Annual revenue rose 20.9% year-over-year
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
fourth quarter ended December 31, 2022.
Fourth Quarter 2022 Highlights (Compared with prior-year
period, where comparisons are noted)
- Total revenue of €54.9 million increased by 18.6% driven by
growth in the Display Solutions segment
- Gross profit margin increased to 16.6% from 13.7%
- Operating loss was €(4.4) million, compared to operating loss
of €(7.7) million
- Loss after taxes from continuing operations (attributable to
VIA optronics AG shareholders) was €(6.0) million or €(1.31) per
share, compared to loss after taxes from continuing operations
(attributable to VIA optronics AG shareholders) of €(8.0) million
or €(1.77) per share
- Total EBITDA loss was €(2.7) million compared to EBITDA loss of
€(6.1) million
Full Year 2022 Highlights (Compared with prior-year
period, where comparisons are noted)
- Total revenue of €218.5 million increased by 20.9% driven by
growth in the Display Solutions segment
- Gross profit margin decreased to 10.3% from 11.3%
- Operating loss was €(6.7) million, compared to operating loss
of €(9.5) million
- Loss after taxes from continuing operations (attributable to
VIA optronics AG shareholders) was €(9.9) million or €(2.17) per
share compared to loss after taxes from continuing operations
(attributable to VIA optronics AG shareholders) of €(11.8) million
or €(2.59) per share
- Total EBITDA loss was €(0.2) million compared to EBITDA loss of
€(3.4) million
The production performance at VIA´s Nuremberg facility was
addressed successfully and the current facility output is beyond
plan. Moreover, VIA is intensely exploring opportunities to extend
its solutions for car interiors with interactive display and touch
functionality with industrial partners. Furthermore, the Company
kicked off the implementation of its first shared services
activities in the Philippines.
“We are pleased to report strong quarterly and annual revenue
growth, closing out an important year in which we consolidated and
strengthened the organization. This growth was supported by the
expansion of our Nuremberg facility and completion of our
production ramp up,” said Jürgen Eichner, CEO & Founder of VIA.
“For the full year 2022, the Company executed well despite the
impact of external factors like inflation, supply chain challenges
and higher logistics and freight costs on the Company´s operational
results. The implemented margin improvements and cost savings
measures have set us up for additional improvement as we progress
towards margin expansion in 2023.”
Fourth Quarter 2022 Financial Summary
Total revenue of €54.9 million increased 18.6% from €46.3
million in the fourth quarter of 2021. The increase was driven by
growth in the Company’s Display Solutions segment, driven primarily
by growth in the automotive end market. Revenue in the Sensor
Technologies segment decreased compared to the fourth quarter of
2021 due to ongoing lower demand in the consumer end market after
record turnover in the prior year.
Gross profit margin increased to 16.6% from 13.7% in the fourth
quarter of 2021. Gross profit margin in the Display Solutions
segment increased compared to the fourth quarter of 2021, despite
ongoing margin pressure linked to increases in material costs,
inflation and logistical costs. Gross profit margin in the Sensor
Technologies segment decreased due to lower post-pandemic demand
and consequently lower utilization.
Research and development expenses increased compared to the
fourth quarter of 2021, as the Company invested in its future
strategy. Selling expenses decreased and general and administrative
expenses decreased as well compared to the fourth quarter of 2021
due to further improvements in the administrative cost
structure.
Operating loss was €(4.4) million, compared to operating loss of
€(7.7) million in the fourth quarter of 2021. Loss after taxes from
continuing operations (attributable to VIA optronics AG
shareholders) was €(6.0) million, or loss of €(1.31) per basic and
diluted share, compared to Loss after taxes from continuing
operations (attributable to VIA optronics AG shareholders) of
€(8.0) million, or loss of €(1.77) per basic and diluted share, in
the fourth quarter of 2021.
Total EBITDA was €(2.7) million compared to EBITDA of €(6.1)
million in the fourth quarter of 2021. EBITDA in the Display
Solutions segment increased compared to the fourth quarter of 2021,
driven by improved operational performance and certain
non-recurring events, including some prior customer related reserve
adjustments. EBITDA in the Sensor Technologies segment decreased
compared to the fourth quarter of 2021 and EBITDA in Other Segments
decreased compared to the fourth quarter of 2021, driven by the
non-recurring events described above.
