Interim / Quarterly Report • Nov 14, 2014
Interim / Quarterly Report
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Corporate registration number 556822-1187
| Key figures | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| Revenues, SEKm | 28,1 | 32,5 | 93,8 | 83,2 | 131,1 |
| EBITDA, SEKm | 2,2 | 4,7 | 14,2 | 14,8 | 40,0 |
| EBITDA margin, % | 8% | 14% | 15% | 18% | 31% |
| EBITDA*, SEKm | 2,2 | 4,7 | 17,2 | 14,8 | 40,0 |
| EBITDA margin*, % | 8% | 14% | 18% | 18% | 31% |
| Operating profit, SEKm | -5,3 | -2,9 | -8,2 | -6,4 | 11,2 |
| Net profit for the period, SEKm | -15,7 | -5,1 | -79,4 | -22,3 | -3,4 |
| Operating cash flow**, SEKm | -21,8 | 0,5 | -12,4 | -9,1 | -54,2 |
| Earnings per share***, SEK | -0,47 | -0,26 | -3,17 | -1,12 | -0,17 |
| Op. cash flow per share****, SEK | -0,66 | 0,02 | -0,50 | -0,46 | -2,71 |
| Equity ratio, % | 62% | 17% | 62% | 17% | 20% |
| Net debt, SEKm | 62,3 | 447,6 | 62,3 | 447,6 | 479,5 |
| Number of shares at the end of period* | 33 302 373 | 20 000 000 | 33 302 373 | 20 000 000 | 20 000 000 |
| Weighted average number of shares* | 33 302 373 | 20 000 000 | 25 007 242 | 20 000 000 | 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
Bactiguard is in a development phase, where we expand our market presence, invest in our sales- and marketing organization, develop our product portfolio and explore the possibilities of adding new licensing businesses. We have a solid platform in our current licensing business, which generates revenues of 80-90 million SEK per annum, and an interesting growth business in our own portfolio of solutions for infection prevention in healthcare. Sales generated by our own portfolio are initially much more volatile and will, in the ramp up period, fluctuate significantly between quarters. As deliveries to more markets commence and repeat orders are generated, we will enter a more stable growth phase.
Market activity was somewhat slow in the third quarter due to seasonality. In terms of revenues and earnings, the third quarter was weaker than the same period last year. During the third quarter 2013, Bactiguard made a substantial delivery to Iraq, which led to a very strong quarter and affects the comparison. We are currently in intense negotiations in Iraq to secure deliveries in a longer term perspective. The need for infection prevention solutions is substantial but, given the political situation in the country, the timing of future deliveries is difficult to assess.
One of our strategic priorities is investing in the sales- and marketing organization to support our distributors and develop direct sales. Since the end of June, we have strengthened competence in the company by recruiting a regional sales director for Europe and a marketing director, who will also focus on developing direct sales in the Swedish market. Preparations for the start of sales in new markets are intense. We have developed our sales training modules and conducted training activities in South America, India and the Middle East. The market launch in South America is now ongoing, with focus on Brazil.
To expand our market presence in Europe is another strategic priority. We review our current distributors and look into alternative ways of doing business in new markets. Recently, we signed a new distribution agreement for Portugal. We have also entered an agreement with a distributor in Iran and an initial order, comprising all products in our portfolio, was shipped in the third quarter.
In order to pave the way for market expansion, we systematically work to get our products approved in more markets and engage in clinical studies. Product approval processes are for example ongoing in China. The Chinese process has been ongoing for a long time and in the summer of 2014 we reached an important milestone by receiving approval from an expert panel, based on a technical and clinical review. An administrative examination is now ongoing and once this process has been completed, which we expect before the end of this year, a decision on final product approval will be made. We continuously engage in clinical studies and in the near term plan to initiate studies in for example India and Sweden. At the same time, we develop our existing product portfolio by adding new variants and initiating development of closely related products, based on market needs.
The pre-study phase in the collaboration with MAQUET Critical Care, which was initiated in the summer with the aim of developing Bactiguard® coated catheters for patients in intensive care, has been completed with positive results. Next step in the process will be entering a development agreement, but this has been pushed back in time due to other project priorities at MAQUET.
