ISRA is looking ahead with focus on growth

ISRA VISION AG (ISIN: DE 0005488100) – the TecDAX company for industrial image processing (machine vision) and one of the world’s leading suppliers of surface inspection solutions for web materials and of 3D machine vision applications held its ordinary Annual General Meeting on Tuesday (March 19th, 2019) in Darmstadt. For the financial year 2017/2018, the company once again had a profitable year with a growth of seven percent as well as a record profit; the company thus took a decisive step toward the medium-term revenue target of 200+, summarized CEO Enis Ersü in front of almost 400 shareholders present at the Darmstadtium congress center. "With the focus on innovations that will launch on the market during the year, we are clearly geared toward further growth.”

The look to the future created a positive mood at the Annual General Meeting among the shareholders who, due to the innovative advancement of technologies for the industrial automation, emphasized ISRA’s future sustainability: through the expansion of the product portfolio with INDUSTRIE 4.0 architecture, embedded systems, as well as software-based Production Analytics tools for detailed analyses of production and quality data, new potential arises for the Darmstadt-based technology group. In the future, the expanded business focus on Smart Factory Automation for the establishment of high-end automation technologies for the optimization of discrete manufacturing processes will also substantially contribute to the revenue.  For the current financial year, the company is striving for a clear, double-digit growth – not least due to acquisitions, some of which are at an advanced stage.

The shareholders, who also benefit from the positive development of the company, resolved to distribute a dividend of EUR 0.15 per share by a large majority. Thus, the Annual General Meeting followed the suggestion of the Executive Board and Supervisory Board and approved the increase in dividends by 27 percent for the financial year 2017/2018. Furthermore, Dr. Hans-Peter Sollinger, former Executive Board Member of Voith AG, has been elected to the Supervisory Board. The Annual General Meeting additionally discharged the Members of the Executive Board and the Supervisory Board for the financial year 2017/2018.

The detailed voting results for the individual agenda items are published under www.isravision.com/….

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2018 a new record year for Jenoptik

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  • Revenue rose by 11.6 percent to 834.6 million euros, order intake by 8.8 percent to 873.7 million euros
  • EBITDA up 19.3 percent to 127.5 million euros; EBIT grew a significant 21.6 percent to 94.9 million euros
  • Order backlog up 15.0 percent to 521.5 million euros
  • Dividend is to increase to 0.35 euros
  • Jenoptik is expecting further growth in revenue and earnings in 2019

2018 was a year of new record figures for Jenoptik. Group revenue rose by 11.6 percent to 834.6 million euros (prior year: 747.9 million euros). The fourth quarter was the strongest in 2018, with 241.2 million euros (prior year: 221.1 million euros). This highly encouraging performance was mainly driven by strong demand from the semiconductor equipment industry and the delivery of toll monitoring systems in the traffic safety business. The Group also successfully completed its acquisitions of the Canadian company Prodomax in July and the Jena-based OTTO Group in August of 2018. Both companies were integrated in the Light & Production division. These acquisitions already made a substantial contribution to revenue of 37.0 million euros in the past fiscal year.

On a regional level, revenue generated both in Germany and abroad contributed to growth. Outside Germany, Europe remained the region with the highest revenue, followed by the Americas.

EBITDA increased at a faster rate than revenue, to 127.5 million euros (prior year: 106.9 million euros), equating to an EBITDA margin of 15.3 percent (prior year: 14.3 percent). Included in the EBITDA are impacts of minus 7.0 million euros arising from the purchase price allocation (PPA) and acquisition costs of 1.9 million euros. EBIT saw an even sharper rise, of 21.6 percent to 94.9 million euros (prior year: 78.0 million euros). The earnings contribution of the acquired companies came to minus 0.5 million euros. EBIT included PPA effects of minus 10.5 million euros. Nevertheless, the margin improved to 11.4 percent (prior year: 10.4 percent).

“2018 was a very successful year for Jenoptik. We started to implement our new strategy and considerably exceeded our financial targets for revenue, profit, order intake, and free cash flow. We saw good momentum on our major markets in the past year and, with Prodomax in Canada and the OTTO Group in Jena, successfully acquired two interesting companies. Their product ranges, markets and customers ideally complement Jenoptik’s activities,” says Jenoptik President & CEO Stefan Traeger.

Record order figures and strong cash flow are a solid basis for further growth

Jenoptik also saw a strong fourth quarter in terms of order intake. In 2018 as a whole, the Group received orders worth 873.7 million euros, an increase of 8.8 percent (prior year: 802.9 million euros). The order intake also includes the orders received by Prodomax and the OTTO Group since the acquisition date, in total worth around 24 million euros. Thus, the order intake was above revenue, resulting in a book-to-bill ratio of 1.05 (prior year: 1.07). At 15.0 percent, the order backlog also grew sharply, its value of 521.5 million euros (prior year: 453.5 million euros) forming a stable basis for 2019. There were also frame contracts (framework agreements with customers) worth 62.5 million euros (prior year: 87.6 million euros).

Although capital expenditure increased significantly, the free cash flow markedly improved to 108.3 million euros (prior year: 72.2 million euros). Despite the internally financed acquisitions, a higher dividend payment of 17.2 million euros (prior year: 14.3 million euros), and increased capital expenditure, Jenoptik was again free of net debt at the end of the fiscal year due to the good cash flow. As of December 31, 2018, net debt came to minus 27.2 million euros (31/12/2017: minus 69.0 million euros).

Higher dividend proposed

On the basis of the Group’s solid earnings and good financial position, the Executive and Supervisory Boards of JENOPTIK AG will propose, as in the prior years, an increased dividend of 0.35 euros per share for the 2018 fiscal year (prior year: 0.30 euros) to the Annual General Meeting on June 12, 2019. Subject to shareholder approval, the total amount to be paid out will be 20.0 million euros (prior year: 17.2 million euros).

The Jenoptik Executive and Supervisory Boards attach great importance to a steady and long-term development of the dividend that is comprehensible for shareholders. This year Jenoptik managed to improve the earnings per share from 1.27 euros to 1.53 euros. Alongside the effects of good business performance, these also include deferred tax income, which is not cash-effective. With this year’s proposed dividend of 0.35 euros, the company aims to pay out around 17 percent more to its shareholders than in the prior year.

”With this proposal we can, on the one hand, let our shareholders participate in Jenoptik’s good development. On the other hand, we are financially well equipped also in 2019 to look for opportunities to strengthen Jenoptik through further acquisitions and thus support our growth strategy in the best possible way,” says Hans-Dieter Schumacher, CFO of JENOPTIK AG.

Employee numbers continue to grow particularly abroad

The number of Jenoptik employees (incl. trainees) rose by 9.9 percent (363 employees) to 4,043 as of December 31, 2018 (31/12/2017: 3,680 employees). As a consequence of the internationalization strategy, the number of people employed abroad increased, by 22.3 percent to 981 employees (31/12/2017: 802), bringing the total workforce abroad up to 24.3 percent (prior year: 21.8 percent).

Development of the segments

The Optics & Life Science segment achieved a new revenue and earnings record in the 2018 fiscal year. Revenue rose 11.8 percent to 290.0 million euros (prior year: 259.4 million euros), with the segment particularly benefiting from good business with solutions for the semiconductor equipment industry and a positive development in the healthcare and industry business. With an EBIT of 62.3 million euros (prior year: 50.5 million euros), the segment achieved a 23.4 percent improvement in its operating results. The EBIT margin increased to 21.5 percent (prior year: 19.5 percent). EBITDA also saw a strong increase of 19.1 percent to 69.9 million euros (prior year: 58.7 million euros); the EBITDA margin grew to 24.1 percent (prior year: 22.6 percent). In the 2018 fiscal year, the order intake significantly exceeded the prior-year level by 18.7 percent, particularly following a strong fourth quarter, and was worth 350.8 million euros (prior year: 295.5 million euros). This increase was particularly facilitated by stronger demand for optical systems. The book-to-bill ratio grew to 1.21 (prior year: 1.14). The order backlog climbed accordingly by 55.9 percent to 165.0 million euros at the end of 2018 (31/12/2017: 109.1 million euros), thus providing a good basis for the current fiscal year.

