Reports certain preliminary unaudited
financial results
VIA optronics AG (NYSE: VIAO) (“VIA” or “the Company”), a
leading supplier of enhanced display solutions, today announced its
filing of Form 12b-25 with the Securities and Exchange Commission
(“SEC”) to disclose that it will not be able to file its Annual
Report on Form 20-F for the year ended December 31, 2021 (the “2021
Form 20-F”) on a timely basis without unreasonable effort or
expense. VIA will file its 2021 Form 20-F within the fifteen-day
extension period.
The Company requires additional time to finalize its
consolidated financial statements for inclusion in its 2021 Form
20-F, including with respect to the restatement of its previously
issued financial statements as of and for the years ended December
31, 2020 and 2019. The previously issued financial statements will
be restated with respect to the accounting of certain costs
incurred in 2019 and 2020 in connection with VIA’s initial public
offering (“IPO”) in 2020.
The estimated amount of approximately €4.0 million to €5.0
million (incurred during the year ended December 31, 2019) and €0.5
million to €1.0 million (incurred during the year ended December
31, 2020), which were previously capitalized as “other current
assets” prior to the IPO and, upon consummation of the IPO in 2020,
were deducted directly from equity, will instead be recognized as
“general administrative expenses” as incurred. The restatement will
have no effect on the Company’s net cash and cash equivalents
during the financial years presented. The finalization of the
Company’s consolidated financial statements as of December 31, 2021
and 2020 and for each of the three years in the period ended
December 31, 2021, which will be included in its 2021 Form 20-F,
including work by the Company’s independent auditors, is
ongoing.
The Company will publish its fourth quarter and fiscal year 2021
earnings as soon as possible. The Company will announce the date
and time of its earnings conference call in a subsequent press
release.
Preliminary Financial Data
In the meantime, the Company is providing certain preliminary
unaudited financial results:
For the full year 2021, total revenue is expected to be
approximately €180 million, representing year-over-year growth of
approximately 18%. VIA anticipates its net loss for the year ended
December 31, 2021 to be approximately €11.5 million. EBITDA loss
for the year ended December 31, 2021 is expected to be
approximately €3.4 million. The Company’s profitability was
significantly impacted by: (i) the ongoing impact of global supply
chain disruptions, which resulted in an increase in cost of sales
of approximately 24%, and a €3.0 million increase in selling
expenses; (ii) an increase of approximately €7.7 million in general
and administrative expenses primarily due to increased headcount
and strengthening the organization; and (iii) an increase in
research and development expenses as the Company developed new, and
enhanced its existing, solutions for its sensor and camera solution
technology. The effect of these increased expenses was offset by an
increase of approximately €6.7 million in other operating income
due primarily to foreign exchange gains, resulting in part from the
change in functional currency for two subsidiaries, which will be
further described in the 2021 Form 20-F.
In 2022, the Company’s results of operations have continued to
be adversely impacted by a range of challenges, many of which have
been exacerbated by COVID-19 related quarantines and other measures
implemented in China, especially the most recent shutdown in
Shanghai and other areas, increasing raw material and
transportation costs and inflation. The Company’s results have also
been impacted to a lesser degree in 2022 by the ongoing military
conflict between Russia and Ukraine. Therefore, while the Company
continues to expect revenue growth in the first quarter of 2022, it
expects EBITDA to be negative for the three months ended March 31,
2022. The shutdowns in China and disruptions to transportation and
global supply chains have also had a negative effect on VIA’s cash
flow. As a result, management has decided to temporarily allocate
certain IPO proceeds to finance net working capital.
Internal Controls Over Financial Reporting
In connection with the preparation and audit of the Company’s
consolidated financial statements, the Company has identified four
material weaknesses in the Company’s internal controls over
financial reporting. These material weaknesses primarily relate to
a lack of sufficient accounting and supervisory personnel who have
the appropriate level of technical accounting experience and
training and a lack of consistent application of accounting
processes and procedures by its accounting personnel. The Company
identified a similar material weakness in the Company’s internal
controls over financial reporting in its Annual Report on Form 20-F
for the year ended December 31, 2020, which the Company filed with
the U.S. Securities and Exchange Commission on April 29, 2021. The
Company focused considerable energy and resources in 2021 to hire
additional finance and accounting personnel and implement necessary
policies and procedures, but was unable to address all issues
identified due in part to the tight labor market. The Company
continues to work diligently to remediate these material
weaknesses.
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 the
Company’s current expectations and projections about future events
and financial trends that VIA believes may affect its 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 the Company’s
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 VIA’s 2020 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 the Company’s management to predict all risks, nor can VIA
assess the impact of all factors on its 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 VIA 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. VIA
cautions you therefore against relying on these forward-looking
statements, and VIA qualifies all of its 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
The Company’s management and supervisory boards utilize both
IFRS and non-IFRS measures in a number of ways, including to
facilitate the determination of its allocation of resources, to
measure its performance against budgeted and forecasted financial
plans and to establish and measure a portion of management's
compensation.
The non-IFRS measures used by the Company’s management and
supervisory boards include:
EBITDA, which VIA defines as net profit (loss) calculated in
accordance with IFRS before financial result, income tax
expense/(benefit), depreciation and amortization; for purposes of
the Company’s EBITDA calculation, VIA defines "financial result" to
include financial result as calculated in accordance with IFRS.
€ in millions, unaudited
Year Ended December 31, 2021
Net (loss)
(11.5)
Adjustments:
Financial result
(0.8)
Income tax expense (benefit)
(1.2)
Depreciation and amortization
(6.1)
EBITDA
(3.4)
VIA’s management and supervisory boards believe these non-IFRS
measures are helpful tools in understanding certain aspects of its
financial performance and are important supplemental measures of
operating performance because they eliminate items that may have
less bearing on its operating performance and highlight trends that
may not otherwise be apparent when relying solely on IFRS financial
measures. VIA also believes that these non-IFRS measures are useful
to investors and other users of its financial statements in
evaluating its performance because these measures are the same
measures used by the Company’s management and supervisory boards
for these purposes.
EBITDA should not be considered an alternative to income/(loss)
after taxes from continuing operations or any other measure of
financial performance calculated and presented in accordance with
IFRS. There are a number of limitations related to the use of
EBITDA rather than loss for the period attributable to shareholders
of the parent, which is the most directly comparable IFRS measure.
Some of these limitations are:
- EBITDA excludes depreciation and amortization expense and,
although these are non-cash expenses, the assets being depreciated
may have to be replaced in the future increasing the Company’s cash
requirements;
- EBITDA does not reflect interest expense, or the cash required
to service the Company’s debt, which reduces cash available to
it;
- EBITDA does not reflect income tax payments that reduce cash
available to it;
- Other companies, including companies in VIA’s industry, may
calculate EBITDA differently, which reduces its usefulness as a
comparative measure.
EBITDA should not be considered in isolation or as a substitute
for financial information provided in accordance with IFRS.
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version on businesswire.com: https://www.businesswire.com/news/home/20220503006298/en/
Investor Relations: Lisa Fortuna Sam Cohen Alpha IR Group
Phone: +1 312-445-2870 Email: VIAO@alpha-ir.com Media
Contact: Alexandra Müller-Pl�tz Phone: +49-911-597 575-302
Email: Amueller-ploetz@via-optronics.com
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