Quarterly Report • May 19, 2015
Quarterly Report
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CONSOLIDATED INTERIM FINANCIAL REPORT AS AT MARCH 31, 2015
| At a glance in figures 3 | |
|---|---|
| At a glance in words 3 | |
| Foreword by the Management Board 4 | |
| Group management interim report (IFRS) 6 | |
| First Sensor share 10 | |
| Consolidated balance sheet (IFRS) 12 | |
| Consolidated statement of comprehensive income (IFRS) 14 | |
| Consolidated statement of changes in equity (IFRS) 15 | |
| Consolidated cash flow statement (IFRS) 16 | |
| Notes to the consolidated interim financial statements (IFRS) 17 | |
| Legal disclaimer, financial calendar, contact 19 |
| in € thousand, unless otherwise indicated | 3M 2015 | 3M 2014 | Δ | in % |
|---|---|---|---|---|
| Sales revenues | 33,303 | 28,974 | 4,329 | 14.9 |
| EBITDA | 3,899 | 3,487 | 412 | 11.8 |
| EBITDA margin (%) | 11.4 | 11.7 | -0.3 | -2.6 |
| EBIT | 1,496 | 1,388 | 108 | 7.8 |
| Net profit for the period* | 1,728 | 1,266 | 462 | 36.4 |
| Cash flow from operating activities | -1,017 | 1,120 | -2,137 | -190.8 |
| Cash flow from investment activities | -1,709 | -936 | -773 | -82.6 |
| Free cash flow | -2,726 | 184 | -2,910 | -1,581.5 |
| Number of shares in thousand | 10,152 | 9,981 | 171 | 1.7 |
| Earnings per share (€)* | 0.16 | 0.13 | 0.03 | 23.1 |
| Incoming orders | 34,891 | 30,416 | 4,475 | 14.7 |
| Book-to-bill-ratio | 1.05 | 1.05 | 0 | 0 |
* For purposes of better comparability adjusted by PPA-amortization.
| in € thousand, unless otherwise indicated | March 31, 2015 |
December31, 2014 |
Δ | in % |
|---|---|---|---|---|
| Orders on hand | 90,588 | 86,428 | 4,160 | 4.8 |
| Shareholders' equity | 73,722 | 71,982 | 1,740 | 2.4 |
| Balance sheet total | 147,520 | 144,889 | 2,631 | 1.8 |
| Equity ratio (%) | 50.0 | 49.7 | 0.3 | 0.6 |
| Net debt | -32,748 | -29,726 | -3,022 | -10.2 |
| Number of employees | 767 | 756 | 11 | 1.5 |
Dear shareholders and business partners, Dear employees,
First Sensor is continuing on its growth path and has enjoyed a successful start to financial year 2015. Sales increased by 15% compared with the first quarter of the previous year to around €33.3 million. This is due primarily to the higher level of sales in the Industrial business unit. In the Mobility segment, sales remained at the high level recorded in the previous quarter. The Medical segment generated essentially consistent sales contributions compared with the previous year.
The operating result (EBIT) was up around 12% year-on-year at €3.9 million. This meant that the First Sensor Group's net profit for the period totaled €1.7 million, an increase of 36.4% on the first quarter of the previous year.
Orders on hand in the Group amounted to €90.6 million as at March 31, 2015, up €4.2 million as against December 31, 2014. Incoming orders also increased by 14.7% or €4.5 million year-on-year to €34.9 million. The ratio of incoming orders to sales (book-to-bill) as a leading indicator remained unchanged at 1.05.
The positive business development in the first quarter of this year is also the result of the strategic and organizational reorientation of the First Sensor Group that was initiated in financial year 2014. This includes positioning the company in three rapidly growing business areas along with two cross-divisional Competence Centers for Research & Development and Production.
