iQ Power AG / Key word(s): Interim Report
16.11.2012 18:00
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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iQ Power AG publishes interim report for the second half of 2012
- Strategic reorientation as pure technology licensors is continued
- Overall results after the first 9 months of 2012 are EUR -1.9 million
(previous year: EUR -2.9 million), in line of expectations
- Clear strategic focus on the expansion of the licensees and the
consistent implementation of the patent pipeline strategy
Zug / Switzerland, 16. November 2012 - iQ Power AG (ISIN: CH0020609688,
WKN: A0DQVL, Symbol: IQPB), developer and marketer of technology and its
licenses for environmentally friendly and technologically advanced
automotive batteries for automobiles, published the interim report for the
second half of 2012 today.
The strategic realignment of a pure technology-licensor has been
consistently pursued in the first nine months of the current fiscal year
2012. The overriding task was the spin-off of iQ Power AG of the European
manufacturing and distribution companies. The new corporate structure of iQ
Power AG is effective since 1. April 2012. The spin-offs result in a
significant positive impact on earnings and balance sheet risk. The level
of costs could be reduced significantly, although the volume of sales
declined significantly by eliminating the battery trade.
Consolidated sales amounted to approximately EUR 2.2 million in the first
nine months of 2012 compared to approximately EUR 7.7 million in the
comparable period last year. In the third quarter of 2012 a negative impact
on earlier anticipated license income was mainly driven by reduced royalty
revenues of the largest licensee iQ Power Asia, due to the relocation of
the lead plate production from Malaysia to South Korea. Cost of sales
decreased by EUR 7.2 million to EUR 2.0 million and the total operating
expenses could be significantly reduced by EUR 3.3 million to EUR 2.0
million. Non-recurring expenses in the wake of corporate restructuring
amounted to approximately EUR 0.4 million. The net result improved by EUR
1.0 million to minus EUR 1.9 million (previous year: minus EUR 2.9 million)
and is thus in line of expectations.
With total assets of EUR 4.9 million at the closing of the 30th September
2012 (31 December 2011: EUR 9.7 million) and an equity capital of EUR 1.4
million (31 December 2011: EUR 2.8 million) the equity ratio stood at 28.2
percent at the key date (31 December 2011: 28.7 percent). Cash and cash
equivalents at 30 September 2012 were EUR 0.34 million (31.12.2011: EUR
0.40 million).
By the Group restructuring, the decoupling of production and distribution
operations, an important step for the strategic realignment of the company
to a pure technology licensor was completed. Already positive effects can
be seen through reduced financing requirements and reduced operational
risks. Especially in view of the longer than originally planned business
development of the iQ-licensing partners, the new strategic direction has
proven to be an important step. Positioning as a pure technology licensor
opens up new perspectives, because now collaborations with battery
manufacturers are possible, who have previously been reluctant to adopt the
technology because they were in direct competition with iQ Power.
Currently, iQ Power AG is in negotiations or preliminary discussions with
several potential licensees in Europe and beyond. At the same time the
chosen patent pipeline strategy is progressing steadily. Currently a new
patent for an improved design of plastic parts is prepared, which increases
the effectiveness of the battery components, reduces the tool costs and at
the same time simplifies the manufacturing process.
IQ Power AG is continuing its strategic focus clearly on the continuation
of the patent pipeline strategy, the development and expansion of existing
licensees, as well as attracting new licensees.
More information on the development of iQ Power AG in the first nine months
of 2012 can be found in the Interim report for the second half of 2012
under www.iqpower.com.
About iQ POWER
iQ POWER AG is a developer and supplier of new types of starter batteries
for motor vehicles. The products are technologically leading, characterised
by a higher level of efficiency, environmentally-friendly and more
lightweight. Products developed by the company include the first
intelligent, software-controlled car battery in the world. The range of
activities also includes industrial batteries as well as system solutions
for electrical energy management in vehicles.
As a stock corporation, iQ POWER AG is a listed company. The company's
securities are traded on the regulated market (General Standard) of the
German Stock Exchange in Frankfurt, over the counter at the stock markets
in Berlin, Düsseldorf, Munich and Stuttgart as well as via XETRA (ISIN:
CH0020609688, German Securities Identification Number: A0DQVL, IQPB).
Contact:
Company Contact:
iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Tel.: +41(0) 41 768 03 63
Fax: +41(0) 41 768 03 68
info@iqpower.com
www.iqpower.com
Investor Relations Contact:
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt am Main
Tel.: +49 (0)69 - 74 30 37 00
Fax: +49 (0)69 - 74 30 37 22
iQPower@gfei.de
www.gfei.de
16.11.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Switzerland
Phone: +41 41 7680360
Fax: +41 41 768 03 68
E-mail: investor-relations@iqpower.com
Internet: www.iqpower.com
ISIN: CH0020609688
WKN: A0DQVL
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Interim report for the second half of 2012
| Source: EQS Group AG