Quarterly Report • Nov 12, 2015
Quarterly Report
Open in ViewerOpens in native device viewer
Corporate registration number 556822-1187
Third Quarter (July-September 2015)
Key events after the end of the third quarter
| Key figures | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| Revenues, SEKm | 61,4 | 28,1 | 118,0 | 93,8 | 118,9 |
| EBITDA, SEKm | 33,9 | 2,2 | -2,9 | 14,2 | 10,3 |
| EBITDA margin, % | 55% | 8% | -2% | 15% | 9% |
| EBITDA*, SEKm | 33,9 | 2,2 | -2,9 | 17,2 | 13,3 |
| EBITDA margin*, % | 55% | 8% | -2% | 18% | 11% |
| Operating profit, SEKm | 25,7 | -5,3 | -27,4 | -8,2 | -19,8 |
| Net profit for the period, SEKm | 6,1 | -15,7 | -36,4 | -79,4 | -95,0 |
| Operating cash flow**, SEKm | 9,5 | -21,8 | -6,9 | -12,4 | -54,0 |
| Earnings per share***, SEK | 0,18 | -0,47 | -1,09 | -3,17 | -3,80 |
| Op. cash flow per share****, SEK | 0,29 | -0,66 | -0,21 | -0,50 | -2,16 |
| Equity ratio, % | 68% | 62% | 68% | 62% | 64% |
| Net debt, SEKm | 91,6 | 62,3 | 91,6 | 62,3 | 90,4 |
| 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 shares* | 33 302 373 33 302 373 | 33 302 373 25 007 242 25 007 242 |
*EBITDA Full year 2014 adjusted for IPO costs
**Cash flow from operating activities after investments and changes in working capital
***Net profit for the period / Weighted average number of shares during the period, issue-adjusted
****Operating cash flow / Weighted average number of shares during the period, issue-adjusted
*****Adjusted for split
Since I assumed the role as CEO in June, my ambition has been to focus the business and strengthen our efforts in prioritized areas. One of the main priorities has been to secure the refinancing of the outstanding bond loan, a process that we successfully completed in the past few days. This reduces uncertainty and creates confidence both within our own organization as well as for investors.
Furthermore, we have allocated more resources to developing new license businesses. This has now materialized in our first license agreement since the successful cooperation with C.R. Bard was established. The license agreement with Vigilenz Medical Devices means that we enter a new therapeutic area, within orthopaedic implants for fractures. This is exciting since the implants will permanently remain in the patient's body and can benefit from both the anti-infective and tissue friendly properties of the Bactiguard coating.
Last but not least, it has been my clear ambition to focus our resources to enable the sales expansion of our own product portfolio. Since spring 2015, we have strengthened our sales force with a Regional Sales Director for Latin America and in November we recruited a Sales Director for Europe. The Sales Directors' role is to support our distributors with knowledge about Bactiguard's unique solution for infection prevention and train their sales forces. This is time consuming work, which we earlier have not been able to prioritize enough due to insufficient resources. Our main focus in the Middle East is to generate more sales and strengthen our position in existing markets.
In August we received and additional order from C.R. Bard intended to increase their safety stock of Bactiguardcoated Foleys for infection control. The order of approximately 28 million led to a significant increase in our third quarter revenues and made a strong contribution to the positive result and cash flow.
C.R. Bard's sales of Bactiguard-coated catheters have been stable over a long period of time. It is therefore very encouraging that they need to increase their safety stock to meet production targets. The underlying volume has also increased somewhat this quarter, but we do not expect any increase in the underlying business when we summarize the year. Altogether, this means that the accumulated revenues already after the third quarter are in line with last year's total sales, which means that revenues for 2015 will be higher than in 2014.
During the quarter, sales of our own BIP (Bactiguard Infection Protection) portfolio have been week and this is a disappointment. Despite this there were a number of positive results of our focused strategy. The Middle East continues to generate repeat orders, which lead to direct sales revenues, even if the volumes were lower in this quarter than in the second quarter. Sweden and Malaysia have also contributed to the sales volumes.
