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Precise Biometrics — Interim / Quarterly Report 2012
Jul 17, 2012
3189_ir_2012-07-17_7192c74d-ff1d-44e3-aa3c-b46687de3a07.pdf
Interim / Quarterly Report
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SUCCESSFUL LAUNCH ON THE GLOBAL MARKET AND FIRST TACTIVO™ ORDER FOR PRECISE BIOMETRICS
PRECISE BIOMETRICS AB (PUBL), CORPORATE IDENTITY NO. 556545-6596 INTERIM REPORT FOR THE PERIOD JANUARY – JUNE 2012
- The group's net sales for the interim period was SEK 11.4 million (9.4)
- The groups income for the interim period was SEK -22.8 million (-18.6)
- Earnings per share for the interim period amounted to SEK -0,12 (-0.13)
IMPORTANT EVENTS DURING THE QUARTER
- Precise Biometrics' product for mobile security for smartphones and tablets, Tactivo™ was certified by Apple. Precise Biometrics kicked off global launch of Tactivo™ for iPhone and iPad.
- Etienne Veber joined Precise Biometrics in the capacity of Chief Commercial Officer and Executive Vice President.
- Precise Biometrics received first Tactivo™ order from one of the world's largest automobile manufacturers. Precise Biometrics expects this customer to have Tactivo™ deployed by Q3 2012 and anticipates subsequent orders with the potential for several thousand units over the following months.
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.
SUCCESSFUL LAUNCH ON THE GLOBAL MARKET AND FIRST TACTIVO™ ORDER FOR PRECISE BIOMETRICS
INTERVIEW WITH THOMAS MARSCHALL, CEO AND PRESIDENT, PRECISE BIOMETRICS
What can you say about your development during the second quarter?
The year began at a slow pace, with a second quarter on the same level as the same quarter last year. This is of course not a satisfactory development. However we expect a gradual increase of our sales in the second half of the year. This is based on a successive increase in sales of existing products during the year, but primarily on the breakthrough of our new product Tactivo™.
As we know, Tactivo™ is the first smart casing in the world for tablets and smart phones with embedded smart card reader and fingerprint sensor. We are expecting this product to contribute to a significant increase in sales and to already account for the main part of our sales this year.
How is the launch of Tactivo™ developing?
During this quarter we have passed several important milestones for Tactivo™. We have launched the first generation products for iPhone 4 and iPhone 4S and we have also initiated production of Tactivo™ for iPhone with Flextronics in the US as the hardware supplier.
Another important milestone is the Apple certification of has certified Tactivo™ in the "Made For iPhone" program (MFi). Precise Biometrics' app, BioSecrets, is also now available in the Apple Appstore. Additional apps, both our own and those of our partners, will continue to be launched in the immediate future to create future customer value of our products.
Very importantly is the fact that we received our first order for Tactivo™ in June. The order came from one of the world's major car manufacturers based in Europe and is expected to be followed by further orders from both this customer and many other companies.
After the summer we will also launch Tactivo™ for iPad which is yet another milestone in further deployment of commercial products based on our world leading proven technology and in line with our planned product road map.
How has the market received Tactivo™?
There has been a great deal of interest for this product in the market. Not only from the US, which is expected to be the main market, but basically from all markets and many different kinds of government agencies, public and private companies and organizations. We now have a very large pipeline of interested customers to work with.
In summary we see a very large and expanding potential for Precise Biometrics in the market for mobile security now and in the future. It is also worth mentioning that the leading analysis company Gartner Group has calculated that the market for SmartDevices, such as mobile phones and tablets, will amount to more than one billion units in 2014.
In line with our Plan 2015 we continue to sharpen our organization, as part of this we have now appointed a Chief Commercial Officer based in the US with global responsibility for sales, marketing and business development. Additional appointments will be made later on in the year in line with our launch and sales plans of Tactivo™.
What does the first Tactivo™order actually means?
Receiving an order from one of the world's largest car manufacturers is obviously a mark of our success. The company is already using smart cards for computer access security and with Tactivo™ it can now utilize its existing security systems and develop a secure solution for the transition from computers to mobile units. It has already developed several applications to encrypt documents so that they can be stored safely.
Because the company is considering other ways of using Tactivo™ we believe that this business relationship has significant potential for expansion. We expect the customer to start using Tactivo™ in the third quarter of 2012 and that additional orders will follow on from this.
What is happening in the business area IAM?
