Interim / Quarterly Report • Aug 13, 2015
Interim / Quarterly Report
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January - June 2015
August 13, 2015
| Amounts in SEK millions | nd quarter 2 Apr-Jun 2015 |
nd quarter 2 Apr-Jun 2014 |
6 months Jan -Jun 2015 |
6 months Jan -Jun 2014 |
12 months Jan-Dec 2014 |
|---|---|---|---|---|---|
| Net sales | 148.1 | 120.4 | 292.3 | 234.1 | 490.4 |
| Cost of sales | -63.7 | -54.7 | -127.9 | -106.7 | -223.5 |
| Gross profit | 84.5 | 65.7 | 164.4 | 127.4 | 266.9 |
| Operating expenses | -66.7 | -52.1 | -128.8 | -104.3 | -217.6 |
| Operating profit/loss (EBIT) | 17.7 | 13.5 | 35.7 | 23.0 | 49.3 |
| Financial items | -0.3 | 2.4 | 1.6 | 2.8 | 5.5 |
| Profit/loss before tax | 17.4 | 15.9 | 37.3 | 25.8 | 54.9 |
| Tax expenses | -1.7 | -0.5 | -3.0 | -2.4 | -3.7 |
| Total profit/loss for the period | 15.7 | 15.4 | 34.3 | 23.5 | 51.1 |
| Gross profit margin | 57.0% | 54.5% | 56.3% | 54.4% | 54.4% |
| Operating profit margin (EBIT) | 12.0% | 11.3% | 12.2% | 9.8% | 10.1% |
In view of the strong first quarter result I am very pleased to be able to present another strong quarter. Sales increased by 23 percent compared to the corresponding period last year and by 25 percent in the first six months. At comparable exchange rates the organic growth is 4 and 6 percent, respectively. Above all it is the product area analytical chemistry with the Sample Prep products that is leading the way for the continued sales successes.
Operating profit (EBIT) improved by 31 percent in the quarter to 17.7 MSEK. For the first six months of the year EBIT amounts to 35.7 MSEK, an improvement by 55 percent. We report a 12 percent operating margin for the quarter and 12.2 percent for the six months period and thus clearly exceed our operating profitability goal of 10 percent.
It is encouraging to note that Europe reports a strong quarter after a period with weaker sales figures. Sales in the US and Japan continue to develop well. Also China had a very good quarter and a sales growth of over 40 percent in the six month period compared to the corresponding period last year. In the second quarter we had strong contract manufacturer sales. Distributor sales in APAC (Asia Pacific) and EMEA (Europe, Middle East and Africa) do not meet our expectations. We have therefore intensified the work with improving our distributor channels.
Biotage's two biggest product areas, Purification in Organic Chemistry and Sample Prep in Analytical Chemistry, both show strong sales in the second quarter as well as in the first six months of the year. The demand for consumables in analytical chemistry is a considerably contributing factor for the positive development, but also system sales have been strong in the quarter. We continue working close to our analytical customers in the areas of pain treatment and clinical tests. During the quarter we have also seen a considerable breakthrough within the petrochemical industry for our analytical chemistry products.
Sales of the technology platform Extrahera™ and our reagent rental programs – combined offerings of Extrahera systems and consumables – are developing well. Introductions of upgraded software increase the area of applications for our existing customers, at the same time as they broaden the customer base to Extrahera.
In the product area Organic Chemistry practically all products show good sales. The sales of peptide synthesis products were a little weaker in the second quarter, but despite this the turnover of these products is up 40 percent in the six month period due to a very strong first quarter. The product area Industrial Products also grows compared to the corresponding period last year.
The distribution of sales between systems versus consumables and service is 45 and 55 percent, respectively, in the quarter as well as in the six month period. Our goal is that aftermarket products shall constitute at least 60 percent of the sales.
The gross margin improved significantly to 57.0 percent for the quarter and amounts to 55.4 percent on a rolling 12 month basis. The improvement is partly due to currency effects but is also an effect of the focused work to improve the efficiency of our manufacturing plant in Cardiff.
It is a relief that we have now been able to conclude the alleged patent infringement dispute in the US concerning three of the five the US patents, as the US Supreme Court denied the other party's petition for review.
