First Sensor AG / Key word(s): Profit Warning
12.10.2015 17:04
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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First Sensor's Shares: ISIN DE0007201907 Î WKN (German Securities
Identification Number) 720190
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart
First Sensor: Non-recurring effects result in correction of earnings
forecast
* EBITDA forecast for 2015 lowered from EUR15-17 million to EUR12-14
million.
* Guidance for development of sales in current year raised to EUR136
million.
* Investments in plant closure in Singapore will result in significant cost
reduction from 2016 onward.
* Valuation allowances recognized in inventories due to strategic
realignment.
* Forecast takes account of expenses arising from optimized quality and
risk management.
Berlin, October 12, 2015 - First Sensor AG has adjusted its EBITDA forecast
for the current fiscal year from EUR15-17 million to EUR12-14 million.
Operating business is continuing to develop very positively and stably. For
this reason, First Sensor AG is increasing its previously forecast guidance
for sales from EUR132-134 million to up to EUR136 million.
The adjustment of the forecast for 2015 is attributable to two
non-recurring earnings effects during the third quarter and the inclusion
of expenses arising from optimized quality and risk management. These are
the result of the consistent implementation of First Sensor AG's successful
strategic realignment in the third quarter.
As part of the strategic concentration of production capacity at profitable
units, the location in Singapore is being closed. Ongoing production will
be divided between the existing German locations, thus achieving very good
capacity utilization and saving costs. First Sensor expects to save around
EUR750,000 per year starting from 2016. This will be offset by the
non-recurring closure costs of around EUR1 million. The company has taken
precautions to ensure that it can continue to serve the strategically
important Asian market reliably in the future.
The strategic realignment toward high-growth markets and their
higher-margin business segments led to the recognition of a non-recurring
valuation allowance of around EUR1.4 million in the Group's inventories in
the third quarter. This was attributable to inventory productions from a
wide range of areas from the past, whose remaining stocks have no longer
been part of the new, targeted marketing and sales concept since 2014.
With the integration and the aim of clearly positioning the company as a
quality provider in a higher-margin environment over the medium term, the
Group also began to develop a sophisticated, Group-wide risk and quality
management system. Owing to the higher transparency and a redefined risk
assessment, additional quality risks have already been identified and taken
into account. The expansion of risk and quality management will be
continued on an ongoing basis.
First Sensor AG
The Management Board
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Information and Explaination of the Issuer to this News:
About First Sensor AG
First Sensor AG is one of the world's leading suppliers in the field of
sensor systems. Our company develops and manufactures standardized and
customized sensor solutions for applications in the Industrial, Medical and
Mobility growth markets. With over 800 employees, we are represented at six
German locations and also have development, production and sales sites in
the USA, Canada, China, the Netherlands, Great Britain, France, Sweden and
Denmark along with a worldwide partner network. First Sensor AG is a German
public limited company and has been listed in the Prime Standard of the
German stock exchange in Frankfurt since 1999. For more details on First
Sensor, please visit http://www.first-sensor.com/.
Contact:
first-sensor@hce.de
T +49 30 639923-760 Î F +49 30 639923-719
12.10.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: First Sensor AG
Peter-Behrens-StraÃe 15
12459 Berlin
Germany
Phone: +49 (0)30 63 99 23-760
Fax: +49 (0)30 63 99 23-719
E-mail: ir@first-sensor.com
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
End of Announcement DGAP News-Service
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DGAP-Adhoc: First Sensor: Non-recurring effects result in correction of earnings forecast
| Source: EQS Group AG