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Precise Biometrics — Interim / Quarterly Report 2012
Oct 1, 2012
3189_10-q_2012-10-01_f19d978b-6d36-4c4a-a84b-b7d81069f92c.pdf
Interim / Quarterly Report
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TACTIVO™ FOR iPAD LAUNCHED AND NEW ISSUE OF SHARES OVERSUBSCRIBED
PRECISE BIOMETRICS AB (PUBL), CORPORATE IDENTITY NO. 556545-6596 INTERIM REPORT FOR THE PERIOD JANUARY – SEPTEMBER 2012
- The group's net sales for the interim period was SEK 19.9 million (16.8) and for the third quarter SEK 8.5 million (7.4).
- The groups income for the interim period was SEK -34.0 million (-24.0) and for the third quarter SEK -11.2 million (-5.4)
- Earnings per share for the interim period amounted to SEK -0.18 (-0.15) and for the third quarter SEK -0.06 (-0.03).
- Available cash at the end of the interim period amounted to SEK 3.2 million (37.4).
IMPORTANT EVENTS DURING THE THIRD QUARTER
- Tactivo™ for iPad obtained approval by Apple in their Made for iPhone program (MFi).
- The company received their first U.S. Government related purchase orders and started off pilot projects across several U.S. Federal Government military and civilian agencies.
- Precise Biometrics received Tactivo™ orders from two leading mobile software providers. Thursby Software Systems and an additional recognized partner together placed orders exceeding one thousand Tactivo™ units for delivery in Q4, 2012.
IMPORTANT EVENTS AFTER THE THIRD QUARTER
- Precise Biometrics' rights issue, with preferential rights for Precise Biometrics' shareholders, was oversubscribed. The company will be supplied with approximately SEK 54.4 million prior to issue costs. The rights issue was subscribed to 139.6%.
- The company announced partnership with the Inpeco Group, developer of solutions that trace key healthcare processes. Inpeco Group has chosen Precise Match-on-Card™ technology to trace patient ID and blood testing transmissions, eliminating human 'error' in the process.
- Precise Biometrics announced partnership with HID Global. Through the partnership Common Access Card and Personal Identity Verification Cards can now deliver encrypted access to sensitive data through Tactivo™.
FOR FURTHER INFORMATION, PLEASE CONTACT
Thomas Marschall, President & CEO, Precise Biometrics AB. Telephone +46 46 31 11 10, or +46 734 35 11 10 E-mail [email protected]
Patrik Norberg, CFO, Precise Biometrics AB Telephone +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.
The technology adds value to ID, enterprise and bank cards as well as access to mobile solutions, 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
Page 2 of 15 Lund Oct 24, 2012
TACTIVO™ FOR iPAD LAUNCHED AND NEW ISSUE OF SHARES OVERSUBSCRIBED
INTERVIEW WITH THOMAS MARSCHALL, CEO AND PRESIDENT, PRECISE BIOMETRICS
What can you say about your development during the third quarter?
The roll out of the new product series Tactivo™ has continued. As we know, Tactivo™ is the world's first smart casing with embedded fingerprint and smart card reader. Together with the right apps it allows organizations and companies to maintain a high level of security when their employees use mobile units to access sensitive information.
After Tactivo™ was certified for iPhone in Apple's Made for iPhone program (MFi) in the Spring, the iPad version has now also been approved and launched in September.
The launch of Tactivo™ for iPhone and iPad has attracted a great deal of interest on the global market and we have received orders from several companies and government agencies during this quarter. Several civil and military agencies in the US have also started pilot projects based on Tactivo™, which can lead to larger orders later on.
We have also initiated cooperation with different partners, which among other things has resulted in Thursby Software Systems now offering a package solution with Tactivo™ and PKard. This is the first integrated solution for government agencies that ensures a secure environment for web reading by utilizing the smart cards already used for internal identification. Cooperation has also been initiated with HID Global to enable security for mobile devices based on smart cards that are currently used by the U.S. government (CAC and PIV cards).
How are sales of Tactivo™ developing?
The first order for Tactivo™, which came from one of the world's largest vehicle manufacturers, has been followed by several other orders during this quarter. Government agencies in the US and companies with a global presence have been the main source of interest, but government agencies in other countries have also expressed their interest.
