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28.03.2024 07:00:48 - dpa-AFX: EQS-News: Strong financial and balance sheet figures: STEMMER IMAGING proposes EUR 2.70 dividend and announces market entry in North America (english)
Strong financial and balance sheet figures: STEMMER IMAGING proposes EUR
2.70 dividend and announces market entry in North America
EQS-News: STEMMER IMAGING AG / Key word(s): Annual Results/Annual Report
Strong financial and balance sheet figures: STEMMER IMAGING proposes EUR
2.70 dividend and announces market entry in North America
28.03.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Puchheim, March 28, 2024
Strong financial and balance sheet figures: STEMMER IMAGING proposes EUR
2.70 dividend and announces market entry in North America
Puchheim, March 28, 2024 - STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN
A2G9MZ) publishes its final figures for the 2023 financial year today.
* Revenue at EUR 146.3 million (previous year: EUR 155.4 million)
* Record gross margin increases to 39.7% (previous year: 37.6%)
* Dividend proposal to the Annual General Meeting: EUR 2.70 per share
* Acquisition of 100% of shares in Phase 1 Technology Corp., New York, USA
In the annual report 2023 published today, STEMMER IMAGING confirms its
preliminary financial figures with record gross and EBITDA margins and
proposes a shareholder-oriented dividend of EUR 2.70 per share. At the same
time, the company announces its entry into the North American market with
the acquisition of Phase 1 Technology Corp, New York USA.
Business Development
In a challenging market environment, STEMMER IMAGING generated revenue of
EUR 146.3 million, which corresponds to a decline of 5.8% compared to a
strong prior-year figure (EUR 155.4 million). The revenue generated is
within the range of EUR 144-151 million adjusted in October 2023. While
STEMMER IMAGING was still able to achieve growth of 8% year-on-year in the
first half of the year, market demand slowed down in the second half of the
year. Particularly, the food & agriculture, automotive and factory
automation markets recorded a decline in revenue, which was only partially
offset by revenue gains in the transportation & logistics and medical
equipment segments. In regional terms, especially the subsidiaries in the
Netherlands and France recorded the largest percentage falls in revenue,
whereas the entities in Spain, Latin America and the UK achieved revenue
growth.
The consistent and continued concentration of measures on the strategic
positioning as a systems house and the associated focus on the value-added
offering as part of the STEMMER IMAGING MORE program enabled an improvement
in the gross margin to an all-time high of 39.7% (previous year: 37.6%). The
fourth quarter of 2023 recorded a record gross margin of 41.3% (Q4 2022:
37.1%). Revenue amounted to EUR 33.3 million in the fourth quarter of 2024 -
compared to a strong Q4 2022 with revenue at EUR 42.4 million. EBITDA in Q4
amounted to EUR 7.1 million (Q4 2022: EUR 9.5 million).
In 2023, the company continued its measures to strengthen its group-wide
processes and align the organization. As part of this, the branding of the
entire Group was adapted to STEMMER IMAGING and the Spanish and Latin
American subgroup was largely integrated. This led to a one-off special
charge of EUR 1.3 million. The strength of operational management is also
reflected in the significant reduction in inventory value from EUR 18.9
million at the end of fiscal year 2022 to EUR 12.7 million. STEMMER
IMAGING's ongoing commitment to sustainability was confirmed by a renewed
Ecovadis Silver rating under increased given requirements. Additionally, the
company achieved high customer and employee satisfaction ratings in the
stakeholder dialog.
The company was able to report an EBITDA of EUR 27.0 million. Despite the
decline in revenue, the EBITDA range of EUR 26-32 million anticipated at the
start of 2023 was achieved (previous year: EUR 28.2 million). This
corresponds to an EBITDA profitability of 18.4% (previous year: 18.2%).
EBIT amounted to EUR 21.9 million (previous year: EUR 24.3 million) and was
additionally impacted by the amortization of the INFAIMON brand name in the
amount of EUR 0.9 million. Earnings per share were EUR 2.42 (previous year:
EUR 2.77).
