Total Q2 2021 revenue rose 11.5% year over
year
VIA optronics AG (NYSE: VIAO) (“VIA”), a leading supplier of
interactive display systems and solutions, today announced
unaudited financial results for the second quarter ended June 30,
2021. The results have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the
IASB.
“We are pleased to announce that we achieved increasing revenue
despite global component shortages. Furthermore, with our growing
project pipeline we continue to be well prepared to further
increase our revenue in the growing market segments we serve,” said
Jürgen Eichner, CEO & Founder of VIA. “The accelerated
transformation to a carbon neutral economy is creating a strong
tail wind for the electric-vehicle (EV) market and we expect EV
manufacturers to increasingly adopt one or more advanced
infotainment panels in their vehicles. For those accelerating needs
we can provide the most advanced solutions, such as applying
leading edge cold form technology for display glass.”
Second Quarter 2021 Financial Highlights
- Total revenue of €43.7 million increased 11.5%
year-over-year
- Display Solutions revenue of €37.4 million increased 14.7%
year-over-year
- Sensor Technologies revenue of €6.3 million decreased 4.5%
year-over-year
- Gross profit margin of 14.0% compared to 13.3% in the second
quarter of 2020
- Net loss of €4.1 million, or a loss of €0.91 per basic and
diluted share, compared to net loss of €0.02 million, or loss of
€0.01 per basic and diluted share, in the second quarter of
2020.
- EBITDA of €(1.7) million compared to €2.6 million in the second
quarter of 2020
“We achieved strong revenue growth from our automotive
customers, confirming our approach of investing in this sector. In
line with our strategy, we acquired Germaneers, a high-tech
engineering company focusing on state of the art automotive system
integration and user interfaces. Germaneers will further enhance
our ability to offer advanced systems integration solutions to our
customer base and provides us with significant growth potential. In
addition, we entered into a strategic partnership with SigmaSense
to develop displays which enable innovative gesture and proximity
capabilities for touchs creens,” said Dr. Markus Peters, CFO of
VIA.
Second Quarter 2021 Financial Summary
Total revenue of €43.7 million increased 11.5% from € 39.2
million in the second quarter of 2020. The increase was driven by
growth in our Display Solutions segment. Display Solutions revenue
of €37.4 million increased by 14.7% from €32.6 million in the
second quarter of 2020, driven by strong growth in automotive
revenue as well as increased industrial sales. Sensor Technologies
revenue of €6.3 million decreased by 4.5% from €6.6 million in the
second quarter of 2020, due to a more challenging environment in
the consumer end market mainly caused by a shortage of LCD
panels.
Gross profit margin increased to 14.0% from 13.3% in the second
quarter of 2020. Display Solutions gross profit margin of 10.7%
slightly decreased from 11.0% in the second quarter of 2020,
primarily driven by a change in the sales mix. Sensor Technologies
gross profit margin of 33.3% rose from 25.8% in the second quarter
of 2020, primarily driven by enhanced utilization of existing
internal production capacities.
Research and development expenses increased to €2.0 million from
€0.5 million in the second quarter of 2020 due largely to our focus
on developing products for the automotive sector. Selling expenses
increased slightly to €1.2 million from €1.1 million in the second
quarter of 2020. General and administrative expenses of €4.9
million increased from €3.2 million, reflecting public company and
M&A-related expenses.
The effects detailed above also drove our operating loss of €3.0
million compared to operating income of €0.9 in the second quarter
2020.
Net loss of €4.1 million, or a loss of €0.91 per basic and
diluted share, compared to net loss of €0.02 million, or loss of
€0.01 per basic and diluted share, in the second quarter of
2020.
EBITDA of €(1.7) million compared to EBITDA of €2.6 million in
the second quarter of 2020. Display Solutions EBITDA of €(3.3)
million compared to EBITDA of €1.0 million in the second quarter of
2020. Sensor Technologies EBITDA of €1.6 million compared to EBITDA
of €1.6 million in the second quarter of 2020.
For information regarding the non-IFRS financial measures
discussed in this release, please see "Non-IFRS Financial Measures"
including a reconciliation of EBITDA on a consolidated basis to
operating income (loss), the comparable IFRS measure, as well a
reconciliation of EBITDA on a segment basis in the Segment
Information section below.
Allocation of Costs
In connection with the preparation of the unaudited financial
results for the second quarter ended June 30, 2021, management
reviewed the allocation of certain expense items and, beginning
this quarter, has decided to adjust the allocation primarily
resulting in a reallocation of specific personnel costs from
general and administrative expenses to selling expenses and
research and development expenses, respectively. No adjustments
were made to historical periods as the impact of a retrospective
reallocation of expenses on the historical periods is
immaterial.
