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Precise Biometrics — Interim / Quarterly Report 2011
Oct 25, 2011
3189_10-q_2011-10-25_6708959a-6bcc-45ee-b671-b52a227a1a32.pdf
Interim / Quarterly Report
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Page 1 of 15
Lund, October 25, 2011
STRONG POSITIONING FOR MATCH-ON-CARD
Precise Biometrics AB (publ), Corporate Identity No. 556545-6596 Interim Report for the period January – September 2011
- The group's net sales for the interim period amounted to SEK 16.8 million (38.6) and for the third quarter SEK 7.4 million (12.2).
- The group's income for the interim period was SEK ‐24.0 million (‐10.2) and for the third quarter SEK ‐5.4 million (‐5.2). Compared to previous year the income for the interim period is lower primarily due to lower sales level impacted by the delayed US government budget process.
- Earnings per share for the interim period was SEK ‐0.15 (‐0.08) and for the third quarter SEK ‐0.03 (‐0.04).
- Available cash at the end of the interim period amounted to SEK 37.4 million (30.9).
Important events during the quarter
• Precise Match‐on‐Card™ was selected for Nigerian National ID Card. The card will function both as national ID and as a bank card. In expected value, this national ID project is the largest so far won by Precise Biometrics.
Important events after end of quarter
- Precise Biometrics entered into a partnership agreement with Giesecke & Devrient (G&D) that will provide Precise Match‐on‐Card™ technology for use on G&D smart‐ cards.
- Precise Biometrics appointed GD Burti as exclusive distributor of their fingerprint & smartcard readers in Brazil.
- Precise Biometrics™ and NXP Semiconductors entered Partnership. This enables NXP to provide Precise Biometrics' industry‐leading on‐card fingerprint comparison technology on the chips used on smart identification cards.
For further information
Thomas Marschall, President and CEO, Precise Biometrics AB Tel. +46 (0)46 31 11 10 or +46 (0)734 35 11 10 E-mail [email protected]
Patrik Norberg, CFO, Precise Biometrics AB Tel. +46 46 31 11 47 or +46 734 35 11 47 E-mail [email protected]
Precise Biometrics is a market-leading provider of solutions for fingerprint recognition to prove people's identities. With top-of-the-line expertise in fingerprint verification, Precise Biometrics offers fast, accurate and secure authentication of a person.
Its core product, Precise Match-on-Card™, adds value to ID, SIM, enterprise and bank cards as well as systems for access control to buildings, computers and networks. Precise Biometrics serves business and government organizations throughout the world and its technology is licensed to close to 160 million users.
For more information, please visit www.precisebiometrics.com.
Strong positioning for Match-on-Card
‐ Interview with the President & CEO, Thomas Marschall
What can you say about your development during this quarter?
First of all it is very positive that Precise Biometrics' Match‐on‐Card technology has been chosen for Nigeria's National ID card (NID). It is yet another confirmation of our strong technology and emphasises our market‐leading position. The project initially concerns licenses for ID cards and bank cards for 50‐60 million inhabitants, and it is the largest NID project Precise Biometrics has been involved in.
We have also seen further strong positioning of Match‐on‐Card on other markets as well. During this period we have made strategically important partner agreements with Giesecke & Devrient (G&D) and NXP Semiconductors, who are leading suppliers of Smart cards and
Smart chips on the global market. We expect these partnerships to contribute towards us selling more Match‐on‐Card‐licenses in 2012 than in any other year before this.
Do you think 2011 could be the most successful year Precise Biometrics has ever had in terms of market development and market positioning?
As stated before I do believe 2011 could be the most successful year we have ever had, a year where we prepare the growth platform required to realize Plan 2015. I'm mainly thinking of our top results in the US government agency test, MINEX II, which have further encouraged interest in our proven technology both in the US and the global market. But I'm also very pleased to see the rapid progress within our technology development to enable us to meet the new customer and market demands especially focusing our unique smart card and biometric solutions for the mobile market and in particular the Apple platform. The presentation of new products is planned to take place at the end of the year. The reinforcement of our organization for sales and marketing is also well in progress to support the market strategy. To put it simply, we are overall developing in line with our Plan 2015.
