13.08.2020 First Sensor AG  DE0007201907

DGAP-News: First Sensor delivers stable performance in second quarter of 2020


DGAP-News: First Sensor AG / Key word(s): Half Year Results
First Sensor delivers stable performance in second quarter of 2020

13.08.2020 / 08:00
The issuer is solely responsible for the content of this announcement.

First Sensor delivers stable performance in second quarter of 2020
- Moderate 4.3% decline in sales in Q2 despite many customers suspending production
- Adjusted EBIT margin of 5.1% in Q2
- Return to normality expected for end of Q3 or in Q4, depending on pandemic situation

The First Sensor Group generated sales of €76.9 million in the first half of 2020 (previous year: €81.3 million). Given the Corona-induced general conditions, the decline of 5.3% was comparatively moderate. In the second quarter, sales of €38.1 million were generated following €39.9 million in the previous year. In this period, in which many customers were affected by shutdowns at their production plants, especially in German-speaking countries, the fall was only 4.3%. This corresponds to the expected business development following the occurrence of the pandemic. The adjusted operating result (EBIT) amounted to €2.3 million in the first six months (previous year: €6.8 million) whereof €1.9 million was achieved in the second quarter (previous year: €2.6 million), marking a significant improvement on the first quarter. The adjusted EBIT margin amounted to 3.0% in the first six months (previous year: 8.3%) and 5.1% in the second quarter (previous year: 6.5%). It was therefore also in line with expectations for the fiscal year.

"The First Sensor Group has had to adapt to the challenges arising from the Corona pandemic in the first half of 2020. As is clear from this report, we have succeeded comparably well despite the massive repercussions, in some cases, on our target markets and supply chains," says Marcus Resch, Member of the Executive Board of First Sensor AG. "Overall, sales and earnings correspond to the expectations for the financial year following the outbreak of the pandemic."

Target markets
The impact on the target markets has varied strongly. In the Industrial target market, sales in the first half fell by 9.6% to €39.4 million (previous year: €43.5 million). Amounting to €19.1 million in Q2, sales softened by 10.6% compared to the same quarter of the previous year (€21.4 million) and therefore reflected the economic climate. Business fell more sharply in the Mobility target market. Here, sales decreased by 13.9% in the first six months to €16.5 million (previous year: €19.1 million). Only €6.5 million worth of sales was attributable to the second quarter (previous year: €9.7 million), representing a decrease of 33.2%. Corona-induced production closures at virtually all automotive manufacturers are reflected here. In contrast to this, sales in the Medical target market expanded by 13.4% in the first six months of 2020. They totaled €21.1 million (previous year: €18.6 million). The increase was virtually entirely attributable to the second quarter, where growth of 42.6% was achieved with sales of €12.6 million (previous year: €8.8 million). Here, First Sensor benefited from the boom among manufacturers of respirators resulting from the Covid-19 pandemic.

Incoming orders and order backlog
In the second quarter, incoming orders decreased to €31.7 million (previous year: €35.6 million), leading to a total of €75.1 million for the first six months of 2020 compared to €77.9 million in the previous year. Halfway through 2020, this drove an order backlog of €91.6 million (previous year: €94.2 million), equivalent to a decrease of 2.7%. Considering the general conditions, First Sensor therefore has a comparatively stable order situation, which is reflected in a slightly improved book-to-bill ratio of 0.98 over the past 12 months. However, compared with the first quarter, incoming orders were significantly more subdued recently. The first signs of a business normalization are not expected before the end of the third quarter and depend heavily on the further development of the pandemic.

Balance sheet and cash flow
In the course of the first six months of 2020, total assets decreased by 4.7% to €171.1 million (December 31, 2019: €179.7 million). As of the reporting date of June 30, 2020, the equity of the First Sensor Group decreased by 7.6% to €83.1 million (December 31, 2019: €89.9 million). The equity ratio changed only marginally as a consequence of the balance sheet contraction and amounts to 48.6% against 50.0% at the reporting date. Major changes related to current assets. Here, inventories posted an increase of 9.1% to €39.0 million (December 31, 2019: €35.7 million). At the same time, trade receivables rose by 26.7% to €15.9 million (previous year: €12.5 million). Both are linked to the impact of the pandemic on the business development. These factors coupled with a reduction in profitability - despite having been improved in the course of the year thanks to expanded cost-cutting measures -, the dividend payment and payments in connection with the business combination with TE Connectivity Sensors Germany Holding AG had a significant impact on cash and cash equivalents. These fell to €17.3 million on the reporting date (previous year: €32.3 million). The working capital amounted to €46.0 million as of June 30, 2020 (December 31, 2019: €38.4 million).

The above-mentioned drivers also affected cash flow. Consequently, operating cash flow amounted to €-6.4 million in the first half of 2020 (previous year: €6.8 million). Free cash flow was accordingly sharply negative in the reporting period at €-10.9 million (previous year: €+1.5 million).

The First Sensor Group had 871 (previous year: 873) employees (FTE - full-time equivalents, excluding short-time work) on average in the first six months of 2020.

The revenue performance in the first half of 2020 corresponded to the expectations following the rise of the pandemic. "In our target markets, customers were affected by the Corona crisis to a differing degree. Most well-known motor manufacturers had to close their production plants for several weeks. Industrial customers postponed their call-ups under framework agreements. The majority of the medical technology sector was severely affected by the pandemic as well; solely customers from niche areas such as respiration increased their demand significantly," explains Resch. The Executive Board expects to see a return to normal business performance by the end of the third quarter at the earliest, or more likely in the fourth quarter.