Historically reported EBITDA results are not affected by the
reallocation.
Specifically:
- for the three months ended June 30, 2020, a retrospective
application of the reallocations would have had no impact on gross
profit or operating (loss)/income and would have resulted in a
decrease in general and administrative expenses of approximately
€0.2 million and an increase in research and development expenses
of approximately €0.1 million and an increase in selling expenses
of approximately €0.1 million.
- for the six months ended June 30, 2020, a retrospective
application of the reallocations would have had no impact on gross
profit or operating (loss)/income and would have resulted in a
decrease in general and administrative expenses of approximately
€0.16 million and an increase in research and development expenses
of approximately €0.12 million and an increase in selling expenses
by approximately €0.04 million
- for the three months ended March 31, 2021, a retrospective
application of the reallocations would have reduced gross profit by
approximately €0.1 million (due to the allocation of certain
expenses from other expenses to costs of sales) and would have
resulted in a decrease in general and administrative expenses of
approximately €0.5 million, an increase in research and development
expenses of approximately €0.4 million, and an increase in selling
expenses of approximately €0.1 million, respectively.
Outlook
For the third quarter of 2021, VIA expects to achieve total
revenue of €45 million to €50 million. For full year 2021, the
Company expects revenue growth of about 20% compared to 2020. VIA
expects the financial results for the full year 2021 will
significantly depend on the development of global component
shortages and the resulting effect on the Company’s supply chain
rather than reduced demand in the market for VIA’s products. These
projections also reflect continued uncertainty related to the
ongoing impact of COVID-19. These forward-looking statements are
based on current expectations and actual results may differ
materially. Please refer to the note below on the forward-looking
statements and the risks involved with such statements. VIA
optronics disclaims any obligation to update these forward-looking
statements.
Further information on the Company can be found in its Annual
Report on Form 20-F for the year ended December 31, 2020 (the
“Annual Report”), which the Company has filed with the U.S.
Securities and Exchange Commission (SEC). You can access a PDF
version of the Annual Report at VIA optronics` Investors Relations
website,
https://investors.via-optronics.com/investors/financial-and-filings/annual-reports/default.aspx.
A hard copy of the audited consolidated financial statements can
also be requested free of charge by contacting the investor
relations team via the information provided below.
Change of Auditor
VIA’s audit committee has recommended to the supervisory
board that it propose PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft (PWC) and BDO AG
Wirtschaftsprüfungsgesellschaft AG with a preference for PWC as the
Company’s auditor for election at the Company’s upcoming annual
general meeting. The Company’s current auditor, Ernst & Young
GmbH Wirtschaftsprüfungsgesellschaft (EY), has resigned effective
upon completion of its contractual term, which is the date
hereof.
The reports of EY on VIA’s consolidated financial statements of
as of and for the years ended December 31, 2020 and 2019 did not
contain an adverse opinion or a disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting
principle. During the years ended December 31, 2020 and 2019, and
the subsequent interim period from January 1, 2021 through June 30,
2021: (i) the Company did not have disagreements with EY on any
matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of EY, would have caused EY to
make reference to the subject matter of the disagreements in
connection with its reports on the consolidated financial
statements for such years, and (ii) there were no “reportable
events” as defined in Item 16F(a)(1)(v) of Form 20-F, except for
the material weaknesses in the Company’s internal control over
financial reporting as disclosed in the Company’s annual report on
Form 20-F filed with the SEC on April 29, 2021. VIA will authorize
EY to respond fully to the inquiries of the newly elected auditor
concerning such material weaknesses.
Conference Call
VIA will host a conference call to discuss its results and will
provide a corporate update at 2:30 p.m. Central European Time /
8:30 a.m. Eastern Time today, September 9, 2021 The live webcast of
the call can be accessed at the VIA Investor Relations website at
https://investors.via-optronics.com, along with the company's
earnings press release. The dial-in numbers for the call are +1
760-294-1674 (USA), +44 203-059-8128 (UK), or +49 695-660-36000
(Germany). Please ask to be connected to the VIA optronics AG call.
An archived version of the webcast will be available on the VIA
Investor Relations website.
About VIA:
VIA is a leading provider of enhanced display solutions for
multiple end-markets in which superior functionality or durability
is a critical differentiating factor. Its customizable technology
is well-suited for high-end markets with unique specifications as
well as demanding environments that pose technical and optical
challenges for displays, such as bright ambient light, vibration
and shock, extreme temperatures and condensation. VIA’s interactive
display systems combine system design, interactive displays,
software functionality, cameras and other hardware components.
