Quarterly Report • May 8, 2018
Quarterly Report
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Corporate registration number 556822-1187
First quarter (January-March 2018)
Key events during the first quarter
| Key figures1 | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Revenues2 , SEKm |
33,0 | 41,0 | 153,6 |
| EBITDA, SEKm | 1,8 | 13,4 | 34,4 |
| EBITDA margin, % | 6% | 33% | 22% |
| Operating profit, SEKm | -6,9 | 4,4 | -0,6 |
| Net profit/loss for the period2 , SEKm |
-8,0 | 4,1 | -3,3 |
| Operating cash flow, SEKm | -13,7 | -2,0 | -0,1 |
| Earnings per share2 , SEK |
-0,24 | 0,12 | -0,10 |
| Operating cash flow per share, SEK | -0,41 | -0,06 | 0,00 |
| Equity ratio1 , % |
61% | 61% | 62% |
| Net debt1 , SEKm |
166,0 | 151,3 | 152,4 |
| Number of shares at the end of period | 33 302 373 | 33 302 373 | 33 302 373 |
| Weighted average number of shares2 | 33 302 373 | 33 302 373 | 33 302 373 |
1 Definition and reconciliation of performance measures see page 17-18
2 Defined according to IFRS
Key events after the end of the first quarter
In 2018, our primary focus is to generate growth through increased sales of our own product portfolio and by developing new licensing businesses, to approach our financial targets, and contribute to saving more lives. Therefore, it is gratifying that we can already report a strong growth in sales of our own product portfolio, which more than doubled, in the first quarter. We can now put ten quarters of increasing sales (based on rolling twelve-month figures) behind us, so the trend is stable.
However, overall sales and profitability did not reach the levels we reported in the first quarter of last year, and this is due to that no new licensing agreements were completed this quarter. We generated an EBITDA of SEK 1.8 million, with a margin of 6 percent. Cash flow was negative, mainly due to significantly increased sales and related build-up of receivables, as well as outstanding license receivables from Smartwise of USD 1.25 million, which we received in the second quarter.
Revenues from our largest licensing partner BD (following the acquisition of C.R. Bard) amounted to SEK 22 million, which is lower than previous year, due to somewhat lower deliveries of coating concentrate and currency effects. Volumes of concentrate have been stable in a longer perspective, but vary between quarters, without following a clear seasonal pattern. However, royalty payments indicate that end customer sales are stable.
The license project for orthopedic trauma implants is now approaching the final phase. When the implants are CE marked, sales in Southeast Asia will generate royalty revenues for Bactiguard. At the same time, new licensing opportunities for various types of orthopedic implants will be opened and we have met considerable interest in Bactiguards infection preventive technology in this application area.
Our licensing partner Smartwise recently entered a strategic collaboration agreement with AstraZeneca regarding, among other things, the development of advanced vascular injection catheters with Bactiguard coating for new, innovative treatment methods of cardiovascular disease and cancer. When the catheters reach the market they will generate royalties, which is estimated to be about two to three years into the future. The agreement with AstraZeneca primarily demonstrates the quality and potential of Bactiguard's technology.
Sales of our own product portfolio developed strongly, and it is particularly pleasing that growth comes from most regions. In the first quarter, China, India and the Middle East generated the largest revenues.
In India, our new distributor is up and running in most of the country. We delivered both urinary catheters and central venous catheters during the quarter and look forward to the development this year, now that all products are available in the market. The recruitment of patients to the clinical trial that began in 2016 and comprises a total of 1,000 patients, at six different hospitals, has just been completed and the results will be available in the second quarter. This multicenter study will be a valuable marketing tool in the Indian market.
The Middle East continues to develop positively and sales increased by more than 40 percent. Growth is primarily driven by the larger markets in the region, and in smaller countries like Kuwait we also see a positive development. We are still waiting for the registration of our products in Egypt to be completed, a lengthy process that is now approaching the finals stages, and we look forward to launching in the most populous market in the Middle East.
To China, we delivered a new, big order in March, and activities are ongoing at a high level of intensity. In Europe, we continue to move our position forward and markets where we have been present for one or two years, such as Greece and Poland, are developing well. At the same time, efforts are being made to find new suitable partners in the largest European markets.
Finally, a few words about developments in Sweden, where we also see a positive trend. The procurement of urinary catheters for Stockholm County Council, launched in November last year, has contributed to increased sales. More and more hospitals and clinics are starting to use our products with good results and we see an increased interest in our central venous catheters and endotracheal tubes.
I am looking forward to the continued development in 2018, which may become a really exciting year for Bactiguard.
