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DGAP-Adhoc: ISRA VISION AG: COVID-19 pandemic: Challenges for ISRA in the first 9 months; revenues and earnings below previous year's figures

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DGAP-Ad-hoc: ISRA VISION AG / Key word(s): Quarter Results
ISRA VISION AG: COVID-19 pandemic: Challenges for ISRA in the first 9
months; revenues and earnings below previous year's figures

31-Aug-2020 / 08:05 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*ISRA VISION AG: Third quarter 2019/2020 - COVID-19 pandemic continues to
impact on quarterly figures *

*COVID-19 pandemic: Challenges for ISRA in the first 9 months; *
*revenues and earnings below previous year's figures*

-Revenues at 89.8 million euros, minus 19 % (Q3-YTD 18/19: 110.6 million
euros)

- Focus on earnings margins:

(Unless stated otherwise, the EBITDA, EBIT and EBT figures included in this
document are adjusted for one-time transaction costs)

- EBITDA margin at 31 % to revenues and 26 % to total output (Q3-YTD 18/19:
35 % and 31 %)

- EBIT margin at 13 % to revenues and 11 % to total output (Q3-YTD 18/19: 22
% and 20 %)

- EBT margin at 13 % to revenues and 11 % to total output (Q3-YTD 18/19: 22
% and 20 %)

- Gross margin at 63 % to total output (Q3-YTD 18/19: 62 %) and 56 % to
revenues (Q3-YTD 18/19: 57 %)

- Operating cash flow compared to Q2 19/20 increases to 12.8 million euros
(Q2 19/20: 2.8 million euros)

- Cost optimization activities prove to be efficient

- Order backlog of currently 82 million euros gross (PY: 93 million euros
gross)

- ISRA and Atlas Copco: All approvals granted; merger squeeze-out announced

- Growth forecast remains difficult due to low order entry dynamics; trend
reversal expected towards the middle of the financial year 2020/2021 at the
earliest

ISRA VISION AG (ISIN: DE 0005488100) - one of the world's top companies for
industrial image processing (Machine Vision) as well as a global leader for
surface inspection of web materials and 3D machine vision applications, is
publishing its quarterly figures for the third quarter of financial year
2019/2020 on August 31, 2020. The COVID-19 pandemic continues to have a
significant impact on the global economy, which is also reflected in ISRA's
business development in the third quarter of 2019/2020. In the period under
review, the company recorded revenues of 89.8 million euros (Q3-YTD 18/19:
110.6 million euros), a decline of nearly 19 percent compared to the strong
figures of the previous year. EBT of 11.7 million euros (Q3-YTD 18/19: 24.5
million euros) also reflects the current difficult economic situation in the
entire industry.

The gross margin (total output minus material and labor costs for
production) remained nearly constant compared to the previous year and
amounted to 63 percent of total output (Q3-YTD 18/19: 62 %) and 56 percent
of revenues (Q3-YTD 18/19: 57 %). EBITDA (earnings before interest, taxes,
depreciation and amortization) declined by 29 percent to 27.5 million euros
(Q3-YTD 18/19: 38.6 million euros). Accordingly, the EBITDA margin amounted
to 31 percent of revenues (Q3-YTD 18/19: 35 %) and 26 percent of total
output (Q3-YTD 18/19: 31 %). At 12.0 million euros, EBIT (earnings before
interest and taxes) was significantly below the previous year's figures
(Q3-YTD 18/19: 24.6 million euros), the EBIT margin was correspondingly 13
percent of revenues (Q3-YTD 18/19: 22 %) and 11 percent of total output
(Q3-YTD 18/19: 20 %). EBT (earnings before taxes) amounted to 11.7 million
euros (Q3-YTD 18/19: 24.5 million euros), which equates to an EBT margin of
13 percent of revenues (Q3-YTD 18/19: 22 %) and 11 percent of total output
(Q3-YTD 18/19: 20 %).

ISRA's leading technological position in the market is one of its growth
drivers. In order to maintain and further expand this position, the company
is making significant investments in research and development, even in the
current situation, by spending 17.5 million euros in the first nine months
of financial year (Q3-YTD 18/19: 16.1 million euros). This equates to nearly
17 percent of total output (Q3-YTD 18/19: 13 percent). Expenditure on sales
and marketing amounted to 18.8 million euros (Q3-YTD 18/19: 21.3 million
euros), a decline of almost 12 percent. Administrative costs remained
relatively constant at 4.1 million euros (Q3-YTD 18/19: 4.0 million euros)
despite the additional workload incurred in connection with the strategic
partnership with Atlas Copco.

