ISRA VISION AG / Key word(s): Half Year Results
31.05.2016 07:57
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: 1st half year 2015/2016 - Again double-digit growth in
revenues and profit
Continued profitable growth - half-year results and solid order backlog
confirm ISRA's annual forecast
- Revenue plus of approx. 10% to 53.3 million euros (Q2-YTD-14/15: 48.7
million euros)
- EBT growth of 14% to 10.3 million euros (Q2-YTD-14/15: 9.1 million
euros)
- Strong margin level referenced to total output continues:
- EBITDA margin at 28% (Q2-YTD-14/15: 26%); plus 18%
- EBIT margin at 18% (Q2-YTD-14/15: 17%); plus 13%
- EBT margin at 18% (Q2-YTD-14/15: 17%); plus 14%
- Gross margin again at high level of 61% to total output (Q2-YTD-14/15:
61%)
- Operational cash flow increases to 13.9 million euros (Q2-YTD-14/15:
7.3 million euros)
- Net debt reduced by 5.7 million euros
- Strong order entry results in repeated high backlog of over 85 million
euros gross (PY: 65 million euros gross)
- Outlook for FY 2015/2016 confirmed: Continued profitable growth in the
lower double-digit percentage range with at least stable margins
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,
successfully continues the positive development of the first quarter also
in the second quarter of the 2015/2016 financial year and concludes the
first six months with double-digit growth in revenues and EBT. While group
revenues increase by approx. 10 percent to 53.3 million euros (Q2-
YTD-14/15: 48.7 million euros) compared to the first six months of the
previous year, the EBT (Earnings Before Taxes) rises disproportionately by
14 percent to 10.3 million euros (Q2-YTD-14/15: 9.1 million euros). At the
same time, the operational cash flow increases to 13.9 million euros in the
first six months of the financial year (Q2-YTD-14/15: 7.3 million euros),
the net debt (short-term and long-term liabilities minus cash and
equivalents) was reduced by 5.7 million euros. With strong order entries
and the resulting, continuously high order backlog of over 85 million euros
gross (PY: 65 million euros gross), ISRA starts dynamically into the second
half of the year.
The first half-year results again show ISRA's sustainable course of
business. In line with the forecasted double-digit growth rates for the
financial year, group revenues for the half-year increase to 53.3 million
euros (Q2-YTD-14/15: 48.7 million euros). The strong margin level of the
previous quarters was also confirmed, with a further improvement in
important earnings margins. Compared to the same period of the previous
year, the EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) increases by 18 percent to 16.3 million euros (Q2-YTD-14/15:
13.8 million euros), resulting in an EBITDA margin growth of two percentage
points to 28 percent to total output (Q2-YTD-14/15: 26%). EBIT (Earnings
Before Interest and Taxes) rises by 13 percent to 10.6 million euros
compared to the first six months of the previous year (Q2-YTD-14/15: 9.4
million euros), which corresponds to an EBIT margin of 18 percent to total
output (Q2-YTD-14/15: 17%). The EBT (Earnings Before Taxes) grows by 14
percent to 10.3 million euros (Q2-YTD-14/15: 9.1 million euros) resulting
in a margin increase by one percentage point to 18 percent (Q2-YTD-14/15:
17%). With 61 percent (Q2-YTD-14/15: 61%), the gross margin (total output
minus cost of material and labor of production) again reaches a high level.
The half-year balance sheet reflects the increased order entries and the
high order backlog of over 85 million euros gross (PY: 65 million euros
gross). Inventories climb disproportionately to 33.4 million euros
(September 30, 2015: 30.7 million euros). Trade receivables were reduced to
79.4 million euros (September 30, 2015: 86.8 million euros). The net debt
(short-term and long-term liabilities minus cash and equivalents) was
decreased by 5.7 million euros to 29.2 million euros (September 30, 2015:
34.9 million euros) after repayment of financial liabilities in the amount
of 10.3 million euros and a dividend distribution of 1.8 million euros. The
net cash flow in total amounts to -4.6 million euros (Q2-YTD-14/15: -1.3
million euros). Given the strong increase in equity ratio to 61 percent
(September 30, 2015: 56%) and the available credit lines, ISRA is equipped
with solid capital resources for future growth. The earnings per share
(EPS) after taxes improve by 18 percent to 1.66 euro (Q2-YTD-14/15: 1.41
euro).