Could you comment on how the business areas IAM, Access Solutions and Mobile have developed?
The development of our business area IAM is currently negatively impacted by the delay in approval of the US government budget. In regards to Access Solutions there are a few gym related projects that have not been realized this year. As such the business areas Access Solutions and IAM are not in line with our expectations for the year.
Product developments in Mobile, which is one our major investment areas, are running on schedule. This means that we are expecting to have several new products out towards the end of the year so that we can actively participate in the rapid developments in the markets for Smart Phones and Tablet PCs. While these investments are weighing on our profits in the short term, they are important prerequisites if we are to achieve our targets for growth and profitability in Plan 2015.
Page 3 of 15 Lund, October 25, 2011
What is happening now within the framework of Plan 2015?
In 2011 we established the new business area Mobile for the objective of creating a new and major field of user applications and products for our combined solutions of biometrics and smart cards. Product developments are in line with this plan. We have also encountered considerable interest in our solutions in the market and we are now holding discussions with different partners on cooperation.
We have also continued to develop our organization and the establishment of new functions in the US. We have recruited staff on site in the US, who can work with our important partners and reinforce our marketing and market communication. The US remains our most important market and it also has significant potential for our new products focusing on the mobile market.
Page 4 of 15 Lund, October 25, 2011
Sales and result
Interim period; January to September 2011
Sales for the interim period amounted to SEK 16.8 million (38.6). The gross profit was SEK 8.8 million (23.3). The gross margin amounted to 53 % compared to 60% the same period the previous year. The margin is lower due to higher proportion of hardware sales. Operating expenses for the interim period amounted to SEK 33.0 million (33.4). The group's net loss for the interim period amounted to SEK ‐24.0 million (‐10.2). Compared to previous year the income for the interim period is lower primarily due to lower sales level impacted by the delayed US government budget process. The result was positively affected by the effects of bankruptcy of the former subsidiary Loqware. Losses per share (average number of shares) for the interim period amounted to SEK ‐0.15 (‐0.08).
Third quarter; July to September 2011
Sales for the third quarter were SEK 7.4 million (12.2). The gross profit was SEK 2.6 million (6.9).The gross margin decreased to 36% compared to 56% the same period the previous year. The margin is lower due to higher proportion of hardware sales. Operating costs were SEK 8.1 million (12.0).The Group's net loss for the third quarter amounted to SEK ‐5.4 million (‐5.2). The result was positively affected by the effects of bankruptcy of the former subsidiary Loqware. Losses per share (average number of shares) for the third quarter amounted to SEK ‐0.03 (‐0.04).
Financing and liquidity
Equity amounted as of September 30, 2011 to SEK 56.2 million (35.3) and equity/share to SEK 0.30 (0.26).
Cash flow from current operations amounted to SEK ‐11.0 million (‐3.1). Available cash at the end of the interim period amounted to SEK 37.4 million (30.9).
Market and sales – Q3
Precise Biometrics' turnover in the third quarter mainly consisted of sales of fingerprint readers to customers in the Middle East and Asia in the IAM segment. Sales to government agencies in the US continued to be hampered as a result of delays in the US government budget process.
Sales of licenses for national ID card projects also contributed to the sales for this quarter.
In Access Solutions the main part of sales consisted of follow‐up orders from the largest customer in this business area – Scandinavia's largest budget gym chain.
Several important agreements dominated the quarter. The company was selected as the provider for national ID cards in Nigeria. Precise Biometrics' Nigerian partner Interswitch negotiated this transaction, which represents an order of 50‐60 million cards for the company. The roll‐out period will take up to six years and the card will be used both as an ID card and a bank card.
