Quarterly Report • Feb 6, 2015
Quarterly Report
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Q4/ 2014
© 2014 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 Feb. 6, 2015 at 08.30 CET
For more information: www.anoto.com
| Key ratios | 2014 | 2013 | 2014 | 2013 |
|---|---|---|---|---|
| Oct-D ec |
Oct-D ec |
Jan-D ec |
Jan-D ec |
|
| Net sales, MSEK | 4 6 |
3 3 |
141 | 144 |
| Gross profit/loss | 3 0 |
2 0 |
9 4 |
9 7 |
| Gross margin, % | 6 6 |
6 1 |
6 7 |
6 8 |
| Operating profit/loss, MSEK | -4 | -90 | -56 | -163 |
| Profit/loss after tax, MSEK | -6 | -93 | -63 | -168 |
| Earnings per share | ||||
| before and after dilution, SEK | -0,01 | -0,42 | -0,13 | -1,03 |
| Cash flow, MSEK | 2 | 3 | -3 | 2 |
| Cash at end of period, MSEK | 4 | 7 | 4 | 7 |
Revenues in the fourth quarter was MSEK 46.0 compared to MSEK 27.1 for the third quarter. Gross margin was 66% compared to 65% in the third quarter. Operating expenses were MSEK 34.0 in the fourth quarter compared to MSEK 34.7 in the third quarter. EBITDA was MSEK –3.7 compared to MSEK -20.2 in the third quarter. Cash flow for the quarter was MSEK 2.0, including net proceeds of MSEK 52 from the rights issue in November. Included in cash flow was also the repayment of debt to previous contract manufacturing partner Zastron of MSEK 11.2, repayment of the bridge loan of 7.4 and an increase in working capital of MSEK 39.9.
Revenues increased 70% from Q3 to Q4 due to a larger sale to T Systems in Germany and more revenues from new business areas within education, voting and interactive displays.
T-Systems signed a contract to migrate the Group's 800 Telekom Shops to Anoto's recently released Live™ Pen 2 and Anoto Live™ software solutions as part of a program to move to a Virtual Desktop environment and 5,000 pens was delivered.
Smartmatic purchased 10,000 licenses as part of their exclusivity commitment within voting and is currently bidding for several projects in Africa, Middle-East and Latin America. Sales to Smartmatic is booked against the prepayment from 2012 and did not have any cash flow effect in the quarter.
TStudy purchased 15,000 pens and 40,000 licenses for business in China and Steelcase purchased 5,000 pens for their interactive whiteboard business in the 4th quarter.
We-inspire is signing up resellers in the US and is looking to expand the reseller network in Europe. Bene is currently the largest We-inspire partner in Europe and is increasing their sales efforts. Among customers who installed We-inspire systems in Q4 was BMW and energy company OMV Group.
A major project with one of the world's largest IT companies is progressing well. The objective is to launch a range of interactive displays with embedded digital writing functionality from the second half of this year. Initial target customers are designers within automotive, entertainment and creative industries. The activity level related to this customer increased significantly during Q4 and we had to add more resources to the project. A significant part of the development cost is covered by Non Refundable Engineering revenues.
We also initiated contact with a select number of manufacturers of large touch displays. Based on the same concept as for smaller displays we intend to combine the Anoto Live SurfaceTM dot film with touch technologies to address a fast growing market for large wall mounted interactive displays for corporate meeting rooms. As soon as more 4K and 5K large (42"- 85") size displays become available in the market Anoto's technology can be combined with the most common touch technologies, P-Cap or I/R-optical frames, to enhance pen performance. Display manufacturers can achieve better price performance if they combine a "good enough" touch (for the size of a finger) with the ultra-high precision Anoto Live SurfaceTM from Anoto. These large displays can also be used as touch tables and one can foresee several people sitting around the table making sketches, annotations and mark-up of content. The displays can also be pen only input at a significantly lower cost than touch and pen combined similar to the We-inspire interactive wall solution. We foresee a rapidly increasing market for pen centric applications with the availability of Microsoft Windows 10 later this year.
The ongoing development of a back-end infra-structure, Anoto Live ServicesTM, is high priority. The objective is to support partners and users with system management, configuration of pens, download of software components and open up for 3 rd party application developers. Anoto is the only company today that can deliver a digital writing platform to partners who want to combine smaller displays and devices with ultra-large interactive walls or large interactive displays and at the same time include real-time capture of writing or sketching on paper as well as have their custom made pallets or touch pads for pen control and short cuts. Together with partners our goal is to take collaboration solutions to the next level.
