Top-line increased by 10.1% year-over-year,
exceeding prior guidance
Expects revenue growth between 5% and 10% for
the full year 2022
VIA optronics AG (NYSE: VIAO) (“VIA” or the “Company”), a
leading supplier of interactive display systems and solutions,
today announced preliminary unaudited financial results for the
second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
- Total revenue increased 10.1% year-over-year to €48.1
million
- Display Solutions revenue increased 15.5% year-over-year to
€43.2 million
- Total gross profit margin of 8.5%
- Announced plans for new production site in Philippines to
support growth strategy with competitive cost structure and
favorable conditions for a cost-optimized production location
- Initiated cost containment and pricing initiatives designed to
combat inflationary pressures and drive margin improvement in the
second half of 2022 and beyond
Jürgen Eichner, CEO & Founder of VIA commented, “We are
pleased to announce a 10.1% year-over-year increase in revenue
despite global component shortages and ongoing logistics
challenges. Furthermore, we remain encouraged by the strength of
our growing project pipeline as we continue to capitalize on the
expansion in each of the market segments that we serve. We continue
to execute our previously announced performance enhancement, which
include both internal measures such as improving production
efficiencies and streamlining resources, as well as actions related
to customer pricing and supplier agreements to improve the
Company’s profitability and cash flow.”
Second Quarter 2022 Results
Total revenue of €48.1 increased by 10.1% from €43.7 million in
the second quarter 2021, driven by growth in the Display Solutions
segment.
Display Solutions revenue of €43.2 million increased by 15.5%
from €37.4 million in the second quarter 2021, driven by stronger
demand across all end markets and ongoing production ramp-up.
- Revenue from the automotive end market increased 54%, compared
to the second quarter 2021, and accounted for 46% of Display
Solutions revenue
- Revenue related to the Industrial and Specialized Applications
end market decreased 22%, compared to the second quarter 2021 and
accounted for 30% of Display Solutions revenue
- Revenue related to the Consumer end market increased 37%
compared to the second quarter 2021 and accounted for 24% of
Display Solutions revenue
Sensor Technologies revenue of €4.9 million decreased by 21.8%
from €6.3 million in the second quarter 2021, due to a decline in
demand.
Total gross profit margin decreased to 8.5% from 14.0% in the
second quarter of 2021, due to higher logistic costs throughout the
value chain and margin pressure.
- Display Solutions gross profit margin of 6.5% decreased from
10.7% in the second quarter of 2021
- Sensor Technologies gross profit margin of 31.8% decreased
slightly from 34.4% in the second quarter of 2021, due to a decline
in demand and lower utilization at the production facility in
Japan
Research and development (R&D) expenses decreased to €1.7
million from €2.0 million in the second quarter of 2021, as the
Company utilized more internal R&D services.
Selling expenses remained stable at €1.2 million. General and
administrative expenses of €6.5 million increased from €4.9
million.
Operating loss was €1.2 million, compared to operating loss of
€3.1 million in the second quarter 2021.
Net loss was €1.4 million, or €0.31 per basic and diluted share
in the second quarter of 2022, compared to a net loss of €4.0
million, or €0.88 per basic and diluted share in the second quarter
of 2021.
EBITDA loss was €0.1 million in the second quarter of 2022,
compared to EBITDA loss of €1.9 million in the second quarter of
2021, positively influenced by foreign exchange gains.
- Display Solutions EBITDA loss was €0.3 million in the second
quarter of 2022, compared to EBITDA of €0.9 million in the second
quarter of 2021
- Sensor Technologies EBITDA was €0.3 million in the second
quarter of 2022, compared to EBITDA of €1.6 million in the second
quarter of 2021
- Other segments’ EBITDA loss was €0.1 million, compared to
EBITDA loss of €4.4 million in the second quarter of 2021
Cash and cash equivalents were €53.3 million as of June 30,
2022, compared to €47.1 million as of March 31, 2022. The increase
was driven by improved working capital management.
The Company has recognized an indication of an impairment during
the second quarter due to a market capitalization of VIA below
equity as of June 30, 2022. As such, the Company has commenced a
goodwill impairment test according to IAS 36.8, which is not yet
finalized. The financial results for the three-month ended June 30,
2022 included in this release are therefore preliminary and may be
subject to change. The preliminary financial results should not be
viewed as a substitute for the company´s second quarter 2022
results and do not present all information necessary for an
understanding of VIA's financial performance as of June 30,
2022.
Outlook
For the third quarter of 2022, VIA expects to achieve total
revenue of €44 million to €49 million. For full year 2022, the
Company expects to achieve revenue growth between 5% to 10%
compared to 2021.
