QUARTERLY REPORT Q1 2016 Wroclaw, 05/12/2016
Transkrypt
QUARTERLY REPORT Q1 2016 Wroclaw, 05/12/2016
pilab.pl QUARTERLYREPORT Q12016 Wroclaw,05/12/2016 PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony pilab.pl THEMANAGEMENTBOARD`SLETTER DearShareholders, Wepresentthisreporttosummarizethefirstthreemonthsofthecurrentyear.InQ12016,wefocused onstrategicobjectivesforthisstageoftheCompany’sdevelopment:beginningandscalingsalesinPolandand, atthesametime,reviewingthetechnologyfitfortheU.S.market,inordertocreateascale-readysolutionand acquirefirst,referenceimplementations. RelativetothesalesinPoland,therearetwokeyparameterstomeasureourprogress:bookingsandthefigures presentedinthesalesfunnel.Inthecaseofactivitieswhichhaveyettotransformintoincome,anindicatoris thenumberofqualifiedprojects.InQ12016,thenumberofcustomerswhoconfirmedtheirdesiretopurchase oursystemandhaveanavailablebudgetincreasedfrom13to20.Thelengthofthesalescycleintheenterprise sector(banking,insurancecompaniesandothercorporations)rangesbetween6and18monthsfromthepoint ofbeingapprovedonthevendorlist.Thisindicatesthatapartfromeffortsinbuildingthesalesfunnel,itisalso veryimportantforPilab’steamtoshortenthesalesprocessoridentifypossibilitiesforimplementingaso-called fast-tracksale.Weintroducedaspecialofferfortrendsettersinparticularsectors,whoarewillingtoimplement a project quickly and, thus, stand out among their competitors. Such fast-track implementation is also connectedwithcommitmenttopubliclyannouncetheresults. Lastyear’ssalesofDataWalk(newnameofPilab’ssystem)incustomerenvironmentsgenerated quantifiable benefitsandanattractivereturnoninvestment.Wesawanincreaseinvolumesofsupporteddata,forexample, oneofourcustomersprocesses1,5billionobjectsandovertenbillionconnectionsandsignificantdatagrowth despite deploying modest server. Soon, we hope to show the details of this implementation in a specially preparedcasestudytobepresentedinthemedia. In the U.S., we had discussions with over 35 prospects in our target markets. The feedback enabled us to develop key functionality for the front-end of the system. The speed and the quality of the demonstrated featureswerereceivedwithenthusiasmbyprospectsduringthenextroundsofmeetings.SameasinPoland, the process of obtaining authorization for a pilot implementation takes many quarters. What is important, duringinteractionswithcustomers,welearnedaboutstrengthsandweaknessesofarelativelysmallnumberof competitorsinthemarketforlinkanalysis;thisdataispositiveforus1.Itisalsoworthnotingthatwecurrently use only 25% of our engine’s capabilities - the remaining potential is yet to be utilized by new front-end functionality. An additional factor that affects obtaining the status of certified supplier and access to the data of US prospects,isperceptionofourcommitmenttotheAmericanmarket.Inresponsetocustomerinput,westarted theprocessofcreatingafullyownedsubsidiary.Theseactionsaremeanttoaimedatindicatingstabilityand permanent involvement in the American market, especially with reference to building an image as a professionalsupplierofsystemsusedinsensitiveareas(frauddetection,anti-moneylaundering).Pilab’ssystem intheUSwillbethenameofthesubsidiary:DataWalkInc.TheformalizationoftheUScompanyiscoordinated withadvisorsonbothsidesoftheOceanrelativetolegal,taxandorganizationalaspects. 1 ReadmoreaboutcostsandchallengesreportedtobeconnectedwithPalantirimplementations. PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony pilab.pl In terms of financials, despite execution of intensive investments, Pilab SA holds 19 million PLN in financial means, which is projected to give us about 2 years of runway for the present stage of the Company’s development. WeinviteyoutovisitPilab’sheadquartersinWroclaw. Withbestregards, PawełWieczyński CEO PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony pilab.pl 1. BASICINFORMATIONABOUTPiLabSA CompanyName: PiLabSA CompanyAddress: ul.Rzeźnicza32-33,50-130Wrocław Phone: +48717072174 Fax: +48717072273 E-mail: [email protected] www: www.pilab.pl Source:Company 2. TIMELINE Source:Company PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony pilab.pl 3. FINANCIALDATA BalanceSheetfortheperiod01/01/2016to31/03/2016withcomparativeresults ASSETS 31.03.2016PLN 31.03.2016USD 