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TIE Kinetix: Very Strong First Half Year 2020

Press release interim consolidated financial statements TIE KINETIX N.V. 
Financial information in this interim report is unaudited 

Breukelen, the Netherlands, May 13th, 2020 at 8 AM CEST

Table 1: First Half Year Results (Period Oct. 1, 2019 – March 31, 2020)

image


Table 2: First Half Year Segment Reporting*:

image

* Segment reporting is excluding the current year effects of IFRS 15.

TIE Kinetix delivered a very strong first half year 2020. Both revenue as well as EBITDA came in significantly higher than 2019 numbers. In the Netherlands, the US and France strong order intake in FY 2019 has provided many new projects in FY 2020, driving both Consultancy revenue (+16%) and SaaS revenue (+22%) to higher levels. With flat operating costs, a significantly higher EBITDA was achieved (+486%).  

Revenue and margin increase in the first half year of FY 2020 are on plan and in line with the company strategy to convert customers to the FLOW platform SaaS offering. The company strategy is based on the ‘Hub-Spokes’ model and focusses on selling at enterprise level accounts (so-called ’Hubs’), to connect their medium sized suppliers (the ’Spokes’).  

TIE Kinetix reports H1 2020 with revenue (incl IFRS 15 adjustments) amounting to € 8.686k (2019: €7.338k), and EBITDA (incl. IFRS 15 adjustments) of € 1.167k (2019: € -7k), generating a 13% EBITDA margin (2019: 0%). Net income grew from €- 772k (HY1 FY 2019) to € 375k (HY1 FY 2020). 

Jan Sundelin (CEO) said: “The turnaround towards selling FLOW SaaS that we have completed in 2019 is now materializing in top line growth and higher margins. Our focus on FLOW SaaS and 100% digitization – a topic that is top of mind with most companies and governments in these days – is paying off. The order intake generated in 2019 was high and provided a very strong base to generate healthy business. We have welcomed many new customers to our FLOW offering and at the same time we saw a solid demand for the latest version of our SaaS offerings from our existing customers. In the first half year of FY 2020, our Google-Ad-Words-for-Channel business has grown very profitably and continues to perform well. The Covid-19 measures in the various countries in which we operate have not affected our HY 1 numbers, but we do expect some effects in HY 2, FY 2020. Although our SaaS business model has proven to be robust in volatile economic conditions, we expect that certain of our customers will be hurt significantly by the COVID-19 measures and that this will affect their ability to commit earlier planned investments. We are also planning for customers wanting to extend payment terms. However, our cash position is robust and our strong HY1 performance provides a good foundation to encounter such issues in the second half year. We have temporarily paused planned investments in growth, and plan to go forward with these investments this summer, provided the economic conditions do not deteriorate significantly.”  

(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 32 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.

Submitted by Investor Relations on Wed, 5/13/2020
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