VIA’s intellectual property portfolio, process know-how, and
optical bonding and metal mesh touch sensor and camera module
technologies provide enhanced display solutions that are built to
meet the specific needs of its customers.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements.” These statements include, but are not
limited to, statements relating to the expected trading
commencement and closing dates. The words, without limitation,
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these or similar identifying
words. Forward-looking statements are based largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy, short-term and long-term business
operations and objectives, and financial needs. These
forward-looking statements involve known and unknown risks,
uncertainties, changes in circumstances that are difficult to
predict and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statement,, including, without
limitation, the risks described under Item 3. “Key Information—D.
Risk Factors,” in our Annual Report on Form 20-F as filed with the
US Securities and Exchange Commission. Moreover, new risks emerge
from time to time. It is not possible for our management to predict
all risks, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements we may make. In light
of these risks, uncertainties and assumptions, the forward-looking
events and circumstances discussed in this release may not occur
and actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. We
caution you therefore against relying on these forward-looking
statements, and we qualify all of our forward-looking statements by
these cautionary statements. Any forward-looking statements
contained in this press release are based on the current
expectations of VIA’s management team and speak only as of the date
hereof, and VIA specifically disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Non-IFRS Financial Measures
Our management and supervisory boards utilize both IFRS and
non-IFRS measures in a number of ways, including to facilitate the
determination of our allocation of resources, to measure our
performance against budgeted and forecasted financial plans and to
establish and measure a portion of management's compensation.
The non-IFRS measures used by our management and supervisory
boards include:
EBITDA, which we define as net profit (loss) calculated in
accordance with IFRS before financial result, taxes, depreciation
and amortization; for purposes of our EBITDA calculation, we define
"financial result" to include financial result as calculated in
accordance with IFRS and foreign exchange gains (losses) on
intercompany indebtedness
Our management and supervisory boards believe these non-IFRS
measures are helpful tools in understanding certain aspects of our
financial performance and are important supplemental measures of
operating performance because they eliminate items that may have
less bearing on our operating performance and highlight trends that
may not otherwise be apparent when relying solely on IFRS financial
measures. As an example, our acquisition of VTS in 2018 included
acquisition-related costs, such as costs attributable to the
consummation of the transaction and integration of VTS as a
consolidated subsidiary (composed substantially of professional
services fees, including legal, accounting and other consultants)
and any transition compensation costs, and were not considered to
be related to the continuing operation of VTS's business and are
generally not relevant to assessing or estimating the long-term
performance of VTS. We also believe that these non-IFRS measures
are useful to investors and other users of our financial statements
in evaluating our performance because these measures are the same
measures used by our management and supervisory boards for these
purposes.
VIA optronics AG
Consolidated Statement of
Financial Position
June 30,
December 31,
Millions of EUR
2021
2020
Assets
Non-current assets
26.6
21.5
Intangible assets
4.9
4.1
Property and equipment
20.9
16.8
Other financial assets
0.1
0.2
Deferred tax assets
0.7
0.4
Current assets
124.8
128.4
Inventories