Anoto Sweden signed a new lease and will move to the new office at Mobile Heights Center in Lund from September 1st. The change in office will, besides from bringing Anoto closer to the Lund University and other expansive IT- and consulting companies, also lead to annual savings of more than MSEK 4.
90 per cent of the rights issue was subscribed for, resulting in net proceeds of MSEK 52 in the quarter.
The activity level is high and the business momentum is increasing in all areas. Anoto Enterprise Solutions is preparing for two large tenders within healthcare and insurance. We-inspire is setting up distributors and re-sellers in the US and Europe. Final contract negotiations with the large OEM partner for interactive displays has started and Anoto is also pursuing additional opportunities for large interactive displays. Operating expenses will increase somewhat in Q1 due to the tight deadlines and plans for product release with the new OEM partner later this year including costs related to materials, testing and a few additional external consultants. We expect that the outstanding convertible loan will be fully converted without any negative cash flow effect other than interest rates paid in January.
Stein Revelsby CEO, Anoto Group
Anoto's business is organized in three business areas: Anoto Enterprise Solutions, Technology Licensing (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.
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| M SEK |
Oct-D ec |
Oct-D ec |
Jan-D ec |
Jan-D ec |
| Licenses | 5 | 6 | 29 | 30 |
| Royalty | 7 | 5 | 15 | 19 |
| Digital pens* | 28 | 16 | 82 | 76 |
| NRE | 3 | 2 | 5 | 10 |
| Other | 2 | 5 | 10 | 10 |
| Total | 46 | 33 | 141 | 144 |
* Digital pens include the C-Pen
Cash flow from operating acivities Cash flow from other activities
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.
Net sales during the quarter were MSEK 27, which is MSEK 10 above net sales during the same period last year. We shipped approximately 10,000 pens to partners and customers within business solutions in this quarter.
T-Systems signed a contract to migrate the Group's 800 Telekom Shops to Anoto's recently released Live™ Pen 2 and Anoto Live™ software solutions as part of a program to move to a Virtual Desktop environment and 5,000 pens was delivered.
Anoto Live™ digital writing solutions are at the core of the mobile plan contract signing and archiving solution at all Telekom Shops in Germany. Paper processes are streamlined and critical data is securely managed, improving efficiency across the enterprise whilst enhancing the customer experience. Customers signing up for service are required to sign contracts that must be securely captured and archived, in addition to supplying the customer with a copy of the agreement. Millions of forms are processed each year.
The market presence has been expanded in England and Scotland, especially within the healthcare sector. During November NHS England launched the 2nd Nurse Tech Fund for NHS trusts which most likely will have a positive impact on investments in 2015.
Our partner Phoniro expanded their market presence with approximately 750 pens within home care and has made a commitment to further expansion in 2015.
The new Encryption module for Live™ Pen 2 has been well received by the financial market and was purchased for two strategic pilots with large financial institutions.
Our business development efforts in India continue to pay off and have resulted in expansion of the services delivered by partner Geeks to rural development.
Our strategic partner DNP has launched solutions within personal note taking based on our new pen, LivePen-2 and together with partner Hitachi is pursuing larger opportunities within insurance.
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| M SEK |
Oct-D ec |
Oct-D ec |
Jan-D ec |
Jan-D ec |
| Net sales | 27 | 17 | 93 | 89 |
| Gross profit | 19 | 11 | 64 | 61 |
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 15, which is MSEK 3 above the same period last year.
Smartmatic purchased 10,000 licenses as part of their exclusivity commitment within voting and is currently bidding for several projects in Africa, Middle-East and Latin America. The company estimates its market share of the global election technology market to be around 50%. The company recently announced that Lord Mark Malloch-Brown, former deputy secretary-general of the UN, vice-president of the World Bank, and UK Foreign Office minister has accepted the role as chairman of the board. Sales to Smartmatic is booked against the prepayment from 2012 and did not have any cash flow effect in the quarter.
TStudy China purchased 15,000 pens and 40,000 licenses in the quarter. Total number of pens and licenses purchased in 2014 was 60,000 units. TStudy is Anoto's preferred partner in China and strengthened by the USD 6.5m fund raise in the second half of 2014 is planning for further strong growth in 2015.
