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FOM Technologies A/S — Interim / Quarterly Report 2021
Aug 30, 2021
6179_rns_2021-08-30_442d9a90-84c7-4031-b5e9-7042a4ccf1cc.pdf
Interim / Quarterly Report
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FOM
TECHNOLOGIES
HALF YEAR
REPORT H1 2021
The Board of Directors
adopted the H1 2021
report, August 30, 2021
FOM Technologies A/S
Artillerivej 86, 1.
2300 Copenhagen S
CVR No. 34715726
FOM TECHNOLOGIES
PUBLISHING OF FINANCIAL REPORT
Best H1 revenue result for FOM Technologies historically, with total revenue tripled to around DKK 10 mio. and a strong pipeline going forward. Current annual guidance retained and expected to be in the "high end" of the range.
Company announcement no. 25 – 2021
Copenhagen, the 30th of August 2021
FINANCIAL REPORT H1 2021 [January 1st - June 30th, 2021]
The report has not been audited.
HIGHLIGHTS
- Total revenue for H1 2021 at DKK 9.597 Thousand (+198 % from DKK 3.221 Thousand in H1 2020).
- Fixed cost for H1 2021 at DKK 5.790 Thousand (+86 % from DKK 3.112 Thousand in H1 2020).
- Innovation and R/D spending for H1 2021 at DKK 605 Thousand (+51% from DKK 402 Thousand in H1 2020).
- EBITDA for H1 2021 at DKK -1.189 Thousand (DKK -1.638 Thousand in H1 2020).
- Sales and earnings are following the 2021 annual guidance/budget.
- Pipeline looks promising for the rest of 2021 and into the next financial year.
- Annual guidance retained and expected to be in the "high end" of the range.
MANAGEMENT SUMMARY
After a challenging 2020 due to COVID-19, the business case and the commercial journey described in the IPO memorandum is starting to materialize. FOM Technologies triple the total revenue in H1 2021, compared to H1 2020 and have succeeded in maintaining previous profit margins at >50%. The company expects that H2 2021 will follow the same trend and same performance as in H1 2021.
FINANCIAL GUIDANCE
The management retains the following guidance for financial year 2021:
Revenue: Range from DKK 16 mio. to DKK 20 mio.
EBITDA: Range from DKK -2 mio. to 0.
FOM
TECHNOLOGIES
FINANCIAL CALENDAR
| Date | Event |
|---|---|
| February 24, 2022 | Annual report 2021 |
| March 10, 2022 | General assembly 2022 |
COMPANY INFORMATION
Michael Stadi | CEO
Mobile: +45 20 66 60 44
E-mail: [email protected]
FOM Technologies A/S
Artillerivej 86, 1
2300 Copenhagen S
www.fomtechnologies.com
CERTIFIED ADVISOR INFORMATION
John Norden
+45 20 72 02 00
E-mail: [email protected]
Norden CEF ApS
Gammel Strand 40
1202 København K
www.nordencef.dk
FOM
TECHNOLOGIES
INCOME STATEMENT
FINANCIAL REPORT H1 2021 [January 1st - June 30th, 2021]
The report has not been audited.
| DKK Thousand | H1 2021 | H1 2020 |
|---|---|---|
| Revenue | 9.472 | 3.221 |
| Other income | 125 | 0 |
| TOTAL REVENUE | 9.597 | 3.221 |
| Variable costs | -4.273 | -1.154 |
| Other income expense | -5 | -6 |
| GROSS PROFIT | 5.319 | 2.061 |
| PR/Marketing cost | -113 | -185 |
| Innovation and R/D | -605 | -402 |
| Fixed cost | -5.790 | -3.112 |
| EBITDA | -1.189 | -1.638 |
| Depreciation, amortization | -40 | -10 |
| EBIT | -1.229 | -1.648 |
| Financial income | 69 | 43 |
| Financial expenses | -79 | -73 |
| PROFIT/LOSS BEFORE TAX | -1.239 | -1.678 |
| Tax | 133 | 0 |
| PROFIT/LOSS AFTER TAX | -1.106 | -1.678 |
| H1 2021 | H1 2020 | |
| --- | --- | --- |
| Number of fulltime employees | 11 | 9 |
| Outstanding shares | 7.419.412 | 7.407.412 |
| Issued, not exercised warrants | 238.000 | 0 |
| Earnings pr. share (DKK) | -0,17 | -0,22 |
| Earnings pr. share | -0,17 | -0,22 |
- The total revenue amounts to DKK 9.597 Thousand as per June 30, 2021. The revenue is 198 % higher than same period last year (DKK 3.221 Thousand), due to strong rebound post COVID-19, and due to the materializing of business initiatives listed in the 2020 IPO memorandum.
