequence of the sales growth, the EBIT margin has also returned to
the target range. This shows the importance of scaling for our company and
that we are on the right track to grow profitably with volume," adds CFO Dr.
Mathias Gollwitzer. "For the rest of the year, we expect increasing
profitability as a result of rising sales and stimuli from the efficiency
programs. We are therefore confident of achieving our sales and earnings
targets for fiscal year 2018."
Target markets
In the industrial target market, First Sensor generated sales of EUR 37.3
million in the first half of 2018. They were therefore EUR 1.2 million
higher than the figure for the same period of the previous year (EUR 36.1
million). This equates to growth of 3.4% and shows that the supply backlog
from the first quarter has not been fully eliminated. Increasing sales
contributions are expected as the year progresses. In the medical target
market, sales of EUR 16.3 million meant that sales grew by EUR 3.5 million
compared to the first half of 2017 (EUR 12.8 million). This is primarily
attributable to optical diagnostics customers, for whom imaging sensors are
constructed, and to increased demand for H series standard pressure sensors
for respiratory devices. In the mobility target market, sales reached EUR
20.7 million in the first half of 2018. This equates to growth of EUR 0.7
million compared to the first half of 2017 (EUR 20.0 million).
Incoming orders and orders on hand
Incoming orders amounted to EUR 83.7 million as of June 30, 2018 (previous
year: EUR 79.5 million). The book-to-bill ratio, an important growth
indicator, came to 1.13 as at the reporting date (previous year: 1.15). At
the same time, the order backlog continued to increase to EUR 102.1 million
(previous year: EUR 90.7 million). The order backlog and incoming orders
offer good opportunities for dynamic business performance in the second half
of the year.
Statement of financial position and cash flow
The company still has a sound balance sheet structure. Total assets changed
slightly by EUR 2.7 million to EUR 156.9 million compared to EUR 159.6
million as of December 31, 2017. The increase in inventories to EUR 27.6
million (December 31, 2017: EUR 24.6 million) was a significant change,
which enables an improvement in delivery capacity as sales and incoming
orders continue to rise. The increase was financed from cash and cash
equivalents. In connection with the high level of sales, trade receivables
also increased by EUR 4.1 million compared with December 31, 2017 (EUR 20.8
million), to EUR 24.9 million. Net debt increased by EUR 7.7 million to EUR
30.5 million. Equity increased compared to the first half of 2017 to EUR
82.8 million (previous year: EUR 81.9 million), and the equity ratio was
52.8% (previous year: 51.8%).
The First Sensor Group's growth is also reflected in its cash flow. The
operating cash flow amounted to EUR -1.9 million (previous year: EUR 1.8
million), which is attributable to the increase in inventories and higher
trade receivables, which is temporarily tying up greater liquidity. Positive
operating cash flow is to be expected over the rest of the year. In
association with this, improved free cash flow is also expected, having
amounted to EUR -5.8 million in the first half of 2018 (previous year: EUR
-3.2 million). Cash flow from investing activities fell by EUR 1.1 million
to EUR 3.9 million in the first half of the year (previous year: EUR 5.0
million) and will continue to develop steadily over the year as a whole. The
cash flow from financing activities amounts to EUR -2.4 million (previous
year: EUR -1.2 million) and shows regular repayments of loan liabilities in
the amount of EUR 1.3 million and a new loan of EUR 0.9 million in the
period under review. The difference from the end of the previous year in the
amount of EUR -1.2 million was chiefly due to the dividend payment.
Employees
The First Sensor Group had an average of 818 employees (FTE) as of June 30,
2018, compared to 782 in the first half of 2017. This is attributable to new
hires in production and development to secure further growth. Sales per
employee improved to EUR 91.0 thousand (previous year: EUR 88.1 thousand).
Outlook
After a rather modest start, business performance in the first six months of
fiscal year 2018 was in line with the Executive Board's expectations
overall. Together with the continuingly positive book-to-bill ratio and the
high order backlog, most of which will already result in sales during the
second half of the year, the conditions are in place to achieve the sales
target of between EUR 150 million and EUR 160 million for the year as a
whole. With the efficiency projects being implemented further and the
business forecasts increasingly proving accurate, the Executive Board
confirms the target of achieving an EBIT margin of between 7% and 9% at end
of the year.
The Interim Report 6M 2018 is available for download on the Internet at
http://www.first-sensor.com/de/investor-relations/finanzpublikationen/quartalsberichte.
The results are presented by the Executive Board on Monday, August 13, 2018
at 2 p.m. CEST: https://webcasts.eqs.com/firstsensor20180813/no-audio
Quarterly Results at a Glance*
in EUR million, unless H1 H1 H1 H1 H1 H1
otherwise indicated, 2013 2014 2015 2016 2017 2018
*rounding differences
may arise
Sales revenues 53.4 59.3 67.2 75.9 68.9 74.4
Industrial - 32.8 37.8 35.2 36.1 37.3
Medical - 9.8 10.9 16.3 12.8 16.3
Mobility - 16.6 18.7 24.4 20.0 20.7
EBITDA 6.1 6.8 7.6 10.1 7.8 8.4
EBITDA margin (%) 11.8 11.1 11.0 13.2 11.3 11.3
EBITA 3.1 3.8 4.2 6.9 4.5 5.2
EBITA margin (%) 5.9 6.4 6.2 9.0 6.6 7.0
EBIT 3.1 3.8 2.9 5.5 3.4 4.1
EBIT margin (%) 6.0 6.2 4.3 7.2 4.9 5.5
EBT 0.4 1.3 2.1 4.7 3.0 3.2
EBT margin (%) 0.7 2.2 3.1 6.2 4.3 4.3
Net profit for the 2.4 2.4 1.8 4.2 2.1 2.3
period
Earnings per share 0.24 0.23 0.17 0.38 0.19 0.22
(EUR)
Cash flow from 7.0 3.6 -7.1 3.6 1.8 -1.9
operating activities
Free cash flow 1.7 1.2 -9.8 1.5 -3.2 -5.8
Balance sheet total 151.8 148.8 149.6 152.9 153.1 156.9
Shareholders' equity 70.7 72.0 74.3 75.2 79.4 82.8
Equity ratio (%) 46.6 48.4 49.7 49.2 51.8 52.8
Net dept 37.3 34.6 40.3 32.1 28.0 30.5
Working capital 28.8 31.3 42.1 39.4 38.8 43.4
Incoming orders 66.3 78.8 78.2 80.2 79.5 83.7
Orders on hand 78.8 93.5 98.7 101.2 90.7 102.1
Book-to-bill-ratio 1.24 1.33 1.16 1.06 1.15 1.13
Employees (FTE, 679 702 764 785 782 818
average of period)
Sales revenues per 78.6 84.5 88.0 96.7 88.1 91.0
employee in thousand
EUR
Number of shares in 9,940 10,093 10,152 10,171 10,211 10,216
thousand
About First Sensor
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 in 1991 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
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.
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13.08.2018 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.
The DGAP Distribution Services include Regulatory Announcements,
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Archive at www.dgap.de
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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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