Quarterly Report • May 28, 2021
Quarterly Report
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Digital Time Data Solutions
QUARTERLY REPORT – Q1
January – March 2021
© 2021 ANOTO
Anoto Group AB (publ) is a global leader in digital writing and drawing solutions. Anoto develops smartpens and related software using its proprietary technology. Anoto is using its solution, pattern, optics and image-processing expertise to bridge between the analogue and digital domain. Two software solutions based on this proprietary technology have been launched. The registered office is located in Stockholm and the company has a total of 33 employees.
Anoto Group AB is listed on Nasdaq Stockholm (ANOT) and the net sales was MSEK 16 (21) in Q1 2021. For more information, please visit www.anoto.com.
| Key ratios | 2021 | 2020 | <> % | 2020 |
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Mar | Jan-Dec | |
| Net sales, MSEK* | 16 | 21 | -19% | 71 |
| Gross profit/loss* | 11 | 10 | 25% | 38 |
| Gross margin, % | 70% | 47% | 55% | 54% |
| Operating profit/loss, MSEK | -10 | -18 | 45% | -103 |
| Operating margin, % | Neg | Neg | 0% | Neg |
| EBITDA, MSEK | -7 | -15 | 59% | -68 |
| Profit/loss for the period, MSEK* | 3 | 3 | 31% | -144 |
| Earnings per share | ||||
| before and after dilution, SEK* | -0.05 | -0.09 | 36% | -0.72 |
| Cash flow for the period, MSEK* | 9 | -1 | 1499% | -18 |
| Cash at end of period, MSEK* | 11 | 20 | -45% | 2 |
* Defined under IFRS
We are still in the recovery phase from a year-long pandemic. The revenue during the last quarter was encouraging, but the growth trajectory did not continue in Q1. The Q1 revenue decreased by 18% compared to the previous quarter. The biggest shortfall was from the LiveScribe consumer sector while the Enterprise and OEM businesses had a small decrease in sales.
Such a decrease in sales was expected. There are two main reasons for this. First, the relocation of the manufacturing factory to Mexico caused disruptions in the product availability. The setup of the new factory took a little longer, but we expect it will be completed by the end of Q2 and the normal production will resume. And second, the pandemic is still a factor and the demand for our pens remained low so far. However, we began to see demand picking up as key distributors such as Amazon began placing orders beyond PPEs (Personal Protection Equipment). We expect growth during the second and third quarter until the production capacity can keep up with the growing demand. In particular, we expect the pen demand from KAIT (Education Subsidiary) to start increasing in Q2 and to be significant toward the Q4. If the launch of KAIT solutions is successful, Anoto will benefit from its revenue share and pen sales. As a result, we expect Anoto's revenue to grow significantly next few years.
The outlook for this year is positive. We expect the negative impact of the pandemic will be largely behind us and the market demand for existing pens will return.
During the market downturn, we focused on improving our business fundamentals: redesigning pens and relocating manufacturing facility. First, existing pens were re-designed for better style and cost reduction: the newly designed pens are called Symphony and Echo II. They should boost sales for the LiveScribe business this year. Also, a new pen for KAIT was designed with a mass deployment in the education market in mind: it is called Genie. The combination of Genie's low cost and applicationspecific design, we believe, would enable a huge rollout at a price point the market will embrace without sacrificing the gross margin. Second, the manufacturing facility was moved from Korea to Mexico. We foresee cost benefits in both manufacturing and logistics. The new manufacturing facility in Mexico is a high-quality manufacturer, yet the cost is lower than Korea. Furthermore, the land-based shipment to the U.S. market will significantly help lower the logistics cost, especially when the seaports are operating at a significantly reduced capacity today. These improvements in pen redesigns and manufacturing were not easy; but their future benefits are significant. We feel proud to have achieved these objectives during the difficult times of pandemic setting ourselves up for success this year and beyond.
Our OEM business remains solid with a single large customer in Korea called Kyowon. We continue to dedicate a team of Account Managers and Customer Support staff to serve this OEM customer.
Our Enterprise Forms business is seasonal but steady. With its SaaS business model, the Forms business benefits from annual licensing renewals which take place either in Q1 or Q4 of each year. A handful of customers have been loyal to our solution over many years. Significant opportunities exist in the Enterprise sector; however, we have had limited resource to address this market to date.
We expect LiveScribe business to be strong this year. As explained above, the lineup of new suite of pens for LiveScribe is well poised to capture the returning demand for the Consumer sector.