Group net sales in the second quarter 2015 amounted to 148.1 MSEK (120.4), which is an increase by 23 percent. At comparable exchange rates sales increased by 4 percent compared to the corresponding quarter last year. The Americas was the biggest market with 41 (43) percent of the net sales. The EU area contributed 33 (34) percent, Japan 12 (12) percent, China 8 (5) percent, EMEA 4 percent and APAC 3 percent. Together EMEA and APAC, previously called "rest of the world", contributed 7 (6) percent of the net sales.
The Group's gross margin improved to 57.0 percent (54.5). Efficiency improvements in the production contribute to the increased profitability. The strong GBP makes the manufacturing costs in Wales higher at the translation to SEK, while higher exchange rates for USD and EUR give positive effects on the sales reported in SEK. The distribution of sales between systems and aftermarket products was 45 (46) and 55 (54) percent, respectively.
The operating expenses amounted to 66.7 MSEK (52.1). Of this sum 40.9 MSEK (34.9) were sales costs. The increase in sales costs by 6.0 MSEK compared to the corresponding period last year is attributable to strategic investments in the sales organization and to currency effects. Other operating items, -2.1 MSEK (2.8) primarily consists of currency effects on operations related liabilities and receivables. Compared to the first quarter of this year, when this item contributed positively with 4.2 MSEK, these currency effects have a negative impact on the result in the order of 6.3 MSEK.
The operating profit improved by 31 percent to 17.7 MSEK (13.5), corresponding to an operating margin (EBIT) of 12.0 percent (11.3). Net financial income amounted to -0.3 MSEK (2.4). The result after tax amounted to 15.7 MSEK (15.4).
The cash flow from operating activities was 29.0 MSEK (24.6). The investments amounted to 7.2 MSEK (7.8) and the amortizations to 9.0 MSEK (8.1). 5.9 MSEK (5.9) of the investments were capitalized development costs and 5.2 MSEK (4.6) of the amortizations were amortizations of capitalized development costs.
Group net sales increased by 25 percent in the first six months of 2015 and amounted to 292.3 MSEK (234.1). At comparable exchange rates net sales increased by 6 percent. The Americas was the biggest market with 43 (40) percent of the net sales. The EU contributed 32 (35) percent, Japan 13 (15) percent, China 6 (5) percent, EMEA 3 percent and APAC 2 percent. Together EMEA and APAC, previously called "rest of the world", contributed 5 (5) percent of the net sales.
The Group's gross margin for the period was 56.3 percent (54.4).
The operating expenses amounted to 128.8 MSEK (104.3). The sales costs increased by 14.9 MSEK compared to the corresponding period last year and amounted to 82.4 MSEK (67.4). The increase is partly the result of currency effects, as a large part of the costs are in USD and EUR, but it also reflects the investments that are being made in the sales organization. The research and development costs increased by 5.9 MSEK, due to lower capitalization of development costs as well as to higher amortizations. The operating profit improved by 55 percent and amounted to 35.7 MSEK (23.0), corresponding to an operating margin (EBIT) of 12.2 percent (9.8). Net financial income amounted to 1.6 MSEK (2.8). The result after tax amounted to 34.3 MSEK (23.5), an increase by 46 percent.
The cash flow from operating activities was 52.8 MSEK (35.4). The investments amounted to 12.8 MSEK (17.7) and the amortizations to 18.6 MSEK (15.7). 9.9 MSEK (13.0) of the investments were capitalized development costs and 11.0 MSEK (8.9) of the amortizations were amortizations of capitalized development costs.
At June 30, 2015 the Group's cash and cash equivalents amounted to 90.3 MSEK compared to 121.0 MSEK at March 31 and 100.0 MSEK at December 31, 2014. The Group's interest-bearing liabilities amounted to 5.0 MSEK at the end of the reported period, compared to 5.1 MSEK at March 31 and 5.0 MSEK at December 31, 2014. Net cash at June 30 thus amounted to 85.3 MSEK, compared to 115.7 MSEK at March 31 and 95.0 MSEK at December 31, 2014. During the quarter dividends to the shareholders were paid to the amount of 48.5 MSEK (38.8).
The Group reports a total goodwill of 90.5 MSEK at June 30, the same amount as at March 31 and December 31, 2014. The reported goodwill relates to the acquisitions of MIP technologies AB and two product lines from Caliper Life Sciences Inc. in 2010.
