GeoJunxion (GOJXN.AS) is pleased to publish its 2021-22 Annual
Accounts for the year ending 30 June 2022, showing significant
improvements in all financial KPIs, including positive cash-flow.
Capelle aan
den IJssel, The
Netherlands – 27
October 2022 –
GeoJunxion (GOJXN.AS)
publishes its
2021-22 Annual Accounts
for the
12-months
accounting year ending 30 June
2022, showing significant
improvements in all financial KPIs, including positive
cash-flow.
We are pleased to present the GeoJunxion Annual
Report for the accounting year 2021-22. It covers the 12-months
period from 1 July 2021 to 30 June 2022. We remark that comparative
financials for the past accounting year 2020-21 relate to the
18-months period from 1 January 2020 to 30 June 2021.
A full copy of the GeoJunxion Annual Report
2021/22 is attached to this press release and can be found on the
company’s website www.geojunxion.com, under the Investor Relations
and Financial News sections.
The 2021-22 accounting year was, once again, an
eventful period during which the company continued its
transformation and turnaround. For the third year in a row, we
realized a substantial top line growth, while slightly reducing
operating expenses, on a like for like basis. We also achieved
Cash-Flow positive, as well as significant improvements on all the
other financial KPIs. This is even more remarkable, because it was
achieved during a time still impacted by the COVID-19 pandemic and
increasing concerns about the global economy due to the
ramifications of the war in Ukraine with high energy prices and
increased inflation.
A summary of the key financials is provided in
the table below:
Due to the change in the period of the
accounting year 2020-21 (to 18 months), it is more difficult to
analyze and compare the financials of the accounting year 2021-22
with the previous accounting years. As already remarked, the
current accounting year covers the period from 1 July 2021 to 30
June 2022 (12 months), while the previous accounting year 2020-21
covers the period from 1 January 2020 to 30 June 2021 (18 months).
Additionally, the accounting year 2019 was based on a 12-month
period but from 1 January 2019 to 31 December 2019. To enable
easier comparison, we also include below the income statement for
the current accounting year and the pro-forma income statement for
the two previous years, covering the same 12-months period from 1
July to 30 June the following year. This enables a clearer view of
the revenue growth and significant improvements in all financial
KPIs, comparing the same period.
Revenue increased year-over-year by 40% to
€2.371.000 in 2021-22 compared to €1.698.000 in the same period in
2020-21. It is very encouraging to highlight that this growth
is not only due to non-recurring service revenue, but also the
recurring service revenue increased substantially year-over-year
(+72%) and recurring licenses remained essentially stable compared
with the previous year.
Costs for maps and data increased by 20,8%
compared to the 12-months period of the prior year. These costs are
related to content purchased to maintain and enrich the database
and to hosting cost for delivering our data solutions via the
cloud.
Personnel expenses decreased in 2021-22, showing
a 3% saving compared to the same period in 2020-21 despite a 40%
higher revenue. The main drivers for this are a reduction in
certain management roles in February 2022 and lower use of
outsourced resources in the Netherlands and India during the second
half of the accounting year.
The depreciation cost on tangible fixed assets
remained nearly flat year over year while amortization costs on
intangible assets slightly increased. This increase is due to
higher capitalized development costs and the amortization of these
assets. Capitalized development costs are currently amortized over
a period of 7 years, while before 2018, they were amortized over a
longer period (15 to 20 years). Note that the book value of the
database is subject to impairment testing. This means that
the book value is compared to the value in use for the company. Per
30 June 2022, an impairment test was executed. This did not show a
requirement for any additional impairment loss.
Other operating expenses decreased more than 13%
compared to the same period in 2020-21. This is the result of
the implementation of a strict spending review, cost control
measures, integration of tools and simplification of the group
structure.
Total Operating Expenses showed a reduction of
3% and Net Operating Expenses showed a reduction of 7% compared
with the previous 12-months period. This confirms the general
positive mood in which the company is operating today, capable of
“delivering more with less”.
Operating Result, despite still negative, shows
an improvement of 63%, while the Net Loss was reduced by 46%,
compared with the previous year.
The net cash flow from operating activities in
2021-22 amounted to a positive cash inflow of €131.000 compared to
cash outflow of €1.035.000 in the same period in 2020-21. This is
primarily due to the significant improvement in the operating
result and more favorable invoicing and collection terms negotiated
with our customers and suppliers. During the accounting year
2021-22 there were no financing transactions, while, during the
2020-21 12-months period, a private placement was completed in
December 2020, raising €825.000 in equity funding.