28.5
17.3
Trade accounts receivables
30.8
26.4
Current tax assets
0.2
0.1
Other financial assets
—
—
Other non-financial assets
5.9
3.6
Cash and cash equivalents
59.4
81.0
Total assets
151.4
149.9
Equity and liabilities
Equity attributable to equity holders
of the parent
73.2
77.6
Share capital
4.5
4.5
Subscribed capital
—
—
Capital reserve
83.3
83.4
(Accumulated Deficit) / Retained
earnings
(15.1
)
(9.9
)
Currency translation reserve
0.5
(0.4
)
Non-controlling interests
0.5
0.3
Total Equity
73.7
77.9
Non-current liabilities
10.4
9.3
Loans
1.6
1.6
Provisions
0.1
0.1
Lease liabilities
8.7
7.6
Deferred tax liabilities
—
—
Current liabilities
67.3
62.7
Loans
24.4
20.6
Trade accounts payable
29.9
30.6
Current tax liabilities
1.0
1.3
Provisions
1.0
0.6
Lease liabilities
1.8
1.6
Other financial liabilities
4.5
4.1
Other non-financial liabilities
4.7
3.9
Total equity and liabilities
151.4
149.9
VIA optronics AG
Consolidated Statements of
Operations Data
Three Months Ended
Six Months Ended
June 30,
June 30,
Millions of EUR
2021
2020
2021
2020
Revenue
43.7
39.2
85.1
64.9
Cost of sales
(37.6
)
(34.0
)
(74.2
)
(55.2
)
Gross profit
6.1
5.2
10.9
9.7
Selling expenses
(1.2
)
(1.1
)
(2.6
)
(2.2
)
General administrative expenses
(4.9
)
(3.2
)
(9.6
)
(6.4
)
Research and development expenses
(2.0
)
(0.5
)
(3.0
)
(1.1
)
Other operating income
—
1.1
4.3
1.6
Other operating expenses
(1.0
)
(0.6
)
(3.6
)
(1.2
)
Operating (loss)/income
(3.0
)
0.9
(3.6
)
0.4
Financial result
(0.3
)
(0.3
)
(0.5
)
(0.7
)
(Loss)/Profit before tax
(3.3
)
0.6
(4.1
)
(0.3
)
Income tax expenses
(0.6
)
(0.4
)
(0.9
)
(0.6
)
Net (loss)/profit after taxes from
continuing operations
(3.9
)
0.2
(5.0
)
(0.9
)
Adjustments:
Financial result
(0.3
)
(0.3
)
(0.5
)
(0.7
)
Foreign exchange gains (losses) on
intercompany indebtedness
—
—
—
—
Income tax expenses
(0.6
)
(0.4
)
(0.9
)
(0.6
)
Depreciation
(1.3
)
(1.7
)
(3.1
)
(3.5
)
EBITDA
(1.7
)
2.6
(0.5
)
3.9
VIA optronics AG
Earnings Per Share
Three
Three
Months
Months
Ended
Ended
June 30,
June 30,
EUR
2021
2020
Income/(loss) after taxes from continuing
operations (attributable to VIA optronics AG shareholders)
(4.1
)
(0.02
)
Weighted average of shares outstanding
4,530,701
3,000,000
Earnings/(loss) per share in EUR
(basic and diluted)
(0.91
)
(0.01
)
VIA optronics AG Segment
Information
2021:
Six Months Ended
June 30, 2021
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
73.1
12.0
85.1
—
85.1
Inter-segment revenues
—
2.3
2.3
(2.3
)
—
Total revenues
73.1
14.3
87.4
(2.3
)
85.1
Gross profit
7.6
3.3
10.9
—
10.9
Operating income (loss)
(4.7
)
1.1
(3.6
)
—
(3.6
)
Depreciation and amortization
1.6
1.5
3.1
—
3.1
EBITDA
(3.1
)
2.6
(0.5
)
—
(0.5
)
Three Months Ended
June 30, 2021
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
37.4
6.3
43.7
—
43.7
Inter-segment revenues
—
1.2
1.2
(1.2
)
—
Total revenues
37.4
7.5
44.9
(1.2
)
43.7
Gross profit
4.0
2.1
6.1
—
6.1
Operating income (loss)
(4.1
)
1.1
(3.0
)
—
(3.0
)
Depreciation and amortization
0.8
0.5
1.3
—
1.3
EBITDA
(3.3
)
1.6
(1.7
)
—
(1.7
)
2020:
Six Months Ended
June 30, 2020
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
53.3
11.6
64.9
—
64.9
Inter-segment revenues
—
1.6
1.6
(1.6
)
—
Total revenues
53.3
13.2
66.5
(1.6
)
64.9
Gross profit
7.7
2.1
9.8
(0.1
)
9.7
Operating income (loss)
0.2
0.2
0.4
—
0.4
Depreciation and amortization
1.2
2.3
3.5
—
3.5
EBITDA
1.4
2.5
3.9
—
3.9
Three Months Ended
June 30, 2020
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
32.6
6.6
39.2
—
39.2
Inter-segment revenues
—
1.0
1.0
(1.0
)
—
Total revenues
32.6
7.6
40.2
(1.0
)
39.2
Gross profit
3.6
1.7
5.3
(0.1
)
5.2
Operating income (loss)
0.4
0.5
0.9
—
0.9
Depreciation and amortization
0.6
1.1
1.7
—
1.7
EBITDA
1.0
1.6
2.6
—
2.6
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version on businesswire.com: https://www.businesswire.com/news/home/20210909005529/en/
Investor Relations The Blueshirt Group Monica Gould
Monica@blueshirtgroup.com 212-871-3927
Lindsay Savarese Lindsay@blueshirtgroup.com 212-331-8417
Media Alexandra Müller-Pl�tz
Amueler-ploetz@via-optronics.com +49 911 597 575-302
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