Other intangible fixed assets amounted to 121.7 MSEK, compared to 122.0 MSEK at March 31 and 124.4 MSEK at December 31, 2014. Of this sum patents and license rights amounted to 31.4 MSEK, compared to 32.3 MSEK at March 31 and 33.3 at December 31, 2014, and capitalized development costs to 90.3 MSEK, compared to 89.7 MSEK at March 31 and 91.5 MSEK at December 31, 2014.
At June 30 the equity capital amounted to 496.1 MSEK, compared to 530.6 MSEK at March 31 and 502.6 MSEK at December 31, 2014. The change in equity capital during the six months period is attributable to the net result, 34.3 MSEK, dividends to the shareholders, -48.5 MSEK, and hedging and currency effects at the translation of foreign subsidiaries, 7.7 MSEK.
Biotage had no holding of own shares at the end of the reported period. No shares were acquired under the repurchasing program resolved at the 2015 Annual General Meeting. Complete documentation from the 2015 AGM is available at www.biotage.com.
Biotage has, as previously reported, been sued for alleged patent infringement in the US by Scientific Plastic Products, Inc. ("SPP"). These law suits are stayed by the district court pending outcome of reexamination proceedings at the US Patent and Trademark Office (USPTO) regarding the validity of the patent claims.
On September 10, 2014 the US Court of Appeals for the Federal Circuit affirmed the decision of USPTO's Patent Trial and Appeal Board´s decision to reject all claims of the US patents 7,138,061, 7,381,327 and 7,410,571 ("the Patents"). On June 1, 2015 the U.S. Supreme Court denied SPP's petition to review the Federal Circuit's decision. SPP has now exhausted all possibilities to seek review or reconsideration of USPTO's rejections. It is expected that the USPTO will issue reexamination certificates canceling all claims of the Patents and the district court will dismiss all claims of alleged infringement of the Patents with prejudice.
Biotage has also filed requests for reexamination of all patent claims in the US patents 8,066,875 B2, which is a continuation of US patent 7,381,327, and US patent 8,070,957, which is a continuation of the US patent 7,410,571. All claims of the patents 8,066,875 B2 and 8,070,957 are rejected, and SPP has appealed to the USPTO Patent Trial and Appeal Board. SPP asserted these patents in district court in a separate lawsuit, which is also stayed pending reexamination.
Biotage's analysis indicates that the company has a strong position and that SPP lacks good cause for the alleged patent infringement.
There are no major events after the reported period to report.
The Group had 284 employees at June 30, 2015 compared to 284 at March 31 and 293 at the start of the year.
The Group's parent company, Biotage AB, has wholly owned subsidiaries in Sweden, the United States, United Kingdom, Germany, France, Italy, Japan and China. The parent company is responsible for group management, strategic business development and administrative functions at group level and towards subsidiaries.
The parent company's net income amounted to 0.7 MSEK (0.6) in the second quarter 2015 and to 1.4 MSEK (1.2) in the period January – June. The operating expenses amounted to 5.5 MSEK (4.8) in the quarter and to 10.0 MSEK (10.2) in the six month period. The operating result was -4.8 MSEK (-4.2) for the quarter and 8.7 MSEK (9.0) for the six month period.
The parent company's net financial income for the quarter was -1.2 MSEK (1.8). Of this sum net interest income from liabilities to group companies was -0.3 MSEK (0.1). For the six month period the parent company's net financial income amounted to -0.9 MSEK (2.4). The parent company's result after financial items was -6.0 MSEK (-2.5) for the quarter and -9.6 MSEK (-6.6) for the six month period.
Investments in intangible fixed assets amounted to 0.3 MSEK (0.2) in the quarter and to 0.2 MSEK (0.5) in the six month period. The parent company's cash and bank balance amounted to 1.0 MSEK at June 30, compared to 1.9 MSEK at March 31 and 1.0 MSEK at December 31, 2014.
As an international Group, Biotage is exposed to various risks that affect the possibilities to achieve the established targets. There are operational risks, such as the risk that competitive situations affect price levels and sales volumes, and the risk that the economic development in the markets and segments where the Group operates is not stable. There are also financial risks, such as currency risks, interest risks and credit risks. No major changes in significant risks or uncertainty factors have occurred during the period. An account of Biotage's risks and uncertainty factors and the handling of these can be found in the company's Annual Report for 2014. Readers wishing to study the Annual Report can download this from Biotage AB's website www.biotage.com or order it from Biotage AB, Box 8, SE-751 03 Uppsala or [email protected].