Dr. Markus Peters, CFO of VIA optronics, commented, “Our top
line growth underlines the demand for our solutions across customer
segments in the market. We will continue to implement the necessary
portfolio adjustments and internal measures to improve
profitability and cash flow, with various cost savings and
performance improvement projects expected to take first effects
during the second half of the year. Our balance sheet remains
strong with €53.3 million in cash and cash equivalents at the end
of the second quarter, which provides us financial flexibility and
runway to pursue our growth objectives.”
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 29, 2022.
The dial-in numbers for the call are 1-646-664-1960 (USA),
032-22109-8334 (Germany), 020-3936-2999 (United Kingdom), or +44
20-3936-2999 (Other). The access code for the call is 342730.
Please ask to be connected to the VIA Optronics AG call when
prompted by the operator.
The live webcast of the call, along with the Company’s earnings
press release, can be accessed through the VIA Investor Relations
website at https://investors.via-optronics.com. Following the
conference call, an archived version of the webcast will also be
available on the Investor Relations section of the Company’s
website shortly after the live call ends.
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.
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.
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.
VIA optronics AG
Consolidated Statement of
Financial Position
June 30,
December 31,
Millions of EUR
2022 unaudited
2021
Assets
Non-current assets
27.5
27.8
Intangible assets
3.4
4.2
Property and equipment
21.4
21.5
Other financial assets
1.3
1.1
Deferred tax assets
1.4
1.0
Current assets
132.6
133.9
Inventories
40.3
35.9
Trade accounts receivables
31.5
31.1
Current tax assets
0.2
0.6
Other financial assets
—
—
Other non-financial assets
7.3
8.3
Cash and cash equivalents
53.3
58.0
Total assets
160.1
161.7
Equity and liabilities
Equity attributable to equity holders
of the parent
58.2
65.0
Share capital
4.5
4.5
Subscribed capital
—
—
Capital reserve
88.5
88.5
(Accumulated Deficit) / Retained
earnings
(32.0
)
(26.8
)
Currency translation reserve
(2.8
)
(1.2
)
Non-controlling interests
0.6
0.5
Total Equity
58.8
65.5
Non-current liabilities
7.1
8.8
Loans
0.2
0.7
Provisions
0.2
0.1
Lease liabilities
6.7
8.0
Deferred tax liabilities
—
—
Current liabilities
94.2
87.4
Loans
39.2
34.6
Trade accounts payable
33.1
33.4
Current tax liabilities
0.6
1.4
Provisions
1.1
1.1
Lease liabilities
2.5
2.0
Other financial liabilities
10.7
7.3
Other non-financial liabilities
7.0
7.6
Total equity and liabilities
160.1
161.7
VIA optronics AG
Consolidated Statements of
Operations Data
Three Months Ended
Six Months Ended
June 30,
June 30,
Millions of EUR
2022 unaudited
2021* unaudited
2022 unaudited
2021* unaudited
Revenue
48.1
43.7
100.7
85.1
Cost of sales
(44.0
)
(37.6
)
(92.7
)
(74.2
)
Gross profit
4.1
6.1
8.0
10.9
Selling expenses
(1.2
)
(1.2
)
(2.5
)
(2.5
)
General administrative expenses
(6.5
)
(4.9
)
(11.9
)
(9.7
)
Research and development expenses
(1.7
)
(2.0
)
(3.2
)
(3.0
)
Other operating income
7.6
0.7
9.0
4.1
Other operating expenses
(3.5
)
(1.8
)
(3.8
)
(2.2
)
Operating (loss)/income
(1.2
)
(3.1
)
(4.4
)
(2.4
)
Financial result
(0.4
)
(0.3
)
(0.7
)
(0.6
)
(Loss)/Profit before tax
(1.6
)
(3.4
)
(5.1
)
(3.0
)
Income tax expenses or income
0.2
(0.6
)
—
(0.8
)
Net (loss)/profit after taxes from
continuing operations
(1.4
)
(4.0
)
(5.1
)
(3.8
)
Adjustments:
Financial result
(0.4
)
(0.3
)
(0.7
)
(0.6
)
Income tax expenses or income
0.2
(0.6
)
—
(0.8
)
Depreciation
1.1
1.2
3.3
3.0
EBITDA
(0.1
)
(1.9
)
(1.1
)
0.6
*Change in Functional Currency For the years ended December 31,
2020, and all prior periods, the functional currencies of the
Companies of the VIA Group were considered to be the respective
local currencies. Following thorough analysis VIA determined that
the functional currency for two of its major group subsidiaries –
VIA optronics GmbH and VIA optronics (Suzhou) Co., Ltd. Should
change as both subsidiaries currently generate revenues and expend
cash for supplies predominantly in US dollars. Based on the
development of these “primary indicators” the functional currency
of those companies is changed from Euro and Renminbi, respectively
to US dollars during 2021. In accordance with IAS 21, changes in
functional currency are accounted for on a prospective basis. Q1
2021 and Q2 2021 figures have been revised with respect to the
change in functional currency.
