Quarterly Report • Aug 14, 2015
Quarterly Report
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© 2015 ANOTO
Anoto Group AB is a global leader in digital writing solutions, which enables fast and reliable transmission of handwriting into a digital format. Anoto operates worldwide through a global partner network that delivers user-friendly digital writing solutions for efficient capture, transmission, distribution and storage of data. Anoto is currently in use across multiple business segments, e.g. healthcare, banking and finance, transportation and logistics and education. The Anoto Group has around 100 employees and is headquartered in Lund (Sweden). The company also has offices in Basingstoke and Wetherby (UK), Boston (US), Los Angeles (US) and Tokyo (Japan). The Anoto share is traded on the Small Cap list of NASDAQ OMX Stockholm under the ticker ANOT.
This report was published August. 14, 2015 at 08.30 CET
For more information: www.anoto.com
| Key ratios | 2015 | 2014 | 2015 | 2014 | 2014 |
|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
| Net sales, MSEK | 40 | 31 | 83 | 68 | 141 |
| Gross profit/loss | 18 | 20 | 43 | 47 | 93 |
| Gross margin, % | 46 | 63 | 53 | 68 | 66 |
| Operating profit/loss, MSEK | $-24$ | $-17$ | $-37$ | $-29$ | -69 |
| Profit/loss after tax, MSEK | $-29$ | $-18$ | $-35$ | $-31$ | -63 |
| Earnings per share | |||||
| before and after dilution, SEK | $-0.04$ | $-0.04$ | $-0.05$ | $-0.07$ | $-0.13$ |
| Cash flow, MSEK | $-27$ | 6 | 3 | 6 | -3 |
| Cash at end of period, MSEK | 13 | 13 | 4 |
Revenues in the second quarter were MSEK 40 compared to MSEK 31 in Q2 2014. Gross margin was 46% compared to 63% in Q2 2014. The lower gross margin was due to a combination of lower software sales in the quarter in Enterprise Solutions and larger sales of hardware to our partners in Korea within education. Operating expenses in the quarter were MSEK 42 compared to MSEK 37 in the same quarter last year. As previously announced the significantly higher operating expenses in the last two quarters are primarily related to product development with HP, large displays, research and testing of new thin film solutions for displays and continued development of Live Services to be able to service larger ISV's and partners with hardware configuration, microdot pattern management and maintenance.
Sales within Enterprise Solutions were disappointing MSEK 18 in the second quarter, compared to MSEK 31 in the first quarter when we closed the sales to Wales Ambulance Trust in the UK. The variance in revenues from quarter to quarter reflects the lack of capacity in sales and delivery and our need to strengthen the partner network. We are therefore taking measures to strengthen our sales capacity. The large deals that we have won within Enterprise Solutions in the UK, Germany, Turkey and Japan lately shows clearly the value that we offer to customers and the need for solutions to close the digital transformation gap that exists, and to be able to realize the full potential within financial services, healthcare and field services we work on better alignment with the IT industry in general and a more focused partner strategy.
The overall order back log increased substantially during the quarter and we received orders from Pen Generations and Solid Education for the delivery of 90,000 pens to Kyowon, the largest provider of educational content in Korea. 38,000 pens were delivered in Q2.
We received an order for 60,000 pens via Pen Generations and 4,000 Live Pen 2 from TStudy China and 4,000 pens were delivered in Q2. Furthermore we signed an extension to the exclusive distribution agreement with TStudy China subject to the purchase of a minimum of 2 million pens over the next 5 years exclusivity period.
In India we received an order for 10,000 pens and LivePDF software from InformDS Technologies (P) Ltd. for the automation of physician practices. 500 units were delivered in the second quarter and full delivery is expected by the end of 2016.
