Interim / Quarterly Report • Aug 10, 2017
Interim / Quarterly Report
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Corporate registration number 556822-1187
Second quarter (April-June 2017)
First half year (January-June 2017)
Key events during the second quarter
| Key figures1 | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | 2016 | |
| Revenues2 , SEKm |
36,5 | 33,8 | 77,5 | 59,8 | 128,3 |
| EBITDA3 , SEKm |
3,8 | 2,4 | 17,2 | 0,8 | 15,1 |
| EBITDA margin3 , % |
11% | 7% | 22% | 1% | 12% |
| Operating profit, SEKm | -4,8 | -5,9 | -0,4 | -15,8 | -18,3 |
| Net profit/loss for the period2 , SEKm |
-6,0 | -7,7 | -1,9 | -18,9 | -26,9 |
| Operating cash flow, SEKm | 1,8 | -2,2 | -0,2 | -0,5 | -19,8 |
| Earnings per share2 , SEK |
-0,18 | -0,23 | -0,06 | -0,57 | -0,81 |
| Operating cash flow per share, SEK | 0,05 | -0,07 | 0,00 | -0,01 | -0,60 |
| Equity ratio, % | 61% | 61% | 61% | 61% | 62% |
| Net debt3 , SEKm |
149,7 | 118,7 | 149,7 | 118,7 | 134,4 |
| Number of shares at the end of period | 33 302 373 | 33 302 373 | 33 302 373 | 33 302 373 | 33 302 373 |
| Weighted average number of shares2 | 33 302 373 | 33 302 373 | 33 302 373 | 33 302 373 | 33 302 373 |
1Definition of key figures are presented on page 16
2Defined according to IFRS
3Reconciliation of key figure see page 16
Bactiguard's mission is to save lives by preventing healthcare associated infections, which affect a large proportion of all hospitalized patients. Therefore, it is encouraging that sales of our own product portfolio have now increased for seven consecutive quarters, based on rolling twelve-month figures. The value of delivered products increased by approximately 76 % compared with the corresponding quarter of last year, due to higher volumes and improved product mix. This means that we are still well on our way towards doubling revenues generated by our own product portfolio for the full year. This also means that more patients have access to effective and safe infection prevention.
Higher license revenues contribute considerably to the increase in total revenue for the second quarter of 2017 compared with the corresponding quarter of 2016. The largest licensing business with C.R Bard is stable, although volumes may vary somewhat between quarters. This license flow is dependent on the US dollar and with the continued uncertain development of the exchange rate, we have chosen to secure part of the license flow since June. The new license business with Smartwise is moving ahead and we have now received USD 1.5 million of a total of 2.5 in revenue for this year. In parallel, we have a high level of activity in developing new license businesses.
With continued focus on cost control in combination with increased revenue, EBITDA improved compared with the corresponding period last year. For the six-month period, the improvement in EBITDA was particularly strong as a result of the revenue from the license agreement with Smartwise.
Marketwise, the biggest breakthrough in the quarter was the tender we won in Sweden for the Stockholm County Council (SLL). The agreement enables both primary and secondary care to purchase our infection preventive urinary catheters. That Sweden's largest county council chooses Bactiguard is an important quality stamp and has been noted both here and abroad. Our infection prevention technology is gaining wider and wider acceptance and at the end of the quarter it became official that Region Skåne follows SLL's example in a tender process for urinary catheters. The focus in healthcare on antibiotic resistance makes us very well positioned.
We have also had high level of activity in other markets and we established new partnerships in no less than three countries, Italy, Brazil and South Africa during the quarter. In Italy, together with Gada Italia Srl, a leading distributor of medical devices. Since 2016, we have increased our European presence significantly by entering Austria, Germany, Poland and Switzerland and we are now relaunching in Italy, with focus on intensive care.
