Interim / Quarterly Report • Aug 11, 2016
Interim / Quarterly Report
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Corporate registration number 556822-1187
Second quarter (April-June 2016)
Key events after the end of the second quarter
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| Key figures1 | 2016 | 2015 | 2016 | 2015 | 2015 |
| Revenues2 , SEKm |
33,8 | 28,5 | 59,8 | 57,5 | 138,5 |
| EBITDA3 , SEKm |
2,4 | -8,4 | 0,8 | -8,2 | 20,2 |
| EBITDA margin3 , % |
7% | -29% | 1% | -14% | 15% |
| Operating profit, SEKm | -5,9 | -16,5 | -15,8 | -24,5 | -12,7 |
| Net profit/loss for the period2 , SEKm |
-7,7 | -10,2 | -18,9 | -13,8 | -26,5 |
| Operating cash flow, SEKm | -2,2 | -7,8 | -0,5 | -16,4 | -32,5 |
| Earnings per share2 , SEK |
-0,23 | -0,31 | -0,57 | -0,42 | -0,80 |
| Operating cash flow per share, SEK | -0,07 | -0,23 | -0,01 | -0,49 | -0,97 |
| Equity ratio, % | 61% | 58% | 61% | 58% | 62% |
| Net debt3 , SEKm |
118,7 | 88,5 | 118,7 | 88,5 | 120,0 |
| 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 |
1 Definition of key figures are presented on page 16
2 Defined according to IFRS
3 Reconciliation of key figure see page 16
The positive trend with increased sales of our own portfolio of infection prevention products for the healthcare sector has continued during the second quarter. The largest shipment went to China as a result of the order we received in January this year, in connection with the product approval. In the second quarter, we delivered almost 110 000 units, which means that we have delivered a total of approximately 200 000 products so far this year. This is well above the total annual volume for 2015 and we are well under way towards our goal of at least doubling sales volumes this year.
We also report significantly higher revenues in the second quarter of 2016 compared to the corresponding quarter of 2015. This is both due to higher revenue from C.R. Bard and that the revenue from sales of BIP products increased as a result of higher delivered volumes. Our focus on keeping costs under control has also produced results and taken together we could see a strong improvement in EBITDA for the second quarter, compared to the corresponding period last year. It does not mean that we are satisfied, and we are working hard towards our long-term financial target of an EBITDA margin of at least 30 percent.
In sales- and marketing, the second quarter continued with intense preparations for the launch of our urinary catheters in the Chinese market. In May, Madame Li Bin, China's Minister of Health visited Sweden and, together with the Swedish Minister of Health Gabriel Wikström, she highlighted the importance of working together to prevent further spread of multiresistant bacteria, whereprevention of infections is of strategic importance.
During a few intense days in July, the largest training effort ever in Bactiguard's history was initiated, when some 100 product specialists and sales managers at our Chinese distributor Jian An were trained. From now on they are approaching the Chinese hospitals, while further training efforts and clinical tests are planned. In order to regularly train our distributors and support this massive educational effort, we have developed a digital platform, "Bactiguard Academy", which will be launched in all markets in several languages during the third quarter of this year.
In India, sales and marketing activities continued unabated. The initial deliveries, which were completed in June, have been forwarded to dealers and sub-distributors in several major metropolitan areas and have started to reach end customers. A handful of reputable hospitals have tested our product, started using it, and are now placing repeat orders. In order to meet market needs, the other day we received another order from our distributor of approximately 60,000 catheters. The clinical study involving a total of 1 000 patients has reached a level of around 250 patients and the recruitment of new patients is now faster than before since five of the six hospitals have received ethical approval and are up and running.
We are also intensifying efforts in Europe, which has produced results in the form of increased volumes, albeit from a low level. At the same time, we are evaluating new partnerships for expansion in several European markets. In Sweden, we meet an increasing interest in our products and we are involved in more and more public tenders where the need for preventive actions to fight hospital acquired infections have been identified. In late April, a clinical study together with the Centre for Spinal Cord Injury in Stockholm was initiated. The purpose of the study is to evaluate Bactiguard's anti-infective catheter, to improve the quality of life for patients with spinal cord injuries, who often suffer from recurring urinary tract infections.