Together with partner Optika Display, a subsidiary of Stratacache in the US, we announced the Collaborate 65UHD, a 65 inch large format, 4K LCD collaboration device. The product won the award for Best Personal Workspace for Creatives at InfoComm in Orlando, US among 950 exhibitors and 40,000 professionals from 100 countries. At the same trade show Anoto subsidiary We-Inspire, Inc. won the award for Best Visual Collaboration Solution for Creatives. The positive market feedback and interest from potential partners confirms the large business opportunity – initially within creative industries that need precision pen input, but also the opportunity to provide intuitive, real-time seamless communication between teams, collaboration and creative experiences in general.
The negotiations with HP are going in parallel with product development. The closing of a final deal is subject to many considerations and legal issues related to intellectual property, ownership and rights. Anoto's primary strategy is based on enabling functionality and delivery of components and products to several OEM customers. Therefore we are focusing on balancing the need for our partners to get a competitive advantage and to create a win-win situation while preserving our position as the future industry standard for digital writing.
Based upon the stronger order back log and deals won after the end of the second quarter we expect significant growth in the second half of the year, especially in Q4. Together with our consortium partners we won the public tender for a digital pen solution to a large financial services company in Japan. The contract is the largest Enterprise Solutions contract for Anoto to date with the deployment of 29,000 Live Pen 2 Pro and digital pen software and yet another example of industry acceptance of digital writing in the enterprise. Anoto's part of the contract is of 37 MSEK and is planned to be delivered in Q4 of this year.
Our increased working capital need was financed through a MSEK 15 private placement of shares in the second quarter and another MSEK 40 private placement in July. Extra capital has been tied up in components, manufacturing tools, test equipment and ongoing outstanding non-refundable engineering work that is needed for new products and ramp up of manufacturing for the second half an onwards. In July we also announced the acquisition of XMS Penvision, an innovative Swedish software company specializing in digital writing solutions. The acquisition of XMS Penvision gives us a larger portion of the value chain, flexibility in pricing and a product suitable for sale through larger resellers, as well as a highly competent team that complements our own in-house software development.
Because of the launch of new products and new partnerships with larger OEM customers and ISV's we are in the process of expanding our management team in the US to increase our overall capacity within product management, market channel development, marketing and sales.
Stein Revelsby CEO, Anoto Group
Anoto's business is organized in three business areas: Anoto Enterprise Solutions, Technology Licensing (OEM business within education, note taking, voting, interactive touch displays) and C Technologies. These three areas generate income in five different categories - licensing, royalty, digital pens, components, NRE (Non Refundable Engineering) and other.
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Licenses | 6 | 6 | 20 | 18 | 29 |
| Royalty | 5 | 15 | |||
| Digital pens* | 33 | 18 | 53 | 34 | 82 |
| NRE | 5 | ||||
| Other | -5 | 6 | -4 | u | 10 |
| Total | 40 | 31 | 68 | 141 |
Anoto Enterprise Solutions focuses on systems, products and services that target businesses, primarily in the field of forms processing, document management and signature capture. The offering is Pen Solutions which includes solutions for creating a form in digital format, digital processing of handwritten forms and automatic generation of a digital version of a document with handwritten signatures and notes. Anoto has an indirect business model and markets its products through partners, such as system integrators, software developers and IT consulting firms, all of which offer customized solutions with Anoto technology to their customers.
Sales within Enterprise Solutions were disappointing MSEK 18 in the second quarter, compared to MSEK 31 in the first quarter when we closed the MSEK 11 sales to Wales Ambulance Trust in the UK. The variance in revenues from quarter to quarter reflects the lack of capacity in sales and delivery and our need to strengthen the partner network. We are therefore taking measures to strengthen our sales capacity and sales management in select markets. The large deals that we have won within Enterprise Solutions in the UK, Germany, Turkey and Japan lately shows clearly the value that we offer to customers and their need for solutions to close the digital transformation gap that exists. To better realize the full potential within financial services, healthcare and field services we work on better alignment with the IT industry in general and a more focused partner strategy. Among other initiatives we have engaged with Gartner group for the positioning of hybrid pen and paper solutions in the digital workplace.
As Wales Ambulance Trust successfully rolls out we expect our Healthcare business to continue to be a strong contributor to the UK going forward, but our team in the UK also sees opportunities for growth outside its core healthcare customer base. Markets such as Education and Learning Services are showing promise.