In Brazil, we have switched distributor to Biodina, a company focused on intensive care that successfully has introduced new, advanced products in the single largest market in South America. Finally, at the end of June, we established a partnership with Surgical Innovations in South Africa, the market that has the most developed and advanced medical services in Africa.
In China, the need and interest in Bactiguard's infection prevention solutions are high and we delivered on a new order in June. Sales and marketing activities for major hospitals are well under way in many provinces. In India, focus, in parallel with market efforts towards hospitals, has been aimed at expanding the distributor network with more regional distributors and we have come a long way.
In Europe, the expanded market coverage contributes to a positive development of sales. The Middle East is now seriously back on track and sales are already in line with the full year 2016, which was a weak year. We are represented in all major markets in the region and have received orders from all during the quarter, which contributes to a robust development.
During the summer months, a lot of time has been spent preparing activities for the autumn. We have also actively participated in the public debate in Sweden, at Almedalen and Båstad. Both the Swedish and international public debate highlight a great concern about what the spread of multiresistant bacteria can lead to. One example is the risk of not being able to treat sepsis, which affects 40,000 people in Sweden each year and where as many as 20 percent of them die. We collaborate with the Sepsis Foundation in Sweden and the Global Sepsis Alliance internationally to raise awareness of this serious condition which, despite its vastness, still suffers from relatively low awareness. By preventing more infections using our products and increasing awareness of sepsis, we can save more lives.
Christian Kinch
CEO
Bactiguard won a tender in April for urinary catheters covering the Swedish county Kalmar. The contract is an extension of the previous agreement, lasts for 4 years and enables healthcare providers to purchase Bactiguards' anti-infective urinary catheters.
The contract runs 1 April 2017 to 31 March 2021 and covers both BIP Foley Catheter in latex and BIP Foley Catheter Silicone.
In connection with Bactiguard Holding AB's Annual General Meeting May 18, 2017, Svante Östblom was elected as new Board member. The directors Stanley Broden (Chairman), Mia Arnhult, Marie Wickman-Chantereau and Christian Kinch were reelected.
Bactiguard signed a distribution agreement and entered partnership with Biodina for Brazil. Brazil is the biggest market in Latin America and one of the most populous countries in the world with a population of over 200 million. Biodina is headquarted in Rio de Janeiro and has an extensive network of sales offices and sub-distributors covering all of Brazil.
Bactiguard won a tender in May for urinary catheters for the Stockholm county council, which enables healthcare providers in both primary and secondary care to purchase Bactiguards' anti-infective urinary catheters. The contract is valid for 2 years from 6 November 2017 and can be extended for another 2 years.
Bactiguard entered partnership with Gada Italia Srl ("Gada"), a specialized and leading distributor of medical devices and integrated healthcare services. Since 2016, Bactiguard has increased its European footprint significantly, by adding Austria, Germany, Poland and Switzerland. Italy is one of the largest European countries, with a population of close to 61 million and more than 1,100 hospitals, with 370 intensive care units (ICU).
Gada is a specialized and leading distributor of medical devices and integrated healthcare services to the public and private healthcare sector. It has evolved from a group of successful regional distribution companies and is among the top 5 medical device companies in Italy, with a turnover of 70 m EUR.
Bactiguard entered partnership with Surgical Innovations Pty Ltd, a company within the Medical arm of Ascendis Health, the JNB listed healthcare giant and leading supplier to the healthcare sector in South Africa.
Ascendis Health is a South African-based health and care company with an impressive portfolio of market leading brands, delivering diverse solutions and services to people, plants and animals. The company was founded in 2008 by Coast2Coast Capital and has been listed on the Johannesburg Stock Exchange since 2013.
Bactiguard won a tender for urinary catheters for the southern region (Region Skåne) in Sweden, which enables healthcare providers in both primary and secondary care to purchase Bactiguards' anti-infective urinary catheters from 1 August 2017. The contract initially runs until 30 April 2018 and can be extended on an annual basis until 30 April 2020.