Symphony pens will continue to be at the core of our pen product lines; and Echo II will be the new and improved version of our best-selling model with an audio-recording capability. We intend to resume online marketing to regain our position as the market leader in the U.S.; and will continue to focus on channel partners in the U.S. and Europe.
Finally on KAIT; before discussing further, it is important to note that KAIT is established like a typical venture-backed startup in Silicon Valley in the U.S. In a fast-growing startup with a high exit-value potential like KAIT, it is critical to set up the company so that it may attract high-caliber talents and to raise financing from venture capital. KAIT is no exception. We have succeeded in attracting leading engineers and scientists for product development and in securing world-renown advisors including Prof. Daniela Rus from MIT. Now, we must work hard to retain and motivated them with proper incentives so that we do not lose them to competitors in this competitive environment.
We have high hopes for KAIT this year. KAIT completed development of its KAIT@Home solution for remote learning last year during the pandemic so that KAIT now has both the in-class and remotelearning solutions. Together with KAIT-in-Class and KAIT@Home, KAIT is well positioned to address the emerging market needs that require a hybrid learning solution. Having experienced Zoom-based remote teaching/learning last year, most schools are now adopting a hybrid solution of both in-class and remote learning, for which KAIT solutions are well positioned. Early responses from school districts are very positive as we already signed two major distribution agreements in the Middle East. It is not an exaggeration to say that the growth of Anoto for next few years will depend on the success of KAIT.
Perry Ha CEO, Anoto Group AB (publ)
We are still experiencing the negative impact of the pandemic. The spread of the Coronavirus has not only led to the postponement of new business partnerships due to general market uncertainty, but also order cancelations key distributors like Amazon as they have been focused on the delivery of PPEs (personal protective equipment) and COVID-19 related products. The effects of the pandemic have impacted the Livescribe business the most.
Net sales for the first quarter decreased to 16 (21) MSEK. Gross margin remained high at 70 percent (47), which was due to the favorable mix of sales by segment.
The operating loss for the quarter was MSEK -10 (-18). A small portion of the operating loss was because of the lower sales due to the pandemic. However, a much larger portion was due to the development cost in KAIT.
The Group net financial items amounted to MSEK 13 (20), which derives from a favorable SEK/USD exchange rate.
The loss for the period amounted to MSEK 3 (3), corresponding to SEK -0.05 (-0.09) per share before and after dilution.
The business performances are presented in three segments - Livescribe, Enterprise Forms and OEM.
| Net Sales by line of business | 2021 | 2020 | <> % | 2020 |
|---|---|---|---|---|
| MSEK | Jan-Mar | Jan-Mar | Jan-Mar | Jan-Dec |
| Livescribe | 4 | 11 | -63% | 29 |
| Enterprise Forms | 7 | 4 | 93% | 17 |
| OEM | 5 | 6 | -18% | 24 |
| Total | 16 | 21 | -22% | 70 |
This business segment provides consumer products for digital notetaking. Smartpen products enable handwritten/analog notes to be converted into digital notes, which are subsequently stored and shared via cloud services. Symphony and Echo II are representative digital pen products; and Livescribe+ is the mobile and desktop software. Most sales take place in the US today; however,the demand is growing in Europe and APAC (Asia Pacific).
Anoto Group AB (publ) January – March 2021 Net sales decreased to MSEK 4 (11) this quarter. The decrease was driven by Amazon and other key distributors focused on PPEs and COVID-19 related products. Many of our orders were cancelled due to long and uncertain delivery dates. Taking advantage of the market slowdown, we moved the manufacturing facility to Mexico, which should help reduce the production and shipping costs. The
factory should be fully operational in Q2. The uptick in demand we begin to see, should translate into higher sales in the second half of the year.
This business segment provides digitalization and automation solution for enterprise customers. The product offerings include both a pen and a SaaS software which enable the customers use our pen to write analog information on paper and to convert automatically into digital form each customer requires. This solution has a broad application, and our customers range across many industries including healthcare, retail & logistics, financial services, and the public sector.
Net sales for the first quarter increased to MSEK 7 (4). The increase in Q1 sales is due to a seasonal renewal of existing contracts. Although this segment has a high potential, we have not been able to focus on business development due to limited resources.
Our OEM business offers custom solutions for enterprise customers. The solution includes both purpose-built pens, software, and hardware adapted to customer requirements and is marketed under the customer´s own brand.