The leading solution suppliers among our partners have also begun placing orders to meet the demands of their customers for Tactivo™. As an example has Thursby Software Systems and another well-known player placed orders for over one thousand Tactivo™ units, combination of Tactivo™ for iPhone and Tactivo™ for iPad, for delivery in the fourth quarter.
What is happening in the business area IAM?
There has been a positive development for the federal ID card project underway in Nigeria. Political priorities in the country have, however, delayed the roll out of the national ID card project, so that earnings from this project are not anticipated to come in before 2013.
company in automated solutions for health care. The objective of this cooperation is to introduce Precise Match-on-Card™ technology in the company's systems for handling blood samples to ensure a correct link between patients and samples throughout the entire process. This is a new application for Precise Biometrics' technology and is an indication of the higher level of maturity in the market for biometric security solutions and the commercial possibilities for our proven technology.
Can you comment on the fact that your new issue of shares was oversubscribed?
We expect a very large and expanding potential for Precise Biometrics in the market for mobile security. The great interest that Tactivo™ has already encountered from government agencies, companies and partners for iPhone and iPad clearly support this assumption. External assessments also point towards this and for example the analysis company Gartner Group has estimated the market for smart devices like mobile phones and tablets to be more than one billion units in 2014 - opening a significant future potential for Precise Biometrics.
The capital injection from the share issue means that we can continue to vigorously run the launch of Tactivo™ and develop our security solutions for the mobile market.
We anticipate that additional customer pilot projects will be initiated soon, and that their successful implementation will lead to larger orders. This means that we expect sales of Tactivo™ to increase during the fourth quarter this year, and to continue to increase quarter by quarter.
SALES AND RESULT
Interim period; January to September 2012
Sales for the interim period amounted to SEK 19.9 million (16.8). The gross margin amounted to 58 % (53%).
Operating expenses for the interim period amounted to SEK 42.8 million (33.0). The increase of operating expenses is explained by investments in the organization combined with investments related to the launch of Tactivo™. The group's net loss for the interim period amounted to SEK -34.0 million (-24.0).
Losses per share (average number of shares) for the interim period amounted to SEK -0.18 (-0.15).
Third quarter; July to September 2012
Sales for the third quarter were SEK 8.5 million (7.4). The gross margin increased to 55% (36%).
Operating costs (for definition see Key Figures) were SEK 14.5 million (8.1).The Group's net loss for the third quarter amounted to SEK -11.2 million (-5.4).
Losses per share (average number of shares) for the third quarter amounted to SEK -0.06 (-0.03).
FINANCING AND LIQUIDITY
As of September 30, 2012 equity amounted to SEK 12.7 million (56.2) and equity/share to SEK 0.07 (0.30).
Cash flow from current operations amounted to SEK -8.1 million (-11.0). Available cash as of September 30 2012 amounted to SEK 3.2 million (37.4). The company has in total utilized SEK 20.0 million of the credit facility of 30.0 million that was obtained during the first quarter.
After the end of the quarter Precise Biometrics' rights issue, with preferential rights for Precise Biometrics' shareholders, was oversubscribed. The company will be supplied with approximately SEK 54.4 million prior to issue costs. The rights issue was subscribed to 139.6%.
MARKET AND SALES – SUMMARIZING Q3 2012
During the third quarter Precise Biometrics' sales have primarily consisted of sales of hardware, fingerprint readers, to customers in the Middle East and Asia within the IAM Segment. License sales have mainly consisted of continued follow-up order for Scandinavia's largest budget gym chain and the continued roll-out of cards in ongoing national ID card projects.
The quarter has largely been characterized by a marketing and sales focus on the company's proprietary products for mobile security for smartphones and tablets, Tactivo™.
While pilot projects are in progress, particularly in the majority of federal civil and military agencies in the U.S., the company has received its first Tactivo™-orders.