Revenue in the Mobility segment grew 21.4 percent to 327.8 million euros in 2018 (prior year: 270.1 million euros), with the acquired companies contributing 37.0 million euros to this figure. Both solutions for the automotive industry and traffic safety technology systems saw increased demand, the latter primarily due to the delivery of truck toll monitoring systems for the German federal roads project. Based on this good overall revenue growth, the segment EBIT grew to a figure of 27.7 million euros (prior year: 18.5 million euros), as expected reflecting a significantly improved quality of earnings compared to the prior year. The EBIT margin improved to 8.4 percent (prior year: 6.9 percent). EBITDA rose 45.4 percent to 40.5 million euros (prior year: 27.9 million euros). The EBITDA margin grew to 12.4 percent, compared to 10.3 percent in the prior year. Both earnings figures increased in spite of substantial PPA effects and acquisition costs. In 2018, the segment order intake increased by 5.2 percent to 319.3 million euros (prior year: 303.7 million euros). This growth was generated in the automotive business, while in the traffic safety business the major order to supply toll monitoring systems included in the order intake for the prior year could not be fully compensated in 2018. The book-to-bill ratio in 2018 reached a figure of 0.97 (prior year: 1.12). The value of the order backlog increased by 25.8 percent, to 182.0 million euros at the end of 2018 (31/12/2017: 144.7 million euros).

As expected, revenue in the Defense & Civil Systems segment of 218.6 million euros was largely unchanged on the prior year (prior year: 219.3 million euros). At 20.1 million euros, the segment EBIT was slightly up on the prior-year figure (prior year: 19.2 million euros). A changed product mix, lower currency losses, and cost savings in sales resulted in the EBIT margin increasing to 9.2 percent (prior year: 8.7 percent). EBITDA also rose marginally, to 24.4 million euros (prior year: 23.8 million euros). The EBITDA margin improved to 11.2 percent (prior year: 10.9 percent). As expected, the segment increased its order intake in the fourth quarter, posting new orders worth some 60 million euros. For the full year, however, the order intake, worth 203.5 million euros, was still slightly down on the prior year, which had included several major projects (prior year: 206.2 million euros). Particularly in the first quarter of 2017, Jenoptik had received various major orders for energy and sensor systems. The book-to-bill ratio came to 0.93 in 2018 (prior year: 0.94), while the order backlog grew to 175.4 million euros as of December 31, 2018 (31/12/2017: 202.6 million euros).

Growth set to continue in 2019

“The past fiscal year was again the best in the company’s history. As part of the gradual implementation of our ‘Strategy 2022’, we have achieved key milestones with the introduction of our new corporate structure in early January 2019, the launch of the new, independent VINCORION brand for our mechatronics business in September 2018, and the reorganization of our activities in Asia. We are convinced that we are on the right track with the realignment of our structures, a stronger focus on photonic markets and the initiatives launched to promote innovation within the Group,” says Stefan Traeger, Jenoptik’s President & CEO.

Based on a very good order backlog, the Executive Board looks to 2019 with confidence. In the current fiscal year, it anticipates further growth and higher earnings. Revenue is to grow in the mid single-digit percentage range (before major portfolio changes). EBITDA growth is also expected, resulting in an EBITDA margin of between 15.5 and 16.0 percent.

“We are expecting momentum to accelerate in the course of the new fiscal year, resulting in a stronger second half of the year. In addition, deliveries of the toll monitoring systems in the traffic safety business had made a significant contribution to our revenue in the first half-year of 2018. Therefore, we are presently expecting a somewhat weaker business development in the first half-year, but anticipate further growth in the full year 2019,” says Stefan Traeger.

The Annual Report is available in the “Investors/Reports and Presentations” section of the website. The “Jenoptik app” can be used to view the Interim Report on mobile devices running iOS or Android. Images for downloading can be found in the Jenoptik image database in the “Current Events/Financial Reports” gallery.

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Nutanix erweitert Channel-Charta und nimmt globale Systemintegratoren und Distributoren ins Programm auf

Nutanix (NASDAQ: NTNX), Spezialist für Enterprise Cloud Computing, öffnet seine Channel-Charta „Power to the Partner“ gegenüber Value-Added-Distributoren (VAD) und globalen Systemintegratoren. Außerdem bietet das Programm zusätzliche Leistungen für Reseller. Die Erweiterungen bieten Partnern unabhängig von Branche, Größe und Funktion Vorteile, sodass alle Nutanix-Partner erfolgreich agieren und mit ihrem Nutanix-Geschäft wachsen können.

Nutanix hat seine Channel-Charta zum ersten Mal im August 2018 vorgestellt. Sie zielt darauf ab, Partnern einen einzigartigen und vorteilhaften Rahmen für ihre Zusammenarbeit mit Nutanix zu bieten, der sich von traditionellen Channel-Programmen abhebt. Im Gegensatz zu den meisten Unternehmen belohnt Nutanix seine Partner weniger auf Basis ihrer Umsatzziele, sondern auf Basis ihrer Investitionen in die Partnerschaft. Aktuell erweitert das Unternehmen sein Partnerprogramm um neue Vorteile für bestehende Reseller und lässt neu Value-Added-Distributoren und globale Systemintegratoren (Global System Integrators, GSI) daran teilhaben. Damit bleibt das Unternehmen dem ursprünglichen Ziel der Channel-Charta treu, alle Partner von den Vorteilen des Programms profitieren zu lassen. Die Änderungen an der Channel-Charta folgen auf die Ankündigung einer Partnerschaft mit Intel, die GSIs und VADs mehr Autonomie verschafft und ihnen Vertrieb und Implementierung hyperkonvergenter Infrastrukturlösungen unter eigener Marke ermöglicht.

Als Teil der aktuellen Programmerweiterungen hat Nutanix spezielle Angebote einschließlich Anreizen für VADs geschnürt, die sie dabei unterstützen, die Umsatzchancen im Markt aufgrund der Nachfrage nach Multi-Cloud-, Multi-Platform- und Multi-Workload-Implementierungen möglichst einfach wahrzunehmen. Distributoren können nun viele verschiedene Hilfsmittel über den gesamten Vertriebszyklus hinweg nutzen und somit ihr Geschäft gemeinsam mit Nutanix ausbauen und verbessern. Zu den Programmvorteilen für VADs gehören unter anderem:

  • Ein Self-Service-Channel für vereinfachte Angebots- und Bestellprozesse mit einer eigenen Preisliste für Value-Added-Distributoren
  • Electronic Data Interchange (EDI)-Anbindung, die Distributoren eine schnellere Umsatzbuchung (Time-to-Revenue) durch Automatisierung des „Quote-to-Cash“-Prozesses ermöglicht
  • Neue Anreize, um VADs für Engagement, Ausbildungsniveau und Partnerbetreuung auf „Pioneer“-Niveau in den größten Verkaufsregionen von Nutanix zu belohnen

„Power to the Partner“ wird darüber hinaus um ein neues Influence-Incentive-Paket erweitert, das Partner belohnt, die maßgeblich zu einem Kundenabschluss beitragen. Partner, die über strategische Beziehungen mit Kunden verfügen und einen Einfluss auf deren Entscheidungen haben, die jedoch nicht direkt an dem Verkaufsabschluss beteiligt sind, können einen „Influencer Incentive“ erhalten, sofern sie den Partnerstatus „Scaler“ und „Master“ haben oder autorisierte GSI-Partner sind.