Net sales for the first quarter was MSEK 5 (6). The OEM business segment has been the most stable business for Anoto during the pandemic. Anoto's main OEM customer, Kyowon, was unaffected and, on the contrary, improved by the COVID situation. Kyowon utilizes a remote learning platform developed by Anoto. This OEM business segment should be evaluated on an annual basis rather than on a quarterly basis because Kyowon places large orders on an irregular basis. We could have generated higher sales in Q1 had we not experienced component shortages for the pens.
As of March 31, 2021, Anoto Group had 33 full time employees (FTE), compared with 41 full time employees as of March 31, 2020.
We have an ongoing dispute with Green Mango Corp. relating to non-payment of delivered services for building of a software solution with an objection to breach of contract due to faulty services. The case is currently at Suwon District Court in South Korea. The outcome of the case will affect our obligation to pay for services delivered by Green Mango Corp. We assess that the risk that we will lose the case in its entirety as low.
The following are the risks for Anoto in increasing order of importance: the pandemic, component shortages, and financing.
The pandemic has caused a significant impact to our business last year. Our sales, especially in the consumer sector, was severely impacted. Now, with the availability of vaccines, the negative impact of the pandemic on business should begin to ease. However, we cannot take lightly the possibility that the pandemic may last longer than we think because of the emergence of variant strains and uneven availability of vaccines among the developing countries. If the pandemic persists, our consumer segment will be slower to recover.
Anoto Group AB (publ) January – March 2021 The semiconductor shortages have become a global issue. This has impacted small and large enterprises alike. Even large enterprises such as automakers are shutting down their manufacturing
line because of semiconductor parts are not available. We are not immune to this crisis, either, because each pen has multiple semiconductor components. We are already experiencing long lead times and significant price increases for certain parts. If the problem continues, we may not be able to manufacture as many pens as we would like, and must pass the cost increase to the customers. This could negatively impact our sales this year.
Finally, financing remains a critical issue for KAIT. KAIT is a subsidiary set up like any other fastgrowing startup, which means it needs to invest upfront for product development and marketing before generating sales in the future. The faster KAIT grows, the higher the cash needs would be; therefore, a successful financing will be critical to fund the growth of KAIT, which in turn will drive pen sales at Anoto.
We are not leaving any stones unturned in order to mitigate the impact of these risk items. While it is unrealistic to eliminate all the risks, we are doing our best to mitigate them. We are seeking alternative ways to produce the semiconductor parts for the pen. And we kicked off a fundraising campaign to raise the Series A financing for KAIT.
This quarterly report was prepared in accordance with IAS 34, Financial Reporting and applicable parts of the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34 are presented either in notes or elsewhere in the report. The quarterly report for the parent company was prepared in accordance with RFR2.
For information about the accounting policies applied, we refer to the 2020 annual financial statements. The accounting policies applied, and the assessments made in this report are consistent with those applied in the annual financial statements for 2020.
Anoto Group AB (publ) is a holding company with a limited number of corporate functions. Net sales for the first quarter amounted to MSEK 0 (0). EBIT amounted to MSEK -3.4 (-2.6) for the quarter.
The Anoto share is traded on the Small Cap list of Nasdaq Stockholm and as of 31 March 2021, the total number of shares in Anoto were 215,658,170 and the total number of warrants were 7,957,307. During the quarter, we carried out a directed rights issue of 21,000,000 new ordinary shares. The rights issue was resolved by the Board of Directors on January 20, 2021, and approved by the Extraordinary General Meeting held on February 15, 2021. Through the rights issue, we raised approximately MSEK 18.9. The proceeds are primarily used to continue the development of the KAIT@Home platform, finance the relocation of hardware production from South Korea to larger production facilities in Mexico and purchasing materials to start the production at the new production facilities.
In April, our subsidiary Knowledge AI Inc. entered into a distribution agreement for its KAIT software platform with Emirates Artificial Intelligence Technologies LLC in the United Arab Emirates. Emirates AI will be responsible for the distribution of KAIT software in UAE and have agreed to a minimum sales target of USD 6 million over the next two years.
In April, we announced that Perry Ha, who previously has served as Chairman of the Board, have been appointed as our new CEO. As Perry Ha is taking over as CEO, we also announced that Jörgen Durban have been appointed as the new Chairman of the Board by the Board of Directors
In May, our subsidiary Knowledge AI Inc. entered into a distribution agreement for its KAIT software platform with El Ajou Group Trading Company. El Ajou Group will be responsible for the distribution of KAIT software in Saudi Arabia and have agreed to a minimum sales target of USD 6 million over the next two years.
