Earnings Release • Feb 19, 2015
Earnings Release
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Corporate registration number 556822-1187
Repurchase of bonds in the market
Niels Christiansen appointed new CEO of Bactiguard
| Key figures | Oct-Dec | Oct-Dec | Full year | Full year |
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Revenues, SEKm | 25,1 | 47,9 | 118,9 | 131,1 |
| EBITDA, SEKm | -3,9 | 25,2 | 10,3 | 40,0 |
| EBITDA margin, % | -16% | 53% | 9% | 31% |
| EBITDA*, SEKm | -3,9 | 25,2 | 13,3 | 40,0 |
| EBITDA margin*, % | -16% | 53% | 11% | 31% |
| Operating profit, SEKm | -11,6 | 17,6 | -19,8 | 11,2 |
| Net profit for the period, SEKm | -15,7 | 18,9 | -95,0 | -3,4 |
| Operating cash flow**, SEKm | -27,6 | -45,0 | -54,0 | -54,2 |
| Earnings per share***, SEK | -0,47 | 0,95 | -3,80 | -0,17 |
| Op. cash flow per share****, SEK | -0,83 | -2,25 | -2,16 | -2,71 |
| Equity ratio, % | 64% | 20% | 64% | 20% |
| Net debt, SEKm | 90,4 | 479,5 | 90,4 | 479,5 |
| Number of shares at the end of period* | 33 302 373 | 20 000 000 | 33 302 373 | 20 000 000 |
| Weighted average number of shares* | 33 302 373 | 20 000 000 | 25 007 242 | 20 000 000 |
*EBITDA 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
2014 was an intense and eventful year. Bactiguard established market presence on two new continents, Latin America and Southern Africa, invested in the sales and marketing organization, and initiated new, strategic collaborations. The competence in the company was strengthened in preparation for the IPO, by recruiting new members to the Executive management team. In connection with the listing on Nasdaq Stockholm, the company was refinanced to increase the financial flexibility. This eventful year was completed in December, when we moved to our new, integrated headquarters south of Stockholm.
In terms of revenues and earnings, the full year as well as the fourth quarter were weaker than the year before and did not live up to our expectations. The solid platform in our current licensing business with C.R. Bard, which generates revenues of 80-90 million SEK per annum, increased somewhat. Sales generated by our own portfolio of solutions for infection prevention were on the other hand weaker than the year before. During the second half of 2013, Bactiguard made substantial deliveries to Iraq, which led to a very strong quarter. Intense negotiations regarding new deliveries have been ongoing since the autumn of 2014. The need for infection prevention solutions in the country is substantial and negotiations are progressing.
Bactiguard is in a development and growth phase. Sales of our own portfolio have so far been dependent on a small number of countries placing significant orders in an irregular pattern. Therefore, BIP sales have been much more volatile between quarters than our stable license revenues. Our challenge is initiating deliveries to more countries and thereby generating repeat orders, which will lead to a more stable growth phase. In order to enable this development we have worked intensively with the establishment on new markets during the year and doubled the number of markets we deliver to, from 8 to 16. We have strengthened our sales and marketing organization, where the latest additions are two senior sales representatives in Sweden and a regional sales director for South East Asia. At the same time, we are developing our sales support tools and training our distributors.
In order to pave the way for market expansion, we systematically work to get our products approved in more markets. One of the most important processes has been ongoing for a long time in China. In the summer of 2014, we reached an important milestone by receiving technical and clinical approval. We are currently waiting for the final product approval before we can initiate market activities. At the same time, preparations for the start of sales in India are ongoing and local clinical studies will be initiated.
Our new headquarters enables us to gather all competence at one site. We have concluded the first phase and the next step will be moving production from Markaryd in southern Sweden to the new location in 2015. By integrating R&D, production, marketing, sales and staff functions we will have shorter lead times and a more efficient way of working. Another reason for the establishment in the new KI Science Park in Huddinge, next to the research and education at Karolinska Institutet and the Royal Insititute of Technology, as well as the Karolinska University Hospital, is the increased opportunity for collaboration.
Through the IPO, we secured the financial strength and resources required for expansion and growth. Another advantage is that we have become more well-known, which increases the interest from the healthcare system and potential partners. We also see an increased interest from potential employees.