Thursby Software Systems and an additional recognized partner have together placed orders exceeding one thousand Tactivo™ units for delivery in Q4, 2012. Tactivo™ enhances the software applications provided by these partners, enabling increased mobile security by adding authentication using smart cards, fingerprint biometrics, or both, for the iPhone® and iPad®
In the business area IAM the company have initiated cooperation with the Inpeco Group, a leading company in automated solutions for health care. Inpeco have chosen Precise Biometrics Match-on-Card technology. This enables Inpeco Group to associate a unique link between the patient ID and the in-vitro automation process. The Match-on-Card function allows the patient ID to be verified at the point when the sample is taken, which is when blood vials are labeled and registered in the database.
Developments in the business areas IAM and Mobile means the company follows its long-term financial goal.
PARENT COMPANY
Parent company sales for the interim period amounted to SEK 16.9 million (12.5). Operating loss before tax for the interim period amounted to SEK -36.8 million (-26.4).
Available cash at the end of the third quarter amounted to SEK 2.2 million (34.3). The parent company has in total utilized SEK 20.0 million of the credit facility that was obtained during the first quarter.
After the end of the quarter Precise Biometrics' rights issue, with preferential rights for Precise Biometrics' shareholders, was oversubscribed. The company will be supplied with approximately SEK 54.4 million prior to issue costs. The rights issue was subscribed to 139.6%.
ORGANIZATION AND EMPLOYEES
The subsidiary Precise Biometrics Solutions AB in Karlstad, Sweden has merged into the parent company Precise Biometrics AB. Consequently Precise Biometrics AB has its head office in Lund, Sweden and an office in Karlstad, Sweden. The organization also consists of the subsidiary Precise Biometrics Inc. in Washington DC, USA.
As of September 30, 2012 the group had 39 (35) employees, 31 in Sweden and 8 in the US. Of these employees, 26 (24) were men and 13 (11) were women.
INVESTMENTS IN TANGIBLE FIXED ASSETS
During the interim period the group has invested SEK 0.4 million (0.1) in tangible fixed assets.
During the third quarter the group has invested SEK 0.0 million (0.1) in tangible fixed assets.
CAPITALIZATION AND DEPRECIATION OF DEVELOPMENT WORK
Development work costs of SEK 5.5 million (6.1) were capitalized during the interim period with main impact from new investments within the mobile segment. Depreciation of capitalized costs for development work amounted to SEK 1.3 million (1.0) during the interim period.
During the third quarter development work costs of SEK 1.7 million (1.5) were capitalized.
Depreciation of capitalized development costs amounted to SEK 0.4 million (0.5) during the quarter.
PATENTS
At the end of the third quarter 2012 the patents portfolio includes 62 registered and 15 pending applications for patents in 19 different product families.
THE SHARE
The company's share is listed on the Small Cap list of the Nasdaq OMX Nordic, Sector Industrial Goods & Services.
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 1,074 thousand and the list price ranged from SEK 0.95 to 1.85.
During the third quarter the average turnover per day was SEK 1,457 thousand and the list price ranged from SEK 0.95 to 1.81.
NOMINATION COMMITTEE
Following a decision at the Annual General Meeting on April 24, 2012 a Nomination Committee shall be organized. The Nomination Committee shall consist of one representative from each of the three major shareholders per August 31, 2012 as well as the Chairman of the Board.
Accordingly the Nomination Committee consists of Annika Andersson (Swedbank Robur fonder), Uno Johnsson (HJ Byggkonsulter AB) and Torgils Bonde Knutsson (Gimmersta AB).
These represent the three largest shareholders in the Company as of August 31, 2012, 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 2011, which was submitted April 2, 2012. No further essential risks or uncertainties have arisen after the submission of the Annual Report.
FUTURE REPORT DATES
Year-end Report February 5, 2013
ANNUAL GENERAL MEETING
The annual general meeting for Precise Biometrics AB (publ) will be held on Tuesday, April 23 2013 at 4 p.m. at Precise Biometrics headquarters in Lund, Scheelevägen 30.
The annual report for 2012 will be published by the latest two weeks before the annual general meeting.
ACCOUNTING PRINCIPLES
This Interim 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, 2012, did not have a material effect on the financial statements.
For information on the applied accounting principles please refer to the Annual Report for 2011.
Lund, October 23, 2012
The board of directors
Lisa Thorsted, chairman
Erwin F Leichtle Lena Widin Klasén Eva Maria Matell Torbjörn Clementz
Thomas Marschall, President and CEO, Precise Biometrics AB (publ).