Through the IPO in June, we achieved an important goal, namely refinancing the company and securing financial flexibility for expansion and growth. The net debt of the company was significantly reduced and annual interest costs were halved, from 50 to 25 million SEK. Since then, both in the third and fourth quarter, Bactiguard has repurchased bonds in the market and further reduced the outstanding bond loan by a nominal amount of 38.5 million SEK. This will reduce annual interest costs by 4 million SEK and we still maintain a healthy liquidity and financial flexibility.
Bactiguard has never been stronger. At the beginning of December, we will move into our new, integrated head office, production and R&D facility, located next to the Karolinska University Hospital south of Stockholm This step will make us even better equipped to continued developing our business.
Johan Rugfelt CEO
Bactiguard establishes market presence in Portugal by entering an exclusive distribution agreement with Socime Medical Ltd, covering all products in the Bactiguard infection protection portfolio.
Through this agreement, Bactiguard expands its market presence to 51 countries worldwide. Earlier in the third quarter a distribution agreement for Iran was signed.
Portugal has a population of 10.6 million inhabitants and spends close to 10 percent of GDP on healthcare. Approximately 11 percent of the patients in Portuguese hospitals are affected by healthcare associated infections and multi-resistant bacteria are increasing, like in the rest of the world. Implementing preventive measures to counteract these problems is therefore essential.
The Portuguese market for products within Bactiguard's focus area e.g. Foley catheters, central venous catheters and endotracheal tubes, is currently estimated at approximately 6 MEUR per annum.
Bactiguard strengthens its sales and marketing organization, in line with company strategy, by recruiting Nina Nilsson as Head of Marketing. In addition to marketing, she will also focus on developing sales in the Swedish market. Nina Nilsson has a broad international background in the medical device industry, including both marketing and sales. She has studied medicine at Karolinska Institutet and has a Marketing Diploma from IHM Business School in Stockholm.
The recruitment of Nina Nilsson as head of marketing and Erik Düring as regional sales director for Europe, which was communicated in July, are important steps in strengthening the organization to support the company's distributors and develop the markets where Bactiguard has direct sales.
In November, Hans Ramberg left the executive management of Bactiguard. As an external attorney, Hans Ramberg will continue serving as legal counsel to Bactiguard.
During October, Bactiguard repurchased bonds in the market amounting to a total nominal value of SEK 20 million. Together with the repurchases which were conducted during the third quarter, the total nominal value of the repurchased bonds amounts to SEK 38.5 million, which means that the outstanding bond loan now amounts to a nominal value of SEK 189 million.
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 third quarter amounted to SEK 28.1 (32.5) million, which is a decrease of approximately 14 % compared to the same quarter last year. The decrease is largely related to lower revenues from Sales of BIP Products. During Q3 2013 a major delivery was made to Iraq. The bulk of revenues (86 %) came from license revenues. The licensing agreement with Bard provides a stable flow over the years, and the positive difference in license revenues in the third quarter compared with the same period last year is largely related to continued acceleration of orders from Bard and a stronger dollar.
Territorial fees accounted for 2 % of revenues during the quarter, and are largely related to a new exclusive distribution agreement regarding Portugal.
Sales of BIP products amounted to 2 % of revenues in the third quarter, with a large proportion related to revenue from an initial order for Iran, a country for which Bactiguard signed a distribution agreement during the quarter. The agreement does not include any Territorial fees and thus immediately generates direct revenues (Sales of BIP Products). 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 (9 %) are largely attributable to exchange rate differences.
Consolidated revenues for the period January to September 2014 amounted to SEK 93.8 (83.2) million, an increase of 13 % compared to the same period last year. The bulk of the revenue, 74 % (75 %), was attributable to license revenues.
| Jul-Sep 2014 |
2013 | Jul-Sep Jan-Sep Jan-Sep 2014 |
2013 | Full year 2013 |
|
|---|---|---|---|---|---|
| License revenues | 86% | 66% | 74% | 75% | 63% |
| Territorial fees | 2% | 0% | 18% | 5% | 5% |
| BIP products | 2% | 32% | 2% | 17% | 28% |
| Other revenue | 9% | 3% | 5% | 2% | 3% |
During the third quarter of 2014, a total of approximately 12,000 BIP products were delivered, compared to 62,000 in the corresponding period of 2013 when a major delivery to Iraq was made. The full year deliveries in 2013 amounted to just over 190,000 BIP products.
