26 November 2018
IVISYS AB (‘IVISYS’) has today published the interim report for the period January to September 2018.
Below is a summary of the report.
FIRST 9 MONTH (1 JANUARY 2018 TO 30 SEPTEMBER 2018)
– Revenue for the period was 5 599 (2 317) KSEK.
– Operating income was -5 362 (-4 787) KSEK.
– Earnings per share were -0.44 (-0.36) SEK.
– The equity ratio was 53.5 % (55.4 %).
THIRD QUARTER (1 JULY 2018 TO 30 SEPTEMBER 2018)
– Revenue for the period was 1 920 (746) KSEK.
– Operating income was -3 009 (-1 363) KSEK.
– Earnings per share were -0.23 (-0.14) SEK.
– Earnings per share: Earnings of the period divided by 11 060 533, as of 30 September 2018.
– Equity ratio: Equity divided by total assets.
Figures in parentheses are numbers for the corresponding quarter the previous year.
IMPORTANT EVENTS DURING THE THIRD QUARTER OF 2018
- In August, IVISYS receives a convertible loan of 5,0 MSEK. The loan will expire on August 1 st , 2019
and the lenders are entitled to convert the loan to shares every two months, beginning November
2018, however, no more than 1,5 MSEK can be offset at each conversion.
- At the end of August 2018, IVISYS announces that Board member Lars Holmqvist, at his own
request, will resign from the board.
- IVISYS receives an order from the Swedish company AB Pema Metall (“PEMA Metall”), a supplier of
specialized in automation solutions for the Industry. The order is the result of a collaboration on a
system solution to a common customer of IVISYS and PEMA Metall. The order was placed in early
September 2018 and is expected to affect IVISYS’s accounts in Q3 and Q4 2018.
- IVISYS receives an order from the Swedish company Trelleborg Sealing Solutions Kalmar AB
(“Trelleborg”), a supplier of audio-reduction products to the automotive industry. The order was
received in early September 2018 and is expected to affect IVISYS’s accounts in Q3 2018 and Q1
- IVISYS held an Extraordinary General Meeting on September 21, 2018. Communication with
decisions made is available on the IVISYS homepage (www.investor.ivisys.com).
Significant events after the end of the period
- IVISYS announces that CTO Moatasem Chehaiber leaves his position as CTO in IVISYS. The reason is
that he wants to devote himself to new development projects. Moatasem Chehaiber will remain on
- IVISYS has announced that after additional service agreements from existing customers, has been
formalized, service revenues will now amount to more than MSEK 1 per year.
- IVISYS publishes financial targets for 2019. The target is a turnover of at least SEK 20.0 million in
2019 with an associated profit of 4.0 MSEK before depreciation.
IVISYS CEO Mikael Sjöholm comments:
Since the acquisition of ICS Image Control Systems AB (now called IVISYS Sweden AB), the business has
taken several steps forward. Following the acquisition, we received new orders worth SEK 3.0 million in the
course of only one month. This is to be compared with a turnover of close to 2.0 MSEK throughout 2017.
This order development has continued in the autumn and although not all orders are yet visible in cash
flow, we estimate that we will continue to get new orders from our strong pipeline. The target for 2019 is a
turnover of at least MSEK 20 and a positive result before depreciation of approximately 4.0 MSEK. We
already have an order backlog of approximately: 5.5 MSEK. Therefore, we need to expand our staff and
prepare production in order to limit delivery times, which will affect liquidity short term. We therefore
decided to take up a convertible loan of 5.0 MSEK from a group of Swedish investors in August 2018. The
convertible loan will enable us to capitalize on the increased interest in our products.
During the third quarter of 2018 we have received two significant orders. One order from AB Pema Metall
and one order from Trelleborg Sealing Solutions Kalmar AB (“Trelleborg”). Accumulated, the order value
amounts to just over 2.5 MSEK and both parties are potential long-term partners to IVISYS. PEMA Metall is
a supplier of automation solutions for the manufacturing industry, and the order is the result of
collaboration on a system solution for an existing customer for both IVISYS and PEMA Metall. PEMA Metall
is dedicated to delivering state-of-the-art solutions and their ambition level appeals to us. Together, we will
now create a system solution and the initial order is the first time we, as a partner, deliver vision systems to
PEMA Metal’s turnkey systems. Trelleborg is a supplier of sound reduction products to the automotive
industry. The Group consists of 28 factories globally and almost 6,000 employees. Trelleborg has chosen usfor our system solution after having undergone a thorough evaluation of the market, confirming our
position in the market for high performance system solutions. I have high hopes that our partnerships with
Pema and Trelleborg will develop successfully.
As mentioned above, we have entered into a convertible loan with a group of Swedish investors. The loan
will last for 12 months and lenders will be able to convert the loan and interest expense to shares within
the maturity. IVISYS has the opportunity to repay the loan, in parts, during the maturity if the increased
liquidity is not needed in its entirety. As a result of the lenders having the right to convert the loan into
shares, we held an extraordinary general meeting at the end of September 2018 to authorize the Board to
decide on the issue of shares. We are convinced that this financing solution is the best way to both take
advantage of our pipeline and also meet our shareholders needs.
Finally, I would like to thank Lars Holmqvist and Moatasem Chehaiber for their long time support to IVISYS.
Lars Holmqvist decided at the end of August 2018 to resign from the board and Moatasem Chehaiber
decided in mid-October 2018 to end up as a CTO for the Company to engage in new development projects.
However, Chehaiber will continue to be part of the IVISYS Board. The extensive experience of both persons
has been very important for IVISYS structure and we are grateful for their respective efforts
Mikael Sjöholm, CEO of IVISYS AB
For a full interim report (only in Swedish), please see: http://www.investor.ivisys.com/interim -reports/
Sedermera Fondkommission is Certified Adviser to IVISYS.
FOR MORE INFORMATION, PLEASE CONTACT:
Jakob Kesje, Chairman IVISYS AB Phone: +45 20 22 60 10 E-mail: email@example.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 26 November 2018.
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.
IVISYS is the winner of Frost & Sullivan’s 2017 Entrepreneur of the Year in Europe Award.