Interim Report Q1 2016 - First Sensor

Interim Report Q1 2016 - First Sensor

We sense the future Interim Report Q1 2016 Q 1 2 0 1 6 , I NTER I M R EP O RT To our shareholders Dear shareholders and business partners, First Se...

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We sense the future Interim Report Q1 2016

Q 1 2 0 1 6 , I NTER I M R EP O RT

To our shareholders Dear shareholders and business partners, First Sensor AG reported sales of €37.5 million in the first quarter of 2016, the highest quarterly figure in the company's history. This shows that we are successfully developing sensors, smart sensors and sensor systems whose capabilities go far beyond those of standard components already on the market as well as demonstrating that our focus on technology-driven target markets is allowing us to already participate in their exceptionally rapid growth. Trends such as Industry 4.0, autonomous driving, and the miniaturization of medical technology are providing additional impetus for our growth.

se our sales to €145-150 million, with the EBIT margin initially expected to reach between 5% and 6%. We have compiled all relevant figures on our current business performance for you in a new, clear and concise format: First Sensor’s Quarterly Statement. It meets the new requirements for quarterly reporting as well as your desire to receive news about First Sensor that goes beyond the mere figures. We hope you enjoy reading! The Management Board

As expected, the sales growth also had a positive impact on our profitability, with our EBIT improving to €2.2 million.This shows that Dr. Martin U. Schefter the measures initiated with a view to improving CEO profitability are gradually taking effect.

Dr. Mathias Gollwitzer CFO

At the same time, our excellent results for the first quarter serve to confirm our forecasts for fiscal year 2016. We are still planning to increa-

CEO, Dr. Martin U. Schefter (right) and CFO, Dr. Mathias Gollwitzer (left)

First Sensor share on track Performance of the First Sensor share from January 1 to March 31, 2016

105

100

95

90

85

First Sensor AG TecDAX

80

Prime Allshare

The German stock markets experienced an unexpectedly weak start to 2016, with the leading indexes suffering substantial losses in the first weeks of trading. This negative stock market environment also led to a fall in the First Sensor AG share price. In March, the central banks provided impetus for the stock markets by reducing the key interest rate.

2

FI R ST S EN S O R AG

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This also benefited the First Sensor share, which climbed to €11.77 in March, thereby almost returning to its quarterly high of €12.265 from early January. With volatility on the financial markets rising again, the First Sensor share saw mixed performance during the remainder of the quarter, closing at €11.04 on March 31.

After Mr Rolly van Rappard, Co-Founder and Co-Chairman of CVC Capital Partners, became a First Sensor investor on February 25, 2016, our long-standing investor Midlin increased its equity interest in First Sensor AG from 3.49% to 5.03% on March 21, 2016.

Q 1 2 0 1 6 , I NTER I M R EP O RT

First Sensor enjoys successful start to 2016 Sales

EBIT in million €

32.9

31.8

30.3

33.3 33.9

35.4 35.1

EBIT margin (%)

37.5 2.2

2.2

1.5 1.1

6.0% 4.4%

3.6%

Q2 2014

Q3 2014

Q4 2014

Q1 2015

-0.6

Q2 2014

Q3 2014

Q4 2014

Q1 Q2 2015 2015

Q3 Q4 2015 2015

-2.0%

Q1 2016

With sales of €37.5 million, First Sensor AG has enjoyed a successful start to fiscal year 2016. Sales increased by 12.7% compared with the same period of the previous year (€33.3 million). This growth is attributable to the ever-increasing number of applications in the industrial, medical, and mobility target markets. International industrial groups and young technology companies alike are utilizing our know-how and many years of expertise to develop their own innovative products.

1.4

6.6% 4.1%

Q2 2015

Q3 2015

Q4 2015

Q1 2016

-0.7 -1.9%

-1.0 -3.0%

This improvement is due to the measures initiated with a view to improving profitability as well as the changes in pricing for customers with agreed minimum purchase volumes. As a result, the EBIT margin for the first three months was 6.0%. Even after adjustment for an additional positive non-recurring effect resulting from the reversal of a warranty provision in the amount Our earnings developed in line with our sales growth. EBIT for the first three months amoun- of €0.2 million, the EBIT margin was around ted to €2.2 million (previous year: €1.5 million), 5.4%. corresponding to growth of 50%. They appreciate the opportunity to make individual adjustments at every stage of the value chain in order to create exceptionally powerful sensors, smart sensors, and sensor systems with tailored features that will give them a competitive edge.

Germany remains the most important market Germany Europe North America Asia Other

12.0 % 6.7 % 7.2 %

48.8 %

25.3 %

3

FI R ST S EN S O R AG

Around half of the company's sales in the first quarter of 2016 were generated in its domestic market of Germany. The intensified sales activities are having a clear impact in Germany, Scandinavia and the USA. The sales level in Asia was largely maintained in spite of the faltering Chinese economy.

