Tobii informs about accounting changes ahead of the forthcoming interim report
Tobii AB (publ) today announces accounting changes ahead of the forthcoming interim report of the third quarter due to the ongoing divestment process of Smartbox.
In accordance with IFRS 5, "Non-current assets held for sale and discontinued operations ", the profit related to Smartbox will in its entirety be reported as "Profit from discontinued operations" as of the interim report of the third quarter which will be published on October 24. Consequently, revenues and costs related to the business, acquisition and divestiture of Smartbox, will not affect Tobii’s profit on Group or Division level. Comparable periods will be reported accordingly. In addition, all Smartbox-related items in the balance sheet as of 2019-09-30 will be reported collectively as “Assets classified as held for sale” and “Liabilities directly associated with assets classified as held for sale”.
Tobii informs about this accounting process in advance to avoid misunderstandings and incorrect conclusions at the time of the report.
Background
On October 1, 2018 Tobii AB (publ) acquired Smartbox Assistive Technology Ltd, a UK based company operating in the field of assistive technology for communication. Tobii initially paid the owners/founders SEK 127 million for the company. In addition, a cash payment of approximately SEK 16 million was paid on closing. Smartbox employs some 70 people. Net sales in 2017 were GBP 9,3 million, corresponding to approximately SEK 110 Million.
Upon the announcement of the acquisition, the CMA (Competition and Markets Authority) opened an investigation under UK competition law. The two companies’ brands and operations have been held separate, pending the completion of the CMA’s review.
The CMA announced the final conclusions of its investigation on August 15 and required a full divestiture of Smartbox by Tobii.
On September 16, Tobii appealed the CMA’s decisions to the CAT (Competition Appeal Tribunal).
Contact
Ola Elmeland, Investor Relations, Tobii AB, phone: +46 (0) 734 409 862, e-mail: investor.relations@tobii.com
About Tobii
Tobii is the global leader in eye tracking. Our vision is a world where all technology works in harmony with natural human behavior. Tobii operates through three business units: Tobii Dynavox makes specially designed computers that are controlled by eye movement or touch screens for use by people with special needs due to spinal cord injuries, CP, ALS or other medical conditions. Tobii Pro develops and sells eye-tracking equipment and services used today by more than 3,500 companies and 2,500 research institutions, including all of the world’s 50 highest ranked universities. Tobii Tech further develops Tobii’s technology for new volume markets, such as computer games, personal computers, virtual reality, augmented reality and smartphones. Tobii is headquartered in Sweden and is listed on Nasdaq Stockholm (TOBII). The group has about 1,000 employees. For more information, please visit www.tobii.com.