We-inspire focused on signing up resellers in the US and is working closely with leading software companies and high profile end users especially within entertainment and creative industries to increase our sales and marketing leverage. Anoto is taking a more active role also in Europe and supported by the software development team in Austria we are in discussions with large resellers within the AV industry. Bene is currently the largest We-inspire partner in Europe and is increasing their sales efforts. Among customers who installed We-inspire systems in Q4 was BMW and energy company OMV Group.
A major project with one of the world's largest IT companies was escalated during the quarter and is progressing well. The objective is to launch a range of interactive displays with embedded digital writing functionality from the second half of this year. Final contract negotiations has just started and we are currently bound by confidentiality agreements. We expect however to be able to disclose more details during Q2 of this year.
We also initiated contact with a select number of manufacturers of large touch displays. Based on the same concept as for smaller displays we intend to combine the Anoto Live SurfaceTM dot film with touch technologies to address a fast growing market for large wall mounted interactive displays for corporate meeting rooms. There are approximately 4 million corporate meeting rooms just in the US and we expect there will be a fast growing business opportunity when companies want to change from projector-based interactive whiteboards to large high resolution interactive displays. We also foresee a rapidly increasing market for pen centric applications with the availability of Microsoft Windows 10 later this year.
Livescribe sold approximately 40,000 units in the 4th quarter and announced the release of Echo Desktop, an update to their Livescribe Desktop software for managing notes and pen-casts created with the award-winning Echo Smartpen. In addition, through a new partnership with Anoto and our Live PDF service (www.livepdf.net), Echo and Sky WiFi Smartpen customers can now print any paper or document and capture handwriting and sketches with their Smartpen.
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| M SEK |
Oct-D ec |
Oct-D ec |
Jan-D ec |
Jan-D ec |
| Net sales | 15 | 12 | 39 | 42 |
| Gross profit | 9 | 8 | 26 | 29 |
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 4 which is in line with the same period last year.
The business was downsized during last year. C Technologies continues to sell its products to OEM customers as well as within select retail channels.
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| M SEK |
Oct-D ec |
Oct-D ec |
Jan-D ec |
Jan-D ec |
| Net sales | 4 | 4 | 10 | 10 |
| Gross profit | 2 | 2 | 4 | 4 |
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 2013 annual report. The accounting policies are unchanged from those applied in 2013.
At the close of the quarter, the group's total cash amounted to MSEK 3.9 which is a decrease by MSEK 3.1 compared to year-end of 2013.
Anoto's current working capital may not be sufficient for the Company's needs for the next twelve months. The Company believes that if the Company's earnings capacity is not improved, it may be necessary to utilize the Board's authorization to issue new shares or convertible bonds with or without deviation from the shareholders preferential rights. Based upon this the Board believes that the financial statements shall be prepared applying the going concern principle.
The Convertible loan issued in June 2014 will mature at the end of February. Should no conversion not take place there will be a negative cash flow need of MSEK 17.7.
No significant additional risks are deemed to have arisen beyond those described in the 2013 annual report for the Anoto Group. (Please see Note 4 in the Annual report 2013 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 13.8 during 2014. 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 3.7 during 2014. All transactions have been made on normal commercial conditions.
There has been no significant transactions or activities after the end of the year.
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 698,353,534.
The private placement of 19,291,639 shares in March took place at a price of 0.85 SEK, based on the average share price during the preceding 20 trading days. The total capital injection amounted to 16.4 MSEK before expenses.
The rights issue completed during the fourth quarter, at a subscription price of SEK 0.25, increased the number of shares by 245,000,000 and provided the company a capital injection of MSEK 61.2 before issue expenses.
4.6 million share-options has recently been granted to CEO Stein Revelsby and 2.3 million share-options has been granted to EVP Products & Technology Dennis Ladd under the Anoto Incentive Scheme 2014/17 at a subscription price of 0.61 SEK. The share-options will mature during 2017.
The Convertible Bonds can be converted into shares in the Company during the period February 2, 2015 to February 6, 2015. The conversion will take place into shares at a conversion price equivalent to a discount of 15% of the volume weighted average price of the stock during the 10 days prior to conversion.
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 February 6, 2015.