A partnership agreement has also been signed with Giesecke & Devrient (G&D), one of the largest global suppliers of smart card solutions, which entitles G&D to use Precise Match‐ on‐Card™ on its smart cards.
Page 5 of 15 Lund, October 25, 2011
Another strategically important agreement was signed with NXP Semiconductors, who are a leading supplier of smart chips on the global market. Cooperation with NXP means that they can now use Precise Match‐on‐Card™ on the chips used on smart identification cards.
Precise Biometrics assess that these agreements will form the basis for extensive sales of Match‐on‐Card licenses in 2012 and the years ahead.
The company continues to make important investments in the business area Mobile, focusing on the smart phone market, and in particular the Apple platform. The presentation of new products is planned to take place at the end of the year.
The agreements signed during the quarter, alongside investments in the Mobile segment, are critical parts of Plan 2015, the strategic platform the company has established for its development up to 2015.
Parent company
Parent company sales for the interim period amounted to SEK 12.5 million (33.4). Operating loss before tax for the interim period amounted to SEK ‐26.4 million (‐12.5).
Available cash at the end of the third quarter amounted to SEK 34.3 million (23.7).
Organization and staff
The parent company of Precise Biometrics has its head office in Lund, Sweden. The organization also consists of the subsidiaries Precise Biometrics Inc. in Washington DC, USA, and Precise Biometrics Solutions AB with office in Karlstad.
As of September 30, 2011 the group had 35 (34) employees, 30 in Sweden and 5 in the US. Of these employees, 24 (24) were men and 11 (10) were women.
Investments in tangible fixed assets
During the interim period, the group invested SEK 0.1 million in tangible fixed assets.
In the third quarter the group invested SEK 0.1 million in tangible fixed assets.
Capitalization and depreciation of development work
Development work costs of SEK 6.1 million (2.3) were capitalized during the interim period. Depreciation of capitalized costs for development work amounted to SEK 1.0 million (1.1) during the interim period.
During the third quarter development costs of SEK 1.5 million (0.8) were capitalized. Depreciation of capitalized development costs amounted to SEK 0.5 million (0.3) during the quarter.
Patents
The patents portfolio has been successively improved since 2001 and at the end of the third quarter in 2011 included 82 registered patents and 26 applications for patents in 19 different product families. Precise Biometrics has 11 different patent families just for the Match‐on‐Card technology.
Shares
The company's share is listed on the Small Cap list of the Nasdaq OMX Nordic.
The total number of registered shares at the end of the quarter was 188,945,120. During the interim period the average turnover per day was SEK 465 thousand and the list price ranged from SEK 0.90 to 2.48. During the third quarter the average turnover per day was SEK 1,362 thousand and the list price ranged from SEK 0.90 to 1.63.
The main shareholders as of September 30, 2011
| Name | Percentage of share capital | No. of shares | |
|---|---|---|---|
| Avanza Pension Försäkring | 7.7% | 14,532,522 | |
| Swedbank Robur fonder | 4.5% | 8,442,304 | |
| HJ Byggkonsulter AB | 1.9% | 3,650,000 | |
| Nordnet Pensionsförsäkring | 1.8% | 3,399,012 |
Source: SIS Ägarservice
Nomination committee
Following a decision at the Annual General Meeting on April 27, 2011 a Nomination Committee shall be organized. The Nomination Committee shall as a minimum consist of one representative from each of the three major shareholders per August 31, 2011 as well as the Chairman of the Board.
Accordingly the Nomination Committee consists of Kerstin Stenberg (Swedbank Robur fonder), Torgils Bonde Knutsson (Gimmersta AB) and Uno Johnsson (HJ Byggkonsulter AB).
These represent the three largest shareholders in the Company as of August 31, 2011, that have accepted participation in the Nomination Committee. The Chairman of the Board, Lisa Thorsted, is also represented in the Nomination Committee, and is the convener.