We are not satisfied with the financial results we achieved in 2014, but are confident about the future. We have invested for growth and have the financial strength required to continue developing our strategy and expanding internationally. The problems of healthcare associated infections and antimicrobial resistance are increasing and there is a great need for preventive solutions. Therefore, Bactiguard has an important role to play.
I will shortly leave the position as CEO of Bactiguard, and hand over to Niels Christiansen. As the COO, I look forward to continuing to contribute to the future development of Bactiguard. 2015 will be an exciting year when it is up to us to prove the potential of the company.
Johan Rugfelt CEO
During the fourth quarter, Bactiguard repurchased bonds in the market amounting to a nominal value of SEK 20.5 million. Together with the repurchases which were conducted during the third quarter, the total nominal value of the repurchased bonds amounts to SEK 39.0 million, which means that the outstanding bond loan now amounts to a nominal value of SEK 188.5 million.
The Board of Directors has appointed Niels Christiansen as the new CEO of Bactiguard. Niels Christiansen has extensive management experience from various positions in the medical device, life science and energy sectors, most recently as the CEO of HemoCue AB. He will assume his new position in Bactiguard on March 16. At that time, Johan Rugfelt will return to his previous position as Chief Operating Officer (COO).
Niels Christiansen is 54 years old and was the CEO of HemoCue AB between 2008 and 2014. Prior to that, he was employed by Siemens AG for more than 20 years in various CEO functions and managerial positions in R&D, sales, marketing, strategy and business development, in the medical device and energy sectors of industry. He has a Bachelor of Engineering from the Technical University of Denmark and a Master of Business Administration from Rutgers University, New Jersey.
Bactiguard has three revenue streams:
License revenues are attributable to sales of products under license, which currently includes the group's licensing agreement with C.R. Bard, Inc. (Bard) 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.
The BIP portfolio currently includes sales of the BIP Foley, BIP ETT and BIP CVC products.
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 fourth quarter amounted to SEK 25.1 (47.9) million, which is a decrease of approx. 48 % compared to the same quarter last year. The decrease is largely related to lower revenues from Sales of BIP Products, explained by a major delivery to Iraq during Q4 2013.
The bulk of revenues (80.4 %) came from License revenues. The acceleration of orders from Bard which have been reported for both the second and third quarter, was partly evened out during the fourth quarter with lower ordered volumes for the month of November compared to last year. A strong dollar however meant that the License revenue in the fourth quarter were at the same absolute level as the corresponding period last year (about 20 million).
No new exclusive distributor agreements were signed during the quarter and therefore no new Territorial fees have been reported.
Sales of BIP products amounted to 0.4 % of revenues in the fourth quarter, with the majority related to orders in Sweden. The majority of the other product shipments during the quarter have resulted from product deliveries to distributors against market contribution, and therefore have not generated income.
Other revenues during the quarter (18.8 %) are largely attributable to exchange rate differences resulting from a strong performance for the dollar.
Consolidated revenues for the full year amounted to SEK 118.9 (131.1) million, a decrease by approx. 9 % compared to full year 2013. The bulk of the revenue, 75.5 % (63.1 %), was attributable to License revenues. The License deal with Bard gave a total volume in 2014 which was 2.2 % higher than in 2013. This, combined with a positive dollar effect of over SEK 4 million meant that License revenues for the full year 2014 (89.8 million) increased by 8.6% compared to full year 2013 (82.7 million).
New distributor agreements regarding 16 countries were signed during the year which generated Territorial fees of SEK 17.1 million, an increase of approx. 238 % compared to the full year 2013. Territorial fees accounted for 14.4 % (5.5 %) of revenues.
Sales of BIP products for the year accounted for 1.8 % (28.1 %) of revenues, totalling 2.2 (36.8) million.
| Oct-Dec | Oct-Dec | Full year | Full year | |
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| License revenues | 80,4% | 42,7% | 75,5% | 63,1% |
| Territorial fees | 0,3% | 5,5% | 14,4% | 5,5% |
| BIP products | 0,4% | 47,0% | 1,8% | 28,1% |
| Other revenue | 18,8% | 4,8% | 8,3% | 3,3% |
During the fourth quarter of 2014, a total of 8,000 BIP products were delivered, compared to 105,000 in the corresponding period of 2013 when a major delivery to Iraq was made.
The full year deliveries in 2014 amounted to approx. 79,000 products compared to just over 190,000 during the full year 2013.
EBITDA for the fourth quarter amounted to SEK -3.9 (25.2) million. The change compared with the corresponding period last year is largely influenced by lower revenues from Sales of BIP products.