In general we have few opportunities to influence the timetables for the roll out of customer projects in IAM and primarily for national ID card projects. The current situation is that the big national ID card project in Nigeria and the ID card project in the federal state Cross River are in progress, but that license earnings are not expected until the second half of the year. We also see interesting opportunities in South America, where among other things we are well-positioned for a project in Brazil.
We have also sold hardware to a government agency customer in the Middle East. However we are still negatively influenced by the budget situation facing the US government agencies.
What is your financial position considering the launch and expected expansion of Tactivo™?
The credit facility that we signed earlier this year has enabled continued development and launch of Tactivo™. The facility is a temporary solution aimed at taking us through the first phase of our launch. We are therefore working to secure a longer term financial solution before the end of the year which will sufficiently secure our substantial growth plans.
What can you say about the future development of Precise Biometrics?
We estimate that the first order for Tactivo™ will be followed by orders for up to several thousand units in the second half of 2012 from the same customer and other initial orders in different customer segments and regions, both now and in the time ahead. This will become apparent in the results for the third quarter, but we believe that a more significant effect will be noticed in the fourth quarter this year.
We are expecting the market for mobile security to expand dramatically in 2012 and that Tactivo™ will already account for the main part of our sales this year.
It is our assessment that the market is sufficiently expansive for us to achieve the ambitious targets in our Plan 2015, which among other things means that Precise Biometrics will qualify for quotation on the Nasdaq OMX Mid Cap list in 2015.
SALES AND RESULT
Interim Period; January to June 2012
Sales for the interim period amounted to SEK 11.4 million (9.4). The gross margin was 61% (66%).
Operating expenses for the interim period were SEK 28.4 million (24.8). Operating expenses are higher compared to the corresponding period last year due to 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 -22.8 Million (-18.6).
Losses per share (average number of shares) for the period amounted to SEK -0.12 (-0.13).
Second Quarter; April to June 2012
Sales for the second quarter amounted to SEK 6.7 million (5.9). The gross margin was 52% (60%).
Operating expenses for the second quarter were SEK 15.1 million (12.4). Operating expenses are higher compared to the corresponding quarter last year due to investments in the organization combined with investments related to the launch of Tactivo™. The group's net loss amounted to SEK -13.0 Million (-8.9).
Losses per share (average number of shares) for the second quarter amounted to SEK -0.07 (-0.06).
FINANCING AND LIQUIDITY
As of June 30, 2012 equity amounted to SEK 24.1 million (61.5) and equity/share to SEK 0.13 (0.33).
Cash flow from current operations amounted to SEK -11.7 million (-7.8). Available cash as of June 30 2012 amounted to SEK 3.4 million (49.6). The company has during the second quarter utilized SEK 10.0 million of the total credit facility of SEK 30.0 million that was obtained during the first quarter.
MARKET AND SALES – SUMMARIZING Q2 2012
The majority of Precise Biometrics sales during the first and second quarter 2012 has consisted of both license and hardware sales within the business unit IAM. Hardware sales have primarily been to customers in the Middle East. License sales have in large been follow-up orders to Scandinavia's largest budget gym chain. Additional license sales have been to ongoing NID-projects and to the new partner NXP Semiconductors.
Precise Biometrics has continued to make significant investments according to plan in the business area Mobile. The company's product for mobile security for smartphones and tablets, Tactivo™, has now been certified by Apple in its Made For iPhone (MFi) Program. The first generation of Tactivo™ has been launched for iPhone 4S and iPhone 4. The first delivery of Tactivo™ for iPhone has already arrived from the company's new production partner, Flextronics, in the United States. Precise Biometrics will also be launching Tactivo™ for iPad after the summer.
During the month of June the company secured its first Tactivo™ order. The order was placed by a European-based car manufacturer, which is one of the largest in the world today. Precise Biometrics expects to receive many first-time orders from a variety of customer segments and regions from now on and in the coming months. The financial impact of these initial orders will already show in Q3, although Precise Biometrics expects results to have a more substantial impact on its financial results in Q4.
Precise Biometrics continues to strengthen the organization with primary focus in the US. Etienne Veber has joined Precise Biometrics in the capacity of Chief Commercial Officer and Executive Vice President and he is also part of the company's senior management team. Additional recruitment of sales and market competences in the US will continue during 2012.
The sales are expected to increase our significantly during 2012 with the majority of sales being related to Tactivo™. Strengthening of the organization in combination with the launch of Tactivo™ means that company follows its long-term financial objective.
PARENT COMPANY
Parent company sales for the interim period amounted to SEK 9.5 million (6.4). Operating loss before tax for the interim period amounted to SEK -23.6 million (-21.3).