Risk factors
Precise Biometrics is exposed to both commercial and financial risks, which to a large extent lie outside the reach and influence of the company. There is no guarantee that the current capital will be sufficient until the Company achieves a positive cash flow. Neither is there any guarantee that new capital can be acquired if the need should arise, or that such capital can be acquired on preferential terms. For a full account of identified risks, please refer to the Annual Report for 2010, which was submitted April 4, 2011. No further essential risks or uncertainties have arisen after the submission of the Annual Report.
Page 7 of 15 Lund, October 25, 2011
Future report dates Year‐end Report February 3, 2012 General Annual Meeting April 24, 2012
Annual General Meeting
The annual general meeting for Precise Biometrics AB (publ) will be held on Tuesday April 24, 2012 at 16.00 at Precise Biometrics headquarters in Lund, Scheelevägen 30.
The annual report for 2011 will be published by the latest two weeks before the annual general meeting.
Accounting principles
This report has been prepared in accordance with IAS 34, Interim reporting and the Swedish Company Accounts Act.
New IFRS, additions to IAS and IFRIC interpretations taking effect January 1, 2011, did not have a material effect on the financial statements. For information on the applied accounting principles please refer to the Annual Report for 2010.
Lund, October 24, 2011
The board of directors
Lisa Thorsted, chairman
Marc Chatel Lena Widin Klasén Eva Maria Matell Torbjörn Clementz
Thomas Marschall, President and CEO
Review Report
Introduction
We have reviewed this report for the period January 1, 2011 to September 30, 2011 for Precise Biometrics AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Emphasis and extent of the review
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Lund, October 24, 2011
Öhrlings PricewaterhouseCoopers AB
Eva Carlsvi Ola Bjärehäll Authorised Public Accountant Authorised Public Accountant Auditor in charge
Lund, October 25, 2011
Income statement, Group
| (Figures in thousands SEK) | Q3 | Q3 | Q1-Q3 | Q1-Q3 | Full year |
|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2010 | |
| Net sales | 7,359 | 12,177 | 16,802 | 38,606 | 44,944 |
| Cost of goods sold | -4,746 | -5,289 | -7,971 | -15,294 | -17,425 |
| Gross profit/loss | 2,613 | 6,888 | 8,831 | 23,312 | 27,519 |
| Selling expenses1) | -3,748 | -4,291 | -12,557 | -13,527 | -18,293 |
| Administrative expenses1) | -2,174 | -2,121 | -8,451 | -7,388 | -10,012 |
| R&D costs | -3,536 | -2,542 | -11,762 | -11,207 | -12,526 |
| Other operating income and changes in value | 1,323 | -3,075 | -192 | -1,295 | -1,185 |
| -8,135 | -12,029 | -32,962 | -33,417 | -42,016 | |
| Operating result 1) | -5,522 | -5,141 | -24,131 | -10,105 | -14,497 |
| Financial costs | 101 | -10 | 128 | -124 | -135 |
| Result after financial items | -5,421 | -5,151 | -24,003 | -10,229 | -14,632 |
| Tax | - | - | - | - | -16 |
| Result for the period | -5,421 | -5,151 | -24,003 | -10,229 | -14,648 |
| Result attributable to: | |||||
| Owners of the parent | -5,421 | -5,151 | -24,003 | -10,229 | -14,648 |
| Results per share, SEK | -0.03 | -0.04 | -0.15 | -0.08 | -0.11 |
1) Include the effect of the liquidation of the subsidiary Loqware amounting SEK +1,754 thousand in 2011.
