QUARTERLY REPORT Q1 2016 Wroclaw, 05/12/2016

Transkrypt

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.
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
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
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
-
-
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
-
-
-
-
-
-
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
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.
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.

QUARTERLY REPORT Q1 2016 Wroclaw, 05/12/2016

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