We have systematically pressed ahead with the integration of our company and initiated additional projects aimed at harmonizing processes and structures throughout the Group. For example, we have launched a project to harmonize our tender process across our various locations and to establish a joint ERP system. One clearly visible external sign of this integration is our new brand identity, which we briefly previewed at the annual press conference and which we will be officially launching in May.
In order to continue the systematic expansion of First Sensor's market share in the Mobility segment, we have invested in the production facilities at our Dresden location, while the new production line for the Vienna vacuum pressure sensor went into operation early this year. Vienna is used to control the vacuum pump in brake booster systems, thereby ensuring optimal support for the braking action. It is also used to support engine start/stop functions, where it helps to reduce CO2 emissions.
In addition to investing in the expansion and modernization of our production facilities, we continued to invest in our human capital in the first three months of 2015, increasing our workforce to 766 FTEs or a headcount of 836. We will press ahead on this growth path in the coming months, with investment focusing on sales and production in particular. An important appointment in the coming months will be the position of Chief Financial Officer, after Joachim Wimmers stepped down from this role for personal reasons effective March 31, 2015.
In light of the strategic and organizational reorientation of the First Sensor Group that has been initiated and the positive growth prospects for our core business areas, we expect to see positive earnings development in 2015 and are reiterating our guidance as previously announced.
Yours
Dr. Martin U. Schefter Management Board
In accordance with our forecast dated March 3, 2015, we still expect to generate total sales of €128-132 million and earnings before interest, taxes, depreciation and amortization (EBITDA) of €14-16 million in financial year 2015.
We would like to take this opportunity to thank all of our employees, whose performance and commitment made our successful start to financial year 2015 possible, and we look forward to the nine months ahead of us.
First Sensor is a developer and manufacturer of customer-specific high-end sensor solutions. These innovative specialized sensor solutions are used for the high-quality conversion of nonelectric variables (radiation, light, pressure, flow rate, position, speed, fill level, etc.) into electric variables that are then used in our customers' electronic systems. This means that our sensor solutions make an important contribution to the competitiveness of our customers' products.
First Sensor's future strategy for its sensor products will focus on three growing areas of business in the Industrial, Medical and Mobility sectors. The three business units have been created as part of this plan, which will ensure a consistent focus on markets and customers. The broad mix of sectors means that the company is generally independent of cyclical developments in the individual sectors.
The business units are supported by the two Competence Centers for Production and Research & Development, as well as a globally operating sales department.
Customers include prominent industrial groups and research institutes. Most of First Sensor's sensor solutions are used as key components in a wide range of applications in many different industries.
Condition control on buildings and other constructions
There were no changes in the basis of consolidation in the period under review.
In the period under review, First Sensor's total sales increased by 15.0% year-on-year to €33.3 million. This is due primarily to the higher level of sales in the Industrial business unit. In the Mobility segment, sales remained at the high level recorded in the previous quarter. The Medical segment generated essentially consistent sales contributions compared with the previous year.
The total performance of €34.2 million (previous year: €29.7 million) includes capitalized own work and changes in inventories of finished goods and work in progress in addition to sales. The increase is due primarily to increased sales and positive changes in inventories. Capitalized own work was down €0.1 million year-on-year.
Other operating income declined by €0.6 million to €0.6 million (previous year: €1.2 million) as a result of the lower proceeds from subsidies and allowances from successfully completed development projects.
At 49.4%, the cost of materials ratio was up 1.7 percentage points on the same period of the previous year. This was due primarily to the change in the product mix in the first quarter and the expansion of the automotive business, which tends to have lower margins.
Personnel expenses increased by €0.8 million year-on-year to €10.5 million. Unlike in the previous year, expenses for performance-related and other bonuses were not recognized in profit or loss in the quarter under review. The change in the Management Board as a result of the departure of Mr. Wimmers effective March 31, 2015 resulted in non-recurring personnel expenses of €0.5 million. This consisted of a bonus of €0.1 million for financial year 2014 and compensation for early termination in the amount of €0.4 million. The increase in total performance meant that the personnel expenses ratio improved to below 31%.