Christian Kinch CEO
The Nomination Committee of Bactiguard Holding AB (publ) proposes that the Annual General Meeting 2018 elects Jan Ståhlberg as new member and Chairman of the Board, as Stanley Brodén, who has been the Chairman of the Board since 2015, has declined re-election.
At the end of the first quarter, Jan Ståhlberg owned shares in Bactiguard corresponding to 6.0 percent of the capital and 2.9 percent of the votes, which means that he was the third largest shareholder in the company at the time.
In 2017 Bactiguard signed a framework agreement with Region Skåne, which enables both county councils and municipalities to order Bactiguard's infection prevention urinary catheters. The initial contract expires on April 30th, 2018 and in February Region Skåne chose to extend the agreement for another year until April 30th, 2019.
In March Bactiguard entered a distribution agreement for Belgium, the Netherlands and Luxemburg with Ecomed Services NV ("Ecomed"), a leading provider of innovations in infection control in the Benelux countries. By teaming up with Ecomed Bactiguard expands the European market presence.
Bactiguard is launching a line extension to its BIP CVC with the popular Raulerson syringe for easier handling and insertion. BIP CVC is shown to reduce the risk of costly blood stream infections, which are common following the use of central venous catheters.
Bactiguard received a new order from China of 100 000 urinary catheters for infection prevention, which was delivered in March and generated revenues of some SEK 3 million.
In May Bactiguard signed distribution agreement for Mexico with Degasa, a well-established family owned company, whose sales force covers most of the country. Through the cooperation with Degasa, Bactiguard strengthens its market presence in Latin America.
Bactiguard's licensing partner Smartwise Sweden AB (Smartwise) has signed a strategic collaboration agreement with AstraZeneca regarding, among other things, the development of advanced vascular injection catheters with Bactiguard coating for new, innovative treatment methods of cardiovascular disease and cancer. The agreement between Smartwise and AstraZeneca initially does not generate any new license revenues for Bactiguard, but when the catheters reach the market it will generate royalties, which is estimated to be about two to three years into the future.
Bactiguard has two revenue streams.
The BIP portfolio currently includes sales of the BIP Foley, BIP ETT and BIP CVC products.
License revenues are attributable to sales of products under license, which currently includes the Group's licensing agreement with BD (formerly C.R. Bard) regarding Bactiguard coated Foley catheters for the USA, Japan, the UK, Ireland, Canada and Australia, a license agreement with Vigilenz Medical Devices for Bactiguard coated orthopedic trauma implants, covering the ASEAN region as well as a global license agreement with Smartwise Sweden AB (Smartwise) for Bactiguard-coated vascular injection catheters.
Comprises mainly foreign exchange differences and other operating income.
Bactiguard's BIP (Bactiguard Infection Protection) product portfolio includes medical devices in three application areas: urinary tract, respiratory tract and blood streams.
Consolidated revenues for the first quarter amounted to SEK 33.0 (41.0) million, which is a decrease of approx. 20 % compared to the corresponding quarter last year.
The lion's share of revenues of SEK 22.0 (27.4) million in the first quarter were down to license revenues related to BD (formerly C.R. Bard). The decrease is due to somewhat lower volumes and a negative currency effect of SEK -1.6 (2.5) million.
During the first quarter 2017 license revenues regarding new license agreement with Smartwise was accounted for to a value of SEK 8.8 million. No corresponding revenue has been generated during the first quarter 2018.
Sales growth of BIP products was strong during the quarter and amounted to SEK 7.3 (2.8) million, an increase of approx. 157%. BIP revenues represented approx. 22% of the revenues in the quarter. China, India and MEA (the Middle East and Africa) generated the largest revenues. Out of SEK 7.3 million in revenues, SEK 4.0 million had a cash flow effect. The remaining revenues correspond to a reduction of the debt item deferred income in the balance sheet.
Other revenues during the quarter amounted to SEK 3.7 (2.0) million and consist primarily of exchange rate differences and grants for EU-projects. The increase in other revenues compared to corresponding period last year is mainly explained by exchange rate differences.
| Jan-Mar | Jan-Mar | Full year | |
|---|---|---|---|
| Revenue split | 2018 | 2017 | 2017 |
| License revenues | 67% | 67% | 68% |
| New license revenues | 0% | 21% | 14% |
| Sales of BIP products | 22% | 7% | 14% |
| Other revenues | 11% | 5% | 4% |
During the first quarter of 2018, approx.155,000 BIP products were delivered at a value of SEK 7.3 million compared to approx. 48,000 products at a value of SEK 2.8 million in the corresponding quarter of 2017. During the full year 2017 the value for sold BIP products amounted to SEK 21.8 million.
Development per quarter, value in TSEK for delivered BIP products, rolling 12 months.
