About Brighter AB (publ)
Brighter, through its patented product, has developed a unique method for
simplifying self-care of diabetes. A tool that facilitates a normal way of life
for millions of diabetics worldwide.
The Company's shares are listed under the abbreviation BRIG on the NASDAQOMX
First North exchange
For more information: www.brightercompany.com
Interim information, January 1 - September 30 2014
* Net revenue totaled KSEK 751 (802)
* Profit/loss after financial items totaled KSEK -6,185 (-821)
* Earnings per share, before dilution: SEK -0.38
* Earnings per share after dilution: SEK -0.38
Significant events during the period
* The supplementary patent application that was filed in November 2013 has now
received a positive outcome with PRV (Swedish Patent and Registration
Office) where the newsworthiness and inventive quality in the application
constitutes a good foundation for further positive action towards one more
approved patent.
* Several trademark applications have been filed, and approval is expected
according to plan.
* The Brighter One(TM) lancet mechanism is being reworked, resulting in a
delay of the launch. This was announced during the period via a press
release.
* A design certificate was granted in the EU, and approval in two more markets
is expected during the year.
* For other significant events, see the 2014 Half-year Interim Report.
Significant events after the end of the period
Brighter and Brighter One(TM) are being presented and exhibited in cooperation
with the Swedish Institute's Innovative Sweden tour in Ho Chi Min City, Vietnam.
Brighter engaged Remium Nordic AB as liquidity guarantor of the trading of the
share as well os for the IR service Introduce.se. Remium will initiate its role
as liquidity guarantor of the trading of the share on November14, 2014.
Financial calendar
Year-end report for 2014: February 20, 2015
Interim Information January - March 2015: May 15, 2015
Interim Report January - June 2015: August 14, 2015
Interim Information January - September 2015: November 13, 2015
This interim information was published at 08:30 am on 14 November, 2014, in
accordance with the law (1991:980) regarding trading in financial instruments.
This information is not a quarterly or interim report.
Letter to the Shareholders
The period since the half-year interim report was released in August has been
extremely intense for all of us at Brighter. We were all clearly frustrated by
the realization that we needed to delay the launch. We understand that it has
also been frustrating for shareholders and future users of the product to be
told this, when we have spent so much time trying to answer all of your
questions and observations. We hope that you understand that we can't release
information that has not been made available to everyone, and that our answers
must comply with this principle. I hope that all of you who have contacted us
understand that we share your frustration. I must also say that we prioritize
delivering a product with a high and stable level of quality, above launching
without achieving this.
However it must not be forgotten that there were many positive events during the
most recent period. We completed an extremely successful trademark and branding
process, and we look forward to being able to show some of the results when we
launch the Company's new website in December.
We will not launch the actual product site until next year so that it is timed
to coordinate with the launch. We have held intensive talks with several
different distributors, and we know that everyone is curious about this, but
everyone will need to be patient just as with the product website.
Truls Sjöstedt
CEO, Brighter AB (publ)
The share
Brighter AB (publ) is listed on the NASDAQOMX First North exchange under the
abbreviation BRIG. NASDAQOMX First North is a trading platform designated as an
MTF (Multilateral Trading Facility). As of 31 March 2014, 16,956,094 shares had
been issued. All shares grant equal rights to the company's profits and assets.
Brighter's Certified Adviser at Nasdaq OMX First North is Pareto Securities AB.
Investments
Investments during the period are allocated as follows:
* Research and development: KSEK 9,492
* Patents & trademarks: KSEK 1,272
* Tools and installations in others' property: KSEK 369
* Subsidiaries: KSEK 50
Risks
Risks relating to the operation are described in the Annual Report for the
fiscal year 2013 and also in the issue memorandum from February 46, on pages
46-50.
Financial position
At the end of the period, Brighter had an equity/asset ratio of 92.0%.
The results for the period reflect that the company is not yet generating
revenues from sales, but is on the other hand capitalizing the salary costs of
some employees, since their job duties are development-related.
The delay of the launch according to the press release sent out in September
does not affect the results for the period.
Transactions with affiliated parties
The following transactions with affiliated parties were executed during the
period:
Adstring AB (Henrik Norström - Board member until 18 June 2014) - consultancy
fee as external CFO - SEK 445,000 excluding VAT until April 2014. Henrik
Norström has been employed at Brighter AB as the COO since 1 May 2014.
Lars Flening Business Consultants (Lars Flening - Board member) - SEK 313,000
excluding VAT for advisory services. See the share issue memorandum from
February 2014 for a detailed description of the assignment.
Petra Kaur Ljungman (Board member since 18 June 2014) as a consultant providing
advice on marketing and brand strategy before the launch of the Company's first
product - SEK 276,000 excluding VAT. Petra Kaur Ljungman has extensive
experience within relevant competence areas that are described in more detail at
brightercompany.com.
Ghatan Bauer Advokatbyrå (Afsaneh Ghatan Bauer - Board member since 18 June
2014) has been engaged to work with brand advisement and registration.
Remuneration of SEK 230,000 excluding VAT was paid in accordance with current
account to Ghatan Bauer Advokatbyrå for legal advice and trademark registrations
for Brighter.
These assignments are in addition to regular Board duties.