VIA optronics AG
Earnings Per Share
Three
Three
Months
Months
Ended
Ended
June 30,
June 30,
EUR
2022 unaudited
2021* unaudited
Income/(loss) after taxes from continuing
operations (attributable to VIA optronics AG shareholders)
(1.4
)
(4.0
)
Weighted average of shares outstanding
4,530,701
4,530,701
Earnings/(loss) per share in EUR
(basic and diluted)
(0.31
)
(0.88
)
*Change in Functional Currency For the years ended December 31,
2020, and all prior periods, the functional currencies of the
Companies of the VIA Group were considered to be the respective
local currencies. Following thorough analysis VIA determined that
the functional currency for two of its major group subsidiaries –
VIA optronics GmbH and VIA optronics (Suzhou) Co., Ltd. should
change as both subsidiaries currently generate revenues and expend
cash for supplies predominantly in US dollars. Based on the
development of these “primary indicators” the functional currency
of those companies is changed from Euro and Renminbi, respectively
to US dollars during 2021. In accordance with IAS 21, changes in
functional currency are accounted for on a prospective basis. Q1
2022 and Q2 2021 figures have been revised with respect to the
change in functional currency.
VIA optronics AG
Segment Information**
2022:
Six Months Ended
June 30, 2022 unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
Segments
Segments
Adjustments
Total
External revenues
89.9
10.8
—
100.7
—
100.7
Inter-segment revenues
0.3
2.9
—
3.2
(3.2
)
—
Total revenues
90.2
13.7
—
103.9
(3.2
)
100.7
Gross profit
5.5
2.8
—
8.3
(0.3
)
8.0
Operating income (loss)
(2.6
)
0.3
(2.1
)
(4.4
)
—
(4.4
)
Depreciation and amortization
2.0
1.2
0.1
3.3
—
3.3
EBITDA
(0.6
)
1.5
(2.0
)
(1.1
)
—
(1.1
)
Three Months Ended
June 30, 2022 unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
Segments
Segments
Adjustments
Total
External revenues
43.2
4.9
—
48.1
—
48.1
Inter-segment revenues
0.2
1.6
—
1.8
(1.8
)
—
Total revenues
43.4
6.5
—
49.9
(1.8
)
48.1
Gross profit
2.8
1.6
—
4.4
(0.3
)
4.1
Operating income (loss)
(1.3
)
0.3
(0.2
)
(1.2
)
—
(1.2
)
Depreciation and amortization
1.0
—
0.1
1.1
—
1.1
EBITDA
(0.3
)
0.3
(0.1
)
(0.1
)
—
(0.1
)
2021:
Six Months Ended
June 30, 2021* unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
Segments
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)
—
1.1
(3.5
)
(2.4
)
—
(2.4
)
Depreciation and amortization
1.5
1.5
—
3.0
—
3.0
EBITDA
1.5
2.6
(3.5
)
0.6
—
0.6
Three Months Ended
June 30, 2021* unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
Segments
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)
0.2
1.1
(4.4
)
(3.1
)
—
(3.1
)
Depreciation and amortization
0.7
0.5
1.2
—
1.2
EBITDA
0.9
1.6
(4.4
)
(1.9
)
—
(1.9
)
*Change in Functional Currency For the years ended December 31,
2020, and all prior periods, the functional currencies of the
Companies of the VIA Group were considered to be the respective
local currencies. Following thorough analysis VIA determined that
the functional currency for two of its major group subsidiaries –
VIA optronics GmbH and VIA optronics (Suzhou) Co., Ltd. should
change as both subsidiaries currently generate revenues and expend
cash for supplies predominantly in US dollars. Based on the
development of these “primary indicators” the functional currency
of those companies is changed from Euro and Renminbi, respectively
to US dollars during 2021. In accordance with IAS 21, changes in
functional currency are accounted for on a prospective basis. Q1
2021 and Q2 2021 figures have been revised with respect to the
change in functional currency.
**Segments Operating segments are reported in a manner
consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM is comprised of the CEO
and the CFO of VIA. Since the acquisition of VTS in 2018, the Group
reports two reportable segments: “Display Solutions” and “Sensor
Technologies”. Based on the further development of the Group and
the strengthening of the group-wide holding functions of VIA
optronics AG, VIA optronics AG is from 2021 on no longer aggregated
as part of the reportable segment Display Solutions but reported as
“Other segments”. Q1 2021 and Q2 2021 figures have been revised
accordingly.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220929005475/en/
Investor Relations Sam Cohen or Lisa Fortuna Alpha IR
Group Phone: +1 312-445-2870 VIAO@alpha-ir.com
Media Contact Alexandra Müller-Pl�tz Phone: +49 911 597
575-302 Amueller-ploetz@via-optronics.com
VIA optronics (NYSE:VIAO)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
VIA optronics (NYSE:VIAO)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