Consolidated operating profit for the fourth quarter of 2014 amounted to SEK -11.6 (17.6) million. In operational costs which affect operating profit, it is worth noting that a provision for doubtful accounts receivables is included in other external expenses with net SEK 0.7 (-) million. Costs and cost reductions of non-recurring nature impacted operating profit negatively by net SEK 1.3 million. Compared with the fourth quarter of 2013, other differences in operational costs (excluding raw materials and consumables) are a consequence of the company's development phase with increased efforts in building the organization resulting in higher personnel costs, increased investment in PR & Marketing, increased travel costs and additional costs for premises associated with the move to the new headquarters.
Financial items for the quarter amounted to SEK -5.4 (0.1) million. The effects of market valuation of the bond, which have no effect on cash flow, are recognised as financial items in the income statement. During the fourth quarter of 2014, the market valuation of the bond affected financial items by SEK -1.1 (13.5) million. Interest expense related to the bond amounted to SEK -5.2 (-12.4) million in the fourth quarter.
Consolidated net profit for the fourth quarter amounted to SEK -15.7 (18.9) million, with lower revenues from Sales of BIP products and the change in the market valuation of the bond between the two quarters being the main reasons for the change in earnings.
EBITDA for the full year amounted to SEK 10.3 (40.0) million. EBITDA for the period was affected by nonrecurring expenses of approx. SEK 3 million related to the IPO on Nasdaq Stockholm. Adjusted for these non-recurring expenses, EBITDA amounted to SEK 13.3 million for the full year.
Consolidated operating profit for the full year amounted to SEK -19.8 (11.2) million. In operational costs, the main difference compared with the previous year (excluding raw materials and consumables), is an increase of other external costs with approx. SEK 13 million. The increase is mainly a consequence of new exclusive distribution agreements with subsequent booking of costs for market contribution (+3.9 million), additional costs for premises for 6 months during the process of moving headquarters (+3.5 million), nonrecurring costs related to the IPO (+3 million) and other items related to efforts within PR & Marketing and increased travel costs. One consequence of the company's development phase is that the organization has
grown as planned with 6 people (average number of employees) in 2014 which is reflected in increased personnel costs of SEK 5.8 million compared to full year 2013.
Consolidated net profit for the full year amounted to SEK -95.0 (-3.4) million. Net profit is affected by nonrecurring expenses related to the IPO by approx. SEK 3 million, the transaction with Noonday regarding termination of option agreement by SEK 14.0 million as well as effects of market valuation of the bond by SEK 32.2 million, in total SEK 49.2 million. Adjusted for these effects, the consolidated net profit for the full year amounted to SEK -45.8 million.
Operating cash flow (cash flow from operating activities after investments and changes in working capital) for the fourth quarter amounted to SEK -27.6 (-45.0) million. Cash flow from changes in working capital made a positive contribution with SEK 9.9 (-18.6) million but was burdened by a negative contribution from Cash flow from operating activities with SEK -27.9 (-24.7) million.
Total cash flow for the fourth quarter amounted to SEK -49.7 (0.4) million. Of this, repurchase of bonds amounted to SEK 21.8 million (corresponding to a nominal value of SEK 20.5 million).
Operating cash flow for the full year amounted to SEK -54.0 (-54.2) million. Interest payments on bond loan amounted to SEK 20.7 (49.5) million.
Total cash flow for the full year was strongly positive at SEK 98.0 (-2.2) million, as a result of cash flows from financing activities and the new share issues conducted during the period. The private placement with M2 Asset Management AB raised SEK 20 million and the new issue in connection with the listing on Nasdaq Stockholm raised approx. SEK 240 million gross before listing and issue costs.
Investments in property, plant and equipment during the fourth quarter amounted to SEK 9.1 (0.9) million, mainly related to the new integrated headquarters and production facility located next to the Karolinska University Hospital south of Stockholm. Investment in intangible assets amounted to SEK 0.3 (0.9) million for the period. The change in financial non-current assets of SEK 0.1 (-) million during the period is related to investments in associated company.
For the full year 2014, total investments were SEK 18.2 (9.1) million, of which tangible fixed assets, mainly related to the new headquarters, accounted for 15.7 (5.7) million and intangible assets, mainly related to capitalised development expenditures, amounted to 2.4 (3.3) million.