Page 10 of 15
Lund, October 25, 2011
Comprehensive income, Group
(according to IAS 1)
| (Figures in thousands SEK) | Q3 2011 |
Q3 2010 |
Q1-Q3 2011 |
Q1-Q3 2010 |
Full year 2010 |
|---|---|---|---|---|---|
| Profit/loss for the period | -5,421 | -5,151 | -24,003 | -10,229 | -14,648 |
| Change in accumulated exchange rate differences Reverse of accumulated exchange rate differences in disposed subsidiary |
239 - |
708 - |
-13 - |
128 - |
334 150 |
| Comprehensive income for the period, net of tax | 239 | 708 | -13 | 128 | 484 |
| Total comprehensive income for the period | -5,182 | -4,443 | -24,016 | -10,101 | -14,164 |
| Total comprehensive income attributable to: Owners of the parent |
-5,182 | -4,443 | -24,016 | -10,101 | -14,164 |
Balance Sheet, Group
| (Figures in thousands SEK) | 9/30/2011 | 9/30/2010 | 12/31/2010 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | 11,723 | 5,008 | 6,664 |
| Tangible fixed assets | 460 | 643 | 704 |
| Inventories | 5,033 | 6,425 | 8,402 |
| Accounts receivable - trade 1) | 11,557 | 5,923 | 4,968 |
| Other current receivables | 3,478 | 2,547 | 2,809 |
| Cash and bank balances | 37,420 | 30,906 | 24,544 |
| Total assets | 69,671 | 51,452 | 48,091 |
| Equity and liabilities | |||
| Equity | 56,243 | 35,307 | 31,244 |
| Current liabilities | 13,428 | 16,145 | 16,847 |
| Total equity and liabilities | 69,671 | 51,452 | 48,091 |
| Pledged assets | 26,400 | 26,400 | 26,400 |
| Contingent liabilities | - | - | - |
1) Includes a receivable concerning contract manufacturer totalling SEK 5.1 million.
Page 11 of 15
Lund, October 25, 2011
Cash Flow Statement, Group
| (Figures in thousands SEK) | Q3 | Q3 | Q1-Q3 | Q1-Q3 | Full year |
|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2010 | |
| Cash flow from operating activities | |||||
| before changes in working capital | -5,191 | -4,216 | -23,250 | -9,292 | -12,919 |
| Cash flow from changes in working capital | -5,769 | 1,163 | -6,724 | 1,691 | 2,781 |
| Cash flow from operating activities | -10,960 | -3,053 | -29,974 | -7,601 | -10,138 |
| Cash flow from investing activities | -1,597 | -821 | -6,166 | -2,377 | -4,710 |
| Cash flow from financing activities | 421 | - | 49,015 | - | -1,492 |
| Cash flow for the period | -12,136 | -3,874 | 12,875 | -9,978 | -16,340 |
| Liquid funds at the beginning of the period | 49,555 | 34,780 | 24,544 | 40,884 | 40,884 |
| Liquid funds at the end of the period | 37,420 | 30,906 | 37,420 | 30,906 | 24,544 |
Key Figures, Group
| 9/30/2011 | 9/30/2010 | 12/31/2010 | |
|---|---|---|---|
| Working capital (thousands SEK) | 44,060 | 29,656 | 23,876 |
| Liquid ratio | 391% | 244% | 192% |
| Equity/assets ratio | 81% | 69% | 65% |
| Return on average equity | - | - | neg |
| Capital employed (thousands SEK) | 57,495 | 36,705 | 32,494 |
| Return on capital employed | - | - | neg |
| Profit/loss per share (SEK) | -0.15 | -0.08 | -0.11 |
| EBITDA (thousands SEK) | -22,781 | -8,709 | -12,485 |
| Equity per share (SEK) | 0.30 | 0.26 | 0.23 |
| Number of shares | 188,945,120 | 134,960,800 | 134,960,800 |
| Number of employees at the end of the period | 35 | 34 | 34 |
| Average number of employees during the period | 33 | 34 | 34 |
Definitions - Key Figures
Working capital: Current assets less current liabilities
Liquid ratio: Current assets less inventories divided by current liabilities
Equity/assets ratio: Equity as of the balance sheet date divided by total assets as of the balance sheet date
Return on equity: Profit/loss for the period divided by average equity
