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© first sensor Business | March 22, 2017

First Sensor closes 2016 at upper end of expectations

Germany-headquartered First Sensor AG increased its sales by 9.0 percent to EUR 150.1 million in fiscal year 2016 (previous year: EUR 137.7 million).
With percentage increases of between 29.2 percent and 17.8 percent compared to the previous year, the Medical and Mobility segments made a particularly significant contribution to this positive development.

"The growth achieved in the past fiscal year not only shows that we are continuing to participate in the strong growth of sensor technology, a key technology that is essential to many innovations in different industries. In addition, this success is also the result of our commitment to excellence," says Dr. Dirk Rothweiler, CEO of First Sensor AG. "For us, this begins with customer collaboration. We use our technological expertise and application know-how to help our customers develop the right product or find a customized solution. But excellence also means ensuring efficiency at all stages of the value chain with clear processes. This gives rise to powerful sensors and sensor systems with tailored features that guarantee sustainable success for both us and our customers."

The company thus achieved an EBIT margin of 6.7 percent in 2016, also putting it at the upper end of its forecast (6-7%). This equates to EBIT of EUR 10.0 million. EBITDA amounted to EUR 19.4 million, corresponding to an EBITDA margin of 12.9 percent. "With this result, we have demonstrated that First Sensor is capable of translating the volume of business into a significant improvement in profitability. This achievement is even more important to us, and no doubt also to our shareholders, than the increase in sales," says Dr. Mathias Gollwitzer, CFO of First Sensor AG. "It indicates that our activities aimed at improving processes and increasing efficiency are starting to bear fruit. And it also shows that we are coming closer step by step to our goal of achieving an EBIT margin of 10 percent."

However, this positive business development will be impacted by the scheduled expiration of a major order in the Mobility segment at the end of last year. To compensate for this, internal growth of as much as EUR 10 million will first have to be achieved over the course of the year. Consequently, the Management Board is expecting a sales level in the region of EUR 140 million to EUR 145 million in fiscal year 2017. This already takes into account that the launch of new products may result in delays on the customer's end. The Management Board is planning to generate an EBIT margin of 5 to 6 percent in fiscal year 2017. The margin target is thus at the level of the original EBIT forecast for fiscal year 2016 despite the lower sales guidance compared to 2016.

Incoming orders and orders on hand

Incoming orders amounted to just EUR 132.9 million after EUR 142.3 million in the previous year. This was largely due to a major order from an automobile manufacturer that expired as scheduled in 2016. The book-to-bill ratio came to 0.89 (previous year: 1.03) for reporting-date-related reasons. As a result of the high level of sales in fiscal year 2016, orders on hand fell from EUR 90.7 million to EUR 82.2 million over the course of the year (-9.4%).
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December 13 2018 1:08 pm V11.10.14-1