STEMMER IMAGING AG's free cash flow again developed very positively in the
past fiscal year at EUR 19.3 million (previous year: EUR 17.4 million) and
almost compensated for the dividend payment of EUR 19.5 million.
Dividend Proposal
As already published in our medium-term guidance in October 2023, STEMMER
IMAGING plans to distribute at least 70% of its annual earnings to the
shareholders in the future. The distribution of a shareholder-oriented
dividend of EUR 2.70 per share for the 2023 financial year will therefore be
proposed to the 2024 Annual General Meeting.
Outlook 2024
The assessment of the current market situation for the upcoming financial
year continues to be clouded by destocking aftereffects and the general
inflation-related reluctance to invest in the company's key end markets.
Group revenue in the range of EUR 140-157 million and EBITDA of EUR 24-31
million are expected for 2024. This corresponds to a decline in sales of 4%
at the lower end of the range and an increase in sales of 7.5% at the upper
end of the range - in each case compared to the previous year. The upper end
of the forecast range assumes an accelerated and strong recovery in economic
activity over the summer with a corresponding impact on the development of
incoming orders and revenue.
The current medium-term guidance up to 2026 with a revenue target of EUR 240
million and a target EBITDA margin of between 17% and 21% assumes a
short-term and sustainable return to above-average revenue growth rates and
further inorganic expansion.
Events after the reporting date
Relocation to Munich
As part of STEMMER IMAGING's expansion plans and strategic positioning, the
company has decided to move into modern office space close to the city
center in Munich. As things stand at present, the company will move into the
premises at the end of 2024.
Acquisition in USA
As part of its strategic expansion efforts, STEMMER IMAGING has signed an
agreement to acquire 100% of the shares in Phase 1 Technology, New York, USA
(Phase 1 Technology). Phase 1 Technology is a leading distributor
specializing in machine vision with focus on the North American market. The
acquisition is expected to be completed in the second quarter.
STEMMER IMAGING is publishing a separate press release on this today.
Arne Dehn, CEO of STEMMER IMAGING AG, comments: 'STEMMER IMAGING has
continued to operate profitably even under the challenging market conditions
of the past fiscal year and has been able to translate its added value for
customers into record results. For this, we sincerely thank all our
employees. The acquisition of Phase 1 Technology announced today represents
a further milestone in our expansion strategy and we eagerly anticipate our
entry into the North American market.'
The annual report 2023 is digitally available on the company's website in
the Investors section ( Investors - Financial reports | STEMMER IMAGING
(stemmer-imaging.com)).
About STEMMER IMAGING
STEMMER IMAGING is the leading international systems house for machine
vision technology.
With a background of all-round engineering expertise, STEMMER IMAGING
delivers the entire spectrum of machine vision services for both, industrial
and non-industrial applications - from value-added services to the
development of subsystems and its own products, based on an extensive
commercial range of products.
Contact:
STEMMER IMAGING AG
Michael Bülter
Chief Financial Officer
Gutenbergstr. 9-13
82178 Puchheim
Germany
Phone +49 89 80902-196
ir@stemmer-imaging.com
www.stemmer-imaging.com
---------------------------------------------------------------------------
28.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1868057 28.03.2024 CET/CEST
2.70 dividend and announces market entry in North America
EQS-News: STEMMER IMAGING AG / Key word(s): Annual Results/Annual Report
Strong financial and balance sheet figures: STEMMER IMAGING proposes EUR
2.70 dividend and announces market entry in North America
28.03.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Puchheim, March 28, 2024
Strong financial and balance sheet figures: STEMMER IMAGING proposes EUR
2.70 dividend and announces market entry in North America
Puchheim, March 28, 2024 - STEMMER IMAGING AG (ISIN DE000A2G9MZ9 / GSIN
A2G9MZ) publishes its final figures for the 2023 financial year today.