Des Weiteren hat Nutanix seit dem Start von „Power to the Partner“ die verschiedenen Reseller-Partner-Stufen in der Charta klarer definiert. Ab sofort verbessern sich für Partner Rabatte und Preise für anerkannte Verkaufsgelegenheiten in dem Maße, wie sie die verschiedenen Stufen der Charta hinaufsteigen. Aufgrund der klarer voneinander abgegrenzten Stufen profitieren Partner noch mehr von ihren Investitionen an Zeit und Ressourcen in den Verkauf von Nutanix-Lösungen. Ab Februar 2019 stellt Nutanix Scaler- und Master-Partnern darüber hinaus XLAB-Software-Lizenzen zur Verfügung. Um autonomer beim Vertrieb von Nutanix-Produkten agieren zu können, erhalten Scaler- und Master-Partner nun Zugang zu Volllizenzen für eine Vielzahl von Nutanix-Software-Lösungen, die sie in ihren Labor-Umgebungen nutzen können.

„Seit Beginn der Partnerschaft konnten TechData und Nutanix stets geschäftsrelevanten Nutzen stiften und gemeinsame Initiativen zum Vorteil der Partner starten“, so Cheryl Neal, Vice President, Data and Networking Solutions bei Tech Data. „Wir sind mit der Partnerschaft sowie Art und Umfang an Ressourcen, die uns Nutanix zur Verfügung stellt, sehr zufrieden. Wir sind uns sicher, dass wir unsere Beziehung durch den Zugang zu weiteren Vorteilen der Channel-Charta sogar noch weiter ausbauen können.“

„Wir haben Power to the Partner lanciert, um sicherzustellen, dass alle unsere Partner den gleichen Zugang zu Verkaufsgelegenheiten haben, um ihr Geschäft weiterzuentwickeln und auszubauen“, betont Rodney Foreman, VP of Global Channel Sales bei Nutanix. „Seit Markteinführung der Charta hören wir aufmerksam auf das Feedback unserer Partner und haben große Anstrengungen unternommen, schnell auf ihre Vorschläge zu reagieren, das Programm auf alle Arten von Partnern auszuweiten – ganz gleich ob Reseller oder globaler Systemintegrator. Im Rahmen unserer Bemühungen, Kunden bei der Modernisierung ihres Rechenzentrums und dem Umstieg auf Multi-Cloud-Lösungen zu unterstützen, ist es von zentraler Bedeutung, dass jedem Partner genau die Werkzeuge zur Verfügung stehen, die nötig sind, um uns bei der Erreichung dieses Ziels zu unterstützen.“

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Infinity secures 75% Ownership of San Jose Lithium Project

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HIGHLIGHTS

  • Infinity increases ownership from 50% to 75% of the San Jose Lithium Project
  • Infinity and the Project are now well positioned to attract strategic investment
  • Movement from lithium carbonate to lithium hydroxide pathway has driven renegotiation of the JV – positive outcome optimally aligns project and partners
  • Local JV partner to receive reimbursement for previous expenditure and for transfer payments (this totals €1 million in staged payments until mid-2020)
  • Local JV partner retains preferred contractor rights ensuring alignment of goals and focus on project development

Infinity Lithium Corporation Limited (ASX:INF) (‘Infinity’, or ‘the Company’) http://www.commodity-tv.net/c/search_adv/?v=298809 is pleased to advise it has successfully completed a renegotiation of the San Jose Lithium Project (‘San Jose, or ‘the Project’) Joint Venture (‘JV’) agreement with local partner Valoriza Mineria S.A. (‘Valoriza Mineria’) resulting in the immediate acquisition of a further 25% in the JV entity Tecnolgia Extremena Del Lito S.L. (‘TEL’).

Infinity’s CEO and Managing Director, Ryan Parkin commented “Infinity is delighted to announce the progression of project ownership to 75% as we enter a period of increasing engagement of potential strategic partners and move towards the delivery of the San Jose Lithium Project pre-feasibility study.  European lithium-ion battery supply chain developments have recently accelerated. The ability to continue to align our goals to work collaboratively with our JV partners in progressing commercial discussions with key European and other industry participants provides immediate value to the Project. The resulting acceleration in project ownership reflects the alignment of the Project towards lithium hydroxide opportunities and the relevance of that product in one of the world’s largest electric vehicle markets”.

Commercial Terms:

As previously announced, under the original JV agreement (ASX announcement 14 June 2016) with Valoriza Mineria, Infinity was able to earn-in to a 75% interest through the delivery of a feasibility study on lithium carbonate production with an agreed budget of €2.5 million.  Valoriza Mineria was the preferred contractor for all works within the feasibility study and had completed some work including land access, public relations, and environmental base line studies.  The revised JV agreement terms now enables Infinity to assume 75% interest in the Project with the immediate payment of €250,000 and additional ongoing payment commitments totalling €750,000 payable within 14 months or by 13 May 2020.

The key commercial terms of the renegotiated JV agreement are contained in the Appendices of this announcement.

Strategic Importance of San Jose in the European LIB Supply Chain:

As the Company has advised, the lithium market is increasingly demanding lithium hydroxide to supply the growing lithium-ion battery (‘LIB’) industry.  San Jose is extremely well placed geographically to satisfy increasing European demand for battery grade lithium hydroxide and address increasingly important supply chain sustainability and carbon emission requirements.  Additionally, it benefits via its potential ability to deliver lithium hydroxide or other lithium battery chemicals directly from hard rock lithium resources without having to go through an intermediate lithium carbonate production stage.

The fully integrated San Jose Lithium Project, located in the Extremadura region of Spain, retains increasing strategic importance in the context of burgeoning lithium-ion battery investment in the European Union (‘EU’) and the United Kingdom (‘UK’).  The recently attended European Battery Association EBA250 conference in Brussels (ASX announcement 1 February 2019) noted the significant focus on raw materials and chemical processing capabilities in Europe, and the significant gap in the availability of lithium chemicals within Europe in its current environment. 

Maros Sefcovic (Vice President of the European Commission) recently noted that mines are opening or re-opening and that the EC “have also identified a gap linked to Europe’s refining capabilities for lithium.  We clearly have to cover this gap… because the demand for processed refined lithium will be quite big in Europe, so it makes sense to have lithium refining capacities here…. It’s only logical that we should have the whole value chain in Europe”.

The EC, through Mr Sefcovic, continue to progress addressing this key component essential for the European EV industry and the importance to consider both regularity and financial assistance “We are ready to discuss not only the regulatory aspects of course but also financial assistance – be it under the Important Projects of Common European Interest (IPCEI) or under Public Private Partnerships with the European Investment Bank (EIB).”

A further consideration is the increasing importance of the environmental sustainability of supply and the carbon footprint of all aspects of the supply chain in the production of European EV (ASX announcement 12 March 2019).  San Jose is not only ideally located within the EU and thus logical advantages in the carbon footprint in terms of transportation and freight, it further benefits from the availability of key reagents in the industrial production process that are readily available within Spain.