EBITDA for the first quarter amounted to SEK 1.8 (13.4) million corresponding to an EBITDA margin of approx. 6% (33%). The decrease compared to corresponding quarter last year is primarily a consequence of the fact there were no new license revenues generated during the first quarter 2018.
The cost item raw materials and consumables increased due to the growth in BIP revenue. Also, other external costs and personnel costs increased during the first quarter compared to last year, which is a result of investments in sales and marketing, including staffing to increase sales.
Other operating expenses includes exchange rate differences, which had a negative effect of SEK -0.9 (-1.0) million in the quarter.
Consolidated operating profit for the first quarter of 2018 amounted to SEK -6.9 (4.4) million.
Financial items amounted to SEK -2.3 (-1.6) million in the quarter. Financial revenues of SEK 1.2 (0.1) million mainly consists of exchange rate differences. Total financial expenses amounted to SEK -3.5 (-1.8) million, whereof SEK -1.1 (-1.3) million is related to interest expenses on interest bearing loans. Other financial expenses consist, among other things, of unrealized value changes in forward hedging which had a negative impact in the quarter.
Tax for the first quarter amounted to SEK 1.2 (1.4) million and refers to the change in deferred taxes attributable to temporary differences relating to the Group's intangible assets.
Consolidated net profit for the first quarter amounted to SEK -8.0 (4.1) million.
Operating cash flow (cash flow from operating activities after investments and changes in working capital) for the first quarter amounted to SEK -13.7 (-2.0) million. Cash flow from operating activities contributed positively by SEK 0.6 (11.7) million, but was negatively affected by changes in working capital which amounted to SEK -13.0 (-13.2) million and by cash flow from investing activities which amounted to SEK -1.4 (-0.5) million. The increase in working capital was attributable to higher account receivables as well as reduction of the debt item deferred income, because of large deliveries of BIP products at the end of the quarter.
Cash flow from financing activities amounted to SEK 8.1 (0.0) million, since overdraft facility was utilized as a result of temporary negative bank balance in the group. The total cash flow for the first quarter amounted to SEK -5.7 (-2.0) million.
Investments in property, plant and equipment during the first quarter amounted to SEK 0.1 (0) million. Investments in intangible assets, mainly related to capitalized development expenditures, amounted to SEK 1.3 (0.5) million. No investments were made in financial non-current assets during the quarter.
The consolidated equity ratio was 61% on 31 March 2018 (61% on 31 March 2017) and equity amounted to SEK 377.8 million (SEK 394.4 million on 31 March 2017).
Interest-bearing debt consist of a financial lease of SEK 13.6 million, and a three-year term loan of SEK 150.0 million. The term loan carries a base interest rate of STIBOR 90, but no less than 0 %, and a margin of 3.0 %. The bank loan will be amortized by SEK 35 million until maturity
Consolidated cash position on 31 March 2018 amounted to SEK 6.0 million (SEK 13.7 million on 31 March 2017). Out of a granted overdraft facility of SEK 30 million, SEK 8.4 million was utilized as of 31 March 2018 (SEK 0 million as of 31 March 2017). Net debt amounted to SEK 166.0 million (SEK 151.3 million on 31 March 2017).
The total assets of the Group on 31 March 2018 amounted to SEK 620.4 million (SEK 648.8 million on 31 March 2017). The largest asset items in the balance sheet are goodwill of SEK 226.3 million (226.3) and technology related to Bactiguard's product portfolio, which amounted to SEK 206.9 (230.7) million.
Accounts receivable (short- and long term) amounted to SEK 62.0 million on 31 March 2018, which is an increase of SEK 5.1 million since 31 December 2017. The main reason for the increase is related to deliveries of BIP products at the end of the first quarter, but also an effect of increasing the value of account receivables due to the increased USD and EUR currency rates against SEK in the quarter.
Trade in the Bactiguard share takes place on Nasdaq Stockholm under the ticker symbol "BACTI". The last price paid for the listed B share on 31 March 2018 was SEK 25.40, and the market capitalization amounted to SEK 846 million.
The share capital of Bactiguard on 31 March 2018 amounted to SEK 0.8 million divided into 29,302,373 B shares, each with one vote (29,302,373 votes) and 4,000,000 A shares, each with ten votes (40,000,000 votes). The total number of shares and votes in Bactiguard on 31 March 2018 amounted to 33,302,373 shares and 69,302,373 votes.