* Revenue at EUR 146.3 million (previous year: EUR 155.4 million)
* Record gross margin increases to 39.7% (previous year: 37.6%)
* EBITDA at EUR 27.0 million (previous year: EUR 28.2 million) - EBITDA
margin 18.4% (previous year: 18.2%)
* Inventory reduction to EUR 12.7 million (previous year: EUR 18.9
million)
* Free Cashflow increases to EUR 19.3 million (previous year: EUR 17.4
million)
* Dividend proposal to the Annual General Meeting: EUR 2.70 per share
* Acquisition of 100% of shares in Phase 1 Technology Corp., New York, USA
In the annual report 2023 published today, STEMMER IMAGING confirms its
preliminary financial figures with record gross and EBITDA margins and
proposes a shareholder-oriented dividend of EUR 2.70 per share. At the same
time, the company announces its entry into the North American market with
the acquisition of Phase 1 Technology Corp, New York USA.
KEY FIGURES FY 2023 FY 2022 YOY
(in MEUR)
Order Intake 130.0 162.4 - 20.0%
Revenue 146.3 155.4 - 5.8%
EBITDA 27.0 28.2 - 4.6%
EBIT 21.9 24.3 - 10.2%
EBT 21.8 24.3 - 10.3%
Net Income 15.7 18.0 - 12.5%
Earnings per Share (in EUR) 2.42 2.77 - 12.6%
KEY FIGURES Q4 2023 Q4 2022 YOY
(in MEUR)
Order Intake 25.0 37.0 - 32.4%
Revenue 33.3 42.4 - 21.4%
EBITDA 7.1 9.5 - 25.9%
EBIT 5.9 8.5 - 31.5%
EBT 5.9 8.6 - 31.9%
Net Income 4.2 6.5 - 35.1%
Earnings per Share (in EUR) 0.65 1.00 - 35.0%
Business Development
In a challenging market environment, STEMMER IMAGING generated revenue of
EUR 146.3 million, which corresponds to a decline of 5.8% compared to a
strong prior-year figure (EUR 155.4 million). The revenue generated is
within the range of EUR 144-151 million adjusted in October 2023. While
STEMMER IMAGING was still able to achieve growth of 8% year-on-year in the
first half of the year, market demand slowed down in the second half of the
year. Particularly, the food & agriculture, automotive and factory
automation markets recorded a decline in revenue, which was only partially
offset by revenue gains in the transportation & logistics and medical
equipment segments. In regional terms, especially the subsidiaries in the
Netherlands and France recorded the largest percentage falls in revenue,
whereas the entities in Spain, Latin America and the UK achieved revenue
growth.
The consistent and continued concentration of measures on the strategic
positioning as a systems house and the associated focus on the value-added
offering as part of the STEMMER IMAGING MORE program enabled an improvement
in the gross margin to an all-time high of 39.7% (previous year: 37.6%). The
fourth quarter of 2023 recorded a record gross margin of 41.3% (Q4 2022:
37.1%). Revenue amounted to EUR 33.3 million in the fourth quarter of 2024 -
compared to a strong Q4 2022 with revenue at EUR 42.4 million. EBITDA in Q4
amounted to EUR 7.1 million (Q4 2022: EUR 9.5 million).
In 2023, the company continued its measures to strengthen its group-wide
processes and align the organization. As part of this, the branding of the
entire Group was adapted to STEMMER IMAGING and the Spanish and Latin
American subgroup was largely integrated. This led to a one-off special
charge of EUR 1.3 million. The strength of operational management is also
reflected in the significant reduction in inventory value from EUR 18.9
million at the end of fiscal year 2022 to EUR 12.7 million. STEMMER
IMAGING's ongoing commitment to sustainability was confirmed by a renewed
Ecovadis Silver rating under increased given requirements. Additionally, the
company achieved high customer and employee satisfaction ratings in the
stakeholder dialog.
The company was able to report an EBITDA of EUR 27.0 million. Despite the
decline in revenue, the EBITDA range of EUR 26-32 million anticipated at the
start of 2023 was achieved (previous year: EUR 28.2 million). This
corresponds to an EBITDA profitability of 18.4% (previous year: 18.2%).