Precise Biometrics AB (publ) may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 08.00 on Oct 24, 2012.
Review Report
Introduction
We have reviewed this report for the period January 1, 2012 to September 30, 2012 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 23, 2012 Öhrlings PricewaterhouseCoopers AB
Eva Carlsvi Authorised Public Accountant Auditor in charge
Income statement, Group
| Full | |||||
|---|---|---|---|---|---|
| (Figures in thousands SEK) | Q3 | Q3 | Q1-Q3 | Q1-Q3 | year |
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| Net sales | 8,481 | 7,359 | 19,886 | 16,802 | 21,615 |
| Cost of goods sold | -3,819 | -4,746 | -8,315 | -7,971 | -9,548 |
| Gross profit/loss | 4,662 | 2,613 | 11,571 | 8,831 | 12,067 |
| Selling expenses1) | -6,360 | -3,748 | -18,595 -12,557 | -18,543 | |
| Administrative expenses1) | -3,308 | -2,174 | -10,593 | -8,451 | -11,489 |
| R&D costs | -4,037 | -3,536 | -12,962 -11,762 | -15,157 | |
| Other operating income and changes in value | -771 | 1,323 | -692 | -192 | -290 |
| -14,476 | -8,135 | -42,842 -32,962 | -45,479 | ||
| Operating result | -9,814 | -5,522 | -31,271 | - | 24,131 -33,412 |
| Financial costs | -1,344 | 101 | -2,727 | 128 | 208 |
| Result after financial items | -11,158 | -5,421 | -33,998 | - | 24,003 -33,204 |
| Tax | - | - | - | - | -12 |
| Result for the period | -11,158 | -5,421 | -33,998 | 24,003 -33,216 | |
| Result attributable to: | |||||
| Owners of the parent | -11,158 | -5,421 | -33,998 -24,003 | -33,216 | |
| Result per share (before dilution), SEK | -0.06 | -0.03 | -0.18 | -0.15 | -0.20 |
| Result per share (after dilution), SEK | -0.06 | -0.03 | -0.18 | -0.15 | -0.20 |
1) Include the effect of the liquidation of the subsidiary Loqware amounting SEK +1,754 thousand in 2011.
Groups report concerning comprehensive income
| (Figures in thousands SEK) | Q3 | Q3 | Q1-Q3 | Q1-Q3 Full year | |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| Profit/loss for the period | -11,158 | -5,421 | -33,998 -24,003 | -33,216 | |
| Comprehensive income: | |||||
| Change in accumulated exchange rate differences | -178 | 239 | 163 | -13 | -55 |
| Comprehensive income for the period, net of tax | -178 | 239 | 163 | -13 | -55 |
| Total comprehensive income for the period | -11,336 | -5,182 | -33,835 -24,016 | -33,271 | |
| Attributable to: | |||||
| Owners of the parent | -11,336 | -5,182 | -33,835 | -24,016 | -33,271 |
| Total comprehensive income for the period | -11,336 | -5,182 | -33,835 | -24,016 | -33,271 |
Balance Sheet, Group
| (Figures in thousands SEK) | 9/30/2012 | 9/30/2011 | 12/31/2011 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | 16,959 | 11,723 | 12,778 |
| Tangible fixed assets | 1,143 | 460 | 1,070 |
| Inventories | 13,406 | 5,033 | 9,673 |
| Accounts receivable - trade1) | 8,721 | 11,557 | 6,352 |
| Other current receivables | 5,834 | 3,478 | 5,603 |
| Cash and bank balances | 3,157 | 37,420 | 28,930 |
| Total assets | 49,220 | 69,671 | 64,406 |
| Equity and liabilities | |||
| Equity | 12,681 | 56,243 | 46,988 |
| Current liabilities | 36,539 | 13,428 | 17,418 |
| Total equity and liabilities | 49,220 | 69,671 | 64,406 |
| Pledged assets | 26,400 | 26,400 | 26,400 |
| Contingent liabilities | NONE | NONE | NONE |
1) Include a receivable concering contract manufacturer totalling SEK 2.2 million (5.1) for 2012
Cash Flow Statement, Group