Our Foleys (BIP Foley) are being evaluated by some 40 clinics in Sweden, in parallel with a handful of evaluations of our central venous catheters (BIP CVC), which is an important initial step to implementing our solutions in the healthcare system. A first order of BIP CVC has been delivered to a hospital in the south of Sweden. It is also encouraging that a tender committee in the same region has established a separate category for infection protection Foleys in a public procurement for patients suffering from recurring urinary tract infections. This is promising for the future and a token that our strategy works.
In India, preparatory marketing activities are ongoing and clinical trials at three leading hospital will start before the end of this year. In Pakistan, preparations for market launch. A dozen of evaluations are ongoing in Brazil and Chile and in Mexico we received an approval which means that we are now able to deliver products to our distributor.
In Iraq, the political turmoil is still challenging and we have been informed that there will be a re-tender, which will delay our deliveries. In China, the approval process is also taking longer than expected, but we have received information that it is approaching the final stage.
The clinical evidence, that the Bactiguard Infection Protection solution is efficient and tissue friendly (increases patient safety), is becoming even stronger. In September, two new independent and randomized clinical studies from Spain and Romania were published. These studies show that Bactiguard-coated Foley catheters and endotracheal tubes significantly reduce catheter associated urinary tract infections and ventilator associated pneumonia. The studies also confirm that the use of Bactiguard-coated catheters is a cost-effective alternative for preventing catheter associated infections and reducing the number of patient days in hospital.
When evaluating the financial targets it is evident that we are behind plan. As we have also come to the conclusion that it is not realistic to achieve the current targets within the original time frame, we revise them with 2015 as the base year. The new growth target is an average annual growth of 20 percent over a five year period. Based on this growth rate, we expect to reach an EBITDA margin of at least 30 percent by the end of the five year period.
Christian Kinch CEO
Bactiguard received in August a major one off order from C.R. Bard intended to increase their safety stock of infection prevention catheters. The order generated additional sales of approximately SEK 28 million in the third quarter and made a positive contribution to cash flow.
The additional order will lead to higher total sales to C.R. Bard for 2015 compared to last year. Excluding this order, we do not expect any increase of the underlying volume of coating concentrate delivered to C.R. Bard in 2015.
Two recent clinical studies, both independent and randomized, show that Bactiguard-coated Foley catheters and endotracheal tubes reduce catheter associated urinary tract infections and ventilator associated pneumonia.
The first study was conducted in Spain and included 116 patients catheterized for 2 - 14 days, with a mean of 4 days, during the immediate postoperative period following cardiac surgery. The incidence of catheter associated urinary tract infections was significantly lower (38 percent) for patients with Bactiguard-coated Foley catheters (BIP Foley) compared to patients with standard catheters.
The other study was conducted in Romania and included 100 patients intubated for five days. The study shows a 67 percent lower incidence of ventilator associated pneumonia for patients with Bactiguard-coated endotracheal tubes (BIP ETT), compared to patients with standard ETTs.
The studies also confirm that the use of Bactiguard-coated catheters is a cost-effective alternative for preventing catheter associated urinary tract infections and reducing the number of patient days in hospital.
During the third quarter, Bactiguard repurchased bonds in the market amounting to a total nominal value of SEK 44.5 million. Together with the repurchases which were conducted during the third and fourth quarter 2014 as well as the first quarter 2015, the total nominal value of the repurchased bonds amounts to SEK 88.5 million. The nominal value of the outstanding bond loan after repurchases now amounts to SEK 139 million.
Bactiguard has entered a credit facility agreement of 130 million SEK in total. Combined with the company's cash position, the credit facility secures the refinancing of Bactiguard's bond loan, which matures in December 2016.