The interim report for the third quarter 2015 will be issued on October 30, 2015. The year-end report for 2015 will be issued on February 11, 2016.
This report has not been reviewed by the company's auditor.
The Board of Directors and the President assure that the interim report gives a fair review of the operations of the Parent Company and the Group, their financial positions and results, and describes the significant risks and uncertainties that the Parent Company and the Group companies are facing.
Uppsala August 13, 2015
Torben Jörgensen President and CEO
Ove Mattsson Nils-Olof Björk Thomas Eklund Chairman Board Director Board Director Peter Ehrenheim Karolina Lawitz Anders Walldov Board Director Board Director Board Director Love Amcoff Malin Albertsson Anders Wessman Board Director Board Director Deputy Board Director
Employee Representative Employee Representative Employee Representative
For further information, please contact:
Torben Jörgensen, President and CEO, phone: +46 707 49 05 84 Erika Söderberg Johnson, CFO, phone: +46 707 20 48 20
The information in this press release is of the kind that Biotage AB (publ) is required to make public according to the Financial Instruments Trading Act. The information was released for publication at 08.30 on August 13, 2015.
Biotage offers efficient separation technologies from analysis to industrial scale and high quality solutions for analytical chemistry from research to commercial analysis laboratories. Biotage's products are used by government authorities, academic institutions, pharmaceutical and food companies, among others. The company is headquartered in Uppsala and has offices in the US, UK, China and Japan. Biotage has approx. 290 employees and had sales of 490 MSEK in 2014. Biotage is listed on the NASDAQ OMX Stockholm stock exchange. Website: www.biotage.com
| 2015-04-01 | 2014-04-01 2015-01-01 | 2014-01-01 2014-01-01 | |||
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2015-06-30 | 2014-06-30 2015-06-30 | 2014-06-30 2014-12-31 | ||
| Net sales | 148,115 | 120,383 | 292,290 | 234,100 | 490,381 |
| Cost of sales | -63,665 | -54,724 | -127,861 | -106,746 | -223,462 |
| Gross profit | 84,450 | 65,659 | 164,429 | 127,354 | 266,919 |
| Distribution costs | -40,857 | -34,905 | -82,353 | -67,446 | -139,201 |
| Administrative expenses | -13,196 | -10,929 | -25,009 | -22,839 | -47,650 |
| Research and development costs | -10,583 | -9,055 | -23,481 | -17,576 | -38,450 |
| Other operating income | -2,110 | 2,779 | 2,070 | 3,519 | 7,695 |
| Total operating expenses | -66,746 | -52,110 | -128,772 | -104,341 | -217,606 |
| Operating profit/loss | 17,704 | 13,549 | 35,657 | 23,013 | 49,313 |
| Financial net income | -346 | 2,384 | 1,598 | 2,835 | 5,548 |
| Profit/loss before income tax | 17,358 | 15,933 | 37,255 | 25,848 | 54,861 |
| Tax expenses | -1,701 | -539 | -2,993 | -2,388 | -3,749 |
| Total profit/loss for the period | 15,658 | 15,394 | 34,262 | 23,460 | 51,112 |
| Other comprehensive income | |||||
| Components that may be reclassified to net income: | |||||
| Translation differences related to | |||||
| non Swedish subsidiaries | -2,092 | 3,336 | 7,435 | 3,722 | 13,861 |