Anoto's order backlog for India was further increased in the second quarter with the order for 10,000 digital pens and the accompanying software from InformDS Technologies (P) Ltd. The total order value is approximately 12 MSEK plus recurring revenues and the order will be delivered in full by December 31st, 2016. The first shipment of 500 units was made in Q2. Based in Bangalore (India), InformDS has been working with the Anoto LivePDF platform, including a successful pilot, for over a year. The LivePDF platform is embedded in InformDS's "Practice in an App" offering that helps to automate physician practices.
After the close of Q2 Anoto and its consortium partners received its largest enterprise solutions contract to date from a major Japanese Financial Services Company. The contract is for the roll-out of 29.000 Anoto Live PenTM 2 Pro with digital writing software. Anoto's part of the contract is of 37 MSEK and is planned to be delivered in Q4 of this year. The customer's sales force will use Anoto Digital pen and paper as an integral part of their new insurance policy sales process. The Anoto digital pens, which will be used to fill in medical and personal information as well as the personal signature, are equipped with a camera for recording personal identification of customers for regulatory compliance. By using this solution, the customer will improve internal process handling by eliminating scanning and re-keying of contracts and will minimize paper consumption.
In July Anoto announced the acquisition of XMS Penvision AB. Established in 1996, XMS Penvision is an innovative Swedish software company specializing in digital writing solutions. Its core product Formidable is marketed through a global network of partners who add value to the platform through a consultative approach with customers seeking a business solution. Formidable is the foundation for Anoto Live Forms, an Anoto Enterprise Solutions application for signatures, document and mobile data capture. The company has 10 employees and 2014 revenues were 13 MSEK. The acquisition of XMS Penvision gives Anoto a larger portion of the value chain, flexibility in pricing and a product suitable for sale through larger resellers, as well as a highly competent team that complements our own in-house software development.
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 49 | 50 | 93 | ||
| Gross profit | 33 | 33 | 64 |
Customers within Technology Licensing develop and sell products based on our intellectual property, software, and digital pen products. For many years, Anoto has licensed its technologies to providers of interactive classroom solutions as well as learning aids for children. Productivity tools, such as for note-taking and meeting productivity, are also long-established products in our Technology Licensing segment. Recently, Anoto has established two new application areas through partners: voting solutions and digital design automation. Voting solutions are based on our traditional digital paper technology, while digital design automation solutions help animators and designers unleash the creative power of digital writing with interactive touch displays.
Net sales during the quarter were MSEK 20, which is MSEK 12 above the same period last year.
The negotiations with HP are going in parallel with product development. The closing of a final deal is subject to many considerations and legal issues related to intellectual property, ownership and rights.
Together with partner Optika Display, a subsidiary of Stratacache in the US, we announced the Collaborate 65UHD, a 65 inch large format, 4K LCD collaboration device. The product won the award for Best Personal Workspace for Creatives at InfoComm in Orlando, US among 950 exhibitors and 40,000 professionals from 100 countries. We are now in the process of expanding the management team and hire personnel for product management, marketing and sales and to develop a go-to-market strategy including partnerships with ISV's, distributors and resellers. We expect a large market opportunity to materialize in the coming months when businesses want to replace AV projectors in corporate board rooms, meeting rooms and classrooms with large format displays as well as other initiatives like the introduction of Microsoft Surface Hub. Our initial market focus will be with customers and partners in creative industries and product design that will benefit from having precision pen input on larger surfaces.
TStudy China placed a 60,000 pen order via joint-venture partner Pen Generations, Inc. in Korea. The gross value of the order is approximately MSEK 20 and delivery is expected in the second half of 2015. TStudy China also ordered 4,000 Live Pen 2 that was delivered in Q2.
