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First Sensor operations on target after first half of 2019

2019-08-14
  • Revenue rises 9.3% to EUR 81.3 million after six months
  • Operating EBIT margin 8.3% for first half-year
  • Earnings reduced by special effects of TE acquisition

First Sensor AG, a developer and manufacturer of standard products and customer-specific sensor solutions, generated revenue of €39.9 million in the second quarter of 2019, drawing level with the same quarter of the previous year. Revenue for the first half of the year thus rose by 9.3% to €81.3 million (previous year: €74.4 million), which is largely in line with planning for the business performance. “Our growth has slowed slightly compared to the first quarter on account of full inventories and project postponements by customers,” said Dr. Dirk Rothweiler, CEO of First Sensor AG. “It remains to be seen whether these are merely intra-year fluctuations and the associated call-offs and orders will go ahead in the second half of the year, or if this change in ordering patterns is due to the more dampened economic situation.”

EBIT was down on the previous year and fell short of projections for 2019 at €2.3 million (previous year: €4.1 million) and with an EBIT margin of 2.9% (previous year: 5.5%). This is due to transaction costs and accruals in connection with the planned combination with TE Connectivity Sensors Germany Holding AG. Adjusted for these special effects, EBIT amounted to €6.8 million (previous year: €4.1 million), which corresponds to an EBIT margin of 8.3% (previous year: 5.5%).

Target Markets
There was strong growth in the Industrial target market, where revenue rose by 16.6% to €43.6 million (previous year: €37.3 million), with the second quarter accounting for €21.4 million (previous year: €20.7 million). Demand among Asian customers for pressure sensors and photodiodes contributed to this in particular. In the Medical target market, especially the product group photonics generated growth compared to the previous year. After six months, due to a rise in demand for imaging solutions, there was an increase of €2.3 million or 13.8% to €18.6 million (previous year: €16.3 million), €8.8 million of which was contributed in the second quarter (previous year: €9.0 million). At €9.7 million (previous year: €10.2 million), revenue in the Mobility target market was slightly higher in the second quarter than in the first. However, at €19.2 million after the first six months, the figure was down by 7.5% year-on-year (€20.7 million). In view of the geopolitical environment and structural challenges, automotive industry customers have been more cautious in calling off deliveries under the framework agreements of the advanced electronics sector.

Incoming orders and orders on hand
Incoming orders amounted to €35.6 million in the second quarter of 2019 (previous year: €44.3 million). The figure for the first half of the year is therefore €77.9 million after €83.7 million in the previous year. Accordingly, the book-to-bill ratio is at a slightly lower level than usual at 0.96. Orders on hand amounted to €94.2 million after the first six months (previous year: €102.1 million). These declines are attributable to orders that have been postponed or, at least for now, put on hold by customers. However, significantly more than half of the order backlog will still contribute to revenue in the current fiscal year.

Balance sheet and cash flow
Total assets increased by €5.4 million or 3.1% to €173.8 million in the first half of 2019 (December 31, 2018: €168.4 million), primarily as a result of the adoption of IFRS 16. The equity of the First Sensor Group was virtually unchanged at €88.8 million as of June 30, 2019 (December 31, 2018: €88.8 million). In this period, the equity ratio declined slightly from 52.8% to 50.5% as a result of the adoption of IFRS 16 and the associated increase in financial liabilities. Non-current assets amounted to €95.5 million at the end of the first half of 2019 (December 31, 2018: €85.9 million). Working capital amounted to €38.4 million after the first half of 2019 (December 31, 2018: €37.3 million).

After a negative operating cash flow of €-1.9 million in the first half of 2018 on account of special effects, it reached €6.8 million as of the end of the first half of 2019. The cash flow from investing activities increased by €1.4 million to €-5.3 million for the first six months of 2019 (previous year: €-3.9 million). Free cash flow was positive in the reporting period at €1.5 million (previous year: €-5.8 million). Cash funds were €3.0 million lower at €25.5 million (December 31, 2018: €28.5 million), on account of, among other things, the payment of the dividend of €2.0 million.