During the nine-month period January-September 2014, a total of approximately 71,000 BIP products were delivered, compared to approximately 86,000 in the corresponding period of 2013.
During the third quarter, product deliveries to Iran were initiated.
EBITDA for the third quarter amounted to SEK 2.2 (4.7) 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 third quarter of 2014 amounted to SEK -5.3 (-2.9) 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 SEK 0.3 (7) million.
Financial items for the quarter amounted to SEK -11.7 (-3.4) 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 third quarter of 2014, the market valuation of the bond affected financial items by SEK -6.8 (+9) million. Interest expense related to the bond amounted to SEK -6.3 (-12.4) million in the third quarter.
Consolidated net profit for the third quarter amounted to SEK -15.7 (-5.1) million, with the change in the market valuation of the bond between the two quarters being the main reason for the change in earnings.
EBITDA for the nine-month period January-September amounted to SEK 14.2 (14.8) million. EBITDA for the period was affected by non-recurring expenses of approximately SEK 3 million related to the IPO on Nasdaq Stockholm. Adjusted for these non-recurring expenses, EBITDA amounted to SEK 17.2 million for the period.
Consolidated net profit for the nine-month period amounted to SEK -79.4 (-22.3) million. Net profit is affected by non-recurring expenses related to the IPO by SEK 3 million, the transaction with Noonday regarding termination of option agreement by SEK 14 million as well as effects of market valuation of the bond by SEK 31.1 million. Adjusted for these effects, the consolidated net profit for the nine-month period amounted to SEK -31.4 million.
Operating cash flow (cash flow from operating activities after investments and changes in working capital) for the third quarter amounted to SEK -21.8 (0.5) million. Cash flow from operating activities made a positive contribution but major payments, largely related to the IPO on Nasdaq Stockholm, have affected the operating cash flow negatively.
Total cash flow for the third quarter amounted to SEK -82.4 million (-1.9). Of this, repayment of outstanding bank overdrafts and repurchase of bonds amounted to SEK 48 million. Final settlement of the transaction with Noonday regarding termination of an option agreement had a negative impact on total cash flow of SEK 14 million.
Operating cash flow for the nine-month period January to September 2014 amounted to SEK -12.4 (-9.1) million.
Total cash flow for the nine-month period was strongly positive at SEK 147.6 (-2.6) 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 approximately SEK 240 million gross before listing and issue costs.
Investments in property, plant and equipment during the third quarter amounted to SEK 4.2 (0.7) million, mainly related to the new integrated head office and production facility located next to the Karolinska University Hospital south of Stockholm. Investment in intangible assets amounted to SEK 0.4 (0.8) million for the period. No investments were made in financial non-current assets during the period (-).
The consolidated equity ratio was 62 % at 30 September 2014 (20 % at 31 December 2013) and equity amounted to SEK 535 (141) million, which was an increase of SEK 394 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 per cent, payable in December each year.
The bond is listed on Nasdaq Stockholm. During the third quarter, Bactiguard has repurchased bonds with a total nominal value of SEK 18.5 million. The bond is valued at market value and on 30 September 2014, net outstanding bond (nominal value SEK 209 million) was valued at SEK 216.3 million (price 103.50, which is an increase from 100.75 at the end of the second quarter).
Consolidated cash position at 30 September 2014 amounted to SEK 154 million. Net debt amounted to SEK 62.3 million (SEK 479.5 million at 31 December 2013.
The total assets of the group at 30 September 2014 amounted to SEK 859.8 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 30 September amounted to SEK 290.2 million (308.0 million at 31 December 2013).
Accounts receivable amounted to SEK 92.8 million at 30 September 2014, which is a decrease of SEK 1.3 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 30 September 2014 was SEK 27.40, and the market capitalization amounted to SEK 912 million.
The share capital of Bactiguard at 30 September 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 30 September 2014 amounted to 33,302,373 shares and 69,302,373 votes.