Capital employed: Balance sheet total minus non-interest-bearing liabilities and provisions
Return on capital employed: Profit/loss after financial items plus financial expenses divided by the average capital employed
Profit/loss per share: Profit/loss after tax divided by the average number of shares. The options are not included in the calculation
due to calculation of potential shares would result in an improvement in loss per share which is not permitted according to IAS 33
EBITDA: Profit/loss before net financial items, depreciations, write-downs and tax
Equity per share: Equity at the end of the period divided by the number of shares at the end of the period
Quarterly earnings ratios are not disclosed
Operating costs (as described in Sales and result): Operating costs excluding costs for products sold, participations in associated companies and goodwill write-down, but including depreciation and write-downs and after capitalization of costs for development work
Lund, October 25, 2011
Changes in equity, Group
(Figures in thousands SEK)
| Capital | Other paid in | Reserves Balanced profit/ | Total | ||
|---|---|---|---|---|---|
| stock | capital | year's profit | equity | ||
| Opening balance as at January 1, 2010 | 53,984 | 537,214 | 155 | -545,945 | 45,408 |
| Comprehensive income for the period | - | - | 128 | -10,229 | -10,101 |
| Closing balance as at September 30, 2010 | 53,984 | 537,214 | 283 | -556,174 | 35,307 |
| Opening balance as at January 1, 2011 | 53,984 | 537,214 | 639 | -560,593 | 31,244 |
| Comprehensive income for the period | - | - | -13 | -24,003 | -24,016 |
| Transactions with the shareholders | |||||
| New share issue1) | 21,594 | 26,981 | - | - | 48,575 |
| Options2) | - | 440 | - | - | 440 |
| Closing balance as at September 30, 2011 | 75,578 | 564,635 | 626 | -584,596 | 56,243 |
1) New share issue totalling 53,984,320 new shares at a rate of SEK 1.00 with
deductions for issue costs SEK 5,409 thousand.
2) Relates to 4,400,000 subscription options to all employees at a rate of SEK 0.10.
Turnover and profitability by segments Q3 20111) (Figures in thousands SEK)
| IAM | ACCESS SOLUTIONS | MOBILE | |||||
|---|---|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||
| Net sales | 6,897 | 11,074 | 464 | 1,103 | - | - | |
| Expenses2) | -9,159 | -12,865 | -520 | -1,460 | -5,487 | - | |
| Result | -2,262 | -1,791 | -56 | -357 | -5,487 | - |
| TOTAL SEGMENTS | |||
|---|---|---|---|
| 2011 | 2010 | ||
| Net sales | 7,361 | 12,177 | |
| Expenses2) | -15,166 | -14,325 | |
| Result3) | -7,805 | -2,148 |
Turnover and profitability by segments Q1-Q3 20111)
| (Figures in thousands SEK) | IAM | ACCESS SOLUTIONS | MOBILE | ||||
|---|---|---|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||
| Net sales | 13,916 | 34,036 | 2,887 | 4,570 | 0 | - | |
| Expenses2) | -22,805 | -41,201 | -3,802 | -6,816 | -18,948 | - | |
| Result | -8,889 | -7,165 | -915 | -2,246 | -18,948 | - |
| TOTAL SEGMENTS | |||||
|---|---|---|---|---|---|
| 2011 | 2010 | ||||
| Net sales | 16,803 | 38,606 | |||
| Expenses2) | -45,555 | -48,017 | |||
| Result3) | -28,752 | -9,411 |
1) From January 2011 a new sales organization came into effect. The 2010 figures are restated accordingly.
2) The above expenses in the segments include Cost of goods sold as well as direct and share of indirect operation expenses.
3) Group Result also includes capitalization and depreciation of development work and other operating income and changes in value. This amount totals for Q3 SEK 2,284 thousand (2,993) and for Q1-Q3 SEK 4,622 thousand (-694).