Year End 2022 Financial Summary
Total revenue of €218.5 million increased by 20.9% from €180.8
million in 2021. The increase was driven by increased revenue in
the Company’s Display Solutions segment, supported by favorable
foreign exchange rate effects, among other factors. Revenue in the
Display Solutions segment increased compared to 2021, driven
primarily by growth in the automotive end market. Revenue in the
Sensor Technologies segment decreased compared to 2021, due to
ongoing lower demand in the consumer end market after record
turnover in the prior year.
Gross profit margin decreased to 10.3% from 11.3% in 2021. Gross
profit margin in the Display Solutions segment slightly increased
compared to 2021, despite ongoing margin pressure due to increases
in material costs, inflation and logistical costs. Gross profit
margin in the Sensor Technologies segment decreased compared to
2021, due to lower post-pandemic demand and consequently lower
utilization.
Research and development expenses increased, due to increased
investment to support the Company’s future strategy to expand into
integrated display solutions. Moreover, Germaneers GmbH was fully
incorporated into 2022 results. Selling expenses decreased and
general and administrative expenses decreased due to improved cost
discipline in the administrative functions and reduced personnel
costs.
Operating loss was €(6.7) million, compared to operating loss of
€(9.5) million in 2021. Loss after taxes from continuing operations
(attributable to VIA optronics AG shareholders) was €(9.9) million,
or loss of €(2.17) per basic and diluted share, compared to Loss
after taxes from continuing operations (attributable to VIA
optronics AG shareholders) of €(11.8) million, or loss of €(2.59)
per basic and diluted share in 2021.
Total EBITDA was €(0.2) million compared to total EBITDA of
€(3.4) million in 2021. EBITDA in the Display Solutions segment
increased compared to 2021, driven by improved operational
performance and certain non-recurring events including some prior
customer related reserve adjustments. EBITDA in the Sensor
Technologies segment decreased compared to 2021. EBITDA in Other
Segments decreased compared to 2021.
Cash and cash equivalents as well as other short-term deposits
were €52.4 million as of December 31, 2022, which will support the
Company’s strategic growth initiatives.
The Company completed the goodwill impairment test triggered in
the second quarter of 2022. The reporting units had a fair value in
excess of the carrying value. As a result of the test, no
impairment for goodwill was recorded for the second quarter and
third quarter of 2022. If actual results are not consistent with
our estimates or assumptions, or there are significant changes in
any of these estimates, projections and assumptions, then this
could have a material effect on the fair value of these assets in
future measurement periods and result in an impairment, which could
materially affect our results of operations.
The audit of financial statements is still ongoing. Final
audited group financial statements will be made available within
the required 20 F filing period.
Outlook For the first quarter of 2023, VIA expects to
achieve total revenue of between €40 million to €45 million. For
the full year 2023, the Company expects revenue to be around the
2022 level, as we experience increased volatility in customer
demand. The Company is increasingly focusing on profit over revenue
growth and is adjusting its portfolio accordingly. VIA will focus
on the most promising car models and applications, and at the same
time intensify its diversification into industrial
applications.
Dr. Markus Peters, CFO of VIA optronics, commented, “We
successfully followed our revenue growth path in 2022. Moreover,
strong top-line growth supports our fixed cost structure and going
forward we will increasingly focus on margin improvements.
Moreover, we will focus on net working capital (NWC) management
while the total NWC may fluctuate over the quarters.”
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, March
28, 2023.
The dial-in numbers for the call are +1-646-664-1960 (USA),
+49-32-2210983344 (Germany), +44-20-3936-2999 (United Kingdom), or
+44 20-3936-2999 (Other). The access code for the call is 835510.
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 interest, taxes, depreciation and
amortization.
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. 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.
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. Due to
rounding, it is possible that individual figures in this and other
documents do not add up precisely to the totals shown and that
percentages presented do not accurately reflect the absolute values
to which they relate.