A webcast of the Q4 report will be available from 09.00 on February 6, and a Q&A session via audiocast will be held at 11.00 the same day. For more information, see www.anoto.com/investors.
| Annual report | 14th April |
|---|---|
| Q1 report | th May 8 |
| AGM | 13th May |
Please contact:
Stein Revelsby, CEO Phone: +46 (0)733 45 12 05
or
Dan Wahrenberg, CFO Phone: +46 (0)733 45 12 00
Anoto Group AB (publ.), Corp. Id. No. 556532-3929 Box 4106, SE-227 22 Lund, Sweden Phone: +46 46 540 12 00 www.anoto.com
| Note | 2014 | 2013 | 2014 | 2013 |
|---|---|---|---|---|
| TSEK | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Net sales | 46 004 | 33 314 | 141 465 | 144 306 |
| Cost of goods and services sold | -15 730 | -12 995 | -47 196 | -46 832 |
| Gross profit | 30 274 | 20 319 | 94 269 | 97 474 |
| Sales, administrative and R&D costs | -39 372 | -39 026 | -160 845 | -185 417 |
| Other operating income/cost | 4 743 | -71 138 | 10 327 | -75 508 |
| Operating profit/loss | -4 355 | -89 845 | -56 249 | -163 451 |
| Other financial items | -2 797 | -2 961 | -7 241 | -4 839 |
| Profit before taxes | -7 152 | -92 806 | -63 490 | -168 290 |
| Taxes | 666 | -12 | 639 | -12 |
| Profit/loss for the period | -6 486 | -92 818 | -62 851 | -168 302 |
| Other comprehensive income | ||||
| Translation differences for the period | -3 322 | 2 624 | -8 841 | 5 194 |
| Other comprehensive income for the period | -3 322 | 2 624 | -8 841 | 5 194 |
| Total comprehensive income for the period | -9 808 | -90 194 | -71 692 | -163 108 |
| Total Profit/loss for the period attributable to: | ||||
| Shareholders of Anoto Group AB | -5 965 | -91 112 | -62 038 | -166 231 |
| Non controlling interest | -521 | -1 706 | -813 | -2 071 |
| Total Profit/loss for the period | -6 486 | -92 818 | -62 851 | -168 302 |
| Total comprehensive income for the period attributable to: | ||||
| Shareholders of Anoto Group AB | -8 767 | -87 791 | -69 337 | -161 226 |
| Non controlling interest | -1 041 | -2 403 | -2 355 | -1 882 |
| Total comprehensive income for the period | -9 808 | -90 194 | -71 692 | -163 108 |
| Key ratios: | ||||
| Gross margin | 65,8% | 61,0% | 66,6% | 67,5% |
| Operating margin | Neg | Neg | Neg | Neg |
| Earnings per share before and after dilution | -0,01 | -0,42 | -0,13 | -1,03 |
| Average number of shares before and after dilution* | 559 293 002 | 221 682 065 | 473 688 069 | 162 858 591 |
* excluding share-options granted
| TSEK | 2014-12-31 | 2013-12-31 |
|---|---|---|
| Intangible fixed assets | 78 972 | 71 318 |
| Tangible assets | 2 046 | 3 084 |
| Financial fixed assets | 4 482 | 3 605 |
| Total fixed assets | 85 500 | 78 007 |
| Inventories | 20 553 | 27 985 |
| Accounts receivable | 36 979 | 27 502 |
| Other current assets | 19 916 | 31 347 |
| Total short-term receivables | 56 895 | 58 849 |
| Liquid assets, including current investments | 3 909 | 7 008 |
| Total current assets | 81 357 | 93 842 |
| Total assets | 166 857 | 171 849 |
| Equity attributable to shareholders of Anoto Group AB | 78 242 | 82 657 |
| Non controlling interest | -16 198 | -16 770 |
| Total equity | 62 044 | 65 887 |
| Loans | 0 | 1 011 |
| Total long-term liabilities | 0 | 1 011 |
| Provisions | 498 | 493 |
| Loans* | 36 779 | 16 313 |
| Other current liabilities | 67 536 | 88 145 |
| Total current liabilities | 104 813 | 104 951 |
| Total liabilities and shareholders equity | 166 857 | 171 849 |
* Including converitble loan of 18 MSEK
| 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 2013 | 2 741 | 0 | 471 420 | 2 464 | -345 934 | 130 691 | -14 888 | 115 803 |