The annual general meeting of Anoto Group (publ) will be held in Stockholm, Sweden, on June 30, 2021.
Stockholm, 28 May 2021
Perry Ha, CEO
Report January – June 2021 August 31, 2021
Report January – September 2021 November 29, 2021
Report January – December 2021 February 28, 2022
Please visit www.anoto.com/investors for the latest investor calendar information.
For more information:
Perry Ha, CEO
E-mail: [email protected]
Anoto Group AB (publ.) Org. Nr. 556532-3929 Flaggan 1165 116 74 Stockholm, Sweden www.anoto.com
This information is information that Anoto Group AB (publ) is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 20:00 CET on 28 May 2021.
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| TSEK | Jan-Mar | Jan-Mar | Jan-Dec |
| Net sales | 16,350 | 20,995 | 70,552 |
| Cost of goods and services sold | -4,896 | -11,127 | -32,397 |
| Gross profit | 11,454 | 9,868 | 38,155 |
| Sales, administrative and R&D costs | -19,619 | -26,182 | -92,423 |
| Other operating income/cost | -2,131 | -1,279 | -49,164 |
| Operating profit/loss | -10,295 | -17,593 | -103,431 |
| Financial items | 13,063 | 20,112 | -24,910 |
| Profit before taxes | 2,768 | 2,518 | -128,342 |
| Income taxes | 0 | 89 | 74 |
| Profit/loss for the period | 2,768 | 2,607 | -128,268 |
| Total Profit/loss for the period attributable to: | |||
| Shareholders of Anoto Group AB | 4,878 | 2,607 | -121,158 |
| Non-controlling interest | -1,457 | 0 | -7,109 |
| Total Profit/loss for the period | 2,768 | 2,607 | -128,268 |
| Other comprehensive income | |||
| Translation differences for the period | -13,310 | -16,594 | 8,117 |
| Gain or losses at valuation to fair value of investment | 0 | 0 | 0 |
| Other comprehensive income for the period | -13,310 | -16,594 | 8,117 |
| Total comprehensive income for the period | -10,542 | -13,987 | -120,151 |
| Total comprehensive income for the period attributable to: | |||
| Shareholders of Anoto Group AB | -8,432 | -13,987 | -113,042 |
| Non controlling interest | -1,457 | 0 | -7,108 |
| Total comprehensive income for the period | -9,890 | -13,987 | -120,150 |
| Key ratios: | |||
| Gross margin | 70.1% | 47.0% | 54.1% |
| Earnings per share before and after dilution | -0.05 | -0.09 | -0.72 |
| Average number of shares before and after dilution | 197,894,105 | 151,800,719 | 167,753,928 |
Earnings per share before and after dilution
| TSEK | 2021-03-31 | 2020-03-31 | 2020-12-31 |
|---|---|---|---|
| Intangible fixed assets | 172,711 | 221,148 | 173,188 |
| Tangible fixed assets | 8,216 | 8,630 | 9,529 |
| Financial fixed assets | 1,420 | 1,800 | 1,475 |
| Total fixed assets | 182,347 | 231,578 | 184,192 |
| Inventories | 14,919 | 25,716 | 14,703 |
| Accounts receivable | 19,982 | 22,112 | 7,146 |
| Other current assets | 17,817 | 15,939 | 16,886 |
| Total short-term receivables | 37,799 | 38,051 | 24,033 |
| Cash and cash equivalents | 10,876 | 19,750 | 2,128 |
| Total current assets | 63,594 | 83,516 | 40,864 |
| Total assets | 245,941 | 315,094 | 225,056 |
| Equity attributable to shareholders of Anoto Group AB | 176,774 | 241,669 | 158,858 |
| Non-controlling interest | -4,555 | 4,010 | -3,098 |
| Total equity | 172,218 | 245,680 | 155,761 |
| Long-term loans | 16,369 | 3,088 | 19,294 |
| Non-current Provisions | 2,376 | 2,376 | 2,376 |
| Total Non-current liabilities | 18,745 | 5,464 | 21,670 |
| Current loans | 7,183 | 8,306 | 5,318 |
| Other current liabilities | 47,796 | 55,644 | 42,308 |
| Total current liabilities | 54,979 | 63,950 | 47,626 |
| Total liabilities and shareholders equity | 245,941 | 315,094 | 225,056 |
| Other | Non | ||||||