EBIT amounted to EUR 21.9 million (previous year: EUR 24.3 million) and was
additionally impacted by the amortization of the INFAIMON brand name in the
amount of EUR 0.9 million. Earnings per share were EUR 2.42 (previous year:
EUR 2.77).
STEMMER IMAGING AG's free cash flow again developed very positively in the
past fiscal year at EUR 19.3 million (previous year: EUR 17.4 million) and
almost compensated for the dividend payment of EUR 19.5 million.
Dividend Proposal
As already published in our medium-term guidance in October 2023, STEMMER
IMAGING plans to distribute at least 70% of its annual earnings to the
shareholders in the future. The distribution of a shareholder-oriented
dividend of EUR 2.70 per share for the 2023 financial year will therefore be
proposed to the 2024 Annual General Meeting.
Outlook 2024
The assessment of the current market situation for the upcoming financial
year continues to be clouded by destocking aftereffects and the general
inflation-related reluctance to invest in the company's key end markets.
Group revenue in the range of EUR 140-157 million and EBITDA of EUR 24-31
million are expected for 2024. This corresponds to a decline in sales of 4%
at the lower end of the range and an increase in sales of 7.5% at the upper
end of the range - in each case compared to the previous year. The upper end
of the forecast range assumes an accelerated and strong recovery in economic
activity over the summer with a corresponding impact on the development of
incoming orders and revenue.
The current medium-term guidance up to 2026 with a revenue target of EUR 240
million and a target EBITDA margin of between 17% and 21% assumes a
short-term and sustainable return to above-average revenue growth rates and
further inorganic expansion.
Events after the reporting date
Relocation to Munich
As part of STEMMER IMAGING's expansion plans and strategic positioning, the
company has decided to move into modern office space close to the city
center in Munich. As things stand at present, the company will move into the
premises at the end of 2024.
Acquisition in USA
As part of its strategic expansion efforts, STEMMER IMAGING has signed an
agreement to acquire 100% of the shares in Phase 1 Technology, New York, USA
(Phase 1 Technology). Phase 1 Technology is a leading distributor
specializing in machine vision with focus on the North American market. The
acquisition is expected to be completed in the second quarter.
STEMMER IMAGING is publishing a separate press release on this today.
Arne Dehn, CEO of STEMMER IMAGING AG, comments: 'STEMMER IMAGING has
continued to operate profitably even under the challenging market conditions
of the past fiscal year and has been able to translate its added value for
customers into record results. For this, we sincerely thank all our
employees. The acquisition of Phase 1 Technology announced today represents
a further milestone in our expansion strategy and we eagerly anticipate our
entry into the North American market.'
The annual report 2023 is digitally available on the company's website in
the Investors section ( Investors - Financial reports | STEMMER IMAGING
(stemmer-imaging.com)).
About STEMMER IMAGING
STEMMER IMAGING is the leading international systems house for machine
vision technology.
With a background of all-round engineering expertise, STEMMER IMAGING
delivers the entire spectrum of machine vision services for both, industrial
and non-industrial applications - from value-added services to the
development of subsystems and its own products, based on an extensive
commercial range of products.
Contact:
STEMMER IMAGING AG
Michael Bülter
Chief Financial Officer
Gutenbergstr. 9-13
82178 Puchheim
Germany
Phone +49 89 80902-196
ir@stemmer-imaging.com
www.stemmer-imaging.com
---------------------------------------------------------------------------
28.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: STEMMER IMAGING AG
Gutenbergstr. 9-13
82178 Puchheim
Germany
Phone: +49 89 80902-196
E-mail: ir@stemmer-imaging.com
Internet: www.stemmer-imaging.com
ISIN: DE000A2G9MZ9
WKN: A2G9MZ
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1868057
End of News EQS News Service
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1868057 28.03.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
STEMMER IMAGING AG INH ON | A2G9MZ | Xetra | 33,900 | 15.05.24 17:36:14 | -1,100 | -3,14% | 0,000 | 0,000 | 33,300 | 35,000 |