On 31 March 2018 Bactiguard had 2,399 shareholders.
| Shareholders | No. of A shares | No. of B shares | Total number | % of capital |
% of votes |
|---|---|---|---|---|---|
| CHRISTIAN KINCH WITH FAMILY AND COMPANY | 2 000 000 | 7 440 977 | 9 440 977 | 28,4% | 39,6% |
| THOMAS VON KOCH WITH COMPANY | 2 000 000 | 7 440 878 | 9 440 878 | 28,4% | 39,6% |
| STÅHLBERG, JAN | 2 000 000 | 2 000 000 | 6,0% | 2,9% | |
| HANDELSBANKEN FONDER | 1 100 000 | 1 100 000 | 3,3% | 1,6% | |
| FÖRSÄKRINGSBOLAGET, AVANZA PENSION | 836 412 | 836 412 | 2,5% | 1,2% | |
| LANCELOT ASSET MANAGEMENT AB | 715 000 | 715 000 | 2,1% | 1,0% | |
| SWEDBANK FÖRSÄKRING | 666 952 | 666 952 | 2,0% | 1,0% | |
| FRÖAFALL INVEST AB | 516 000 | 516 000 | 1,5% | 0,7% | |
| RUGFELT, JOHAN | 401 632 | 401 632 | 1,2% | 0,6% | |
| SARGAS EQUITY AB | 364 090 | 364 090 | 1,1% | 0,5% | |
| Total, major shareholders | 4 000 000 | 21 481 941 | 25 481 941 | 76,5% | 88,7% |
| Total, others | 0 | 7 820 432 | 7 820 432 | 23,5% | 11,3% |
| Total number of shares | 4 000 000 | 29 302 373 | 33 302 373 | 100% | 100% |
The average number of employees in the Group during the period January to March amounted to 67 (64), of which 40 (38) are women.
The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Reporting and the Annual Accounts Act. Disclosures in accordance with IAS 34 Interim Reporting are submitted both in notes and elsewhere in the interim report. The parent company's financial statements have been prepared in accordance with the Annual Accounts Act and the Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The accounting and valuation principles are unchanged from those applied in the Annual Report 2017, in addition to what is explained below.
As of January 1, 2018, the Group applies IFRS 9 Financial Instruments. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and measurement. IFRS 9 involves changes in how financial assets is classified and valued, introduces a model for expected credit losses and changes in principles for hedge accounting.
According to IAS 39, the company's financial assets were categorized as "Loan receivables and account receivables" at amortised cost. According to IFRS 9, the financial assets are categorized as "Hold to collect" at accrued amortised cost.
The new standard has not affected the accounting of the company's financial assets other than account receivables. The group is affected by the new expected credit loss model regarding the calculation of the credit reserves for accounts receivables. The model deviates from expected credit losses and end up in an estimated loss for all account receivable, including the ones not yet expired. Bactiguard has chosen to apply the simplified model, e.g. the reservation will correspond to the expected loss covering the entire life span of the account receivables. Bactiguard has chosen not to calculate comparative figures for the 2017 financial year, in accordance with the transiational rules of the standard. Opening balance of Equity per 1 January 2018 has been adjusted with SEK -0.9 million as an effect of the new standard, which is also clearly shown in Condensed consolidated statement of changes in equity in page 13. The expected loss model has been adjusted with changes in account receivables as per 31 March 2018 and the effect is shown as other external cost in the Income Statement.
As in the past, the Group does not apply hedge accounting.
As of January 1, 2018, the Group applies IFRS 15 Revenue from contracts with customers. Bactiguard has chosen not to calculate comparative figures for the comparsion year. IFRS 15 replaces IAS 18 Revenues, IAS 11 Construction contracts and related interpretations. The new standard means a new model of revenue recognition based on when the control of a product or service is transferred to the customer.
Bactiguard has evaluated the group's agreement with customers and the assessment is that the accounting of revenues will not be affected by the transition to IFRS 15, why no change in the opening balance of Equity has been made. Further information regarding the group's revenue distribution is to be found in Note 1.
IFRS 16 Leasing agreements will be replacing IAS 17 Leasing agreements as of January 1, 2019. IFRS 16 has a leasing model for the lessees, which means that virtually all leasing agreements are to be recognised in the statement of financial position. Bactiguard holds leasing agreements primarily for premises. The management's assessment is that IFRS 16 will affect the recognized amounts in the statement of financial position. A detailed analysis of IFRS 16 has begun but not been completed, why there is an inability to quantify the effects.
An operating segment is a component of an entity that engages in business activities from which it may derive revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker and for which there is separate financial information. The company's reporting of operating segments is consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the function that assesses the operating segment performance and decides how to allocate resources. The company has determined that the Group executive management constitutes the chief operating decision maker.
The company is considered in its entirety to operate within one business segment.
Transactions between the company and its subsidiaries, which are related parties to the company, have been eliminated on consolidation.
Services and other transactions between companies within the Group are charged according to commercial principles.