Q 1 2 0 1 6 , I NTER I M R EP O RT

Consolidated income statement (IFRS)

in € thousand Sales revenues Other operating income Changes in inventories Other own work capitalized Cost of material Gross profit Personnel expenses Other operating expenses Profit from operations (EBITDA) Depreciation Earnings before interest and tax (EBIT) Financial result Income before tax Taxes Annual result While sales increased by 12.7% year-on-year, the cost of materials rose by just 3.8%. Personnel expenses also saw a minimal change, meaning that the operating result (EBITDA) saw above-average growth of 15.8%. Net profit after taxes amounted to €1.7 million.

Q2 2014 30,328 610

Q3 2014 32,912 984

Q4 2014 31,784 786

Q1 2015 33,303 581

Q2 2015 33,912 799

Q3 2015 35,420 737

Q4 2015 35,107 727

Q1 2016 37,549 475

652

169

-582

846

168

-2,006

-230

-354

102 -15,454 -16,238 -9,709 -3,251 3,278 -2,146 1,132 -529 603 -159

138 -16,551 17,652 -9,949 -3,382 4,321 -2,134 2,187 -541 1,646 -147

375 -15,032 17,331 -10,070 -4,800 2,461 -3,096 -635 -663 -1,298 -876

60 -16,888 17,902 -10,513 -3,490 3,899 -2,403 1,496 -20 1,476 -394

298 -17,346 17,831 -9,926 -4,240 3,665 -2,247 1,418 -805 613 53

346 -17,673 16,824 -10,571 -4,579 1,674 -2,331 -657 -748 -1,405 74

339 -17,375 18,568 -10,895 -5,539 2,134 -3,175 -1,041 -816 -1,857 -88

276 -17,534 20,412 -10,696 -5,199 4,517 -2,273 2,244 -153 2,091 -351

444

1,499

-2,174

1,082

666

-1,331

-1,945

1,740

This corresponds to earnings per share in circulation of €0.17 (previous year: €0.10). The increase in total assets is primarily attributable to the higher level of working capital.

Net debt fell by €2.0 million compared with year-end to total €31.0 million. The net profit for the first quarter of 2016 meant that equity increased to €72.8 million, corresponding to an equity ratio of 47.2% (previous year: 46.4%).

Consolidated balance sheet (IFRS) ASSETS

EQUITY AND LIABILITIES

in € thousand

Dec. 31, 2015

Mar. 31, 2016

in € thousand

Non-current assets

85,076

83,905

Equity

Inventories

27,135

28,202

Financial liabilities

Trade accounts receivables

17,004

18,845

2,758

3,164

21,523

20,190

153,496

154,306

Current assets Cash and cash equivalents Total ASSETS

4

FI R ST S EN S O R AG

Dec. 31, 2015

Mar. 31, 2016

71,271

72,804

54,530

51,146

Non-current liabilities

8,753

8,850

Trade accounts payables

7,612

8,753

11,330

12,753

153,496

154,306

Current liabilities Total equity and liabilities

Q 1 2 0 1 6 , I NTER I M R EP O RT

Business Units record mixed development in the first quarter

The Business Unit Industrial recorded sales of €16.9 million in the first quarter of 2016. Although this figure was down €1.8 million on the previous year, this was attributable to a shift in the pattern of delivery call-offs to existing customers.

With a year-on-year increase of €1.9 million, the Business Unit Medical continued its growth in the first quarter of 2016, generating sales of €7.2 million. This was due in particular to rising demand for optical sensors for CT scanners and X-ray machines, as well as pressure sensors for ventilators.

At €13.4 million, sales in the Business Unit Mobility were up €4.1 million on the previous year. This was due largely to early delivery call-offs. It is not currently possible to estimate whether this will lead to a higher level of calloffs for the year as a whole.

Consolidated statement of cash flow (IFRS)

Cash flow from operating activities Cash flow from investment activities Cash flow from financing activities Free cash flow Cash flow from operating activities was positive at €3.4 million in the first three months of the current fiscal year compared with a negative figure of €-1.0 million in the same period of the previous year. The investment volume was a low €0.7 million in the first quarter of 2016,

5

FI R ST S EN S O R AG

Q2 2014 2,479 -1,467 -472

Q3 2014 9,245 -2,339 -2,516

Q4 2014 -661 107 -735

Q1 2015 -1,017 -1,709 -698

Q2 2015 -6,128 -987 5,449

Q3 2015 6,050 -1,508 -2,399

Q4 2015 6,074 -2,534 6,364

Q1 2016 3,416 -929 -3,788

1,012

6,906

-554

-2,726

-7,115

4,542

3,540

2,487

largely as a result of investment projects being delayed until later in the fiscal year. Cash flow from financing activities reflected the scheduled expiry of money market loans in the amount of €2.4 million in January 2016. These loans had been taken out in the previous year

in connection with the discontinuation of factoring. Having also been clearly negative in the first quarter of 2015 (€-2.7 million), free cash flow was positive at €2.5 million at the end of the quarter under review.

