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STEMMER IMAGING publishes nine-month figures: Q3 with 10% revenue increase over previous quarter shows only modest business recovery - positive earnings development due to structural cost improvements - full-year outlook remains cautious

·8-min read

DGAP-News: STEMMER IMAGING AG / Key word(s): 9 Month figures
12.11.2020 / 09:14
The issuer is solely responsible for the content of this announcement.

Puchheim, November 12, 2020


STEMMER IMAGING publishes nine-month figures: Q3 with 10% revenue increase over previous quarter shows only modest business recovery - positive earnings development due to structural cost improvements - full-year outlook remains cautious

- Covid-19 related market reluctance leads to a 12.8% decline in revenues for the first nine months of 2020 to EUR 77.4 million (9M 2019: EUR 88.7 million). Q3 2020 revenues of EUR 25.2 million, 10% above previous quarter (Q2 2020: EUR 23.0 million).

- Order intake increases to EUR 28.1 million in Q3 2020 with positive book-to-bill ratio (Q2 2020: EUR 21.4 million). Order intake for the nine-month period down 6.7% year-on-year.

- EBITDA at EUR 4.0 million (9M 2019 normalized: EUR 10.0 million). EBITDA in Q3 2020 at EUR 1.7 million despite negative one-off effects of EUR 1.2 million. Improved EBITDA margin of 6.9% compared to the first half-year 2020 due to consistent cost savings.

- Positive operating cash flow in Q3 2020 of EUR 3.4 million, cash and cash equivalents of EUR 32.1 million and an equity ratio of 67.9% provide a solid basis for further business expansion.

- Update of full-year forecast 2020 due to ongoing market uncertainties: Sales revenues in a range of EUR 100.0 to 105.0 million and EBITDA of EUR 3.0 to 5.0 million expected.


Puchheim, November 12, 2020 - STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) today publishes its figures for the first nine months of the current fiscal year and the third quarter of 2020.

*2019 amounts normalized

In the period from January 1 to September 30, 2020 STEMMER IMAGING generated revenues of EUR 77.4 million (9M 2019: EUR 88.7 million). The pandemic-related 12.8% decrease in revenues compared to the same period in the previous year showed only a hesitant recovery in demand in the third quarter of 2020. The 17.8% decrease in revenues compared to a strong quarter in the previous year is characterized by a significant reluctance in demand for many industries. In its nine-month report 2020, the German Mechanical Engineering Industry Association (VDMA) once again reported a double-digit drop in sales of 21% in third quarter for machine vision components, particularly in Germany. The uncertainty in the market limited the recovery in the automotive, print & packaging and medical & life science sectors. On the other hand, there were, as announced, noticeable catch-up effects in the Sports & Entertainment sector. However, previous year's level was not reached. The demand situation, particularly in the electronics and general manufacturing industries, developed negatively. While the regional analysis showed weak demand, particularly in the markets of France, England, Spain and Germany, the STEMMER IMAGING subsidiaries in the Netherlands, Denmark and Switzerland were able to record a positive demand trend. Here, the increase in sales compared to the previous year was in total at 24%.

Order intake for the first nine months of 2020 decreased by 6.7% to EUR 81.3 million (9M 2019: EUR 87.1 million). In Q3 2020, the Company achieved a positive book-to-bill ratio of 1.11, but at EUR 28.1 million order intake was below the previous year's level of EUR 32.1 million. Given the current dynamic development of the Covid-19 pandemic, market restraint in orders continues to be evident.

The gross profit margin decreased by one percentage point from 37.6% in the prior-year period to 36.6% in the nine-month period of 2020 - mainly due to the shift in the regional distribution of sales and a one-off effect in the third quarter of the prior year.

At EUR 4.0 million (EBITDA margin: 5.2%), the operating result (EBITDA) for the first nine months of the current fiscal year was below the from one-off effects normalized level of EUR 10.0 million (EBITDA margin: 11.2%). In addition to the decline in sales revenue, the massive increase in currency effects from March onwards (net EUR -1.0 million) had a negative impact on earnings. The results for the nine-month period of 2020 largely conclusively include the planned one-off expenses of EUR 1.2 million to further focus on the Company's strategic orientation and for structural cost-cutting measures.

