Total Q3 2021 revenue rose 13.3% 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 third quarter ended September
30, 2021. The results have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the
IASB.
“We are pleased to report an increase in revenue and positive
EBITDA in the third quarter despite ongoing headwinds due to
component shortages and supply challenges,” said Jürgen Eichner,
CEO & Founder of VIA. “We plan to continue executing on our
strategy with a goal of moving towards our €500 million annual
revenue target within five years under the assumptions that current
market constraints will be resolved. We hope to continue gaining
traction in the EV market as companies build out their supply
chain, and we believe our latest business award with a British
electric vehicle manufacturer to design, develop, and produce a
bundle of three variant cameras is a great testament to the
strength of our solutions. Total third quarter revenue in the
automotive and industrial markets increased significantly year over
year and represented 42% and 41% of our total revenue,
respectively. We believe strategic investments in R&D will help
us to secure long-term growth.”
Third Quarter 2021 Financial Highlights
- Total revenue of €49.4 million increased 13.3%
year-over-year
- Display Solutions revenue of €42.1 million increased 17.3%
year-over-year
- Sensor Technologies revenue of €7.3 million decreased 5.2%
year-over-year
- Gross profit margin of 13.8% compared to 14.7% in the third
quarter of 2020
- EBITDA of €1.1 million compared to €3.5 million in the third
quarter of 2020
“We recorded significant revenue from our automotive customers,
which increased 137% year-over-year, confirming our approach of
investing in this sector. We are focused on driving top line growth
and gross margin expansion. Reduced margins in the third quarter
compared to last year were primarily due to higher component and
logistics costs, which we are working on mitigating. We remain
committed to disciplined expense management while still investing
for future growth to drive profitability,” said Dr. Markus Peters,
CFO of VIA.
Third Quarter 2021 Financial Summary
Total revenue of €49.4 million increased 13.3% from €43.6
million in the third quarter of 2020. The increase was driven by
growth in the Company’s Display Solutions segment. Display
Solutions revenue of €42.1 million increased by 17.3% from €35.9
million in the third quarter of 2020, driven primarily by growth in
automotive revenue as well as increased industrial sales. Sensor
Technologies revenue of €7.3 million decreased by 5.2% from €7.7
million in the third quarter of 2020, due to a more challenging
environment in the consumer end market caused by ongoing
uncertainty regarding LCD display supply.
Revenue from the automotive end market grew 137% year over year
and accounted for 42% of Display Solutions revenue in the third
quarter. Revenue related to the Industrial and specialized
applications end market grew 11% year over year and accounted for
41% of Display Solutions revenue, compared to 43% of revenue in the
third quarter of 2020. Revenue related to the consumer end market
accounted for 17% of Display Solutions revenue, compared to 36% of
revenue in the third quarter of 2020.
Gross profit margin decreased to 13.8% from 14.7% in the third
quarter of 2020. Display Solutions gross profit margin of 11.7%
decreased from 14.2% in the third quarter of 2020, due to sales mix
and increased costs associated with the global component shortages.
Sensor Technologies gross profit margin of 26.0% rose from 16.9% in
the third quarter of 2020, primarily driven by enhanced utilization
of existing internal production capacities.
Research and development expenses increased to €1.5 million from
€0.4 million in the third quarter of 2020 driven by increased
investments in existing R&D capacity to prepare for future
growth. Selling expenses increased to €1.2 million from €1.1
million in the third quarter of 2020 due to higher sales volumes.
General and administrative expenses of €5.1 million increased from
€3.4 million, due to public company expenses and increased
headcount to support the Company’s growth plans.
Operating loss of €0.3 million compared to operating income of
€1.7 in the third quarter 2020.
Net loss of €0.9 million, or a loss of €0.19 per basic and
diluted share, compared to net profit of €1.5 million, or earnings
of €0.47 per basic and diluted share, in the third quarter of
2020.
EBITDA of €1.1 million compared to EBITDA of €3.5 million in the
third quarter of 2020. Display Solutions EBITDA of €0.0 million
compared to €2.1 million in the third quarter of 2020. Sensor
Technologies EBITDA of €1.1 million compared to €1.4 million in the
third 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 in
that quarter, 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 September 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
€0.8 million and an increase in research and development expenses
of approximately €0.2 million and an increase in selling expenses
of approximately €0.6 million.
Outlook
For the fourth quarter of 2021, VIA expects to achieve total
revenue of €40 million to €45 million. Due to a sudden impact of
global component shortages in certain segments of the industrial
and consumer markets, the Company now expects revenue growth of
about 15% for the full year 2021 compared to 2020. While VIA is
working to mitigate these impacts, the Company’s projections will
depend significantly on the development of global component
shortages as well as constrained global shipping capacity, and
supply chain related changes, which influence the demand for VIA’s
products. The outlook also reflects 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.
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 auditor, Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft (“EY”), resigned on September 9,
2021. The financial results for the third quarter ended September
30, 2021 have been neither audited or reviewed.
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, November 17, 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 +49 695-660-3600
(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.
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.