Bactiguard has since 2017 a license agreement with Smartwise Sweden AB, a company owned by a group of private investors, including Bactiguard's CEO and main shareholder Christian Kinch and main shareholder Thomas von Koch. During the first quarter of 2018 no transactions with Smartwise Sweden AB have taken place.
Other than as described above, neither Bactiguard nor its subsidiaries have granted loans, guarantees or sureties to, or for the benefit of, any directors or senior managers of the Group. None of these persons have any direct or indirect participation in any other business transaction with any entity of the Group which is, or was, unusual in its nature or with regard to its terms.
Revenues consist of invoiced intercompany expenses (management fees). During the period, the parent company received interest on its receivables from group companies. No investments were made during the period.
Companies within the Group are exposed to various types of risk through their activities. The company continually engages in a process of identifying all risks that may arise and assessing how each of these risks shall be managed. The Group is working to create an overall risk management program that focuses on minimizing potential adverse effects on the company's financial results. The company is primarily exposed to market related risks, operational risks and financial risks. A description of these risks can be found on page 29 and 48-49 in the Annual Report for 2017.
Bactiguard's goal is to create value and generate good returns for the shareholders. One financial target is to have an average growth of 20 % per year over a five-year period, with 2015 as the base year, and adjusted revenues of SEK 118.5 million as the starting point. Another target is to achieve an EBITDA margin of at least 30 % at the end of the five-year period (year 2020). Bactiguard will continue to expand the business by strengthening the sales- and marketing organization, developing new products to the existing BIP portfolio and by entering new license agreements in new therapeutic areas. Other financial targets are to have an equity ratio of at least 30 % and a long-term objective of a dividend of 30-50 % of profit after tax, taking into consideration the company's financial position. The company is in an expansion phase and will therefore in the coming years, prioritize growth over dividends. Therefore, the Board has not proposed any dividend for the 2018 annual general meeting.
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Revenues Note 1 |
|||
| License revenues | 21 974 | 36 195 | 125 609 |
| Sales of BIP products | 7 294 | 2 834 | 21 849 |
| Other revenues | 3 691 | 1 998 | 6 181 |
| 32 959 | 41 027 | 153 639 | |
| Raw materials and consumables | -5 559 | -3 870 | -20 262 |
| Other external expenses | -11 701 | -10 086 | -42 329 |
| Personnel costs | -12 996 | -12 707 | -51 475 |
| Depreciation and amortisation | -8 728 | -9 004 | -35 015 |
| Other operating expenses | -858 | -993 | -5 141 |
| -39 842 | -36 660 | -154 221 | |
| Operating profit/loss | -6 883 | 4 366 | -582 |
| Profit/loss from financial items | |||
| Financial income | 1 238 | 141 | 1 378 |
| Financial expenses | -3 542 | -1 781 | -9 088 |
| -2 304 | -1 641 | -7 710 | |
| Profit before tax | -9 187 | 2 725 | -8 292 |
| Taxes for the period | 1 212 | 1 356 | 5 042 |
| Net profit/loss for the period | -7 975 | 4 082 | -3 251 |
| Attributable to: | |||
| Shareholders of the parent Earnings per share, SEK* |
-7 975 -0,24 |
4 082 0,12 |
-3 251 -0,10 |
| Amounts in TSEK | Jan-Mar 2018 |
Jan-Mar 2017 |
Full year 2017 |
|---|---|---|---|
| Net profit/loss for the period | -7 975 | 4 082 | -3 251 |
| Other comprehensive income: | |||
| Items that will be reclassified to profit or loss for the year | |||
| Translation differences | -446 | 34 | 28 |
| Other comprehensive income, after tax | -446 | 34 | 28 |
| Total comprehensive income for the period | -8 421 | 4 116 | -3 223 |
| Attributable to: | |||
| Shareholders of the parent | -8 421 | 4 116 | -3 223 |
| Total earnings per share, SEK* | -0,25 | 0,12 | -0,10 |
| Number of shares at the end of period ('000) | 33 302 | 33 302 | 33 302 |
| Weighted average number of shares ('000) | 33 302 | 33 302 | 33 302 |
* no dilution effect
| Amounts in TSEK | 2018-03-31 | 2017-03-31 | 2017-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 226 292 | 226 292 | 226 292 |
| Technology | 206 853 | 230 660 | 212 805 |