|---|---|---|---|---|---|---|---|
| capital | Profit/loss for | Shareholders | controlling | Total | |||
| Share | |||||||
| TSEK | capital | contributed | Reserves | the year | equity | interest | equity |
| Opening balance 1 January 2020 | 90,157 | 1,301,104 | -12,841 | -1,144,197 | 234,222 | 4,010 | 238,233 |
| Profit/loss for the year | -121,158 | -121,158 | -7,109 | -128,268 | |||
| Other comprehensive income | 8,116 | 8,116 | 1 | 8,117 | |||
| Total comprehensive income | 0 | 0 | 8,116 | -121,158 | -113,042 | -7,108 | -120,151 |
| Directed Issue - 24 Mar | 12,000 | 9,434 | 21,434 | 21,434 | |||
| Directed Issue - 29 Sep | 4,214 | 4,677 | 8,890 | 8,890 | |||
| Directed Issue - 18 Dec | 5,025 | 2,511 | 7,536 | 7,536 | |||
| Issue Cost | -182 | -182 | -182 | ||||
| Closing balance 31 December 2020 | 111,395 | 1,317,544 | -4,725 | -1,265,356 | 158,858 | -3,098 | 155,760 |
| Opening balance 1 January 2021 | 111,395 | 1,317,544 | -4,725 | -1,265,356 | 158,858 | -3,098 | 155,760 |
| Profit/loss for the year | 4,225 | 4,225 | -1,457 | 2,768 | |||
| Other comprehensive income | -13,310 | -13,310 | -13,310 | ||||
| Total comprehensive income | 0 | 0 | -13,310 | 4,225 | -9,085 | -1,457 | -10,542 |
| Directed Issue - 2 Feb | 5,400 | 2,700 | 8,100 | 8,100 | |||
| Directed Issue - 16 Feb | 12,600 | 6,300 | 18,900 | 18,900 | |||
| Closing balance 31 March 2021 | 129,395 | 1,326,544 | -18,036 | -1,261,130 | 176,774 | -4,555 | 172,218 |
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| TSEK | Jan-Mar | Jan-Mar | Jan-Dec |
| Profit/loss after financial items | 2,768 | 2,607 | -128,268 |
| Depreciation, amortization | 3,661 | 2,915 | 38,106 |
| Other items not included in cash flow | -13,833 | -15,317 | 20,973 |
| Cash flow from operating activities | -7,404 | -9,794 | -69,189 |
| before changes in working capital | |||
| Change in operating receivables | -12,835 | -1,123 | 11,502 |
| Change in inventory | -216 | -3,026 | 7,987 |
| Change in operating liabilities | 4,558 | -3,984 | -11,904 |
| Cash flow from operating activities | -15,898 | -17,927 | -61,604 |
| Acquired Intangible fixed assets | -1,899 | -2,009 | -2,055 |
| Acquired tangible fixed assets | 550 | -1,563 | -5,419 |
| Financial assets | 55 | -122 | 202 |
| Cash flow from net capital expenditures | -1,293 | -3,694 | -7,271 |
| Total cash flow before financing activities | -17,191 | -21,622 | -68,875 |
| New share issue | 27,000 | 21,725 | 37,678 |
| Loan Proceeds | 2,661 | 0 | 26,002 |
| Repayment of financial liabilities | -3,722 | -729 | -13,052 |
| Cash flow from financing activities | 25,939 | 20,996 | 50,628 |
| Cash flow for the period | 8,748 | -625 | -18,247 |
| Cash and cash equivalents at the beginning of the period | 2,128 | 20,375 | 20,375 |
| Cash and Cash equivalents at the end of the period | 10,876 | 19,750 | 2,128 |
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| TSEK | Jan-Mar | Jan-Mar | Jan-Dec |
| Cash flow for the period | 8,748 | -625 | -18,247 |
| Cashflow / share before and after dilution (SEK) 1 | 0.04 | 0.00 | -0.11 |
| Average number of shares before and after dilution | 197,894,105 | 151,800,719 | 167,753,928 |
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | |
| Equity/assets ratio | 70.0% | 78.0% | 69.2% |
| Number of shares | 215,658,150 | 170,262,257 | 178,481,008 |
| Shareholders' equity per share (kr) | 0.82 | 1.42 | 0.89 |
1 Based on the weighted average number of shares and outstanding warrants for each period. Only warrants for which the present value of the issue price is lower than the fair value of the ordinary share are included in the calculation.
