Interim Group Management Report
of InVision AG as of 30 June 2022 pursuant to §315 of the German Commercial Code (condensed/unaudited)
Results of operation
At the end of the first half-year of 2022 the injixo ARR increased by 39 percent to TEUR 7,752 (previous year: TEUR 5,570). Consolidated revenues increased by 5 percent to TEUR 7,092 in the reporting period (previous year: TEUR 6,768). Personnel expenses went up by 29 percent to TEUR 6,323 in the reporting period (previous year: TEUR 4,903). Other operating expenses increased by 32 percent to TEUR 1,963 in the reporting period (previous year: TEUR 1,487). The operating result (EBIT) decreased in the reporting period to TEUR -1.520 (previous year: TEUR 33). The EBIT margin in the first half of the year was -21 percent (previous year: 0 percent). In the reporting period, the consolidated result equalled TEUR -1.935 (previous year: TEUR -327). Earnings per share were EUR -0.87 (previous year: EUR -0.16), based on an average of 2,235,000 shares (previous year: 2,235,000 shares).
Net assets and financial position
Cash flow from operating activities reached TEUR 1,155 in the reporting period (previous year: TEUR 1,591), which corresponds to a share of 16 percent of the Group revenues (previous year: 24 percent). As of the end of the reporting period, liquid funds (cash) increased to TEUR 10,305 (31 December 2021: TEUR 6,338). The balance sheet total equalled TEUR 23,378 (31 December 2021: TEUR 19,988), as of the end of the reporting period. Equity capital is now at TEUR 10,013 (31 December 2021: TEUR 11,870), and the equity ratio equals 43 percent (31 December 2021: 59 percent).
Opportunities & risks
Reasonable opportunities for the business development of the InVision Group are described in the forecast report of this interim Group management report and in the Group management report of the previous fiscal year. The risks are described in the Group management report for the previous fiscal year.
After the end of the reporting period, there were no specific events which were of significant importance for the interim financial report.
In addition to the forecast published in the Group management report as of 31 December 2021, we expect group revenues of EUR 14 million to EUR 14.5 million for the 2022 fiscal year (previously: above prior-year level) and an EBIT of minus EUR 3.5 million to minus EUR 4 million (previously: up to minus EUR 5 million). Due to increased forecast uncertainty, we are currently unable to confirm the originally announced growth of the injixo ARR of at least 40 percent. We expect to be able to make a sufficiently reliable forecast of the injixo ARR for the end of the year with the publication of the 9-month report 2022.
For the following years, we continue to expect a sustainable growth of the injixo ARR at a high level and a successive improvement in EBIT. In 2025, we still project total revenues of EUR 50 million and an EBIT margin of 25 percent.
We also continue to reserve the right to review options for a capital increase for further growth financing in the course of 2022.
Düsseldorf, 25 August 2022
The Executive Board