The consolidated equity ratio was 64 % at 31 December 2014 (20 % at 31 December 2013) and equity amounted to SEK 518.7 (140.9) million, which was an increase of SEK 377.8 million compared with 31 December 2013. The positive change in equity is attributable to the new issues conducted during the second quarter.
After completion of the set-off issue in connection with the listing of the company's shares on Nasdaq Stockholm, when holders of bonds with a total nominal value of SEK 222.5 million chose to offset bonds against shares, the nominal amount of the outstanding bond was SEK 227.5 million. The bond matures on 12 December 2016 and has an annual coupon of 11 %, payable in December each year.
The bond is listed on Nasdaq Stockholm. During the fourth quarter, Bactiguard has repurchased bonds with a total nominal value of SEK 20.5 million. Along with the repurchases conducted during the third quarter, the total nominal value of the repurchased bonds in 2014 amounted to SEK 39.0 million The bond is valued
at market value and on 31 December 2014, net outstanding bond (nominal value SEK 188.5 million) was valued at SEK 195.6 million (price SEK 103.75, which is an increase from SEK 103.50 at the end of the third quarter).
Consolidated cash position at 31 December 2014 amounted to SEK 105.1 million. Net debt amounted to SEK 90.4 million (SEK 479.5 million at 31 December 2013).
The total assets of the group at 31 December 2014 amounted to SEK 811.1 million (717.2 million at 31 December 2013). The largest asset item in the balance sheet is technology related to Bactiguard's product portfolio, which at 31 December amounted to SEK 284.2 million (308.0 million at 31 December 2013).
Accounts receivable (short- and long term) amounted to SEK 91.2 million at 31 December 2014, which is a decrease of SEK 3.0 million since 31 December 2013. The net effect can be explained by new exclusive distributor agreements, with subsequent territorial fees, and payments on existing accounts receivable.
Trade in the Bactiguard share on Nasdaq Stockholm started on 19 June under the ticker symbol "BACTI". The last price paid for the listed B share at 31 December 2014 was SEK 17.20, and the market capitalization amounted to SEK 572.8 million.
The share capital of Bactiguard at 31 December 2014 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 31 December 2014 amounted to 33,302,373 shares and 69,302,373 votes.
| At 31 December 2014, Bactiguard had 2,527 shareholders. | |||||
|---|---|---|---|---|---|
| Shareholders | No. of A shares | No. of B shares | Total number | % of capital |
% of votes |
| CHRISTIAN KINCH WITH FAMILY & COMPANY | 2 000 000 | 8 037 989 | 10 037 989 | 30,1% | 40,5% |
| THOMAS VON KOCH & COMPANY | 2 000 000 | 8 034 989 | 10 034 989 | 30,1% | 40,5% |
| HANDELSBANKEN FONDER AB | 1 808 875 | 1 808 875 | 5,4% | 2,6% | |
| ROBUR FÖRSÄKRING | 987 543 | 987 543 | 3,0% | 1,4% | |
| SWEDBANK ROBUR FONDER | 600 684 | 600 684 | 1,8% | 0,9% | |
| STÅHLBERG, JAN | 582 544 | 582 544 | 1,7% | 0,8% | |
| FRÖAFALL INVEST AB | 516 000 | 516 000 | 1,5% | 0,7% | |
| LÄNSFÖRSÄKRINGAR JÖNKÖPING | 500 000 | 500 000 | 1,5% | 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 | 21 678 914 | 25 678 914 | 77,1% | 89,0% |
| Total, others | 0 | 7 623 459 | 7 623 459 | 22,9% | 11,0% |
| 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 December 2014 amounted to 58 (52), of which 31 (28) women.
The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). The year-end 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 2013. New standards effective from 1 January 2014 have had no material impact on 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. Board members Christian Kinch and Thomas von Koch have entered into guarantee commitments for Bactiguard AB's commitments to Samhall AB.
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 executives 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.
Compensation to the former CEO of the company, now executive chairman and main shareholder in Bactiguard, is on market terms.
Revenues consist of invoiced intercompany expenses (management fees). During the period the parent company received interest on its receivables from group companies. The company's expenses relate, inter alia, to the interest on the bond. No investments were made during the period.
