VIA optronics Reports Unaudited Second Quarter 2021 Results
VIA optronics AG (NYSE: VIAO) reported Q2 2021 revenue of €43.7 million, an 11.5% increase year-over-year, with Display Solutions revenue up 14.7% at €37.4 million. Despite this growth, the company experienced a net loss of €4.1 million, up from a loss of €0.02 million in the previous year. Sensor Technologies revenue fell 4.5% to €6.3 million. The gross profit margin improved to 14.0%. VIA expects Q3 2021 revenue between €45 million and €50 million and anticipates full-year growth of about 20%, dependent on global component shortages and COVID-19 impacts.
- Q2 2021 revenue rose to €43.7 million, up 11.5% year-over-year.
- Display Solutions revenue increased by 14.7% to €37.4 million.
- Gross profit margin improved to 14.0% from 13.3% year-over-year.
- Acquisition of Germaneers enhances growth potential in the automotive sector.
- Strategic partnership with SigmaSense for innovative display technologies.
- Net loss increased to €4.1 million from a loss of €0.02 million year-over-year.
- Sensor Technologies revenue decreased by 4.5% to €6.3 million.
- EBITDA declined to €(1.7) million from €2.6 million in Q2 2020.
- Operating loss of €3.0 million compared to operating income of €0.9 million in the same quarter last year.
- Research and development expenses rose to €2.0 million from €0.5 million.
Total Q2 2021 revenue rose
NUREMBERG,
“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 increased11.5% year-over-year -
Display Solutions revenue of
€37.4 million increased14.7% year-over-year -
Sensor Technologies revenue of
€6.3 million decreased4.5% year-over-year -
Gross profit margin of
14.0% compared to13.3% 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.
Second Quarter 2021 Financial Summary
Total revenue of
Gross profit margin increased to
Research and development expenses increased to
The effects detailed above also drove our operating loss of
Net loss of
EBITDA of
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
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
Further information on the Company can be found in its Annual Report on Form 20-F for the year ended
Change of Auditor
VIA’s audit committee has recommended to the supervisory board that it propose PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PWC) and
The reports of EY on VIA’s consolidated financial statements of as of and for the years ended
Conference Call
VIA will host a conference call to discuss its results and will provide a corporate update at
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
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.
Consolidated Statement of Financial Position |
||||||
|
|
|
|
|
||
|
|
|
|
|
||
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 |
|
Consolidated Statements of Operations Data |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
|
||||||||
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 |
|
Earnings Per Share |
||||||
|
|
|
|
|
||
|
|
Three |
|
Three |
||
|
|
Months |
|
Months |
||
|
|
Ended |
|
Ended |
||
|
|
|
|
|
||
EUR |
|
2021 |
|
2020 |
||
Income/(loss) after taxes from continuing operations (attributable to |
|
(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 |
) |
|
||||||||||||||
2021: |
||||||||||||||
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
||||
|
|
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 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005529/en/
Investor Relations
Monica@blueshirtgroup.com
212-871-3927
Lindsay@blueshirtgroup.com
212-331-8417
Media
Alexandra Müller-Plötz
Amueler-ploetz@via-optronics.com
+49 911 597 575-302
Source:
FAQ
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