In the first six months of the 2015/2016 financial year, the course of
business in the regions showed an overall positive dynamic. In Asia, the
demand continues at a high level. ISRA also records continued high order
entries from Europe. On the American markets, the order situation develops
positively, particularly driven by orders from the US. For further
development of the South American markets, the company is examining new
expansion opportunities in neighboring countries next to the location in
Brazil. The initial setup of sales for the growth market in Mexico was
advanced in a targeted way at the new location in Querétaro. Similarly, new
potentials in the Near East will be developed with the re-established
market activities in Iran with the new location in Tehran and a local sales
team.
In both company segments - Surface Vision and Industrial Automation - the
order entries in the first six months of the 2015/2016 financial year show
a positive development. In the Industrial Automation segment, ISRA serves
customers from the international automotive industry - including a high
range of globally operating German premium car manufacturers - as well as
other industry leading companies with systems for efficient automation. The
revenues of the Industrial Automation segment rise by 23 percent compared
to the same period of the previous year to 11.8 million euros
(Q2-YTD-14/15: 9.6 million euros), while EBIT grows by 26 percent to 2.3
million euros (Q2-YTD-14/15: 1.8 million euros). With modular applications
for the networked production in the automotive industry and the extension
of regional sales structures, ISRA plans to further develop the segment.
The concept for a new product series was already presented at the "Hannover
Messe" at the end of April.
In the second quarter, the Surface Vision segment contributes to ISRA's
high order backlog with double-digit growth rates in order entries and
continues the positive outlook of the first quarter also for the full half-
year. Revenues grow by 6 percent to 41.5 million euros (Q2-YTD-14/15: 39.1
million euros) compared to the period of the previous year. With 8.3
million euros (Q2-YTD-14/15: 7.6 million euros), the EBIT of the segment is
10 percent higher than in the same quarter of the previous year and thereby
reaches a margin of 18 percent. The plastics business continues to profit
strongly from the expansion of the application portfolio to a variety of
new materials, which also enables the use in high-end products, such as
battery film or carbon-fiber-reinforced plastics (CFRP). The business with
customers from the glass industry continues to be driven by quality
assurance solutions for float-glass production as well as the comprehensive
product portfolio for the inspection of display glass. The order entries
for the inspection of solar wafers, cells and modules also increased
strongly, similar to the first three months of the financial year,
particularly in China and other Asian countries. The positive order
situation for printing inspection solutions continues with a double-digit
growth and also profits from the most recent portfolio extensions which are
being presented to an international audience at the world's largest
industry trade fair for print media, DRUPA. New inspection solutions for
metal surfaces, accompanied by targeted measures in marketing and sales,
strengthen the activities in the metal industry. In the paper unit, the
company concentrates, next to several sales-generating measures, also on
fast-growing market segments, such as the packaging industry. With modular
high-end systems for the inspection of security paper, the company examines
new sales potential in high security printing. The wafer inspection area
remains to stay at the center of the development of the business; the
expansion of the application portfolio with existing ISRA technologies
thereby marks the strategic focus. Furthermore, service performance
remains to be one of the management's priorities. Its expansion is
continuously being advanced on a global level to gradually increase the
double-digit revenue contribution.
Besides organic growth, acquisitions are an important part of ISRA's
strategy. Of particular interest are target companies that are expected to
meaningfully expand the technology and product portfolio, to increase the
market shares, to develop new markets as well as to offer an efficient
integration. Management is constantly examining new acquisition objects and
plans to organize the coordination of the activities in a central
management position. ISRA plans to expand the management team in the short
term to purposefully accompany the further external growth in the context
of future planning.
The profitable first half-year 2015/2016 again confirms ISRA's planning
consistency and underscores the forecast for the current financial year.
The positive result of the first six months in a globally challenging
economic background prove the strategy of the company to grow sustainably
and robust with an innovative and broadly diversified application
portfolio. With an order backlog of over 85 million euros gross (PY: 65
million euros gross), the company start into the second half of the
financial year 2015/2016. Management assumes that the current economic
framework conditions will continue unchanged and expects further profitable
revenue growth in the lower double-digit percentage range as in previous
years. In terms of profit, the planning anticipates a further increase of
the margins, while at least maintaining the current high level. ISRA's
strategy continues to be directed to grow diversified across industries and
regions - while at the same time optimizing cash flow and profitability -
to the medium-term revenue goal of 150 million euros.
31.05.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at 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: Continued profitable growth - half-year results and solid order backlog confirm ISRA's annual forecast
| Source: EQS Group AG