Bactiguard received a third major order from our distributor in China, Jian An Pharmaceuticals, of 100 000 Bactiguard coated Foley catheters for infection prevention, which was delivered in June and generated revenues of some SEK 3 million.
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 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 orthopaedic implants, covering the Asean region as well as a 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 areas: urinary tract, respiratory tract and blood streams.
Consolidated revenues for the second quarter amounted to SEK 36.5 (33.8) million, which is an increase of approx. 8 % compared to the corresponding quarter last year. The increase relates to higher revenue from sales of BIP products attributable to higher volumes and license revenues related to the license agreement with Smartwise.
The bulk of revenues during the second quarter (approx. 70 %) came from license revenues related to C.R. Bard and amounted to SEK 25.7 (27.2) million, including a negative currency effect of SEK -0.1 (0.5) million. New license revenues from Smartwise was SEK 4.3 million (USD 0.5 million), or approx. 12 % of revenues. This new license revenue represents the second part of a total revenue in 2017 of USD 2.5 million, out of which USD 1.5 million now has been accounted for as revenue for the exclusive and global right to the Bactiguard technology for advanced vascular injection catheters.
Sales of BIP products amounted to approx. 18 % of revenues or SEK 6.5 (3.7) million in the second quarter, with sales primarily to China, Europe and MEA (the Middle East and Africa). Out of SEK 6.5 million in revenues, SEK 3.0 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 0 (2.9) million.
Consolidated revenues for the first half year amounted to SEK 77.5 (59.8) million, an increase of approx. 30 % compared to the first half year 2016. Excluding the revenue from the new license agreement with Smartwise, the increase was approx. 7 %. The bulk of the revenue 69 % (84 %) or SEK 53.1 (50.0) million was attributable to license revenues from C.R. Bard including a positive currency effect of approx. SEK 2.7 (-0.2) million.
Other revenues during the quarter amounted to approx. 2.5 % or SEK 2.0 (3.2) million and are attributable to exchange rate differences, EU grants for development projects as well as changes in inventories of finished goods and work in progress.
| Revenue split | Apr-Jun 2017 |
Apr-Jun 2016 |
Jan-Jun 2017 |
Jan-Jun 2016 |
Full year 2016 |
|---|---|---|---|---|---|
| License revenues | 70,3% | 80,5% | 68,5% | 83,6% | 79,8% |
| New license revenues | 11,9% | 0% | 17,0% | 0% | 0,4% |
| Sales of BIP products | 17,8% | 11,0% | 12,1% | 11,0% | 12,3% |
| Other revenue | 0% | 8,5% | 2,5% | 5,4% | 7,5% |
During the second quarter of 2017 BIP products were delivered with a value of SEK 6.5 million (approx. 153,000 products) compared to approx. SEK 3.7 million (approx. 110,000 products) in the corresponding quarter of 2016. During the full year 2016, a total of approx. 418,000 products were delivered with a value of SEK 15.8 million.
Development per quarter, value in TSEK for delivered BIP products, rolling 12 months.
1 Since the delivered product mix has changed over time, the importance of following only delivered volume has decreased in favour of illustrating the value of delivered BIP products.
EBITDA for the second quarter amounted to SEK 3.8 (2.4) million corresponding to an EBITDA margin of approx. 11 % (7 %). The positive change compared with the corresponding quarter last year is mainly a consequence of higher sales of BIP products and higher license revenues.
Consolidated operating profit for the second quarter of 2017 amounted to SEK -4.8 (-5.9) million. The cost item Raw materials and consumables includes, in addition to cost of goods sold and other productionrelated costs, a provision for inventory obsolescence which negatively impacted the result in the second quarter with SEK 2.2 million.
Financial items for the quarter amounted to SEK -2.4 (-2.9) million. Interest expense related to interest bearing loans amounted to SEK -1.5 (-3.8) million.
Tax for the period amounted to SEK 1.2 (1.2) 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 -6.0 (-7.7) million.