Income statement, Parent company
| (Figures in thousands SEK) | Q1-Q3 2011 |
Q1-Q3 2010 |
Full year 2010 |
|---|---|---|---|
| Net sales Cost of goods sold |
12,477 -15,043 |
33,351 -18,400 |
38,825 -21,957 |
| Gross profit/loss | -2,566 | 14,951 | 16,868 |
| Selling expenses Administrative expenses |
-9,020 -8,400 |
-10,408 -6,673 |
-14,409 -9,012 |
| R&D costs Other operating income and changes in value |
-6,940 46 |
-7,424 -3,175 |
-7,232 -2,831 |
| -24,314 | -27,680 | -33,484 | |
| Operating result | -26,880 | -12,729 | -16,616 |
| Financial costs1) | 482 | 245 | 349 |
| Result after financial items | -26,398 | -12,484 | -16,267 |
| Tax | - | - | - |
| Result for the period | -26,398 | -12,484 | -16,267 |
Page 14 of 15
Lund, October 25, 2011
Balance Sheet, Parent company
| (Figures in thousands SEK) | 9/30/2011 | 9/30/2010 | 12/31/2010 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | 11,630 | 4,884 | 6,548 |
| Tangible fixed assets | 309 | 318 | 381 |
| Participations in group companies | 1,058 | 1,058 | 1,058 |
| Inventories | 5,033 | 6,426 | 8,402 |
| Accounts receivable - trade 1) | 6,171 | 1,886 | 2,810 |
| Other current receivables | 35,426 | 38,809 | 33,403 |
| Cash and bank balances | 34,258 | 23,695 | 21,129 |
| Total assets | 93,885 | 77,076 | 73,731 |
| Equity and liabilities | |||
| Equity | 85,263 | 67,279 | 63,086 |
| Other provisions | 123 | 173 | 162 |
| Current liabilities | 8,499 | 9,624 | 10,483 |
| Total equity and liabilities | 93,885 | 77,076 | 73,731 |
| Pledged assets | 24,000 | 24,000 | 24,000 |
| Contingent liabilities | 2,000 | 2,000 | 2,000 |
1) Includes a receivable concerning contract manufacturer totalling SEK 5.1 million.
Page 15 of 15
Lund, October 25, 2011
On the occasion of today's Interim Report we have the pleasure to invite investors and journalists to the following informative meeting during the day
Telephone conference
- The conference starts at 11:00 (CET)
- To participate, please call + 46 (0)8 505598 16
An operator will note your name and connect you to the conference. The operator will also provide you with information about what to do if you have any questions.
The presentation will be held in English but afterwards there will be an opportunity to ask questions in Swedish.
Participating on behalf of Precise Biometrics
- Thomas Marschall, President and CEO
- Patrik Norberg, CFO
A recording from the conference will be available for three days after the telephone meeting. To listen to the conference afterwards dial +46 (0)8 506 269 49. When asked to state a reference number please dial 263001 and finish with (#).
Please visit www.precisebiometrics.com/presentations where a presentation can be downloaded.
For further information
Thomas Marschall, President and CEO, Precise Biometrics Tel. +46 (0)46 31 11 10 or +46 (0)734 35 11 10 E-mail [email protected]
Patrik Norberg, CFO, Precise Biometrics AB Tel. +46 46 31 11 47 or +46 734 35 11 47 E-mail [email protected]
Precise Biometrics AB (Headquarters) Box 798 SE-220 07 Lund Tel.: +46 (0)46 31 11 00 Fax: +46 (0)46 31 11 01 E-mail: [email protected]
Precise Biometrics is a market-leading provider of solutions for fingerprint recognition to prove people's identities. With top-of-the-line expertise in fingerprint verification, Precise Biometrics offers fast, accurate and secure authentication of a person.
Its core product, Precise Match-on-Card™, adds value to ID, SIM, enterprise and bank cards as well as systems for access control to buildings, computers and networks. Precise Biometrics serves business and government organizations throughout the world and its technology is licensed to close to 160 million users.
For more information, please visit www.precisebiometrics.com.