GeoJunxion NV (ticker: GOJXN.AS) Formerly called AND International
Publishers NV (AND.AS) Releases 2020 Full Year Interim Financial
Report (Unaudited) and Trading Update
GeoJunxion grows the 2020 full year
topline by 46%, reduces the net loss by 68% YoY and announces the
completion of the sale of the AND.COM domain name for gross value
of Euro 175.000 in February.Covid-19 and the related
measures taken in the spring and again during the autumn to prevent
the spread of the Corona virus, have proven to be a significant
challenge for the global economy. The GeoJunxion team and our
underlying business have shown strong resilience: revenue increased
by 46% during the full 12 months of 2020 compared to the same
period in 2019. This is slightly above the lower end of the
guidance provided. The solid year over year growth is mainly due to
our success in winning and delivering new service projects,
supported by the moderate growth of our existing recurring
business. The direct impact of the anti-virus measures was felt
mostly in the data sales segment, where it has been difficult to
connect with key decision makers in the B2B market, thus hampering
our ability to win new customers and increase our market
share.
OPERATIONAL HIGHLIGHTS AND STRATEGY
UPDATE In the 4th quarter, we focused on releasing new
products to the market together with the launch of our new brand
GeoJunxion. Building on decades of mapping experience , GeoJunxion
is now focusing on high value, dynamic content that enrich
environmentally conscious applications and safety in everyday life.
With GeoJunxion, we are at the crossroads where fundamental, map
related content connects with customized, intelligent information
and highly focused innovations – in short: where location meets
intelligence.
Introducing the GeoJunxion brand in October
highlighted the turnaround and the recent success generating new
and sustainable revenue. It also conveys and underlines our
commitment to high quality location-aware content ready for
tomorrow’s 5G and IoT world.
In November and December, we focused on
evaluating applications of our high-alert-zone premium content into
several verticals such as leisure, automotive or health. Those
assessments received a positive feedback, confirming the foundation
of our strategy.
In line with that strategy and by joining forces
with the GeoHealthApp team, we developed a unique location-based
Health-Alert- Zone API. This API provides aggregated global
information about COVID-19 pandemic statistics and a unique health
exposure evaluation, down to local level. The health risk exposure
is compiled using COVID-19 official statistics with expected
exposure in up to 50 different types of locations (from shops, bars
and restaurants, parks, beaches etc.…), as well as the weather
forecast and footfall traffic which varies on a daily basis. This
results in a detailed risk assessment for areas as small as 100m2.
Our proprietary algorithm estimates local behavior based on this
local and dynamic data and then creates a health alert score for
each region and area. This information can be either accessed via
an API or displayed on a website using the GeoJunxion MapTiler
Technology.
In December, we announced our strategic alliance
with NavInfo Europe. NavInfo, has extensive experience in
developing robust AI solutions using Machine Learning and Computer
Vision. AI Business Solutions is a new offering from NavInfo to
provide customers with AI consultancy services over and above
NavInfo’s AI Solutions. In conjunction with NavInfo, we are
now able to offer AI solutions for Smart City Planning, Smart
Maintenance, and other areas. This initiative supports our
technological evolution and opens up new opportunities in projects
like the TalkingMaps® for example. We expect that alliance to
create unparalleled value for both companies in the coming
years.
In December, as the Covid-19 pandemic was still
progressing, we launched an extension of our Health Alert Zones
with a new COVID-19 Measures Polygons product. These polygons
provide general, comprehensive travel advice in the featured
countries, covering a wide variety of restrictions users may run
into daily, such as when taking public transportation to their
local stores or travelling across countries to visit family. This
way, users are always aware of the latest applicable COVID-19
measures, which they can view in real time in their location or
destination, whether it be local or international.
At the end of December, we successfully
completed a €825K private placement among existing and new
shareholders. The funds generated allow us to accelerate the
development of our premium location-aware content and services as
well as strengthen our sales activities. These investments will
help GeoJunxion to achieve key strategic objectives which, we
believe will create value for all stakeholders.
We are looking back to a year that was very
different than expected or planned. As a team, we managed to keep
operating without interruption during lockdowns and diverse
COVID-19 measures in the countries we operate in. The multiple
COVID-19 lockdowns and restrictions had a direct impact on tourism
and mobility in general. Our new products like Eco Alert Zones and
Outdoor Venue Plans are targeting mobility applications such as
route planners and last mile navigation. Despite the positive
response and high interest in our solutions, companies remain
prudent to invest in improving their mobility and tourism
experience. Those companies have limited visibility as to how and
when activities will pick up again. As a result, we have seen
slower than expected uptake in our services in Q4. This trend is
expected to continue during the first half of 2021. Despite those
market dynamics, we managed to grow our topline revenue by almost
50% year on year, while keeping our costs under control. Business
growth came from our ability to be very adaptable and responsive to
the needs of our long-standing customers as well as new
customers.
A big thank you to all our employees, customers,
shareholders, and contractors who made this achievement
possible!