APPENDIX 1: KEY COMMERCIAL TERMS

  • Immediate transfer of 25% interest whereby €250,000 is paid upon execution of the amended JV agreement, resulting in the immediate transfer of shares in TEL to Infinity’s wholly owned Spanish subsidiary Extremadura Mining S.A.
  • Ongoing additional staged payment commitments totalling €750,000 payable within 14 months or by 13 May 2020. Therefore, the total payment amounts payable in consideration of 25% project interest in TEL through the immediate and subsequent staged payments amounts to €1,000,000.
  • Infinity retains the right to forgo subsequent staged payments, revert to 50% project interest and earn-in to 75% through the delivery of a lithium chemicals feasibility study. The delivery of the feasibility study would be required within 18 months of Infinity’s election and notification provided to Valoriza Mineria to forgo subsequent staged payments.  Infinity retains the right to extend the delivery of the feasibility study for a further 12 months through payment of €100,000 in the event that the feasibility study was not delivered within the initial 18 month period.
  • The Agreement contains a mechanism in which project ownership can be increased to 100% by either a Put or Call Option held between parties. The Option has an exercise value of €10 million and lapses upon project development. The Put Option is only valid upon the Decision to Mine and the majority is payable from project sales revenue.
  • Valoriza Mineria to continue as preferred contractor through their globally recognised civil engineering and construction entities, continue to provide services in environmental, hydrological, social and in-country liaison.

APPENDIX 2: OWNERSHIP INTEREST IN TEL RETAINED BY SPANISH ENTITIES – STRONG ONGOING PARTNERSHIP BETWEEN EXTREMADURA MINING & VALORIZA MINERIA

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DEUTZ AG: DEUTZ with record growth in 2018

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– Revenue target comfortably exceeded, sharp increase in profitability
– Strong order book ensures good capacity utilization
– Further growth and further increase in profitability expected in 2019 

"2018 was a very successful year for DEUTZ," says Dr Frank Hiller, Chairman of the Board of Management of DEUTZ AG. "We comfortably exceeded our revenue target and registered a sharp increase in profitability. Our E-DEUTZ strategy is already bearing fruit and is an important step on our path to becoming a leading global manufacturer of innovative drive systems. And our new three-pillar growth strategy for China means that we are now also strengthening our position in the world’s biggest engine market. For 2019, we expect a further increase in revenue and a further improvement in profitability towards our medium-term target of an EBIT margin before exceptional items of 7 to 8 per cent."

Double-digit growth in new orders and revenue

In 2018, the DEUTZ Group received orders worth EUR1,952.6 million, which was an improvement of 25.4 per cent compared with the prior-year figure of EUR1,556.5 million. All off-highway application segments as well as the service business registered increases. Orders on hand totalled EUR438.9 million as at 31 December 2018, a rise of 62.0 per cent compared with the figure of EUR270.9 million at the end of 2017. DEUTZ generated revenue of EUR1,778.8 million in 2018, which was 20.3 per cent higher than the figure of EUR1,479.1 million achieved in 2017. DEUTZ therefore comfortably exceeded the forecast, published in its 2017 annual report and reiterated in July 2018, of a marked rise in revenue to more than EUR1.6 billion.

Substantial increase in operating profit

Operating profit (EBIT before exceptional items) more than doubled in 2018, going up by EUR42.3 million to reach EUR82.0 million (2017: EUR39.7 million). This was mainly because of the higher volume of business and the resulting economies of scale as well as positive effects from the efficiency program. It was achieved in spite of several weeks of strike action at a supplier. Most of the negative effects resulting from this disruption, which occurred in the third quarter of 2018, were compensated for by reconfiguring production plans and initiating catch-up measures. DEUTZ also withdrew from the DEUTZ Dalian joint venture last year. The negative impact on earnings attributable to the joint venture in the first half of 2018 was slightly outweighed, as had been anticipated, by the proceeds generated from the sale of the shares in the fourth quarter of 2018. The EBIT margin before exceptional items improved from 2.7 per cent in 2017 to 4.6 per cent last year. At the start of the year, DEUTZ had expected a moderate increase in the EBIT margin before exceptional items. The improvement of 1.9 percentage points in the EBIT margin more than exceeded this initial forecast as well as the more specific forecast made in July 2018 of an EBIT margin of at least 4.5 per cent.

Prior-year result inflated by positive effects from exceptional items

Net income fell by EUR48.6 million to EUR69.9 million in 2018. This resulted in earnings per share of EUR0.58 (2017: EUR0.98). When adjusted for exceptional items recorded in the prior year, which mainly related to the sale of property and totalled EUR85.5 million after taxes, net income rose by EUR36.9 million. Adjusted earnings per share thus improved from EUR0.27 in the prior year to EUR0.58 last year.

Segment: DEUTZ Compact Engines

– Significant increase in new orders 
– Double-digit revenue growth in the main application segments: Material Handling up by 41.9 per cent, Construction Equipment up by 25.8 per cent, Agricultural Machinery up by 12.9 per cent 
– Substantial improvement in the EBIT margin before exceptional items to 4.3 per cent (up by 270 basis points) due to economies of scale and efficiency gains

DEUTZ Customised Solutions segment

– Very good performance in Q4 2018 due to the high level of orders on hand
– Service revenue advances by 10.1 per cent in 2018
– EBIT margin before exceptional items rises to 12.1 per cent (up by 220 basis points) on the back of an improved product mix and efficiency gains

Consistent dividend 

As in the prior year, the Board of Management and Supervisory Board of DEUTZ AG propose using EUR18.1 million of the accumulated income to pay a dividend of EUR0.15 per share. The dividend per share is therefore at the same level as in 2017. However, it has been funded exclusively from the operational business, whereas last year the intention of the dividend was to allow the shareholders to benefit from the completed property transactions. DEUTZ is aiming to maintain a dividend ratio of around 30 per cent of net income over a number of years.

Positive outlook for 2019

This year, DEUTZ’s engine business will benefit from persistently strong demand from customers. The start of 2019 has been characterised by a high level of orders on hand, which bodes very well for business in the first half of the year in particular.

For 2019 as a whole, DEUTZ expects revenue to increase to more than EUR1.8 billion. The EBIT margin (before exceptional items) is also forecast to improve to at least 5.0 per cent. This increase is likely to result mainly from the anticipated growth in revenue, but also from the various initiatives aimed at continuously increasing efficiency. The ongoing expansion of the service business will also help to improve overall profitability relative to 2018. DEUTZ is therefore expecting to take a further step towards its medium-term target (for 2022) of an EBIT margin before exceptional items of 7 to 8 per cent. The payment of the final instalment of the purchase consideration from the disposal of the Cologne-Deutz site could result in an exceptional item that would increase earnings by around EUR50 million in 2019.

Forward-looking statements

This release may contain forward-looking statements based on current assumptions and forecasts made by DEUTZ management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation or development of the company and the estimates given here. These factors include those discussed in DEUTZ’s public reports which are available at www.deutz.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

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Knorr-Bremse AG presents strong preliminary full-year 2018 numbers – guidance fully delivered – profitable growth expected to continue in 2019

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– Knorr-Bremse AG looks back at a successful 2018: strategic and financial objectives achieved
– Confident outlook 2019 despite growing economic and political risks
– Knorr-Bremse gained admission to Germany’s MDAX on 5 March 2019 and will enter the index on 18 March 2019
– Strong revenue growth: FX-adjusted 2018 revenues grow by 10.5%. Reported revenues up 7.5% to 6,616 mEUR (PY: 6,154 mEUR). Both segments contribute: RVS +6.2%, CVS +9.3%
– Continued solid profitability: EBITDA and EBIT margins, adjusted for IPO cost reimbursement, at 18.0% (PY: 18.1%) and 14.9% (PY: 14,7%). Operating EBITDA and EBIT margins, eliminating disposal effects, at 18.4% and 15.6%
– Strong order book: Order book grows by 9.2% to 4,563 mEUR (PY: 4,177 mEUR), underscoring good medium-term prospects
– Guidance for fiscal year 2019: Revenues 6,800-7,000 mEUR, EBITDA margin corridor 18.0%-19.0%, assuming a stable economic and political environment
– The Executive Board intends to propose a dividend within the range of 40-50% of net profit, as determined by the company’s dividend policy

Knorr-Bremse AG, the global market leader for braking systems and a leading supplier of safety-critical rail and commercial vehicle systems, today published its preliminary full-year 2018 results.

