Q4 2014 INTERIM REPORT PRESENTATION CEO D Ry Wagner and CFO John Janczak CEO D. Ry Wagner and CFO John Janczak April 2015 Bringing Prosperity to the Grower, the Crop and the Soil TM
ospe ty Prosperity Bringing Bringing Prosperity to the Grower, the Crop and the Soil TM 2
Cautionary Statement on Forward-looking Statements Forward looking Statements Certain statements in this document constitute "forward looking statements '' All statements other than statements of historical facts included in this Certain statements in this document constitute forward-looking statements. All statements other than statements of historical facts included in this document, including those regarding our future financial position and results, business strategy, plans and objectives of management for future operations, including development plans and statements on industry growth are forward-looking statements. These statements may be identified by words such as "expects," "looks forward to," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "project" or words of similar meaning. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, business Such forward looking statements involve known and unknown risks uncertainties and other factors which may cause our actual results business strategy, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include among others changes in the political economic or regulatory conditions in the to differ materially from those in the forward-looking statements include, among others, changes in the political, economic or regulatory conditions in the markets in which we operate, and currency exchange fluctuations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. 3 Bringing Prosperity to the Grower, the Crop and the Soil TM
Highlights Consolidation, corporate development activities and financing • Q4 sales revenue and cash collection reflect current business seasonality • • Global R&D facility opened in Davis California and Senior R&D staff hired Global R&D facility opened in Davis, California and Senior R&D staff hired • Transition of key corporate functions to the U.S. complete, and strengthening of the Board of Directors initiated • Additional financing completed via successful Convertible Bond Issue and subscription right conversions 4 Bringing Prosperity to the Grower, the Crop and the Soil TM
Financial Review Bringing Prosperity to the Grower, the Crop and the Soil TM
Financial Summary Q4 2014 • Q4 recognized sales revenue of USD 1.9m, reflecting the current business seasonality. No sales revenue recognized in Mexico. • Q4 analytically restated sales revenue of USD 3.8m, driven by deployed volume of approx. 287,000 units in Mexico • EBITDA pre earn-out: USD – 7.9m in Q4 vs USD -2.9m in Q3 • Number of employees reduced from 152 to 137 during the quarter. USD 0.3m charged to P&L as redundancy costs related to reduction in manning and moving of certain corporate functions to the US. • Cash collection of USD 1.7m in Q4. Cash position ended at USD 20.6m, a increase of USD 11.6m during the quarter. Additional financing of USD 17.3m bond issue and USD 2.0m subscription rights conversion off set by net loss before depreciation of USD 5.7m. 6 Bringing Prosperity to the Grower, the Crop and the Soil TM
Q4 Sales Revenue 36% above Q4 2013; FY 2014 55% above FY 2013 FY 2014 55% above FY 2013 Group sales revenue Quarterly and accumulative per year, USD million 6.7 7 6.5 6 1.9 5.5 4.8 5 4 5 4.5 4.5 4.2 0.6 4 1.4 3.5 3.1 3 1.1 2.5 2.0 3.9 2 0.7 1.3 1.5 1 1 0.3 1.3 0.5 0.3 0 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 7 Bringing Prosperity to the Grower, the Crop and the Soil TM
