OPTION REPORTS FULL YEAR 2016 RESULTS
FINANCIAL INFORMATION – REGULATED INFORMATION – INSIDE INFORMATION
Leuven, Belgium – March 8, 2017 – Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), active in smart wireless M2M Solutions, today announced its unaudited results for the full fiscal year 2016 ended December 31, 2016. The financial information reported in this release is presented in Euros and has been prepared in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union. The accounting policies and methods of computation followed in the attached financial statements are the same as those followed in the most recent annual financial statements.
FINANCIAL HIGHLIGHTS OF THE FULL FISCAL YEAR 2016
- Innolumis Public Lighting BV and Public Lighting BV are not consolidated in Option’s financial statements. The sale is reported in discontinued operations.
- Total revenues for the year 2016 were EUR 4.3 million compared with EUR 4.7 million realized in 2015. CloudGate realized an increase of 86% in the second half of the year compared to the first half of the year and an increase of 61% compared to the second half of 2015. This as a result of a change in strategy. Revenues from embedded modules and devices are fading out and therefore decreased with EUR -0.9 million and revenues from engineering services increased with EUR 0.5 million.
- Gross margin for the year 2016 was 51.5 % on total revenues compared with a gross margin of 28.3 % in 2015. Excluding the write-off on inventories of EUR 440 thousand, the normalized gross margin would have reached 61.7 % in 2016 compared with a normalized gross margin of 46.1% in 2015.
- During 2016, the operating expenditure decreased with EUR 5.7 million from EUR 13.1 million in 2015 to EUR 7.4 million in 2016. This resulting from continuous cost reductions.
- The financial result decreased from EUR -2.3 million in 2015 to EUR -2.7 million in 2016, mainly as a result of interests due on the convertible bonds and the bridge funding.
- In 2016, EBIT amounted to EUR -5.1 million compared to EUR -11.8 million in 2015.
- The cash position decreased from EUR 4.1 million at the end of 2015 to EUR 0.8 million at the end of 2016. During 2016, the company received a bridge funding of EUR 2 million.
- The net result for the full year 2016 amounted to EUR -7.5 million or EUR -0.08 per basic and diluted share. This compares to a net result of EUR -14.1 million or EUR -0.15 per basic and diluted share during 2015.
- During 2016, 1,546,492 new shares were created as the result of the conversion of convertible bonds.
CORPORATE
On January 21, 2016 Option announced the acquisition of the shares of the Dutch LED lighting
companies Lemnis Lighting BV Public and Innolumis Public Lighting BV and merges the two
companies into a single commercial organization under the name Innolumis Public Lighting.
On November 22, 2016 Option announced the sale of Innolumis Public Lighting BV and Public Lighting BV.
On January 26, 2016, the Extraordinary Shareholder’s Meeting of the Company decided to renew
the authorized capital of the Company for a total amount of four million eight hundred forty four
thousand eight hundred two euro and seventy cent (EUR 4,844,802.70), both by means of
contribution in cash or in kind, within the limits imposed by the Belgian Code of Companies as well
as by conversion of reserves and issue premiums, with or without the issue of new shares, with or
without voting right, or trough the issue of convertible bonds, subordinated or not, or through the issue of warrants or of bonds to which warrants or other movables are linked, or of other securities, such as shares in the framework of a Stock Option Plan. Furthermore, to grant the board of directors special authority, in the event of a public take over bid for securities issued by the Company during a period of three (3) years, running from the Extraordinary Shareholders’ Meeting which has resolved on this authorization, to proceed with capital increases under the conditions foreseen by the Belgian Code of Companies. To authorize the board of directors, in the interest of the company, within the limits and in accordance with the conditions imposed by the Belgian Code of Companies, to limit or suspend the preferential rights of the shareholders, when a capital increase occurs within the limits of the authorized capital. This limitation or suspension may likewise occur for the benefit of one or more specified persons.
Furthermore, the Extraordinary Shareholder’s Meeting of the Company decided to grant 17,391,304
warrants to Danlaw Inc. for a total amount of 4 mio EUR, if exercised, this would increase the capital of the company with eight hundred sixty-nine thousand five hundred sixty five euro and twenty cent (EUR 869,565.20).
On April 28, 2016 Option secured a bridge loan of 2.0 mio granted by Mr Jan Callewaert to be called off in installments according to the needs of the Company.
Other corporate events and post balance sheet events will be published in a separate press release on the same date (8 March 2017).
For the entire press release, including tables, click on the link below.