Yearend report Camanio Care AB

Size: px

Start display at page:

Download "Yearend report Camanio Care AB"

Randell Merritt
5 years ago
Views:

1 Yearend report Camanio Care AB January December 2017

2 Summary Figures in brackets relate to the corresponding period of the previous year, unless otherwise specified. The comparison figures for the key ratios relating to the group's results and income statement refer to the parent company Camanio Care AB (publ) (formerly Brighter Two AB), since the subsidiary Bestic AB was acquired in October 2016 and therefore the company was not a group until the last quarter of The comparison key ratios for the group for 2016 relate to the period 24/10 31/ when Camanio Care was a group. 1 OCTOBER 31 DECEMBER 2017 Net sales for the period amounted to 1,844 (1,397 ) The operating result amounted to - 5,710 (- 403 ). The result after financial items amounted to - 5,744 (- 392 ) Earnings per share were SEK ( SEK). Equity in the group at 31 December amounted to 15,769 (31/12/2016: 22,398 ) Liquid assets in the group at 31 December amounted to 5,093 (31/12/2016: 6,701 ). The liquidity amounted to 99% (31/12/2016: 296%). The equity ratio amounted to 61% (31/12/2016: 76%). The number of shares at the end of the period was 15,213,513 (31/12/2016: 10,315,592). 1 JANUARY 31 DECEMBER 2017 Net sales for the year amounted to 6,604 (3,069 for the group and 2,288 for the parent company in 2016) The operating result amounted to - 16,802 (- 4,061 for the group and - 2,845 for the parent company in 2016) The results after financial items amounted to - 16,935 (- 4,177 for the group and - 2,933 for the parent company in 2016) Earnings per share amounted to SEK ( SEK) Financial key ratios Group Quarterly Overview Quarter 1 Quarter 2 Quarter 3 Quarter 4 Acc Jan- 31 Mar 1 April- 30 June 1 July- 30 Sept 1 Oct- 31 Dec 1 Jan- 31 Dec Net sales 1,669 2, ,844 6,604 Cost of Goods ,409-3,078 EBITDA - 3,110-2,365-2,775-5,946-14,196 EBIT - 4,006-3,337-3,749-5,710-16,802 Profit/loss for the period - 4,034-3,265-3,753-5,733-16,784 Earnings per share, SEK ,38-1,29 Liquidity % 216% 286% 155% 99% 99% Equity ratio % 74% 77% 70% 61% 61% 2

3 A word from the CEO 2017 was a busy year for Camanio Care. During the year, we have worked to integrate the companies Bestic and Brighter Two and create the new company Camanio Care, which was listed on AktieTorget in March. We have also moved to a new office, acquired the Giraff product (which we have recently launched a first version of), developed the BikeAround Screen and as well as a new and simplified software version of Bestic. Today we have an efficient and competent team in place. We have a strong product portfolio that will develop a lot in the coming years, not least Giraff in connection with the EU project MoveCare. Going to the market, we can now complement our product offering with training, quality measurements and implementation support. December gave us a receipt that this work is fruitful. Several business transactions in Sweden and the USA resulted in December was the best month of the year and we ended the year with around 40% growth in total revenues. The focus for Camanio Care in 2018 is continued product development and international establishment, where the US is a prioritized market. Sweden is our important home market and this is where we have our base, where we learn in close collaboration with our customers and where we develop new solutions. North America is an important region for us and we will now strengthen our own subsidiary there in collaboration with distributors, partners and networks. Google's very well- produced film from the municipality of Tibro in Sweden has certainly sparked a growing interest. The work of establishing Camanio Care on the Chinese market has begun and there is a great deal of interest in our solutions. China is a country with tremendous potential, but there are also challenges involved in establishing the company on that market. In the rest of the world, we will continue to develop our network of distributors. We are extremely pleased that our digital telepresence robot Giraff has now taken the gigantic step from the universities to practical application in the municipalities. This is just the beginning. Healthcare will face a clear challenge in future, with more and more older people to care for at the same time as recruitment of qualified staff is challenging. Mid- February, Sverige Kommuner och Landsting (SKL) [the Swedish Association of Local Authorities and Regions] published a new report 1 on the recruitment challenges in healthcare. The report estimates that as many as 500,000 new jobs will need to be added in the next 10 years! The question is: how is this going to be done? Where will we be able to find all the staff required? At Camanio, we are convinced that new digital technology is an important piece in the puzzle in order to overcome the challenges of the future. SKL has also realized this and states that, with the aid of new technology, an annual increase in efficiency of 0.5 percent can reduce the need for recruitment by around 71,000 persons. There are many other studies along the same lines, including a report from Acreo Swedish ICT 2, which estimates the size of the annual net saving in 2020 if nine out of ten of those who receive home care services used the same four digital services that are being used in Västerås. The potential for annual savings is considerable in all the types of municipality researched. At the beginning of December, we signed an agreement on financing of up to SEK 20 million through a convertible loan with European Select Growth Opportunities Fund. The finance will take place in several "tranches" and will ensure access to capital for the company's current growth plans and international expansion. There is a great deal going on at Camanio at present and for us the last few weeks have been characterized by a number of conferences both in Sweden and abroad. There is a great deal of interest in our products and solutions, but I am also well aware of the fact that changes in the healthcare sector take time. We are breaking new ground and acceptance of the use of modern technology in health and social care is gradually increasing. Camanio is at the beginning of an exciting growth journey and I am looking forward to a successful 2018! Catharina Borgenstierna, CEO Camanio Care M. Forzati and C. Mattsson, Effekter av digitala tjänster för äldrevård: En ekonomisk studie [Effects of digital services for care of the elderly: An economic study], Acreo document no. acr057005, Stockholm,