“Knorr-Bremse looks back at a successful 2018 and we are pleased with the positive development of both our businesses. Despite uncertain and volatile markets, the demand for Knorr-Bremse rail and truck systems rose to new heights. We are particularly proud to have won 26 projects for metro lines in China alone – evidence of the high regard our systems are held in”, says Klaus Deller, CEO of Knorr-Bremse AG. “With organic growth as well as strategic acquisitions in both divisions, we have paved the way for our active participation in the global megatrends urbanisation, eco-efficiency, digitization and automated driving. This positioning is also reflected in the price development of our share.”

With the most recent acquisition by the CVS division of the steering business of Hitachi Automotive Systems, Knorr-Bremse took an important step towards becoming a global supplier of driver assistance and highly automated driving solutions.

Strong organic growth

Currency-adjusted, revenues 2018 grew by 10.5%. Reported full-year revenues increased by 7.5% to 6,616 mEUR (2017: 6,154 mEUR). The Rail Vehicle Systems (RVS) segment grew dynamically, by 6.2% yoy. The Commercial Vehicle Systems (CVS) segment grew particularly strongly, by 9.3% yoy. Revenue growth across the two segments was almost entirely organic. All regions contributed. The strong OE business was the main driver of this growth, which, together with the portfolio disposals, led to a reduced aftermarket share to 33.8% (PY: 35.3%) of total revenues.

Continued solid profitability

At Group level, Knorr-Bremse generated a reported EBITDA of 1,178 mEUR, an increase of 5.6% on 2017 (1,116 mEUR). This corresponds to a margin of 17.8%, slightly lower than 2017 and within the guidance corridor. Adjusted for the reimbursement of IPO costs by the selling shareholder, EBITDA was 1,193 mEUR, corresponding to a margin of 18.0%. As per IFRS, this was credited to the balance sheet rather than the P&L account.

Operationally, eliminating revenues (of 68 mEUR) and losses (of -11 mEUR) of rail maintenance and simulator businesses, which were disposed in 2018, EBITDA amounted to 1,204 mEUR and a margin of 18.4%. These high profitability levels were achieved despite a smaller Aftermarket share, higher material costs, and supply-chain constraints. The R&D ratio fell slightly to 5.5% (2017: 5.8%) due to the high sales growth, but again reached a high level compared to the competition.

Group EBIT for 2018 came to 972 mEUR, up 7.6% yoy (2017: 904 mEUR) and corresponding to a margin of 14.7%, level with last year. Adjusted EBIT margin reached 14.9%, operating EBIT margin 15.6%.

Order intake and book underscore medium-term outlook

With 7,001 mEUR and a book-to-bill ratio of 1.06, Knorr-Bremse’s order intake surpassed the 7 bnEUR mark for the first time in company history. Its order book reached a new high of 4.563 mEUR at the end of 2018, an increase of 9,2% against prior year (4,177 mEUR).

Segments

Rail Vehicle Systems (RVS)

RVS revenues were 6.2% higher than prior year at 3,462 mEUR (2017: 3,260 mEUR), enabling an EBITDA margin of 20.0% (2017: 19.6%). In Europe, growth was driven by the Locomotives, R&C and Metro businesses. In Asia, the Indian OE business and Chinese Rail Services grew particularly strongly. In North America, the freight business showed a positive development. Additionally, growth in volume and stringent cost measures enabled this EBITDA improvement. Adjusted for disposals, Aftermarket revenues grew by 5.8% and their share of RVS revenues amounted to 40%.

Commercial Vehicle Systems (CVS)

CVS revenues grew by 9.3% over prior year, to 3,160 mEUR (2017: 2,891 mEUR), driven by a rise of 6% in the global Truck Production Rate as well as continued outperformance on content growth, especially within the air disc brake category. Europe showed resilient, abovemarket growth, North America outperformed a dynamic market in the region. China also grew despite a decreasing TPR. However, profitability faced headwinds from material price inflation and supply-chain constraints, leading to an EBITDA margin of 16.4% (2017: 17.4% with an unusually strong Q4 2017). The Aftermarket share of CVS revenues during the period amounted to 27%.

R&D expenses and employment above last year

During 2018, the company spent 364 mEUR (2017: 359 mEUR) on R&D activities. Strong top-line growth led to a slightly reduced R&D ratio of 5.5% (2017: 5.8%), positioning Knorr-Bremse above its competitors.

The number of employees at the end of the year rose by 2.7% to 28,452, thereby less than sales.

MDAX inclusion as of 18 March 2019

On 5 March, Deutsche Börse admitted Knorr-Bremse to its MDAX segment as per its fast entry rules. Ralph Heuwing, CFO: “After our capital market debut in October, this is an important milestone for Knorr-Bremse and its shareholders. Based on our guidance for 2019, we are confident to continue generating value for all stakeholders.”

Outlook for 2019

Macroeconomic and political risks are rising, trade conflicts and Brexit being only two examples. That said, assuming economic and political stability, the company expects to generate 6,800-7,000 mEUR in revenues for the full year 2019, and an EBITDA margin within a range of 18.0-19.0%. This is consistent with the medium-term outlook given at last year’s IPO, which remains unchanged.

The above figures are preliminary and unaudited. Full results and the the full annual report will be available from 30 April 2019 on www.knorr-bremse.com

An investor conference call with CEO Deller and CFO Heuwing to discuss the preliminary full-year 2018 numbers will take place today at 2pm CET. Presentations are available on our website at www.knorr-bremse.com 

DISCLAIMER

This publication has been independently prepared by Knorr-Bremse AG (“Knorr-Bremse”). It may contain forward-looking statements which address key issues such as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to, those described in Knorr-Bremse’s disclosures. Should one or more of these risks, uncertainties or other factors materialize, or should underlying expectations not occur or shall assumptions prove incorrect, the actual results, performances or achievements of Knorr-Bremse may vary materially from those described in the relevant forward-looking statements. Such forward-looking statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Knorr-Bremse does not intend, nor does it assume any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated.

This publication may include – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAPmeasures). Knorr-Bremse’s net assets, financial position and results of operations should not be assessed solely on the basis of these alternative supplemental financial measures. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the applicable financial reporting framework. The calculation by other companies that report or describe similarly titled alternative performance measures may vary despite the use of the same or similar terminology.

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Dynamic start into 2018 / 2019: ISRA profits from investments – double-digit growth guidance

  • Revenues rises to 34.2 million euros, up 10 % (Q1 17/18: 31.2 million euros)
  • EBT growth of 11 % to 6.9 million euros (Q1 17/18: 6.2 million euros)
  • Earnings margins remain at high level:
    o EBITDA up 18 %, margin at 34 % of revenues and 31 % of total output (Q1 17/18: 32 % and 29 %)
    o EBIT up 11 %, margin at 20 % of revenues and 18 % of total output (Q1 17/18: 20 % and 18 %)
    o EBT up 11 %, margin at 20 % of revenues and 18 % of total output (Q1 17/18: 20 % and 18 % )
  • Gross margin at 62 % of total output (Q1 17/18: 61%) and 57 % of revenues (Q1 17/18: 57 %)
  • Operating cash flow rises to 4.8 million euros (Q1 17/18: 4.4 million euros)
  • Intense actions to improve efficiency in production continue to be in focus – cash flow expected to increase
  • High  order backlog of around 96 million euros gross (PY: 83 million euros gross)
  • Acquisitions with focus on market and technology expansion at advanced stage 
  • Earnings per share after taxes up 15 % to 0.23 euros (Q1 17/18: 0.20 euros)
  • Dividend increase of 27 % to 0.15 euros per share planned (PY: 0.118 euros)
  • High equity ratio of 66 % (September 30, 2018: 63 %)
  • Outlook for 2018/2019: Low double-digit growth in revenue and earnings – additional inorganic effects anticipated

