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    FRISQ   SE0006994539

FRISQ HOLDING AB (PUBL)

(FRISQ)
  Report
Delayed Quote. Delayed Nasdaq Stockholm - 10/15 11:15:40 am
2.2 SEK   -0.45%
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FRISQ : Report Q4 and Full Year 2020

01/28/2021 | 02:12am EDT

Report Q4 and Full Year 2020

January - December 2020

Swedish language version shall prevail.

Financial Summary

Fourth Quarter 2020

  • Reported net revenue amounted to 0.3 mSEK (0.03)
  • Other revenue amounted to 0.3 mSEK (0.6)
  • Earnings per share amounted to -0.9 SEK (-0.9)
  • Cash-flowamounted to 53.7 mSEK (-21.0)
  • Cash at the end of the period amounted to 87.8 mSEK (26.7)
  • Comprehensive income amounted to -28.2 mSEK (-22.1)

X

January - December 2020

  • Reported net revenue amounted to 1.4 mSEK (1.9)
  • Other revenue amounted to 0.4 mSEK (1.2)
  • Earnings per share amounted to -7.3 SEK (-3.2)
  • Cash-flowamounted to 61,1 mSEK (-15,0)
  • Comprehensive income amounted to -229.1 mSEK (-73.8), of which 125.4 (0) relates to the write down of goodwill and the reversal of tax assets

CEO Statement

Events

Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the

For us who work in the healthcare sector, the fourth quarter of 2020 was characterized as much by the global pandemic as previous quarters; In fact, almost more so since we have unfortunately been hit by a second corona wave before commencing large-scale vaccinations. It is a worrying situation for the world's governments and what is often called "challenging" for its health care sectors that are naturally not able to prioritize normal priorities including the necessary digitalization of health care for long term improvements in care performance and patient satisfaction.

Despite this, I would say that we have made progress during the last quarter of the year. We continue to develop and improve our product FRISQ Care. On the customer side, I am glad to announce a stronger cooperation with Capio, one of the leading players in Europe when it comes to health care. After having successfully cooperated with Capio Elderly and Mobile Care for the past year, we signed an agreement with Capio Orthopedics in November. Capio Orthopedics is a highly specialized orthopedic clinic that will have perfect use of our solutions in the care and rehabilitation processes.

I am optimistic for the coming year. Successful global vaccination programs should gradually tame the pandemic and allow our industry to focus on other issues, such as the advantages of implementing our solution. I look forward to working with this!

George Thaw,

CEO, FRISQ

Selected key indicators

During the quarter

• ContractsignedwithCapioOrthopedics.

• George

Thaw

appointed Interim

• The

EGM

held November

4th,

CEO.

• The EGM held

on January 30th,

approved a direct share issue, with

deviation from

the

share-holders'

approved a fully guaranteed rights

issue of 7,175,460 shares at SEK 9,0

preferential

rights,

of

15,750,000

per share. The rights issue was

shares at SEK 5.0 per share. The

subscribed at approximately 120%.

share

issue

will

provide

the

In addition, the Board chose to

company with mSEK 78.7 before

exercise

the over-subscription

deduction of related costs.

option of 1,111,111 shares - in total

• Anna

Frick

and

Åke

Hallman

representing an issue volume of

resigned from the Board.

approximately

74.6 mSEK before

deduction of related costs.

During previous quarters

• The

AGM approved

a warrant

• Contract signed with

program and an associated rights

issue of maximum 320,000 shares.

Lund University; support for

• A

rightsizing and

competence

research project on Mental Health

  • Region Skåne; assessment of enhancement program was

forward-looking care plans

conducted.

VGR; development, maintenance

• The company removed all precious

and support

guidance and will provide

KI

and VGR;

research

grant

continuous updates going forward.

focusing on care plans for chronic

• The US launch plans will resume

complex illnesses.

as soon as the Covid-19 situation so

• Letter of Intent signed with Dart-

permits.

mouth-Hitchcock Medical Center.

• A

Swedish

Government

report

After the period

identified FRISQ as the only digital

solution, to date, that meets the

• No new events to report

requirements

of

the

"patient

contract".

Fourth Quarter

Full Year

2020

2019

2020

2019

This publication is a translation of the original

SEK Thousands

Oct-Dec

Oct-Dec

Jan-Dec

Jan-Dec

Net revenue

274

33

1 367

1 936

Operating profit/loss

-28 196

-22 147

-208 060

-73 457

Earnings per share, SEK

-0.9

-0.9

-7.3

-3.2

Development costs, capitalized

871

9 357

8 587

19 315

Cash flow

53 668

-20 985

61 106

-14 984

Cash and cash equivalents

87 811

26 705

87 811

26 705

Equity per share, SEK

3

8

3

8

Equity/assets ratio (%)

87

92

87

92

Share price at quarter end, SEK

3.8

14.2

3.8

14.2

Number of employees at end of the period

29

33

29

33

Financial Calendar: Annual Report 2020 - January 29, 2021 | Q1 - April 29, 2021 | Q2 - July 15, 2021 | Q3 - October 28, 2021 | Q4 - January 27, 2022

AGM to be announced; Financial reports: www.frisqholding.se

Contact: CEO George Thaw, george.thaw@frisq.se, +46 (0)8 120 131 21; Certified Adviser: FNCA Sweden AB, info@fnca.se, +46 (0)8 528 00 399

Financial reporting - Consolidated

inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail.