Within research and development, Bactiguard has received a European research grant aimed at developing a new generation of vascular access catheters. The development will be run in a joint project, financed by VINNOVA and Innovative UK.
The cooperation with our new license partner in orthopaedic implants, Vigilenz Medical Devices, is in full progress and we are now waiting to start clinical trials and obtaining product approval. We also continue to evaluate new potential partnerships and licensing opportunities, where our objective is to sign at least one new license agreement before the end of the year.
In connection with the Annual General Meeting in May, the industry experience on the Board was strengthened by Marie Wickman-Chantereau as new Board member. She works as business area manager for specialist care in Stockholm at Aleris, a private healthcare provider, and Adjunct Professor of Plastic Surgery at the Karolinska Institute, Stockholm.
In our ongoing effort to secure long-term financing, the maturity of the credit facility that we signed an agreement of, in November 2015, was extended to 31 December, 2017.
In May, the management showed its strong commitment to Bactiguard by making a major investment in the company in order to, also as shareholders, take part in the company's future development. Altogether, the management invested in shares to a value of about SEK 9.2 million. I believe this demonstrates the conviction management shares with the main shareholders of Bactiguard's potential and possibility to act as a driving force in the war against hospital acquired infections.
Christian Kinch
CEO
Bactiguard has received a European research grant aimed at developing a new generation of vascular access catheters, with new bio-smart materials for medical devices. The technology will be developed in a project financed by VINNOVA and Innovate UK. The research grant within the European Programme Eurostars covers more than SEK 6 million, of which Bactiguard's share is approx. SEK 4 million over a period of two and a half years.
Many spinal cord injured patients use indwelling suprapubic urinary catheters. A large number of these patients suffer from recurring urinary tract infections, requiring antibiotic treatment, which has a negative impact on their quality of life. In order to reduce the number of infections for these patients, Bactiguard has started a clinical study together with the Centre for Spinal Cord Injury, Sweden's leading clinic for spinal cord injured patients, at the Rehab Station Stockholm.
In connection with Bactiguard Holding AB's Annual General Meeting May 19, 2016, the industry experience on the Board was strengthened through the election of Marie Wickman-Chantereau as new Board member. Marie works as a business area manager in specialist care in Stockholm at Aleris and Adjunct Professor of Plastic Surgery at the Karolinska Institute, Stockholm. The directors Stanley Broden (Chairman), Mia Arnhult, Peter Hentschel and Christian Kinch were reelected.
The Executive Management in Bactiguard was offered an opportunity to invest in the company by purchasing a sizeable number of shares. Other members of the senior management were also offered the opportunity to purchase shares.
The transaction was enabled by the two major shareholders Christian Kinch and Thomas von Koch, who offered the management to purchase a total of 751 013 shares of serie B, corresponding to a value of approx SEK 9.2 million. The total number of shares in the company amounts to 33 302 373. After the transaction, the two main shareholders each own shares representing 29.4 percent of the shares and 40.1 percent of the votes in the company
The initial order from India, which was received in December 2015, consisted of some 50 000 Foley catheters for infection prevention (BIP Foleys). The new order consists of some 60 000 BIP Foleys and will generate direct sales revenues of approximately 2 milion SEK at product delivery.
The maturity of the credit facility of SEK 100 million that Bactiguard received as a loan commitment in November 2015 has been extended until 31 December, 2017.
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 as well as license agreement with Vigilenz Medical Devices for Bactiguard coated orthopaedic implants, covering the Asean region.
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 33.8 (28.5) million, which is an increase of approx. 19 % compared with the corresponding quarter previous year. The increase for the quarter mainly relates to higher License revenues from C.R. Bard and higher revenue from Sales of BIP products attributable to a major improvement in delivered volumes.
The bulk of revenues during the second quarter (80.5 %) came from License revenues. These amounted to SEK 27.2 (25.8) million, including a positive currency effect of SEK 0.5 (5.7) million.