- Fixed cost (primarily salaries) has increased in H1 2021, by 86 % compared to H1 2020, due to the ramping up of the organization during 2020 and 2021.
- EBITDA represent a loss of DKK 1.189 Thousand which was expected, and in line with annual 2021 guidance.
FOM
TECHNOLOGIES
CASHFLOW STATEMENT
FINANCIAL REPORT H1 2021 [January 1st - June 30th, 2021]
The report has not been audited.
| DKK Thousand | H1 2021 | H1 2020 |
|---|---|---|
| Profit/loss before financial items and tax (EBIT) | -1.239 | -1.647 |
| Depreciation and amortization | 40 | 10 |
| Adjustment for other non-cash items | -3.731 | 559 |
| CASH FLOWS FROM PRIMARY ACTIVITIES | -4.930 | -1.078 |
| Financial income received | 69 | 43 |
| Financial costs paid | -79 | -73 |
| Income taxes paid/received | 0 | -1 |
| CASH FLOW FROM OPERATION ACTIVITIES | -4.940 | -31 |
| Payments for intangible assets | -59 | -47 |
| Changes in other non-current assets | 0 | -41 |
| CASH FLOW FROM INVESTING ACTIVITIES | -59 | -88 |
| Proceeds from capital increase | - | 16.000 |
| Changes in other non-current assets | - | -2.905 |
| CASH FLOW FROM FINANCING ACTIVITIES | 0 | 13.095 |
| NET CASH FLOW FOR THE PERIOD | -4.999 | 11.898 |
| DKK Thousand | H1 2021 | H1 2020 |
| Cash and cash quivalents at the beginning of the year | 8.759 | 1.280 |
| Overdraft at the beginning of the year | - | -197 |
| Net cash flow for the year | -4.999 | 11.898 |
| Exchange rate adjustments on cash and cash equivalents | - | - |
| CASH AND CASH EQUIVALENTS BY END OF THE PERIOD | 3.760 | 12.981 |
- The net cash flow for the H1 2021 period has weakened (compared to same period last year) due to the building of stock.
FOM
TECHNOLOGIES
BALANCE SHEET SUMMARY
FINANCIAL REPORT H1 2021 [January 1st - June 30th, 2021]
The report has not been audited.
| DKK Thousand ASSETS | H1 2021 | H1 2020 |
|---|---|---|
| Subsidiaries | 41 | 41 |
| Intangible assets | 119 | 0 |
| Tangible assets | 108 | 106 |
| Deposit | 63 | 62 |
| TOTAL NON-CURRENT ASSETS | 331 | 209 |
| TOTAL CURRENT ASSETS | 13.389 | 18.170 |
| TOTAL ASSETS | 13.720 | 18.379 |
| DKK Thousand LIABILITIES | H1 2021 | H1 2020 |
| --- | --- | --- |
| Share capital | 11.829 | 741 |
| Capital increase | 0 | 15.815 |
| Retained earnings earlier years | 0 | 3.956 |
| Cost regarding capital increase | 0 | -2.905 |
| Retained earnings this years | -1.106 | -1.678 |
| EQUITY | 10.723 | 15.929 |
| Short-term liabilities | 1.918 | 1.410 |
| VAT + other debts | 1.079 | 1.040 |
| Long-term liabilities | 0 | 0 |
| LIABILITIES | 2.997 | 2.450 |
| TOTAL EQUITY AND LIABILITIES | 13.720 | 18.379 |
- The company's assets amount to DKK 13.720 Thousand per June 30, 2021.
- The company's share capital amounts to DKK 11.892 Thousand as per June 30, 2021.
FOM
TECHNOLOGIES
EQUITY STATEMENT
FINANCIAL REPORT H1 2021 [January 1st - June 30th, 2021]
The report has not been audited.
| DKK Thousand | Share capital | Share premium | Reserve for development | Retained earnings | Equity |
|---|---|---|---|---|---|
| Equity January 1, 2021 | 742 | - | - | 11.087 | 11.829 |
| Capital increase | - | - | - | - | |
| Cost regarding capital increase | - | - | - | - | |
| Transfer to reserves | - | - | - | - | |
| Exchange rate adjustment | - | - | - | - | |
| Profit/loss for the year | - | - | - | -1.106 | -1.106 |
| EQUITY JUNE 30, 2021 | 742 | 0 | 0 | 9.981 | 10.723 |
- The company's equity totals DKK 10.723 Thousand as per June 30, 2021.