EBITDA for the first half year amounted to SEK 17.2 (0.8) million corresponding to an EBITDA margin of approx. 22 % (1 %). The positive change compared with the corresponding period last year is mainly a consequence of new license revenues from the license agreement with Smartwise but also from higher sales of BIP products.
Consolidated net profit for the first half year amounted to SEK -1.9 (-18.9) million.
Operating cash flow (cash flow from operating activities after investments and changes in working capital) for the second quarter amounted to SEK 1.8 (-2.2) million. Cash flow from operating activities contributed positively with SEK 1.3 (4.5) million. Cash flow from changes in working capital also contributed positively with SEK 1.8 (-5.0) million.
Cash flow from financing activities amounted to SEK 0.0 (0.0) million. Consequently, the total cash flow for the first quarter amounted to SEK 1.8 (-2.2) million.
Operating cash flow for the first half year 2017 amounted to SEK -0.2 (-0.5) million. Cash flow from operating activities contributed positively with SEK 13.0 (1.9) million but Cash flow from changes in working capital contributed negatively with SEK -11.4 (1.5) million. Most of the changes in working capital was accounts receivables attributable to deliveries of BIP products and new license revenues.
Total cash flow for the first half year was SEK -0.2 (-0.5) million.
Investments in property, plant and equipment during the second quarter amounted to SEK 0 (0.3) million. Investments in intangible assets, mainly related to capitalised development expenditures, amounted to SEK 1.3 (1.5) million. No investments were made in financial non-current assets during the quarter SEK (-) million.
The consolidated equity ratio was 61 % at 30 June 2017 (62 % at 31 December 2016) and equity amounted to SEK 388.6 million (SEK 390.3 million at 31 December 2016).
Interest bearing debts consist of a financial lease of SEK 14.6 million, a bank loan of SEK 100.0 million maturing 31 December, 2017 and a loan from the company's main shareholders of SEK 50.0 million, maturing 30 June 2018. The loans carry a base interest rate of STIBOR 90, but not less than 0 %, and a margin of 3.5 %.
Consolidated cash position at 30 June 2017 amounted to SEK 14.9 million (SEK 15.6 million at 31 December 2016). Out of a granted overdraft facility of SEK 30 million, SEK 0 million was utilized as of 30 June, 2017. Net debt amounted to SEK 149.7 million (SEK 134.4 million at 31 December 2016).
The total assets of the Group at 30 June 2017 amounted to SEK 640.7 million (SEK 632.1 million at 31 December 2016). The largest asset items in the balance sheet are goodwill of SEK 226.3 million (226.3 million at 31 December 2016) and technology related to Bactiguard's product portfolio, which at 31 March 2017 amounted to SEK 224.7 million (SEK 236.6 million at 31 December 2016).
Accounts receivable (short- and long term) amounted to SEK 54.2 million at 30 June 2017, which is an increase of SEK 10.4 million since 31 December 2016. The main reason for the increase is the accounts receivable related to the second part of the license deal with Smartwise and deliveries of BIP products at the end of the second 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 at 30 June 2017 was SEK 25.20, and the market capitalization amounted to SEK 839 million.
The share capital of Bactiguard at 30 June 2017 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 at 30 June 2017 amounted to 33,302,373 shares and 69,302,373 votes.