Sales of BIP products amounted to 11.0 % of revenues or approx. SEK 3.7 (2.3) million in the second quarter, with sales primarily to China, Europe and India. Out of SEK 3.7 million in revenues, SEK 1.6 million had a cash flow effect. The remaining revenues correspond to a reduction of the debt item deferred revenue in the balance sheet.
Other revenues during the quarter amounted to 8.5 % or approx. SEK 2.9 (0.4) million and are attributable to exchange rate differences and EU grants for development projects
Consolidated revenues for the first half year amounted to SEK 59.8 (57.5) million, an increase of approx. 4 % compared to the first half year 2015. The bulk of the revenue 84 % (92 %) or SEK 50.0 (52.6) million was attributable to License revenues. The decrease in License revenues compared with the corresponding period previous year is mainly a result of the adjustment of the additional one-off order from C.R. Bard resulting in lower revenues in the first quarter 2016. The decrease also includes a negative currency effect on License revenues amounted to approx. SEK -0.2 (11.3) million.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| License revenues | 80,5% | 90,5% | 83,6% | 91,5% | 90,5% |
| Sales of BIP products | 11,0% | 8,1% | 11,0% | 4,5% | 4,4% |
| Other revenue | 8,5% | 1,3% | 5,4% | 4,1% | 5,1% |
During the second quarter of 2016, a total of approx. 110,000 BIP products were delivered compared to approx. 58,000 in the corresponding quarter of 2015, an increase of approx. 90 %.
During the first half year 2016, a total of approx. 198,000 products were delivered compared to approx. 63,000 in the corresponding period of 2015, an increase of approx. 214 %.
During the full year 2015, a total of approx. 152,000 products were delivered.
EBITDA for the second quarter amounted to SEK 2.4 (-8.4) million. The positive change compared to the corresponding quarter last year is a result of higher revenues and lower costs, primarily due to lower nonrecurring costs.
Consolidated operating profit for the second quarter 2016 amounted to SEK -5.9 (-16.5) 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 1.7 million. The change in personnel costs -12.1 (-18.5) million compared with the corresponding quarter last year is mainly related to the non-recurring effect in June 2015 regarding the provision for severance pay to the former CEO of SEK -4.6 million.
Financial items for the quarter amounted to SEK -2.9 (5.0) million. The effects of market valuation of the bond loan, which have no effect on cash flow, are recognised as financial items in the income statement. During the second quarter of 2016, market valuation of the bond affected financial items positively by SEK 0.7 (11.0) million. Interest expense related to the bond loan amounted to SEK -3.8 (-5.0) million in the second quarter.
Tax for the quarter amounted to SEK 1.2 (1.4) million. Reported income tax refers to the change in deferred taxes attributable to temporary differences relating to the Group's intangible assets.
Consolidated net profit for the second quarter amounted to SEK -7.7 (-10.2) million.
EBITDA for the first half year amounted to SEK -0.8 (-8.2) million.
Consolidated net profit for the first half year amounted to SEK -18.9 (-13.8) million. Net profit for the first half year is affected by the market valuation of the bond loan, which have no effect on cash flow, of SEK 1.4 million. The first half year previous year, the effects of market valuation of the bond loan, had a significantly positive effect on net profit by SEK 17.9 million.
Operating cash flow for the second quarter amounted to SEK -2.2 (-7.8) million. Cash flow from operating activities before changes in working capital contributed positively by SEK 4.5 (-8.5) million but was burdened by a negative contribution from changes in working capital by -4.9 (3.7)
Cash flow from financing activities amounted to SEK 0 (0) million. Consequently, the total cash flow for the second quarter amounted to SEK -2.2 (-7.8) million.
Operating cash flow for the first half year 2016 amounted to SEK -0.5 (-16.4) million.
Total cash flow for the first half year was SEK -0.5 (-21.6) million. In the comparative figure for the corresponding period last year, repurchase of bonds amounted to SEK 5.2 million.
Investments in property, plant and equipment during the second quarter amounted to SEK 0.3 (2.2) million, mainly related to the integrated headquarters and production facility in Tullinge. Investments in intangible assets during the quarter, mainly related to capitalised development expenditures, amounted to 1.5 (0.8) million. No investments were made in financial non-current assets during the quarter SEK 0.0 (0.0) million.