| Cash flow hedges | 428 | 197 | 285 | -308 | -176 |
| Total other comprehensive income | -1,663 | 3,533 | 7,721 | 3,413 | 13,685 |
| Total comprehensive income for the period | 13,994 | 18,927 | 41,982 | 26,873 | 64,797 |
| 2015-04-01 2015-06-30 |
2014-04-01 2015-01-01 2014-06-30 2015-06-30 |
2014-01-01 2014-01-01 2014-06-30 2014-12-31 |
|||
|---|---|---|---|---|---|
| Attributable to parent company´s shareholders: Total profit/loss for the period |
15,658 | 15,394 | 34,262 | 23,460 | 51,112 |
| Attributable to parent company´s shareholders: Total comprehensive income for the period |
13,994 | 18,927 | 41,982 | 26,873 | 64,797 |
| Average shares outstanding | 64,714,447 | 64,714,447 | 64,714,447 | 64,714,447 | 64,714,447 |
| Shares outstanding at end of reporting period | 64,714,447 | 64,714,447 | 64,714,447 | 64,714,447 | 64,714,447 |
| Total profit/loss for the period per share SEK | 0.24 | 0.24 | 0.53 | 0.36 | 0.79 |
| Total profit/loss for the period per share SEK after dilution | 0.24 | 0.24 | 0.53 | 0.36 | 0.79 |
| Earnings per share relates to: | |||||
| Continuing operations | 0.24 | 0.24 | 0.53 | 0.36 | 0.79 |
| Total comprehensive income for the period per share SEK |
0.22 | 0.29 | 0.65 | 0.42 | 1.00 |
| Total comprehensive income for the period per share after dilution SEK |
0.22 | 0.29 | 0.65 | 0.42 | 1.00 |
| Quarterly summary 2014 and 2015 | 2015 | 2015 | 2014 | 2014 | 2014 | 2014 |
|---|---|---|---|---|---|---|
| Amounts in KSEK | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net Sales | 148,115 | 144,175 | 137,757 | 118,525 | 120,383 | 113,717 |
| Cost of sales | -63,665 | -64,196 | -62,848 | -53,868 | -54,724 | -52,022 |
| Gross profit | 84,450 | 79,978 | 74,909 | 64,656 | 65,659 | 61,695 |
| Gross margin | 57.0% | 55.5% | 54.4% | 54.6% | 54.5% | 54.3% |
| Operating expenses | -66,746 | -62,026 | -61,200 | -52,065 | -52,110 | -52,231 |
| Operating profit/loss | 17,704 | 17,952 | 13,709 | 12,591 | 13,549 | 9,464 |
| Finansnetto | -346 | 1,944 | 3,577 | -865 | 2,384 | 451 |
| Profit/loss before income tax | 17,358 | 19,896 | 17,286 | 11,727 | 15,933 | 9,916 |
| Tax expenses | -1,701 | -1,292 | -633 | -728 | -539 | -1,850 |
| Total profit/loss for the period | 15,658 | 18,604 | 16,653 | 10,998 | 15,394 | 8,066 |
| Amounts in SEK thousands | 2015-06-30 | 2014-12-31 |
|---|---|---|
| ASSETS | ||
| Non-Current assets | ||
| Property, plant and equipment | 41,957 | 43,057 |
| Goodwill | 90,523 | 90,523 |
| Other intangible assets | 121,688 | 124,822 |
| Financial assets | 2,132 | 808 |
| Deferred tax asset | 44,765 | 44,765 |
| Total non-current assets | 301,066 | 303,974 |
| Current assets | ||
| Inventories | 106,746 | 108,379 |
| Trade and other receivables | 118,143 | 106,612 |
| Cash and cash equivalents | 90,307 | 100,045 |
| Total current assets | 315,196 | 315,036 |
| TOTAL ASSETS | 616,262 | 619,010 |
| EQUITY AND LIABILITIES | ||
| Capital and reserves attributable to equity holders of the | ||
| parent company | ||
| Share capital | 89,953 | 89,953 |
| Other paid-in capital | 4,993 | 4,993 |
| Reserves | -86,684 | -94,404 |
| Retained earnings | 487,833 | 502,108 |
| Total equity | 496,096 | 502,650 |