Bactiguard and Vigilenz Medical Devices (Vigilenz), supplier of medical and surgical products, have entered into a license agreement for Bactiguard coated orthopaedic implants, covering the Asean-region (Malaysia, Indonesia, Thailand, Philippines, Singapore, Brunei, Vietnam, Myanmar, Cambodia & Laos).
The implants will initially be coated by Bactiguard. Vigilenz will be responsible for the CE certification process and for conducting clinical trials. As soon as the coated implants have been launched, Bactiguard will start receiving royalties.
When evaluating the financial targets it is evident that we are behind plan. As we have also come to the conclusion that it is not realistic to achieve the current targets within the original time frame, we revise them with 2015 as the base year (adjusted for the additional order from C.R. Bard). The new financial targets are described in more detail under the heading Financial targets on page 9 in this report.
Bactiguard has three 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, Inc. regarding Foley catheters for the USA, Japan, the UK, Ireland, Canada and Australia.
Territorial fees are attributable to the compensation received when entering into a contract with a distributor that obtains exclusive rights to sell Bactiguard's products on a distinct geographical market.
Comprises mainly foreign exchange differences and any 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 third quarter amounted to SEK 61.4 (28.1) million, which is an increase of approx. 118 % compared to the same quarter last year. The increase is mainly related to an additional oneoff order from C.R. Bard intended to increase their safety stock of infection prevention catheters. The order generated additional sales of approximately SEK 28 million in the third quarter.
The bulk of revenues during the third quarter (92.4 %) came from the License revenues. The total underlying volumes in the license business to C.R. Bard (i.e. excluding additional order) was also 5 % higher compared to the corresponding quarter last year. The currency effect on the total license business compared to the third quarter 2014 was positive with SEK 7.8 million of which SEK 4.0 million referred to the underlying volume. The additional order from C.R. Bard together with the positive currency effect meant that License revenues in the third quarter 2015 increased by approx. 133 % to SEK 56.8 (24.3) million.
Sales of BIP products amounted to 0.9 % of revenues or approx. SEK 0.6 (0.5) million in the third quarter, with sales to Saudi Arabia, Sweden and Malaysia. Sales revenues from Saudi Arabia are nowadays recorded as direct sales revenues ("Sales of BIP products") since the previously agreed market contribution with the distributor (Gulf Medical) was fully consumed during the second quarter.
Territorial fees were non-existent during the third quarter 2015. During the quarter, a new distributor agreement for Colombia was signed. The agreement does not include any Territorial fees and thus generate direct sales revenues ("Sales of BIP Products") upon product deliveries.
Other product shipments have resulted from product deliveries to distributors against market contribution, and therefore have not generated revenue during the quarter.
Other revenues during the quarter amounted to 6.7 % or approx. SEK 4.1 (2.6) million and are attributable to exchange rate differences and EU grants for development projects.
Consolidated revenues for the period January to September 2015 amounted to SEK 118 (93.8) million, an increase of approx. 26 % compared to the same quarter last year. The bulk of the revenue 92.7 % (74.2 %) was attributable to license revenues. A positive currency effect on total License revenues amounted to approx. SEK 15.1 million.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year | |
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| License revenues | 92,4% | 86,5% | 92,7% | 74,2% | 75,5% |
| Territorial fees | 0,0% | 2,2% | 0,0% | 18,1% | 14,4% |
| Sales of BIP products | 0,9% | 1,9% | 1,4% | 2,2% | 1,8% |
| Other revenue | 6,7% | 9,4% | 5,9% | 5,4% | 8,3% |
Product deliveries
During the third quarter of 2015, a total of approx. 15.000 BIP products were delivered, compared to approx. 12.000 in the corresponding period of 2014.
During the nine-month period January-September 2015, a total of approx. 78,000 products were delivered, compared to approx. 71.000 in the corresponding period of 2014, an increase of approx. 10 %.
For the whole year of 2014, approx. 79.000 products were delivered.