Other operating expenses were essentially unchanged at €3.5 million. Accordingly, the ratio in terms of total performance improved by one percentage point to 10% as a result of the increase in total performance.
This resulted in a year-on-year improvement in earnings before interest, taxes, depreciation and amortization (EBITDA) to €3.9 million (previous year: €3.5 million), which corresponds to an EBITDA margin in relation to total performance of 11.4% (previous year: 11.7%).
Depreciation of property, plant and equipment and amortization of intangible assets amounted to €2.4 million (previous year: €-2.1 million). The increase is attributable to write-downs of intangible assets and the recognition of depreciation for completed development projects.
The financial result improved significantly to €0 million due to the recognition of the positive fair values of forward foreign exchange contracts, which almost fully offset the interest expenses of around €0.5 million.
This resulted in a consolidated profit after tax of €1.1 million for the first quarter (previous year: €0.6 million).
Orders on hand in the Group amounted to €90.6 million at March 31, 2015, an increase of €4.2 million compared with December 31, 2014 (€86.4 million). Incoming orders also recorded encouraging growth of €4.5 million (14.7%) to €34.9 million compared with €30.4 million in the same period of the previous year. The ratio of incoming orders to sales (book-to-bill) as a leading indicator remained unchanged at 1.05 (previous year: 1.05).
| in € thousand | 3M 2015 | 3M 2014 |
|---|---|---|
| Sales revenues | 33,303 | 28,974 |
| Incoming orders | 34,891 | 30,416 |
| Orders on hand (as at March 31) | 90,588 | 74,255 |
| Book-to-bill-ratio | 1.05 | 1.05 |
This provides a solid basis for the achievement of our growth targets for 2015.
The aim of First Sensor's financial management is to ensure adequate liquidity at all times for the production processes, growth and investments.
Promissory note loans totaling €31.0 million issued at the end of financial year 2013 matured, meaning that only loan repayments and interest payments for current loans were recorded in the period under review.
The forward foreign exchange contracts concluded had a positive market value that resulted in a net currency gain of €0.6 million.
Net debt is shown in the following table:
| in € thousand | Q1 2015 | 2014 |
|---|---|---|
| Non-current financial liabilities | -40,805 | -41,176 |
| Current financial liabilities | -3,124 | -3,075 |
| Cash and cash equivalents | 11,181 | 14,525 |
| Net debt | -32,838 | -29,726 |
Non-current financial liabilities declined by €0.4 million in the first quarter of 2015 on account of loan repayments. Current financial liabilities changed slightly due to the short-term utilization of overdraft facilities. Cash and cash equivalents decreased by €3.3 million at the reporting date due to being tied up in working capital.
Cash flow from investing activities of €1.7 million relates primarily to investments in machinery and equipment.
| in € thousand | 3M 2015 | 3M 2014 |
|---|---|---|
| Intangible assets | -222 | -648 |
| Property, plant and equipment | -1,554 | -405 |
| Investments | -1,776 | -1,053 |
| Investment grants | 65 | 99 |
| Other effects | 2 | 18 |
| Cash flow from investment activities | -1,709 | -936 |
| Intangible assets | -1,047 | -781 |
| Property, plant and equipment | -1,356 | -1,318 |
| Depreciation and amortization | -2,403 | -2,099 |
In order to be able to assess First Sensor's solvency, the following table shows the company's liquidity in the form of liquidity ratios. To calculate the cash ratio, cash and cash equivalents are shown in relation to current liabilities. The quick ratio includes current receivables, while the current ratio also takes inventories into account.