| Non-current liabilities | ||
| Liabilities to credit institutions | 4,250 | 4,537 |
| Other financial liabilities | 1,214 | 5,072 |
| Deferred tax liability | 2,631 | 2,465 |
| Non-current provisions | 1,326 | 1,369 |
| Total non-current liabilities | 9,421 | 13,444 |
| Current liabilities | ||
| Trade and others liabilities | 103,916 | 98,457 |
| Other financial liabilities | 3,698 | 1,900 |
| Tax liabilities | 1,034 | 848 |
| Liabilities to credit institutions | 751 | 502 |
| Current provisions | 1,346 | 1,210 |
| Total current liabilities | 110,745 | 102,916 |
| TOTAL EQUITY AND LIABILITIES | 616,262 | 619,010 |
| Amounts in SEK thousands | Share capital |
Other payed-in capital |
Accumulated translation reserve |
Hedging reserve |
Retained earnings |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance January 1, 2014 | 89,423 | 4,993 | -108,266 | 176 | 490,447 | 476,774 |
| Changes in equity in the | ||||||
| period of January 1 -June 30, 2014 | ||||||
| Total comprehensive income | - | - | 3,722 | -308 | 23,459 | 26,873 |
| Total non-owners changes | - | - | 3,722 | -308 | 23,459 | 26,873 |
| Transactions with equity holders of the company | ||||||
| Cancellation of treasury shares (*) | -6,588 | 6,588 | - | |||
| Increase of share capital without the issue | ||||||
| of new shares, bonus issue (*) | 7,119 | -7,119 | - | |||
| Dividend to shareholders of the parent company | -38,829 | -38,829 | ||||
| Share buy-back by parent company (*) | - | - | - | - | -93 | -93 |
| Closing balance June 30, 2014 | 89,954 | 4,993 | -104,544 | -132 | 474,455 | 464,724 |
| Changes in equity in the period of July 1, - December 31, 2014 |
||||||
| Total comprehensive income | - | - | 10,140 | 132 | 27,653 | 37,925 |
| Total non-owners changes | - | - | 10,140 | 132 | 27,653 | 37,925 |
| Closing balance December 31, 2014 | 89,953 | 4,993 | -94,404 | - | 502,108 | 502,649 |
| Changes in equity in the | ||||||
| period of January 1 - March 31, 2015 | ||||||
| Total comprehensive income | - | - | 9,527 | -143 | 18,604 | 27,988 |
| Total non-owners changes | - | - | 9,527 | -143 | 18,604 | 27,988 |
| Transacitions with equity holders of the company | ||||||
| Share buy-back by parent company (*) | - | - | - | - | - | - |
| Closing balance March 31, 2015 | 89,953 | 4,993 | -84,877 | -143 | 520,712 | 530,637 |
| Changes in equity in the | ||||||
| period of April 1, - June 30, 2015 | ||||||
| Total comprehensive income | - | - | -2,092 | 428 | 15,658 | 13,994 |
| Total non-owners changes | - | - | -2,092 | 428 | 15,658 | 13,994 |
| Transacitions with equity holders of the company | ||||||
| Dividend to shareholders of the parent company | - | - | - | - | -48,536 | -48,536 |
| Closing balance June 30, 2015 | 89,953 | 4,993 | -86,969 | 285 | 487,833 | 496,096 |
* ) Repurchased shares, cancellation of repurchased shares and bonus issue
The 2015 Annual General Meeting resolved to authorize the Board to continue to let the company repurchase shares up until the AGM 2016, so that the company's holding of own shares amounts to a maximum of 10 percent of the number of registered shares. At the balance sheet date June 30, 2015, the company held no repurchased shares.