EBITDA for the third quarter amounted to SEK 33.9 (2.2) million. The positive change compared with the corresponding period last year is mainly a result of the additional order from C.R. Bard.
Consolidated operating profit for the third quarter of 2015 amounted to SEK 25.7 (-5.3) million.
Financial items for the quarter amounted to SEK -20.5 (-11.7) 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 third quarter of 2015, the market valuation of the bond affected financial items negatively by SEK -12.5 (-6.8) million. Interest expense related to the bond amounted to SEK -4.7 (-6.3) million in the third quarter. The lower interest expense reflects the fact that the outstanding bond loan decreased from an initial nominal value of SEK 450 million to a nominal value of SEK 139 million through the set-off issue completed in connection with the listing of the company's shares on Nasdaq Stockholm and through repurchase of bonds in the market, see Financial Position below.
Consolidated net profit for the third quarter amounted to SEK 6.1 (-15.7) million where the additional order from C.R. Bard was the main reason behind the positive change in net profit.
EBITDA for the nine-month period January to September amounted to SEK -2.9 (14.2) million. Provisions and non-recurring costs have negatively affected EBITDA during the period by SEK -35.4 million. Adjusted for these items, EBITDA amounted to SEK 32.5 million. The provisions for doubtful account receivables of net SEK -25.5 million have no effect on the cash flow. In addition to these non-recurring effects, EBITDA was positively impacted by the additional order from C.R. Bard.
Consolidated operating profit for the nine-month period January to September amounted to SEK -27.4 (-8.2) million.
Consolidated net profit for the nine-month period amounted to SEK -36.4 (-79.4) million. Net profit is next to the above additional order, provisions and non-recurring costs also affected by the market valuation of the bond of SEK 5.4 (-31.1) million.
Operating cash flow (cash flow from operating activities after investments and changes in working capital) for the third quarter amounted to SEK 9.5 (-21.8) million. Cash flow from operating activities made a positive contribution with SEK 30.2 (1.3) million but was burdened by a negative contribution from changes in working capital with SEK -17.2 (-18.5) million.
Total cash flow for the third quarter was SEK -35.1 (-82.4) million. Of this, repurchase of bonds amounted to SEK 44.6 million (corresponding to a nominal value of SEK 44.5 million).
Operating cash flow for the nine-month period January to September 2015 amounted to SEK -6.8 (-12.4) million.
Total cash flow for the nine-month period was SEK -56.6 (147.6) million. Of this, repurchase of bonds amounted to in total SEK 49.7 million (corresponding to a nominal value of SEK 49.5 million).
Investments in property, plant and equipment during the third quarter amounted to SEK 1.1 (4.2) million, mainly related to the new integrated headquarters and production facility. Investment in intangible assets, mainly related to capitalized development costs, amounted to SEK 2.3 (0.4) million for the period. No investments were made in financial non-current assets during the period (-).
The consolidated equity ratio was 68 % at 30 September 2015 (64 % at 31 December 2014) and equity amounted to SEK 484.4 (518.7 at 31 December 2014) 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. During the third quarter, Bactiguard repurchased bonds with a total nominal value of SEK 44.5 million. Along with the repurchases conducted during the third and fourth quarter of 2014 as well as during the first quarter 2015, the total nominal value of the repurchased bonds amounted to SEK 88.5 million. The nominal value of the outstanding bond loan after completed repurchases is thereby SEK 139 million.
The bond is valued at market value and on 30 September 2015, net outstanding bond (nominal value SEK 139 million) was valued at SEK 140.4 million (price 101.0, which is an increase from 94.0 at the end of the second quarter 2015).
Consolidated cash position at 30 September 2015 amounted to SEK 48.8 million (SEK 105.1 million at 31 December 2014). Net debt amounted to SEK 91.6 million (SEK 90.4 million at 31 December 2014).
The total assets of the group at 30 September 2015 amounted to SEK 712.8 million (811.1 million at 31 December 2014). The largest asset item in the balance sheet is technology related to Bactiguard's product portfolio, which at 30 September amounted to SEK 266.4 million (284.2 million at 31 December 2014).