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 Reports
Unaudited Third Quarter 2021 Results
Total Q3 2021 revenue rose
13.3% year over year
VIA optronics AG
Consolidated Statement of
Financial Position
September 30,
December 31,
Millions of EUR
2021
2020
Assets
Non-current assets
26.2
21.5
Intangible assets
4.5
4.1
Property and equipment
20.6
16.8
Other financial assets
—
0.2
Deferred tax assets
1.1
0.4
Current assets
128.8
128.4
Inventories
32.6
17.3
Trade accounts receivables
36.9
26.4
Current tax assets
0.2
0.1
Other financial assets
—
—
Other non-financial assets
4.3
3.6
Cash and cash equivalents
54.8
81.0
Total assets
155.0
149.9
Equity and liabilities
Equity attributable to equity holders
of the parent
72.6
77.6
Share capital
4.5
4.5
Subscribed capital
—
—
Capital reserve
83.3
83.4
(Accumulated Deficit) / Retained
earnings
(16.2
)
(9.9
)
Currency translation reserve
1.0
(0.4
)
Non-controlling interests
0.7
0.3
Total Equity
73.3
77.9
Non-current liabilities
10.0
9.3
Loans
1.6
1.6
Provisions
0.1
0.1
Lease liabilities
8.3
7.6
Deferred tax liabilities
—
—
Current liabilities
71.7
62.7
Loans
30.3
20.6
Trade accounts payable
28.5
30.6
Current tax liabilities
1.2
1.3
Provisions
1.0
0.6
Lease liabilities
1.8
1.6
Other financial liabilities
5.3
4.1
Other non-financial liabilities
3.6
3.9
Total equity and liabilities
155.0
149.9
VIA optronics AG
Consolidated Statements of
Operations Data
Three Months Ended
Nine Months Ended
September 30,
September 30,
Millions of EUR
2021
2020
2021
2020
Revenue
49.4
43.6
134.5
108.5
Cost of sales
(42.6
)
(37.2
)
(116.8
)
(92.4
)
Gross profit
6.8
6.4
17.7
16.1
Selling expenses
(1.2
)
(1.1
)
(3.8
)
(3.3
)
General administrative expenses
(5.1
)
(3.4
)
(14.7
)
(9.8
)
Research and development expenses
(1.5
)
(0.4
)
(4.5
)
(1.5
)
Other operating income
3.4
1.4
7.7
3.0
Other operating expenses
(2.7
)
(1.2
)
(6.3
)
(2.4
)
Operating (loss)/income
(0.3
)
1.7
(3.9
)
2.1
Financial result
(0.2
)
(0.3
)
(0.8
)
(1.0
)
(Loss)/Profit before tax
(0.5
)
1.4
(4.7
)
1.1
Income tax expenses
(0.4
)
0.1
(1.1
)
(0.5
)
Net (loss)/profit after taxes from
continuing operations
(0.9
)
1.5
(5.8
)
0.6
Adjustments:
Financial result
(0.2
)
(0.3
)
(0.8
)
(1.0
)
Foreign exchange gains (losses) on
intercompany indebtedness
—
—
—
—
Income tax expenses
(0.4
)
0.1
(1.1
)
(0.5
)
Depreciation
(1.4
)
(1.8
)
(4.5
)
(5.3
)
EBITDA
1.1
3.5
0.6
7.4
VIA optronics AG
Earnings Per Share
Three
Three
Months
Months
Ended
Ended
September 30,
September 30,
EUR
2021
2020
Income/(loss) after taxes from continuing
operations (attributable to VIA optronics AG shareholders)
(0.9
)
1.4
Weighted average of shares outstanding
4,530,701
3,068,681
Earnings/(loss) per share in EUR
(basic and diluted)
(0.19
)
0.47
VIA optronics AG
Segment Information
2021:
Nine Months Ended
September 30, 2021
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
115.2
19.3
134.5
—
134.5
Inter-segment revenues
—
3.0
3.0
(3.0
)
—
Total revenues
115.2
22.3
137.5
(3.0
)
134.5
Gross profit
12.5
5.2
17.7
—
17.7
Operating income (loss)
(5.5
)
1.6
(3.9
)
(3.9
)
Depreciation and amortization
2.5
2.0
4.5
—
4.5
EBITDA
(3.0
)
3.6
0.6
—
0.6
Three Months Ended
September 30, 2021
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
42.1
7.3
49.4
—
49.4
Inter-segment revenues
—
0.7
0.7
(0.7
)
—
Total revenues
42.1
8.0
50.1
(0.7
)
49.4
Gross profit
4.9
1.9
6.8
—
6.8
Operating income (loss)
(0.9
)
0.6
(0.3
)
—
(0.3
)
Depreciation and amortization
0.9
0.5
1.4
—
1.4
EBITDA
—
1.1
1.1
—
1.1
2020:
Nine Months Ended
September 30, 2020
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
89.2
19.2
108.5
—
108.5
Inter-segment revenues
—
2.3
2.3
(2.3
)
—
Total revenues
89.2
21.5
110.8
(2.3
)
108.5
Gross profit
12.7
3.4
16.1
—
16.1
Operating income (loss)
1.7
0.4
2.1
—
2.1
Depreciation and amortization
1.9
3.4
5.3
—
5.3
EBITDA
3.6
3.8
7.4
—
7.4
Three Months Ended
September 30, 2020
Display
Sensor
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
adjustments
Total
External revenues
35.9
7.7
43.6
—
43.6
Inter-segment revenues
—
0.7
0.7
(0.7
)
—
Total revenues
35.9
8.4
44.3
(0.7
)
43.6
Gross profit
5.1
1.3
6.3
0.1
6.4
Operating income (loss)
1.5
0.2
1.7
—
1.7
Depreciation and amortization
0.6
1.2
1.8
—
1.8
EBITDA
2.1
1.4
3.5
—
3.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211117005829/en/
Investor Relations The Blueshirt Group Lindsay Savarese
Lindsay@blueshirtgroup.com 212-331-8417
Monica Gould Monica@blueshirtgroup.com 212-871-3927
Media Contact Alexandra Müller-Pl�tz
Amueler-ploetz@via-optronics.com +49 911 597 575-302
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