Q 1 2 0 1 6 , I NTER I M R EP O RT

Steady rise in sales per employee

Sales Employees Sales per employee

Q2 2014 30,328 709 42.8

Q3 2014 32,912 729 45.1

Q4 2014 31,784 756 42.0

Q1 2015 33,303 767 43.4

Q2 2015 33,912 774 43.8

Q3 2015 35,420 779 45.5

Q4 2015 35,107 773 45.4

Q1 2016 37,549 783 48.0

Despite various new appointments in the first three months of the year, the level of sales per employee continued to increase. This serves as a further demonstration of the company's improved productivity and the economies of scale that are taking effect.

Book-to-bill ratio down on previous year due to order postponements

Incoming orders Orders on hand Book-to-bill-ratio

Q2 2014 48,402 93,541 1.6

Q3 2014 30,758 90,511 0.9

Q4 2014 29,765 86,428 0.9

Q1 2015 34,891 90,588 1.0

Q2 2015 43,329 98,693 1.3

Q3 2015 28,581 90,970 0.8

Q4 2015 35,518 90,724 1.0

Q1 2016 31,373 84,354 0.8

Incoming orders for the first quarter declined to €31.4 million, although this figure was in line with recent quarters. Orders on hand fell by €6.4 million compared with the end of the previous fiscal year. This resulted in a book-to-bill ratio of 0.8 and was largely due to order postponements. This development is expected to be reversed in the coming quarters.

Continued focus on working capital and capital employed

Working Capital Capital employed

Q2 2014 31,290 122,821

Q3 2014 31,517 121,872

Q4 2014 30,262 119,048

Q1 2015 31,777 119,957

Q2 2015 42,067 129,226

Q3 2015 39,193 125,885

Q4 2015 36,527 121,603

Q1 2016 38,294 122,199

Reflecting the sales growth, inventories increased by €1.1 million in the first three months, as did trade receivables. Trade payables outstanding also rose by €1.1 million compared with the end of the previous fiscal year. The working capital cycle improved by 11.1 days compared with yearend, amounting to 76.4 days.

6

FI R ST S EN S O R AG

Q 1 2 0 1 6 , I NTER I M R EP O RT

First Sensor News

First Sensor celebrates Oscar® for "The Revenant"

Sales and Marketing Move Closer

First Sensor is Hiring: New Trainees Starting in September

And the Oscar goes to… Emmanuel Lubezki! The Mexican cinematographer was not the only person to be delighted when this announcement was made in Hollywood on February 28. ARRI in Munich and First Sensor in Berlin also had good reason to celebrate, having worked in close cooperation since 2004 to produce sensor frontends for the digital cameras that help bring the prize-winning cinematic illusions to the big screen. They are built around complex sensor structures that are manufactured in Berlin-Weißensee. In particular, the Munichbased company appreciates First Sensor's ability to develop tailored packaging even for large sensors and to transfer them into series production.

10% more sales per year, expansion of sales activities in markets such as North America, Asia and France – there is plenty to do, especially for the Sales team and the Marketing division. Starting now, the two teams are therefore moving closer together in organizational terms, too. This results in shorter decision-making paths and means that the PSs are on the road faster.

From school straight to practical training: In September this year, we will once again be hiring young people who can complete training with us as an industrial administrator, a micro-technologist, a mechatronics technician, or a specialist in warehousing logistics. The application period has begun already. For Jette Müller, a current trainee at FSP, it was her mother’s profession than convinced her to start training with us. We wish her and all of the others every success in their final exams!

Financial calendar and contact Date

Topic

Details

May 2, 2016

Q1, Interim Report

www.first-sensor.com

May 2, 2016 5 p.m.

Conference Call Quarterly Results

T +4969222229043, PIN: 35473320#

May 4, 2016

Annual General Meeting 2016

Penta Hotel, Grünauer Str. 1, 12557 Berlin

August 11, 2016

6-Month Financial Report

www.first-sensor.com / Conference Call

November 10, 2016

Q3, Interim Report

www.first-sensor.com / Conference Call

November 21-23, 2016

Analysts‘ conference

Frankfurt am Main

First Sensor AG

First Sensor prepares the Interim Consolidated Financial Statements in accordance with the International Financial Reporting Standards (IFRS). Nevertheless this report does not meet the requirements of IAS 34 “Interim financial reporting” and has been neither audited nor subjected to any other formal audit examination.

7

FI R ST S EN S O R AG

Peter-Behrens-Str. 15 12459 Berlin, Germany T +49 30 639923-760 F +49 30 639923-719 [email protected] www.first-sensor.com