Available cash at the end of the second quarter amounted to SEK 2.9 million (49.1). The parent company has during the second quarter utilized SEK 10.0 million of the total credit facility of SEK 30.0 million that was obtained during the first quarter.
ORGANIZATION AND EMPLOYEES
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 June 30, 2012 the group had 37 (32) employees, 30 in Sweden and 7 in the US. Of these employees, 25 (23) were men and 12 (9) were women.
INVESTMENTS IN TANGIBLE FIXED ASSETS
During the interim period the group has invested SEK 0.4 million (0.06) in tangible fixed assets.
During the second quarter the group has invested SEK 0.2 million (0.04) in tangible fixed assets.
CAPITALIZATION AND DEPRECIATION OF DEVELOPMENT WORK
Development work costs of SEK 3.9 million (4.5) 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 0.9 million (0.5) during the interim period.
During the second quarter development work costs of SEK 1.7 million (2.8) were capitalized.
Depreciation of capitalized development costs amounted to SEK 0.4 million (0.3) during the quarter.
PATENTS
At the end of the second quarter 2012 the patents portfolio includes 63 registered and 15 pending applications for patents in 18 different product families.
ANNUAL GENERAL MEETING
Precise Biometrics' Annual General Meeting was held on April 24 2012 at the company's headquarters in Lund.
Torbjörn Clementz, Eva Maria Matell, Lisa Thorsted and Lena Widin Klasén were re-elected as members of the board, whilst Marc Chatel has declined re-election. Lisa Thorsted was elected chairman of the board and Erwin Leichtle was elected as new member of the board.
In accordance with the proposal of the board, the Annual General Meeting resolved to adopt guidelines for management principally entailing that remuneration and terms of employment shall be competitive and in accordance with market conditions, and that the remuneration shall have a pre-determined cap.
In accordance with the recommendations of the board of directors, the General Meeting resolved to authorize a new issue to a maximum of 19.0 million shares. Full exercise of the authorization, at full conversion, is equivalent to a dilution of approximately 10 % of the present share capital and votes. The purpose of the authorization and the reason for the deviation from the shareholders' preferential right is to enable the Company to effect payment of company acquisitions by the Company's own shares
and/or convertibles and to obtain capital contributions from new owners that are considered strategically important in an operational, financial, structural orother perspective.
For more details regarding the above resolutions taken at the General Meeting see Precise Biometrics website under Corporate Governance.
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 883 thousand and the list price ranged from SEK 0.95 to 1.85.
During the second quarter the average turnover per day was SEK 1,275 thousand and the list price ranged from SEK 0.95 to 1.85.
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
| Interim Report Q3 | October 24, 2012 |
|---|---|
| Year-end Report | February 5, 2013 |
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. This quarterly report has not been subjected to review by the Company's auditors.
Lund, July 16, 2012
The Board of Directors and the President certify that the interim report gives a true and fair overview of the parent companyʹs and groupʹs operations, their financial position and results of operations, and describes significant risks and uncertainties facing the parent company and other companies in the group.
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 July 17, 2012.
Income statement, Group
| (Figures in thousands SEK) | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Full year |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| Net sales | 6,689 | 5,889 | 11,405 | 9,443 | 21,615 |
| Cost of goods sold | -3,216 | -2,409 | -4,496 | -3,225 | -9,548 |
| Gross profit/loss | 3,473 | 3,480 | 6,909 | 6,218 | 12,067 |
| Selling expenses1) | -6,559 | -5,223 | -12,235 | -8,809 | -18,543 |
