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15.02.2018 09:20
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Invuo Technologies AB - Interim Report, Fourth Quarter Of 2017
Mann mit Smartphone und Tablet (Symbolbild).
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PR Newswire
STOCKHOLM, Feb. 15, 2018
STOCKHOLM, Feb. 15, 2018 /PRNewswire/ --
October– December 2017
- The numbers refer to the remaining operations
- Q4 marked the final period of major restructuring, 'cleaning up', and legacy issue resolution, initiated in July 2017.
- Net sales for the period SEK 29 million (34)
- Operating result for the period after nonrecurring items attributable to restructuring SEK -15 million
- Operating loss for the period SEK -13,7 million (-4,1)
- Loss after tax for the period SEK -27 million (-6)
- Earnings per share SEK -0,46 (-0.10)
- Cash flow before changes in working capital for the period SEK -46,1 million (-9,1)
Full year 2017 – Highlights
The numbers refer to the remaining operations
- Net sales for the period SEK 127 million (141)
- Operating result for the period after nonrecurring items attributable to restructuring SEK -51 million
- Operating loss for the period SEK -72,2 million (-31)
- Loss after tax for the period SEK -118 million (-35)
- Earnings per share SEK -2,01 (-0,67)
- Cash flow before changes in working capital for the period SEK -137 million (-67,4)
- The Board of Directors proposes that the Annual General Meeting not pay any dividend for the financial year 2017
| Overview | Oct-Dec | Oct-Dec | Full-Year | Full-Year |
|
All numbers and key figures are the remaining operation | | | | |
|
SEK thousand | 2017 | 2016 | 2017 | 2016 |
|
Net sales | 29 161 | 34 064 | 127 157 | 141 533 |
|
Operating result without non-recurring items attributable to restructuring | -15 270 | -8 137 | -51 257 | -35 391 |
|
Operating result | -13 676 | -4 137 | -72 231 | -31 391 |
|
Financial net and taxes | -13 520 | -1 965 | -46 085 | -3 396 |
|
Result from divested operations and operations under sale | -29 453 | -16 915 | 50 590 | -52 141 |
|
Loss for the period | -27 359 | -6 102 | -118 316 | -34 787 |
|
Balance sheet total | 163 189 | 251 284 | 163 189 | 251 284 |
| | | | | |
|
Earnings per share, basic and diluted* | -0,46 | -0,10 | -2,01 | -0,67 |
|
Operating margin | neg | neg | neg | neg |
|
Equity ratio | 67% | 54% | 67% | 54% |
| | | | | |
|
Capitalized development costs | 2 671 | - | 4 593 | - |
|
Depreciation/Write down | 124 | -680 | -14 037 | -2 644 |
|
Non-reccuring items | 1 594 | 4 000 | -20 974 | 4 000 |
CEO´s COMMENT
The fourth quarter of 2017 saw the completion of key strategic objectives, as well as critical financing and product success factors. The transformation of the company into a pure B2B enterprise was achieved via the agreement to sell SEQR. Additionally, with the support of our largest shareholders, Invuo was able to raise sufficient financing via the December rights issue, for us to meet key operational objectives, as well as discharge ongoing legacy costs. During the fourth quarter, eProducts continued its progress to moving toward breakeven. Critically, MeaWallet developed strong momentum going into year-end, and signed a number of breakthrough orders, positioning the company strongly for a significant increase in signed orders in 2018.
Invuo ended 2017 as a much smaller enterprise than at the beginning of the year. The key focus going forward is 'profitable traction'. For MeaWallet, the mobile payments market developed slowly in Europe until 2017, and Europe now has to catch up with 'developing' nations like Kenya, China and India. Whilst some value chains are well established, European financial enterprises are now making strategic choices as to how to meet the threat of disintermediation by companies like Apple. MeaWallet achieved 15% market share in 2017 in Europe, and we aim to at least maintain that in 2018 in a rapidly growing market. eProducts has some excellent products and markets, but in the core Swedish market, all suppliers have suffered multi-year losses due to unsustainable competitive behaviors. eProducts is on a clear path to sustainable profitability, and a focus on profitable growth opportunities, whilst aggressively withdrawing from loss-making activities and clients. Our vendors in Sweden are also enforcing behavior change in the market, and we believe a superior standing with our suppliers will give us opportunities going forward.
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