| Brands | 25 572 | 25 572 | 25 572 |
| Customer relationships | 10 253 | 11 433 | 10 548 |
| Capitalised development expenditure | 19 303 | 16 608 | 18 568 |
| Patents | 604 | 883 | 571 |
| Intangible assets | 488 877 | 511 448 | 494 355 |
| Improvements, leasehold | 12 255 | 15 357 | 13 031 |
| Machinery and other technical plant | 19 012 | 19 951 | 19 580 |
| Equipment, tools and installations | 2 875 | 3 550 | 3 107 |
| Property, plant and equipment | 34 143 | 38 858 | 35 717 |
| Accounts receivable | 18 291 | 16 256 | 17 263 |
| Investments in associates | - | 1 228 | - |
| Financial assets | 18 291 | 17 484 | 17 263 |
| Total non-current assets | 541 310 | 567 790 | 547 336 |
| Current assets | |||
| Inventory | 11 978 | 15 497 | 13 608 |
| Accounts receivable | 43 677 | 38 628 | 39 596 |
| Other current receivables | 17 368 | 13 198 | 13 300 |
| Cash and cash equivalents | 6 022 | 13 682 | 11 550 |
| Total current assets | 79 045 | 81 005 | 78 054 |
| TOTAL ASSETS | 620 355 | 648 795 | 625 390 |
| Equity attributable to shareholders of the parent | |||
| Share capital | 833 | 833 | 833 |
| Other equity | 376 920 | 393 611 | 386 273 |
| Total equity | 377 753 | 394 444 | 387 105 |
| Non-current liabilities | |||
| Advance payments from customers | 18 291 | 18 306 | 17 263 |
| Debt to shareholders | - | 50 000 | - |
| Deferred tax liability | 24 030 | 28 929 | 25 243 |
| Liabilities to credit institutions | 150 921 | - | 142 500 |
| Other long-term liabilities | 12 098 | 13 925 | 12 476 |
| Total non-current liabilities | 205 340 | 111 159 | 197 482 |
| Current liabilities | |||
| Liabilities to credit institutions | 7 500 | 100 000 | 7 500 |
| Accounts payable | 5 531 | 4 653 | 4 832 |
| Other current liabilities | 7 299 | 5 097 | 6 855 |
| Accrued expenses and deferred income | 16 932 | 33 441 | 21 616 |
| Total current liabilities | 37 262 | 143 192 | 40 803 |
| Total liabilities | 242 602 | 254 351 | 238 285 |
| TOTAL EQUITY AND LIABILITIES | 620 355 | 648 795 | 625 390 |
| Amounts in TSEK | Equity attributable to shareholders of the parent | ||||
|---|---|---|---|---|---|
| Retained earnings |
|||||
| including net | |||||
| Share capital | Other capital contributions |
Translation reserve |
profit for the period |
Total equity | |
| Opening balance, 1 January 2017 | 833 | 675 690 | 88 | -286 283 | 390 328 |
| Profit/loss for the period | - | - | - | 4 082 | 4 082 |
| Other comprehensive income: Translation differences |
- | - | 34 | - | 34 |
| Total comprehensive income after tax | 0 | 0 | 34 | 4 082 | 4 115 |
| Transactions with shareholders | |||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | 0 |
| Closing balance, 31 March 2017 | 833 | 675 690 | 122 | -282 201 | 394 444 |
| Adjustments 1 April - 31 December 2017 | |||||
| Profit/loss for the period | - | - | - | -7 332 | -7 332 |
| Other comprehensive income: | - | - | - | - | - |
| Translation differences | - | - | -6 | - | -6 |
| Closing balance, 31 December 2017 | 833 | 675 690 | 116 | -289 533 | 387 105 |
| Adjustment opening balance 1 January 2018, | |||||
| change in accounting principle, IFRS 9 | - | - | - | -932 | -932 |
| Adjusted opening balance, 1 January 2018 | 833 | 675 690 | 116 | -290 465 | 386 173 |
| Profit/loss for the period | - | - | - | -7 975 | -7 975 |
| Other comprehensive income: | |||||
| Translation differences | - | - | -446 | - | -446 |
| Total comprehensive income after tax | 0 | 0 | -446 | -7 975 | -8 421 |
| Transactions with shareholders | |||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | 0 |
| Closing balance, 31 March 2018 | 833 | 675 690 | -330 | -298 440 | 377 752 |
| Amounts in TSEK | Jan-Mar 2018 |
Jan-Mar 2017 |
Full year 2017 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Net profit/loss for the period | -7 975 | 4 082 | -3 251 |
| Adjustments for depreciation and amortisation and other non-cash items |
8 621 | 7 593 | 31 791 |
| 646 | 11 674 | 28 540 | |
| Cash flow from changes in working capital | |||
| Increase/decrease inventory | 1 849 | -359 | 1 565 |
| Increase/decrease accounts receivable Increase/decrease other current receivables |
-5 981 -4 198 |
-10 931 -435 |
-12 476 1 231 |
| Increase/decrease accounts payable | 697 | -241 | -56 |
| Increase/decrease other current liabilities | -5 363 | -1 190 | -12 687 |
| -12 996 | -13 157 | -22 424 | |
| Cash flow from investing activities | |||
| Investments in intangible assets | -1 272 | -459 | -3 661 |