FOM
TECHNOLOGIES
MANAGEMENT STATEMENT
FINANCIAL REPORT H1 2021 [January 1st - June 30th, 2021]
The report has not been audited.
The Board of Directors and Management have today considered and approved the interim financial report of FOM Technologies A/S for the first six month of 2021. The interim financial report has not been audited or reviewed by the company's independent auditors.
The interim financial report for the first six month of 2021 has been prepared in accordance with the provision of the Danish Financial Statements Act for Accounting Class B with the option of certain principles for Accounting Class C and additional disclosure requirements for companies admitted to trading on Nasdaq First North Growth Market. The accounting policies adopted are consistent with those applied in the annual report 2020.
In our opinion the accounting policies applied, are appropriate to the effect that the interim financial report gives a true and fair view of the company's assets, liabilities, cashflow and financial position on June 30th, 2021. Furthermore, in our opinion, the Management summary gives a true and fair view of the development in the activities and the financial situation, the financial result for the period and the financial position of the company.
Risks and uncertainties have not changed in relation to the conditions mentioned in the company description prepared in connection with FOM Technologies share listing on Nasdaq First North Growth Market, Copenhagen. This report and the annual report 2020 are available at:
www.fomtechnologies.com/investor
Copenhagen August 30th 2021
MANAGEMENT
Michael Stadi
Martin Kiener
CEO
Founder and Head of Sales
BOARD OF DIRECTORS
Helge Holm-Larsen
Søren Ulstrup
Andreas Nielsen
Karina Rothoff Brix
Karsten Winther
Chairman
FOM TECHNOLOGIES
OFFENTLIGGØRELSE AF FINANSIEL RAPPORT
Bedste H1 omsætningsresultat for FOM Technologies, med en tredobling af den samlede omsætning til ca. DKK 10 mio. kombineret med en stærk pipeline fremadrettet. Nuværende guidance for året fastholdes og forventes at lande i den "høje ende" af intervallet.
Selskabsmeddelelse nr. 25 – 2021
København den 30. August 2021
FINANSIEL RAPPORT H1 2021 [Januar 1 - Juni 30, 2021]
Denne rapport er ikke revideret.
HØJDEPUNKTER
- Samlet omsætning for H1 2021 udgør DKK 9.597 Tusinde (+198 % fra DKK 3.221 Tusinde i H1 2020).
- Faste omkostninger for H1 2021 udgør DKK 5.790 Tusinde (+86 % fra DKK 3.112 Tusinde i H1 2020).
- Innovation og R/D omkostninger for H1 2021 udgør DKK 605 Tusinde (+51% fra DKK 402 Tusinde i H1 2020).
- EBITDA for H1 2021 udgør DKK -1.189 Tusinde (DKK -1.638 Tusinde i H1 2020).
- Salg og indtjening følger budget/guidance for 2021.
- Pipeline ser lovende ud for resten af 2021 og ind i næste finansielle regnskabsperiode.
- Den årlige guidance for 2021 fastholdes og forventes at lande i den "høje ende" af intervallet.
MANAGEMENT RESUME
Efter et udfordrende 2020 på grund af COVID-19 fortsætter FOM med at udbygge den kommercielle rejse, der er beskrevet i selskabets IPO virksomhedspræsentation. FOM Technologies tredobler den samlede omsætning i 1. halvår 2021, sammenlignet med 1. halvår 2020, og det er lykkedes at fastholde tidligere udmeldte overskudsgrader på min. 50%. Virksomheden forventer, at H2 2021 vil følge samme trend og med samme hastighed som i 1. halvår 2021.
FINANCIAL GUIDANCE
Ledelsen fastholder følgende guidance for det finansielle år 2021:
Omsætning: I intervallet fra DKK 16 mio. til DKK 20 mio.
EBITDA: I intervallet fra DKK -2 mio. til 0.