In July Anoto signed an amendment to the exclusivity agreement with TStudy Cina Co Ltd. The amendment is an extension to the agreement that was signed on August 20, 2013. The exclusive distribution agreement is for 5 years subject to TStudy purchase of a minimum of 2 million pens over the exclusivity period. The exclusivity does not include applications within voting, census and people registration nor products sold by Anoto's large global OEM partners.
SOLiDEdu, Inc, together with partner Pen Generations in Korea placed an order for 90,000 pens for Kyowon, the largest provider of educational content in Korea. 38,000 pens were delivered in Q2. The application is an interactive multimedia education solution, connecting digital pen, paper workbooks and tablets, which allows for more efficient learning and better individual progress.
We-Inspire is building more momentum with several system sales to large companies and universities in the US and Europe. New distributors and resellers were signed up in the quarter in the US, France and Sweden, and negotiations are ongoing with distributors and resellers in Germany and the UK. We-Inspire won the award for Best Personal Workspace for Creatives at InfoComm in Orlando. By combining We-Inspire core software and Anoto components; pens, palettes and an ultra- large surface, Anoto entered into a very exciting partnership with The Foundry, a leading software provider for animation studios, gaming studios, artists, designers and creative professionals. The solution "FLIX Wall" is combining FLIX, The Foundry's software for collaborative visual story development with Anoto's digital tools. The solution was shown for the first time at Siggraph 2015, Los Angeles in August.
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 20 | 30 | 15 | 39 | |
| Gross profit | 26 |
| January – June 2015 | 8 / 15 |
|---|---|
| --------------------- | -------- |
C Technologies develops, manufactures and sells C-Pen®, a handheld scanner solution with character recognition software. The C-Pen captures printed information such as text, numbers and codes, decodes the information and transfers it to computers and smartphones. The products are made available through the C-Pen brand and as OEMbranded versions.
Net sales during the period were MSEK 3 which is MSEK 1 lower than the same period last year.
C Technologies business has been phased out over the last 12 months and the last deliveries are expected in Q3.
| C Tech | |||||
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | |||||
| Gross profit |
As a pure holding company, Anoto Group AB has a limited number of corporate functions.
This interim report was prepared in accordance with IAS 34, Interim Financial Reporting and applicable parts of the Swedish Annual Accounts Act chapter 9. For information about the accounting policies applied, refer to the 2014 annual report. The accounting policies are unchanged from those applied in 2014.
At the close of the quarter, the group's total cash amounted to MSEK 7 which is an increase by MSEK 3 compared to year-end of 2014.
The management believes that the working capital per July 1st, combined with the MSEK 40 that was financed through the private placement in July, is sufficient for the Company's needs for the next twelve months. Based upon this management and the Board believe that the financial statements shall be prepared applying the going concern principle. However if projects and larger deals get delayed and the Company's earnings capacity is not improved it may be necessary to ask shareholders for the approval to secure more financing with or without deviation from the shareholders preferential rights. The Company may also ask shareholders for the approval to secure more financing to be able to capitalize on larger opportunities, including for acquisitions, and secure higher growth in revenues.
No significant additional risks are deemed to have arisen beyond those described in the 2014 annual report for the Anoto Group. (Please see Note 4 in the Annual report 2014 for a detailed presentation of the company's risk exposure and management.)
One of the largest shareholders of Anoto, Aurora Investment Ltd (owned by TStone), has been represented on the board of directors since the Annual Meeting in May 2010. Transactions with companies within the TStone group amounts to MSEK 14 during 2015. All transactions have been made on normal commercial conditions.
Antonio Mugica, representing the second largest shareholder (Goldeigen Kapital), is also the CEO of Anotos partner Smartmatic, has been a member of the Board since the AGM 2014. Transactions with companies Smartmatic amounts to MSEK 2.5 during 2015. All transactions have been made on normal commercial conditions.
There have been no other significant transactions other than the following transactions after the end of the quarter:
The Anoto share is listed on the NASDAQ OMX Nordic Small Cap List in Stockholm. The total number of shares at the end of the period amounts to 847,145,485.