At 30 September 2014, Bactiguard had 2,556 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 RE JPMEL | 1 690 771 | 1 690 771 | 5,1% | 2,4% | |
| SWEDBANK ROBUR FONDER | 1 061 000 | 1 061 000 | 3,2% | 1,5% | |
| ROBUR FÖRSÄKRING | 994 027 | 994 027 | 3,0% | 1,4% | |
| STÅHLBERG, JAN | 582 544 | 582 544 | 1,7% | 0,8% | |
| M2 ASSET MANAGEMENT AB | 516 000 | 516 000 | 1,5% | 0,7% | |
| SARGAS EQUITY AB | 364 090 | 364 090 | 1,1% | 0,5% | |
| LÄNSFÖRSÄKRINGAR FONDFÖRVALTNING AB | 335 000 | 335 000 | 1,0% | 0,5% | |
| NORTAL CAPITAL AB | 246 200 | 246 200 | 0,7% | 0,4% | |
| Total, major shareholders | 4 000 000 | 21 862 610 | 25 862 610 | 77,7% | 89,3% |
| Total, others | 0 | 7 439 763 | 7 439 763 | 22,3% | 10,7% |
| 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 2014 amounted to 57 (50), of which 31 (27) 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 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 interim 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.
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|
| 2013 | ||||
| 82 719 | ||||
| 7 178 | ||||
| 36 836 | ||||
| 4 366 | ||||
| 131 099 | ||||
| -10 290 | ||||
| -41 262 | ||||
| -39 206 | ||||
| -28 838 | ||||
| -344 | ||||
| -33 386 | -35 438 | -101 953 | -89 622 | -119 940 |
| -5 328 | -2 892 | -8 157 | -6 446 | 11 159 |
| 33 754 | ||||
| -50 686 | ||||
| -11 724 | -3 427 | -74 998 | -17 045 | -16 932 |
| -17 052 | -6 319 | -83 155 | -23 491 | -5 773 |
| 1 334 | 1 182 | 3 765 | 1 163 | 2 365 |
| -15 718 | -5 137 | -79 390 | -22 328 | -3 408 |
| -3 408 | ||||
| -0,47 | -0,26 | -3,17 | -1,12 | -0,17 |
| 2014 24 270 619 529 2 641 28 059 -2 997 -11 554 -10 678 -7 538 -619 1 627 -13 351 -15 718 |
2013 21 348 0 10 382 816 32 546 -2 985 -13 965 -10 140 -7 546 -802 9 078 -12 505 -5 137 |
2014 69 622 17 020 2 054 5 100 93 796 -6 193 -38 838 -32 993 -22 389 -1 540 2 568 -77 566 -79 390 |
2013 62 264 4 539 14 306 2 068 83 177 -6 041 -31 622 -29 820 -21 220 -919 20 476 -37 521 -22 328 |
| Amounts in SEKk | Jul-Sep 2014 |
Jul-Sep 2013 |
Jan-Sep 2014 |
Jan-Sep 2013 |
Full year 2013 |
|---|---|---|---|---|---|
| Net profit/loss for the period Other comprehensive income: Items that w ill not be reclassified to profit or loss for the year |
-15 718 - |
-5 137 - |
-79 390 - |
-22 328 - |
-3 408 - |
| Items that w ill be reclassified to profit or loss for the year Translation differences |
-258 | 198 | -416 | -17 | -185 |
| Other comprehensive income, after tax | -258 | 198 | -416 | -17 | -185 |
| Total comprehensive income for the period | -15 976 | -4 939 | -79 806 | -22 345 | -3 593 |
| Attributable to: | |||||
| Shareholders of the parent | -15 976 | -4 939 | -79 806 | -22 345 | -3 593 |
| Total earnings per share, SEK* | -0,48 | -0,25 | -3,19 | -1,12 | -0,18 |
| Number of shares at the end of period ('000) | 33 302 | 20 000 | 33 302 | 20 000 | 20 000 |
| Weighted average number of shares ('000) | 33 302 | 20 000 | 25 007 | 20 000 | 20 000 |
| * no dilution effect |
| Amounts in SEKk 2014-09-30 2013-09-30 2013-12-31 ASSETS Non-current assets Goodw ill 226 292 226 292 226 292 Technology 290 177 313 983 308 032 Brands 25 572 25 572 25 572 Customer relationships 14 383 15 563 15 268 Capitalised development expenditure 7 759 5 989 Patents 1 518 1 298 Intangible assets 565 701 588 697 583 166 |
|
|---|---|
| 6 636 | |
| 1 366 | |
| Improvements, leasehold 13 673 10 533 |
10 877 |
