Kort gennemgang af Fingerprints Q4 regnskab:
Plusser:
– Godkendt udvikling i salg og lønsomhed, lidt ringere end Q3, men normal sæsonvariation, hvor Q4 typisk har været lidt svagere end Q3
– Forbedret lønsomhed i første halvår 2019, som følge af lavere produktionsomkostninger, jvf. ledelsesberetning.
– Fuld helårseffekt af spareprogrammer gennemført i 2018.
Minusser:
– Q1 er normalt et svagt kvartal
– Negativ påvirkning af Q1 2019 af svære markedsvilkår
– Mobiloperatører melder om svagere økonomiske resultater
– Mobilkunder skifter sjældnere deres mobiltelefon
Konklusion:
Vi ser kortsigtet tilbagefald i aktien, da resultat kun lige er godkendt, hvorved nogle af de kortsigtede investorer vil hjemtage tidligere opnåede gevinster. Tilbagefald kan dog anvendes som en købsmulighed, da vi ser en underliggende langsigtet god udvikling i selskabets markeder, innovationsevne og omkostningsprogrammer.
——————————
Uddrag fra regnskab:
Trend in operating profit
Gross profit for the fourth quarter was SEK 88.2 M (130.1) and the gross margin was 21
percent (21). The introduction of the latest fingerprint sensor generation at our OEM
customers is in progress. This sensor has a lower production cost relative to the earlier
generation of sensors, yet its biometric performance remains high. Fingerprints expects that the positive impact on profitability of this sensor generation shift will be fully realized during the first half of 2019.(kursiveret af Red).
I expect the situation in the global mobile market to remain challenging, which will have an
impact on Fingerprints’ sales performance in the first quarter of 2019. Q1 is also generally a seasonally weak quarter. Several global mobile phone manufacturers have recently issued
warnings of poorer financial results due to the market situation. One of the key factors
behind the negative trend is that consumers are replacing their devices less frequently than
before.(kursiveret af red)
Resume fra Fingerprints Q4 rapport:
Highlights of the quarter
• Favorable volume trend for FPC1511, the fourth generation of capacitive sensors
• New areas outside capacitive sensors for mobile phones accounted for approximately 10 percent of sales,
both in the fourth quarter and for full-year 2018
• Net cash assets amounted to SEK 540.5 M at the end of the quarter, compared with SEK 454.9 M at the end
of 2017. Fingerprints is now debt-free.
• The consolidated equity/assets ratio amounted to 77 percent at the end of the period, compared with 66
percent at the end of 2017
• Cost reduction programs executed according to plan. OPEX reduced by two-thirds from highest 2017 level.
Fourth quarter of 2018
• Revenues totaled SEK 424.3 M (615.3)
• The gross margin was 21 percent (21)
• The operating result was negative SEK 25.5 M (neg: 40.6)
• Earnings per share before dilution amounted to a negative SEK 0.06 (neg: 0.05)
• Cash flow from operating activities was a negative SEK 26.1 M (neg: 1.7)
January – December 2018
• Revenues totaled SEK 1,535.1 M (2,966.0)
• The gross margin was 0 percent (33)
• The operating result was negative SEK 771.6 M (pos: 154.6)
• Earnings per share before dilution amounted to a negative SEK 2.01 (pos: 0.38)
• Cash flow from operating activities amounted to SEK 274.6 M (376.9)
• The Board proposes to the Annual General Meeting that no dividend be paid for the 2018 fiscal year
MWL har privat aktier i Fingerprint som en langsigtet position
