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Revenue milestone of 100 million euros achieved – strong basis for the next growth steps




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Revenue increase of 14% to 102.5 million euros (FY 12/13: 89.5 million euros)
EBT growth plus 16% to 19.1 million euros (FY 12 /13: 16.5 million euros)
EBT margin to revenues rises to 19 % (FY 12/13: 18%), to total output at 17 % (FY 12/13: 17 %)
Continued high margins compared to total output:
EBITDA margin at 25 % (FY 12/13: 26 %)
EBIT margin at 17% (FY 12/13: 17%)
Gross margin at stable level of 60% to total output (FY 12/13: 60%)
Operative cash flow improved to 18.7 million euros (FY 12/13: 15.5 million euros)
Order backlog of approx. 57 million euros (PY: approx. 51 million euros)
GP Solar integration completed successfully ?
solar business continues positive development with new orders
Earnings per share rise to 2.97 euros (FY 12/13: 2.64 euros)
ISRA VISION AG (ISIN: DE 0005488100), one of the world?s top companies for industrial image processing (Machine Vision) as well as globally leading in surface inspection of web materials and 3D machine vision applications, reached the important milestone of 100 million euros ? based on audited, but not yet certified figures ? and again meets the forecast. With revenues of 102.5 million euros (FY 12/13: 89.5 million euros) and an EBT growth of 16 percent to 19.1 million euros, ISRA creates a strong basis for the next revenue dimension. The EBT margin compared to revenues increases by one percentage point to 19 percent (FY 12/13: 18 percent), compared to total output it is at 17 percent as in the previous year. With respect to operative cash flow, the 2013/2014 financial year closes with a positive trend ? the operative cash flow improves to 18.7 million euros (FY 12/13: 15.5 million euros). Given the increase by one percentage point in equity ratio to 58 percent (September 30, 2013: 57 percent) and the available credit lines, the company is equipped with solid capital resources for future growth. The earnings per share after taxes (EPS) increases to 2.97 euros (FY 12/13: 2.64 euros).
Management considers the important revenue mark of 100 million euros a strategic milestone that demonstrates the development of the company in recent years in a particular way. At the same time, this landmark is trend-setting for the next growth phases. On the one hand, the market shares in relevant industries were expanded consequently, even market leadership in some of them was gained ? on the other hand, investments were made in the global expansion of the company with employees that were hired successively at more than 25 locations worldwide. By exceeding the 100 million euros, the critical mass as the basis for future growth has also been reached in the different regions. As a result, ISRA is one of the best globalized companies worldwide in the relevant markets. These assets ? infrastructure and international team ? will continue to play an important role in the future in the support of global customers who are largely market leaders themselves in their industries. The sustainable expansion of market shares in different customer industries, the independence of individual markets and regions as well as the diversification render the company robust, even during weak economic periods. With the 100 million euro revenue milestone, a size has been reached to realize scale effects and synergies as a catalyst for profitable growth.
The 2013/2014 financial year concludes with the traditionally strong fourth quarter. Revenues in Q4 rise by 20 percent to 32.7 million euros (Q4 12/13: 27.3 million euros), annual revenues (Q4 – YTD) by 14 percent to 102.5 million euros (FY 12/13: 89.5 million euros) and total output to 114.6 million euros (FY 12/13: 99.8 million euros). The gross margin (total output minus cost of materials and cost of labor in production and engineering) with 60 percent (FY 12/13: 60 percent) confirms again the overall strong margin level of the company. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increases by 10 percent to 28.8 million euros (FY 12 /13: 26.1 million euros), the EBITDA margin amounts to 25 percent (FY 12/13: 26 percent). An increase of 16 percent for EBIT (Earnings Before Interest and Taxes) results in 20.0 million euros and a constantly high EBIT margin of 17 percent (FY 12/13: 17 percent). EBT also growths by 16 percent to 19.1 million euros (FY 12/13: 16.5 million euros). The net cash flow is positive and reaches 1.6 million euros (FY 12/13: 2.1 million euros). As a result, the net bank debt is reduced through scheduled repayment of bank loans by 2.1 million euros ? a good basis for the continuation of the sustainable dividend strategy (PY: 0.35 euros per share).
The regional independence of the company continued to be reinforced further in 2013 / 2014. Growth ? particularly in China, Taiwan and Korea ? brought the Asian revenue share almost to the level of the European one of approx. 40 percent. The positive order situation in Europe with its double-digit rates also contributed in passing the strategic mark of 100 million euro revenues ? a similar development is also expected for the 2014 / 2015 financial year. At the start of the current year, America is recording an increased demand. A slightly lower order entry dynamic than 2013 / 2014 is expected for Asia. The expansion of the global presence continues to remain an important instrument of the company strategy. Currently, in Asia the market entry for Indonesia is being prepared and in America for Mexico.