FINANCIAL SUMMARY FULL YEAR 2020 RESULTS
VERSUS 2019
- Revenue for the full year 2020 is up by 46% to €1.555 K;
- Operating result improved by 72% to a loss of €1.361 K,
compared to a loss of €4.873 K in 2019;
- Net result after tax improved by 68% to a net loss of €1.251 K
versus €3.954 K in 2019;
- Net cash-flow from operating and investing activities equals an
outflow of €1.384 K Euro, an improvement of €288 K versus
2019;
- Consolidated year end cash-position equals €1.113 K (2019: €522
K).
KEY FIGURES
OUTLOOK FOR THE FULL CALENDER YEAR
2021 The increasing number of Covid-19 cases in the last
quarter of 2020 in many countries within Europe has induced
government actions such as school and business closures, curfews,
and requirements for staff to work from home. These measures have
been carried forward into 2021 and in many cases have even become
more stringent. These ongoing measures in many of our target
markets such as the Netherlands, Belgium, Germany, Italy, and the
US, are reducing the short to medium term visibility on the growth
potential of our newly introduced products. However, with
vaccination campaigns progressing throughout the first half of
2021, a pick-up in economic activities can be expected in many
sectors during the second half of the year.
Despite uncertainty related to the Covid-19
impact, we expect to generate a revenue growth for the calendar
year 2021 to be in the range of 40 to 50% compared to 2020.
FINANCIAL POSITIONGeoJunxion is
making significant progress in turning its business around from an
automotive map supplier focused on one-off large deals, to a
premium location content and location intelligent service provider
with a subscription based, recurring “Data As A Service” revenue
model. This transition requires investment in product
development, in sales and marketing. The private placement
completed in December 2020 is expected to provide the funding
needed to enable GeoJunxion to grow with its new business model
towards a cash generating and profitable organization.
REPLACEMENT OF EXTERNAL
AUDITORWe continue to explore all possible options to
replace our previous OOB-licensed auditor, Grant Thornton. To
allow time in resolving this issue and move outside of the auditing
peak season, GeoJunxion has decided to extend the current
accounting year to 30 June 2021. The Extraordinary General
Meeting of Shareholders of 29 December 2020 approved this proposal
and the Articles of Association have been updated accordingly by
notary deed on 30 December 2020. We are now reconnecting with
all the OOB licensed auditing companies to ensure that the annual
accounts for the accounting year ending per 30 June 2021 will be
accompanied by the legally required audit opinion. There is
however no guarantee that these efforts will be successful.
RISK MANAGEMENT Risk management
is an integral managerial task. Our risk management and control
procedures take into consideration the size of the company and the
character of the business in order to identify the most significant
risks which the company is exposed to. The risks identified are
discussed on a periodical basis and mitigated where possible. Such
a system cannot provide absolute certainty that objectives will be
realized. Neither can it guarantee prevention of potential cases of
material mistakes, damage, fraud or breaches of statutory laws.
The 2019 annual report describes the principal
strategic, operational and financial risks. The risks and
uncertainties described in the annual report are still relevant and
are deemed incorporated and repeated by reference in this
report. There were no cases of material damage, fraud or
breaches of law detected in 2020. However, the Covid-19 outbreak
and the associated and prolonged pandemic control measures have had
a disruptive effect on the economy and an adverse effect on our
business, most noticeably in our data sales business and associated
revenues. Although we have taken mitigating actions and the
expectation that lockdown measures will be gradually lifted with
the progress in the vaccination campaigns, there is no guarantee
that the pandemic and its associated control measures will not have
a further negative impact in 2021 on our business, financial
position, and results.
BOARD OF MANAGEMENT
STATEMENTThe Board of Management hereby declares that, to
the best of its knowledge, the summarized consolidated December
2020 YTD financial statements, drawn up in accordance with IAS 34
“Interim financial reporting”, represents a faithful rendering of
the assets, liabilities, financial position, profit and cash flow
of GeoJunxion NV and its subsidiaries as stated in the consolidated
financial report, and that the Board report as included in this
December 2020 YTD report represents a faithful rendering of the
information required in relation to item 5:25d subs 8 and 9 of the
Dutch Financial Supervision Act.
GROUP STRUCTURE SIMPLIFICATIONDuring Q3 2020
the dissolution of AND International Publishers PLC (UK) and AND
North America LLC (USA) was completed. The voluntary liquidation of
AND Data India Pvt, LTD, continues to progress well: Early
January 2021, we completed the repatriation of approximately
50% of the funds available in the company. Expectation is
that the remaining funds will be repatriated before the end of
March 2021. Soon after that, we target to complete the
liquidation of the Indian legal entity.
EVENT AFTER THE REPORING PERIOD: Sale of
AND.COMPer 12 February 2021, the company has completed the
sale of its domain name AND.COM, for a gross price of approx. Euro
175.000 (212.000 USD). The domain name was acquired over a
decade ago and did not have a remaining book value. As a
result of this transaction, the company will recognize an
extraordinary income in Q1 2021, of approx. Euro 166.500.
This equates to the gross proceeds minus the commission of the
broker. In the second half of February 2021, a down payment is due,
followed by 11 equal monthly payments.
Ends
GeoJunxion Press ContactsThierry Jaccoud – Chief
Executive Officer Thierry.jaccoud@geoJunxion.comIvo Vleeschouwers –
Chief Finance OfficerIvo.Vleeschouwers@geoJunxion.comTel: +31(0)10
885 1200
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