| Profit/loss for the year | -166 231 | -166 231 | -2 071 | -168 302 | ||||
| Other comprehensive income | 5 005 | 5 005 | 189 | 5 194 | ||||
| Total comprehensive income | 5 005 | -166 231 | -161 226 | -1 882 | -163 108 | |||
| New share issue | 5 056 | 97 091 | 102 147 | 102 147 | ||||
| Ongoing new share issue | 884 | 10 161 | 11 045 | 11 045 | ||||
| Closing balance 31 December 2013 | 7 797 | 884 | 578 672 | 7 469 | -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 | 0 | ||||
| Share issues | 6 170 | -884 | 62 021 | 0 | 0 | 67 307 | 0 | 67 307 |
| Closing balance 31 Dec 2014 | 13 967 | 0 | 640 693 | -2 757 | -573 661 | 78 242 | -16 198 | 62 044 |
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| TSEK | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Profit/loss after financial items | -7 152 | -92 806 | -63 490 | -168 290 |
| Depreciation, amortisation | 589 | 73 837 | 7 283 | 84 711 |
| Other items not included in cash flow | 186 | 4 6 |
5 | 341 |
| Items not included in cash flow | 775 | 73 883 | 7 288 | 85 052 |
| Cash flow from operating activities | ||||
| before changes in working capital | -6 377 | -18 923 | -56 202 | -83 238 |
| Change in operating receivables | -23 825 | -17 183 | -9 091 | -15 192 |
| Change in inventory | 1 896 | 3 880 | 7 432 | 2 931 |
| Change in operating liabilities | -17 994 | -7 925 | -44 960 | 6 097 |
| Cash flow from operating activities | -46 300 | -40 151 | -102 821 | -89 402 |
| Cash flow from net capital expenditures | -6 324 | -780 | -13 899 | -3 946 |
| Total cash flow before financing activities | -52 624 | -40 931 | -116 720 | -93 348 |
| New share issue | 51 909 | 56 085 | 94 753 | 94 800 |
| Change in financial liabilities | 2 741 | -11 792 | 18 868 | 9 7 |
| Cash flow from financing activities | 54 650 | 44 293 | 113 621 | 94 897 |
| Cash flow for the period | 2 026 | 3 362 | -3 099 | 1 549 |
| Liquid assets at the beginning of the period | 1 883 | 3 646 | 7 008 | 5 459 |
| Liquid assets at the end of the period | 3 909 | 7 008 | 3 909 | 7 008 |
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| TSEK | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Cash flow for the period | 2 026 | 3 362 | -3 099 | 1 549 |
| Cashflow / share before and after dilution (SEK) 1 | 0,00 | -0,06 | -0,01 | 0,01 |
| 2014-12-31 | 2013-12-31 | |||
| Equity/assets ratio | 46,9% | 48,1% | ||
| Number of shares | 698 353 534 | 389 882 641 | ||
| Shareholders equity per share (kr) | 0,11 | 0,21 |
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.
1
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| TSEK | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Net sales | 3 681 | 2 696 | 9 556 | 6 804 |
| Gross profit | 3 681 | 2 696 | 9 556 | 6 804 |
| Administrative costs | -2 281 | -1 564 | -6 843 | -5 565 |
| Operating profit | 1 400 | 1 132 | 2 713 | 1 239 |
| Profit/loss from shares in Group companies | -37 000 | - | -37 000 | -143 604 |
| Financial items | -1 065 | -962 | -2 034 | -583 |
| Profit for the period | -36 665 | 170 | -36 321 | -142 948 |
| TSEK | 2014-12-31 | 2013-12-31 |
|---|---|---|
| Intangible fixed assets | 149 | 221 |
| Financial fixed assets | 114 385 | 114 385 |
| Total fixed assets | 114 534 | 114 606 |
| Other short-term receivables | 108 996 | 103 862 |
| Liquid assets, including current investments | 120 | 3 933 |
| Total current assets | 109 116 | 107 795 |
| Total assets | 223 650 | 222 401 |
| Equity | 162 829 | 131 711 |
| Loans | 18 486 | 0 |
| Other current liabilities | 5 335 | 90 690 |
| Total liabilities and shareholders equity | 186 650 | 222 401 |
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