ISRA VISION AG / Key word(s): Quarter Results
29.02.2012 08:09
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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ISRA VISION AG: 1st Quarter 2011/2012 - Revenues grow by 14 %, EBT by 16 %
Dynamic start into financial year 2011/2012
- ISRA continues double-digit profitable growth
- Revenue growth plus 14 % to 18.4 mill. EUR (compared to previous year's
quarter)
- EBT growth plus 16 % (compared to previous year's quarter)
- Gross margin with 60 % on target level (PY: 59 %)
- Good margins:
- EBITDA margin: 26 % (PY: 26 %; FY 10/11: 25 %)
- EBIT margin: 17 % (PY: 17 %; FY 10/11: 17 %)
- EBT margin: 16 % (PY: 15 %; FY 10/11: 16 %)
- Order backlog with 43 mill. euros at a high level
- Dividend proposal raised to 0.25 EUR (PY: 0.20 EUR)
- Profitable double-digit growth with at least stable margins expected
- Positive cash flow development expected with additional growth
- Continued focus on medium term revenue goal of 100 mill. EUR ('100+')
- External growth remains part of growth strategy
ISRA VISION AG (ISIN: DE 0005488100), one of the world's leading companies
of industrial image processing (Machine Vision), global market leader in
surface inspection systems, and one of the leading 3D Machine Vision
providers, continued its dynamic double-digit growth from the previous
financial year in the first quarter of the 2011/2012 financial year.
Quarterly revenues climbed by 14 percent to 18.4 million euros (PY: 16.1
million euros) and EBT (Earnings Before Taxes) increased by 16 percent to
3.2 million euros (PY: 2.7 million euros).
EBT margin to total output improved in the first three month (October 01 to
December 31, 2011) of the 2011/2012 financial year compared to the same
period of the previous year by one percentage point to 16 percent, thereby
continuing at the level of the last financial year (FY 10/11: 16 percent).
EBIT (Earnings Before Interest and Taxes) rose by 13 percent to 3.4 million
euros (PY: 3.0 million euros), which corresponds to an EBIT margin to total
output of 17 percent (PY: 17 percent; FY 10/11: 17 percent). EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization) improved
by eleven percent to 5.3 million euros (PY: 4.8 million euros) and reached
a margin of 26 percent, similar to the period of the previous year (FY
10/11: 25 percent) compared to total output.
The gross margin - an important indicator (total output minus material and
labor costs for production and engineering) - rose by one percentage point
to 60 percent compared to the same quarter of the previous year (PY: 59
percent). Equity capital increased to 99.9 million euros. This resulted in
an equity ratio of 58 percent (September 30, 2011: 57 percent). As a result
of the high order backlog on the reporting date December 31, 2011, cash
flow from operating activity amounted to 1.0 million euros (PY: 2.0 million
euros). With the good equity ratio and the available financial resources,
ISRA is has a solid capital base for future growth.
The strong order backlog of 43 million euros is also the result of
intensive sales activities. Order entries come from all important regions.
As expected, Europe and Asia have shown strong impulses. North America also
contributed to growth. After investments in expanding the regional presence
in Russia and South America, initial indications confirm the planned
development in these future growth regions for ISRA.
In the reporting quarter, ISRA grew in both segments. In the Surface Vision
sector, Paper, Metal, Specialty Paper and Print business units provide a
strong contribution to the high order backlogs. In the Industrial
Automation segment, in which ISRA is now concentrating almost exclusively
on the automotive industry, the dynamic growth increase of the last
financial year also continued in the reporting quarter. Strong demand was
recorded particularly from German and West European automobile
manufacturers. Intensified sales activities in North America and Asia also
show further impulses in these regions.
Revenues in the Surface Vision segment increased by 15 percent from 13.6
million euros to 15.6 million euros. In the Industrial Automation division,
revenues increased to 2.8 million euros (PY: 2.5 million euros).
Profitability also rose in both segments; EBIT for Surface Vision increased
by 14 percent to 2.8 million euros (PY: 2.5 million euros), which
corresponds to a margin to total output of 17 percent (PY: 17 percent). For
Industrial Automation, EBIT climbed from 0.5 million euros to 0.6 million
euros. This corresponds to an EBIT margin of 17 percent (PY: 18 percent)
compared to total output.
For the current financial year, the company plans to continue the positive
development from the first quarter for the Specialty Paper industry. Also
for the Print unit a continued positive business development is expected.
Paper profits from the recent innovations introduced to the market. In the
Plastics business area, ISRA significantly expanded its portfolio for this
dynamically growing industry with innovative applications. The sales and
marketing activities in the segments Glass and Metal will be further
intensified and new products will be introduced to the markets so that
revenues in these industries can also continue their positive development.
In the solar industry, the company relies particularly on new customers in
Asia.
In the 2011/2012 financial year, ISRA concentrates again on the
double-digit, profitable growth strategy. Important steps on this way are,
among others the successful introduction of innovative applications and
solutions. The considerably investments in innovations, the consequent
regional expansion of its presence around the globe, the creation of a
customer portfolio with internationally active major players as well as the
constant investments in the company organization have created a solid base
for additional growth. The company plans that revenue growth develops
stronger than investments in the future which will have a medium-term
beneficial effect on cash flow. Additional positive cash flow effects are
expected from the optimization of production through further lean
production measures to reduce the working capital.
Based on the profitable growth in the past financial year, management
proposed to the General Meeting the payment of an increased dividend of
0.25 euro per share (PY: 0.20 euro) for the 2010/2011 financial year,
thereby underscoring the continuous, sustainable dividend policy of recent
years.
Besides organic growth, pursuing external growth by acquiring suitable
companies also remains an important part of the long-term growth strategy.
For the target companies, a meaningful expansion of the product portfolio,
an increase of the market shares, the development of new markets and the
integrability are at the centre of the examinations in advance of an
acquisition. Management is currently actively concentrating on several
possible acquisition projects and, following a positive evaluation result,
plans on finalizing at least one of the projects in the next few months.
The positive growth in revenues in the first quarter of 2011/2012 and the
order backlog of 43 million euros are a solid basis for the current
financial year. For 2011/2012 (October 01, 2011 - September 30, 2012), the
company continues to plan double-digit organic revenue growth to more than
80 million euros and at least stable margins. Continued improvement of the
margins remains at the focus of management, just like the goal of
surpassing the revenue mark of 100 million euros over the medium term.
29.02.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ISRA VISION AG
Industriestr. 14
64297 Darmstadt
Germany
Phone: +49 (0)6151 9 48-0
Fax: +49 (0)6151 9 48-140
E-mail: investor@isravision.com
Internet: www.isravision.com
ISIN: DE0005488100
WKN: 548810
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: ISRA VISION AG: Dynamic start into financial year 2011/2012 - ISRA continues double-digit profitable growth
| Source: EQS Group AG