ISRA shows its customary planning reliability - Forecasts confirmed for the 2007/2008 financial year

ISRA VISION AG: Preliminary Annual Financial Statement for the 2007/2008 Financial Year

Darmstadt, (PresseBox) - .
- Revenue increased by 33% to more than € 68 million
- EBIT: +110%, EBIT margin 19% of the revenue (17% of the total output)
- EBT: +79%, EBT margin 17% of the revenue (15 % of the total output)
- Earnings per share (EPS) € 1.76, price-to-earnings ratio (PER): 3.6
- Market value per € 1 of revenue: 0.40 Euros, price-to-book ratio (P/B): 0.36
- Growth financing secured by sufficient liquidity

ISRA VISION AG (ISIN: DE 0005488100), world market leader for surface inspection systems and globally one of the top five suppliers for industrial image processing (Machine Vision), met all of its targets for revenue and earnings for the 2007/2008 financial year (September 30th), and even succeeded in surpassing them. The group revenue from the preliminary annual financial statement (which has been audited but not yet certified) increased by 33 percent to 68.3 million Euros. The total output (revenue plus capitalized development) increased by 30 percent to 76.3 million Euros The gross margin remained steady at 58 percent of the total output; relative to the revenue, this margin increased by one percent to 52%.

ISRA has now broadly completed the integration of its extensive acquisitions. Synergies can be seen in all indicators related to profitability. The EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) rose by 70 percent to 18.6 million Euros. The EBITDA margin grew by five percentage points to 24 percent of the total output and 27 percent of the revenue. The EBIT (profit before interest and taxes) more than doubled, increasing to 12.9 million Euros. The EBIT margin increased by seven percentage points to 17 percent of the total output and 19 percent of the revenue. As forecasted by the management in the previous year, the other important performance indicator for strategic profitability planning, the EBT (earnings before taxes), increased by 79 percent to 11.3 million Euros. The EBT margin thus grew by four percentage points to 15 percent of the total output and 17 percent of the revenue.

The net profit reached 8.0 million Euros (previous year: 5.5 million Euros). The earnings per share totaled 1.76 Euros. At present share prices of around 6.30 Euros, ISRA is currently valued at 3.6 times the net profit. One Euro of revenue from ISRA now costs 0.40 Euro on the stock exchange (revenue to market capitalization). At a solid 27 million Euros, the market capitalization from ISRA is around twothirds less than the 75.7 million Euro equity on the balance sheet.

In the group, ISRA has an equity ratio of 51 percent. The liquid assets of 12.5 million Euros increased in the fourth quarter by 0.6 million Euros. The operative cash flow totaled 6.4 million Euros. The longterm financing of its acquisitions had already been secured by bank loans with very cost-efficient conditions. Furthermore, ISRA has free financing options of around 20 million Euros. All balance sheet assets have been carefully analyzed using impairment tests and have been regularly adjusted to match their current value. There were no namable depreciations in the 2007/2008 financial year.

In the 2007/2008 financial year, ISRA expanded its leading position on the global market in the sector of surface vision. The total output increased by 37 percent to 58.3 million Euros, and the EBIT increased by more than 150 percent to 9.9 million Euros. ISRA grew in the division of industrial automation with a 12 percent increase in total output to 18.0 million Euros. The EBIT rose by 36 percent to 3.0 million Euros. ISRA thus achieved an EBIT margin of 17 percent in both sectors.

With an order backlog of more than 34 million Euros, ISRA intends to continue following its long tradition of profitable growth - both organic and external - in the 2008/2009 financial year. Following a thorough analysis of all relevant markets respectively budget decisions of the important customers, the management will be releasing a detailed revenue forecast for the current financial year in February 2009. In view of the current market trend, the management is expecting a moderate increase in revenue for the current financial year - provided that the market environment does not suffer any additional setbacks. As ISRA's solutions provide the customer precisely what they need in economically challenging times: reductions in costs and increases in quality. The customer can thus enhance its productivity on the production line. ISRA products provide a ROI (return on investment) in both existing and new production lines. It usually takes far less than a year for the investment to pay for itself. Automation is the best way to reduce costs, and automated inspection furthermore guarantees a pre-defined level of quality. With innovative yield management solutions, customers will be able to optimize the return on their output. Additionally the management is diligently preparing the company for any eventuality with additional programs to increase efficiency and productivity.


ISRA VISION AG in combination with its subsidiaries is one of the top five suppliers of industrial image processing (Machine Vision) globally. Thereby the Machine Vision company concentrates on the business divisions Surface Vision, Robot Vision and Quality Vision. ISRA is the world leader in the surface inspection sector. Todays clients of the ISRA group include amongst others Daimler, KUKA, ABB, BMW, Volkswagen, General Motors, Ford, Schott, Saint Gobain, Pilkington, MAN Roland, Asahi, 3M, DuPont, Stora Enso, Weyerhaeuser, International Paper, Ahlstrom Crane ArcelorMittal, Nippon Steel, Thyssen Krupp, SeverStal and China Steel.

Operating EBT in fiscal year 2006/2007 (ending Sept. 30) was € 6.3 million (2005/2006: € 10.0 million). Total output for 2006/2007 came to € 58.6 million (2005/2006: € 53.5 million). During the past ten years, ISRA was able to increase its total output by close to 31% per year on average, while EBT grew by an average 36% per year. The ISRA group is acting worldwide with approx. 400 employees at 16 locations in the regions Europe, Americas and Asia.

ISRA uses digital image processing technology for the optical inspection of endless web materials (such as glass, film, nonwoven, paper and metal) and for robot guidance tasks in the context of automated production and packaging. According to expert estimates, at present only some 25% of possible applications are being exploited. Currently the global market volume comes to some € 6.5 billion. Annual growth rates world-wide are currently estimated at 7%.

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