| Investments in property, plant and equipment | -104 | -14 | -2 571 |
| -1 376 | -474 | -6 232 | |
| Operating cash flow | -13 727 | -1 956 | -117 |
| Cash flow from financing activities | |||
| Amortisation of financial lease | -360 | - | -1 398 |
| Utilized bank overdraft | 8 421 | ||
| Amortisation of loan | - | - | -150 000 |
| Debt incurred | - - |
- | 150 000 -1 800 |
| Up-front fee loan | 8 061 | 0 | -3 198 |
| Cash flow for the period | -5 665 | -1 956 | -3 315 |
| Cash and cash equivalents at start of period | 11 550 | 15 645 | 15 645 |
| Exchange difference in cash and cash equivalents | 137 | -7 | -780 |
| Cash and cash equivalents at end of period | 6 022 | 13 682 | 11 550 |
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Revenues | 1 664 | 1 632 | 6 464 |
| 1 664 | 1 632 | 6 464 | |
| -2 533 | -2 532 | -9 941 | |
| Operating expenses | |||
| -2 533 | -2 532 | -9 941 | |
| Operating profit/loss | -869 | -900 | -3 477 |
| Net financial items | -497 | -588 | -2 245 |
| Profit/loss after financial items | -1 367 | -1 488 | -5 722 |
| Tax for the period | - | - | - |
| Net profit/loss for the period | -1 367 | -1 488 | -5 722 |
The parent company has no items in 2018 or 2017 recognized in other comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes the comprehensive income for the period. The parent company therefore presents no separate statement of comprehensive income.
| Amounts in TSEK | 2018-03-31 | 2017-03-31 | 2017-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | 621 489 | 598 089 | 622 989 |
| Total non-current assets | 621 489 | 598 089 | 622 989 |
| Current assets | |||
| Receivables from group companies | 0 | 19 890 | - |
| Prepayments and accrued income | 1 922 | 430 | 1 962 |
| Other current receivables | 4 | - | 4 |
| Cash and cash equivalents | 909 | 1 594 | 374 |
| Total current assets | 2 836 | 21 913 | 2 340 |
| TOTAL ASSETS | 624 325 | 620 002 | 625 329 |
| EQUITY & LIABILITIES | |||
| Total equity | 461 442 | 467 043 | 462 809 |
| Non-current liabilities | |||
| Liabilities to shareholders | - | 50 000 | - |
| Liabilities to credit institutions | 142 500 | - | 142 500 |
| Total non-current liabilities | 142 500 | 50 000 | 142 500 |
| Current liabilities | |||
| Liabilities to group companies | 9 795 | - | 9 775 |
| Liabilities to credit institutions | 7 500 | 100 000 | 7 500 |
| Other liabilities | 3 088 | 2 960 | 2 746 |
| Total current liabilities | 20 383 | 102 960 | 20 020 |
| Total liabilities | 162 883 | 152 960 | 162 520 |
| TOTAL EQUITY AND LIABILITIES | 624 325 | 620 002 | 625 329 |
| Amounts in TSEK | Total Group |
|---|---|
| Type of product/service | |
| License | 21 974 |
| BIP-products | 7 294 |
| Total | 29 268 |
| Time for revenue recognition | |
| Performance commitment is met at a certain time | 29 268 |
| Performace commitment is met during a period of time | 0 |
| Total | 29 268 |
The company presents certain performance measures in the interim report that are not defined in accordance with IFRS (so-called alternative key ratios according to ESMA guidelines). The Company believes that these measures provide useful supplementary information to investors and the company's management as they allow for the evaluation of the company's performance. Since not all companies calculate the measures in the same way, these are not always comparable to measures used by other companies. These performance measures should therefore not be considered a substitute for measures as defined under IFRS.
Definitions and tables below describe how the performance measures are calculated. The measures are alternative in accordance with ESMA's guidelines unless otherwise stated.
Shows the company's earnings capacity from ongoing operations irrespective of capital structure and tax situation. The key figure is used to facilitate comparisons with other companies in the same industry. The company considers this key figure to be the most relevant performance measure of the business because the company has a large asset item in Technology, which generates large depreciation while the value is considered to be significant for the company even after it is fully depreciated. Bactiguard's patented and unique technology can be applied to a wide range of products, both in the BIP portfolio and through license deals.
The company defines EBITDA as operating profit/loss excluding depreciation and amortization of tangible and intangible assets.