Accounts receivable (short- and long term) amounted to SEK 65.2 million at 30 September 2015, which is a decrease of SEK 25.9 million since 31 December 2014. The decrease can be explained by payments on existing accounts receivables as well as provisions for doubtful account receivables during the first half year of 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 September 2015 was SEK 8.95, and the market capitalization amounted to SEK 298 million.
The share capital of Bactiguard at 30 September 2015 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 September 2015 amounted to 33,302,373 shares and 69,302,373 votes.
| Ownership | |||||||
|---|---|---|---|---|---|---|---|
| At 30 September 2015, Bactiguard had 2.747 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 | 8 160 484 | 10 160 484 | 30,5% | 40,6% | ||
| THOMAS VON KOCH WITH COMPANY | 2 000 000 | 8 160 384 | 10 160 384 | 30,5% | 40,6% | ||
| HANDELSBANKEN FONDER AB | 852 527 | 852 527 | 2,6% | 1,2% | |||
| SWEDBANK FÖRSÄKRING | 828 561 | 828 561 | 2,5% | 1,2% | |||
| STÅHLBERG, JAN | 582 544 | 582 544 | 1,8% | 0,8% | |||
| NORDNET PENSIONSFÖRSÄKRING AB | 518 296 | 518 296 | 1,6% | 0,7% | |||
| FRÖAFALL INVEST AB | 516 000 | 516 000 | 1,6% | 0,7% | |||
| LÄNSFÖRSÄKRINGAR JÖNKÖPING | 474 377 | 474 377 | 1,4% | 0,7% | |||
| SARGAS EQUITY AB | 364 090 | 364 090 | 1,1% | 0,5% | |||
| NORTAL CAPITAL AB | 246 200 | 246 200 | 0,7% | 0,4% | |||
| Total, major shareholders | 4 000 000 | 20 703 463 | 24 703 463 | 74,2% | 87,6% | ||
| Total, others | 0 | 8 598 910 | 8 598 910 | 25,8% | 12,4% | ||
| 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 September 2015 amounted to 66 (57), of which 37 (31) 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. 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 2014. New standards effective from 1 January 2015 have had no material impact on the group. The new and amended standards and interpretations that have been issued but is effective for fiscal years beginning after 1 January, 2016 have not yet been applied by the Group.
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.
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 21 and 38-40 of the Annual Report for 2014.
Bactiguard's goal is to create value and generate good returns for the shareholders. Past targets have been based on an average growth of 30% per year over a five-year period starting from 2013. The Board has decided to revise the financial targets as follows:
An average growth of 20 % per year over a five year period, with 2015 (adjusted for the additional order from C.R. Bard) as the base year. Furthermore, 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 new license agreements in new therapeutic areas. Other financial goals 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 before dividends.