The consolidated equity ratio was 61 % at 30 June 2016 (62 % at 31 December 2015) and equity amounted to SEK 397.9 (417.4 at 31 December 2015) million.
Bactiguard has a bond loan that matures on 12 December 2016, with an annual coupon of 11 %, payable in December each year. After completion of the set-off issue in connection with the listing of the company's shares on Nasdaq Stockholm in 2014, when holders of bonds with a total nominal value of SEK 222.5 million chose to offset bonds against shares, the nominal value of the outstanding bond loan was SEK 227.5 million. Subsequently, bonds have been repurchased in the market, which further has reduced the outstanding nominal value.
The bond is listed on Nasdaq Stockholm. The nominal value of the outstanding bond loan after repurchases is SEK 138 million.
The bond is valued at market value and on 30 June 2016, net outstanding bond (nominal value SEK 138 million) was valued at SEK 140.8 million (price 102.0, which is a decrease from 102.5 at the end of the first quarter 2016).
Consolidated cash position at 30 June 2016 amounted to SEK 22.1 million (SEK 22.1 million at 31 December 2015). Net debt amounted to SEK 118.7 million (SEK 120.0 million at 31 December 2015).
The total assets of the group at 30 June 2016 amounted to SEK 656.2 million (676.2 million at 31 December 2015). The largest asset item in the balance sheet is technology related to Bactiguard's product portfolio, which at 30 June amounted to SEK 248.5 million (260.4 million at 31 December 2015).
Accounts receivable (short- and long term) amounted to SEK 54.7 million at 30 June 2016, which is a decrease of SEK 2.9 million since 31 December 2015.
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 2016 was SEK 13.90, and the market capitalization amounted to SEK 463 million.
The share capital of Bactiguard at 30 June 2016 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 2016 amounted to 33,302,373 shares and 69,302,373 votes.
At 30 juni 2016 Bactiguard had 2,970 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 | 7 784 977 | 9 784 977 | 29,4% | 40,1% |
| THOMAS VON KOCH WITH COMPANY | 2 000 000 | 7 784 878 | 9 784 878 | 29,4% | 40,1% |
| HANDELSBANKEN FONDER AB | 973 925 | 973 925 | 2,9% | 1,4% | |
| ROBUR FÖRSÄKRING | 702 171 | 702 171 | 2,1% | 1,0% | |
| AVANZA PENSION | 600 173 | 600 173 | 1,8% | 0,9% | |
| STÅHLBERG, JAN | 582 544 | 582 544 | 1,8% | 0,8% | |
| FRÖAFALL INVEST AB | 516 000 | 516 000 | 1,6% | 0,7% | |
| NORDNET PENSIONSFÖRSÄKRING AB | 492 168 | 492 168 | 1,5% | 0,7% | |
| CANCERFONDEN | 366 437 | 366 437 | 1,1% | 0,5% | |
| SARGAS EQUITY AB | 364 090 | 364 090 | 1,1% | 0,5% | |
| Total, major shareholders | 4 000 000 | 20 167 363 | 24 167 363 | 72,6% | 86,8% |
| Total, others | 0 | 9 135 010 | 9 135 010 | 27,4% | 13,2% |
| 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 2016 amounted to 56 (66), of which 33 (37) 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 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 2015. In 2015 the accounting principle, regarding accounting of revenues relating to territorial fees, was changed. In earlier delivered annual and consolidated financial statements, territorial fees were accounted for upon signing the contract. In connection with the year-end accounts for 2015, Bactiguard has decided to change its accounting principle and instead report such fees at delivery of products. The part of the territorial fees and associated market contribution on the balance date that are subject to future deliveries of products are recognized as deferred revenue until the delivery has been made. Settlement of deferred income is made upon delivery. The new principle increases transparency and provides a better link between income and delivered products. The change of accounting principle has been recognized in accordance with IAS 8 and the effects of the change are shown in Note 1 on page 15 and in the annual report 2015 in Note 36 on page 58.