4 Comments on the group's financial performance in the fourth quarter The group's total sales for the period October December 2017 amounted to 1,844. Total sales are higher than in the previous quarter, but they match expectations since, historically, total sales tend to be higher during the final quarter. During the corresponding period of the previous year, October December 2016, total sales of 1,397 were reported at the parent company Camanio Care AB. During the quarter, the group has had costs, primarily relating to the remaining external costs, that had an adverse effect on the operating results. The group has made an amended assessment of the goodwill post as previously reported with respect to the above value, now assessed attributable to the Balanced Development Expenses that existed in the subsidiary at the acquisition date. The goodwill has therefore been reclassified to Balanced expenses. In connection with this, the Group has also made a new assessment of the utilization period that has been assessed for 10 years, considering that it takes a long time to commercialize the products. This has resulted in lower depreciation costs in the Group. The operating result amounted to - 5,710 for the quarter. In December, the company issued a convertible loan of 4,000. Of that amount, the lender chose to convert 300 to shares in December. The remaining debt of a nominal amount of 3,700 runs up to and including A set- off issue was also carried out in November, with a debt of 2,107 being set off against shares. In total, the conversion and set- off issue led to an increase in equity of 2,693 during the period, of which 184 consisted of share capital and 2,508 consisted of a share premium. The number of subscribed shares during the period amounts to 922,481. Comments on the parent company's financial performance in the fourth quarter During the quarter, the Parent Company signed an additional agreement with Bestic AB regarding the transfer of business that occurred in With this, the Parent Company has paid an additional SEK 8,500,000 in purchase price for the business regarding the market value of the balanced development work taken over. This has been financed through a long- term loan from Bestic. Important events during the fourth quarter 11 October Camanio Care receives the remaining issue amount from the company's Chinese partner Zhongrui Funing Robotics. 12 October Camanio Care extends the product family with BikeAround Screen 18 October A press release of unaudited annual earnings figures, etc. from the Extraordinary General Meeting 19 October Issue closed and registered 24 October Camanio Care carried out a set- off issue in order to finance international sales activities 9 November We are now launching Giraff a digital telepresence robot 24 November Camanio Care Report for the quarter January September November Camanio Care carries out a business transaction involving millions in North America 6 December Camanio Care AB (publ) secures finance of up to 20 MSEK 7 December Correction of press release from 6 December 15 December Camanio Care Ab gives out free share warrants to ALL existing shareholders 18 December Increase in the number of shares in Camanio Care AB (publ) 18 December Camanio Care AB calls an Extraordinary General Meeting Important events after the end of the period 12 January Trading in share warrants series TO1 2017/2020 began on 16 January January Market notice 16/18 - Information on Camanio Care AB's share warrants 22 January A press release of unaudited annual earnings figures, etc. from an Extraordinary General Meeting 23 January Increase in the number of shares in Camanio Care AB (publ) 4