FOM
TECHNOLOGIES
FINANSIEL KALENDER
| Dato | Event |
|---|---|
| Februar 24, 2022 | Årsregnskab 2021 |
| Marts 10, 2022 | Generalforsamling 2022 |
SELSKABS INFORMATION
Michael Stadi | CEO
Mobile: +45 20 66 60 44
E-mail: [email protected]
FOM Technologies A/S
Artillerivej 86, 1
2300 Copenhagen S
www.fomtechnologies.com
CERTIFIED ADVISOR INFORMATION
John Norden
+45 20 72 02 00
E-mail: [email protected]
Norden CEF ApS
Gammel Strand 40
1202 København K
www.nordencef.dk
FOM
TECHNOLOGIES
INDKOMST OPGØRELSE
FINANSIEL RAPPORT H1 2021 [Januar 1 - Juni 30, 2021]
Denne report er ikke revideret.
| DKK Tusind | H1 2021 | H1 2020 |
|---|---|---|
| Omsætning | 9.472 | 3.221 |
| Andre indtægter | 125 | 0 |
| NETTO OMSÆTNING | 9.597 | 3.221 |
| Variable omkostninger | -4.273 | -1.154 |
| Andre udgifter | -5 | -6 |
| DÆKNINGSBIDRAG | 5.319 | 2.061 |
| PR/Marketing omkostninger | -113 | -185 |
| Innovation og R/D | -605 | -402 |
| Faste omkostninger | -5.790 | -3.112 |
| INDTJENINGSBIDRAG | -1.189 | -1.638 |
| Afskrivninger | -40 | -10 |
| RESULTAT AF PRIMÆR DRIFT | -1.229 | -1.648 |
| Finansielle indtægter | 69 | 43 |
| Finansielle omkostninger | -79 | -73 |
| RESULTAT FØR SKAT | -1.239 | -1.678 |
| Skat | 133 | 0 |
| RESULTAT EFTER SKAT | -1.106 | -1.678 |
| H1 2021 | H1 2020 | |
| --- | --- | --- |
| Antal fuldtidsansatte | 11 | 9 |
| Udstedte aktier | 7.419.412 | 7.407.412 |
| Tildelte, ikke udnyttede warrant | 238.000 | 0 |
| Indtjening pr. aktie (DKK) | -0,17 | -0,22 |
- Den samlede omsætning udgør DKK 9.597 Tusinde per juni 30, 2021. Omsætningen er 198 % højere end samme periode sidste år (DKK 3.221 Tusinde). Dette er baseret på en stærk normalisering post COVID-19, samt baseret på materialisering af alle de forretningsmæssige initiativer oplistet i vores 2020 IPO virksomhedspræsentation.
- Faste omkostninger (primært løn og pension mm.) er vokset i H1 2021 med 86 % sammenlignet med H1 2020, baseret på udbygning af organisationen igennem 2020 og 2021.
- EBITDA udviser et tab på DKK 1.189 Tusinde, hvilket er forventet og i linje med selskabets 2021 guidance.
FOM
TECHNOLOGIES
CASHFLOW OPGØRELSE
FINANSIEL RAPPORT H1 2021 [Januar 1 - Juni 30, 2021]
Denne rapport er ikke revideret.
| DKK Tusinde | H1 2021 | H1 2020 |
|---|---|---|
| Indtjening før finansielle poster og skat (EBIT) | -1.239 | -1.647 |
| Afskrivninger | 40 | 10 |
| Justering for ikke-kontante poster | -3.731 | 559 |
| CASH FLOWS FRA PRIMÆR DRIFT | -4.930 | -1.078 |
| Finansiel indkomst | 69 | 43 |
| Finansielle omkostninger | -79 | -73 |
| Indkomstskat betalt/modtaget | 0 | -1 |
| CASH FLOW FRA OPERATIONELLE AKTIVITETER | -4.940 | -31 |
| Betaling for immaterielle aktiver | -59 | -47 |
| Ændringer i andre langfristede aktiver | 0 | -41 |
| CASH FLOW FRA INVESTERINGS AKTIVITETER | -59 | -88 |
| Indtægter fra kapitalforhøjelse | - | 16.000 |
| Ændringer i andre langfristede aktiver | - | -2.905 |
| CASH FLOW FRA FINANSIELLE AKTIVITETER | 0 | 13.095 |
| NET CASH FLOW FOR PERIODEN | -4.999 | 11.898 |
| DKK Tusinde | H1 2021 | H1 2020 |
| Likvider i starten af året | 8.759 | 1.280 |
| Trukne kreditfaciliteter i starten af året | - | -197 |
| Netto pengestrøm | -4.999 | 11.898 |
| Valutareguleringer | - | - |
| Likvider ved udgangen af perioden | 3.760 | 12.981 |
- Net cash flow for perioden H1 2021 er formindsket (sammenligning med samme periode sidste år), grundet øget lageropbygning.