| Amounts in TSEK | Jul-Sep 2015 |
Jul-Sep 2014 |
Jan-Sep 2015 |
Jan-Sep 2014 |
Full year 2014 |
|---|---|---|---|---|---|
| Revenues | |||||
| License revenues | 56 783 | 24 270 | 109 393 | 69 622 | 89 779 |
| Territorial fees | - | 619 | - | 17 020 | 17 108 |
| Sales of BIP products | 563 | 529 | 1 684 | 2 054 | 2 160 |
| Other revenue | 4 099 | 2 641 | 6 936 | 5 100 | 9 811 |
| 61 445 | 28 059 | 118 013 | 93 796 | 118 858 | |
| Raw materials and consumables |
-2 892 | -2 997 | -6 276 | -6 193 | -6 102 |
| Other external expenses | -12 568 | -11 554 | -67 573 | -38 838 | -54 187 |
| Personnel costs | -10 190 | -10 678 | -40 862 | -32 993 | -44 996 |
| Depreciation and amortisation | -8 279 | -7 538 | -24 543 | -22 389 | -30 131 |
| Other operating expenses | -1 854 | -619 | -6 183 | -1 540 | -3 229 |
| -35 783 | -33 386 | -145 438 | -101 953 | -138 646 | |
| Operating profit | 25 662 | -5 328 | -27 425 | -8 157 | -19 788 |
| Financial items | |||||
| Financial income | 1 | 1 627 | 5 662 | 2 568 | 3 641 |
| Financial expenses | -20 550 | -13 351 | -18 115 | -77 566 | -83 999 |
| -20 549 | -11 724 | -12 453 | -74 998 | -80 358 | |
| Profit before tax | 5 113 | -17 052 | -39 878 | -83 155 | -100 146 |
| Tax for the period | 940 | 1 334 | 3 501 | 3 765 | 5 104 |
| Net profit/loss for the period | 6 053 | -15 718 | -36 377 | -79 390 | -95 042 |
| Attributable to: | |||||
| Shareholders of the parent | 6 053 | -15 718 | -36 377 | -79 390 | -95 042 |
| Earnings per share, SEK* | 0,18 | -0,47 | -1,09 | -3,17 | -3,80 |
| Amounts in TSEK | Jul-Sep 2015 |
Jul-Sep 2014 |
Jan-Sep 2015 |
Jan-Sep 2014 |
Full year 2014 |
|---|---|---|---|---|---|
| Net profit/loss for the period Other comprehensive income: |
6 053 | -15 718 | -36 377 | -79 390 | -95 042 |
| Items that w ill not be reclassified to profit or loss for the year |
- | - | - | - | - |
| Items that w ill be reclassified to profit or loss for the year |
|||||
| Translation differences | 1 966 | -258 | 2 031 | -416 | -655 |
| Other comprehensive income, after tax | 1 966 | -258 | 2 031 | -416 | -655 |
| Total comprehensive income for the period | 8 019 | -15 976 | -34 347 | -79 806 | -95 697 |
| Attributable to: | |||||
| Shareholders of the parent | 8 019 | -15 976 | -34 347 | -79 806 | -95 697 |
| Total earnings per share, SEK* | 0,24 | -0,48 | -1,03 | -3,19 | -3,83 |
| 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 | 25 007 | 25 007 |
| * no dilution effect |
| Amounts in TSEK | 2015-09-30 | 2014-09-30 | 2014-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodw ill |
226 292 | 226 292 | 226 292 |
| Technology | 266 370 | 290 177 | 284 225 |
| Brands | 25 572 | 25 572 | 25 572 |
| Customer relationships | 13 203 | 14 383 | 14 088 |
| Capitalised development expenditure Patents |
10 368 1 162 |
7 759 1 518 |
7 772 1 454 |
| Intangible assets | 542 967 | 565 701 | 559 402 |
| Improvements, leasehold | 17 830 | 13 673 | 15 812 |
| Machinery and other technical plant | 7 761 | 8 509 | 9 763 |
| Equipment, tools and installations | 5 826 | 1 811 | 6 204 |
| Property, plant and equipment | 31 417 | 23 993 | 31 779 |
| Accounts receivable | 8 144 | 10 432 | 9 531 |
| Investments in associates | 1 368 | 1 293 | 1 368 |
| Financial assets | 9 512 | 11 725 | 10 899 |
| Total non-current assets | 583 896 | 601 419 | 602 080 |
| Current assets | |||
| Inventory | 11 209 | 6 136 | 8 974 |
| Accounts receivable | 57 053 | 82 408 | 81 625 |
| Other current receivables | 11 795 | 15 833 | 13 303 |
