Silicon Sensor International AG today published its annual report 2010. Compared to preliminary numbers released on February 24th, 2011 results further improved. Sales increased by 50% to €45.2 million. Apart from increasing orders from our existing customers several new projects were realized. EBIT amounted to 3.6 million Euros after a loss of €1.1 million in the previous year. A net income of €2.2 million was achieved after a negative contribution of €1.6 million in 2009. Thus, Silicon Sensor not only impressively turned around the loss year 2009 which was marked by the overall economic crisis but also reentered the profitable growth path. Earnings per share increased by €0.69 to €0.34 (previous year: €-0.35). Operating cash flow improved considerably to €6.2 million (previous year: €1.1 million). The volume of orders on hand rose by 43% to €21.8 million compared with the previous year's reporting date.
The measures taken in the previous two business years concerning the cutting of overhead cost, implementation of lean organization and extension of sales organization and R&D activi- ties as well as investments in the increase of production efficiency and acquisition of growth areas like MEMS sensors will lead to realization of scale economies in the next years. Further investments averaging 140% of depreciation in the next three years are planned to be underta- ken especially to integrate production processes in the Berlin location. This shall result in syner- gies in the fields of production, R&D, procurement and administration. Furthermore, it is in- tended to strengthen the value chain and to diversify into complementary product areas by means of acquisition of companies and technologies and by entering into cooperation agree- ments. Liquid assets amounting to €14.6 million and equity amounting to €38.0 million (equity ratio 56%) ensure stability and the financing of further growth.
As a result of the measures taken and the good start into the business year 2011 we expect to exceed the €50 million threshold and achieve sales of €51 to 55 million. The operational return on sales (EBIT) is to be at least 10%. The strong sales growth of 20% is also to be maintained in subsequent years. In the long term, the operational return on sales (EBIT margin) is to be increased to 15%.
The complete business report can be downloaded at www.silicon-sensor.de/ir.php. For more information on the company, please visit www.silicon-sensor.com or call us on: +49 30 639923-710.
Silicon Sensor International AG
Board of Directors
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