ISRA VISION AG / Key word(s): Preliminary Results
15.12.2011 07:58
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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ISRA VISION AG: Preliminary annual financial statement for financial year
2010/2011 - Another year of double-digit growth in revenues and profit as
forecasted
Profitable growth plan consequently implemented -
ISRA increases revenues by 16 percent, EBT by 24 percent
- Revenue growth plus 16% to 75.2 mill. Euro (FY 09/10: 64.9 mill. Euro)
- Industrial Automation: revenues plus 26%, Surface Vision: revenues
plus 14%
- EBIT growth plus 23% to 14.1 mill. Euro (FY 09/10: 11.5 mill. Euro)
- EBT growth plus 24% to 13.2 mill. Euro (FY 09/10: 10.6 mill. Euro)
- EPS plus 29% to 2.09 Euro (FY 09/10: 1.62 Euro)
- Increasing margins:
- EBT margin at 16%compared to total output, 18% to revenues (FY
09/10: 15% respectively 16%)
- EBIT margin at 17% compared to total output, 19% to revenues (FY
09/10: 16% respectively 18%)
- EBITDA margin at 25% compared to total output, 28% to revenues (FY
09/10: 24% respectively 27%)
- Gross margin at 60% compared to total output (FY 09/10: 59%)
- High order backlog of over 40 mill. Euro
- Forecast: Continued profitable growth for financial year 2011/2012
expected - detailed forecast in February 2012
ISRA VISION AG (ISIN: DE 0005488100), one of the world's leading companies
of industrial image processing (Machine Vision), global market leader in
surface inspection systems, and one of the leading 3D Machine Vision
providers, has fulfilled the growth forecasts and further increased
profitability based on audited - but not yet certified - figures for the
financial year 2010/2011 (10-01 to 09-30) in the group, as well as in the
past years. The company increased revenues by 16 percent to 75.2 mill.
Euro. The EBIT (Earnings before Interest and Taxes) grew by 23 percent to
14.1 mill. Euro (FY 09/10: 11.5 mill. Euro), corresponding to an EBIT
margin compared to total output of 17 percent (FY 09/10: 16 percent) and 19
percent to revenues (FY 09/10: 18 percent). The EBT (Earnings before Taxes)
increased by 24 percent to 13.2 mill. Euro (FY 09/10: 10.6 mill. Euro).
This corresponds to an EBT margin of 16 percent compared to total output
(FY 09/10: 15 percent) and 18 percent to revenues (FY 09/10: 16 percent).
The traditionally strongest fourth quarter (07-01 to 09-30) as well
confirmed the forecasts with an increase in revenues to 23.5 mill. Euro (Q4
09/10: 21.5 mill. Euro) and corresponding margin increases. The net profit
for the period of 9.1 mill. Euro is the highest in the history of the
company and stands for an increase of 30 percent over the previous year (FY
09/10: 7.0 mill. Euro). This results in a positive EPS (Earnings per Share)
of 2.09 Euro (FY 09/10: 1.62 Euro).
The costs of production have been optimized further compared to the
previous year, so that ISRA reached the goal of a gross margin in the
amount of 60 percent compared to total output (FY 09/10: 59 percent). The
expenses for research & development and for sales & marketing increased
inparallel with the increase in revenues. The costs for administration
remained at a low level as in previous years. The depreciation and
amortization increased by 18 percent compared to the previous year to 7.3
mill. Euro. The EBITDA (Earnings before Interest, Taxes, and Depreciation
and Amortization) increased by 21 percent to 21.4 mill. Euro (FY 09/10:
17.7 mill. Euro) - a margin increase of one percentage point to 25 percent
compared to total output (FY 09/10: 24 percent). The operative cash flow
rose to 10.1 mill. Euro (FY 09/10: 7.7 mill. Euro). Overall, the reported
equity capital ratio improved by 2 percentage points to 57 percent (FY
09/10: 55 percent) as of 2011-09-30. In conjunction with available credit
lines, ISRA has a good basis for future growth.
From a regional perspective the positive business development from the
first quarters continued. Earnings increased in a double-digit range across
all regions. The revenues in North America increased significantly, and
exceeded the development in Europe on a percentage basis. With
significantly more than 30 percent of the total revenues, Asia will also
play an important role in the future. To strengthen the market activities
even further, the company invests in the future growth regions of Russia
and Brazil with own subsidiaries. In Western Europe, ISRA intensified its
market presence with a branch in Paris.
In the previous financial year, ISRA continued to increase its market
shares internationally. With more efficient products and the successful
implementation of a broad innovation and marketing offensive, the company
profited from the investment activities of important customers. Hence, it
was once again possible to further expand the strong market position in the
two segments Surface Vision and Industrial Automation. Revenues in the
Surface Vision segment rose by 14 percent to 60.6 mill. Euro (FY 09/10:
53.3 mill. Euro) so that ISRA could further strengthen its position as
global innovation and market leader in this sector. EBIT improved by 21
percent to 11.6 mill. Euro (FY 09/10: 9.6 mill. Euro), the EBIT margin by
one percentage point to 17 percent. With respect to the markets, the
Plastics business unit developed above average at a high level with a
strong double-digit growth. A significant revenue contribution was also
made by the Glass, Print and Paper units. The market investments in the
Metals area did not result in the expected growth impulses in the previous
financial year. In the Industrial Automation segment, in which the sales
activities are focussed almost exclusively on the automotive industry, ISRA
increased revenues by 26 percent to 14.6 mill. Euro (FY 09/10: 11.5 mill.
Euro). EBIT rose by 36 percent to 2.6 mill. Euro (FY 09/10: 1.9 mill.
Euro). The EBIT margin improved to 15 percent compared to total output (FY
09/10: 14 percent).
The revenue target '100+' with profitable growth remains at the focus of
the growth strategy in the medium term. ISRA continues the innovation and
marketing offensive undiminished, additional products and applications will
be introduced to the market in the coming years. Expertise from the
high-end system product area are currently transferred to generic standard
products. The market introduction of these new products in the 3D segment
is planned for the second half of the financial year 2011/2012. Management
has positive expectations for the current financial year, particularly for
the areas Automotive, Paper, Plastics and Print. For Specialty Paper, ISRA
is currently preparing larger orders with strategic customers. The company
will continue to invest in worldwide sales and marketing. Strengthening the
personnel in sales as well as in the other value-added areas is intended to
prepare ISRA for the next growth step.
At the same time, the external growth with the acquisition of suitable
companies is part of the growth strategy. With close to ten successful
integrations, ISRA has a good expertise in this area. In this context,
decisive criteria are that they complement the existing product portfolio
of ISRA in a meaningful way, increase the market share or provide the
opportunity of developing new markets. The management has already examined
two possible strategic targets in detail and expects to finalize them in
the very near future.
With an order backlog of over 40 million Euros, ISRA intends to continue
its double-digit growth in the current financial year. With respect to the
situation in the markets the expected growth will be probably at a lower
double-digit range. The multi-segment strategy is thereby an important
factor. The company is diversifying not only across the two application
fields of surface inspection and production automation, but also across
different customer sectors in different geographic regions. This broad
strategic positioning makes ISRA more robust and independent with respect
to regional and economic fluctuations, which has already been shown in the
economic crisis of 2008/2009. ISRA will communicate the annual forecast for
the financial year 2011/2012 beginning of February.
15.12.2011 DGAP's 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: 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: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: ISRA VISION AG: Profitable growth plan consequently implemented - ISRA increases revenues by 16 percent, EBT by 24 percent
| Source: EQS Group AG