As an independent player, GeoJunxion focuses on
creating “map agnostic” products, i.e., designed to be fully
integrated into any commercial and open-source brand of maps or
utilized in developing smart solutions for a large variety of use
cases in different industries and market sectors.
GeoJunxion activities are directed towards
establishing long-term relationships with its customers, through
the creation of a recurring business model rather than one-off
projects or transactions. Although the relationship may start with
a proof-of-concept or a one-off project, most of our high value
datasets require frequent and continuous updates to maintain or
increase their value. As a result, the one-off project or
proof-of-concept is often only a first step, followed by a
recurring service or a license contract. As a result, converting
the initial, one-off project into a recurring, predictable and
sustainable revenue stream. In most cases, GeoJunxion also retains
the IP and ownership of the newly developed datasets which can then
be resold to other customers, thereby leveraging the initial
investment and converting it into a virtuous business
cycle.
The GeoJunxion mission remains focused on
improving road safety and contributing to a more sustainable world,
reducing the environmental impact through intelligent solutions
which enable more environmentally conscious decisions.
GeoJunxion has valued diversity, integration and
investment in social responsibility for years. We are committed to
offering our daily contribution towards a better and more
sustainable work environment. For this reason, the company has
applied for PSO certification in 2020. PSO is the Dutch
abbreviation for “Prestatieladder Socialer Ondernemen”, Performance
ladder Social Entrepreneurship. In July 2022 we achieved
Level 2 PSO certification, as one of the first publicly listed
organizations in the Netherlands.
FINANCIAL
OUTLOOK
Looking at the future, despite the general
uncertainty pictured by the European Central Bank, GeoJunxion
expects to see its top line to continue growing by 25 to 30% year
over year. This expectation is built on orders booked in the first
quarter of 2022-23 and a solid pipeline of opportunities. As
a result of inflationary pressure and growing staff costs to
deliver the projects, we expect our cost base to increase by 5 to
10%. GeoJunxion is reasonably confident to convert the
above-mentioned guidance into positive EBITDA and EBIT close to
break-even. On this basis, cash flow is, once again, expected to be
positive for the accounting year 2022-23.
FORWARD-LOOKING STATEMENTS / IMPORTANT
NOTICE
This document contains certain forward-looking
statements with respect to the financial position and results of
GeoJunxion. We have based these forward-looking statements on our
current expectations and projections about future events. This
includes assumptions regarding our present and future business
strategies, operations, and the environment in which we will
operate in the future. These forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements, and you should not place undue reliance on them.
Many of these risks and uncertainties relate to
factors that are beyond the company’s ability to control or
estimate precisely, such as timing of placement of orders of our
customers, exchange-rate and interest-rate fluctuations, labor and
other cost inflation, changes in tax rates, regulatory and legal
changes, the rate of technological change, the competitive
landscape, political developments in countries in which the company
operates and the risk of a slowdown in the market.
The forward-looking statements contained herein
speak only as of the date they are made. We do not assume any
obligation to update any public information or forward-looking
statement in this document to reflect events or circumstances after
the date of this document, except as may be required by applicable
laws.
Signed by The Management BoardThe Supervisory
Board
This is a public announcement by GeoJunxion N.V., pursuant to
article 17, paragraph 1 of the European Market Abuse Regulation
(596/2014). This public announcement does not constitute an offer,
or solicitation of an offer, to buy or offer securities in
GeoJunxion N.V.
Ends
About GeoJunxion
GeoJunxion is the crossroads where fundamental,
location-aware content connects with superior, customised
intelligence and highly focused innovations to empower exceptional
experiences. With an emphasis on safety and sustainability, we are
constantly expanding our portfolio to meet the demands of a diverse
and fast-evolving market. Building on decades of experience in
mapping, the company focuses on high value, dynamic content and
building environmentally conscious applications, which enrich
safety in everyday life. With location-aware content at our core,
we know where our strengths lie and have the know-how and
technology needed to offer unrivalled, intelligent products and
services.
GeoJunxion NV is listed on the regulated market
of Euronext Amsterdam, under the symbol
GOJXN.AS.
GeoJunxion Press Contact
Tel: +31 (0)10 885
1200
Email:
info@geojunxion.com
- 221027 Press Release - Annual Accounts 2021-22 - GeoJunxion NV
- EN
- GOJXN_Annual_Report_Geojunxion_2021-22
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