| in % | Q1 2015 | 2014 |
|---|---|---|
| Cash ratio | 55.0 | 77.9 |
| Quick ratio | 134.0 | 140.7 |
| Current ratio | 292.0 | 300.8 |
The following table shows the condensed consolidated statement of cash flows:
| in € thousand | 3M 2015 | 3M 2014 |
|---|---|---|
| Cash flow from operating activities | -1,017 | 1,120 |
| Cash flow from investment activities | -1,709 | -936 |
| Cash flow from financing activities | -698 | -704 |
| Exchange differences | 80 | -4 |
| Change in cash and cash equivalents | -3,424 | -520 |
| Cash and cash equivalents at the beginning of the financial year |
14,525 | 11,357 |
| Cash and cash equivalents at the end of the financial year |
11,181 | 10,833 |
| Free-cash flow | -2,726 | 184 |
Cash flow from operating activities was down significantly year-onyear at €1.0 million. This was largely due to the capital tied up in working capital, as well as the tax payments for previous assessment periods that were made at the start of the year.
Free cash flow, which consists of the total of cash flow from operating activities and cash flow from investing activities, amounted to -€2.7 million in the period under review (previous year: €0.2 million). The negative figure for the first quarter is due primarily to the effects in cash flow from operating activities described above. This development was amplified by the €0.8 million increase in investment expenditure in the first quarter.
Total assets increased from €144.9 million in the consolidated financial statements for 2014 to €147.5 million. The main changes were due to the following factors:
Intangible assets fell by €0.9 million, from €19.1 million to €18.2 million, as a result of scheduled amortization.
Internally generated intangible assets are reported separately for better clarity. This item was unchanged as against December 31, 2014 at €3.5 million (previous year: €3.5 million).
Goodwill remained unchanged year-on-year at €29.8 million. The carrying amounts were subjected to an impairment test in the annual financial statements and no valuation allowances were found to be necessary.
Property, plant and equipment increased by €0.3 million to €36.7 million in the period under review. This was due to the investment activity in the first quarter, which related primarily to the acquisition of technical equipment and machinery for the purposes of capacity expansion.
Inventories increased by €2.2 million to €32.1 million on the back of the improved order situation and the resulting material requirements (previous year: €29.9 million).
The increase in accounts receivable compared with December 31, 2014 is due primarily to the higher level of sales in the Industrial segment.
There were no material events after the end of the reporting period.
Other current assets increased by €3.5 million to €6.0 million (previous year: €2.5 million). This was largely due to the increase in accounts receivable in connection with factoring, value-added tax receivables and the higher level of prepaid expenses.
Cash and cash equivalents amounted to €11.2 million at the reporting date, a decrease of €3.3 million compared with the end of the previous year. This was mainly due to the capital tied up in working capital and tax payments for previous assessment periods.
Accounts payable increased by €1.6 million compared with December 31, 2014 to €9.8 million (previous year: €8.2 million). This development was due to the increased material orders for operating business.
Other current liabilities totaled €6.7 million at the reporting date (previous year: €6.8 million). This includes liabilities for wages and salaries, value-added tax liabilities and other provisions.
Group equity increased by €1.7 million as against December 31, 2014 to €73.7 million (previous year: €72.0 million). Please refer to the statement of changes in equity for further information. Due to the proportional increase in net profit, this led to an improvement in the equity ratio of 0.3 percentage points to 50.0% (previous year: 49.7%).
For reporting on the outlook, opportunity and risk report, please refer to the information contained in the Annual Report 2014, which was published at the end of March 2015.
No material changes to the information described therein have occurred during the first three months of financial year 2015.
First Sensor AG's shares enjoyed encouraging development in the first quarter of 2015. The shares had a difficult first few weeks of trading, with the share price falling to €9.01 in mid-January. They then recovered rapidly, making up their losses before the end of the month and climbing to €9.75 on January 23, 2015.
The shares subsequently consolidated at €9.55 before embarking on a rapid and intense growth phase that catapulted the share price to €11.19 in late February. This was their highest level since September 2014, a fact that was undoubtedly driven by the positive stock market environment.
