ISRA VISION AG / Key word(s): 9-month figures
31.08.2016 07:53
Disclosure of an inside information according to Article 17 MAR,
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 2015/2016 - Again double-digit growth: Revenues
+10%, EBT +15%
ISRA continues profitable growth - Outlook on strong fourth quarter
- Revenues at 84.3 million euros, plus 10% (Q3-YTD-14/15: 76.4 million
euros)
- EBT at 16.2 million euros, plus 15% (Q3-YTD-14/15: 14.1 million euros)
- Again increased margins to total output
- EBITDA margin plus 19% at 27% (Q3-YTD-14/15: 25%)
- EBIT margin plus 14% at 18% (Q3-YTD-14/15: 17%)
- EBT margin plus 15% at 18% (Q3-YTD-14/15: 17%)
- Gross margin again at high level of 61% to total output (Q3-YTD-14/15:
61%)
- Operational cash flow increases to 21.1 million euros (Q3-YTD-14/15:
12.0 million euros)
- Net debt reduced by 9.2 million euros as of the reporting date
- High order backlog of currently over 85 million euros gross (PY: 70
million euros gross)
- Earnings per share (EPS) plus 18% at 2.60 euros (Q3-YTD-14/15: 2.20
euros)
- Annual forecast specified: Revenues over 10%, overproportional growth
of earnings 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,
confirms with the 9-month results once again its profitable growth. In the
period under review, revenues increase considerably compared to the first
nine months of the previous year by 10 percent to 84.3 million euros (Q3-
YTD-14/15: 76.4 million euros). EBT (Earnings Before Taxes) grows
overproportionately by 15 percent to 16.2 million euros (Q3-YTD-14/15: 14.1
million euros). As a result, ISRA achieves the best Q3 result since company
foundation. As in the previous quarters, the operational cash flow further
improves to 21.1 million euros (Q3-YTD-14/15: 12.0 million euros). Given
the current order entries and the traditionally strong fourth quarter, ISRA
expects a dynamic conclusion of the current financial year.
The company further improved its high profitability also in the third
quarter of the current financial year. EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization) with 25.2 million euros (Q3-
YTD-14/15: 21.2 million euros) is 19 percent above the compared period of
the previous year, which corresponds to a margin plus of two percentage
points to 27 percent to total output (Q3-YTD-14/15: 25%). With a growth of
14 percent compared to the 9-month results of the previous year to 16.6
million euros (Q3-YTD-14/15: 14.5 million euros), EBIT (Earnings Before
Interest and Taxes) reaches a margin increase of one percentage point to 18
percent to total output (Q3-YTD-14/15: 17%). EBT (Earnings Before Taxes)
climbs to 16.2 million euros (Q3-YTD-14/15: 14.1 million euros) and
achieves a margin of 18 percent to total output (Q3-YTD-14/15: 17%).
Compared to the same period of the previous year, the gross margin (total
output minus cost of material and labor of production) grows by 11 percent
and equals 61 percent to total output (Q3-YTD-14/15: 61%).
The high order backlog and the thereby increased manufacturing products for
the expected strong fourth quarter lead to inventories of 36.4 million
euros (September 30, 2015: 30.7 million euros) in the third quarter of the
financial year. Trade receivables add up to 81.2 million euros (September
30, 2015: 86.8 million euros). Receivables from delivered and invoiced
systems amount to 36.4 million euros (September 30, 2015: 32.1 million
euros). The receivables from unfinished orders valuated according to the
percentage of completion (POC) method are reduced significantly as planned
by 9.9 million euros to 44.8 million euros (September 30, 2015: 54.7
million euros). The net debt (short-term and long-term financial
liabilities minus cash and cash equivalents) decreases by 9.2 million euros
to 25.7 million euros (September 30, 2015: 34.9 million euros). As already
in previous quarters, the measures to improve the cash flow show positive
results: the operating cash flow increases considerably in the third
quarter to 21.1 million euros (Q3-YTD-14/15: 12.0 million euros). Cash flow
from financing activities totals to -15.4 million euros (Q3-YTD-14/15: -2.1
million euros), including dividend payout in the amount of 1.8 million
euros (Q3-YTD-14/15: 1.7 million euros) and the repayment of financial
liabilities to banks of 13.1 million euros (Q3-YTD-14/15: 3.0 million
euros). Thereby, the company takes another step to further optimize its
capital structure. After investments in product innovations and tangible
assets of 8.8 million euros (Q3-YTD-14/15: 8.6 million euros), the net cash
flow amounts to -3.8 million euros as of the reporting date (Q3-YTD-14/15:
1.4 million euros). Given an increased equity ratio of 61 percent
(September 30, 2015: 56%) and the available credit lines, the company is
equipped with good capital resources for future growth. The EPS after taxes
improves by 18 percent to 2.60 euros (Q3-YTD-14/15: 2.20 euros).