The new and amended standards and interpretations that are in place from 1 January, 2016 have not had any significant effect on the Group's financial reports. ESMA's guidelines on "alternative performance measures" are applied from 3 July 2016. They include disclosure requirements related to financial measures that are not defined under IFRS.
Financial assets and financial liabilities measured at fair value in the balance sheet are classified into one of three levels based on the information used to determine fair value. Bactiguard bond loan is valued using level 1, is listed on Nasdaq Stockholm and is valued at quoted price.
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 discrete 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 received a loan commitment of SEK 100 million. If the loan commitment is utilized, the board member - who is also the CEO and 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.
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. Company costs primarily relate to financial expenses of which the interest due on the bond loan is the single largest item. 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 (which are still valid) can be found on page 30 and 47-49 in the Annual Report for 2015.
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 (adjusted for the effect of the additional order from C.R. Bard) as the base year – starting point 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 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.
| Amounts in TSEK | Apr-Jun 2016 |
Apr-Jun 2015 |
Jan-Jun 2016 |
Jan-Jun 2015 |
Full year 2015 |
|---|---|---|---|---|---|
| Revenues | |||||
| License revenues | 27 207 | 25 820 | 49 976 | 52 610 | 125 292 |
| Sales of BIP products | 3 717 | 2 313 | 6 603 | 2 560 | 6 128 |
| Other revenue | 2 882 | 383 | 3 234 | 2 329 | 7 043 |
| 33 805 | 28 516 | 59 813 | 57 499 | 138 463 | |
| Raw materials and consumables | -6 184 | -2 208 | -8 767 | -3 743 | -7 902 |
| Other external expenses | -11 800 | -13 647 | -23 554 | -30 403 | -56 287 |
| Personnel costs | -12 083 | -18 469 | -23 696 | -30 672 | -52 942 |
| Depreciation and amortisation | -8 310 | -8 155 | -16 622 | -16 264 | -32 850 |
| Other operating expenses | -1 346 | -2 583 | -2 967 | -912 | -1 148 |
| -39 724 | -45 062 | -75 606 | -81 994 | -151 129 | |
| Operating profit/loss | -5 918 | -16 546 | -15 794 | -24 495 | -12 666 |
| Profit/loss from financial items | |||||
| Financial income | 1 501 | 11 100 | 3 424 | 18 527 | 2 657 |
| Financial expenses | -4 433 | -6 139 | -8 862 | -10 431 | -20 961 |
| -2 932 | 4 961 | -5 438 | 8 096 | -18 304 | |
| Profit before tax | -8 850 | -11 585 | -21 232 | -16 399 | -30 970 |
| Taxes for the period | 1 151 | 1 388 | 2 316 | 2 560 | 4 469 |
| Net profit/loss for the period | -7 699 | -10 197 | -18 916 | -13 839 | -26 501 |
| Attributable to: | |||||
| Shareholders of the parent | -7 699 | -10 197 | -18 916 | -13 839 | -26 501 |
| Earnings per share, SEK* | -0,23 | -0,31 | -0,57 | -0,42 | -0,80 |
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| Net profit/loss for the period | -7 699 | -10 197 | -18 916 | -13 839 | -26 501 |
| Other comprehensive income: | |||||
| Items that will be reclassified to profit or loss for the year | |||||
| Translation differences | -1 058 | 609 | -666 | 66 | 1 146 |
| Other comprehensive income, after tax | -1 058 | 609 | -666 | 66 | 1 146 |
| Total comprehensive income for the period | -8 757 | -9 588 | -19 582 | -13 773 | -25 355 |
| Attributable to: | |||||
| Shareholders of the parent | -8 757 | -9 588 | -19 582 | -13 773 | -25 355 |
| Total earnings per share, SEK* | -0,26 | -0,29 | -0,59 | -0,41 | -0,76 |