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| TSEK | Jan-Mar | Jan-Mar | Jan-Dec |
| Net sales | 0 | 0 | 8,749 |
| Gross profit | 0 | 0 | 8,749 |
| Administrative costs | -3,416 | -2,611 | -8,980 |
| Operating profit | -3,416 | -2,611 | -231 |
| Profit/loss from shares in Group companies* |
0 | 0 | -138,078 |
| Financial items | 873 | 1,212 | -94,972 |
| Profit for the period | -2,543 | -1,399 | -233,280 |
| TSEK | 2021-03-31 | 2020-03-31 | 2020-12-31 |
|---|---|---|---|
| Intangible fixed assets | 7,090 | 7,435 | 7,176 |
| Financial fixed assets | 43,353 | 287,179 | 64,902 |
| Total fixed assets | 50,443 | 294,614 | 72,078 |
| Other current receivables | 423,147 | 351,799 | 355,702 |
| Cash and cash equivalents | 4,243 | 7,738 | 26 |
| Total current assets | 427,390 | 359,537 | 355,729 |
| Total assets | 477,832 | 654,152 | 427,807 |
| Equity | 459,135 | 632,353 | 405,012 |
| Other non-current liabilities | 5,386 | 4,729 | 5,454 |
| Other current liabilities | 13,312 | 17,070 | 17,340 |
| Total liabilities and shareholders equity | 477,832 | 654,152 | 427,807 |
| Quarterly Summary | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 |
|---|---|---|---|---|---|---|---|---|---|
| 1Q | 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | |
| Net sales, MSEK* | 16 | 19 | 15 | 15 | 21 | 31 | 27 | 28 | 26 |
| Gross margin, % | 70% | 86% | 41% | 35% | 47% | 64% | 46% | 45% | 59% |
| Operating costs, MSEK | -22 | -36 | -52 | -26 | -27 | -35 | -26 | -27 | -24 |
| Operating profit/loss, MSEK | -10 | -20 | -46 | -21 | -18 | -14 | -14 | -14 | -9 |
| EBITDA, MSEK | -7 | -14 | -21 | -18 | -15 | -6 | -11 | -11 | -6 |
| Profit/loss for the period, MSEK | 3 | -33 | -52 | -47 | 3 | -25 | -8 | 0 | 0 |
* Defined under IFRS
The group's strategic steering committee, consisting of the chief executive officer and the chief financial officer, examines the group's performance from a product perspective and has identified three reportable segments of its business.
The steering committee primarily uses revenue to assess the performance of the operating segments.
| Net Sales by line of business | 2021 | 2020 | <> % | 2020 |
|---|---|---|---|---|
| MSEK | Jan-Mar | Jan-Mar | Jan-Mar | Jan-Dec |
| Livescribe | 4 | 11 | -63% | 29 |
| Enterprise Forms | 7 | 4 | 93% | 17 |
| OEM | 5 | 6 | -18% | 24 |
| Total | 16 | 21 | -22% | 70 |
Anoto Group presents certain financial measures in this interim report that are not defined under IFRS. Anoto Group believes that these measures provide useful supplemental informatio to investors and the group´s managment as they allow evaluation of the company´s performance. Because not all companies calculate these financial mesures similarly, these are not always comparable to measures used by other companies. These financial measures should not be considered a substitute for measures defined under IFRS. Definitions of alternative measures used by Anoto Group that are not defined under IFRS are presented below.
Gross profit as a percentage of net sales. Gross profit is defined as net sales less cost of goods sold.
Gross profit less costs for sales, administration, R&D and other operating income/costs.
Operating profit/loss as a percentage of net sales.
Cash flow for the year divided by the weighted average number of shares during the year.
Equity attributable to shareholders of Anoto Group AB as a percentage of total assets.
Earnings before interest, tax, depreciation and amortization.
EBITDA is considered a useful measure of the group´s performance because it approximates the underlying operating cash flow by elimination of depreciation and amortization. A reconciliation from group operating profit/loss is set out below.
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| TSEK | Jan-Mar | Jan-Mar | Jan-Dec |
| Operating profit/loss | -10,295 | -17,593 | -103,432 |
| Depreciation and amortisation | 3,661 | 2,915 | 35,448 |
| EBITDA | -6,634 | -14,678 | -67,984 |
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