5 2 February Camanio Care has received an order from the Municipality of Hörby for the care robot Giraff 7 February Camanio signs a new distribution agreement in Canada 12 February Increase in the number of shares in Camanio Care AB (publ) Additional information This interim financial report has not been reviewed by the company's auditors. Accounting principles The group and the parent company apply the Swedish Annual Accounts Act and the general recommendations of the Swedish Accounting Standards Board "K3" (BFNAR 2012:1). The accounting principles are unchanged since the latest annual report issued. For a more detailed description of the accounting principles, see Camanio Care AB's (publ) annual report for 2016, pages THE BOARD OF DIRECTORS' PROPOSAL FOR THE APPROPRIATION OF EARNINGS The following profits in SEK are at the disposal of the Annual General Meeting: Earnings brought forward from previous years 15,977,315 Issue premium from issues during the year 14,667,766 Loss for the year - 15,274,607 Earnings at the company's disposal 15,370,469 The Board of Directors proposes that SEK 15,370,469 be carried forward to new accounts. ANNUAL GENERAL MEETING The Camanio Care AB (publ) Annual General Meeting will be held on 23 April 2018, at at the company's offices at Hästholmsvägen 32, 6tr, Nacka. The deadline for shareholders to ask to have a matter discussed at the Annual General Meeting is 16 March The annual report will be available at the time of the notice of the Annual General Meeting on the company's website, Future financial reports Date Report 23/03/ Annual Report published 23/04/ Annual General Meeting 25/05/2018 Interim Report January March /08/2018 Interim Report April June /11/2018 Interim Report July September /02/2019 Press release of unaudited annual earnings figures, etc The company's reports are published on the company's website, The reports can also be accessed via the AktieTorget website, 5

6 Income statement Group 1 Oct- 31 Dec 2017 (Group) 1 Oct- 31 Dec 2016 (Parent comp) 1 Jan- 31 Dec 2017 (Group) 1 Jan- 31 Dec 2016 (Parent comp) 24 Oct- 31 Dec 2016 (Group) Net sales 1,844 1,397 6,604 2,288 3,069 Work performed by the 48 company for its own use and capitalized Other operating revenues Total Revenue 2,224 1,397 7,279 2,305 3,153 Operating expenses Cost of goods - 1, , Other external expenses - 4,172-1,839-10,160-2,972-3,186 Personnel costs - 2, ,237-1,513-2,033 Operating profit/loss before depreciation and financial items (EBITDA) - 5, ,196-2,633-3,015 Depreciation , ,046 Operating profit/loss (EBIT) - 5, ,802-2,845-4,061 Financial items Pre- tax profit/loss - 5, ,935-2,933-4,177 Deferred tax Profit/loss for the period - 5, ,784-2,933-4,131 The profit/loss for the year is attributable to the parent company's shareholders. Parent Company 1 Oct- 31 Dec Oct- 31 Dec Jan- 31 Dec Jan- 31 Dec 2016 Net sales 1,673 1,397 6,321 2,288 Other operating revenues Total Revenue 2,054 1,397 6,996 2,305 Operating expenses Cost of goods - 1, , Other external expenses - 4,018-1,839-10,240-2,972 Personnel costs - 2, ,237-1,513 Operating profit/loss before depreciation and financial items (EBITDA) - 5, ,470-2,633 Depreciation Operating profit/loss (EBIT) - 6, ,154-2,845 Financial items Profit/loss for the period - 6, ,240-2,933 Deferred tax Profit/loss for the period - 6, ,275-2,933 6

7 Balance sheet 31/12/ /12/ /12/ /12/2016 (Group) (Group) (Parent company) (Parent company) Fixed assets Capitalised expenses 11,593 2,619 10,783 1,134 Patents, trademarks 3,153 4, Goodwill 1,275 10,374 1,275 - Equipment Participations in group ,912 14,823 companies Total fixed assets 16,459 17,519 18,958 15,972 Current assets Stocks 1, , Current receivables 3,064 4,491 3,419 4,361 Cash and bank balances 5,093 6,701 4,354 6,491 Total current assets 9,514 12,048 9,079 11,419 TOTAL ASSETS 25,973 29,567 36,501 27,391 Equity 15,769 22,398 18,483 23,596 Deferred tax liabilities Liabilities Non- current liabilities 1,274 2,445 10, Current liabilities 8,233 3,841 7,622 2,905 Total liabilities 9,507 6,286 18,018 3,795 TOTAL EQUITY AND LIABILITIES 25,973 29,567 36,501 27,391 7