| 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 | 2016-06-30 | 2015-06-30 | 2015-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 226 292 | 226 292 | 226 292 |
| Technology | 248 515 | 272 321 | 260 418 |
| Brands | 25 572 | 25 572 | 25 572 |
| Customer relationships | 12 318 | 13 498 | 12 908 |
| Capitalised development expenditure | 14 005 | 8 464 | 12 062 |
| Patents | 1 220 | 1 226 | 1 272 |
| Intangible assets | 527 922 | 547 373 | 538 524 |
| Improvements, leasehold | 17 397 | 17 410 | 17 917 |
| Machinery and other technical plant | 6 819 | 9 154 | 7 412 |
| Equipment, tools and installations | 4 742 | 6 182 | 5 432 |
| Property, plant and equipment | 28 958 | 32 746 | 30 761 |
| Accounts receivable | 4 325 | 7 962 | 6 012 |
| Investments in associates | 1 298 | 1 368 | 1 298 |
| Financial assets | 5 623 | 9 330 | 7 310 |
| Total non-current assets | 562 503 | 589 449 | 576 595 |
| Current assets | |||
| Inventory | 9 336 | 10 422 | 11 687 |
| Accounts receivable | 50 373 | 48 098 | 51 634 |
| Other current receivables | 11 921 | 12 982 | 14 211 |
| Cash and cash equivalents | 22 058 | 84 034 | 22 119 |
| Total current assets | 93 688 | 155 536 | 99 651 |
| TOTAL ASSETS | 656 191 | 744 985 | 676 246 |
| Equity attributable to shareholders of the parent | |||
| Share capital | 833 | 833 | 833 |
| Other equity | 397 028 | 428 192 | 416 610 |
| Total equity | 397 861 | 429 025 | 417 443 |
| Non-current liabilities | |||
| Bond loan | - | 172 490 | - |
| Deferred tax liability | 32 451 | 36 677 | 34 767 |
| 32 451 | 209 167 | 34 767 | |
| Current liabilities | |||
| Bond loan | 140 760 | - | 142 140 |
| Accounts payable | 3 007 | 6 367 | 4 017 |
| Other current liabilities | 4 135 | 2 869 | 3 996 |
| Accrued expenses and deferred income | 77 977 | 97 557 | 73 883 |
| 225 879 | 106 793 | 224 036 | |
| Total liabilities | 258 330 | 315 960 | 258 803 |
| TOTAL EQUITY AND LIABILITIES | 656 191 | 744 985 | 676 246 |
| 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 | |
| Adjusted opening balance, 1 January 2015 | 833 | 675 690 | -794 | -232 931 | 442 798 |
| Profit/loss for the period | - | - | - | -13 839 | -13 839 |
| Other comprehensive income: | |||||
| Translation differences | - | - | 66 | - | 66 |
| Total comprehensive income after tax | 0 | 0 | 66 | -13 839 | -13 773 |
| Transactions with shareholders | |||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | 0 |
| Closing balance, 30 June 2015 | 833 | 675 690 | -728 | -246 770 | 429 025 |
| Opening balance, 1 January 2016 | 833 | 675 690 | 352 | -259 432 | 417 443 |
| Profit/loss for the period | - | - | - | -18 916 | -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 |
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| Cash flow from operating activities | |||||
| Net profit/loss for the period | -7 699 | -10 197 | -18 916 | -13 839 | -26 501 |
| Accrued interest expense | - | - | - | - | - |
| Adjustments for depreciation and amortisation and other non-cash items |
12 216 | 1 677 | 20 774 | 5 700 | 26 595 |
| 4 517 | -8 520 | 1 858 | -8 139 | 94 | |
| Cash flow from changes in working capital | |||||
| Increase/decrease inventory | 547 | 1 391 | -114 | -1 403 | -2 628 |
| Increase/decrease accounts receivable | -1 580 | 250 | 2 948 | 226 | -4 747 |
| Increase/decrease other current receivables | 1 396 | 2 206 | 3 093 | 2 347 | 141 |
| Increase/decrease accounts payable | -1 262 | -5 294 | -977 | -6 751 | -7 371 |
| Increase/decrease other current liabilities | -4 058 | 5 164 | -3 412 | 2 560 | -6 280 |
| -4 957 | 3 717 | 1 538 | -3 021 | -20 885 | |
| Cash flow from investing activities | |||||
| Investments in intangible assets | -1 517 | -784 | -2 985 | -1 256 | -5 921 |
| Investments in property, plant and equipment | -262 | -2 171 | -868 | -4 008 | -5 744 |
| Investments in associates | - | - | - | - | - |
