Stockholm, 30 April 2024 - Anoto Group AB (publ) ("Anoto") today publishes its annual report for 2023 and corrects for changes in the results as reported in the year-end report published on 29 February 2024. The annual report is available on the Company's website, www.anoto.com.
Compared to previously communicated results in the year-end report for 2023, Anoto reports a change in the results in the annual report. The corrections on the consolidated results stemmed from updates made to the Group's impairment testing and financial forecasts, and relate to write-downs of goodwill, capitalized costs, and investment in Knowledge AI Inc., a former subsidiary and currently associated company of Anoto. The Group has written down 59.3 MSEK of goodwill in Livescribe Inc., and fully impaired its remaining goodwill in Anoto Korea - 37.6 MSEK. In addition, the Group has fully impaired its remaining fair value investment of 38.4 MSEK in Knowledge AI Inc. and 13.6 MSEK of its loan receivables. Finally, the Group has also fully impaired its capitalized R&D related to Knowledge AI Inc., totaling 2.8 MSEK and an additional 2.6 MSEK of capitalized R&D for a product nearing its end of life. All impairments had a negative impact on the Group's consolidated results, with a total effect of 154.3 MSEK. The Group's results for 2023 amounts to MSEK -84.2 compared to what was reported in the year-end report, 70.1 MSEK, and earnings per share amounts to -0.25 SEK compared to 0.29 SEK. The figures have been updated in the annual report for 2023.
The Group also reports a minor change in the results of the parent company. The corrections on the parent company results are related to a write-down of participation and loan receivables in subsidiaries. As a result of updated impairment testing done on subsidiaries, the parent company has written down 6.2 MSEK on the value of the parent company's participation in Anoto Korea and 2.1 MSEK in Anoto AB. In addition, the parent company has written down a total of 64.1 MSEK in loan receivables, 28.6 MSEK from Anoto Korea, 7.3 MSEK from Anoto Singapore, 27.7 MSEK from Anoto Inc., and 0.4 MSEK from Anoto Portugal. These corrections have also been updated in the annual report for 2023, with no impact on the Group's consolidated results.
For further information contact:
Kevin Adeson, Chairman of the Board of Directors
For more information about Anoto, visit www.anoto.com or email ir@anoto.com
Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, 116 74 Stockholm
This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person above for publication on 30 April 2024 at 23:30 CEST.
About Anoto Group
Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a leader in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has two main business lines: Retail Products and Enterprise Solutions & Licensing. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.