The balance sheet reflects the continued decline in incoming orders and more
difficult shipping conditions also in this quarter. Inventories rose to 52.5
million euros (September 30, 2019: 46.9 million euros). Trade receivables
amounted to 100.7 million euros (September 30, 2019: 115.8 million euros).
Receivables comprise 51.5 million euros in system deliveries already
invoiced (September 30, 2019: 48.9 million euros) and contract assets of
49.2 million euros recognized in accordance with IFRS 15 (September 30,
2019: 66.9 million euros). The consolidated balance sheet total at the end
of the third quarter of 2019/2020 was 342.5 million euros (September 30,
2019: 345.1 million euros). In total, current assets amounted to 192.7
million euros (September 30, 2019: 209.7 million euros) and non-current
assets to 149.8 million euros (September 30, 2019: 135.4 million euros).

On the liabilities side of the balance sheet, trade payables decreased to
9.8 million euros as of June 30, 2020 (September 30, 2019: 23.4 million
euros). Current financial liabilities to banks and financial institutions
amounted to 38.9 million euros (September 30, 2019: 40.6 million euros),
while other financial liabilities amounted to 15.1 million euros (September
30, 2019: 13.8 million euros). As was the case on September 30, 2019, there
were no non-current liabilities to banks on June 30, 2020; tax liabilities
amounted to 7.0 million euros (September 30, 2019: 4.0 million euros).

The cost optimization activities initiated at the end of the second quarter
are showing initial effects and had a positive impact on cash flow in the
third quarter of the financial year. Compared to the second quarter of the
financial year, operating cash flow improved to 12.8 million euros in the
reporting period (Q2 19/20: 2.8 million euros). An amount of 16.9 million
euros were spent on capital expenditures in the first nine months of the
financial year (Q3-YTD 18/19: 14.5 million euros). Cash flow from financing
activities amounted to -6.1 million euros (Q3-YTD 18/19: -2.9 million
euros). Earnings per share (EPS) after taxes amounted to 0.33 euros (Q3-YTD
18/19: 0.76 euros). A dividend of 0.18 euros per share was distributed to
shareholders at the Annual General Meeting in May 2020 for financial year
2018/2019. With an equity increase to 217.4 million euros (September 30,
2019: 214.7 million euros) and an improved equity ratio of 63 percent
(September 30, 2019: 62 %) as well as free credit lines, the company still
has a good capital base for future growth.

The company's strong global positioning, the continuous expansion of market
shares in relevant fields and the strengthening of the international teams
at its more than 25 locations in recent years are important strategic assets
in the current challenging market environment. The individual regions and
customer industries were affected by the COVID-19 effects in different ways
during the reporting period. The general recovery that one had hoped for
failed to materialize in the third quarter of the financial year due to the
pandemic. The decline in revenues in the period under review turned out
significantly lower in the European markets compared to the other regions.
Europe still benefited from the relatively good order situation in the first
half of the year. While incoming orders picked up momentum in Asia towards
the end of the reporting period, the American and European markets continued
to record major postponements of orders. It is currently difficult to
predict when the postponed projects can be realized, the company
nevertheless expects the situation on the Asian markets to continue to ease
and the first cautious recovery of individual customer industries in Europe
to begin at the beginning of the next financial year.

The Industrial Automation segment, whose customer base includes primarily
well-known premium manufacturers from the automotive industry as well as
global players from a wide variety of industries, recorded revenues of 26.9
million euros in the first nine months of the financial year (Q3-YTD 18/19:
28.0 million euros), only slightly below the strong prior-year figures. One
of the revenue drivers were the innovations in the area of embedded systems
for ISRA that were initiated together with Photonfocus. EBIT amounted to 4.8
million euros (Q3-YTD 18/19: 6.1 million euros) with an EBIT margin to total
output of 13 percent (Q3-YTD 18/19: 19 %). With a beginning recovery of the
Asian markets in the fourth quarter of 2019/2020, as well as the
strengthening of the management team and portfolio expansions in the Smart
Factory Automation segment, the Company continues to expect a positive
development of demand for this segment in the coming months.

Revenues in the Surface Vision segment in the first nine months of 2019/2020
amounted to 62.9 million euros (Q3-YTD 18/19: 82.6 million euros) and, at
minus 24 percent, are significantly below the last year's revenues. EBIT
amounted to 7.2 million euros (Q3-YTD 18/19: 18.5 million euros), with an
EBIT margin of 10 percent of total output (Q3-YTD 18/19: 20 %). The Glass
and Metal Inspection business units recorded a significant drop in sales in
the period under review, whereas the Advanced Materials unit fell only
slightly short of the strong figures for the previous year - orders from
customers in the printing industry even slightly exceeded expectations. In
the area of Paper, following the design-to-cost measures that have been
implemented, the company continues to focus on high growth sectors such as

(MORE TO FOLLOW) Dow Jones Newswires

August 31, 2020 02:05 ET ( 06:05 GMT)
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