| -1 779 | -2 955 | -3 853 | -5 264 | -11 665 | |
| Operating cash flow | -2 219 | -7 758 | -457 | -16 424 | -32 456 |
| Cash flow from financing activities | |||||
| Amortisation of debt | - | - | - | -5 150 | -50 827 |
| 0 | 0 | 0 | -5 150 | -50 827 | |
| Cash flow for the period | -2 219 | -7 758 | -457 | -21 574 | -83 283 |
| Cash and cash equivalents at start of period | 24 094 | 91 851 | 22 119 | 105 147 | 105 147 |
| Exchange difference in cash and cash equivalents | 183 | -59 | 396 | 461 | 255 |
| Cash and cash equivalents at end of period | 22 058 | 84 034 | 22 058 | 84 034 | 22 119 |
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| Revenues | 2 237 | 2 753 | 4 391 | 4 981 | 7 036 |
| 2 237 | 2 753 | 4 391 | 4 981 | 7 036 | |
| Operating expenses | -2 663 | -8 629 | -5 186 | -11 556 | -15 502 |
| -2 663 | -8 629 | -5 186 | -11 556 | -15 502 | |
| Operating profit/loss | -426 | -5 876 | -795 | -6 575 | -8 466 |
| Net financial items | -6 223 | -5 519 | -12 343 | -10 879 | -22 399 |
| Profit/loss after financial items | -6 649 | -11 395 | -13 138 | -17 454 | -30 865 |
| - | - | - | - | - | |
| Tax for the period | |||||
| Net profit/loss for the period | -6 649 | -11 395 | -13 138 | -17 454 | -30 865 |
The parent company has no items in 2016 or 2015 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 | 2016-06-30 | 2015-06-30 | 2015-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | 699 774 | 666 574 | 699 774 |
| Total non-current assets | 699 774 | 666 574 | 699 774 |
| Current assets | |||
| Receivables from group companies | 20 408 | 22 437 | 12 977 |
| Prepayments and accrued income Other current receivables |
887 0 |
479 63 |
1 457 - |
| Cash and cash equivalents Total current assets |
7 000 28 295 |
68 991 91 970 |
16 052 30 486 |
| TOTAL ASSETS | 728 069 | 758 544 | 730 260 |
| EQUITY & LIABILITIES | |||
| Total equity | 485 056 | 511 604 | 498 193 |
| Non-current liabilities | - | 224 090 | - |
| Liabilities to group companies | - | - | - |
| Bond loan | 226 428 | - | 225 259 |
| Other liabilities | 16 585 | 22 850 | 6 808 |
| Current liabilities | 243 013 | 22 850 | 232 067 |
| Total liabilities | 243 013 | 246 940 | 232 067 |
| TOTAL EQUITY AND LIABILITIES | 728 069 | 758 544 | 730 260 |
In 2015 the accounting principle for recognizing territorial fees was changed. The change for the group, which has had no effect on cash flow, is presented below. For more information, please refer to the Annual Report for 2015.
| Q2 2015 | Accumulated Q2 2015 |
|||||
|---|---|---|---|---|---|---|
| Bridge for new accounting policy | Old policy |
Adjustment | New policy | Old policy |
Adjustment | New policy |
| Effect in income statement | ||||||
| Revenues | 27 733 | 783 | 28 516 | 56 567 | 932 | 57 499 |
| Operating profit/loss | -18 166 | 1 619 | -16 547 | -53 086 | 28 591 | -24 495 |
| Net profit/loss for the period | -11 817 | 1 619 | -10 198 | -42 429 | 28 590 | -13 839 |
| Attributable to: | ||||||
| Shareholders of the parent | -11 817 | -10 198 | -42 429 | -13 839 | ||
| Total earnings per share, SEK (no dilution effect) | -0,35 | -0,31 | -1,27 | -0,42 | ||
| Effect in balance sheet | ||||||
| Assets | 744 985 | - | 744 985 | 744 985 | - | 744 985 |
| Equity | 476 345 | -47 320 | 429 025 | 476 345 | -47 320 | 429 025 |
| Current liabilities | 59 473 | 47 320 | 106 793 | 59 473 | 47 320 | 106 793 |
| Total equity and liabilities | 744 985 | - | 744 985 | 744 985 | - | 744 985 |
Equity ratio Equity and untaxed reserves (less deferred tax) in relation to the balance sheet total
Net debt Interest-bearing liabilities less cash and cash equivalents
EBITDA 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
Operating cash flow 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.