Although the fall in sales had an adverse impact on profitability, this stabilized in the second quarter. At 12.5%, the adjusted EBITDA margin is only slightly down on the previous year's level of 14.4%. The adjusted EBIT margin also developed as expected, returning to 5.1% in the second quarter. The Executive Board believes that the company is well-placed to achieve its guidance for the year as a whole with an adjusted EBIT margin of 3% to 6%.

"The extent of the impact of the Corona pandemic is consistent with the estimates on which management based its guidance for fiscal year 2020," says Resch. The target of achieving sales in between €145 million and €155 million and an adjusted EBIT margin between 3% and 6% is therefore confirmed. The measures to secure profitability have proven to beeffective and will largely remain in place in the third quarter. First Sensor is therefore well positioned to emerge stronger from the crisis and to pursue its medium-term growth targets. The business combination with TE will further support this.

Key Figures for the First Half of 2020 at a Glance (rounding differences may occur)

in € million unless otherwise indicated H1 2016 H1 2017 H1 2018 H1 2019 H1 2020
        IFRS/ Adjusted* IFRS/ Adjusted*
Sales revenues 75.9 68.9 74.4 81.3 76.9
Industrial 35.2 36.1 37.3 43.5 39.4
Medical 16.3 12.8 16.3 18.6 21.1
Mobility 24.4 20.0 20.7 19.2 16.5
EBITDA 10.1 7.8 8.4 12.1* 7.9*
EBITDA margin (%) 13.2 11.3 11.3 14.8* 10.2*
EBIT 5.5 3.4 4.1 6.8* 2.3*
EBIT margin (%) 7.2 4.9 5.5 8.3* 3.0*
Net profit for the period 4.2 2.1 2.3 5.2* 0.9*
Earnings per share (EUR) 0.38 0.19 0.22 0.52* 0.10*
Cash flow from operating activities 3.6 1.8 -1.9 6.8 -6.4
Free cash flow 1.5 -3.2 -5.8 1.5 -10.9
Balance sheet total 152.9 153.1 156.9 173.8 171.1
Shareholders' equity 75.2 79.4 82.8 87.8 83.1
Equity ratio (%) 49.2 51.8 52.8 50.5 48.6
Net debt 32.1 28.0 30.5 30.4 38.0
Working capital 39.4 38.8 43.4 38.4 46.0
Incoming orders 80.2 79.5 83.7 77.9 75.1
Orders on hand 101.2 90.7 102.1 94.2 91.6
Book-to-bill ratio 1.06 1.15 1.13 0.96 0.98
Employees (FTE average of the period) 785 782 818 873 871
Numbers of shares in thousand 10.171 10.211 10.216 10.228 10.269

* adjusted for transaction costs and provisions in connection with the business combination with TE Connectivity Sensors Germany Holding AG

About First Sensor AG
Founded as a technology start-up in the early 1990s, today, First Sensor is a global player in sensor technology. Based on our know-how in chip design and production as well as microelectronic packaging, standard sensors and customer-specific sensor solutions are developed in the fields of photonics, pressure and advanced electronics for the ever-growing demand in key applications for the target markets of Industrial, Medical and Mobility. The strategy is aimed at profitable growth and focuses on key customers and products, forward integration and strengthening our international presence. First Sensor has been listed on the Frankfurt Stock Exchange since 1999 [Prime Standard Ι WKN: 720190 Ι ISIN DE0007201907 Ι SIS]. Further information: www.first-sensor.com.

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.

The complete Interim Report 2020 is available online for download under https://www.first-sensor.com/en/investor-relations/results-center/index.html.

The Q3 Interim Report 2020 is expected to be published on November 12, 2020.

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13.08.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: First Sensor AG
Peter-Behrens-Straße 15
12459 Berlin
Phone: +49 (0)30 63 99 23-760
Fax: +49 (0)30 63 99 23-719
E-mail: [email protected]
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, Tradegate Exchange
EQS News ID: 1116915

End of News DGAP News Service

1116915  13.08.2020 


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 147,50 161,28 147,00 154,82 105,31 115,37 134,61
EBITDA1,2 19,64 21,26 16,20 66,72 26,38 3,64 11,96
EBITDA-Marge3 13,32 13,18 11,02 43,10 25,05 3,16
EBIT1,4 10,55 12,23 5,06 55,24 18,19 -3,97 4,24
EBIT-Marge5 7,15 7,58 3,44 35,68 17,27 -3,44 3,15
Jahresüberschuss1 4,37 7,52 2,47 52,43 18,83 -4,48 4,09
Netto-Marge6 2,96 4,66 1,68 33,87 17,88 -3,88 3,04
Cashflow1,7 16,01 15,92 20,43 6,48 2,64 -2,75 14,09
Ergebnis je Aktie8 0,40 0,72 0,22 5,09 1,82 -0,43 0,40
Dividende8 0,16 0,20 0,20 0,47 0,47 0,47 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

First Sensor
WKN Kurs in € Einschätzung Börsenwert in Mio. €
720190 59,400 Halten 613,77
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
69,88 21,98 3,18 64,78
4,84 43,56 4,56 49,28
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,47 0,47 0,79 24.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.02.2024 15.05.2024 14.08.2024 31.01.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
4,23% 3,97% 1,71% 1,02%
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Halbleiter , 720190 , SIS , XETR:SIS