ISRA VISION AG / Key word(s): 9-month figures 31.08.2015 08:11 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. --------------------------------------------------------------------------- ISRA VISION AG: 3rd quarter 2014/2015 - revenues rise by 9 %, EBT by 10 % ISRA continues forecasted growth course; strategy is the key in challenging market environment - Revenue increase of 11 % in the quarter (3 months); plus 9% in 9-months period to 76.4 million euros (Q3-YTD-13/14: 69.8 million euros) - EBT grow by 10 % to 14.1 million euros (Q3-YTD-13/14: 12.8 million euros) - Margins with respect to total output again at high level: - EBITDA margin at 25% (Q3-YTD-13/14: 26 %) - EBIT margin at 17% (Q3-YTD-13/14: 17 %) - EBT margin at 17% (Q3-YTD-13/14: 17 %); with respect to revenues at 18% (Q3-YTD-13/14: 18 %) - Gross margin increases to 61% referenced to total output (Q3-YTD-13/14: 60 %); a plus of 12% in the quarter (3 months); plus 10 % in the 9-months period - Operative cash flow improves to 12.0 million euros (June 30, 2014: 11.4 million euros); net cash flow to 1.4 million euros - High order backlog of more than 70 million euros (PY: 61 million euros) - Targeted strengthening of the core business in the printing industry through acquisition of Vision Experts GmbH - Earnings per share (EPS) at 2.20 euros (Q3-YTD-13/14: 2.02 euros) 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 its successful growth course in the third quarter of the financial year. The company profits from its long-term multibranch strategy, whose core it is to grow diversified across markets and regions with a broad portfolio. As such, ISRA - being less affected by economic impacts - continues to show a sustainable development also in the third quarter. With a revenue increase of 11 percent in the quarter and 9 percent in the 9-months period to 76.4 million euros (Q3-YTD-13/14: 69.8 million euros) as well as an EBT growth (Earnings Before Taxes) of 10 percent to 14.1 million euros (Q3-YTD-13/14: 12.8 million euros), the company has continuously implemented its growth targets. The EBT margin amounts with 18 percent referenced to revenues (Q3-YTD-13/14: 18 %) and 17 percent to total output at the same level of the previous-year period. Operative cash flow amounts to 12.0 million euros (June 30, 2014: 11.4 million euros). Given an improved equity ratio of 59 percent (September 30, 2014: 58 %) and the available credit lines, ISRA is equipped with solid capital resources for future growth. With the latest acquisition of Vision Experts GmbH, the printing business was strengthened. Earnings per share after taxes raise by 9 percent to 2.20 euros (Q3-YTD-13/14: 2.02 euros). The earnings margins again reach the high level of the previous quarters. In addition to the EBT increase of 10 percent, EBIT (Earnings Before Interest and Taxes) referenced to total output grows by 9 percent to 14.5 million euros in the 9-months period (Q3-YTD-13/14: 13.4 million euros). This results in an EBIT margin of 19 percent referenced to revenues and 17 percent to total output (Q3-YTD-13/14: 17 %). EBITDA amounts to 21.2 million euros (Q3-YTD-13/14: 19.9 million euros) and reaches with an EBITDA margin of 25 percent (Q3-YTD-13/14: 26 %) a similar share to total output as in the previous year. The gross margin (total output minus cost of materials and labor of production) in respect to total output rises by one percentage point to 61 percent (Q3-YTD-13/14: 60 %) to a total of 51.0 million euros(Q3-YTD-13/14: 46.5 million euros) - which corresponds to a plus of 12 percent in the quarter as well as 10 percent in the 9-months period. The goal is to reflect the increase in the gross margin in the next quarters also in the profitability. The costs for administration are reduced by 6 percent in the quarter as well as in the 9-months period and strengthen the target of overall 4 percent referenced to total output. With regard to activities for future growth, ISRA continues with the targeted investments in marketing and sales as in the previous quarters - the expenditures in this area grow by 19 percent to 14.6 million euros (Q3-YTD-13/14: 12.3 million euros). Inventories develop significantly disproportionate to the revenues (plus 3%) and amount to 28.7 million euros (September 30, 2014: 28.0 million euros). The cash trade receivables decrease by 16 percent to 30.9 million euros (September 30, 2014: 36.6 million euros). After a dividend payout in the amount of 1.7 million euros, the net cash flow increases to 1.4 million euros (June 30, 2014: 1.1 million euros). As a result of the investments in marketing and sales in the previous quarters, the regions show an overall positive picture despite of the varying developments. In the US, the growth continues based on the strong order entry of the first half-year. From Asia, the company records a good order situation and expects a general improvement of business in the next quarters after short-term delays in investments. Management responds to the current economic situation, particularly in China, with extensive measures for strengthening marketing and sales as well as additional innovations and cost optimizations in the product portfolio. In the European markets, the high revenue level of the previous year was reached again and even improved. In both segments - Surface Vision and Industrial Automation - ISRA is showing growth. Industrial Automation continues to benefit from strong order entries - including from premium car manufacturers - and achieved 17.1 million euros in revenues by the end of the quarter (Q3-YTD-13/14: 15.8 million euros). EBIT amounts to 3.2 million euros, resulting in an EBIT margin to total output of 17 percent as in the previous year. For the fourth quarter of the financial year, the company expects a continuation of the good order situation and further increasing revenues. In the Surface Vision segment, the revenues grow by 10 percent to 59.3 million euros (Q3-YTD-13/14: 54.0 million euros). Concerning the earnings margins, the EBIT also shows an increase of 10 percent and amounts to 11.4 million euros, which corresponds to a margin of 17 percent to total output (Q3-YTD-13/14: 17%). The strong dynamic from the plastics industry of the first half-year also continues in the third quarter. The positive order situation of the Metal unit benefits from intensive marketing and sales activities. A strategic large-scale order from China is currently at an advanced stage of negotiation. The solar business remains to be dynamic at the high level of the previous-year period and will grow in the double-digit range. Orders for the inspection of solar wafers, cells and modules continue to come in, particularly from the Asian region. The activities in the glass and paper industry are strengthened through targeted investments in marketing and sales. In the Security Paper unit, new revenue impulses are expected in the short term from key customers - including from China - through innovations and the expansion of the portfolio for banknote inspection. With the acquisition of Vision Experts GmbH, ISRA expands the product portfolio for the inspection of metal and pharmaceutical packaging printing and gains important international customers of the printing industry. The company expects synergies in the coming quarters by focusing on joined target markets and the global sales of the expanded product portfolio. Management further analyzes promising acquisition targets and is engaged in intensive discussions or at an advanced stage of negotiation. The realization of the planned growth in a challenging market environment underscores ISRA's long-term multibranch strategy. Based on the strong order backlog of more than 70 million euros, a revenue increase in the lower double-digit percentage range for the current financial year is expected, even despite the currently inconsistent economic situation in some regions and industries. The company assumes that the overall basic economic conditions will not change further in negative direction and confirms the growth target communicated at the beginning of the financial year. In terms of profit, management plans a continuation of the high margin level of the preceding nine months. By focusing on innovations and efficiency as well as strengthening individual regions, ISRA is actively preparing for the medium-term targeted revenue dimension of 150 million euros. 31.08.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- 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: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: ISRA VISION AG: ISRA continues forecasted growth course; strategy is the key in challenging market environment
| Source: EQS Group AG