31.03.2016EUR 31.03.2015PLN 31.03.2015USD 31.03.2015EUR A FixedAssets 1412800.38 375844.74 330990.62 660859.39 173340.17 161618.83 I. Intangibleassets 1260374.94 335295.28 295280.42 505343.75 132549.18 123586.15 II. Tangiblefixedassets 152425.44 40549.4735710.21 155515.64 40790.99 38032.68 III. Long-termreceivables IV. Long-terminvestments V. Long-termprepayments B CurrentAssets I. Inventory - - - - - - - - - - - - - - - - - - 21890197.20 5823409.74 5128431.54 2040802.48 535292.45 499095.74 - - - - - - II. Short-termreceivables 1977282.66 526012.94 463237.43 923898.68 242334.08 225947.34 III. Short-terminvestments 19890316.62 5291385.11 4659899.87 1099279.54 288335.62 268838.23 IV. Short-termprepayments 22597.926011.685294.2417624.264622.764310.16 23302997.58 6199254.48 5459422.17 2701661.87 708632.62 660714.57 TOTALASSETS LIABILITIES 31.03.2016PLN 31.03.2016USD 31.03.2016EUR 31.03.2015PLN 31.03.2015USD 31.03.2015EUR A Equity 22509986.22 5988291.09 5273635.61 2097489.89 550161.28 512959.13 I. Sharecapital 300550.00 79954.7870412.80 200700.00 52642.62 49082.91 II. Calledupsharecapital (negativevalue) - - - - - - III. Ownshares(negative value) - - - - - - IV. Suplementarycapital V. Revaluationreserve VI. Otherreservecapitals VII. Previousyears’profit (loss) VIII. Netprofit(loss) 32988203.98 8775792.49 7728470.62 7516464.17 1971531.59 1838215.74 - - - - - - - - - - -9594997.38 -2552539.87 -2247914.30 -4231470.31 -1109893.85 -1034842.34 -1183770.38 -314916.30 -277333.52 -1388203.97 -364119.07 -339497.18 IX. Write-offonnetprofit duringthefinancialyear (negativevalue) B LiabilitiesandProvisions ForLiabilities I. Provisionsforliabilities II. Long-termliabilities 20479.785448.204798.0057286.6815026.01 14009.95 III. Short-termliabilities 772531.58 205515.18 180988.56 546885.30 143445.32 133745.49 IV. Accruals&Deffered Income TOTALEQUITY& LIABILITIES - - - - - - 793011.36 210963.38 185786.56 604171.98 158471.34 147755.44 - - - - - - - - - - - - 23302997.58 6199254.48 5459422.17 2701661.87 708632.62 660714.57 PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony - - pilab.pl Source:Company Profitandlossaccountfortheperiod01/01/2016to31/03/2016withcomparativeresults PROFITANDLOSSACCOUNT 31.03.2016 31.03.2016 31.03.2016 31.03.2015 31.03.2015 31.03.2015 PLN USD EUR PLN USD EUR A Revenuesfromsales 304185.42 76940.79 69764.10 76412.15 20524.90 18212.45 I. Salesofproductsand services 304185.42 76940.79 69764.10 76412.15 20524.90 18212.45 II. Changeinworkinprogress III. Intercompanysales IV. Salesofgoodsandmaterials B Operatingcosts 1542253.78 390098.34 353711.71 1463919.75 393220.27 348917.85 I. Depreciation 45714.55 11563.06 10484.51 69197.01 18586.86 16492.76 II. Materials&energy 41538.69 10506.81 9526.79 74802.12 20092.43 17828.71 III. Costofservices 753575.30 190609.66 172830.44 717644.03 192764.79 171046.82 IV. Taxesandfees 6038.011527.261384.80 10701.282874.45 2550.60 V. Salaries 597775.32 151201.55 137098.14 348570.49 93628.75 83080.01 VI. Benefits 61843.55 15642.73 14183.65 48001.99 12893.71 11441.03 VII. Othercosts - - - - - - - - - - - - - - - 35768.369047.268203.38 195002.83 52379.28 46477.94 VIII. Costofgoodsandmaterials sold - - - C Profit/Lossonsales(A-B) -1238068.36 -313157.55 -283947.61 -1387507.60 -372695.37 -330705.41 D Otheroperatingincomes 22822.765772.805234.346292.841690.31 1499.87 I. Profitonsaleoffixedassets II. Subsides 22400.005665.875137.386289.761689.48 1499.13 III. Otheroperatingincomes 422.76106.93 E Otheroperatingcosts 28499.447208.666536.27 12564.393374.89 2994.66 I. Lossonsaleoffixedassets II. Actualizationoffixedassets III. Otheroperatingcosts 28499.447208.666536.27 12564.393374.89 2994.66 F Profit/Lossonactivity(C+D -E) -1243745.04 -314593.41 -285249.54 -1393779.15 -374379.96 -332200.20 G Financialincomes 75086.97 18992.53 17220.99 10234.182748.98 2439.26 I. Dividends II. Interestincomes 61338.41 15514.96 14067.80 1739.99467.37414.72 III. Profitonsoldinvestments 605.48153.15138.87 IV. Actualizationofinvestments 13143.083324.423014.33 V. Other - - - 96.96 - - - - - - - - - - - - - - - 3.08 0.83 0.73 - - - - - - - - - - - - - - - 8494.192281.61 2024.55 - - - PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony - - - pilab.pl H Financialcosts 15112.313822.513465.974659.001251.44 1110.45 I. Interestexpenses 3343.19845.63766.754659.001251.44 1110.45 II. Lossonsoldinvestments III. Actualizationofinvestments IV. Other 11769.122976.892699.22 I. Profit/Lossontotalactivity (F+G-H) -1183770.38 -299423.39 -271494.51 -1388203.97 -372882.42 -330871.38 J Resultonextraordinary incidents(J.I.