EBITDA
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| Operating profit/loss | -5 918 | -16 546 | -15 794 | -24 495 | -12 666 |
| Depreciation and amortisation | 8 310 | 8 155 | 16 622 | 16 264 | 32 850 |
| EBITDA | 2 392 | -8 391 | 829 | -8 231 | 20 184 |
| Net debt | |||||
|---|---|---|---|---|---|
| Amounts in TSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| Interest-bearing liabilities | 140 760 | 172 490 | 140 760 | 172 490 | 142 140 |
| Cash and cash equivalents | -22 058 | -84 034 | -22 058 | -84 034 | -22 119 |
| Net debt | 118 702 | 88 456 | 118 702 | 88 456 | 120 021 |
February 2017 Year-end report 2016
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.
| 10 November 2016 | Interim report, 1 Jul– 30 Sep 2016 |
|---|---|
| February 2017 | Year-end report 2016 |
| Contacts | |
| For additional information, please contact: | |
| Christian Kinch, CEO: +46 8 440 58 80 | |
| Fredrik Järrsten, CFO: +46 725 500 089 | |
| Signatories to the report | |
| The Board of Directors and the CEO certify that the interim report, to the best of their knowledge, provides a | |
| the Group. | 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 |
| Stockholm, 11 August 2016 | |
| Stanley Brodén | Mia Arnhult |
| Chairman | Board member |
| Peter Hentschel | Marie Wickman-Chantereau |
| Board member | Board member |
| Christian Kinch | |
| CEO and Board member | |
| This interim report is unaudited | |
| Bactiguard at www.bactiguard.com. | Bactiguard is a Swedish medtech company with a mission of preventing healthcare associated infections, reducing the use of antibiotics and saving lives by developing and supplying infection prevention solutions for the healthcare industry. The company's patented coating prevents healthcare associated infections by reducing bacterial adhesion and growth on medical devices. Bactiguard-coated urinary catheters are market leading in the US and Japan, and in recent years the company has developed its own product portfolio of catheters for the urinary and respiratory tract and the blood stream. Bactiguard is currently in a strong expansion phase, focused on new markets in the Europe, Middle East, Asia, South America and Southern Africa. The company has market presence in some 50 countries and has about 60 employees. Its headquarters is located in Stockholm and production facilities in Sweden and Malaysia. Bactiguard is listed on Nasdaq Stockholm. Read more about |
| Bactiguard is required to disclose the information in this report under the provisions of the Securities Market Act (SFS 2007:528). The information was submitted for publication on 11 August 2016 at 08.00 CET. |
Bactiguard is a Swedish medtech company with a mission of preventing healthcare associated infections, reducing the use of antibiotics and saving lives by developing and supplying infection prevention solutions for the healthcare industry. The company's patented coating prevents healthcare associated infections by reducing bacterial adhesion and growth on medical devices. Bactiguard-coated urinary catheters are market leading in the US and Japan, and in recent years the company has developed its own product portfolio of catheters for the urinary and respiratory tract and the blood stream. Bactiguard is currently in a strong expansion phase, focused on new markets in the Europe, Middle East, Asia, South America and Southern Africa. The company has market presence in some 50 countries and has about 60 employees. Its headquarters is located in Stockholm and production facilities in Sweden and Malaysia. Bactiguard is listed on Nasdaq Stockholm. Read more about Bactiguard at www.bactiguard.com.
Bactiguard is required to disclose the information in this report under the provisions of the Securities Market Act (SFS
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