ISRA VISION AG / Key word(s): 9-month figures
29.08.2014 08:01
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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ISRA VISION AG: 3rd Quarter YTD 2013/2014 - revenues rise by 12%, EBT by
15%
A further quarter of double-digit growth - forecasted revenue goal of 100
million euros is becoming a reality
- Revenue plus of 13% in the quarter; for 9 months plus 12% to approx. 70
million euros
- EBT growth for 9 months plus 15% to 12.8 million euros (Q3-YTD-12/13:
11.2 mill. euros)
- EBT margin increases to 17% to total output (Q3-YTD- 12/13: 16%)
- Continued high margins with respect to total output:
- EBITDA margin at 26% (Q3-YTD-12/13: 26%)
- EBIT margin at 17% (Q3-YTD-12/13: 17%)
- Gross margin at a stable level of 60% to total output (Q3-YTD-12/13:
60%)
- Operative cash flow improved
- Current order backlog at approx. 61 million euros (Q3 12/13: approx. 50
mill. euros)
- Earnings per share (EPS) increase by 15% to 2.02 euros (Q3-YTD-12/13:
1.76 euros)
- Financial year 2014/2015: Again double-digit growth planned
ISRA VISION AG (ISIN: DE 0005488100), one of the world's top companies for
industrial image processing (Machine Vision) as well as globally leading in
surface inspection of web materials and 3D machine vision applications,
continues the successful growth course of the first half-year also in the
third quarter of 2013/2014. With the traditionally strong final quarter,
reaching the important revenue mark of 100 million euros for the first time
is expected in the 2013/2014 financial year.
With the revenue plus of 13 percent in the third quarter compared to the
same period of the previous year (Q3 13/14: 25.0 mill. euros, Q3 12/13:
22.1 mill. euros), the company has again consistently met its forecast to
grow in the double-digit range - as in the preceding years and quarters. In
the first nine months of the financial year (October 1, 2013 to September
30, 2014), revenues increase referenced to the same period of the previous
year by 12 percent to 69.8 million euros (Q3-YTD-12/13: 62.2 mill. euros).
EBT (Earnings Before Taxes) also show a double-digit rise of 15 percent
compared to the first nine months of 2012/2013 to 12.8 million euros
(Q3-YTD-12/13: 11.2 mill. euros). The margins continue to remain at the
forecasted high values: With 17 percent to total output, the EBT margin
raises by one percentage point compared to the same period of the previous
year (Q3-YTD-12/13: 16%). EBIT (Earnings Before Interest and Taxes) expand
by 14 percent to 13.4 million euros (Q3-YTD-12/13: 11.7 mill. euros). The
EBIT margin reaches once again a value of 17 percent to total output
(Q3-YTD-12/13: 17%). Based on an EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortization) of 19.9 million euros (Q3-YTD-12/13: 17.7
mill. euros), the EBITDA margin amounts to 26 percent to total output
(Q3-YTD-12/13: 26%). Adding up to 60 percent to total output, the gross
margin (total output minus cost of materials and labor of production and
engineering) remains constant at a high level (Q3-YTD-12/13: 60%). By the
end of the third quarter on June 30, 2014, ISRA achieved an operative cash
flow of 11.4 million euros (June 30, 2013: 10.8 mill. euros). Given the
increase in equity ratio by two percentage points to 59 percent (September
30, 2013: 57%) and the available credit lines, the company is equipped with
solid capital resources for future growth.
The good business development of the first six months in revenues and
earnings also continued in the third quarter of 2013/2014. As in the
previous quarters, especially the Asian market is registering a dynamic
growth. In Europe, the positive course from the second quarter continued.
The company is recording increasing demand impulses from Eastern Europe,
whereby the Russia business is of little importance, as in the previous
years. The order entries in the Americas show a more moderate development
and are additionally being intensified through targeted marketing and sales
measures.
In the reporting quarter, ISRA continued to grow in both segments - Surface
Vision and Industrial Automation. In the past financial year 2012/2013, the
Industrial Automation segment was one of the strongest growth drivers with
a revenue increase of 30 percent. In the current reporting period, the
revenues in this segment were not only held at the high level of the
previous year - but raised by 11 percent to 15.8 million euros
(Q3-YTD-12/13: 14.2 mill. euros). The development is supported by a
continuously high demand for innovative 3D system solutions, particularly
by premium German automobile manufacturers and the US-American automotive
industry. EBIT rise by 14 percent to 3.0 million euros (Q3-YTD-12/13: 2.6
mill. euros), the EBIT margin amounts to 17 percent referenced to total
output (Q3-YTD-12/13: 16%). For the financial year, management expects a
double-digit growth in this segment.
In the Surface Vision segment, revenues expand to 54.0 million euros in the
first nine months of the financial year (Q3-YTD-12/13: 48.0 mill. euros) -
a growth of 12 percent. EBIT go up by 14 percent to 10.4 million euros
(Q3-YTD-12/13: 9.1 mill. euros), which corresponds to a margin of 17
percent to total output (Q3-YTD-12/13: 17%). Compared to the previous year,
ISRA records strong order entries in the metal sector - a considerable
success of the intensive sales efforts. Significant increases in the Paper
and Specialty Paper areas have also provided a strong contribution to the
positive result. The Glass and Plastics industries profited from good order
entries, business in the Printing industry is particularly supported by a
strengthening of the sales team and product innovations. The Solar product
portfolio enhanced through the acquisition of GP Solar showed a high demand
at the beginning of the year, especially from Taiwan, Korea, Japan and the
United States. The company continues to carefully monitor the industry and
features the best requirements to profit from the future development of the
photovoltaics market. Overall, management expects a similarly strong order
entry dynamics in the Surface Vision segment for the fourth quarter as in
the last two quarters.
Expanding the service business remains in focus. For this purpose, the
company offers customers additional support and services, which also
include an expanded training program that is being planned at different
locations worldwide as part of the ISRA Academy. The introduction of the
further developed portfolio is accompanied by corresponding marketing
measures.
Besides organic growth, pursuing external growth by acquiring suitable
companies is an important part of the long-term strategy. For the target
companies, a fitting 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. Currently, the
management is intensively monitoring and analyzing targets which will
strategically strengthen ISRA and, following a positive evaluation result,
plans to conclude a further project in the upcoming financial year.
In order to prepare the organization for a revenue level of more than 100
million euros, the management is concentrating on measures to increase cost
efficiency. In production, the activities for further streamlining the
processes and reducing the lead times are being continued. In addition, an
intensive focus persists on the optimization of cash management. In
preparation of the upcoming financial year, investments in the
infrastructure of the organization as well as the expansion of the global
marketing and sales presence remain important instruments of the growth
strategy.
Based on the strong order backlog of approximately 61 million euros
(Q3-YTD-12/13: approx. 50 mill. euros), ISRA anticipates a double-digit
revenue growth to 100 million euros and a profitability similar to the
previous quarters for the financial year 2013/2014. For 2014/2015, the
company expects further important impulses from the currently attractive
market environment for its automation and quality assurance solutions. To
realize the planned double-digit growth the global sales activities and the
regional presence, as well as innovations, are particularly intensified. On
this basis, ISRA is preparing steps towards reaching the next targeted
revenue dimension of 150 million euros by, among other things, the
strengthening of the management team in value-adding sectors.
29.08.2014 The DGAP 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: A further quarter of double-digit growth - forecasted revenue goal of 100 million euros is becoming a reality
| Source: EQS Group AG