| (Figures in thousands SEK) | Q3 | Q3 | Q1-Q3 | Q1-Q3 | Full year |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| Cash flow from operating activities | |||||
| before changes in working capital | -10,518 | -5,191 | -32,634 | -23,250 | -31,851 |
| Cash flow from changes in working capital | 2,444 | -5,769 | -6,747 | -6,724 | -4,099 |
| Cash flow from operating activities | -8,074 | -10,960 | -39,381 | -29,974 | -35,950 |
| Cash flow from investing activities | -1,684 | -1,597 | -5,920 | -6,166 | -8,679 |
| Cash flow from financing activities | 9,528 | 421 | 19,528 | 49,015 | 49,015 |
| Cash flow for the period | -230 | -12,136 | -25,773 | 12,875 | 4,386 |
| Liquid funds at the beginning of the period | 3,387 | 49,555 | 28,930 | 24,544 | 24,544 |
| Liquid funds at the end of the period | 3,157 | 37,420 | 3,157 | 37,420 | 28,930 |
Key Figures, Group
| 9/30/2012 | 9/30/2011 | 12/31/2011 | |
|---|---|---|---|
| Working capital (thousands SEK) | -5,421 | 44,060 | 33,140 |
| Liquid ratio | 48% | 391% | 235% |
| Equity/assets ratio | 26% | 81% | 73% |
| Return on average equity | - | - | neg |
| Capital employed (thousands SEK) | 34,043 | 57,495 | 48,399 |
| Return on capital employed | - | - | neg |
| Profit/loss per share (SEK) | -0.18 | -0.15 | -0.20 |
| EBITDA (thousands SEK) | -29,607 | -22,781 | -31,213 |
| Equity per share (SEK) | 0.07 | 0.30 | 0.25 |
| Number of shares | 188,945,120 | 188,945,120 | 188,945,120 |
| Number of employees at the end of the period | 39 | 35 | 35 |
| Average number of employees during the period | 37 | 33 | 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 writedowns and after capitalization of costs for development work
Changes in equity, Group
(Figures in thousands SEK)
| Other paid | Balanced | ||||
|---|---|---|---|---|---|
| Capital | in | Reserves | profit/ | Total | |
| stock | capital | year's profit | equity | ||
| Opening balance as at January 1, 2011 |
53,984 | 537,214 | 639 | -560,593 | 31,244 |
| Comprehensive income | |||||
| Comprehensive income for the period | - | - | - | -24,003 | -24,003 |
| Other comprehensive income | |||||
| Exchangerate differences | - | - | -13 | - | -13 |
| Total comprehensive income | 0 | 0 | -13 | 0 | -13 |
| Total comprehensive income | 0 | 0 | -13 | -24,003 | -24,016 |
| Transactions with the shareholders | |||||
| New share issue1) | 21,594 | 26,981 | - | - | 48,575 |
| Options2) | - | 440 | - | - | 440 |
| Total transactions with the | |||||
| shareholders | 21,594 | 27,421 | 0 | 0 | 49,015 |
| Closing balance as at September 30, 2011 |
75,578 | 564,635 | 626 | -584,596 | 56,243 |
| Opening balance as at January 1, 2012 |
75,578 | 564,635 | 584 | -593,809 | 46,988 |
| Comprehensive income | |||||
| Comprehensive income for the period | - | - | - | -33,998 | -33,998 |
| Other comprehensive income | |||||
| Exchangerate differences | - | - | 163 | - | 163 |
| Total comprehensive income | 0 | 0 | 163 | 0 | 163 |
| Total comprehensive income | 0 | 0 | 163 | -33,998 | -33,835 |
| Transactions with the shareholders | |||||
| New share issue3) | - | -472 | - | - | -472 |
| Total transactions with the | |||||
| shareholders | 0 | -472 | 0 | 0 | -472 |
| Closing balance as at September 30, 2012 |
75,578 | 564,163 | 747 | -627,807 | 12,681 |
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 4,000,000 subscription options to all
employees at a rate of SEK 0.10
3) Issue costs concerning new share issue totalling 75,578,048 new shares at a rate of SEK
Interim Report
0.72 with deductions for issue costs.