Consolidated revenue and earnings. Q4

Consolidated net revenue for the quarter amounted to 0.3 mSEK (0.03). The revenue reported for the quarter includes a higher ratio of recurring license-based revenues than did the same quarter last year. However, the ongoing pandemic has slowed down sales and roll- outs. Other revenue amounted to 0.3 mSEK (0.6) and relate primarily to EU-financed commercially based innovation projects.

Consolidated operational costs before depreciation and write-downare primarily driven by staff costs, development and operational expenditures, and amounted to 19.1 mSEK (10.7), and is reported net including capitalized work on own account which amounted to 0.4 mSEK (5.0). The growth in expenditures is related to increased activities in product development and sales. Total depreciation and write-downof tangible and intangible asset amounted to 9.7 mSEK (12.1) Operating losses for the quarter amounted to -28.2mSEK (-22.1). Net financial costs amounted to -0.06mSEK (-0.04)and relate to interest costs for right-of-useassets. Tax loss carry forward amounted to mSEK 311.5 at the end of the reporting period. Comprehensive income for the quarter amounted to -28.2mSEK (-22.2). Investments, primarily development, amounted to 0.9 MSEK (9.4).

Consolidated profit and loss

Fourth Quarter

Full Year

2020

2019

2020

2019

SEK thousands

Oct-Dec

Oct-Dec

Jan-Dec

Jan-Dec

Net revenue

274

33

1 367

1 936

Other operating income

286

627

442

1 157

Other external costs

-13 188

-8 154

-45 551

-33 109

Staff costs

-6 341

-7 575

-35 022

-24 375

Own work capitalized

433

5 026

4 064

5 026

Operational costs

-19 096

-10 703

-76 509

-52 458

Depreciation/write-down

-9 660

-12 104

-133 360

-24 092

Total operating costs

-29 189

-27 833

-213 933

-81 576

EBIT

-28 196

-22 147

-208 060

-73 457

Net financial income

-6

-4

-119

-306

EBT

-28 202

-22 151

-208 179

-73 763

Tax

0

0

-20 936

0

NET PROFIT

-28 202

-22 151

-229 115

-73 763

Comprehensive income

Translation differences

0

5

0

5

COMPREHENSIVE INCOME

-28 202

-22 146

-229 115

-73 758

Earnings per share (SEK)

-0,9

-0,9

-7,3

-3,2

Goodwill amounted to mSEK 0 (104.5). Cash balance at the end of the period was MSEK 87.8 mSEK (26.7).

Consolidated Balance Sheet

2020

2019

SEK thousands

Dec. 31

Dec. 31

Capitalized development

20 899

37 665

Goodwill

0

104 490

Tangible assets

640

885

Right-of-use assets

3 128

6 714

Financial assets

0

500

Deferred tax assets

0

20 936

Total fixed assets

24 667

171 190

Accounts receivable

1 994

717

Other receivables

1 779

5 030

Cash in bank

87 811

26 705

Total current assets

91 584

32 452

TOTAL ASSETS

116 251

203 642

Share Capital

1 610

1 196

Share Capital under registration

788

0

Other contributed capital

492 391

350 686

Translation reserve

5

5

Accumulated profit/loss

-393 155

-164 040

Total equity

101 639

187 847

Leasing liability; long-term

0

3 382

Lease liability; short-term

3 281

3 418

Accounts payable

5 159

4 589

Other liabilities

6 172

4 406

Total current liabilities

14 612

15 795

TOTAL EQUITY AND LIABILITIES

116 251

203 642

Change in Equity

Fourth Quarter

Full Year

2020

2019

2020

2019

SEK thousands

Oct-Dec

Oct-Dec

Jan-Dec

Jan-Dec

Opening balance

53 979

209 993

187 847

200 386

Net Profit

-28 202

-22 151

-229 115

-73 763

Translation difference

0

5

0

5

Warrant premium

133

0

379

0

New Issue1)

75 729

0

142 528

61 219

Utgående eget kapital

101 639

187 847

101 639

187 847

  1. New issue in Q4 : 78 750 tSEK reduced with related costs of 3,021 tSEK,
    Total issues in year: 153 329 tSEK reduced with related costs of 10,801 tSEK.