Companies within the group are exposed to various types of risk through their activities. The group's goal is to create an overall risk management programme that focuses on minimising potential adverse effects on the company's financial results. The risks relating to the company, the industry and the market are primarily: macroeconomic risks, regulatory risks, technological risks, customer risks, risks with partners, expansion risks, risks associated with dependence upon key individuals and financial risks. A description of these risks can be found on page 33 of the Annual Report 2013, and on page 14 of the prospectus prepared for the application for listing of the company's shares on Nasdaq Stockholm.
Bactiguard's goal is to create value and provide a good return for shareholders. One financial target is to grow by at least 30 % on average per year over the next five years. Further, to achieve an EBITDA margin of at least 30 % on an annual basis, with the aim of reaching 40 %. Bactiguard will continue to grow the business by strengthening its sales and marketing organization, developing products that complement the existing BIP portfolio and by entering into more licensing agreements. Bactiguard also aims to sign two to three new licensing agreements over the next five years.
Another financial target is to have an equity ratio of 30-50 %, and a long-term objective is for a dividend of 30-50 % of profit after tax. The company is in an expansion phase and will therefore prioritise growth over dividends in the coming years.
| Amounts in SEKk Oct-Dec Oct-Dec Full year |
Full year |
|---|---|
| 2014 2013 2014 |
2013 |
| Revenues | |
| License revenues 20 157 20 454 89 779 |
82 719 |
| Territorial fees 87 2 639 17 108 |
7 178 |
| Sales of BIP products 106 22 529 2 160 |
36 836 |
| Other revenue 4 711 2 299 9 811 |
4 366 |
| 25 061 47 922 118 858 |
131 099 |
| Raw materials and consumables 90 -4 249 -6 102 |
-10 290 |
| Other external expenses -15 349 -9 640 -54 187 |
-41 262 |
| Personnel costs -12 003 -9 386 -44 996 |
-39 206 |
| Depreciation and amortisation -7 742 -7 618 -30 131 |
-28 838 |
| Other operating expenses -1 689 575 -3 229 |
-344 |
| -36 692 -30 318 -138 646 |
-119 940 |
| Operating profit -11 631 17 604 -19 788 |
11 159 |
| Financial items | |
| Financial income 1 072 13 504 3 641 |
33 755 |
| Financial expenses -6 432 -13 391 -83 998 |
-50 686 |
| -5 360 113 -80 358 |
-16 931 |
| Profit before tax -16 991 17 717 -100 146 |
-5 772 |
| Tax for the period 1 339 1 203 5 104 |
2 365 |
| Net profit/loss for the period -15 652 18 920 -95 042 |
-3 407 |
| Attributable to: | |
| Shareholders of the parent -15 652 18 920 -95 042 |
-3 407 |
| Earnings per share, SEK* -0,47 0,95 -3,80 |
-0,17 |
| Amounts in SEKk | Oct-Dec 2014 |
Oct-Dec 2013 |
Full year 2014 |
Full year 2013 |
|---|---|---|---|---|
| Net profit/loss for the period | -15 652 | 18 920 | -95 042 | -3 407 |
| Other comprehensive income: | ||||
| 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 | -238 | -168 | -655 | -185 |
| Other comprehensive income, after tax | -238 | -168 | -655 | -185 |
| Total comprehensive income for the period | -15 890 | 18 752 | -95 697 | -3 592 |
| Attributable to: | ||||
| Shareholders of the parent | -15 890 | 18 752 | -95 697 | -3 592 |
| Total earnings per share, SEK* | -0,48 | 0,94 | -3,83 | -0,18 |
| Number of shares at the end of period ('000) | 33 302 | 20 000 | 33 302 | 20 000 |
| Weighted average number of shares ('000) | 33 302 | 20 000 | 25 007 | 20 000 |
* no dilution effect
| Amounts in SEKk | 2014-12-31 | 2013-12-31 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodw ill |
226 292 | 226 292 |
| Technology | 284 225 | 308 032 |
| Brands | 25 572 | 25 572 |
| Customer relationships | 14 088 | 15 268 |
| Capitalised development expenditure | 7 772 | 6 636 |
| Patents | 1 454 | 1 366 |
