Highlights of the quarter
- SEK 340.6m in non-cash impairment, including SEK 267.7m attributable to the acquisition of Delta ID.
- Volume order for one hundred thousand T-shaped sensor modules from the three major card manufacturers.
- Design won by a leading global PC manufacturer.
Fourth quarter 2020
- Revenue amounted to SEK 369.4m (381.4)
- The gross margin was 24% (23)
- EBITDA totals SEK 32.4m (13.3)
- SEK 340.6 M in non-cash impairment
- The operating result was negative at SEK 326.8m (neg: 15.3)
- Earnings per share before dilution was negative at SEK 1.02 (neg: 0.06)
- Cash flow from operating activities amounted to SEK 46.9m (82.4)
- Income amounted to SEK 1,255.7m (1,458.6).
- The gross margin was 22% (23)
- EBITDA totals SEK 59.4m (128.7)
- SEK 340.6 M in non-cash impairment
- The operating result was negative at SEK 365.8m (neg: 14.4)
- Earnings per share before dilution was negative SEK 1.10 (neg: 0.04)
- Cash flow from operating activities amounted to SEK 158.1m (160.4)
- The Board proposes to the General Meeting not to pay a dividend for the 2020 financial year
In constant currencies, sales increased by 7% compared to the same period last year. We also increased our revenues compared to the prior quarter, driven by continued healthy demand for our products, while our access to the production capacity of major semiconductor manufacturers also improved somewhat. A more favorable product mix, with a higher share of new products, contributed to the improvement in gross margin during the quarter. The result for the quarter was impacted by 340.6 M SEK of non-cash impairment, of which 267.7 M SEK is attributable to the acquisition of Delta ID, and the rest to the R&D project and patents in the sub-area. exposure. Our positive view of iris recognition potential remains unchanged, but we felt that future cash flows may be delayed somewhat, in part due to the effects of the corona pandemic. The main reason for the depreciations in the under-display is the fact that the Average Selling Prices (ASP) have dropped significantly. In other respects, we have an unchanged positive view of the potential in the underexposure zone. Our underlying operating profit, adjusted for write-downs, was positive and amounted to SEK 14m. Our liquidity is good, with net cash of SEK 354m as of December 31, 2020.
During the quarter, we launched the FPC1542, a new thin capacitive sensor with a curved shape that builds on our very popular FPC1540 / 1541 product. Fingerprints is the market leader in capacitive sensors for smartphones, with a share representing more than a third of the global market. The capacitive fingerprint sensor is a proven and popular technology in the mobile industry, largely due to its reliability, performance and cost effectiveness. The point is that some of the Fingerprints customers once again have a preference for capacitive sensors over sub-display sensors. Our new slim sensors, designed for side mounting, are particularly popular.
As we now enter the first quarter of 2021, we anticipate continued challenges related to current limitations in our supply chain. The geopolitical situation has increased the domestic demand for silicon chips in China, while the need for chips has generally increased due to the acceleration of digitization in the world. We are making progress in our efforts to find additional suppliers to obtain the required capacity, both in mainland China and beyond. We have, in common with many external industrial analysts, a very positive view of the evolution of the market for biometric solutions. 2021 has good potential to be the year in which biometrics makes serious inroads in at least two new mass markets in which Fingerprints has a strong position: payments and PCs. We recently announced new volume orders in these two areas: in January 2021, we communicated orders for several hundred thousand sensors from two leading PC manufacturers and at the end of December of the year Lastly, we announced an order for 100,000 sensors from one of the world’s three largest card manufacturers.
In 2020, a biometric payment card was certified for the first time by Mastercard and Visa. The card, equipped with Fingerprints technology, is provided by Thales and now allows card issuers to implement major commercial launches of contactless biometric cards. BNP Paribas, one of the ten largest banks in the world, began its commercial deployment of biometric payment cards in autumn 2020, and announced its intention to offer these cards to all of its customers. In a recent survey conducted in France, Germany, UK, Canada and Australia, more than half of those polled said they were ready to change banks to gain access to a biometric card. We are still in the early stages of development in a particularly interesting industry of the future, in which fingerprints will continue to play a leading role.
Christian Fredrikson, President and CEO
Today at 9:00 a.m. CEST, Fingerprints CEO Christian Fredrikson will present the report with CFO Per Sundqvist in a combined webcast and conference call. The presentation will be held in English.
The report will be available on fingerprints.com
The webcast and presentation material are accessible via https://edge.media-server.com/mmc/p/bpmivekk
For analysts and media: The conference call telephone number is +44 (0) 2071 928000 (international participants) or 08-506 921 80 (Swedish participants). Please enter the conference ID 6669097.
|For more information, please contact:|
Christian Fredrikson, CEO
By Sundqvist, Chief Financial Officer
Stefan Pettersson, Head of Investor Relations:
This is the type of information that Fingerprint Cards AB is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the aforementioned contact person, on February 16, 2021 at 07:00 CET.
|About fingerprints |
Fingerprint Cards AB (Fingerprints), world leader in biometrics, with its roots in Sweden.
We believe in a secure and seamless universe, where you are the key to everything. Our solutions are found in hundreds of millions of devices and applications and are used billions of times a day, providing secure and convenient identification and authentication with a human touch. For more information, visit our website, read our blog and follow us on Twitter. Fingerprints is listed on Nasdaq Stockholm (FING B).
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