STEMMER IMAGING publishes final figures for 2020: second half of 2020 with increase in order intake, revenue and earnings - positive outlook for 2021
DGAP-News: STEMMER IMAGING AG / Key word(s): Annual Results
Puchheim, March 24, 2021
- Order intake in the final quarter again significantly above the previous quarter at EUR 32.6 million. Full-year amount at EUR 113.9 million (previous year: EUR 119.4 million)
- Positive development of revenues in Q3 and Q4. Full-year sales decline by 12.8% to EUR 105.2 million (previous year: EUR 120.6 million)
- EBITDA of EUR 7.2 million (previous year norm.: EUR 10.8 million) significantly exceeds updated forecast
- Executive Board and Supervisory Board propose dividend of EUR 0.50 per share for the 2020 fiscal year
- Reappointment of the Chief Executive Officer Arne Dehn for another five years
Puchheim, March 24, 2021 - Following the announcement of preliminary figures on February 23, 2021, STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN A2G9MZ) is today publishing final figures for the 2020 fiscal year. In the second half of 2020, the Group consistently recorded increases in order intake, revenue and earnings compared to the first half of 2020.
The effects of the Covid-19 pandemic were clearly felt by STEMMER IMAGING in the 2020 fiscal year. The second quarter of 2020 had the strongest negative impact on business development. Subsequently, business continously recovered and STEMMER IMAGING recorded a steady increase in its key performance indicators.
Thanks to a strong fourth quarter in 2020, STEMMER IMAGING's order intake in the second half of 2020 grew significantly by 14% compared to the first half of the year. Specifically due to a weak second quarter influenced by the corona pandemic, the total amount for the year 2020 of EUR 113.9 million was below the previous year's amount of EUR 119.4 million.
STEMMER IMAGING generated consolidated revenues of EUR 105.2 million in the 2020 fiscal year. The development of revenues in 2020 was significantly influenced by the corona pandemic, which led to declines in revenues in most of the key markets and industries. With an improved development of revenues after the second quarter, the full year revenue expectation was increased. Due to a stronger fourth quarter, the most recent forecast (EUR 104.0 - 105.0 million) was slightly exceeded in the full year 2020.
The fiscal year 2020 was clearly marked with an overproportional growth development in the defined strategic target markets. STEMMER IMAGING continued to expand strategically important customer segments in the Artificial Vision segment last year and increased its share of total revenues to almost 40% (previous year 37%). The strategic target of increasing the share of revenue in the end customer business was further advanced through focused sales activities and the consistent expansion of the range of value-added services.
Group EBITDA amounted to EUR 7.2 million in the reporting year (previous year normalised: EUR 10.8 million) and thus significantly exceeded the forecast updated in December 2020 between EUR 5.5 million to EUR 6.5 million. The positive development was supported by early and decisive cost management, which put the company on an improved cost base in the fourth quarter and thus led to higher profitability even with rising sales. At the same time, the absolute cost level was not fully pronounced due to the ongoing lockdown situation.
STEMMER IMAGING reported negative EBIT of EUR 1.6 million (previous year norm.: EUR 7.5 million) for the full year 2020 due to a non-cash one-off effect of EUR 4.3 million reported in the half-year financial statements.
With an equity ratio of 66.3% (previous year: 66.6%) and a positive operating cash flow of EUR 10.9 million (previous year: EUR 1.9 million), STEMMER IMAGING remains solidly financed with net debt of EUR -27.2 million (previous year: EUR -18.4 million).
"The positive development in order intake, turnover and earnings in the second half of 2020 shows that we were right to decisively focus on our growth topics at an early stage. We are particularly pleased that we were able to further advance our strategic goals with the expansion of the share of non-industrial customers in the area of Artificial Vision and the business with end customers. With the execution of our strategic and commercial as well as cost ratio improving measures, STEMMER IMAGING is well prepared. The trend of the second half of 2020, continued at the beginning of the current year, allows us to look positively to 2021 and beyond," says Arne Dehn, CEO of STEMMER IMAGING AG.
Dividend proposal for the Annual General Meeting on June 9, 2021
Reappointment of the Chief Executive Officer Arne Dehn for five years
Klaus Weinmann, Chairman of the Supervisory Board of STEMMER IMAGING AG: "Over the past two years, Arne Dehn has set the decisive strategic course for further profitable growth. We are very pleased that with the reappointment of Arne Dehn, the positive development and further professionalisation of the Group together with Uwe Kemm will continue."
Positive outlook for 2021
The annual report of STEMMER IMAGING AG for the 2020 fiscal year is available for download at www.stemmer-imaging.com in the Investors section.
A conference call for representatives of the press, analysts and institutional investors will take place today, March 24, 2021 at 2:00 pm.
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.
|Company:||STEMMER IMAGING AG|
|Phone:||+49 (0)89 - 809020|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1177763|
|End of News||DGAP News Service|