The low level of interest rates, the weakness of the euro and, in particular, the bond purchase program by the European Central Bank (ECB), which intends to pump €60 billion of liquidity into the market every month until September 2016, led to a historical rally on the DAX, with the leading German index recording new highs on a neardaily basis.
Various company reports in March led to uneven development in First Sensor's share price, which became more susceptible to fluctuations on the whole. Following the sharp rise in February, profit-taking led to a decline in the share price to €10.17 on March 26. The shares then recovered strongly in the last trading days of the first quarter, closing the period under review at €10.79 for positive performance of 10.67%.
The average number of First Sensor shares traded each day increased to 5,918 in the first quarter of 2015, compared with an average daily volume of 5,763 shares in the fourth quarter of 2014.
The TecDAX rose by 17.80% in the first quarter, while the Prime All Share Index climbed by as much as 22%.
First Sensor AG TecDax (Course index) Prime All Share (Course index)
First Sensor share key figures
| in € thousand, unless otherwise indicated | Q1 2015 | Q1 2014 | Δ | Δ % |
|---|---|---|---|---|
| Share capital (€) | 50,758,305 | 49,907,215 | 851,090 | 1.7 |
| Market capitalization | 109,536 | 93,726 | 15,810 | 16.9 |
| Share price (€), XETRA closing price | 10.79 | 9.39 | 1.40 | 14.9 |
| Net profit attributable to shareholders* | 1,728 | 1,266 | 462 | 36.5 |
| Number of shares, weighted | 10,151,661 | 9,981,443 | 170,218 | 1.7 |
| Earnings per share (€)* | 0.17 | 0.13 | 0.04 | 30.8 |
* For purposes of better comparability adjusted by PPA-amortization.
| ISIN | DE0007201907 |
|---|---|
| Abbreviation | SIS |
| Class of security | No-par value ordinary bearer share |
| Market segment | Regulated market |
| Transparency level | Prime Standard |
| Trading centers | XETRA, all German stock exchanges |
| Industry | Technology |
| IPO | 1999 |
| Designated sponsor | equinet Bank AG |
| Warburg Research, Hauck & Aufhäuser Institutional | |
| Analysts | Research |
| ASSETS in € thousand | Mar. 31, 2015 | Dec. 31, 2014 | Changes |
|---|---|---|---|
| Intangible assets | 18,155 | 19,069 | -914 |
| Internally-generated intangible assets | 3,497 | 3,489 | 8 |
| Goodwill | 29,816 | 29,816 | 0 |
| Property, plant and equipment | 36,712 | 36,412 | 300 |
| Total non-current assets | 88,180 | 88,786 | -606 |
| Inventories | 32,096 | 29,862 | 2,234 |
| Trade accounts receivables | 9,525 | 8,611 | 914 |
| Tax refund claims | 501 | 576 | -75 |
| Other current assets | 6,037 | 2,529 | 3,508 |
| Cash and cash equivalents | 11,181 | 14,525 | -3,344 |
| Total current assets | 59,340 | 56,103 | 3,237 |
| TOTAL ASSETS | 147,520 | 144,889 | 2,631 |
| Equity and liabilities in € thousand | Mar. 31, 2015 | Dec. 31, .2014 | Changes |
|---|---|---|---|
| Share capital | 50,758 | 50,655 | 103 |
| Capital reserves | 16,429 | 16,363 | 66 |
| Earning reserves | 1,004 | 1,004 | 0 |
| Currency translation | 275 | -213 | 488 |
| Revaluation reserves | -424 | -425 | 1 |
| Retained earnings | 5,209 | 4,193 | 1,016 |
| Minority interest | 471 | 405 | 66 |
| Total equity | 73,722 | 71,982 | 1,740 |
| Non-current post-employment benefit obligation | 321 | 323 | -2 |