ISRA VISION AG (ISIN: DE 0005488100) – the TecDAX company for industrial image processing (machine vision) and one of the world’s leading providers of surface inspection solutions and 3D machine vision applications, recorded double-digit revenue and earnings growth in the first quarter of the 2018/2019 financial year to continue on its profitable growth path: With revenues increasing by 10 percent to 34.2 million euros (Q1 17/18: 31.2 million euros) and EBT growth of 11 percent to 6.9 million euros (Q1 17/18: 6.2 million euros), the Company made further progress toward its medium-term target of 200+. The operating cash flow increased to 4.8 million euros (Q1 17/18: 4.4 million euros). With the equity ratio rising by three percentage points to 66 percent (September 30, 2018: 63 %), net liquidity of 1.8 million euros (September 30, 2018: 1.8 million euros) and the available credit lines, ISRA has solid capital resources for future growth opportunities and is optimally prepared for potential acquisition projects. Earnings per share (EPS) after taxes increased by 15 percent to 0.23 euros (Q1 17/18: 0.20 euros). ISRA is continuing its sustainable dividend policy; at the Annual General Meeting on March 19, 2019 the management will propose an increase in the dividend for the 2017/2018 financial year of 27 percent to 0.15 euros per share.

In the first quarter, ISRA confirmed and further extended the high margin level it achieved in the previous financial year: The gross margin (total output minus material and labor costs of production) increased to 62 percent of total output (Q1 17/18: 61 %) and remains unchanged at 57 percent of revenues (Q1 17/18: 57 %). EBITDA (earnings before interest, taxes and depreciation) increased significantly by 18 percent to 11.7 million euros (Q1 17/18: 10.0 million euros), thereby the EBITDA margin improved by two percentage points each to 34 percent of revenues (Q1 17/18: 32 %) and 31 percent of total output (Q1 17/18: 29 %). EBIT (earnings before interest and taxes) increased by 11 percent to 6.9 million euros (Q1 17/18: 6.3 million euros), the EBIT margin therefore corresponds to 20 percent of revenues (Q1 17/18: 20 %) and 18 percent of total output (Q1 17/18: 18 %). EBT (earnings before taxes) also improved by 11 percent to 6.9 million euros (Q1 17/18: 6.2 million euros), resulting in an EBT margin of 20 percent of revenues (Q1 17/18: 20 %) and 18 percent of total output (Q1 17/18: 18 %).

The first three months of the current financial year demonstrate the initial positive effects of the recently initiated measures for an increased production efficiency through process and capacity optimization: Inventories in the consolidated balance sheet declined slightly to 36.7 million euros (September 30, 2018: 36.9 million euros). Trade receivables amount to 105.0 million euros (September 30, 2018: 111.8 million euros). Net debt (short-term and long-term liabilities minus cash and equivalents) was eliminated completely in the 2017/2018 financial year – this means the Company is mathematically debt-free, with equity of 201.2 million euros at the end of the first quarter (September 30, 2018: 197.8 million euros).

With more than 25 locations worldwide, ISRA is one of the most broadly positioned providers in the machine vision industry. Its presence in all significant future markets and growth regions represents a further key pillar of its long-term business development alongside its multi-industry strategy. In addition to its existing locations, the Company is currently examining new opportunities for expansion in Great Britain, Eastern Europe, North and South America, as well as in India and South East Asia.

The first quarter of 2018/2019 showed positive business development in almost all regions. The Company recorded double-digit revenue growth in the European markets, with strong customer demand suggesting that the healthy order situation will continue in the coming months. Revenues in Asia were at a similar high level compared to the previous year. Orders from American customers saw similar development. Intensive marketing and sales activities and the strengthening of the regional management team in the US and Brazil are expected to result in increased order momentum in the coming months.

The Industrial Automation segment, whose customer base includes global premium automotive manufacturers and global players from a wide range of industries in particular, achieved growth of 7 percent in the first quarter of the 2018/2019 financial year, with revenues rising to 8.3 million euros (Q1 17/18: 7.8 million euros). EBIT also increased by 7 percent to 1.8 million euros (Q1 17/18: 1.7 million euros) with an EBIT margin at 18 percent of total output (Q1 17/18: 19 %). In addition to innovative 3D machine vision solutions for robot-guided assembly and high-precision 3D metrology, the segment result was driven by the high level of customer demand for the “Touch & Automate” products that are designed for INDUSTRY 4.0. ISRA expects to see additional momentum in the coming months thanks to its extended sales as well as its expanded business focus on smart factory automation and its planned entry into new markets for connected automation using machine vision, which will center on combining the Company’s 3D machine vision expertise with robot automation. To this end, ISRA has already expanded its organization in a targeted manner and intensified its sales activities.

Revenues in the Surface Vision segment increased by 10 percent to 25.9 million euros in the first quarter of 2018/2019 (Q1 17/18: 23.4 million euros). EBIT amounts to 5.2 million euros (Q1 17/18: 4.6 million euros), corresponding to an EBIT margin of 18 percent of total output (Q1 17/18: 18 %). The metal inspection business is continuing to benefit from the complete portfolio strategy – in the current financial year, the management anticipates additional growth thanks to the enhancement of innovative steel inspection solutions for the automotive industry as well as the expansion of new software solutions for the entire metal production process and INDUSTRY 4.0-compatible systems. In the field of glass there are specifically demands for solutions for inspecting display glass and, increasingly, solar and automotive glass. The growth is being supported by intensive marketing and sales measures. With its extended focus on innovative materials, Advanced Materials (formerly Plastics) generated higher revenues than in the same period of the previous year; the Company is currently developing additional applications for innovative materials and extending well-established solutions. Revenues in the printing industry are rising significantly, with the management team being expanded in order to intensify activities in the area of digital print applications. Having implemented design-to-cost measures for the paper industry, the Company is concentrating on high-growth industries such as packaging and is stepping up its marketing and sales activities. In the security business (formerly specialty paper), ISRA is seeing high demand for its portfolio of specialized inspection solutions for high-security paper and printing. New revenue impulses emerge in the solar industry: Several major orders are already at an advanced stage of negotiation and expected to be completed in the near future. In the relatively new business area semiconductor, the Company is intensifying its focus on Asian market following the successful acquisition of strategic orders from leading European manufacturers. Two high-volume projects are currently being negotiated. Service business contributed to the positive business development in the first quarter 2018/2019, again accounting for a double-digit share of revenues. The Company is consequently extending its Customer Support and Service internationally and plans to increase the service revenues above average in its revenue share in the medium term by diversified offers and realignment of the management.

With its profitable results for the first three months of the 2018/2019 financial year and a high gross order backlog of around 96 million euros at present (previous year: 83 million euros gross), ISRA has made a robust start into the new financial year. A key element of ISRA’s growth strategy remains the acquisition of companies that will sustainably advance its technology leadership, market position or expansion into new markets. Several potential target companies from the areas of 3D industrial automation, production analysis software tools and embedded systems are currently being examined – some of them in advanced stages. In addition to the organic and acquisition-based growth, the management sees significant revenue potential in the enhancement of the product portfolio with INDUSTRY 4.0 architecture for the new business areas of smart factory automation and production analytics.

Assuming no significant changes in the global economic conditions, the management is forecasting profitable organic revenue and earnings growth in the lower double-digit range in the 2018/2019 financial year; the potential closure of an acquisition project in the near future could lead to higher overall growth in the current year. The Company is addressing regional and industry-specific fluctuations by intensifying its marketing and sales activities. ISRA’s strategy remains focused on sustainably expanding its global market position through product innovations for industrial automation accompanied by efficiency improvements as well as increasing its revenues to over 200 million euros in the medium term, meanwhile optimizing costs and working capital.