| Intangible assets | 559 402 | 583 166 |
| Improvements, leasehold | 15 812 | 10 877 |
| Machinery and other technical plant | 9 763 | 6 489 |
| Equipment, tools and installations | 6 204 | 2 135 |
| Property, plant and equipment | 31 779 | 19 501 |
| Accounts receivable | 9 531 | - |
| Investments in associates | 1 368 | 1 293 |
| Financial assets | 10 899 | 1 293 |
| Total non-current assets | 602 080 | 603 960 |
| Current assets | ||
| Inventory | 8 974 | 3 590 |
| Accounts receivable | 81 625 | 94 137 |
| Other current receivables | 13 303 | 10 126 |
| Cash and cash equivalents | 105 147 | 5 417 |
| Total current assets | 209 049 | 113 270 |
| TOTAL ASSETS | 811 128 | 717 230 |
| Equity attributable to shareholders of the parent | ||
| Share capital | 833 | 500 |
| Other equity | 517 877 | 140 453 |
| Total equity | 518 710 | 140 953 |
| Non-current liabilities | ||
| Bonds | 195 569 | 427 500 |
| Deferred tax liability | 39 237 | 44 398 |
| 234 806 | 471 898 | |
| Current liabilities | ||
| Bank overdrafts | - | 57 461 |
| Accounts payable | 10 995 | 7 397 |
| Other current liabilities | 3 938 | 9 186 |
| Accrued expenses and deferred income | 42 679 | 30 335 |
| 57 613 | 104 379 | |
| Total liabilities | 292 419 | 576 277 |
| TOTAL EQUITY AND LIABILITIES | 811 128 | 717 230 |
Amounts in SEKk
| Share capital | Other capital contributions |
Translation reserve |
Retained earnings including net profit for the period |
Total equity | |
|---|---|---|---|---|---|
| Opening balance, 1 January 2013 | 500 | 202 673 | 46 | -58 620 | 144 600 |
| Profit/loss for the period | - | - | - | -3 407 | -3 407 |
| Other comprehensive income: | - | - | - | - | - |
| Translation differences | - | - | -185 | - | -185 |
| Total comprehensive income after tax | 0 | 0 | -185 | -3 407 | -3 592 |
| Transactions with shareholders | |||||
| Repurchase of options | - | - | - | -55 | -55 |
| Total transactions with shareholders | 0 | 0 | 0 | -55 | -55 |
| Closing balance, 31 December 2013 | 500 | 202 673 | -139 | -62 082 | 140 953 |
| Opening balance, 1 January 2014 | 500 | 202 673 | -139 | -62 082 | 140 953 |
| Profit/loss for the period | - | - | - | -95 042 | -95 042 |
| Other comprehensive income: | |||||
| Translation differences | - | - | -655 | - | -655 |
| Total comprehensive income after tax | 0 | 0 | -655 | -95 042 | -95 697 |
| Transactions with shareholders | |||||
| Share issue | 333 | 473 017 | - | - | 473 350 |
| Repurchase of options | - | - | - | 104 | 104 |
| Total transactions with shareholders | 333 | 473 017 | 0 | 104 | 473 454 |
| Closing balance, 31 December 2014 | 833 | 675 690 | -794 | -157 020 | 518 710 |
| Amounts in SEKk | Oct-Dec | Oct-Dec | Full year | Full year |
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Cash flow from operating activities | ||||
| Net profit/loss for the period | -15 652 | 18 920 | -95 042 | -3 407 |
| Accrued interest expense | -18 995 | -34 376 | -1 725 | 2 750 |
| Adjustments for depreciation and amortisation and | 6 757 | -9 224 | 53 904 | -9 708 |
| other non-cash items | ||||
| -27 890 | -24 680 | -42 863 | -10 365 | |
| Cash flow from changes in working capital | ||||
| Increase/decrease inventory | -3 533 | 1 512 | -5 936 | 549 |
| Increase/decrease accounts receivable | 1 685 | -23 457 | 2 982 | -35 840 |
| Increase/decrease other current receivables | 3 418 | -1 313 | -2 270 | -539 |
| Increase/decrease accounts payable | 5 953 | 3 071 | 3 561 | 1 204 |
| Increase/decrease other current liabilities | 2 390 | 1 610 | 8 782 | -79 |
| 9 913 | -18 578 | 7 119 | -34 705 | |
| Cash flow from investing activities | ||||
| Investments in intangible assets | -342 | -890 | -2 397 | -3 345 |
| Investments in property, plant and equipment | -9 104 | -883 | -15 692 | -5 736 |
| Investments in associates | -145 | - | -145 | - |
| -9 591 | -1 773 | -18 233 | -9 081 | |