| Other non-current provisions | 212 | 208 | 4 |
| Long-term loans, excluding current portion | 40,805 | 41,176 | -371 |
| Other non-current liabilities | 5,445 | 5,602 | -157 |
| Deferred tax liabilities | 4,176 | 4,257 | -81 |
| Total non-current liabilities | 50,959 | 51,566 | -607 |
| Income tax provisions and liabilities | 1,651 | 1,590 | 61 |
| Other current provisions | 864 | 1,102 | -238 |
| Short-term loans and current portion of long-term loans | 3,124 | 3,075 | 49 |
| Payments received on account of orders | 663 | 545 | 118 |
| Trade accounts payables | 9,844 | 8,211 | 1,633 |
| Other current liabilities | 6,693 | 6,818 | -125 |
| Total current liabilities | 22,839 | 21,341 | 1,498 |
| TOTAL EQUITY AND LIABILITIES | 147,520 | 144,889 | 2,631 |
| in € thousand | Jan. 1 – Mar. 31, 2015 |
Jan. 1 –Mar. 31, 2014 |
Changes |
|---|---|---|---|
| Sales revenues | 33,303 | 28,974 | 4,329 |
| Other operating income | 581 | 1,165 | -584 |
| Change in inventories of finished goods and work in progress | 846 | 574 | 272 |
| Other own work capitalized | 60 | 165 | -105 |
| Costs of materials and purchased services | -16,888 | -14,153 | -2,735 |
| Personnel expenses | -10,513 | -9,708 | -805 |
| Other operating expenses | -3,490 | -3,530 | 40 |
| PROFIT FROM OPERATIONS (EBITDA) | 3,899 | 3,487 | 412 |
| Depreciation of property, plant and equipment and amortization of intangible assets | -2,403 | -2,099 | -304 |
| EARNINGS BEFORE INTEREST AND TAX (EBIT) | 1,496 | 1,388 | 108 |
| Interest income | 2 | 3 | -1 |
| Interest expenses | -546 | -559 | 13 |
| Currency gains | 919 | 26 | 893 |
| Currency losses | -395 | -129 | -266 |
| INCOME BEFORE TAX AND MINORITY INTEREST | 1,476 | 729 | 747 |
| Income tax expenses | -394 | -100 | -294 |
| NET PROFIT FOR THE PERIOD | 1,082 | 629 | 453 |
| Net profit for the period attributable to First Sensor AG shareholders | 1,016 | 573 | 443 |
| Net profit for the period attributable to minority interest | 66 | 56 | 10 |
| Earnings per share in € (basic=diluted) | 0.10 | 0.06 | 0.04 |
| NET PROFIT FOR THE PERIOD | 1,082 | 629 | 453 |
|---|---|---|---|
| Actuarial gains and losses on defined benefit plans | 0 | 0 | 0 |
| Taxes on other comprehensive income | 0 | 0 | 0 |
| Items not subsequently reclassified to the income statement | 0 | 0 | 0 |
| Changes from currency translations | 488 | -63 | 551 |
| Revaluation of derivative financial instruments | 66 | 15 | 51 |
| Taxes on other comprehensive income | -20 | 10 | -30 |
| Items that can be subsequently reclassified to the income statement | 534 | -38 | 572 |
| TOTAL COMPREHENSIVE INCOME | 1,616 | 591 | 1,025 |
| Thereof attributable to shareholders of First Sensor AG | 1,550 | 535 | 1,015 |
| Thereof attributable to minority interest | 66 | 56 | 10 |
| in € thousand | Number of shares in thou. |
Capital stock | Capital reserves |
Earning reserves |
Currency translation |
Revaluation reserves |
Retained earnings |
Minority interest |
Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|---|
| As at January 1, 2014 | 9,981 | 49,907 | 15,960 | 1,004 | -570 | -495 | 4,018 | 182 | 70,006 |
| Net profit for the period | 573 | 56 | 629 | ||||||
| Other comprehensive income | -64 | 15 | -49 | ||||||
| Total comprehensive income | -64 | 15 | 573 | 56 | 580 | ||||
| Share-based remuneration | 62 | 62 | |||||||
