Puchheim, May 11, 2021


STEMMER IMAGING AG: STEMMER IMAGING continues growth trend with strong order intake, revenue and double-digit EBITDA profitability

- Upward trend in order intake continues. Order intake of EUR 35.6 million up 11.9% on the same quarter of the previous year

- Revenues increase by 8.5% to EUR 31.7 million (Q1 2020: EUR 29.2 million)

- Strong operating result (EBITDA) of EUR 3.7 million and return on sales (ROS) of 11.7% significantly above previous year (Q1 2020: EUR 1.0 million; 3.5%)

- Outlook 2021: revenue and earnings expected at the upper end of the forecast range

Puchheim, May 11, 2021 - STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) publishes its figures for the first quarter of 2021 today.

Key figures (in EUR million)*	01.01.-31.03.2021 (Q1 2021)	01.01.-31.03.2020 (Q1 2020)	01.01.-31.03.2019 (Q1 2019)
Order intake	35.6	31.8	30.3
Revenue	31.7	29.2	28.7
EBITDA**	3.7	1.0	3.1
EBIT**	2.7	-0.1	2.7
EBT**	2.7	-0.2	2.8

*in 2021 for better comparability 2019 values are also shown
**2019 amounts normalized

STEMMER IMAGING AG has made a good start to the 2021 fiscal year continuing the upward trend from the second half of 2020 as previously signaled in the preliminary figures, which the company confirms today. Order intake recorded an increase of 11.9% to EUR 35.6 million compared to the same quarter of the previous year and was also 17.5% above the Q1 figures from 2019 (Q1 2019: EUR 30.3 million). Supported by the rising order intake, the Group generated revenue of EUR 31.7 million in the reporting period. Compared to the first quarter of 2020, this corresponds to an increase of 8.5% (Q1 2020: EUR 29.2 million) and an increase of 10.5% compared to the first quarter of 2019 (Q1 2019: EUR 28.7 million). The positive book-to-bill ratio of 1.1 gives the company a positive outlook for the further course of business in 2021.

The German Mechanical Engineering Industry Association (VDMA) reports a 5% increase in revenue and a 15% increase in order intake for the machine vision components segment for the first three months of 2021. Thanks to its broad regional presence and diversification across end customer markets, STEMMER IMAGING was able to achieve growth rates in revenue that are significantly higher than the industry data reported by the VDMA. Although order intake was slightly below the VDMA figures with growth of 11.9%, it recorded an all-time high and was above the respective previous quarter for the third quarter in a row.

Almost all companies were able to achieve sales revenues above the level of the first quarter of 2020 thanks to the increasing business recovery. The main driver for the increase in revenues in the Group was the industrial sector, which developed strongly across the entire range of applications. In the Artificial Vision sector, the sports & entertainment, food & agriculture, metrology, medical & life science and infrastructure sectors all recorded pleasing sales development.

The strategic goal of expanding revenue with end customers was successfully pursued in the first quarter. STEMMER IMAGING was able to win major customer projects in the automotive sector and has already fulfilled the first deliveries. In addition, a significant increase in business with system integrators is seen, which is indicative of the general economic recovery. With its broad regional coverage and focus on growth markets and applications to expand value-added services, STEMMER IMAGING considers itself well positioned. The increase in the gross profit ratio to 39.2% underlines that customers are rewarding this added value (Q1 2020: 36.9%). This development was helped by positive influences from exchange rate effects in material purchasing, the strong development of high-margin regions and a favourable product mix in the first quarter of 2021.

Strong operating result
The above-average gross margin development, lower cost base and a continued control of other operating expenses had a positive impact on the operating result (EBITDA).
EBITDA, which increased to EUR 3.7 million in the first quarter of 2021, was significantly above the level of the previous year (Q1 2020: EUR 1.0 million ) and also above the level of normalised EBITDA from the first quarter of 2019 (Q1 2019: EUR 3.1 million).
The return on sales (ROS) was 11.7% in the first three months of the business year 8.2 percentage points higher compared to the same quarter of the previous year. It was thus within the target corridor of the mid-term guidance of >10% for the second quarter in a row.

Outlook 2021
Uncertainties remain with the progress of the economic recovery. These concern both the development of the Covid-19 pandemic in individual countries and the restricted global availability and supply situation for electronic components and increasingly also optical sensors. From today's perspective, adverse influences on a stronger upturn within the fiscal year cannot therefore be ruled out.

The Executive Board of STEMMER IMAGING AG is currently adhering to the forecast published on 24 March and expects revenues for the 2021 fiscal year to be in the range of EUR 111 million to EUR 121 million and EBITDA between EUR 7.8 million and EUR 10.2 million. The Executive Board will provide an update on the forecast no later than the publication of the half-year figures as of 30 June.

"We started the year strongly and were able to continue the positive trend from the second half of 2020. The first quarter was characterised by a significant increase in order intake, revenue and EBITDA profitability. In addition, we benefited from an above-average gross margin development and an improved cost base, which led to a pleasing result at the level of 2019. We believe we are well positioned for the remainder of the fiscal year, despite continued market uncertainties due to global supply constraints. We are optimistic that we will see a real recovery effect in 2021 and thus continue on our growth path," says Arne Dehn, CEO of STEMMER IMAGING AG.

The quarterly report of STEMMER IMAGING AG as of 31 March 2021 is available for download at www.stemmer-imaging.com in the Investors section.
 

About STEMMER IMAGING:
STEMMER IMAGING is a leading international machine vision technology provider. With staff located across Europe, Latin America and Asia, the company provides state-of-the-art machine vision solutions, extensive knowledge and outstanding customer service.

Clients value STEMMER IMAGING as a trusted advisor, positioned to deliver tailored solutions. These include components that can be pre-configured where needed, sub-systems designed to reduce time and effort when integrating vertical applications, and customer-specific solutions delivering a competitive advantage to predominantly OEMs - all powered by renowned knowledge and leading software tools including the company's machine vision library "Common Vision Blox".

VISION.RIGHT.NOW. symbolises the STEMMER IMAGING mission to make machine vision easy and accessible, empowering customers to deliver world-class solutions.

Contact:

STEMMER IMAGING AG
Arne Dehn
Chief Executive Officer
Gutenbergstr. 9-13
82178 Puchheim
Phone: +49 89 80902-196
[email protected]
www.stemmer-imaging.com