| Cash and cash equivalents | 48 803 | 154 045 | 105 147 |
| Total current assets | 128 860 | 258 422 | 209 049 |
| TOTAL ASSETS | 712 756 | 859 841 | 811 128 |
| Equity attributable to shareholders of the parent | |||
| Share capital | 833 | 833 | 833 |
| Other equity | 483 531 | 534 059 | 517 877 |
| Total equity | 484 364 | 534 891 | 518 710 |
| Non-current liabilities | |||
| Bonds | 140 390 | 216 315 | 195 569 |
| Deferred tax liability | 35 736 | 40 589 | 39 237 |
| 176 126 | 256 904 | 234 806 | |
| Current liabilities | |||
| Accounts payable | 3 276 | 5 061 | 10 995 |
| Other current liabilities | 2 599 | 3 730 | 3 938 |
| Accrued expenses and deferred income | 46 391 | 59 255 | 42 679 |
| 52 266 | 68 046 | 57 613 | |
| Total liabilities | 228 392 | 324 950 | 292 418 |
| TOTAL EQUITY AND LIABILITIES | 712 756 | 859 841 | 811 128 |
| Amounts in TSEK | Equity attributable to shareholders of the parent | ||||
|---|---|---|---|---|---|
| Other capital | Translation | Retained earnings including net profit |
|||
| Share capital | contributions | reserve | for the period | Total equity | |
| Opening balance, 1 January 2014 | 500 | 202 673 | -139 | -62 082 | 140 953 |
| Profit/loss for the period | - | - | - | -79 390 | -79 390 |
| Other comprehensive income: | |||||
| Translation differences | - | - | -416 | - | -416 |
| Total comprehensive income after tax | 0 | 0 | -416 | -79 390 | -79 806 |
| Transactions with shareholders | |||||
| Share issue | 333 | 473 308 | - | 473 641 | |
| Repurchase of options | - | - | - | 104 | 104 |
| Total transactions with shareholders | 333 | 473 308 | 0 | 104 | 473 745 |
| Closing balance, 30 September 2015 | 833 | 675 981 | -555 | -141 369 | 534 891 |
| Opening balance, 1 January 2015 | 833 | 675 690 | -794 | -157 020 | 518 710 |
| Profit/loss for the period | - | - | - | -36 377 | -36 377 |
| Other comprehensive income: | |||||
| Translation differences | - | - | 2 031 | - | 2 031 |
| Total comprehensive income after tax | 0 | 0 | 2031 | -36 377 | -34 346 |
| Transactions with shareholders | |||||
| Total transactions with shareholders | 0 | 0 | 0 | 0 | 0 |
| Closing balance, 30 September 2015 | 833 | 675 690 | 1237 | -193 397 | 484 364 |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| Cash flow from operating activities | |||||
| Net profit/loss for the period | 6 053 | -15 718 | -36 377 | -79 390 | -95 042 |
| Adjustments for depreciation and amortisation and | |||||
| other non-cash items | 24 157 | 17 051 | 55 260 | 78 417 | 52 179 |
| 30 210 | 1 333 | 18 883 | -973 | -42 863 | |
| Cash flow from changes in working capital | |||||
| Increase/decrease inventory | -606 | 433 | -2 009 | -2 403 | -5 936 |
| Increase/decrease accounts receivable | -9 416 | 1 455 | -9 190 | 1 297 | 2 982 |
| Increase/decrease other current receivables | 836 | -490 | 3 183 | -5 688 | -2 270 |
| Increase/decrease accounts payable | -3 061 | -11 761 | -9 812 | -2 392 | 3 561 |
| Increase/decrease other current liabilities | -5 047 | -8 191 | 701 | 6 392 | 8 782 |
| -17 294 | -18 553 | -17 127 | -2 794 | 7 119 | |
| Cash flow from investing activities | |||||
| Investments in intangible assets | -2 323 | -363 | -3 579 | -2 055 | -2 397 |
| Investments in property, plant and equipment | -1 056 | -4 244 | -5 064 | -6 587 | -15 692 |
| Investments in associates | - | - | - | - | -145 |
| -3 379 | -4 607 | -8 643 | -8 642 | -18 233 | |
| Operating cash flow | 9 537 | -21 827 | -6 887 | -12 409 | -53 977 |