| Capital increase | 0 | ||||||||
| Appropriation of earnings | 0 | ||||||||
| As at March 31, 2014 | 9,981 | 49,907 | 16,022 | 1,004 | -634 | -480 | 4,591 | 238 | 70,648 |
| in € thousand | Number of shares in thou. |
Capital stock | Capital reserves |
Earning reserves |
Currency translation |
Revaluation reserves |
Retained earnings |
Minority interest |
Total shareholders' equity |
|---|---|---|---|---|---|---|---|---|---|
| As at January 1, 2015 | 10,131 | 50,655 | 16,363 | 1,004 | -213 | -425 | 4,193 | 405 | 71,982 |
| Net profit for the period | 1,016 | 66 | 1,082 | ||||||
| Other comprehensive income | 488 | 1 | 489 | ||||||
| Total comprehensive income | 488 | 1 | 1,016 | 66 | 1,571 | ||||
| Share-based remuneration | 0 | ||||||||
| Capital increase | 21 | 103 | 66 | 169 | |||||
| Appropriation of earnings | 0 | ||||||||
| As at March 31, 2015 | 10,152 | 50,758 | 16,429 | 1,004 | 275 | -424 | 5,209 | 471 | 73,722 |
| in € thousand | Jan. 1 – Mar. 31, 2015 |
Jan. 1 –Mar. 31 2014 |
Changes | |
|---|---|---|---|---|
| INCOME BEFORE TAX AND MINORITY INTEREST | 1,476 | 729 | 747 | |
| Interest paid | 544 | 556 | -12 | |
| Depreciation of property, plant and equipment and amortization of intangible assets | 2,403 | 2,099 | 304 | |
| Income from investment grants | -65 | -99 | 34 | |
| Gains and losses on disposal of fixed assets | -10 | -15 | 5 | |
| Other non-cash expenses and income | 0 | 66 | -66 | |
| Changes in provisions | 79 | -641 | 720 | |
| Changes in working capital | -1,515 | -1,999 | 484 | |
| Changes in other assets and liabilities | -3,280 | 290 | -3,570 | |
| Income tax paid | -649 | 134 | -783 | |
| CASH FLOW FROM OPERATING ACTIVITIES | -1,017 | 1,120 | -2,137 | |
| Payments for investments in property, plant and equipment and intangible assets | -1,776 | -1,053 | -723 | |
| Proceeds from disposal of property, plant and equipment, intangible assets and investments | 0 | 15 | -15 | |
| Proceeds from investment grants | 65 | 99 | -34 | |
| Interest received | 2 | 3 | -1 | |
| CASH FLOW FROM INVESTMENT ACTIVITIES | -1,709 | -936 | -773 | |
| Proceeds from shareholders | 170 | 0 | 170 | |
| Repayments from financial liabilities | -692 | -1,043 | 351 | |
| Proceeds from loans | 370 | 545 | -175 | |
| Interest paid | -546 | -206 | -340 | |
| CASH FLOW FROM FINANCING ACTIVITIES | -698 | -704 | 6 | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | -3,424 | -520 | -2,904 | |
| Currency differences from converting funds | 80 | -4 | 84 | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL PERIOD | 14,525 | 11,357 | 3,168 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL PERIOD | 11,181 | 10,833 | 348 |
The parent company is First Sensor AG, domiciled in Berlin, Peter-Behrens-Str. 15, 12459 Berlin, and entered in the commercial register of Berlin in Department B under HRB 69326. First Sensor AG is listed in the regulated market on the Frankfurt Stock Exchange in the Prime Standard segment under ISIN DE0007201907.
First Sensor AG and its subsidiaries, referred to hereinafter as "First Sensor", operate in the sensor production and microsystems technology industries. The company's business focuses mainly on the development, manufacture and distribution of customer-specific optical and non-optical semiconductor sensors and sensor systems.