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Operating profit/loss | -6 883 | 4 366 | -582 |
| Depreciation and amortisation | 8 728 | 9 004 | 35 015 |
| EBITDA | 1 845 | 13 370 | 34 432 |
Shows the company's earnings capacity from ongoing operations, irrespective of capital structure and tax situation, in relation to revenues. The key figure is used to facilitate analysis of the company's result in comparison with comparable companies.
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| EBITDA | 1 845 | 13 370 | 34 432 |
| Revenue | 32 959 | 41 027 | 153 639 |
| EBITDA-margin | 6% | 33% | 22% |
Net debt is a measure used to describe the group's indebtedness and its ability to repay its debt with cash generated from the group's operating activities if the debts matured today. The company considers this key figure interesting for creditors who want to understand the group's debt situation.
The company defines net debt as interest-bearing liabilities less cash and cash equivalents at the end of the period.
Interest-bearing liabilities consist of debt to credit institutions and shareholders, as well as interest-bearing part of other long-term and current liabilities.
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Interest-bearing part of other long-term liabilities | 12 098 | 13 925 | 12 476 |
| Non interest-bearing part of other long-term liabilities | - | - | - |
| Other long-term liabilities | 12 098 | 13 925 | 12 476 |
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
| 2018 | 2017 | 2017 | |
| Interest-bearing part of other current liabilities | 1 484 | 1 071 | 1 466 |
| Non interest-bearing part of other current liabilities | 5 815 | 4 026 | 5 389 |
| Other current liabilities | 7 299 | 5 097 | 6 855 |
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Liabilities to credit institutions | 158 421 | 100 000 | 150 000 |
| Debt to shareholders | - | 50 000 | - |
| Interest-bearing part of other long-term liabilities | 12 098 | 13 925 | 12 476 |
| Interest-bearing part of other current liabilities | 1 484 | 1 071 | 1 466 |
| Interest-bearing liabilities | 172 003 | 164 996 | 163 942 |
| Cash and cash equivalents | -6 022 | -13 682 | -11 550 |
| Net debt | 165 982 | 151 314 | 152 392 |
Equity ratio is a measure that the company considers important for creditors who want to understand the company's long-term ability to pay. The company defines equity ratio as equity and untaxed reserves (less deferred tax), in relation to the balance sheet total.
| Amounts in TSEK | Jan-Mar | Jan-Mar | Full year |
|---|---|---|---|
| 2018 | 2017 | 2017 | |
| Equity | 377 753 | 394 444 | 387 105 |
| Balance sheet total | 620 355 | 648 795 | 625 390 |
| Equity ratio | 61% | 61% | 62% |
Profit attributable to holders of ordinary shares in the Parent Company divided by the weighted average number of outstanding ordinary shares during the period, in accordance with IFRS.
Cash flow from operating activities after investments and changes in working capital. Direct reconciliation against financial report possible.
Financial income minus financial expenses. Direct reconciliation against financial report possible.
8 August 2018 Interim report, 1 Apr – 30 Jun 2018 6 November 2018 Interim report, 1 Jul – 30 Sep 2018
The Annual General Meeting of Bactiguard Holding AB (publ) will be held on Wednesday, 16 May 2018 at the company's headquarters in Botkyrka.
For additional information, please contact:
Christian Kinch, CEO: +46 8 440 58 80
Cecilia Edström, CFO: +46 72 226 23 28
The Board of Directors and the CEO certify that the interim report, to the best of their knowledge, provides a fair overview of the parent company's and the group's operations, financial position and results and describes the material risks and uncertainties faced by the parent company and the companies included in the Group.
Stockholm, 8 May 2018
| Stanley Brodén | Mia Arnhult |
|---|---|
| Chairman | Board member |
| Svante Östblom | Marie Wickman-Chantereau |
| Board member | Board member |
Christian Kinch
CEO and Board member
This interim report is unaudited.
Bactiguard is a Swedish medtech company with a mission to save lives. To achieve this mission, we develop and supply infection protection solutions which reduce the risk of healthcare associated infections and the use of antibiotics. This way, we save significant costs for healthcare and the society at large. The Bactiguard coating prevents healthcare associated infections through reducing bacterial adhesion and formation on medical devices. Bactiguard-coated urinary catheters are market leading in the US and Japan through our license partner C.R. Bard and the company has also its own product portfolio consisting of urinary catheters, endotracheal tubes and central venous catheters. Bactiguard is in a strong expansion phase focused on the European markets, Middle East, Asia and Latin America. The company has about 60 employees worldwide. Its headquarters and production facility is in Stockholm. Bactiguard is listed on Nasdaq Stockholm. Read more about Bactiguard at www.bactiguard.com.
This information is information that Bactiguard Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above 2018-05-08, at. 08.00.
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