FOM
TECHNOLOGIES
BALANCE OPGØRELSE
FINANSIEL RAPPORT H1 2021 [Januar 1 - Juni 30, 2021]
Denne rapport er ikke revideret.
| DKK Tusinde
AKTIVER | H1 2021 | H1 2020 |
| --- | --- | --- |
| Datterselskaber | 41 | 41 |
| Immatrielle aktiver | 119 | 0 |
| Materielle aktiver | 108 | 106 |
| Depositum | 63 | 62 |
| IKKE OMSÆTNINGSAKTIVER | 331 | 209 |
| OMSÆTNINGSAKTIVER | 13.389 | 18.170 |
| | | |
| AKTIVER I ALT | 13.720 | 18.379 |
| DKK Tusinde
PASSIVER | H1 2021 | H1 2020 |
| --- | --- | --- |
| Aktie kapital | 11.829 | 741 |
| Kapital forhøjelse | 0 | 15.815 |
| Indtjening fra tidligere år | 0 | 3.956 |
| Omkostninger ved kapitalforhøjelse | 0 | -2.905 |
| Indtjening fra i år | -1.106 | -1.678 |
| EGENKAPITAL | 10.723 | 15.929 |
| Kortfristede forpligtelser | 1.918 | 1.410 |
| Moms + anden gæld | 1.079 | 1.040 |
| Langfristede forpligtelser | 0 | 0 |
| ØVRIGE PASSIVER | 2.997 | 2.450 |
| | | |
| PASSIVER I ALT | 13.720 | 18.379 |
- Selskabets Balance udgør DKK 13.720 Tusinde per juni 30, 2021.
FOM
TECHNOLOGIES
EGENKAPITAL OPGØRELSE
FINANSIEL RAPPORT H1 2021 [Januar 1 - Juni 30, 2021]
Denne rapport er ikke revideret.
| DKK Tusinde | Aktiekapital | Overkurs | Reserver | Overført resultat | Egenkapital |
|---|---|---|---|---|---|
| Aktiekapital Januar 1, 2021 | 742 | - | - | 11.087 | 11.829 |
| Kapital forhøjelse | - | - | - | - | - |
| Omkostninger til kapitalforhøjelse | - | - | - | - | - |
| Overført til reserver | - | - | - | - | - |
| Kursreguleringer | - | - | - | - | - |
| Periodens resultat | - | - | - | -1.106 | -1.106 |
| EGENKAPITAL JUNI 30, 2021 | 742 | 0 | 0 | 9.981 | 10.723 |
- Selskabets Egenkapital udgør DKK 10.723 Tusinde per juni 30, 2021.
FOM
TECHNOLOGIES
LEDELSESPÅTEGNING
FINANSIEL RAPPORT H1 2021 [Januar 1 - Juni 30, 2021]
Denne report er ikke revideret.
Bestyrelsen og direktionen har i dag behandlet og godkendt delårsregnskabet for FOM Technologies A/S for det første halvår af 2021. Delårsrapporten er ikke blevet revideret eller gennemgået af selskabets uafhængige revisorer.
Delårsrapporten for de første seks måneder af 2021 er udarbejdet i overensstemmelse med årsregnskabsloven for regnskabsklasse B med mulighed for visse principper for regnskabsklasse C og yderligere oplysningskrav for virksomheder optaget til handel på Nasdaq First North Growth Market - Denmark. Den anvendte regnskabspraksis er i overensstemmelse med den, der anvendes i årsrapporten 2020.
Efter vores opfattelse er den anvendte regnskabspraksis hensigtsmæssig, således at delårsrapporten giver et retvisende billede af virksomhedens aktiver, passiver, likviditet og finansielle stilling pr. den 30. juni 2021. Desuden er der efter vores opfattelse givet et retvisende billede af udviklingen i aktiviteterne, den økonomiske situation, det økonomiske resultat for perioden og virksomhedens økonomiske stilling.
Risici og usikkerheder er ikke ændret i forhold til de områder, der er nævnt i selskabsbeskrivelsen udarbejdet i forbindelse med FOM Technologies notering på Nasdaq First North Growth Market - Denmark. Denne rapport og årsrapporten for 2020 er tilgængelige på: www.fomtechnologies.com/investor
København den 30. august 2021
DIREKTION
Michael Stadi
CEO
Martin Kiener
Founder og Head of Sales
BESTYRELSE
Helge Holm-Larsen
Bestyrelsesformand
Søren Ulstrup
Andreas Nielsen
Karina Rothoff Brix
Karsten Winther