First Sensor also develops and manufactures highly reliable customized hybrid circuits and products for microsystem engineering and advanced packaging.
The consolidated financial statements for 2014 were approved by the Supervisory Board on March 26, 2015, and were published on the First Sensor AG website.
First Sensor's consolidated financial statements for 2014 have been prepared in accordance with the applicable International Financial Reporting Standards (IFRS) as at the balance sheet date and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) that must be applied in the European Union.
In the consolidated interim financial report as at March 31, 2015, which was prepared on the basis of International Accounting Standard (IAS) 34 "Interim Financial Reporting", the same accounting policies were used as in the consolidated financial statements for financial year 2014.
The interim financial statements were prepared in euro (€). Unless otherwise indicated, all amounts have been stated in thousands of euros (€ thousand). The financial year of First Sensor AG and its consolidated subsidiaries corresponds to the calendar year.
The statement of comprehensive income has been prepared using the nature of expense method.
To improve clarity, individual items have been summarized in the balance sheet and the statement of comprehensive income. There may be rounding differences in the presentation.
In preparing the interim financial statements, some assumptions and estimates have been made which affected the amount and the disclosure of reported assets and liabilities, earnings and expenses. In individual cases, the actual values may deviate from these assumptions or estimates at a later stage. Relevant changes will be made once more accurate information is available.
All assumptions and estimates are made to the best of our knowledge and belief in order to provide a true and fair view of the Group's net assets, financial position and results of operations.
There were no changes to the Group's basis of consolidation compared with the consolidated financial statements for 2014.
Mr. Joachim Wimmers, CFO of First Sensor AG, stepped down from the Management Board at his own request effective March 31, 2015. The CFO's sphere of ownership was provisionally taken over by Dr. Martin U. Schefter as at the same date.
Discontinued operations
No operations were discontinued in the first quarter of 2015.
The company has issued a declaration of compliance pursuant to Article 161 AktG (German Stock Corporation Act) and the declaration of business management pursuant to Article 289a German Commercial Code HGB. These declarations are permanently available on the company's website www.first-sensor.com/de/investor-relations.
To the best of my knowledge, and in accordance with the applicable reporting principles, the financial statements give a true and fair view of the net assets, financial position and results of operations of the Group, and the consolidated management report includes a fair review of the development and performance of the business and the position of the Group
for the first three months of the financial year, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Berlin, May 12, 2015
First Sensor AG
Dr. Martin U. Schefter Management Board
This report contains statements of a predictive nature and does not represent any incitement to purchase shares of First Sensor AG, but rather is intended exclusively for information purposes with regard to possible future developments at the company.
All future-oriented specifications in this consolidated interim financial report were produced on the basis of a probability-based plan and represent statements regarding the future which cannot be guaranteed.
| Date | Topic | Location |
|---|---|---|
| May 28, 2015 | Annual General Meeting | Penta Hotel Berlin Köpenick, Grünauer Str. 1, 12557 Berlin |
| August 13, 2015 | Publication of Consolidated interim financial report as at June 30, 2015 | |
| November 12, 2015 | Publication of Consolidated interim financial report as at September 30, 2015 | |
| November 23 – 25, 2015 | Analysts' conference First Sensor AG/ German Equity Capital Forum 2015 |
Congress Center at Messe Frankfurt, Frankfurt am Main |
As we cannot rule out the possibility of delays, we recommend that you consult the latest set of dates at http://www.first-sensor.com/de/investorrelations/termine.
This consolidated interim financial report is available in German and English. Both versions are also available for download on the Internet at www.first-sensor.com.
Investor Relations T +49 30 639923-760 F +49 30 639923-719 [email protected] www.first-sensor.com/de/investor-relations
First Sensor AG Peter-Behrens-Str. 15 12459 Berlin
T +49 30 6399 2399 F +49 30 6399 2333 [email protected]
www.first-sensor.com
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