| At 30 juni 2017 Bactiguard had 2,542 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 | 28,3% | 39,6% |
| HANDELSBANKEN FONDER AB | 1 268 581 | 1 268 581 | 3,8% | 1,8% | |
| FÖRSÄKRINGSBOLAGET, AVANZA PENSION | 950 810 | 950 810 | 2,9% | 1,4% | |
| SWEDBANK FÖRSÄKRING | 676 482 | 676 482 | 2,0% | 1,0% | |
| BANK OF ÅLAND LTD | 648 132 | 648 132 | 1,9% | 0,9% | |
| CANCERFONDEN - RIKSFÖRENINGEN MOT | 559 415 | 559 415 | 1,7% | 0,8% | |
| FRÖAFALL INVEST AB | 516 000 | 516 000 | 1,6% | 0,7% | |
| LANCELOT AVALON | 450 000 | 450 000 | 1,4% | 0,6% | |
| RUGFELT, JOHAN | 401 632 | 401 632 | 1,2% | 0,6% | |
| Total, major shareholders | 4 000 000 | 20 352 907 | 24 352 907 | 73,1% | 87,1% |
| Total, others | 0 | 8 949 466 | 8 949 466 | 26,9% | 12,9% |
| Total number of shares | 4 000 000 | 29 302 373 | 33 302 373 | 100% | 100% |
The average number of employees in the Group in the period January to June 2017 amounted to 65 (56), of which 39 (33) 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 2016.
The new and amended standards and interpretations that are in place from 1 January, 2017 have not had any significant effect on the Group's financial reports.
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 a bank loan of SEK 100 million where the board member - who is also the CEO and a major shareholder - Christian Kinch and major shareholder Thomas von Koch have agreed to, without compensation, enter into guarantee commitments for Bactiguard Holding AB's obligations under the loan agreement. Bactiguard has in addition also a loan directly from the main shareholders of SEK 50 million on equivalent commercial terms as the bank loan.
In the license agreement signed during the first quarter, the contracting party Smartwise Sweden AB is owned by a group of private investors, including Christian Kinch and Thomas von Koch.
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 has 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. The company's financial expenses have decreased significantly compared with the corresponding quarter last year through the refinancing of the bond loan that occurred at the end of 2016. 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 programme that focuses on minimising 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 27 and 45-46 in the Annual Report for 2016.
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. Another target is to achieve an EBITDA margin of at least 30 % at the end of the five-year period. Bactiguard will continue to expand the business by strengthening the salesand 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.
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | 2016 | |
| Revenues | |||||
| License revenues | 29 999 | 27 207 | 66 194 | 49 976 | 102 983 |
| Sales of BIP products | 6 504 | 3 717 | 9 338 | 6 603 | 15 753 |
| Other revenue | -37 | 2 882 | 1 961 | 3 234 | 9 606 |
| 36 466 | 33 805 | 77 493 | 59 813 | 128 342 | |
| Raw materials and consumables |
-6 530 | -6 184 | -10 399 | -8 767 | -15 797 |
| Other external expenses | -10 882 | -11 800 | -20 968 | -23 554 | -46 701 |
| Personnel costs | -13 557 | -12 083 | -26 264 | -23 696 | -45 819 |
| Depreciation and amortisation | -8 606 | -8 310 | -17 610 | -16 622 | -33 375 |
| Other operating expenses | -1 656 | -1 346 | -2 649 | -2 967 | -4 918 |
| -41 231 | -39 724 | -77 891 | -75 606 | -146 610 | |
| Operating profit/loss | -4 765 | -5 918 | -399 | -15 794 | -18 268 |
| Profit/loss from financial items | |||||
| Financial income | 326 | 1 501 | 467 | 3 424 | 9 735 |
