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TIE Kinetix completes transition to FLOW with substantially increased order intake

Breukelen, the Netherlands, November 20, 2019 at 08.00 AM CET

Update and full year financial statements
Financial information in this press release is unaudited

TIE Kinetix (hereinafter “TIE”), the leading provider of cloud-managed Business Integration, E-Commerce, Demand Generation, and Business Analytics services released the results for full fiscal year 2019 today (Oct 1, 2018 – Sept 30, 2019) as follows:

image

Jan Sundelin (CEO) said: “we are very happy that we are near the end of our transition phase. After 3 years, we have succeeded in making the turn from a hosted/outsourcing and EU funded operation into a dedicated SaaS EDI company. In 2019 our subscription based revenue has increased to over 75%, from less than 50% when we started this journey in 2016. The turnaround is also in visible in our increased order intake and our boosted sales funnel. This order intake consists of 3-5 year subscription revenue and needs to be implemented and turned into revenue. That will be our focus in FY 2020.In FY 2020 we are planning for revenue and gross margin growth. We also are planning to invest additional funds into marketing, sales and operations, effectively financing organic growth. As a result, we do not plan for bottom line growth“.

TIE Kinetix, the leading provider of Software as a Service managed solutions for EDI, Analytics, Demand Generation and E-Commerce today released the results for its fiscal year 2019, covering the period October 1, 2018 – September 30, 2019. In its fiscal year 2019 financial statements the company mandatorily adopts IFRS 9 and IFRS 15 for the first time. The first time adoption of IFRS 15 results in a negative revenue adjustment of € 489k in 2019. This adjustment will be reversed into (positive) revenue in future years. The IFRS 9 and IFRS 15 adjustments have been incorporated in the consolidated financial statements of 2019.

FLOW is a SaaS based PA – a Partner Automation – solution that supports organizations with exchanging trading information/documents with their suppliers and with selling through partners. FLOW consists of a platform with 45 applications, including demand generations, E-Commerce, EDI and Analytics applications. TIE Kinetix has a history and strong market position in the supply chain integration, including e-invoicing and EDI-solutions and continues to provide these solutions in the FLOW portal.

From time to time, connecting and setting up customers and trading partners to the FLOW portal may require certain (limited) mapping and other set-up activities. Such ‘set-up’ revenues historically have been reported under Consultancy Revenue, recognized with the set-up work performed. As from FY 2019, with the mandatory first time adoption of IFRS 15, set-up revenues are allocated to SaaS revenue and recognized over time with the duration of the SaaS contract (typically 3 years). In order to facilitate comparison, the first table on page 1 of the press release shows both the IFRS 15 adjusted and unadjusted condensed profit and loss statement for FY 2019.

In 2019, total revenue (consisting of applications in EDI, Demand Generation and Analytics) amounted to € 15.609k (2018: € 15.498k) included FLOW SaaS revenue of € 8.518k (increase of 4% versus € 8.152k in 2018), and FLOW maintenance revenue of € 2.784k (2018: € 2.782k). SaaS revenue and maintenance revenue are both subscription-based with 1, 3 or 5 year subscription contracts. FLOW consists of a set of applications, generating fully subscription based revenue. Since the introduction of FLOW in 2016, the company has increased the % of subscription based revenue from less than 50% to over 75%.

In 2019 the transition towards an integrated EDI/e-invoicing and Demand Generation business, called FLOW, was finalized. All non-FLOW business activities (former EU projects, German news portals, German internal IT services, T-Mobile/KPN webshops in the Netherlands, etc.) have been discontinued during FY 2019, resulting in a decline in revenue compared to FY 2018. For FY 2019 revenue of these discontinued businesses amounted to € 419k (of which € 346k in SaaS revenue).

In 2019 further investments have been made in marketing and sales specifically for EDI/e-invoicing, resulting in a strong order intake in FY 2019 of € 16.3 mln (2018: € 11.1 mln) and in an increased sales funnel. Upgrade programs for our US customer base have been initiated and worldwide our customers are migrating to the FLOW SaaS offering.

In 2019 our order intake increased with 45% compared to 2018 to an all-time high level of € 16.3 mln, primarily as a result of:
  • Higher order intake for our Google Adwords offering; in FY 2019 this offering has brought in substantially more business and the first results of our cross sell strategy are materializing, with Google Adwords customers signing up for other FLOW modules. In the second half year the Google Adwords business has grown out of the incubator phase and has become profitable.
  • More orders for EDI/e-invoicing in the Netherlands and Germany; in the second half year a large SaaS subscription customer was signed up in Germany. In principle, this customer will benefit from the same portal functionality as our Dutch e-invoicing to government customers, bringing our BtG portal coverage to Germany. Also in the Netherlands more e-invoicing customers have been signed up. However, actual use of the platform by Dutch suppliers sending invoices is slightly below plan causing revenue to lag slightly behind plan. The German contract has a fixed monthly subscription fee.
  • The corporate account team closing various landmark transactions with sizable enterprise level customers. As part of our ‘Hub-Spoke’ strategy the corporate account team focusses on large enterprise level customers in selected vertical markets. Through these ‘hubs’ we are able to sell to their connected suppliers and partners, so as to establish footprint in the entire respective ecosystem. In 2019 ‘hub’ size customers were HDA (automotive US), LEM (automotive Europe) and Xerox (technology US and Europe).
The company reports full year revenue of € 15.307k, including an IFRS 15 adjustment of €-489k. Excl. IFRS 15 adjustments, TIE Kinetix closed FY 2019 with revenue amounting to € 15.796k, and EBITDA of € 617k (4%)., representing a 6,5% decrease against 2018 level of € 16.892k. The decrease is largely attributable to discontinued non-FLOW business. As in prior years, in FY 2019 the company discontinued certain non-core businesses, unrelated to FLOW. The 2019 revenue of these discontinued businesses was € 419k (2018: € 1,7 million, 2017: € 3,3 million). After 2020 the company does not anticipate a further decline of revenue caused by discontinued businesses.

Consultancy revenue declined caused by discontinued businesses (€ - 264k) and lower Analytics business (€ -345k) and also because we generated lower customer set up revenue. The latter effect is caused since our FLOW proposition requires less consultancy efforts to onboard customers. Our total consultancy revenue declined to € 3.820k (2018: € 4.138k, 2017: € 4.987k). The company constantly monitors its cost base and takes measures to align costs with the development of its product mix. The purpose is to counter lower volumes of consultancy work and maintain healthy overall company performance. Staff utilization and performance is monitored closely and changes are made if and when necessary.Since the introduction of FLOW we have continuously built our marketing, sales and operational team towards our subscription based FLOW business.

image

FLOW is principally run in a SaaS model. Only rarely certain FLOW modules are sold as a license. FLOW license revenue declined to € 361k (2018: € 415k).

In 2019 the Order Intake in FLOW applications from existing and new customers amounted to € 16,3 million (2018: € 11,2 million) an 38% increase compared to FY 2017. Total order intake is 100% related to our FLOW applications.

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

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

About TIE Kinetix
TIE Kinetix (Euronext Amsterdam: TIE) 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 analyze online. Customers and partners of TIE Kinetix constantly benefit from innovative, field-tested, state-of-the-art technologies, which are backed by over 30 year of experience and prestigious awards. TIE Kinetix makes technology to perform, such that customers and partners can focus on their core business. For more information visit www.TIEKinetix.com.

press_release_tie_kinetix_2019_november_20_full_fy2019.pdf 
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