The positive development in all regions - Asia, Europe and America -
continues in the third quarter of 2015/2016 with double-digit growth rates
in order entries. In particular, the local sales activities in Asia are
showing an effect: Revenues increase significantly, predominantly driven by
the high level of customer interest from China. After the strong
contributions to the half-year result, the European markets continue to
show a high demand. The positive development on the American markets also
continues in the third quarter with increasing order entries. With over 25
locations worldwide, ISRA is one of the globally most broadly positioned
Machine Vision providers in the industry. Strengthening the regional
presences will remain an important part of the company strategy in the
future contributing to continued profitable growth. In addition to
establishing the location in Querétaro (Mexico) and Tehran (Iran),
expanding the sales and the service network in strategic growth regions,
such as Southeast Asia, is being advanced in a targeted way.
In the period under review, ISRA achieved additional revenue increase in
both segments, Industrial Automation and Surface Vision. The Industrial
Automation segment, whose customer base predominantly includes the
international automotive industry, completes the third quarter of the
current financial year with a 13 percent growth in revenues to 19.2 million
euros (Q3-YTD-14/15: 17.1 million euros). EBIT increases to 3.8 million
euros (Q3-YTD-14/15: 3.2 million euros), which corresponds to an EBIT
margin of 19 percent to total output (Q3-YTD-14/15: 17%). The successful
participation at the internationally largest trade fair for industrial
automation, AUTOMATICA, had an extremely positive effect on demand.
Particularly customers from the automotive industry placed additional
orders following the trade fair, accompanied by extensive inquiries for
Plug & Automate products. The demand for solutions from 3D measurement
technology also supports the positive development of the segment.
The Surface Vision segment demonstrates a continued positive development
with a revenue plus of 10 percent to 65.0 million euros (Q3-YTD-14/15: 59.3
million euros) and a considerable increase in order entries. EBIT of the
segment rises by 12 percent to 12.8 million euros (Q3-YTD-14/15: 11.4
million euros), the EBIT margin improves to 18 percent to total output (Q3-
YTD-14/15: 17%). After a strong half-year result, the solar unit continues
its dynamic growth with new order entries - particularly from China. The
revenues from the printing industry show a significant rise following the
successful presence at the worldwide largest industry trade fair, DRUPA,
and the continued customer interest in solutions for quality assurance of
print products. The sustained positive development in the plastics area was
driven in the third quarter by an increased demand for inspection solutions
for high-end products made of plastic web and non-woven materials. Besides
systems for quality assurance of floatglass, the expansion of the portfolio
for the inspection of display glass forms the basis for additional growth
impulses from the glass industry. In the paper unit, ISRA intensifies the
activities in dynamic market segments such as the packaging industry. Order
entries for solutions in the security paper area continue to develop
positively; the expansion of the portfolio to high-security printing is
intended to open new revenue potentials. Targeted measures in marketing and
sales as well as additional product innovations strengthen the business in
the metal customer market. In the third quarter, service products
contribute to the quarterly result with a double-digit growth. The
continuous increase of the service revenues worldwide will remain a
strategic goal of management for the coming quarters.
The company plans to reach its growth targets through an expansion of the
core business - in particular driven by a strong, future-oriented
innovation pipeline - as well as acquisitions. In the focus of the
acquisition activities are target companies that will sustainably advance
ISRA's technology leadership, market position or expansion to new markets.
Thereby, the continuous analysis of possible targets and the conclusion of
a suitable project are further a central task.
With an again high order backlog of currently more than 85 million euros
gross (PY: 70 million euros gross), ISRA robustly started into the last
quarter of the 2015/2016 financial year. For the traditionally strong
fourth quarter, the company is counting on further growth in the double
digit percentage range. For the full year 2015/2016, ISRA expects a revenue
increase of over 10 percent and margins on the high level of the previous
quarters. Based on the current order entry dynamics, the planning of the
management provides for double digit revenue growth also in the upcoming
financial year 2016/2017. At the same time, the margins shall be
strengthened and further potential realized. Optimizing operational
productivity and cash flow stays in the strategic focus of the management.
The target of the company remains to grow diversified across industries and
regions and to exceed the revenue mark of 150 million euros in the medium
term.
31.08.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at 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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News-Service
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DGAP-Adhoc: ISRA VISION AG: ISRA continues profitable growth - Outlook on strong fourth quarter
| Source: EQS Group AG