| Administrative expenses1) | -3,492 | -3,144 | -7,285 | -6,277 | -11,489 |
| R&D costs | -5,514 | -3,846 | -8,925 | -8,226 | -15,157 |
| Other operating income and changes in value | 469 | -170 | 79 | -1,515 | -290 |
| -15,096 | -12,383 | -28,366 | -24,827 | -45,479 | |
| Operating result | -11,623 | -8,903 | -21,457 | -18,609 | -33,412 |
| Financial costs | -1,368 | 50 | -1,383 | 27 | 208 |
| Result after financial items | -12,991 | -8,853 | -22,840 | -18,582 | -33,204 |
| Tax | - | - | - | - | -12 |
| Result for the period | -12,991 | -8,853 | -22,840 | -18,582 | -33,216 |
| Result attributable to: | |||||
| Owners of the parent | -12,991 | -8,853 | -22,840 | -18,582 | -33,216 |
| Result per share (before dilution), SEK | -0.07 | -0.06 | -0.12 | -0.13 | -0.20 |
| Result per share (after dilution), SEK | -0.07 | -0.06 | -0.12 | -0.13 | -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) | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Full year |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| Profit/loss for the period | |||||
| Comprehensive income: | -12,991 | -8,853 | -22,840 | -18,582 | -33,216 |
| Change in accumulated exchange rate differences | 154 | 8 | -15 | 226 | -55 |
| Comprehensive income for the period, net of tax | 154 | 8 | -15 | 226 | -55 |
| Total comprehensive income for the period | -12,837 | -8,845 | -22,855 | -18,356 | -33,271 |
| Attributable to: Owners of the parent |
|||||
| -12,837 | -8,845 | -22,855 | -18,356 | -33,271 | |
| Total comprehensive income for the period | -12,837 | -8,845 | -22,855 | -18,356 | -33,271 |
Balance Sheet, Group
| (Figures in thousands SEK) | 6/30/2012 | 6/30/2011 | 12/31/2011 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | 15,795 | 10,665 | 12,778 |
| Tangible fixed assets | 1,235 | 583 | 1,070 |
| Inventories | 15,510 | 9,250 | 9,673 |
| Accounts receivable - trade1) | 8,762 | 6,479 | 6,352 |
| Other current receivables | 5,482 | 4,045 | 5,603 |
| Cash and bank balances | 3,387 | 49,555 | 28,930 |
| Total assets | 50,171 | 80,577 | 64,406 |
| Equity and liabilities | |||
| Equity | 24,133 | 61,482 | 46,988 |
| Current liabilities | 26,038 | 19,095 | 17,418 |
| Total equity and liabilities | 50,171 | 80,577 | 64,406 |
| Pledged assets | 26,400 | 26,400 | 26,400 |
| Contingent liabilities | none | none | none |
1) Include a receivable concerning contract manufacturer totaling SEK 2.2 million for 2012
Cash Flow Statement, Group
| (Figures in thousands SEK) | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Full year |
|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2011 | |
| Cash flow from operating activities | |||||
| before changes in working capital | -12,729 | -8,696 | -22,116 | -18,059 | -31,851 |
| Cash flow from changes in working capital | 1,005 | 852 | -9,191 | -955 | -4,099 |
| Cash flow from operating activities | -11,724 | -7,844 | -31,307 | -19,014 | -35,950 |
| Cash flow from investing activities | -1,891 | -2,809 | -4,236 | -4,569 | -8,679 |
| Cash flow from financing activities | 10,000 | 48,594 | 10,000 | 48,594 | 49,015 |
| Cash flow for the period | -3,615 | 37,941 | -25,543 | 25,011 | 4,386 |
| Liquid funds at the beginning of the period | 7,002 | 11,614 | 28,930 | 24,544 | 24,544 |
| Liquid funds at the end of the period | 3,387 | 49,555 | 3,387 | 49,555 | 28,930 |
Key Figures, Group
| 6/30/2012 | 6/30/2011 | 12/31/2011 | |
|---|---|---|---|
| Working capital (thousands SEK) | 7,103 | 50,234 | 33,140 |
| Liquid ratio | 68% | 315% | 235% |
| Equity/assets ratio | 48% | 76% | 73% |
| Return on average equity | - | - | neg |
| Capital employed (thousands SEK) | 35,480 | 62,600 | 48,399 |
| Return on capital employed | - | - | neg |
| Profit/loss per share (SEK) | -0.12 | -0.06 | -0.20 |
| EBITDA (thousands SEK) | -20,404 | -17,921 | -31,213 |
| Equity per share (SEK) | 0.13 | 0.33 | 0.25 |
| Number of shares | 188,945,120 | 188,945,120 | 188,945,120 |
| Number of employees at the end of the period | 37 | 32 | 35 |
| Average number of employees during the period | 36 | 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 write-downs and after capitalization of costs for development work.