The private placement of 20,000,000 shares on June 15, place through a book building process, was completed at a price of 0.765 SEK, equal to nine point five (9.5) percent discount to the closing price on June 12, 2015. The total capital injection amounted to 15 MSEK before expenses.
4.6 million share-options has been granted to CEO Stein Revelsby, 2.3 million share-options has been granted to EVP Products & Technology Dennis Ladd and 2.3 million share-options has been granted to new CFO Karl Wiersholm under the Anoto Incentive Scheme 2014/17 at a subscription price of 0.61 SEK. The share-options will mature during 2017.
Stein Revelsby, CEO
Anoto Group AB may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 08.30 on August 14, 2015.
A webcast of the Q2 report will be available from 2.00pm on August 14, and a Q&A session via audiocast will be held at 11.00am the same day. For more information, see www.anoto.com/investors.
Q3 report 6 th of November Q4 report February 2016
Please contact:
Stein Revelsby, CEO Phone: +46 (0)733 45 12 05 Email: [email protected]
Anoto Group AB (publ.), Corp. Id. No. 556532-3929 Traktorvägen 11 SE-226 60 Lund, Sweden Phone: +46 46 540 12 00 www.anoto.com
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 39,533 | 31,297 | 82,661 | 68,371 | 141,465 |
| Cost of goods and services sold | -21,463 | $-11,723$ | $-39,259$ | $-21,861$ | $-48,626$ |
| Gross profit | 18,070 | 19,574 | 43,402 | 46,510 | 92,839 |
| Sales, administrative and R&D costs | -42,196 | $-39,441$ | -81,022 | -78,063 | $-157,318$ |
| Other operating income/cost* | 95 | 3,313 | 205 | 2,894 | $-4,188$ |
| Operating profit/loss | $-24,031$ | $-16,554$ | $-37,415$ | $-28,659$ | -68,667 |
| Other financial items* | $-5,029$ | $-1,032$ | 2,723 | $-1,825$ | 5,177 |
| Profit before taxes | $-29,060$ | $-17,586$ | $-34,692$ | $-30,484$ | -63,490 |
| Taxes | o | $-20$ | -8 | $-26$ | 639 |
| Profit/loss for the period | $-29,060$ | $-17,606$ | $-34,700$ | $-30,510$ | -62,851 |
| Other comprehensive income | |||||
| Translation differences for the period | 2,825 | $-1,548$ | $-8,280$ | $-1,850$ | $-8,841$ |
| Other comprehensive income for the period | 2,825 | $-1,548$ | -8,280 | -1,850 | $-8,841$ |
| Total comprehensive income for the period | -26,235 | $-19,154$ | -42,980 | -32,360 | -71,692 |
| Total Profit/loss for the period attributable to: | |||||
| Shareholders of Anoto Group AB | $-28,385$ | $-17,053$ | $-33,512$ | $-30,692$ | $-62,038$ |
| Non controlling interest | $-675$ | $-553$ | $-1,188$ | 182 | $-813$ |
| Total Profit/loss for the period | -29,060 | $-17,606$ | -34,700 | $-30,510$ | $-62,851$ |
| Total comprehensive income for the period attributable to: | |||||
| Shareholders of Anoto Group AB | $-26,200$ | $-18,415$ | $-41,620$ | $-31,442$ | -69,337 |
| Non controlling interest | $-35$ | $-739$ | $-1,360$ | $-918$ | $-2,355$ |
| Total comprehensive income for the period | $-26,235$ | $-19,154$ | $-42,980$ | $-32,360$ | $-71,692$ |
| Key ratios: | |||||
| Gross margin | 45.7% | 62.5% | 52.5% | 68.0% | 65.6% |
| Operating margin | Neg | Neg | Neg | Neg | Neg |