Profit and Loss Condensed and Unaudited USD YE 2014 Q4 2014 YE 2013 Sales revenue 6,670,499 1,868,979 4,392,522 • Q4 recognized sales revenue of USD 1.9m – no sales Other operating revenue 865,604 298,237 4,942,853 Operating revenue 7,536,103 2,167,216 9,335,375 revenue recognized for sales to distributors in Mexico Cost of goods sold -2,419,994 -1,021,489 -906,676 • Cost of goods sold of USD 1.0m reflects the low sales volume Salaries and personnel costs -11,114,067 -2,838,081 -14,128,392 • Salaries and personnel costs impacted by the provisions of Salaries and personnel costs impacted by the provisions of Depreciation and amortization -2,655,732 -639,752 -3,691,328 Other operating expenses -14,471,097 -5,944,215 -75,514,401 USD 0.3m for reduction in mannaing and moving of corporate Earn-out -287,012 -287,012 6,710,264 functions to the US Total operating expenses -30,947,902 -10,730,549 -87,530,533 • R&D expenses amounted USD 0.9m in the quarter. Operating income Operating income -23,411,799 23 411 799 -8,563,333 -78,195,158 8 563 333 78 195 158 • No earn-out recorded in the quarter due to weak results in the Net financial income / expense (-) 5,076,849 3,691,624 8,341,919 Mexican market Net income / loss (-) before taxes -18,334,950 -4,871,709 -69,853,239 • EBITDA pre earn-out negative USD 7.9m Tax expense -1,508,619 -1,401,140 916,631 Minority Interest -32,005 -19,837 -445,500 -19,811,564 -6,253,012 -68,491,108 Net income / loss (-) 8 Bringing Prosperity to the Grower, the Crop and the Soil TM
Balance Sheet - Assets Condensed and Unaudited USD 12.31.2014 09.30.2014 12.31.2013 Assets Goodw ill 6,059,319 7,275,514 8,658,890 Other intangible assets 1,437,192 1,669,214 1,894,907 Deferred Tax Asset 905,883 987,669 1,020,617 • Changes in inventories reflect seasonality of sales in the Total intangible assets 8,402,394 9,932,397 11,574,414 quarter Land 67,968 74,109 76,480 Buildings Buildings 2 936 094 2,936,094 3 092 628 3,092,628 3 145 202 3,145,202 • A Accounts receivable increased by USD 0.8m to USD 23.9m t i bl i d b USD 0 8 t USD 23 9 Improvements to leased premises 1,230,843 596,668 256,935 during the quarter. The item includes invoiced interest costs Vehicles 670,609 810,200 1,239,757 and services in Mexico of USD 1.7m. Accounts receivable Machines, fixtures and fittings etc. 6,166,190 6,669,466 6,981,277 Accumulated depreciation -3,116,804 -3,163,949 -2,574,223 towards the distributors in Mexico ended at USD 21.6m in Q4. Total tangible fixed assets Total tangible fixed assets 7 954 900 7,954,900 8 079 122 8,079,122 9 125 428 9,125,428 • Other receivables decreased to USD 9.0m during the quarter. 16,357,294 18,011,519 20,699,842 Total non-current assets In the receivables figure is VAT of USD 8.1m, of which the Inventories 9,679,505 10,732,164 12,339,969 largest part is related to operations in Mexico. Accounts receivable 23,948,714 23,196,110 22,058,279 Other receivables Other receivables 8 962 735 11 762 239 12 822 622 8,962,735 11,762,239 12,822,622 Total receivables 32,911,449 34,958,349 34,880,901 Bank deposits, cash etc. 20,570,194 8,909,086 25,066,669 63,161,148 54,599,599 72,287,539 Total current assets Total assets 79,518,442 72,611,118 92,987,381 9 Bringing Prosperity to the Grower, the Crop and the Soil TM
Balance Sheet – Equity and Liabilities Condensed and Unaudited USD 12.31.2014 09.30.2014 12.31.2013 Share capital 97,803 100,607 106,729 Premium reserve Premium reserve 131,176,300 131 176 300 148 922 928 157 989 676 148,922,928 157,989,676 • Accounts payable decreased by USD 0.3m to USD 4.1m at Total paid in capital 131,274,103 149,023,535 158,096,405 Minority interests -545,508 -625,076 -513,503 the end of the quarter. Accumulated P&L -94,407,983 -104,878,266 -95,631,555 • Other current liabilities ended at USD 22.0m. Included in the Total equity 36,320,612 43,520,193 61,951,347 figure is USD 12 3m classified as a deferred revenue accrual figure is USD 12.3m classified as a deferred revenue accrual, Deferred tax - - - VAT of USD 6.3m, accrued earn-out of USD 1.0m related to Total provisions for liabilities - - - the acquisition of Bioderpac, and redundancy and closing Other non-current liabilities 15,886,991 378,448 630,233 costs of USD 3.0m Total non-current liabilities 15,886,991 378,448 630,233 Accounts payable 4,136,713 4,455,752 6,450,462 Current tax payable 1,154,020 607,005 874,421 Other current liabilities 22,020,106 23,649,720 23,080,918 Total current liabilities 27,310,839 28,712,477 30,405,801 43,197,830 43 197 830 29,090,925 29 090 925 31 036 034 31,036,034 Total liabilities Total liabilities 79,518,442 72,611,118 92,987,381 Total equity and liabilities 10 Bringing Prosperity to the Grower, the Crop and the Soil TM
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