Changes in equity, Group
(Figures in thousands SEK)
| Capital stock |
Other paid in capital |
Reserves | Balanced profit/ year's profit |
Total equity |
|
|---|---|---|---|---|---|
| Opening balance as at January 1, 2011 | 53,984 | 537,214 | 639 | -560,593 | 31,244 |
| Comprehensive income | |||||
| Comprehensive income for the period | - | - | - | -18,582 | -18,582 |
| Other comprehensive income | |||||
| Exchangerate differences | - | - | 226 | - | 226 |
| Total comprehensive income | 0 | 0 | 226 | 0 | 226 |
| Total comprehensive income | 0 | 0 | 226 | -18,582 | -18,356 |
| Transactions with the shareholders | |||||
| New share issue1) | 21,594 | 27,000 | - | - | 48,594 |
| Total transactions with the shareholders | 21,594 | 27,000 | 0 | 0 | 48,594 |
| Closing balance as at June 30, 2011 | 75,578 | 564,214 | 865 | -579,175 | 61,482 |
| Opening balance as at January 1, 2012 | 75,578 | 564,635 | 584 | -593,809 | 46,988 |
| Comprehensive income | |||||
| Comprehensive income for the period | - | - | - | -22,840 | -22,840 |
| Other comprehensive income | |||||
| Exchangerate differences | - | - | -15 | - | -15 |
| Total comprehensive income | 0 | 0 | -15 | 0 | -15 |
| Total comprehensive income | 0 | 0 | -15 | -22,840 | -22,855 |
| Closing balance as at June 30, 2012 | 75,578 | 564,635 | 569 | -616,649 | 24,133 |
1) New share issue totalling 53 984 320 new shares at a rate of SEK 1.00 with deductions for issue costs SEK 5,391 thousand.
Turnover and profitability by segments Q2 20121)
| (Figures in thousands SEK) | IAM | MOBILE | TOTAL SEGMENTS | ||||
|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||
| Net sales | 6,660 | 5,890 | 29 | - | 6,689 | 5,890 | |
| Expenses2) | -10,339 | -9,478 | -9,521 | -7,571 | -19,860 | -17,049 | |
| Result3) | -3,679 | -3,588 | -9,492 | -7,571 | -13,171 | -11,159 |
Turnover and profitability by segments Q1-Q2 20121)
| (Figures in thousands SEK) IAM |
MOBILE | TOTAL SEGMENTS | ||||||
|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||
| Net sales | 11,376 | 9,443 | 29 | - | 11,405 | 9,443 | ||
| Expenses2) | -17,511 | -16,928 | -18,216 | -13,461 | -35,727 | -30,389 | ||
| Result3) | -6,135 | -7,485 | -18,187 | -13,461 | -24,322 | -20,946 |
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 Q2 SEK 1,548 thousand (2,256) and for Q1-Q2 SEK 2,865 thousand (2,337).
Income statement, Parent company
| (Figures in thousands SEK) | Q1-Q2 | Q1-Q2 | Full year |
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Net sales | 9,494 | 6,414 | 15,507 |
| Cost of goods sold | -10,404 | -7,468 | -19,846 |
| Gross profit/loss | -910 | -1,054 | -4,339 |
| Selling expenses | -6,508 | -6,457 | -12,274 |
| Administrative expenses | -7,170 | -5,822 | -11,223 |
| R&D costs | -8,043 | -4,755 | -8,692 |
| Other operating income and changes in value | 128 | -3,478 | 290 |
| -21,593 | -20,512 | -31,899 | |
| Operating result | -22,503 | -21,566 | -36,238 |
| Financial costs1) | -1,112 | 264 | 683 |
| Result after financial items | -23,615 | -21,302 | -35,555 |
| Tax | - | - | - |
| Result for the period | -23,615 | -21,302 | -35,555 |
Balance Sheet, Parent company
| (Figures in thousands SEK) | 6/30/2012 | 6/30/2011 12/31/2011 | |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | 15,725 | 10,564 | 12,692 |
| Tangible fixed assets | 1,154 | 306 | 943 |
| Participations in group companies | 1,058 | 1,058 | 1,058 |
| Inventories | 14,981 | 9,250 | 9,673 |
| Accounts receivable - trade1) | 5,033 | 2,431 | 4,736 |
| Other current receivables | 35,330 | 30,498 | 38,474 |
| Cash and bank balances | 2,876 | 49,050 | 21,662 |
| Total assets | 76,157 | 103,157 | 89,238 |
| Equity and liabilities | |||
| Equity | 53,501 | 90,378 | 77,117 |
| Other provisions | 77 | 107 | 76 |
| Current liabilities | 22,579 | 12,672 | 12,045 |
| Total equity and liabilities | 76,157 | 103,157 | 89,238 |
| Pledged assets | 24,000 | 24,000 | 24,000 |
| Contingent liabilities | 1,000 | 2,000 | 2,000 |
1) Include a receivable concering contract manufacturer totalling SEK 2,2 million
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 11:00 (CET)
- To participate, please call + 46 (0)8 505 598 16
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 273885 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.