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DGAP-Adhoc: First Sensor: Non-recurring effects result in correction of earnings forecast

DGAP-Ad-hoc: First Sensor AG / Key word(s): Profit Warning
First Sensor: Non-recurring effects result in correction of earnings forecast

12.10.2015 / 17:04
Dissemination of an Ad hoc announcement according to § 15 WpHG.
The issuer is solely responsible for the content of this announcement.


First Sensor's Shares: ISIN DE0007201907 Ι 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







Information and Explanation 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 Ι 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


Language: English
Company: First Sensor AG
Peter-Behrens-Straße 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 News DGAP News Service

401925  12.10.2015 
Company
First Sensor is one of the world's leading suppliers in the field of sensor systems. In the growth market of sensor systems, First Sensor develops and produces customer-specific solutions for the ever-increasing number of applications in the industrial, medical, and mobility target markets. Our goal here is to identify, meet and solve the challenges of the future with our innovative sensor solutions early on.
Investor Relations
Our investor relations activities aim at raising the international publicity of First Sensor AG and at consolidating and extending the perception of our share as an attractive growth stock. This means we keep our online communication transparent, comprehensive and continuous in order to enhance your trust in our share.
Applications
In many market-specific applications, sensors are components that are critical to your success. First Sensor is the partner you need on projects that call for careful selection, customized adaptation and the highest standards of excellence. Our Business Units Industrial, Medical and Mobility are clearly aligned to the core markets of industrial applications, medical technology as well as automotive and transport.
Tailored Solutions
In the growth market of sensor systems, First Sensor develops and produces customer-specific sensors, electronics, modules and complex systems for the ever-increasing number of applications in the industrial, medical, and mobility target markets. As a solution provider the company offers complete development services from a first draft and proof of concept up to the development of prototypes and finally serial production. First Sensor offers comprehensive development expertise, state-of-the-art packaging technologies and production capacities in clean rooms from ISO class 8 to 5.
Tailored Solutions
In the growth market of sensor systems, First Sensor develops and produces customer-specific sensors, electronics, modules and complex systems for the ever-increasing number of applications in the industrial, medical, and mobility target markets. As a solution provider the company offers complete development services from a first draft and proof of concept up to the development of prototypes and finally serial production. First Sensor offers comprehensive development expertise, state-of-the-art packaging technologies and production capacities in clean rooms from ISO class 8 to 5.

Tailored Solutions
Career
Innovation, excellence, proximity – these are our values, our ambition, our drive. Anything less is not an option. Our sensor solutions stand for technical innovation and economic growth. As such, they form the basis for the development and application of new technologies in almost all areas of life. We aim to shape this future together with you.