Outlook
Revenue development in the first half of 2019 was in line with expectations for the business performance. However, the economic environment has become more downbeat recently and First Sensor cannot disassociate itself from this entirely. The Executive Board therefore currently expects that revenue for 2019 as a whole will be at the lower end of the projected range of €160 to €170 million. Operating profitability largely developed in line with planning. However, in conjunction with the revenue forecast, the operating EBIT margin for the year as a whole will also be at the lower end of the projected range of 8.5% to 9.5%. The special effects in connection with the planned combination with TE Connectivity Sensors Germany Holding AG will reduce profitability in the second half of 2019, though the impact of this cannot be quantified at this time.

“The prospects for the company’s development are still positive in the medium to long term, as we will continue to benefit from the megatrends on our sales markets, a well-filled product pipeline, and the systematic implementation of our profitable growth strategy,” says CEO Dr. Dirk Rothweiler. “Sensor technology is and will remain a future technology whose potential we are actively leveraging. The planned combination with TE Connectivity Sensors Germany Holding AG will give us an additional boost on this journey. With its size and expertise, TE offers First Sensor the opportunity to apply our own know-how in the fields of pressure and photonics to an extensive product portfolio. At the same time, TE’s global presence will allow us to advance the internationalization of First Sensor’s solutions and standard business in Asia and North America, and to gain new key customers even more quickly.”

The Interim Report for the first half of 2019 is available for download online under Investor Relations.
The results for the first half of 2019 will be outlined in a presentation on Wednesday August 14, 2019, at 10:00 am CEST: https://webcasts.eqs.com/firstsensor20190814


Key Figures at a Glance *
in € million, unless otherwise indicated H1 2015 H1 2016 H1 2017 H1 2018 H1 2019
IFRS / Adjusted**
Sales revenues 67.2 75.9 68.9 74.4 81.3
   Industrial 37.8 35.2 36.1 37.3 43.5
   Medical 10.9 16.3 12.8 16.3 18.6
   Mobility 18.7 24.4 20.0 20.7 19.2
EBITDA 7.6 10.1 7.8 8.4 7.7 / 12.1
EBITDA margin (%) 11.0 13.2 11.3 11.3 9.5 / 14.8
EBITA 4.2 6.9 4.5 5.2 3.4 / 7.9
EBITA margin (%) 6.2 9.0 6.6 7.0 7.0 / 9.7
EBIT 2.9 5.5 3.4 4.1 2.3 / 6.8
EBIT margin (%) 4.3 7.2 4.9 5.5 2.9 / 8.3
EBT 2.1 4.7 3.0 3.2 1.5 / 6.0
EBT margin (%) 3.1 6.2 4.3 4.3 1.8 / 7.4
Net profit for the period 1.8 4.2 2.1 2.3 0.8 / 5.2
Earnings per share (EUR) 0.17 0.38 0.19 0.22 0.08 / 0.52
 
Cash flow from operating activites -7.1 3.6 1.8 -1.9 6.8
Free cash flow -9.8 1.5 -3.2 -5.8 -1.5
 
Balance sheet total 149.6 152.9 153.1 156.9 173.8
Shareholders' equity 74.3 75.2 79.4 82.8 87.8
Equity ratio (%) 49.7 49.2 51.8 52.8 50.5
Net debt 40.3 32.1 28.0 30.5 30.4
Working capital 42.1 39.4 38.8 43.4 38.4
 
Incoming orders 78.2 80.2 79.5 83.7 77.9
Orders on hand 98.7 101.2 90.7 102.1 94.2
Book-to-bill-ratio 1.16 1.06 1.15 1.13 0.96
 
Employees (FTE) 764 785 782 818 873
 
Number of shares in thousand 10,152 10,171 10,211 10,216 10,228

*Rounding differences may arise
** In addition to the IFRS key figures, adjusted key figures are also reported to present the results due to transaction costs and accruals in connection with the planned combination with TE Connectivity Sensors Germany Holding AG.

Disclaimer
Statements in this report relating to future developments are based on a prudent estimate of future events. Actual events of the company may deviate significantly from planned events, as they depend on a large number of market and economic factors, some of which are outside of the company’s control.

Dates

The Q3 Interim Report 2019 is expected to be published on November 14, 2019.

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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.
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.
Competencies
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.
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.

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