| 2015-04-01 | 2014-04-01 | 2015-01-01 2014-01-01 2014-01-01 | |||
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2015-06-30 | 2014-06-30 | 2015-06-30 2014-06-30 2014-12-31 | ||
| Operating activities | |||||
| Profit/loss before income tax | 17,358 | 15,933 | 37,255 | 25,848 | 54,861 |
| Adjustments for non-cash items | 9,972 | 10,593 | 25,691 | 19,448 | 45,154 |
| 27,331 | 26,525 | 62,946 | 45,296 | 100,016 | |
| Income tax paid | 751 | 564 | -119 | -1,916 | -4,631 |
| Cash flow from operating activities | |||||
| before changes in working capital | 28,082 | 27,089 | 62,827 | 43,381 | 95,384 |
| Cash flow from changes in working capital: | |||||
| Increase (-)/ decrease (+) in inventories | 3,901 | -7,290 | 1,633 | -10,681 | -22,492 |
| Increase (-)/ decrease (+) in trade receivables | 3,255 | 4,494 | -8,295 | -3,407 | -9,702 |
| Increase (-)/ decrease (+) in other current receivables | -6,265 | -681 | -8,611 | -2,099 | 1,916 |
| Increase (+)/ decrease (-) in other liabilities | 65 | 995 | 5,294 | 8,231 | 15,800 |
| Cash flow from operating activities | 29,039 | 24,607 | 52,847 | 35,425 | 80,906 |
| Investing activities | |||||
| Acquisition of intangible assets | -6,441 | -6,258 | -10,840 | -12,961 | -23,410 |
| Acquisition of property, plant and equipment | -927 | -1,545 | -1,900 | -4,777 | -8,767 |
| Acquisition of financial assets | 143 | - | -68 | - | - |
| Cash flow from investing activities | -7,225 | -7,803 | -12,809 | -17,738 | -32,177 |
| Financing activities | |||||
| Dividend to shareholders | -48,536 | -38,829 | -48,536 | -38,829 | -38,829 |
| Buy-back of shares | - | - | - | -93 | -93 |
| Loan raised | - | 1,241 | - | 1,241 | 1,391 |
| Repayment of loans | -2,333 | -3,372 | -2,733 | -3,526 | -3,894 |
| Cash flow from financial activities | -50,869 | -40,961 | -51,269 | -41,207 | -41,425 |
| Cash flow for the period | -29,055 | -24,156 | -11,231 | -23,520 | 7,304 |
| Cash and cash equivalents opening balance | 120,807 | 92,346 | 100,045 | 90,769 | 90,769 |
| Exchange differences in liquid assets | -1,445 | 0 | 1,493 | -337 | 1,972 |
| Cash and equivalents closing balance | 90,307 | 68,189 | 90,307 | 66,911 | 100,045 |
| Additional information: | |||||
| Adjustments for non-cash items | |||||
| Depreciations and impairments | 9,017 | 8,605 | 18,695 | 16,250 | 33,869 |
| Other items | 956 | 1,987 | 6,996 | 3,198 | 11,285 |
| Total | 9,972 | 10,593 | 25,691 | 19,448 | 45,154 |
| Interest received | -18 | 129 | 19 | 166 | 128 |
| Interest paid | -58 | -37 | -97 | -147 | -292 |
| 2015-04-01 | 2014-04-01 | 2015-01-01 | 2014-01-01 | 2014-01-01 | |
|---|---|---|---|---|---|
| Amounts in SEK thousands | 2015-06-30 | 2014-06-30 | 2015-06-30 | 2014-06-30 | 2014-12-31 |
| Net sales | 675 | 619 | 1,361 | 1,225 | 2,502 |
| Administrative expenses | -4,742 | -4,398 | -8,589 | -9,393 | -18,437 |
| Research and development costs | -555 | -396 | -1,253 | -806 | -2,398 |
| Other operating items | -180 | -48 | -200 | -39 | 13,245 |
| Operating expenses | -5,478 | -4,842 | -10,042 | -10,238 | -7,590 |
| Operating profit/loss | -4,802 | -4,223 | -8,681 | -9,012 | -5,088 |
| Profit/loss from financial investments: | |||||
| Interest income from receivables from group companies | - | 1,036 | - | 2,055 | 2,383 |
| Interest expense from liabilities to group companies | -309 | -905 | -462 | -1,729 | -3,614 |
| Result from participations in group companies | -38 | - | -38 | - | 24,624 |
| Other interest and similar income | - | 111 | 2 | 139 | 110 |
| Other interest and similar income | -893 | 1,518 | -408 | 1,918 | 1,708 |
| Group contribution received | - | - | - | - | 27,011 |
| Financial net income | -1,240 | 1,759 | -906 | 2,383 | 52,223 |
| Profit/loss before income tax | -6,042 | -2,464 | -9,587 | -6,630 | 47,135 |
| Tax expenses | - | - | - | - | -149 |
| Total profit/loss for the period | -6,042 | -2,464 | -9,587 | -6,630 | 46,986 |
| STATEMENT OF COMPREHENSIVE INCOME. PARENT | |||||
| Total profit/loss for the period | -6,042 | -2,464 | -9,587 | -6,630 | 46,986 |
| Other comprehensive income: Components that may be reclassified to net income: Translation differences related to non Swedish subsidiaries |
- | - | - | - | - |
| Total comprehensive income, parent | -6,042 | -2,464 | -9,587 | -6,630 | 46,986 |
| Amounts in SEK thousands | 2015-06-30 | 2014-12-31 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | ||
| Patents and licenses | 8,330 | 8,224 |
| Financial assets | ||