| Financial expenses | -2 713 | -4 433 | -4 494 | -8 862 | -22 800 |
| -2 387 | -2 932 | -4 027 | -5 438 | -13 065 | |
| Profit before tax | -7 151 | -8 850 | -4 426 | -21 232 | -31 333 |
| Taxes for the period | 1 176 | 1 151 | 2 532 | 2 316 | 4 482 |
| Net profit/loss for the period | -5 976 | -7 699 | -1 894 | -18 916 | -26 851 |
| Attributable to: | |||||
| Shareholders of the parent | -5 976 | -7 699 | -1 894 | -18 916 | -26 851 |
| Amounts in TSEK | Apr-Jun 2017 |
Apr-Jun 2016 |
Jan-Jun 2017 |
Jan-Jun 2016 |
Full year 2016 |
|---|---|---|---|---|---|
| Net profit/loss for the period | -5 976 | -7 699 | -1 894 | -18 916 | -26 851 |
| Other comprehensive income: | |||||
| Items that w ill be reclassified to profit or loss for the |
|||||
| year | |||||
| Translation differences | 166 | -1 058 | 200 | -666 | -264 |
| Other comprehensive income, after tax | 166 | -1 058 | 200 | -666 | -264 |
| Total comprehensive income for the period | -5 810 | -8 757 | -1 694 | -19 582 | -27 115 |
| Attributable to: | |||||
| Shareholders of the parent | -5 810 | -8 757 | -1 694 | -19 582 | -27 115 |
| Total earnings per share, SEK* | -0,17 | -0,26 | -0,05 | -0,59 | -0,81 |
| Number of shares at the end of period ('000) | 33 302 | 33 302 | 33 302 | 33 302 | 33 302 |
| Weighted average number of shares ('000) | 33 302 | 33 302 | 33 302 | 33 302 | 33 302 |
| * no dilution effect |
| Amounts in TSEK | 2017-06-30 | 2016-06-30 | 2016-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodw ill |
226 292 | 226 292 | 226 292 |
| Technology | 224 708 | 248 515 | 236 612 |
| Brands | 25 572 | 25 572 | 25 572 |
| Customer relationships | 11 138 | 12 318 | 11 728 |
| Capitalised development expenditure | 17 486 | 14 005 | 16 562 |
| Patents | 770 | 1 220 | 1 021 |
| Intangible assets | 505 965 | 527 922 | 517 787 |
| Improvements, leasehold | 14 582 | 17 397 | 16 133 |
| Machinery and other technical plant | 19 135 | 6 819 | 5 659 |
| Equipment, tools and installations | 3 236 | 4 742 | 3 937 |
| Property, plant and equipment | 36 952 | 28 958 | 25 728 |
| Accounts receivable | 16 612 | 4 325 | 16 170 |
| Investments in associates | 1 228 | 1 298 | 1 228 |
| Financial assets | 17 840 | 5 623 | 17 398 |
| Total non-current assets | 560 758 | 562 503 | 560 912 |
| Current assets | |||
| Inventory | 14 252 | 9 336 | 15 144 |
| Accounts receivable | 37 601 | 50 373 | 27 642 |
| Other current receivables | 13 161 | 11 921 | 12 732 |
| Cash and cash equivalents | 14 905 | 22 058 | 15 645 |
| Total current assets | 79 918 | 93 688 | 71 162 |
| TOTAL ASSETS | 640 676 | 656 191 | 632 074 |
| Equity attributable to shareholders of the parent | |||
| Share capital | 833 | 833 | 833 |
| Other equity | 387 801 | 397 028 | 389 496 |
| Total equity | 388 634 | 397 861 | 390 328 |
| Non-current liabilities | |||
| Advance payments from customers | 18 705 | - | 18 207 |
| Debt to shareholders | - | - | 50 000 |
| Deferred tax liability | 27 753 | 32 451 | 30 285 |
| Other long-term liabilities | 13 908 60 366 |
- 32 451 |
- 98 492 |
| Current liabilities | |||
| Liabilities to credit institutions and shareholders | 150 000 | - | 100 000 |
| Bond loan | - | 140 760 | - |
| Accounts payable | 5 870 | 3 007 | 4 896 |
| Other current liabilities | 5 879 | 4 135 | 3 835 |
| Accrued expenses and deferred income | 29 928 | 77 977 | 34 523 |
| 191 677 | 225 879 | 143 254 | |
| Total liabilities | 252 042 | 258 330 | 241 746 |
| TOTAL EQUITY AND LIABILITIES | 640 676 | 656 191 | 632 074 |
| Amounts in TSEK | Equity attributable to shareholders of the parent | ||||
|---|---|---|---|---|---|
| Share capital | Other capital contributions |