8 Change in equity, Group Share capital Subscribed, non- Registered share capital Other Contributed capital Other equity including profit/loss for the year Total capital Amount at start of year 2,063 36,466-16,131 22,398 New share issues, cash 656 9,409 10,065 Issue costs, after tax Set- off issue 367 4,884 5,251 Convertible loan, stock option part Issue costs after tax Conversion to shares Repayment of shareholders' contribution - 5,555-5,555 Translation difference Profit/loss for the period - 16,784-16,784 Amount at end of period 3, ,134-38,478 15,769 Change in equity, Parent company Share capital Subscribed, unregistered share capital Share premium reserve Profit/loss brought forward Profit/loss for the year Total capital Amount at start of 2,063 30,911-6,445-2,933 23,596 year New share issues, 656 9,409 10,065 cash Issue costs after tax Set- off issue 367 4,884 5,251 Convertible loan, stock option part Issue costs after tax Conversion to shares Repayment of - 5,555-5,555 shareholders' contribution Appropriation of - 14,933 12,000 2,933 0 earnings Profit/loss for the - 15,275-15,275 period Amount at end of period 3, , ,275 18,483 8

9 Cash flow analysis 31/12/ /12/ /12/ /12/2016 (Group) (Group) (Parent company) (Parent company) Operating activities Operating profit - 16,802-4,061-15,155-2,845 Adjustment for items not 2,606 1, included in cash flow Paid/Received interest Paid income tax Cash flow from operating activities before changes in working capital - 14,356-3,109-14,558-2,721 Changes in working capital Change in inventories Change in current receivables 1, ,211 Change in current liabilities 2, , Cash flow from operating activities - 11,449-2,342-12,058-4,658 Investment activities Acquisition of intangible assets - 1, ,484-3 Acquisitions / investments in ,823 Group companies Other investment activities , ,133-14,826 Financing activities New share issue 10,189 9,424 10,239 9,395 Loan raised 8,868-18,766 14,508 Amortized loans - 2,107-1,012-1, Reimbursed / received - 5, ,555 2,565 shareholder contribution 11,395 8,412 22,053 25,924 Cash flow for the period ,138 6,440 Opening cash and cash , equivalents Exchange rate diff. in cash Closing cash and cash equivalents ,353 6,491 9

Our Business model Contact Camanio Care AB, Hästholmsvägen 32, 131 30 Nacka 08-12 44 88 55 info@camanio.

Through three focus areas; Active Life, Mealtime and Digital Care, Camanio Care wishes to support people s basic needs and increase expertise

Camanio Care has its headquarters in Stockholm, a subsidiary in the USA, as well as distributors in China, Australia and around ten European

10 Our Business model Contact Camanio Care AB, Hästholmsvägen 32, Nacka Corporate ID number: About Camanio Care Camanio Care is a healthcare technology company that develops products and services focusing on the individual. The company offers solutions in robotics, assistive devices and gamification with products such as BikeAround, Bestic and Giraff. Through three focus areas; Active Life, Mealtime and Digital Care, Camanio Care wishes to support people s basic needs and increase expertise and quality in health and social care. Camanio Care has its headquarters in Stockholm, a subsidiary in the USA, as well as distributors in China, Australia and around ten European countries. Subscribe to our newsletter and learn more about the company on our website: You are welcome to follow us on: This is information that Camanio Care AB is required to publish under the EU Market Abuse Regulation. The information was provided through the above contact person for publication on 28 February This interim annual report was approved for issue by the Board of Directors on 28/02/

Interim report. Camanio Care AB

Interim report. Camanio Care AB Interim report Camanio Care AB January March 2018 Summary Figures in parentheses refer to the corresponding period during the previous year, unless otherwise is stated. 1 JANUARY 31 MARCH 2018 Total Revenue