| Earnings per share before and after dilution | $-0.04$ | $-0.04$ | $-0.05$ | $-0.07$ | $-0.13$ |
| Average number of shares before and after dilution** | 827.145.485 | 453.353.534 | 698.353.534 | 440.700.253 | 473.688.069 |
| TSEK | 6/30/2015 | 6/30/2014 | 12/31/2014 |
|---|---|---|---|
| Intangible fixed assets | 87,287 | 73,643 | 78,972 |
| Tangible assets | 2,144 | 3,569 | 2,046 |
| Financial fixed assets | 5,240 | 3.725 | 4,482 |
| Total fixed assets | 94,671 | 80,937 | 85,500 |
| Inventories | 9,410 | 19,798 | 20,553 |
| Accounts receivable | 32,331 | 24,857 | 36,979 |
| Other current assets | 25,533 | 18,437 | 19,916 |
| Total short-term receivables | 57,864 | 43,294 | 56,895 |
| Liquid assets, including current investments | 6,576 | 13,238 | 3,909 |
| Total current assets | 73,850 | 76,330 | 81,357 |
| Total assets | 168,521 | 157,267 | 166,857 |
| Equity attributable to shareholders of Anoto Group AB | 101,645 | 66,377 | 78,242 |
| Non controlling interest | $-18,746$ | $-17,506$ | $-16,198$ |
| Total equity | 82,899 | 48,871 | 62,044 |
| Total long-term liabilities | $\bf{0}$ | 0 | 2,124 |
| Provisions | 377 | 364 | 497 |
| Loans | 18,587 | 29,939 | 35,875 |
| Other current liabilities | 66,658 | 78,093 | 66,317 |
| Total current liabilities | 85,622 | 108,396 | 102,689 |
| Total liabilities and shareholders equity | 168,521 | 157,267 | 166,857 |
| Ongoing | Other capital | Profit/loss for | Shareholders | Non-controlling | Total | |||
|---|---|---|---|---|---|---|---|---|
| TSEK | Share capital | share issue | contributed | Reserves | the year | equity | interest | equity |
| Opening balance 1 January 2014 | 7,797 | 884 | 578,661 | 7,480 | $-512,165$ | 82,657 | $-16,770$ | 65,887 |
| Profit/loss for the year | $-62,038$ | $-62,038$ | $-813$ | $-62,851$ | ||||
| Other comprehensive income | $-7.299$ | $-7.299$ | $-1.542$ | $-8,841$ | ||||
| Total comprehensive income | 0 | 0 | 0 | $-7,299$ | $-62,038$ | $-69,337$ | $-2,355$ | $-71,692$ |
| Convertible bonds | 542 | 542 | 542 | |||||
| Acquisition | $-2,927$ | $-2,927$ | 2,927 | $\circ$ | ||||
| New share issue | 6,170 | $-884$ | 62,021 | o | o | 67,307 | 0 | 67,307 |
| Closing balance 31 December 2014 | 13,967 | 0 | 640,682 | $-2,746$ | $-573,661$ | 78,242 | $-16,198$ | 62,044 |
| Profit/loss for the year | $-33,512$ | $-33,512$ | $-1,188$ | $-34,700$ | ||||
| Other comprehensive income | $-8,280$ | $-8,280$ | $-1,360$ | $-9,640$ | ||||
| Total comprehensive income | 0 | 0 | 0 | $-8,280$ | $-33,512$ | $-41,792$ | $-2,548$ | $-44,340$ |
| Convertible bonds - conversion | 983 | 16,627 | 17,610 | 17,610 | ||||
| Share issues | 1,593 | o | 31,752 | o | o | 33,345 | o | 33,345 |
| Ongoing new share issue | 14,240 | 14,240 | 14,240 | |||||
| Closing balance 30 June 2015 | 16,543 | 14,240 | 689,061 | $-11,026$ | $-607,173$ | 101,645 | $-18,746$ | 82,899 |
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Profit/loss after financial items | $-29,060$ | $-17,586$ | $-34,692$ | $-30,484$ | $-63,490$ |
| Depreciation, amortisation | 1,484 | $-712$ | 2,900 | 3,702 | 7,283 |
| Other items not included in cash flow | 73 | $-102$ | $-120$ | $-129$ | 961 |