Translation reserve |
Retained earnings including net profit for the period |
Total equity | |
| Adjusted opening balance, 1 January 2016 Profit/loss for the period |
833 - |
675 690 - |
352 - |
-259 432 -18 916 |
417 443 -18 916 |
| Other comprehensive income: Translation differences |
- | - | -666 | - | -666 |
| Total comprehensive income after tax | 0 | 0 | -666 | -18 916 | -19 582 |
| Transactions with shareholders | |||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | 0 |
| Closing balance, 30 June 2016 | 833 | 675 690 | -314 | -278 348 | 397 861 |
| Opening balance, 1 January 2017 Profit/loss for the period |
833 - |
675 690 - |
88 - |
-286 283 -1 894 |
390 328 -1 894 |
| Other comprehensive income: Translation differences |
- | - | 200 | - | 200 |
| Total comprehensive income after tax | 0 | 0 | 200 | -1 894 | -1 694 |
| Transactions with shareholders | |||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | 0 |
| Closing balance, 30 June 2017 | 833 | 675 690 | 288 | -288 177 | 388 634 |
| Amounts in TSEK | Apr-Jun 2017 |
Apr-Jun 2016 |
Jan-Jun 2017 |
Jan-Jun 2016 |
Full year 2016 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Net profit/loss for the period Adjustments for depreciation and amortisation and other |
-5 976 | -7 699 | -1 894 | -18 916 | -26 851 |
| non-cash items | 7 295 | 12 216 | 14 888 | 20 774 | 22 967 |
| 1 319 | 4 517 | 12 994 | 1 858 | -3 884 | |
| Cash flow from changes in working capital | |||||
| Increase/decrease inventory | 1 178 | 547 | 819 | -114 | -3 416 |
| Increase/decrease accounts receivable | 813 | -1 580 | -10 118 | 2 948 | -803 |
| Increase/decrease other current receivables | 161 | 1 396 | -274 | 3 093 | 370 |
| Increase/decrease accounts payable | 1 238 | -1 262 | 997 | -977 | 933 |
| Increase/decrease other current liabilities | -1 610 | -4 058 | -2 801 | -3 412 | -5 611 |
| 1 780 | -4 957 | -11 377 | 1 538 | -8 527 | |
| Cash flow from investing activities1) | |||||
| Investments in intangible assets | -1 293 | -1 517 | -1 753 | -2 985 | -6 450 |
| Investments in property, plant and equipment | - | -262 | -14 | -868 | -961 |
| -1 293 | -1 779 | -1 767 | -3 853 | -7 411 | |
| Operating cash flow | 1 806 | -2 219 | -150 | -457 | -19 822 |
| Cash flow from financing activities1) | |||||
| Amortisation of loan | - | - | - | - | -138 000 |
| Debt incurred | - | - | - | - | 150 000 |
| 0 | 0 | 0 | 0 | 12 000 | |
| Cash flow for the period | 1 806 | -2 219 | -150 | -457 | -7 822 |
| Cash and cash equivalents at start of period | 13 682 | 24 094 | 15 645 | 22 119 | 22 119 |
| Exchange difference in cash and cash equivalents | -583 | 183 | -590 | 396 | 1 348 |
| Cash and cash equivalents at end of period | 14 905 | 22 058 | 14 905 | 22 058 | 15 645 |
1) Financial lease is net reported in cash flow
| Amounts in TSEK | Apr-Jun 2017 |
Apr-Jun 2016 |
Jan-Jun 2017 |
Jan-Jun 2016 |
Full year 2016 |
|---|---|---|---|---|---|
| Revenues | 1 804 | 2 237 | 3 437 | 4 391 | 7 563 |
| 1 804 | 2 237 | 3 437 | 4 391 | 7 563 | |
| Operating expenses | -2 602 | -2 663 | -5 135 | -5 186 | -10 328 |
| -2 602 | -2 663 | -5 135 | -5 186 | -10 328 | |
| Operating profit/loss | -798 | -426 | -1 698 | -795 | -2 765 |
| Net financial items | -537 | -6 223 | -1 125 | -12 343 | -26 897 |
| Profit/loss after financial items | -1 334 | -6 649 | -2 823 | -13 138 | -29 662 |
| Tax for the period | - | - | - | - | - |
| Net profit/loss for the period | -1 334 | -6 649 | -2 823 | -13 138 | -29 662 |