This publication is a translation of the original Swedish text. In the event of

Consolidated revenue and earnings, Full Year

Consolidated net revenue for the year to date amounted to 1.4 mSEK (1.9), while other revenue that relate primarily to EU-financed commercially based innovation projects amounted to 0.4 mSEK (1.2). Consolidated costs before depreciation and write-down amounted to 76.5 mSEK (52.5) and is reported net including capitalized work on own account which amounted to 4.1 mSEK (5.0). Total depreciation and write-down of tangible and intangible assets amounted to 133.4 mSEK (24.1), of which 104.5 relates to write-down of goodwill. It is the Company's assessment that the ongoing Covid-19 pandemic does not impact the valuation of assets on the financial statements.

Operating losses amounted to -208.1 mSEK (-73.5), of which 104.5 relates to write-down of goodwill. Net financial costs amounted to -0.1 mSEK (-0.3) and relate primarily to interest costs on right-of-use assets. Total comprehensive income amounted to -229.1 mSEK (-73.8), of which 125.4 mSEK relates to the write down of goodwill and the reversal of tax asset. Investments, primarily development costs, amounted to 8.6 mSEK (19.3) during the year.

Financial position

The balance sheet reflects continued investments in the proprietary product that amounted to 20.9 mSEK (37.7) at the end of the period. The lower net amount is not a reflection on future earnings expectations, but rather a reflection of the fact that the Company is fairly young and has adopted a conservative policy with low capitalization and high depreciation rates.

Cash flow

QUARTER: Cash flow from operating activities amounted to -20.4 mSEK (-10.5) as a result of investments in product development in combination with, as yet limited revenues. Cash flow amounted to -53.7 mSEK (-21.0).Investment amounted to -0.9 mSEK (-9.7) related primarily to capitalized development. Financing amounted to 74.9 mSEK (-0.8).

YEAR TO DATE: Cash flow amounted to 61.1 mSEK (-15.0) where investment activities generated 139.3 mSEK (58.2). FRISQ does not have any debt financing and funds its operations through equity. See information of risks on dependence of external financing.

Cash flow

Fourth Quarter

Full Year

2020

2019

2020

2019

SEK thousands

Oct-Dec

Oct-Dec

Jan-Dec

Jan-Dec

Earnings before taxes

-28 202

-22 151

-208 179

-73 763

Depreciation/write-down

9 660

12 104

133 360

24 092

Other non-cash items

133

83

551

154

Change in working capital

1 985

-549

4 312

-3 204

Cash flow from

Operating activities

-20 394

-10 513

-69 956

-52 721

Investment activities

-872

-9 712

-8 209

-20 414

Financing activities

74 934

-760

139 271

58 151

Cash flow for the period

53 668

-20 985

61 106

-14 984

Cash at beginning of period

34 143

47 690

26 705

41 689

Cash at close of period

87 811

26 705

87 811

26 705

Full Year Report 2020

2

This publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail.

Financial reporting - Parent Company

Parent Company Profit and Loss

2020

2019

SEK thousand

Jan-Dec

Jan-Dec

Net revenue

3 867

2 200

Other operating income

18

0

Other external costs

-11 874

-5 826

Staff costs

-1 325

-895

Total operating expenses

-13 199

-6 721

EBIT

-9 314

-4 521

Net financial income

-379 900

67

EBT

-389 214

-4 454

Tax

0

0

NET PROFIT

-389 214

-4 454

FRISQ Holding AB's primary focus is Group administration. Net revenue amounted to 3.9 mSEK (2.2) year to date and reflect invoicing to subsidiaries for administrative services. Operating losses amounted to -9.3 MSEK (-4.5) year to date. Costs in the Parent Company are primarily driven by the company's listing on Nasdaq First North. Net financial income amounted to MSEK -379.9 mSEK (0) and relates to impairment of shares in the subsidiary Frisq AB, in connection to the write down of goodwill at group level.

Parent Company Blanace Sheet

2020

2019

SEK thousand

Dec. 31

Dec. 31

Financial assets

29 063

267 063

Total fixed assets

29 063

267 063

Other receivables

57 366

774

Cash in bank

68 924

20 541

Total current assets

69 698

77 907

TOTAL ASSETS

98 761

344 970

Share capital

1 610

1 196

Share capital under registration

788

0

Share premium reserve

491 761

350 435

Accumulated profit/loss

-396 735

-7 900

Total equity

97 424

343 731

Accounts payable

1 112

1 066

Other liabilities

225

173

Total current liabilities

1 337

1 239

TOTAL EQUITY AND LIABILITIES

98 761

344 970

Number of Shares

Fourth Quarter

Full Year

2020

2019

2020

2019

Number of Shares

Oct-Dec

Oct-Dec

Jan-Dec

Jan-Dec

Opening

32 204 773

23 918 202

23 918 202

20 218 202

Closing

32 204 773

23 918 202

32 204 773

23 918 202

Average

32 204 773

23 918 202

31 412 341

23 066 695

The new issue conducted in November 2020, was registered in January 2021, at which time the number of shares increased by 15,750,000 to 47,954,773.

