DGAP-News: STEMMER IMAGING AG
/ Key word(s): Annual Results
STEMMER IMAGING publishes financial figures for the short fiscal year 2019 - Organic growth in a declining market environment - cautious outlook for 2020 - Revenues increase by 22.8% (organic 0.4%) to EUR 62.3 million (previous year 1 HY 18/19: EUR 50.7 million) despite the declining overall market, meeting its forecast (EUR 59 to 65 million). - Normalized EBITDA of EUR 4.8 million (previous year 1 HY 18/19: EUR 4.0 million) is below the forecasted result (EUR 6.0 to 7.5 million); the final quarter is burdened with increased operating costs. - Robust order intake of EUR 62.9 million (previous year 1 HY 18/19: EUR 56.4 million). - SARS-CoV-2 conditional cautious forecast for the financial year 2020: revenues in a range of EUR 105 to EUR 120 million and EBITDA of EUR 3.0 to EUR 7.0 million. Puchheim, April 21, 2020 - Following the announcement of preliminary figures on February 20, 2020, STEMMER IMAGING AG (ISIN / GSIN ) is today publishing final figures for the short fiscal year 2019. The Group can look back on a positive revenue development in the reporting period while the earnings result is burdened by an increased operating cost level in the final quarter.
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STEMMER IMAGING generated revenues of EUR 62.3 million in the period from July 1, 2019 to December 31, 2019 (previous year: EUR 50.7 million). The overall growth was thus 22.8% including the consolidation of the Infaimon Group for the first time. Despite a declining overall market (VDMA: -8% for 2019) STEMMER IMAGING achieved organic growth of 0.4% in the short fiscal year 2019, in particular through growth in application markets such as Sports & Entertainment, Food & Agriculture and Healthcare. STEMMER IMAGING was therefore able to achieve its revenue forecast (EUR 59 to 65 million) in the short fiscal year 2019 during a difficult market environment. At EUR 62.9 million, order intake remained above the reported revenue level. At 35.9% in the reporting period (previous year: 33.7%), the gross profit margin developed positively due to effects from the consolidation of the Infaimon Group as well as operational improvements. In the short fiscal year 2019, STEMMER IMAGING realised additional expenses for organisational and structural measures and brought forward projects in product development in order to improve its strategic future positioning. In total, these one-off expenses reduced EBITDA by EUR 2.9 million (thereof EUR 1.5 million for acquisitions, EUR 0.5 million for organisational adjustments and EUR 0.3 million for expenses related to the financial statements for the short fiscal year). The latter months of the year were characterised by short-term call-off orders from resource-intensive project business, which had not been taken into account in the earnings forecast. Overall, the result of the short fiscal year was significantly impacted by this with the adjusted Group EBITDA amounting to around EUR 4.8 million (previous year: EUR 4.0 million) and is thus - as already reported on 20 February 2020 - below the original forecast range of EUR 6.0 to 7.5 million. The financial position continues to be characterised by a high equity ratio of 66.6% (June 30, 2019: 81.9%). Cash and cash equivalents declined to EUR 28.0 million (June 30, 2019: EUR 46.3 million). Group inventories amounted to EUR 11.2 million as of December 31, 2019 (June 30, 2019: EUR 10.7 million). "In the past short fiscal year, our business development was satisfactory in view of the challenging market environment. We were able to create important prerequisites for a strong position in strategic growth areas. Particularly in difficult market phases, our customers look for strong partners who can reliably and competently develop solutions that are profitable in the short term due to the cautious investment climate. We intend to take advantage of market opportunities that arise, even if the overall economic situation makes it necessary to take measures to cushion the effects of the coronavirus and to safeguard the profitability of the company," says Arne Dehn, CEO of STEMMER IMAGING AG. Due to the ongoing spread of the coronavirus (SARS-CoV-2), STEMMER IMAGING believes that the necessary containment measures will have a negative impact on supply chains and key sales markets. To this end, STEMMER IMAGING has taken measures to ensure that business operations are safeguarded, health risks for employees and business partners are avoided and costs and resources are adjusted to the short- and medium-term order situation. Considering the current uncertainties, the Executive Board is cautiously forecasting revenues in the range of EUR 105 to 120 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 3.0 to 7.0 million for the fiscal year 2020. The annual report for the short fiscal year 2019 is available for download at in the Investors section. Due to the current spread of the COVID-19 pandemic and the associated health risks, the Executive Board has decided to make use of a new legal provision and to hold the Annual General Meeting in virtual form for the first time this year. The virtual Annual General Meeting is to take place on the scheduled date of June 22, 2020 from 11:00 a.m. Further details will be included in the invitation. About STEMMER IMAGING: Contact:
21.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | STEMMER IMAGING AG |
Gutenbergstr. 9-13 | |
82178 Puchheim | |
Germany | |
Phone: | +49 (0)89 - 809020 |
E-mail: | |
Internet: | -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: | 1025885 |
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End of News | DGAP News Service |
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1025885Â Â 21.04.2020Â