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TIE: Q4 Trading Update including Annual Results
.Ingezonden door Helen van der Corput op wo, 11/25/2009
TIE Holding N.V. (“TIE”) reports the following highlights with regard to the fiscal year 2009 (October 1, 2008 – September 30, 2009) and the 4th quarter 2009 (July 1, 2009 – September 30, 2009)
Business Results:
During the fourth Quarter 2009 Total Income amounts to € 2,802k (Q4_2008: 2,621k). Operating Income Q4 amounts to € 219k (Q4_2008: € 181k) and Net Income to € 266k (Q4_2008: € 5k).
Total Income for the year amounts to € 11,190k (2008: € 9,788k), Operating Income amounts to € 759k (2008: € -1,881k) and Net Income amounts to € 530k (2008: € -2,098k). The net cash flow from operating activities amounts to € 568k (2008: -€ 359k).
CEO Jan Sundelin said: “The Company has reported its highest yearly operating income of EUR 759k in its history while the growth in revenue for the year amounted to 14%. With the acquisition of the E-commerce company MamboFive, the TIE Kinetix platform has been completed. This robust software solution consists of Business Integration, Content Syndication and E-commerce platforms. In 2009 we signed strategic contracts with companies including Siemens, Microsoft, and WECARE4 in The Netherlands. Global sales and support activities, with Epicor and CNET have been augmented. We appointed sales directors in EMEA as well as Asia-Pacific to strengthen our global reach. Our 2010 focus will be to grow our existing business and to expand further our presence on a global scale by offering TIE Kinetix to customers worldwide, directly or through our strategic partners”.
Starting fiscal year 2009 and up to this moment, the Company reports the following highlights:
Customers/Products:
• October 7, 2008: TIE announces that Siemens Enterprise Communication GmbH has selected TIE Digital Channel Management solutions for global trial;
• October 28, 2008: TIE announces that Lekker van der Laan Dekker had selected TIE for E-invoicing and PIM; Unfortunately the company went bankrupt in February 2009.
• January 28, 2009: TIE announces that WECARE4 has selected TIE to implement TIE Kinetix for their European business integration;
• February 3, 2009: TIE announces that Voestalpine Railpro has selected TIE Kinetix Business Integration Platform for integration with its most important customers;
• March 27, 2009: TIE announces that the HI.nl webshop, using the TIE Kinetix E-commerce platform received two Graham Telecom Awards for the best telecom e-tailer;
• April 9, 2009: TIE announces that Siemens Enterprise Communication GmbH has selected TIE Kinetix Content Syndication Platform for global partner program;
• June 17, 2009: TIE and CNET Content Solutions announce Global partnership;
• June 24, 2009: TIE announces the release of the Business Integration SmartStart in the Netherlands;
• October 5, 2009: Jumbo Supermarkten lowers its EDI costs by using the Business Integration SmartStart and connects to Freeconnect;
• October 7, 2009: TIE and TIE Intertrade Systems announce new strategic alliance that includes the sale of the EDGE Desktop business in the US to Intertrade Systems Inc.;
• October 21, 2009: TIE announces the release of the new version of the Translator.
Acquisitions:
• October 22, 2008: TIE announces a tentative agreement to acquire MamboFive BV;
• November 11, 2008: TIE announces the purchase of the remaining 49.75% of the shares in TIE France SAS and therefore acquires 100% interest;
• December 22, 2008: TIE announces that it has acquired 51% of the shares in MamboFive BV;
• May 20, 2009: TIE announces that it has acquired an additional 24.5% of the shares of MamboFive B.V.; TIE now holds 75.5% of the shares in MamboFive B.V..
Operations:
• June 15, 2009: TIE announces that it has appointed Emile van de Klok to build the Company’s business in EMEA;
• August 4, 2009: TIE announces that it has appointed Stuart Drysdale to build Company’s business in Asia-Pacific and Japan.
Legal & Financial:
• November 10, 2008: TIE announces that it has settled its dispute with RetailConnect BV;
• February 23, 2009: TIE announces that it has placed new shares following the conversions of convertible bonds with a principle amount of EUR 325k in total;
• February 24, 2009: TIE announces that Management and staff of TIE have invested in the Company;
• June 19, 2009: TIE announces that it has placed new shares following the conversion of convertible bonds with a principle amount of EUR 710k in total;
• July 2, 2009 and July 8, 2009: TIE announced that the CEO Jan Sundelin has exercised 800,000 options in total;
• September 30, 2009, 2009: TIE announces that it shall place new shares following the conversion of a convertible bond with a principle amount of EUR 700k on October 1, 2009;
• October 14, 2009: TIE announces that it has obtained a credit facility and that Rabobank becomes the new banker of TIE;
• November 20, 2009: TIE announces that it is investigating a potential infringement on its Content Syndication Platform.
EU Projects:
• March 26, 2009: TIE announces the appointment of J.B. Sundelin, CEO of TIE, to the board of Nessi European research initiative;
• July 1, 2009: TIE announces its engagement in the EU Net Challenge project, which improves the SME competition position.
Financial and Cash Position:
During Q4 2009 the equity position of the Company was strengthened by EUR 80k as result of CEO Jan Sundelin exercising 800,000 options and the issue of a Convertible Bond amounting to EUR 40k.
Shareholders’ Equity amounts to € 2,417k on September 30, 2009 (€ 449k on September 30, 2008). Equity per September 30, 2009 amounts to € 4,078 k (€ 2,184k per September 30, 2008) including Convertible Bonds amounting to € 1,661 k (€ 1,735k per September 30, 2008).
TIE and Rabobank agreed on September 30, 2009 that Rabobank will become the new house bank for TIE. The agreement includes a credit facility of EUR 350k for TIE in the Netherlands as well as the set-up of a worldwide cashpool to optimize and streamline the cash flow from TIE’s operations.
On September 30, 2009 the Company held a positive cash and cash equivalents position of EUR 457k (September 30, 2008 EUR 1,088k) and has no bank debts (September 30, 2008 EUR 435k).
Acquisition MamboFive BV and TIE France SAS:
In contrast to the half year financial information published about the acquisition of MamboFive BV, the acquisition will be 100% as of its acquisition date.
In contrast to the half year financial information published about the acquisition of the remaining 49.75% of TIE France SAS, the acquisition is treated as an equity transaction.
The decision to make the above changes is a result of expert consultation on the interpretation of IFRS and IAS to the above matters and will be adopted in the annual accounts. The impact on the reported year to date Q3 result of the above is an adjustment of EUR 9k (lower result); the effect on Equity is a reclassification of EUR 40k from minority interest to Equity and adjustment of Equity by EUR 9k resulting from the adjustment above.
Annual Accounts:
The financial results of the Company are unaudited. The audit of the Company's Financial Statements will not be completed until the publication thereof in January 2010.
Pending Litigations:
Since December 2007 the Company has been involved in discussions and consequently in le