| Operating cash flow | -27 568 | -45 031 | -53 977 | -54 151 |
| Cash flow from financing activities | ||||
| Share issue | -292 | - | 473 350 | - |
| Amortisation of debt | -21 833 | - | -321 495 | - |
| Borrow ings |
- | 45 209 | - | 51 968 |
| Repurchase of options | - | 200 | 104 | -55 |
| -22 125 | 45 409 | 151 959 | 51 913 | |
| Cash flow for the period | -49 692 | 378 | 97 983 | -2 238 |
| Cash and cash equivalents at start of period | 154 045 | 5 677 | 5 417 | 7 657 |
| Exchange difference in cash and cash equivalents | 794 | -638 | 1 747 | - 2 |
| Cash and cash equivalents at end of period | 105 147 | 5 417 | 105 147 | 5 417 |
| Amounts in SEKk | Oct-Dec | Oct-Dec | Full year | Full year |
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Revenues | 3 430 | 2 419 | 12 287 | 9 324 |
| 3 430 | 2 419 | 12 287 | 9 324 | |
| Operating expenses | -4 674 | -2 878 | -18 603 | -11 408 |
| -4 674 | -2 878 | -18 603 | -11 408 | |
| Operating profit/loss | -1 244 | -459 | -6 317 | -2 084 |
| Net financial items | -5 245 | -11 463 | -46 713 | -45 615 |
| Profit/loss after financial items | -6 489 | -11 922 | -53 030 | -47 699 |
| Tax for the period | - | - | - | - |
| Net profit/loss for the period | -6 489 | -11 922 | -53 030 | -47 699 |
The parent company has no items in 2014 or 2013 recognised in other comprehensive income. The period's statements for the parent company therefore present no separate statement of comprehensive income.
| Amounts in SEKk | 2014-12-31 | 2013-12-31 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Financial assets | 656 574 | 564 574 |
| Total non-current assets | 656 574 | 564 574 |
| Current assets | ||
| Receivables from group companies | 13 407 | - |
| Prepayments and accrued income | 360 | 1 156 |
| Other current receivables | 139 | 266 |
| Cash and cash equivalents | 87 319 | 1 521 |
| Total current assets | 101 225 | 2 943 |
| TOTAL ASSETS | 757 799 | 567 517 |
| EQUITY & LIABILITIES | ||
| Total equity | 529 058 | 108 739 |
| Non-current liabilities | 222 920 | 443 082 |
| Liabilities to group companies | - | 9 196 |
| Other liabilities | 5 820 | 6 500 |
| Current liabilities | 5 820 | 15 696 |
| Total liabilities | 228 740 | 458 778 |
| TOTAL EQUITY AND LIABILITIES | 757 799 | 567 517 |
| 12 May 2015 | Interim report, 1 Jan – 31 Mar 2015 |
|---|---|
| 13 August 2015 | Interim report, 1 Apr – 30 Jun 2015 |
| 12 November 2015 | Interim report, 1 Jul – 30 Sep 2015 |
| 20 April 2015 | Annual report 2014 | ||
|---|---|---|---|
| 12 May 2015 | Interim report, 1 Jan – 31 Mar 2015 | ||
| 13 August 2015 | Interim report, 1 Apr – 30 Jun 2015 | ||
| 12 November 2015 | Interim report, 1 Jul – 30 Sep 2015 | ||
| Annual General Meeting | |||
| The Annual General Meeting in Bactiguard Holding AB (publ) will be held Thursday 21 May 2015 in Stockholm. |
|||
| Contacts | |||
| For additional information, please contact: | |||
| Johan Rugfelt, CEO: +46 8 440 58 76 Fredrik Järrsten, CFO: +46 725 500 089 Cecilia Edström, Director of Sales, Marketing & Communications: +46 722 262 328 |
|||
| For additional information about Bactiguard's business, please visit the company's website: | |||
| www.bactiguard.se | |||
| Signatories to the report | |||
| The board of directors and the CEO certify that the year-end 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, 19 February 2015 | |||
| Christian Kinch | Thomas von Koch | ||
| Chairman | Board member | ||
| Ulf Mattsson | Mia Arnhult | ||
| Board member | Board member | ||
| Johan Rugfelt | |||
| Chief Executive Officer | |||
| This year-end report is unaudited. | |||
| 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 19 February 2015 at 08.00 CET. |
| Johan Rugfelt |
|---|
| Chief Executive Officer |
Bactiguard is required to disclose the information in this report under the provisions of the Securities Market
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