The parent company has no items in 2017 or 2016 recognised 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 | 2017-06-30 | 2016-06-30 | 2016-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | 598 089 | 699 774 | 598 089 |
| Total non-current assets | 598 089 | 699 774 | 598 089 |
| Current assets | |||
| Receivables from group companies | 19 421 | 20 408 | 22 395 |
| Prepayments and accrued income | 192 | 887 | 243 |
| Cash and cash equivalents | 473 | 7 000 | 1 118 |
| Total current assets | 20 086 | 28 295 | 23 756 |
| TOTAL ASSETS | 618 175 | 728 069 | 621 845 |
| EQUITY & LIABILITIES | |||
| Total equity | 465 708 | 485 056 | 468 531 |
| Non-current liabilities | - | - | 50 000 |
| Liabilities to credit institutions and shareholders | 150 000 | - | 100 000 |
| Bond loan | - | 226 428 | - |
| Other liabilities | 2 467 | 16 585 | 3 314 |
| Current liabilities | 152 467 | 243 013 | 103 314 |
| Total liabilities | 152 467 | 243 013 | 153 314 |
| TOTAL EQUITY AND LIABILITIES | 618 175 | 728 069 | 621 845 |
Equity ratio
Equity and untaxed reserves (less deferred tax) in relation to the balance sheet total
Interest-bearing liabilities less cash and cash equivalents
Earnings before interest, taxes, depreciation and amortisation
EBITDA margin EBITDA/revenue
Earnings per share Earnings for the period/weighted average number of shares during the period, issue-adjusted
Cash flow from operating activities after investments and changes in working capital
Profit/loss from financial items Financial income minus financial expenses
The Company presents certain financial measures in the interim report that are not defined under IFRS. The Company believes that these measures provide useful supplemental information to investors and the company's management as they allow for the evaluation of the company's performance. Because not all companies calculate the financial measures in the same way, these are not always comparable to measures used by other companies. Therefore, these financial measures should not be considered as substitutes for measures as defined under IFRS.
The tables below present measures that are not defined under IFRS.
Show s the companys earning pow er from ongoing operations irrespective of capital structure and tax situation and is meant to facilitate comparisons w ith other companies in the same industry.
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | 2016 | |
| Operating profit/loss | -4 765 | -5 918 | -399 | -15 794 | -18 268 |
| Depreciation and amortisation | 8 606 | 8 310 | 17 610 | 16 622 | 33 375 |
| EBITDA | 3 842 | 2 392 | 17 212 | 829 | 15 107 |
Net debt
Is a measurement used to describe the group's indebtedness and its ability to repay its debt w ith cash generated from the group's operating activities if the debts matured today.
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | 2016 | |
| Interest-bearing liabilities | 164 649 | 140 760 | 164 649 | 140 760 | 150 000 |
| Cash and cash equivalents | -14 905 | -22 058 | -14 905 | -22 058 | -15 645 |
| Net debt | 149 744 | 118 702 | 149 744 | 118 702 | 134 355 |
9 November 2017 Interim report, 1 Jul – 30 Sep 2017 February 2018 Year-end report 2017
For additional information, please contact: Christian Kinch, CEO: +46 8 440 58 80 Fredrik Järrsten, CFO: +46 725 500 089
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, 10 August 2017
| Stanley Brodén | Mia Arnhult |
|---|---|
| Chairman | Board member |
| Svante Östblom | Marie Wickman-Chantereau |
| Board member | Board member |
| Christian Kinch |
CEO and Board member
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 2017-08-10, at. 08.00.
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