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TIE Kinetix: First Half Year 2018

Press release interim consolidated financial statements TIE Kinetix N.V.

Financial information in this interim report is unaudited

Breukelen, the Netherlands, May 16th, 2018

First half year results (period Oct, 1, 2017 – March 31, 2018).
  • Total revenue amounts to € 8.803k(2017: € 9.720k)
  • SaaS and hosting revenues amounts to € 4.808k (2017: € 5.078k)
  • EBITDA amounts to €403k (2017: € 837k)
  • EBIT amounts to € -250k (2017: € 125k)
  • FLOW order intake of € 4.8 mln (2017: € 5.3 mln)
Highlights

Table 1: First Half Year Business Line Performance

image

Table 2: First Half Year Total Performance
image

TIE Kinetix, the leading provider of Software as a Service managed solutions for Integration, Analytics, Demand Generation and E-Commerce today released interim results for the first half year of its fiscal year 2018, covering the period October 1, 2017 – March 31, 2018.

HY1 2018 performance includes the positive outcome of an out-of-court settlement with Plusserver AG. This settlement provided a positive effect on EBITDA of € 336k and included compensation for damages and costs incurred. An amount of € 136k is reported as credit to Cost of Sales and an amount of € 200k has been booked as credit under Operating Expenses.

In the first half year of 2018 several landmark new customers were implemented, such as Parker Hannifin and City of Rotterdam. Yet the implementation of other sizable new customers (Chanel, City of Amsterdam) was delayed. These customers are expected to go life in the next months. The company achieved new customer wins in its FLOW offering in the Business-to-government offerings with the city of Haarlem and the Ministry of Justice in the Netherlands. The pipeline of the Business-to-Government (BtG) proposition in the Netherlands looks promising.In HY1 2018, customer implementations and Order Intake of the FLOW offering of Google Adwords-for-Channel stayed behind plan. Also, the FLOW offering of Google Analytics 360 came in behind plan. Overall, the company reports flat FLOW sales against HY1 2017 with higher gross margins due to sales mix differences (lower than planned low margin third party products). In view of finalization of pending implementations, particularly in the US, FLOW sales may be expected to increase in HY2.

TIE closed H1 2018 with revenue amounting to € 8.803k, and EBITDA of € 403k (4,6%).

Jan Sundelin (CEO) said:“bringing our FLOW proposition to the market paints a mixed picture of success. One the one hand we see that the rich functionality of our e-invoicing proposition convinces more and more Dutch municipalities to choose for our solution. TIE has captured a stronghold position in the BtG market with subscription revenue generating customers. At the same time, we are experiencing commercial headwind in bringing our Analytics and Google Adwords-for-Channel products to market. Even though the Google-Adword-for-Channel pipeline is filling up, new customers seem weary to sign up for these products in the scale that we projected. Also, the number of new customers signing up for the Google 360 Analytics proposition is below plan. The market for the Google Analytics suite of products is still immature and needs to be further developed. In the second half year we expect to sign up more Analytics and Google-Adwords-for-Channel customers. However, in the second half year our top line revenue and operational performance will be impacted as the company brings down services for two sizable non FLOW customers (T-Mobile and Orsay) upon expiration of their contracts. Total monthly revenue of these two contracts amounts to approximately € 150k which cannot be offset against new customer implementations at this stage.”

(For the full version of the press release, please download from the link below.)

This document may contain expectations about the financial state of affairs and results of the activities of TIE Kinetix as well as certain related plans and objectives. Such expectations for the future are naturally associated with risks and uncertainties because they relate to future events, and as such depend on certain circumstances that may not arise in future. Various factors may cause real results and developments to deviate considerably from explicitly or implicitly made statements about future expectations. Such factors may for instance be changes in expenditure by companies in important markets, in statutory changes and changes in financial markets, in the EU grant regime, in the salary levels of employees, in future borrowing costs, in future take-overs or divestitures and the pace of technological developments. TIE Kinetix therefore cannot guarantee that the expectations will be realized. TIE Kinetix als refuses to accept any obligation to update statements made in this document.

For further information, please contact:
TIE Kinetix N.V.
Jan Sundelin (CEO) or Michiel Wolfswinkel (CFO)
Phone: +31 (0) 88 3698060
e-mail:Michiel.Wolfswinkel@TIEKinetix.com

About TIE Kinetix
TIE Kinetix transforms the digital supply chain by providing Total Integrated E-commerce solutions. These solutions maximize revenue opportunities by minimizing the energy required to market, sell, deliver and optimize online.

Customers and partners of TIE Kinetix constantly benefit from innovative, field tested, state-of-the-art technologies, which are backed by over 30 years of experience and prestigious awards. TIE Kinetix makes technology to perform, such that customers and partners can focus on their core business.

TIE Kinetix has offices in the United States, the Netherlands, France, Germany, United Kingdom and Australia.
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