| Investments in group companies | 468,128 | 468,128 |
| Receivables from group companies | 12,748 | 14,763 |
| Deferred tax asset | 44,765 | 44,765 |
| 525,642 | 527,657 | |
| Total non-current assets | 533,972 | 535,881 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 22,767 | 61,791 |
| Other receivables | 314 | 498 |
| Prepaid expenses and accrued income | 1,054 | 964 |
| 24,135 | 63,254 | |
| Cash and cash equivalents | 1,030 | 974 |
| Total current assets | 25,166 | 64,227 |
| TOTAL ASSETS | 559,137 | 600,108 |
| EQUITY, PROVISIONS AND LIABILITIES | ||
| Equity | ||
| Restricted equity | ||
| Share capital | 89,953 | 89,953 |
| 89,953 | 89,953 | |
| Unrestricted equity | ||
| Fair value reserve | -66,055 | -66,055 |
| Retained earnings | 494,734 | 496,284 |
| Profit/loss for the year | -9,587 | 46,986 |
| 419,093 | 477,216 | |
| Total equity | 509,046 | 567,169 |
| Provisions | - | 3,850 |
| Current liabilities | ||
| Other financial liabilities | 3,698 | 1,900 |
| Trade payables | 944 | 769 |
| Liabilities to group companies | 42,142 | 21,391 |
| Other current liabilities | -153 | 778 |
| Accrued expenses and prepaid income | 3,459 | 4,251 |
| 50,091 | 29,089 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 559,137 | 600,108 |
| Pledged assets | 22,500 | 22,500 |
| Contingent liabilities | - | - |
Biotage's Group reporting is based on International Financial Reporting Standards as adopted by the EU. The Group's interim report is prepared in accordance with IAS 34 Interim Reporting and the Swedish Accounting Act. The parent company's interim report is prepared in accordance with the Swedish Accounting Act and The Swedish Financial Reporting Board's recommendation RFR 2 Reporting for Legal Entities. The Group and the parent company have applied the same accounting principles and calculation methods in the interim report as in the latest annual report. Revised and new standards and interpretations from IASB and IFRS Interpretations Committee which have come into effect and apply to the fiscal year 2015 have not had any effect on the Group's financial reporting.
Biotage has a financial debt concerning additional purchase sums in connection with acquired operations which has been measured as fair value allocated to the result. The additional purchase sums, relating to the acquisition of MIP Technologies AB, are based on the distribution of gross profit applying to certain areas and may be paid until the end of 2015. The agreement with the sellers does not stipulate a maximum sum, as there has been considerable uncertainty about the future outcome. The additional purchase sum that will be paid in 2015 is based on the outcome the fiscal year 2014 and is preliminarily calculated to 1.9 MSEK in the annual accounts for 2014. For the fiscal year 2015, which is the last period for which an additional purchase sum may be paid and which will be settled in 2016, the additional purchase sum is calculated to amount to 3.8 MSEK, which is also the company's best assessment of fair value at December 31, 2014. As the fair value of the additional purchase sum at December 31 is less than the previously reported sum, the difference amounting to 13.5 MSEK has been reported on the 2014 profit and loss statement. Calculations of fair value are based on level 3 in the fair value hierarchy, which means that fair value has been established according to a valuation model where essential inputs are based on unobservable data. The measurement has been made based on expected future cash flows.
| Financial debt measured at fair value | 2015-06-30 | 2014-12-31 |
|---|---|---|
| Additional purchase sum, long-term part | 0 | 3,850 |
| Additional purchase sum, short-term part | 3,698 | 1,900 |
| Total | 3,698 | 5,750 |
The change in financial debt in 2015 is presented below:
| Opening value January 1, 2015 | 5,750 |
|---|---|
| Adjusted during the year | 3,698 |
| Value carried forward June 30, 2015 | 2,052 |
Other financial assets and financial debts are measured according to accrued acquisition value and the value reported for these is considered to be a good approximation of fair value.
In the preparation of the Group's and the parent company's interim reports, the same accounting principles and calculation methods were in all other respects applied as in the preparation of Biotage's Annual Report for 2014. These are described on pp. 37-44 in the Annual Report.
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