| Cash flow from financing activities | |||||
| Share issue | - | 1 401 | - | 473 641 | 473 350 |
| Amortisation of debt | -44 642 | -48 037 | -49 792 | -299 661 | -321 495 |
| Terminiation of option agreement | - | -14 000 | - | -14 000 | - |
| Repurchase of options | - | - | - | 104 | 104 |
| -44 642 | -60 636 | -49 792 | 160 084 | 151 959 | |
| Cash flow for the period | -35 105 | -82 463 | -56 679 | 147 675 | 97 982 |
| Cash and cash equivalents at start of period | 84 034 | 235 062 | 105 147 | 5 417 | 5 417 |
| Exchange difference in cash and cash equivalents | -126 | 1 446 | 335 | 954 | 1 747 |
| Cash and cash equivalents at end of period | 48 803 | 154 045 | 48 803 | 154 045 | 105 147 |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2014 | |
| Revenues | 1 127 | 2 936 | 6 108 | 8 856 | 12 287 |
| 1 127 | 2 936 | 6 108 | 8 856 | 12 287 | |
| Operating expenses | -962 | -3 785 | -12 518 | -13 929 | -18 603 |
| -962 | -3 785 | -12 518 | -13 929 | -18 603 | |
| Operating profit/loss | 165 | -849 | -6 410 | -5 073 | -6 317 |
| Net financial items | -5 591 | -5 169 | -16 470 | -41 467 | -46 713 |
| Profit/loss after financial items | -5 426 | -6 018 | -22 880 | -46 540 | -53 030 |
| Tax for the period | - | - | - | - | - |
| Net profit/loss for the period | -5 426 | -6 018 | -22 880 | -46 540 | -53 030 |
The parent company has no items in 2015 or 2014 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 | 2015-09-30 | 2014-09-30 | 2014-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | 689 774 | 626 574 | 656 574 |
| Total non-current assets | 689 774 | 626 574 | 656 574 |
| Current assets | |||
| Receivables from group companies | 25 095 | 7 544 | 13 407 |
| Prepayments and accrued income | 423 | 1 577 | 360 |
| Other current receivables | - | 432 | 139 |
| Cash and cash equivalents | 41 660 | 145 105 | 87 319 |
| Total current assets | 67 178 | 154 658 | 101 225 |
| TOTAL ASSETS | 756 952 | 781 232 | 757 799 |
| EQUITY & LIABILITIES | |||
| Total equity | 506 178 | 535 840 | 529 058 |
| Non-current liabilities | 224 674 | 222 336 | 222 920 |
| Liabilities to group companies | - | - | - |
| Other liabilities | 26 100 | 23 056 | 5 820 |
| Current liabilities | 26 100 | 23 056 | 5 820 |
| Total liabilities | 250 774 | 245 392 | 228 740 |
| TOTAL EQUITY AND LIABILITIES | 756 952 | 781 232 | 757 799 |
18 February 2016 Year-end report 2015
For additional information, please contact:
Christian Kinch, CEO: +46 8 440 58 80
Fredrik Järrsten, CFO: +46 725 500 089
Cecilia Edström, VP - Director of Sales and New Business: +46 722 262 328
Ulrika Berglund, Head of External Affairs: +46 708 800 407
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, 12 November 2015
| Stanley Brodén | Mia Arnhult |
|---|---|
| Chairman | Board member |
Peter Hentschel Christian Kinch
Board member CEO and Board member
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, Latin America and Southern Africa. The company has market presence in some 50 countries and has about 60 employees. Its headquarters are 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 2007:528). The information was submitted for publication on 12 November 2015 at 08.00 CET.
We have reviewed the interim report for Bactiguard Holding AB (publ) for the period 1 January 2015 – 30 September 2015. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm 12 November 2015
DELOITTE AB
Kent Åkerlund Authorized Public Accountant
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.