Further information is available at www.isravision.com.

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congatec reports record growth of 24% in 2018

congatec – a leading vendor of standardized and customized embedded computer boards and modules – reports record growth of 24% versus previous year and an all-time record in revenue of 132.5 million USD compared to 106.6 million USD in 2017. congatec achieved these extraordinary results by investing into growth markets and disruptive service offerings, while pushing organic team growth and completing its first acquisition in 2018.

For 2019, congatec anticipates another year of growth, based on the current backlog and major design wins. In 2018 congatec already increased the size and strength of its team, and even greater investments are planned for 2019 to support expanding growth in 2020 and beyond.

“The constant of technology advancements and increased design complexity contributes to our business.” explains congatec CEO Jason Carlson. “What matters here, is not a single technology but having a partner who can provide a platform solution that best meets OEMs’ needs and allows them to focus on the functionality of their specific product. Unlike other pure hardware sales oriented organizations, congatec offers a real premium service with personal integration support by a passionate global team committed to always serving customers as best as they can,” underlines Carlson.

A focus of congatec’s growth strategy lies in the expanding markets driven by the digital transformation. Digitization currently creates completely new products and service offerings. Existing markets are being disrupted by this trend but overall, the combined effects of market wins and losses result in expanding revenue options for congatec. “In disruptive environments, first to market strategies count a lot,” highlights Carlson. “Consequently, being able to identify the new players in the market is a required core competence if we want to benefit most from these trends.”

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​Critical Manufacturing Announces Significant Growth in Revenue and MES Orders

Critical Manufacturing, a leading developer of innovative, future-ready manufacturing execution system (MES) software, has announced 2018 end-of-year results, achieving 40% revenue growth and a remarkable 65% growth in product orders year over year. Its exceptional performance reflects the readiness of high-tech industries to adopt the huge benefits offered through Industry 4.0 (I4.0), smart factory technology.

Francisco Almada Lobo, CEO at Critical Manufacturing said, “The manufacturing landscape is undergoing significant changes and our MES is an essential element of our customers smart manufacturing strategy. The readiness of our MES for I4.0 makes it a compelling choice which is highly appealing to businesses. It is designed to provide them with a firm foundation and pathway to the huge benefits a smart factory offers in terms of greater efficiency, agility, and increased competitive edge.”

The Critical Manufacturing MES has seen great success and growth in its core market segments of electronics, front and back-end semiconductor and medical device manufacturing. The recent strategic investment in the business by ASMPT, the world’s largest hardware and software supplier to the electronics manufacturing industry, has further increased Critical Manufacturing’s global reach and financial strength.

Almada Lobo continued, “This is a very exciting time for us. Our orders increase means we are already on track for an exceptional 2019 and now, with the investment from ASMPT, we expect our growth and results going forward to be even stronger. We have also invested in our partner network, which is increasing our representation across adjacent industries such as automotive and aerospace. In response to the huge success we experienced last year, we increased our employee count by 30% in 2018 and will continue our expansion in all areas in 2019.”

Critical Manufacturing MES is designed from the ground up to be future ready and help businesses reach the full potential of I4.0. The modular system has a wide range of features to match specific customer requirements, is completely flexible and configurable to reduce total cost of ownership, and has advanced I4.0 capability. It offers a complete digital twin of a plant with 3D visualization. It provides decentralized logic to connect with the Internet of Things (IoT) and to seamlessly handle dynamic processing as associated with a smart factory.

Almada Lobo concluded, “Our MES is optimized for global, multi-site manufacturers, an area in which we have had a great deal of success during 2018. We will continue to focus and grow capabilities in our strategic markets and work with our partners to serve new business in adjacent sectors. The unique design and ultimate flexibility of our MES makes it a solid choice to increase efficiency, quality and agility in complex discrete manufacturing industries. It gives businesses the tools they need to meet changing customer demands and compete in the future.”

About ASM Pacific Technology Limited (ASMPT)
Headquartered in Singapore, ASMPT (HKEX stock code: 0522) is a global technology and market leader in leading edge solutions and materials for the semiconductor assembly and packaging industries. Its surface mount technology solutions are deployed in a wide range of end-user markets including electronics, mobile communications, automotive, industrial, LED and alternative energy. The company’s continuous investments in research and development help to provide its customers with innovative and cost-efficient solutions and systems that enable them to achieve higher productivity, greater reliability and enhanced quality.

For more information about ASMPT visit www.asmpacific.com

 

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Copper Mountain Mining Announces Q4 and Full Year 2018 Financial Results

Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the “Company” or “Copper Mountain” – http://www.commodity-tv.net/c/search_adv/?v=298826) announces fourth quarter and full year 2018 financial results.  All currency is in Canadian dollars, unless otherwise stated.  All results are reported on a 100% basis.  The Company’s Financial Statements and Management Discussion & Analysis (“MD&A”) are available at www.CuMtn.com and www.sedar.com

FOURTH QUARTER 2018 AND FULL YEAR 2018 HIGHLIGHTS

  • Fourth quarter 2018 production was the strongest quarter of the year, with production increasing 9.7% from the prior year to 24.5 million pounds of copper equivalent (comprised of 20.6 million pounds of copper, 8,124 ounces of gold and 62,711 ounces of silver).
  • Full year 2018 production met guidance, with production increasing 4.6% from the prior year to 4 million pounds of copper equivalent (comprised of 78.8 million pounds of copper, 28,250 ounces of gold and 273,913 ounces of silver).
  • C1 cash costs for the fourth quarter decreased 13% compared to the prior year to US$1.60 per pound of copper produced and full year 2018 C1 cash costs decreased 4% compared to the prior year to US$1.77 per pound of copper produced.
  • Revenue for the fourth quarter was $73.1 million from the sale of 19.4 million pounds of copper, 7,475 ounces of gold and 69,761 ounces of silver and revenue for the full year of 2018 was $296.0 million, from the sale of 79.2 million pounds of copper, 26,799 ounces of gold, and 284,086 ounces of silver, net of pricing adjustments.
  • Adjusted earnings per share was ($0.01) for the fourth quarter and $0.02 for the year.
  • Cash flow from operations for the fourth quarter was $28.8 million and $51.3 million for the full year of 2018.
  • In 2018, Mineral Reserves increased at the Copper Mountain Mine, a preliminary economic assessment (PEA) on New Ingerbelle was completed resulting in an after-tax NPV (8%) of US$390 million and a feasibility study was completed for the Eva Copper Project resulting in an after-tax NPV (8%) of US$256 million.

“In 2018, we focused on building a strong foundation from which to grow our business,” said Copper Mountain’s President and CEO, Gil Clausen.  “The Copper Mountain Mine finished the year achieving guidance across all metrics. We are also completing an integrated mine plan which will combine the New Ingerbelle deposit into the Copper Mountain mine plan and may double the mine life. The New Ingerbelle deposit provides the potential to add significant value through the addition of low risk, low cost production, particularly as we evaluate a mill expansion plan, which could allow for increased production levels in our existing mill within our current operating and environmental permits. We expect to complete this integrated life of mine plan and publish a new Technical Report for our Copper Mountain Mine in the first quarter of 2019.”

Fourth Quarter 2018 Financial Review

The Company reported a gross profit for Q4 2018 of $7.9 million, compared to $20.0 million for Q4 2017, and a net loss of $19.0 million in Q4 2018, compared to a net income of $23.5 million in Q4 2017.  The increase in the net loss from net income was primarily a result of a non-cash unrealized foreign exchange loss of $14.7 million compared to a non-cash unrealized foreign exchange loss of $1.8 million for Q4 2017, a change of approximately $12.9 million, which was primarily related to the Company’s debt that is denominated in U.S. dollars. The increase in net loss was also due to lower revenue and higher cost of sales year over year.