In the 2013/2014 financial year, ISRA maintained its market position worldwide in both segments ? Industrial Automation and Surface Vision. With a revenue increase of 30 percent, the Industrial Automation segment was one of the strongest drivers in 2012/2013. In the current reporting period, revenues were not only kept at the high level of the previous year ? but even increased by 3 percent to 25.0 million euros (FY 12/13: 24.3 million euros). The continuously positive demand is carried by innovative 3D system solutions. EBIT increases by 6 percent to 5.0 million euros (FY 12/13: 4.7 million euros), the EBIT margin improved as in the previous year ? by one percentage point to 18 percent to total output (FY 12/13: 17 percent). For the current financial year, the company expects additional larger orders from the 3D segment and assumes a positive development in this segment.
The revenues in the Surface Vision division rose significantly by 19 percent to 77.4 million euros (FY 12/13: 65.3 million euros). EBIT is at 15.0 million euros (FY 12 / 13: 12.6 million euros), the EBIT margin at 17 percent to total output (FY 12/13: 17 percent). The segments Plastics, Metal and Paper contributed to revenues with significant double-digit growth rates. These dynamics continue at the beginning of the new financial year. A similar picture is also evident in the order entries from the Specialty Paper industry. The development in the glass segment is further supported with investments in innovations and sales. In the Print sector, management was reinforced; the product innovations are being promoted with a worldwide marketing offensive. In the solar business, ISRA is in a strategically strong position with the successful integration of GP Solar, and profited with several large-scale orders from the positive demand from Asia. The continuation of this high level is also apparent for the 2014/2015 financial year ? the order entries from the first quarter of the current year confirm this trend. The new version of the intelligent yield management software ?EPROMI? for efficiency and productivity increase was successfully started with a strategic order in the millions from China. A positive step in the direction of the strategic objective in the CSSC (Customer Support and Service Center) business to expand the share in revenues was realized with an annual result in the double-digit million range.
Besides organic growth, pursuing external growth by acquiring suitable companies is an important part of the long-term strategy. GP Solar, which was acquired in May 2013, was successfully integrated. Already in 2009, ISRA acquired an interest in the Turkish Machine Vision specialist Vistek ? in the reporting period, the full integration of the company was completed. Management is intensively monitoring and analyzing targets which will strategically strengthen ISRA. With some of them, the company is already in an advanced state and plans on finalizing an additional project in the course of the current financial year upon positive evaluation result.
With a current order backlog of approx. 57 million euros (PY: approx. 51 million euros), ISRA had a good start into the new financial year. The company responds to the different market situations in the individual businessareas with targeted marketing and sales measures as well as innovations that support the growth strategy. For the current financial year, ISRA is planning with a double-digit profitable revenue growth and at least stable margins, whereby further margin improvements as well as the cash flow optimization remain the focus of management. ISRA will release a detailed forecast for the current financial year in February 2015.
Further information is available at www.isravision.com.

ISRA Vision AG, together with its subsidiaries, is worldwide leading in surface inspection of web materials. Furthermore, it is one of the globally leading providers of machine vision programs, specialising in the area of 3D machine vision, in particular for “3D robot vision”.
The core competence of the company is the ISRA-BrainWARE®, an innovative software for intelligent machine vision systems. Here, the scientific know-how from the fields of optics, lighting technology, surveying technology, physics, image processing and classification algorithms and a complex system design are combined.
Machine vision is a key technology for visualising systems that imitate the human eye. Today–s ISRA applications focus primarily on the automation of production and quality assurance of goods and products supplied to large, future-oriented markets such as energy, healthcare, food, mobility and information. The customers mainly include renowned global players from the respective sectors. With more than 25 locations worldwide, ISRA offers customer proximity everywhere and ensures optimum service and support.
In the past sixteen years, ISRA has shown profitable growth with an annual average increase in sales of approx. 25 percent. Currently the company employs more than 600 people worldwide.
Further information are available at www.isravision.com.





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