Employees

The average number of employees during the quarter was 33 (30). At the close of the quarter FRISQ had 29 (25) employees. There have been no material transactions with related parties other than two Board Members who have invoiced a total of TSEK 540.

Warrant programs

The warrant programs issued in FRISQ Holding AB aim to align shareholders and employee incentives. The warrants have been transferred at market price as determined by independent valuations and are subject to customary recalculations in connection with share issues, etc. For additional information see Minutes of Annual General Meetings from the relevant years.

Program 2017, a direct issue where warrants were issued to secure FRISQ's commitment, given fulfillment of certain conditions, to pay an additional consideration for the acquisition of new care path concepts, and associated prototype code. It allows a maximum 1,100,000 warrants each entitling to the subscription of one share, by no later than 31 May 2022, at a price of 0.05 SEK corresponding to the share's quota value.

Program 2018:1, with a maximum of 600,000 warrants, aimed at key employees in the Group. The subscription period is June 2021. Each warrant entitles the holder to subscribe to one share at a price of 44 SEK. If fully subscribed the share capital will increase by SEK 29,994.

Program 2020/2026, implemented for the Director Lars Björk and aims to offer ownership in the Company for his significant involvement in the establishment of FRISQ in the US. The program includes 320,000 warrants, of which 300,000 warrants are awarded to Lars Björk without consideration, and 20,000 are allocated to cover costs related to the program. The warrants are earned over three years. Each warrant carries the right to subscribe to a new share, by no later than 15 April 2026, at a price of 11.44 SEK. If fully subscribed, the Company's share capital will increase by SEK 16 000.

Full subscription of the above programs would increase the total number of shares by 6.3%.

Shares FRISQ Holding AB's shares are traded on Nasdaq First North under the stock symbol FRISQ since October 12, 2016. The number of shares as per end of the period were 32 204 773. An additional 15,750,000 shares were under registration at the end of the period.

The Group Structure encompasses the parent company FRISQ Holding AB, org. no. 556959-2867 and the wholly owned subsidiaries FRISQ AB, org. no. 556783-5664; FRISQ USA Holding Inc., with its own wholly owned US based subsidiary FRISQ LLC; and FRISQ UK Ltd. The US and UK subsidiaries are in the process of being established. The Group's operating activities are conducted in FRISQ AB.

The accounting principles governing this report adhere to the Swedish Annual Accounts Act, and IFRS as adopted by the EU and RFR 1. The Parent Company applies the Annual Accounting Act and RFR 2. This report has been prepared in accordance with IAS 34. The accounting policies applied herein are consistent with the latest published Annual Report. New and amended standards adopted from the current year are not deemed to have any material impact on the Group's financial position.

This report has not been reviewed by the company's auditors.

Risks and uncertainties exist given that FRISQ is a relatively young company with limited revenue generation. It is therefore not yet possible to make sales or profit predictions until a stable earning level is achieved. As long as product development continues, the company is in need of additional external capital injections. FRISQ is dependent upon being able to enter into licensing and partnership agreements and upon several permits, remuneration systems and associated laws, regulations, decisions by government authorities and praxes (which can change). FRISQ is also dependent on intellectual property rights which are difficult to protect via registration. In addition, FRISQ is dependent on the access to care staff - which is difficult to predict under the current pandemic. The Board's view of risks and uncertainties has not changed. For further information, see Risks and Uncertainties in the last published Annual Report.

Statement of assurance This report has been adopted by the Board of FRISQ Holding AB on 28 January, 2021.

The Board and the Managing Director, certify that this interim report provides a fair assessment of the Parent Company, Group's activities, financial position, profits and describes material risks and uncertainties.

Full Year Report 2020

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Frisq Holding AB published this content on 28 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2021 07:11:04 UTC.


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Financials
Sales 2021 7,00 M 0,81 M 0,81 M
Net income 2021 - - -
Net Debt 2021 29,7 M 3,45 M 3,45 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 106 M 12,3 M 12,3 M
EV / Sales 2021 19,4x
EV / Sales 2022 8,61x
Nbr of Employees 27
Free-Float 86,8%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 0
Last Close Price 2,21 SEK
Average target price 5,40 SEK
Spread / Average Target 144%
Managers and Directors
George Thaw Chief Executive Officer
Ulrika Jones Chief Financial Officer
Mats Lars Staffan L. Lindstrand Chairman
Hannes Palm Chief Operational Officer
Per-Egon Johansson Independent Director
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