28


Aug

IVISYS publishes half year report for the period January to June 2017

Press release
IVISYS AB
556998-4981
28 August 2017

IVISYS AB (‘IVISYS’) has today published the interim report for the period January to June 2017. Below is a summary of the report.

First half year (1 January 2017 to 30 June 2017)

– Revenue for the period was 1 571 KSEK (167).
– Operating income was -3 424 KSEK (-4 668).
– Earnings per share were -0.36 SEK (-0.53).
– The equity ratio was 47.0 % (86.4 %).

Second quarter (4 April 2017 to 30 June 2017)

– Revenue for the period was 519 KSEK (167).
– Operating income was -2 108 KSEK (-2 657).
– Earnings per share were -0.22 SEK (-0.30).

Definitions
– Earnings per share: Earnings of the period divided by 7 836 535, as of 30 June 2017.
– Equity ratio: Equity divided by total assets.
Figures in parentheses are numbers for the corresponding quarter the previous year.

Important events during the second quarter of 2017

– On 27 April, 2017, IVISYS announced that the company had received an order for an inspection system from a company that produces and sells food packaging. The order has a value of approximately EUR 40,000, and is expected to contribute to IVISYS’s Q2 results.

– On 27 May, 2017 IVISYS announced that the company has developed a new version of the vision system IVISYS Pro. The new software version –IVISYS PRO III– includes a new Graphical User Interface (GUI), micron level precision, auto camera calibration, barcode reading and many other features that enable IVISYS solutions to handle increasingly more complicated inspection tasks.

– On 29 May 2017, IVISYS’s Annual General Meeting was convened. The results from the Annual General Meeting are available on the company’s website (www.ivisys.com).

– On 15 June 2017, IVISYS announced that the company had expanded its range with a new inspection station as a part of the company’s product line. The new IVISYS Fastener Inspection Station is an inspection station able to inspect complex fasteners and, as a result, guarantees that no defective parts enter any subsequent assembly process.

– On 26 June 2017, IVISYS announced that the company had received an order for an inspection station from GKN Sinter Metals in the United States, a part of the GKN Group, a global supplier to the automotive sector with more than 150 factories and over 58,000 employees globally. The order concerned an integrated vision system and a flaw detection inspection station. The preliminary order value is estimated to be more than EUR 75,000 and the order is expected to be delivered in Q3 2017. The total order value will impact the Q3 2017 results. The total value of the order may increase when the final specifications are decided upon.

– On 27 June 2017, the exercise period for the company’s warrants of series TO 2 ended. Through the exercise of the TO 2 warrants, 51,835 new shares were issued and IVISYS received SEK 0.24 million before issuance costs, representing a subscription ratio of approximately 10.4 percent.

– On 30 June 2017, IVISYS announced that the company had received an order from Luk Schaeffler, one of the most prominent suppliers to the global automotive industry headquarted in Germany. With more than 86,000 employees worldwide, Luk Schaeffler is an important player in IVISYS’s target market, as it has a strong history of being a market leader in its industry. The order has a value above 15,000 Euros, and delivery is expected in early Q3 2017.
Important events after the end of the period

– On 5 July 2017, IVISYS announced that the Danish equity research company Aktieinfo ApS had released its first analysis of IVISYS. The full report is available on Aktieinfo ApS’s website (www.aktieinfo.net).

– IVISYS announces on 7 August 2017 that the company had received a follow-up order from Atlas Copco in Belgium, a market-leading provider of highly energy-efficient industrial compressors, gas and process compressors and expanders. The order has a value above 70,000 Euros and is expected to affect IVISYS’s Q3 2017 results.

IVISYS CEO Jakob Kesje comments

The second quarter has passed and I would like to summarize the exciting and eventful period for IVISYS from April to now.

With names like Atlas Copco, IKEA, GKN and Luk Schaeffer on our list of references I am pleased to initially conclude that a portfolio of large-corporation IVISYS customers is starting to take shape. Some of these are follow-up orders based on thorough pre-studies, which verifies that we are able to meet the very demanding requirements of such customers. Additionally, it is worth noting that we are starting to get orders of a size which shows that we will be able to create a substantial cashflow in the years to come.

The first order we received during Q2 was an order for an inspection system for the packaging industry. The project, which includes several product variations combined with the speed of the production line, will provide us with a much appreciated opportunity to put our fast-paced image processing to work. Therefore, the order will be an important reference in a market with thousands of potential customers globally.

During the past quarter, we also announced that IVISYS received an order from GKN Sinter Metals in the United States (“GKN”) for an inspection station. The order is a customized solution for GKN and is based on our “Advanced Conveyor Inspection Station”. Receiving an order from such a prominent industrial manufacturer known for its high quality standards and manufacturing know-how is an honor we intend to build on in the future. GKN is among the largest global suppliers of the automotive industry and strives for the highest operational standards. That this inspection station will be delivered to the United States also shows that IVISYS can break through globally, even if the products are shipped out of Scandinavia.

In line with the company’s development ambitions, IVISYS has launched a new version of the vision system IVISYS Pro. The new software version, IVISYS Pro III, contains a series of updates to meet the ever-increasing demands of the market. With IVISYS Pro III, we can maintain our position when it comes to performing increasingly complex inspections at high speed.

At the end of the quarter, we were able to announce an order from Luk Schaeffler, a global supplier to the automotive industry with its headquarters in Germany. The company placed an order similar to IVISYS’s “Advanced Conveyor Inspection Station”. We are pleased to have received this order from Luk Schaeffler, which is our first order in the German market. It was a long process and we are excited about this positive outcome of our efforts. We look forward to working with Luk Schaeffler, who will help us reach an even higher level with our technology.

Finally after the end of the quarter we were able to announce a follow-up order from Atlas Copco for a full system for automated quality control for a factory in Belgium.

With the size of the clients we are now working with, which are global corporations, I expect that the value of continued collaboration could be significant. Moreover, such projects increase the probability of experiencing some industrial overspill to other customers, who will demand the same high quality output as our current customers.

I look ahead to the future of IVISYS with great confidence.

Jakob Kesje, CEO IVISYS AB

 

For a full interim report (only in Swedish), please see: http://ivisys.com/investor/financial-reports/

Certified Adviser

Sedermera Fondkommission is Certified Adviser to IVISYS.

For more information, please contact:

Jakob Kesje, CEO IVISYS AB Phone: +45 20 22 60 10 E-mail: jk@ivisys.com

This information is information that IVISYS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 28 August 2017.

About IVISYS

IVISYS provides vision-based, quality inspection solutions for the industry, which can replace both manual and mechanical quality control. IVISYS’ unique, patented solutions make it possible to perform complex quality control while keeping the existing production flow unaffected. Unlike existing solutions, IVISYS provides solutions that make it possible to perform complex surface controls, control measurements on the micron level, and control multiple components in one instant process. The solutions are based on IVISYS’s patented image data processing, which differs fundamentally from the conventional processes used within vision systems today. IVISYS is capable of utilising high-resolution cameras in the company’s image processing, while at the same time processing image information faster than the company’s competitors. The solutions offered, have an average payback period of approximately six months for customers currently relying on mechanical or manual control.