DGAP-Adhoc

ISRA VISION AG: Double-digit growth in the first six months - ISRA continues growth path with high order backlog - Seite 2

The margin development of the past six months of the current financial year once again underlines the Company's sustainable profitability. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increases by 13 percent to 18.4 million euros compared to the same period of the previous year (Q2-YTD-15/16: 16.3 million euros), resulting in an EBITDA margin of 31 percent to revenues (Q2-YTD-15/16: 31 %) and 28 percent to total output (Q2-YTD-15/16: 28 %). With 11.7 million euros, EBIT (Earnings Before Interest and Taxes) is 10 percent higher compared to the figure of the previous year (Q2-YTD-15/16: 10.6 million euros). Thereby, the EBIT margin again amounts to 20 percent of revenues (Q2-YTD-15/16: 20 %) and 18 percent of total output (Q2-YTD-15/16: 18 %). EBT (Earnings Before Taxes) improves by 11 percent to 11.5 million euros (Q2-YTD-15/16: 10.3 million euros), corresponding to an EBT margin of 19 percent to revenues (Q2-YTD-15/16: 19 %) and 18 percent to total output (Q2-YTD-15/16: 18 %). With 61 percent, the gross margin (total output minus cost of materials and costs of labor in production and engineering) remains at the high level of the previous year (Q2-YTD-15/16: 61 %).

At the end of the first half year, the balance sheet shows an increased equity ratio, while other key positions display a structure of figures similar to the end of the first quarter. Inventories increase as planned underproportionally to revenues to 35.3 million euros (September 30, 2016: 33.7 million euros). At the same time, trade receivables decrease to 82.7 million euros (September 30, 2016: 88.5 million euros). This figure includes receivables from delivered and invoiced systems of 34.9 million euros and receivables according to the POC (Percentage Of Completion) method in the amount of 47.8 million euros. Net debt decreases by 6.0 million euros to 13.0 million euros (September 30, 2016: 19.0 million euros) following the repayment of financial liabilities in the amount of 4.6 million euros and a dividend distribution of 2.1 million euros. The net cash flow totales 1.4 million euros (Q2-YTD-15/16: -4.6 million euros) after financing activities amounting to -6.9 million euros (Q2-YTD-15/16: -12.4 million euros). The equity ratio once again increases and reaches 63 percent (September 30, 2016: 60 %). Together with the available bank lines, ISRA is equipped with solid capital resources for further growth. Earnings per share (EPS) after taxes improve by 8 percent to 1.79 euros (Q2-YTD-15/16: 1.66 euros).