VIA optronics AG
Consolidated Statement of
Financial Position
December 31,
December 31,
Millions of EUR
2022 unaudited
2021
Assets
Non-current assets
25.9
27.8
Intangible assets
3.0
4.2
Property and equipment
20.9
21.5
Other financial assets
1.3
1.1
Deferred tax assets
0.7
1.0
Current assets
110.4
133.9
Inventories
22.1
35.9
Trade accounts receivables
22.6
31.1
Current tax assets
1.0
0.6
Other financial assets
8.0
—
Other non-financial assets
12.3
8.3
Cash and cash equivalents
44.4
58.0
Total assets
136.3
161.7
Equity and liabilities
Equity attributable to equity holders
of the parent
53.0
65.0
Share capital
4.5
4.5
Subscribed capital
—
—
Capital reserve
88.5
88.5
(Accumulated Deficit) / Retained
earnings
(36.6
)
(26.8
)
Currency translation reserve
(3.4
)
(1.2
)
Non-controlling interests
0.1
0.5
Total Equity
53.1
65.5
Non-current liabilities
7.0
8.8
Loans
1.1
0.7
Provisions
0.1
0.1
Lease liabilities
5.6
8.0
Other liabilities
0.2
—
Current liabilities
76.2
87.4
Loans
29.4
34.6
Trade accounts payable
27.1
33.4
Current tax liabilities
0.3
1.4
Provisions
1.0
1.1
Lease liabilities
2.3
2.0
Other financial liabilities
6.9
7.3
Other non-financial liabilities
9.2
7.6
Total equity and liabilities
136.3
161.7
VIA optronics AG
Consolidated Statements of
Operations Data including EBITDA Reconciliation
Three Months Ended
Year ended
December 31,
December 31,
Millions of EUR
2022 unaudited
2021 unaudited
2022 unaudited
2021
Revenue
54.9
46.3
218.5
180.8
Cost of sales
(45.8
)
(43.5
)
(196.0
)
(160.3
)
Gross profit
9.1
2.8
22.5
20.5
Operating (loss)/income
(4.4
)
(7.7
)
(6.7
)
(9.5
)
Financial result
(0.3
)
—
(1.5
)
(0.8
)
(Loss)/Profit before tax
(4.7
)
(7.7
)
(8.2
)
(10.3
)
Income tax expenses
(1.6
)
(0.1
)
(2.0
)
(1.2
)
Net (loss)/profit
(6.3
)
(7.8
)
(10.2
)
(11.5
)
Three Months Ended
Year ended
December 31,
December 31,
Millions of EUR
2022 unaudited
2021 unaudited
2022 unaudited
2021
Net (loss)/profit
(6.3
)
(7.8
)
(10.2
)
(11.5
)
Adjustments:
Interest result
0.3
0.4
1.5
1.2
Fair value (gains) / losses on non-current
financial assets at fair value through profit or loss*
—
(0.4
)
—
(0.4
)
Income tax expenses
1.6
0.1
2.0
1.2
Depreciation
1.7
1.6
6.5
6.1
EBITDA
(2.7
)
(6.1
)
(0.2
)
(3.4
)
* Fair value (gains) / losses on non-current financial assets at
fair value through profit or loss are excluded from the EBITDA
calculation according to SEC guidance.
VIA optronics AG
Earnings Per Share
Three
Three
Twelve
Twelve
Months
Months
Months
Months
Ended
Ended
Ended
Ended
December 31,
December 31,
December 31,
December 31,
Millions of EUR (except per share
data)
2022 unaudited
2021 unaudited
2022 unaudited
2021
Income/(loss) after taxes from continuing
operations (attributable to VIA optronics AG shareholders)
(6.0
)
(8.0
)
(9,9
)
(11,8
)
Weighted average of shares outstanding
4,530,701
4,530,701
4,530,701
4,530,701
Earnings/(loss) per share in EUR
(basic and diluted)
(1.31
)
(1.77
)
(2.17
)
(2.59
)
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version on businesswire.com: https://www.businesswire.com/news/home/20230328005628/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
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