-J.II.) I. Extraordinarygains II. Extraoridinarylosses K GrossProfit/Loss(I+/-J) L Incometax - - - - - - M Otherstatutory appropriationsoftheprofit - - - - - - N NetProfit/Loss(K-L-M) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -1183770.38 -299423.39 -271494.51 -1388203.97 -372882.42 -330871.38 -1183770.38 -299423.39 -271494.51 -1388203.97 -372882.42 -330871.38 Source:Company Cashflowfortheperiod01/01/2016to31/03/2016withcomparativeresults 2016-03-31 2016-03-31 2016-03-31 2015-03-31 2015-03-31 2015-03-31 CASHFLOW PLN USD Euro PLN USD Euro A.Cashflowsfromoperatingactivities I. Netprofit(loss) II. Totaladjustments III. -1183770.38 -299423.39 -271494.51 -1388203.97 -372882.42-330871.38 Inflows Netcashflowsfrom investmentactivities(I-II) Inflows II. Outflows 150000.00 37941.06 34402.09 - - - 3127812.15 791150.16 717355.20 24128.676481.155750.95 -2977812.15 -753209.09 -682953.11 -24128.67-6481.15-5750.95 C.Cashflowsfromfinancialactivities I. Netcashflowsfrom -1591846.41 -402642.32 -365085.64 -1361651.10 -365750.11 -324542.64 operatingactivities(I+/-II) II. Outflows III. -408076.03 -103218.93 -93591.13 26552.877132.316328.74 B.Cashflowsfrominvestmentactivities I. 173395.23 46575.31 41327.87 - - - 13790.883488.273162.9019886.815341.754739.92 III. Netcashflowsfrom financialactivities(I-II) -13790.88 -3488.27 -3162.90 153508.42 41233.56 36587.95 D. Totalnetcashflows(A.III. +/-B.III+/-C.III) -4583449.44 -1159339.68 -1051201.65 -1232271.35 -330997.70 -293705.63 E. Balancesheetchangein cash,including: -4583449.44 -1159339.68 -1051201.65 -1232271.35 -330997.70 -293705.63 F. Cashopeningbalance 21909497.77 5541797.84 5024883.67 2331550.89 626272.77 555713.34 PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony pilab.pl G. Closingbalanceofcash (F+/-D),including: 17326048.33 4382458.16 3973682.02 1099279.54 295275.07 262007.71 Source:Company Statementofchangesinshareequity(funds)fortheperiod01/01/2016to31/03/2016withcomparative results Statementofchangesinshare equity(funds) 31.03.2016 31.03.2016 31.03.2016 31.03.2015 31.03.2015 31.03.2015 PLN USD Euro PLN USD Euro I. Openingbalanceofequity 23914349.636048905.945484690.98 3343033.27897964.83 796795.04 I.a. Openingbalanceofequity afteradjustments 23914349.636048905.945484690.98 3343033.27897964.83 796795.04 II. Closingbalanceofequity 22509986.225693685.655162604.06 2097489.89563402.16 499926.09 Equityincludingproposed III. profitdistribution(loss coverage) 22509986.225693685.655162604.06 2097489.89563402.16 499926.09 Source:Company 4. THE MANAGEMENT BOARD’S COMMENTS ON FACTORS AND EVENTS THAT AFFECT THE ACHIEVED FINANCIALRESULTS CompanyiscontinuingtheeffortstobuildupsalesinPolandandexecutemarkettestingprocessinU.S. Costswillremainatsimilarlevelstocurrentvaluesduringnextmonths,withslightincreaseafterinception ofU.S.subsidiary.GrowthofrevenueswillresultfromEuropeansalesandrevenuesinUScanbeexpected atsoonestclosetotheendofthemarkettestingprocess. PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony pilab.pl 5. NOTESTOFINANCIALDATA Thefollowingexchangerateswereapplied: EUR: from to 01.01.2015 31.03.2015 01.01.2015 31.03.2016 forBalanceSheet statement calculations 4.0890 4.2684 forprofitandlossaccount forcashflow 4.1956 4.3602 4.1956 4.3602 Source:NBP USD: from to 01.01.2015 31.03.2015 01.01.2015 31.03.2016 forBalanceSheet statement calculations 3.8125 3.7590 forprofitandlossaccount forcashflow 3.7229 3.9535 3.7229 3.9535 Source:NBP BalanceSheetapplicableexchangeraterepresentstheexchangerateasofthelastdayofthemonthending therelevantperiod. ProfitandlossaccountandCashflowexchangeraterepresentstheaverageofexchangerateseffectiveonthe lastdayofeachmonthwithintherelevantperiod. PiLabSpółkaAkcyjna ul.Rzeźnicza32-33,50-130Wrocław|KRS:0000405409,NIP:894-303-43-18,REGON:021737247|Sądrejestrowy:SądRejonowydla Wrocławia-FabrycznejweWrocławiu|VIWydziałGospodarczyKRS|Kapitałzakładowy:300.550,00złwcałościwpłacony