| Items not included in cash flow | 1,557 | $-814$ | 2,780 | 3,573 | 8,244 |
| Cash flow from operating activities | |||||
| before changes in working capital | $-27,503$ | $-18,400$ | $-31,912$ | $-26,911$ | $-55,246$ |
| Change in operating receivables | $-4,930$ | 5,492 | $-969$ | 15,555 | $-9,086$ |
| Change in inventory | 1,332 | 2,369 | 11,143 | 8,187 | 7,432 |
| Change in operating liabilities | $-3,876$ | 3.764 | $-7$ | $-27,336$ | $-35,242$ |
| Cash flow from operating activities | $-34,977$ | $-6,775$ | $-21,745$ | $-30,505$ | $-92,142$ |
| Intangible assets | $-6,267$ | $-10,416$ | $-5,054$ | ||
| Fixed assets | $-1,207$ | $-1,610$ | $-904$ | ||
| Cash flow from net capital expenditures | $-7,474$ | $-289$ | $-12,026$ | $-2,305$ | $-5.958$ |
| Total cash flow before financing activities | $-42,451$ | $-7,064$ | $-33,771$ | $-32,810$ | $-98,100$ |
| New share issue | 14,240 | 47,585 | 27,443 | 76,515 | |
| Convertible loan | $-1,416$ | 18,486 | |||
| Change in financial liabilities | 1,434 | 12,838 | $-9,731$ | 11,597 | 0 |
| Cash flow from financing activities | 15,674 | 12,838 | 36,438 | 39,040 | 95,001 |
| Cash flow for the period | $-26,777$ | 5,774 | 2,667 | 6,230 | -3,099 |
| Liquid assets at the beginning of the period | 33,353 | 7,464 | 3,909 | 7,008 | 7,008 |
| Liquid assets at the end of the period | 6,576 | 13,238 | 6,576 | 13,238 | 3,909 |
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Cash flow for the period | $-26.777$ | 5.774 | 2.667 | 6.230 | $-3.099$ |
| Cashflow / share before and after dilution (SEK) 1 | $-0.03$ | 0.01 | 0.00 | 0.01 | $-0.01$ |
| 6/30/2015 | 6/30/2014 | 12/31/2014 | |
|---|---|---|---|
| Equity/assets ratio | 60.3% | 42.2% | 46.9% |
| Number of shares | 827.145.485 | 453.353.534 | 698.353.534 |
| Shareholders equity per share (kr) | 0.12 | 0.15 | 0.11 |
| 2015 | 2014 | 2015 | 2014 | 2014 | |
|---|---|---|---|---|---|
| TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 1,716 | 1,853 | 4,583 | 3,179 | 9,556 |
| Gross profit | 1,716 | 1,853 | 4,583 | 3,179 | 9,556 |
| Administrative costs | $-1,318$ | $-1,682$ | $-3,290$ | $-2,883$ | $-6,728$ |
| Operating profit | 398 | 171 | 1,293 | 296 | 2,828 |
| Profit/loss from shares in Group companies | $-37,000$ | ||||
| Financial items | $-12$ | $-992$ | $-646$ | -7 | $-2,576$ |
| Profit for the period | 386 | $-821$ | 647 | 289 | $-36,748$ |
| TSEK | 6/30/2015 | 6/30/2014 | 12/31/2014 |
|---|---|---|---|
| Intangible fixed assets | 114 | 185 | 149 |
| Financial fixed assets | 114,385 | 114,385 | 114,385 |
| Total fixed assets | 114,499 | 114,570 | 114,534 |
| Other short-term receivables | 116,752 | 51,124 | 71,996 |
| Liquid assets, including current investments | 1,286 | 68 | 120 |
| Total current assets | 118,038 | 51,192 | 72,116 |
| Total assets | 232,537 | 165,762 | 186,650 |
| Equity | 228,843 | 146,425 | 162,828 |
| Loans | 0 | 13,000 | 17,700 |
| Other current liabilities | 3,694 | 6,337 | 6,122 |
| Total liabilities and shareholders equity | 232,537 | 165,762 | 186,650 |
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