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Hierbij derhalve aanvullend en "for the record" alsnog de Q-1 press release van TIE over Q-1 2016 dd. 17 februari 2016 ;
02/17/2016 | 08:38am CET
Interim Management Statement Q1, 2016
Breukelen, the Netherlands, February 17th, 2016
TIE KINETIX: Profitable operations and strong order intake
TIE Kinetix N.V. ('TIE') operational performance in the first quarter of 2016 (Oct. 1 - Dec. 31, 2015) generated a profitability of EBIT € 196k (2015: € 20k). EU Development projects generated an EBIT of € -152k (2015: € -106k) bringing TIE's total profitability to EBIT € 44k (2015: € -85k).
For Q1 TIE reports:
• Revenue of € 5.361k (Q1, 2015: € 5.094k).
• EBITDA of € 350k (Q1, 2015: € 164k).
• EBIT of € 44k (Q1, 2015: € -85k).
Table 1: Operational performance
Table 2: EU Projects and total performance
Operating Expenses Q1, 2016
In Q1, 2016 employee expenses (wages- and salaries) are €34k below Q1, 2015. However, due to lower capitalization of software development (€ 231k lower) in Q1, 2016 the employee expenses recorded in the P&L are higher than Q1, 2015.
Order Intake Q1, 2016
In Q1, 2016 Order Intake amounted to € 3.7 million (Q1, 2015: € 2.8 million), including € 2.4 million of new services to existing and new clients. The remaining Order Intake of € 1.3 million consists of customer contract renewals.
Status EU Projects / EC claim
EU Projects generated an EBITDA of € -152k (Q1, 2015: € -106k), including indirect costs and overhead charges of € 75k.
As at December 31, 2015 the EC had collected an amount of € 570k from their initial claim of € 705k. The remainder, an amount of € 135k, may be expected to be offset against subsidies requested by TIE Kinetix for the projects TIE Kinetix still participated in. TIE Kinetix has not yet received any further claims following its extrapolation of audit findings sent to the EC on July 15th, 2015. In order to take a next step in further resolution of this process TIE Kinetix reached agreement with its guarantor for a second, and hopefully last, draw down under the guarantee agreement, aiming to (1) complete the initial draw down, and (2) to complete the issuance of shares for the agreed guarantee fee of €300k, and (3) to obtain funding for earlier reported additional damages following the July 15th extrapolation of audit findings.
In line with the agreement with its guarantor TIE Kinetix has issued 170.536 new shares to cover EU damages:
• 15.397 shares to complete the initial emission dated March 31, 2015;
• 49.100 shares as agreed guarantee fee;
• 106.039 shares for expected remaining EU Project damage costs and costs of support.
In return for the shares issued TIE Kinetix has received a total amount of € 652.976 on December 30, 2015.
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