Turnover and profitability by segments Q3 20121)
| (Figures in thousands SEK) | IAM | MOBILE | TOTAL SEGMENTS | ||||
|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||
| Net sales | 8,363 | 7,359 | 118 | - | 8,481 | 7,359 | |
| Expenses2) | -9,579 | -9,679 | -9,051 | -5,487 | - 18,630 - |
-15,166 | |
| Result3) | -1,216 | -2,320 | -8,933 | -5,487 | 10,149 | -7,807 |
Turnover and profitability by segments Q1-Q3 20121)
| (Figures in thousands SEK) | IAM | MOBILE | TOTAL SEGMENTS | |||
|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |
| Net sales | 19,739 | 16,802 | 147 | - | 19,886 | 16,802 |
| Expenses2) | -27,090 | -26,607 | - 27,267 |
-18,948 | - 54,357 |
-45,555 |
| Result3) | -7,351 | -9,805 | - 27,120 |
-18,948 | - 34,471 |
-28,753 |
1) From January 2012 Access Solutions is included in IAM. The
2011 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 (see Income statement) also includes capitalization and depreciation of development work and other operating income and changes
in value. This amount totals for Q3 SEK 335 thousand (2,285) and for Q1-
Q3 SEK 3,200 thousand (4,622).
Income statement, Parent company
| (Figures in thousands SEK) | Q1-Q3 | Q1-Q3 | Full year |
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Net sales | 16,937 | 12,477 | 15,507 |
| Cost of goods sold | -17,430 | -15,043 | -19,846 |
| Gross profit/loss | -493 | -2,566 | -4,339 |
| Selling expenses | -9,023 | -9,020 | -12,274 |
| Administrative expenses | -10,478 | -8,400 | -11,223 |
| R&D costs | -12,080 | -6,940 | -8,692 |
| Other operating income and changes in value | -2,356 | 46 | 290 |
| -33,937 | -24,314 | -31,899 | |
| Operating result | -34,430 | -26,880 | -36,238 |
| Financial costs1) | -2,351 | 482 | 683 |
| Result after financial items | -36,781 | -26,398 | -35,555 |
| Tax | - | - | - |
| Result for the period | -36,781 | -26,398 | -35,555 |
Balance Sheet, Parent company
| (Figures in thousands SEK) | 9/30/2012 | 9/30/2011 12/31/2011 | |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | 16,959 | 11,630 | 12,692 |
| Tangible fixed assets | 1,143 | 309 | 943 |
| Participations in group companies | 1,058 | 1,058 | 1,058 |
| Inventories | 12,279 | 5,033 | 9,673 |
| Accounts receivable - trade1) | 4,750 | 6,171 | 4,736 |
| Other current receivables | 35,718 | 35,426 | 38,474 |
| Cash and bank balances | 2,243 | 34,258 | 21,662 |
| Total assets | 74,150 | 93,885 | 89,238 |
| Equity and liabilities | |||
| Equity | 39,863 | 85,263 | 77,117 |
| Other provisions | 107 | 123 | 76 |
| Current liabilities | 34,180 | 8,499 | 12,045 |
| Total equity and liabilities | 74,150 | 93,885 | 89,238 |
| Pledged assets | 24,000 | 24,000 | 24,000 |
| Contingent liabilities | NONE | 2,000 | 2,000 |
1) Include a receivable concering contract manufacturer totalling SEK 2.2 million (5.1) for 2012.
TELEPHONE CONFERENCE
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
- The conference starts at 15:00 (CET)
- To participate, please call + 46 (0)8 506 269 30
An operator will note your name and connect you to the conference. She/he 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 276793 and finish with (#).
Please visit www.precisebiometrics.com/financial-reports where a presentation can be downloaded.
FOR FURTHER INFORMATION
Thomas Marschall, President and CEO, Precise Biometrics Tel. +46 46 31 11 10 or +46 734 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 46 31 11 00 Fax: +46 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-ofthe-line expertise in fingerprint verification, Precise Biometrics offers fast, accurate and secure authentication of a person.
The technology adds value to ID, enterprise and bank cards as well as access to mobile solutions, 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.