An isolated analysis of the third quarter of 2020 shows an EBITDA margin of 6.9%, which is above the level of the half-year period (4.4%) despite the one-off expenses. Consistent cost savings have mitigated the impact of the decline in sales on earnings. EBITDA for the third quarter of 2020 was EUR 1.7 million (prior year: EUR 4.0 million).

A combination of positive operating cash flow of EUR 3.4 million generated in the third quarter of 2020, good management of working capital through prudent investment activities, provided cash and cash equivalents of EUR 32.1 million and a solid equity ratio of 67.9% give STEMMER IMAGING the financial stability and sufficient flexibility for further business expansion.

"The initial recovery in the early summer months after the first lockdown has come to a halt with the resurgence of the Covid-19 pandemic. Industrial customers in particular are therefore still reluctant to place orders and we must assume that this will continue through the turn of the year. Being positioned in robust growth areas such as Sports & Entertainment, pharmaceutical and food segments and increasingly in Logistics and Smart Infrastructure remains a positive asset. Our strength and determination to embrace the changes brought about by the corona pandemic has ensured the health of our employees and positioned us well for the accumulating growth potential," says Arne Dehn, CEO of STEMMER IMAGING AG.

Forecast 2020
Due to the current dynamic development of the pandemic and the associated postponement of call-offs and orders, the Management Board now expects, compared to the statements in the half-year report, continued hesitant demand in the final quarter of 2020 with a sales level comparable to that of the third quarter. It must be assumed that the current corona-related lockdowns may continue to cause restraint and shifts in demand in the first half of the following year. On this basis, the Management Board adjusts the sales forecast for fiscal year 2020 to a range of EUR 100.0 to 105.0 million (previously: in the lower half from EUR 105.0 to 120.0 million) and precises the earnings forecast. Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected in the range of EUR 3.0 to 5.0 million (previously: in the lower half of EUR 3.0 to 7.0 million). This forecast is generally based on the assumption that there will be no tightened lockdown during the rest of the fourth quarter and that supply chains will remain largely intact. The forecast ranges already take into account certain negative developments on the customer and supplier side.

STEMMER IMAGING AG's quarterly report as of September 30, 2020 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
ir@stemmer-imaging.com
www.stemmer-imaging.com


12.11.2020 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Key figures
in EUR million

01/01/2020-30/9/2020
(9M 2020)

01/01/2019-30/9/2019
(9M 2019)

01/07/2020-30/09/2020
(Q3 2020)

01/072019-30/09/2019
(Q3 2019)

Order intake

81.3

87.1

28.1

32.1

Revenue

77.4

88.7

25.2

30.5

EBITDA*

4,0

10.0

1.7

4.0

EBIT*

-3.6

8.2

0.7

3.0

EBT*

-4.3

8.1

0.6

2.9

Key figures
in EUR million

01/01/2020-30/9/2020
(9M 2020)

01/01/2019-30/9/2019
(9M 2019)

01/07/2020-30/09/2020
(Q3 2020)

01/072019-30/09/2019
(Q3 2019)

Order intake

81.3

87.1

28.1

32.1

Revenue

77.4

88.7

25.2

30.5

EBITDA*

4,0

10.0

1.7

4.0

EBIT*

-3.6

8.2

0.7

3.0

EBT*

-4.3

8.1

0.6

2.9

Language:

English

Company:

STEMMER IMAGING AG

Gutenbergstr. 9-13

82178 Puchheim

Germany

Phone:

+49 (0)89 - 809020

E-mail:

info@stemmer-imaging.com

Internet:

www.stemmer-imaging.com

ISIN:

DE000A2G9MZ9

WKN:

A2G9MZ

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1147556


 

End of News

DGAP News Service

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