ISRA VISION AG / Key word(s): Preliminary Results
16.12.2013 07:59
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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ISRA VISION AG: Financial Year 12/13 - Growth in revenue and profit as
forecasted - Profit double-digit
New financial year started with positive order entry dynamics - Profitable
growth continues - 100 mill. euros within reach
- Increased profitability despite challenging market environment
- EBT 16.5 mill. euros (FY 11/12: 14.9 mill. euros), + 11%
- EBIT 17.3 mill. euros (FY 11/12: 15.5 mill. euros), + 12%
- Revenues approx. 90 mill. euros (FY 11/12: 83.9 mill. euros), + 7%
- EBT margin to total output 17% (FY 11/12: 16%), + 1%
- Operative cash flow increased to 15.6 mill. euros (FY 11/12: 11.4 mill.
euros), Net cash flow at 2.1 mill. euros
- Good order entry dynamics in the first months of the new financial year
- Order backlog of approx. 51 mill. euros (PY: approx. 47 mill. euros)
- Solar business with new strong impulses from Asia
- GP Solar integration progresses as planned - restructuring is taking
effect
- Earnings per share + 8% to 2.64 euros (FY 11/12: 2.44 euros)
- Guidance: Profitable growth expected for the 13/14 financial year, 100
mill. euros revenues within reach - detailed forecast in February 2014
ISRA VISION AG (ISIN: DE 0005488100), one of the world's leading companies
of industrial image processing (Machine Vision), global market leader for
surface inspection systems, and one of the leading 3D machine vision
providers, again confirmed the forecasted growth course as it has done in
the previous thirteen trading years. The company increased revenues to 89.5
million euros and the net profit to 11.6 million euros - a plus of 7
respectively 8 percent. With a double-digit EBT growth of 11 percent and an
EBT margin to total output of 17 percent (FY 11/12: 16%), ISRA continues
its profitable growth despite the challenges in some regions and industries
as well as the restructuring and integration of GP Solar. The intensive
efforts in cash management show an operative cash flow that improved to
15.6 million euros (FY 11/12: 11.4 mill. euros). Earnings per share after
taxes rose to 2.64 euros (FY 11/12: 2.44 euros), a plus of 8 percent. Thus
the company has laid a good basis for continuing the sustainable dividend
strategy (PY: 0.30 euros per share).
The 2012/2013 financial year was another successful step on the way to the
revenue goal of 100 million euros. As forecasted, revenues increased -
based on audited, but not yet certified figures - to 89.5 million euros (FY
11/12: 83.9 mill. euros), the total output to 99.8 million euros (FY 11/12:
93.5 mill. euros) - in each case a plus of 7 percent. The gross margin
(total output minus cost of materials and labor of production and
engineering) with 60 percent (FY 11/12: 60%) confirms again the overall
strong margin level of the company. EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization) rose by 8 percent to 26.2 million
euros (FY 11/12: 24.2 mill. euros), the EBITDA margin was at 26 percent,
referenced to total output (FY 11/12: 26%). A growth of 12 percent to 17.3
million euros (FY 11/12: 15.5 mill. euros) was achieved by EBIT (Earnings
Before Interest and Taxes), which corresponds to an EBIT margin to total
output of 17 percent (FY 11/12: 17%) and 19 percent to revenues (FY 11/12:
18%). EBT (Earnings Before Taxes) increased by 11 percent to 16.5 million
euros (FY 11/12: 14.9 mill. euros), while the EBT margin improved by one
percentage point to 17 percent to total output (FY 11/12: 16%), and was at
18 percent to revenues (FY 11/12: 18%). Operative cash flow significantly
raised to 15.6 million euros (FY 11/12: 11.4 mill. euros), net cash flow
reached 2.1 million euros (FY 11/12: 1.7 mill. euros). Equity ratio amounts
to 57 percent as of 09-30-2013 - one percentage point higher compared to
the same period of the previous year (PY 11/12: 56%). Given this equity
ratio and the available financial means, ISRA has a solid capital resources
for future growth.
With respect to the regional business development, ISRA profits from its
strong worldwide presence. The company increased its revenues particularly
in Asia - and here specifically in China - as well as in North and South
America. In Europe, the economic situation and the associated investment
delays in certain countries lead to a more restrained business. For the
current financial year, ISRA again anticipates a good development in Asia
and America. In Europe, new impulses are expected for the second half of
2013/2014. The expansion on the international markets continues to remain
an elementary component of the growth strategy.
In the 2012/2013 financial year, ISRA maintained its market position
worldwide in both segments, Surface Vision and Industrial Automation. In
the Industrial Automation sector, in which sales activities are focused
almost exclusively on the automotive industry, revenues rose by 13 percent
to 24.3 million euros (FY 11/12: 21.5 mill. euros). EBIT increased by 25
percent to 4.8 million euros (FY 11/12: 3.8 mill. euros), the EBIT margin
improved - similar to the previous year - by one percentage point to 17
percent to total output (FY 11/12: 16%). For the current financial year,
the company continues to assume a good development in this segment.
Revenues in the Surface Vision sector raised to 65.3 million euros (FY
11/12: 62.4 mill. euros), a plus of 5 percent. EBIT amounted to 12.5
million euros (FY 11/12: 11.7 mill. euros), the EBIT margin to 17 percent
to total output (FY 11/12: 17%). A good contribution to revenues was made
by Paper, Plastic and Print. The business in the glass industry profited
from new product introductions, particularly in the second half of the
year. The dynamics in this segment also continues at the beginning of the
new financial year. A similar development can be seen for order entries
from the specialty paper industry in the first quarter of 2013/2014,
leading to a more positive forecast for the new financial year. In order to
compensate for the effect of investment delays in the metal industry -
predominantly in the steel segment - the worldwide sales activities were
intensified by product innovations and investments in marketing and sales.
The order entries expected for the near future are the first signs of
slight market stimulation. In the solar business, ISRA is strategically
well positioned with the integration of GP Solar and was already able to
profit from the increasing demand coming especially from Asia by several
large-scale orders at the beginning of the new financial year.
Besides the organic, the external growth through acquisitions of suitable
companies is an additional important component of the long-term company
strategy. Based on the previous successful acquisitions, ISRA features
extensive experience in the acquisition of companies. The integration of GP
Solar, which was acquired in May 2013, is progressing as planned and is
close to being completed. The increasing momentum from the photovoltaic
industry is a good basis for the future development of GP Solar. Already in
2009, ISRA acquired an interest in the Turkish Machine Vision specialist
Vistek - the remaining shares will be taken over shortly. With this
investment, ISRA gained R&D resources as well as additional potentials in
Turkey and Middle East. Management continues the examination of suitable
target companies for external growth and plans to finalize an additional
acquisition in the 2013/2014 financial year.
The economic situation on the global markets will continue to determine the
development for the 2013/2014 financial year, whereby the company assumes a
positive trend. With a current order backlog of approx. 51 million euros
(PY: approx. 47 mill. euros), ISRA had a good start into the new financial
year and expects the order entry dynamics to continue in 2013/2014. The
company responds to the different market situations in the individual
business areas with targeted marketing and sales measures as well as
additional innovations that support the growth strategy. For the current
financial year, ISRA is planning with a profitable revenue growth and at
least stable margins, whereby further margin improvements as well as the
cash flow optimization remain in focus of the management. The revenue mark
of 100 million euros is within reach for 2013/2014. A detailed guidance for
the current financial year will be released in February.
16.12.2013 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: New financial year started with positive order entry dynamics - Profitable
| Source: EQS Group AG