The Company recognized revenue of $73.1 million, net of pricing adjustments and treatment charges, on the sale of 19.4 million pounds of copper, 7,475 ounces of gold, and 69,761 ounces of silver and based on an average realized copper price of US$2.81 per pound.  This is compared to Q4 2017 revenue of $85.7 million, net of pricing adjustments and treatment charges, on the sale of to 18.1 million pounds of copper, 5,622 ounces of gold and 67,359 ounces of silver and based on an average realized copper price of US$3.12 per pound for Q4 2017. Despite higher sales, lower revenue year over year was a result of a 10% lower realized copper price in Q4 2018 compared to Q4 2017 and a Q4 2018 mark-to-market adjustment of negative $2.4 million compared to a positive mark-to-market adjustment of $10.3 million in Q4 2017. 

Cost of sales for Q4 2018 decreased marginally to $65.2 million compared to $65.7 million in Q4 2017, even though more concentrate was sold in Q4 2018 than Q4 2017.   This was because Q4 2017 included a $10.8 million write down to the low-grade stockpile, which was included in cost of sales.

Exploration expenditures in Q4 2018 were $1.2 million, which includes exploration in both Australia and British Columbia. 

Full Year 2018 Financial Review

The Company reported gross profit in 2018 of $25.3 million, compared to $59.1 million in 2017, and a net loss in 2018 of $26.9 million, compared to a net income of $67.3 million in 2017.  The increase in net loss in 2018 from net income in 2017 was primarily a result of a non-cash unrealized foreign exchange loss $23.8 million in 2018, compared to a non-cash unrealized foreign exchange gain of $20.9 million in 2017, a change of approximately $45 million, which was mainly related to the Company’s debt that is denominated in U.S. dollars. The increase in net loss was also due to lower revenue and higher cost of sales year over year.

The Company recognized revenue of $296.0 million in 2018, net of pricing adjustments and treatment charges, on the sale of 79.2 million pounds of copper, 26,799 ounces of gold, and 284,086 ounces of silver based on an average realized copper price of US$2.98 per pound.  This compares to revenue of $304.1 million in 2017, net of pricing adjustments and treatment charges, on the sale of 73.9 million pounds of copper, 23,969 ounces of gold and 260,493 ounces of silver, based on an average realized price of realized copper price of US$2.82 per pound. As required under IFRS, revenue in 2017 included a positive mark to market adjustment of $10.7 million for unsettled shipments outstanding at year end, as compared to a negative mark to market adjustment of $0.9 million for 2018 unsettled shipments at year end.

Cost of sales for 2018 increased by $26 million to $270.7 million compared to $245.0 million in 2017. This increase was due in small part to higher costs for diesel fuel, maintenance and power, but primarily due to the change in ore stockpile inventory with a $13.1 million decrease in 2018 charged to cost of sales as compared to a $14.0 million increase in 2017 charged to ore stockpile inventory.  The drawdown of ore stockpiles in the year is a result of increased development stripping as the Copper Mountain Mine starts to expose higher grade areas of the pit for future years.  As required under IFRS, some of these additional costs of stripping are capitalized when the period stripping ratio exceeds the life of mine stripping ratio of 2:1.

Exploration expenditures for the full year of 2018 were $6.5 million which includes exploration in both Australia and British Columbia.

Fourth Quarter 2018 Operating Results Review

In Q4 2018, the Copper Mountain Mine produced 20.6 million pounds of copper, 8,124 ounces of gold, and 62,711 ounces of silver compared to 19.6 million pounds of copper, 5,206 ounces of gold, and 70,384 ounces of silver in Q4 2017. Increased recoveries for all metals and a 5% increase in tonnes milled resulted in strong production results for Q4 2018 and the strongest quarter for copper and gold production in 2018. Increased gold production can be attributed to the new flash floatation circuit installed in the second half of 2018.

Total operating costs (C1) for Q4 2018 were US$1.60 per pound of copper produced, 13% lower than the C1 costs for Q4 2017 of US$1.85 per pound of copper produced. The improvement in costs, when compared to the prior year, is related to several factors including 5% higher copper production in the quarter, a 5% decrease in total mine operating costs in Q4 2018, and a weakening of the Canadian dollar to the United States dollar used when translating C1 costs to United States dollars. It should be noted that substantially all of the Company’s operating costs are priced in Canadian dollars. The decrease in C1 costs is also affected by the levels of deferred stripping in the period as these excess stripping costs are treated as capital expenditures. Deferred stripping costs are captured in all-in-sustaining costs (AISC) and not included in C1 costs. The total cash value of deferred stripping in Q4 2018 was $4.6 million compared to Nil in Q4 2017.

Full Year 2018 Operating Results Review

In 2018, the Copper Mountain Mine achieved annual copper production guidance, producing 78.8 million pounds of copper, 28,250 ounces of gold, and 273,913 ounces of silver compared to 75.8 million pounds of copper, 23,633 ounces of gold, and 277,094 ounces of silver in 2017. This represents an increase of 4% for copper, 19% for gold and a slight 1% decrease in silver production. Increases for copper and gold production as compared to the prior year is a result of improved recoveries and mill throughput in 2018, offset slightly by lower grades being milled in 2018.  Improved recoveries in the mill can be attributed to the installation of the new flash flotation circuit in the third quarter of 2018. Recoveries contributed to strong annual production results which included an increase of total tonnes milled by 3%.

Total C1 costs for 2018 were US$1.77 per pound of copper produced, 4% lower than the C1 costs for 2017 of US$1.84. The improvement in costs per pound is a result of higher copper production in 2018 and slightly lower total mine operating costs when compared to 2017, after taking into account cost associated with increased low-grade stockpile inventories in 2017, as required under IFRS. The decrease in C1 costs was also affected by the levels of deferred stripping in the year as these mining costs are treated as capital expenditures and deferred as required under IFRS. Deferred stripping costs are captured in AISC and not included in C1 costs. The total cash value of deferred stripping in 2018 was $20.2 million, compared to $1.5 million in 2017.

Q4 2018 FINANCIAL AND OPERATING RESULTS CONFERENCE CALL AND WEBCAST

The Company will hold a conference call on Friday, February 15, 2019 at 7:30 am (Pacific Standard Time) for management to discuss the Q4 2018 financial and operating results.

Live Dial-in Information

Toronto and international:          1 (647) 427-7450

North America (toll-free):            1 (888) 231-8191

To participate in the webcast live via computer go to:

https://event.on24.com/wcc/r/1912233/DA8D8425873C22105A0E0F317371DD61

Replay Call Information

Toronto and international:          1 (416) 849-0833                              Passcode: 5973748

North America (toll-free):            1 (855) 859-2056                              Passcode: 5973748

The conference call replay will be available from 12:30 pm (PST) on February 15, 2019 until 20:59 pm PST on February 22, 2019. An archive of the audio webcast will also be available on the company’s website at http://www.cumtn.com.

About Copper Mountain Mining Corporation

Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine produces about 100 million pounds of copper equivalent per year with a large resource that remains open laterally and at depth. Copper Mountain also has the permitted, development stage Eva Copper Project in Queensland, Australia and an extensive 397,000 hectare highly prospective land package in the Mount Isa area.

Additional information is available on the Company’s web page at www.CuMtn.com.

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

“Gil Clausen”    

Gil Clausen, P.Eng.
Chief Executive Officer

Website: www.CuMtn.com

Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements.  Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.  Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com.  Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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