Personnel at end of period
Number of employees: 6 - 3 women, 3 men (3 - 2 women, 1 man)
Number of consultants (full-/part-time): 8 - 2 women, 6 men (6 - 1 women, 5 men)
Insiders' holdings
Shares 2013-09-30 Change 2014-09-30
Truls Sjöstedt - CEO 4,781,486 + 142,857 4,924,343
Michael Frantzén 3,745,310 0 3,745,310
Gert Westergren - 237,526 + 142,860 380,386
Chairman of the Board
Henrik Norström - 16,764 + 32,074 48,838
COO
Lars Flening - 16,862 + 12,607 29,469
Board member
Nadezda Ershova - 0 + 5,889 5,889
Manager QA/QR
Afsaneh Ghatan Bauer - 0 0 0
Board member
Petra Kaur Ljungman - 0 0 0
Board member
Sara Murby Forste - 0 0 0
Board member
Options 2013-09-30 Change 2014-09-30
Lars Flening - 550,000 + 30,014 580,014
Board member
Gert Westergren - 220,000 + 317,459 537,459
Chairman of the Board
Nadezda Ershova - 117,499 0 117,499
Manager QA/QR
Truls Sjöstedt - CEO 41,111 + 30,014 71,125
Michael Frantzén 0 +30,014 30,014
Petra Kaur Ljungman - 0 +12,500 12,500
Board member
Sara Murby Forste - 0 +12,500 12,500
Board member
Henrik Norström - COO 0 0 0
Afsaneh Ghatan Bauer - 0 0 0
Board member
Income statement (SEK 000s) summary
2014 2013 2013
Jan-Sep Jan-Sep Jan-Dec
Operating revenue
Work performed by the company for its 927
own use and capitalized 1,233 802
Operating expenses
Other external costs -2,741 -645 -959
Personnel costs (1) -3,053 -823 -1,189
Depreciation and write-down of tangible fixed
assets -1,099 0 -1,133
Operating profit/loss -5,662 -666 -2,354
Net financial revenue/expense -141 -155 -429
Profit/loss after financial items -5,802 -821 -2,783
Profit for the period -5,802 -821 -2,783
Earnings per share, before dilution -0.38 -0.07 -0.23
Earnings per share, after dilution -0.38 -0.07 -0.23
Number of shares, before dilution 16,956,094 11,897,481 11,897,481
Number of shares, after dilution 19,267,205 12,826,091 12,826,091
Average number of shares, before dilution 16,312,117 11,897,481 11,897,481
Average number of shares, after dilution 18,623,228 12,826,091 12,826,091
*The income statement for January- June 2013 has been adjusted by KSEK -1,690 in
relation to the one published in 2013. The adjustments refer to work performed
by the company for its own use and capitalized, capitalized expenditures for
R&D, patents, equipment and depreciation that were incorrectly reported when the
Jan-Sep 2013 interim information was produced.
Notes:
1 - Brighter hired new staff during the last quarter of 2013 and in 2014, which
explains the increase in personnel costs.
Summary of Balance sheet (SEK 000s)
2014 2013 2013
Sep Sep Dec
ASSETS
Fixed assets
Intangible fixed assets 18,407 7,905 8,635
Tangible fixed assets 663 361 401
Financial fixed assets 50 0 0
Total fixed assets 19,120 8,266 9,036
Current assets
Receivables 1,089 -24 501
Cash and bank balances 8,737 -174 53
Total current assets 9,825 -198 554
Total assets 28,946 8,068 9,590
EQUITY AND LIABILITIES
Equity 26,649 2,261 309
Long-term liabilities 0 4,431 8,022
Short-term liabilities 2,296 1,376 1,259
Total equity and liabilities 28,946 8,068 9,590
Pledged assets (2) 255 50 50
Contingent liabilities None None None
*The income statement for January- June 2013 has been adjusted by KSEK -1,690
(Fixed assets) in relation to the one published in 2013. The adjustments refer
to work performed by the company for its own use and capitalized, capitalized
expenditures for R&D, patents, equipment and depreciation that were incorrectly
reported when the Jan-Sep 2013 interim information was produced.
2 - Bank guarantees
Summary of Cash flow statement (SEK 000s)
2014 2013
Jan - Sep Dec
Cash flow from continuing operations before changes in
working capital -4,704 -1,647
Changes in working capital
Decrease/increase in current receivables -588 1,760
Increase in current liabilities 1,038 -1,564
Cash flow from operating activities -4,254 -1,452
Investment activities
Acquisition of tangible fixed assets -370 -448
Acquisition of intangible fixed assets -10,764 -5,366
Investments in subsidiaries -50 0
Cash flow from investment activities -11,184 -5,814
Financing activities
New share issue (net after issue costs) 32,144 8
Loans taken 7,255
Repayment of loans -8,022 0
Cash flow from financing activities 24,122 7,263
Cash flow for the period 8,684 -3
Initial cash balance 53 56
Closing cash balance 8,737 53
Summary of changes in equity
2014 2013 2013
Jan-Sep Jan-Sep Jan-Dec
Equity at the beginning of the period 309 3,082 3,082
Profit for the period -5,803 -821 -2,781
New share issue (net after issue costs) 32,144 - 7
Equity at end of period 26,650 2,261 309
Accounting principles
The Interim information for January-September 2014 has been prepared in
accordance with BFNAR 2007:1. The transition to the K3 regulations is not
expected to have any significant impact.
Given that the subsidiary had no activity during the period, no consolidated
accounts have been prepared (Annual Accounts Act, Chapter 7, paragraph 2)
Review by an Auditor
This interim information has not been reviewed by the company's auditors.
Certified Advisor
Brighter's Certified Adviser at Nasdaq OMX First North is Pareto Securities AB.
Submission of Interim information January - September 2014
Stockholm, 14 November 2014
Brighter AB (publ)
Board of directors
For additional information, please contact:
Truls Sjöstedt, CEO
Telephone: +46 709 73 46 00
Email: truls.sjostedt@brightercompany.com
Henrik Norström, COO
Telephone: +46 733 40 30 45
Email: henrik.norstrom@brightercompany.com
Gert Westergren, Chairman of the Board
Telephone: + 46 705 55 77 99
Email: gert.westergren@brightercompany.com
[HUG#1871366]