| Machinery and other technical plant 8 509 7 019 |
6 489 |
| Equipment, tools and installations 1 811 2 250 |
2 135 |
| Property, plant and equipment 23 993 19 802 |
19 501 |
| Accounts receivable 10 432 4 598 |
- |
| Investments in associates 1 293 1 322 |
1 293 |
| Financial assets 11 725 5 920 |
1 293 |
| Total non-current assets 601 419 614 419 603 960 |
|
| Current assets | |
| Inventory 6 136 5 109 |
3 590 |
| Accounts receivable 82 408 66 082 |
94 137 |
| Other current receivables 15 833 8 593 |
10 126 |
| Cash and cash equivalents 154 045 5 677 |
5 417 |
| Total current assets 258 422 85 461 113 270 |
|
| TOTAL ASSETS 859 841 699 880 717 230 |
|
| Equity attributable to shareholders of the parent | |
| 500 | |
| Share capital 833 500 |
|
| Other equity 534 058 121 500 140 453 |
|
| Total equity 534 891 122 000 140 953 |
|
| Non-current liabilities | |
| Bonds 216 315 441 000 427 500 |
|
| Deferred tax liability 40 589 45 602 |
44 398 |
| 256 904 486 602 471 898 |
|
| Current liabilities | |
| Bank overdrafts 0 12 252 |
57 461 |
| Accounts payable 5 061 4 258 |
7 397 |
| Other current liabilities 3 730 7 642 |
9 187 |
| Accrued expenses and deferred income 59 255 67 126 |
30 334 |
| 68 046 91 278 104 379 |
|
| Total liabilities 324 950 577 880 576 277 |
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 | - | - | - | -22 328 | -22 328 |
| Other comprehensive income: | - | - | - | - | - |
| Translation differences | - | - | -17 | - | -17 |
| Total comprehensive income after tax | 0 | 0 | -17 | -22 328 | -22 345 |
| Transactions with shareholders | |||||
| Repurchase of options | - | - | - | -255 | -255 |
| Total transactions with shareholders | 0 | 0 | 0 | -255 | -255 |
| Closing balance, 30 September 2013 | 500 | 202 673 | 29 | -81 203 | 122 000 |
| 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 2014 | 833 | 675 981 | -555 | -141 368 | 534 891 |
| Amounts in SEKk | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| Cash flow from operating activities | |||||
| Net profit/loss for the period | -15 718 | -5 137 | -79 390 | -22 328 | -3 407 |
| Accrued interest expense | 6 256 | 12 376 | 17 270 | 37 126 | 2 750 |
| Adjustments for depreciation and amortisation and | 10 795 | -2 585 | 61 147 | -483 | -9 709 |
| other non-cash items | |||||
| 1 333 | 4 654 | -973 | 14 315 | -10 366 | |
| Cash flow from changes in working capital | |||||
| Increase/decrease inventory | 433 | 44 | -2 403 | -964 | 549 |
| Increase/decrease accounts receivable | 1 455 | -1 893 | 1 297 | -12 383 | -35 840 |
| Increase/decrease other current receivables | -490 | 1 616 | -5 688 | 774 | -539 |
| Increase/decrease accounts payable | -11 761 | 386 | -2 392 | -1 866 | 1 204 |
| Increase/decrease other current liabilities | -8 191 | -2 799 | 6 392 | -1 689 | -79 |
| -18 553 | -2 646 | -2 794 | -16 128 | -34 705 | |
| Cash flow from investing activities | |||||
| Investments in intangible assets | -363 | -843 | -2 055 | -2 455 | -3 345 |
| Investments in property, plant and equipment | -4 244 | -689 | -6 587 | -4 853 | -5 736 |
| Investments in associates | - | - | - | - | - |
| -4 607 | -1 532 | -8 643 | -7 308 | -9 081 | |
| Operating cash flow | -21 827 | 476 | -12 409 | -9 121 | -54 152 |
| Cash flow from financing activities | |||||
| Share issue | 1 401 | - | 473 641 | - | - |
| Amortisation of debt | -48 037 | -2 124 | -299 661 | - | - |
| Borrow ings |
- | - | - | 6 759 | 51 968 |
| Terminiation of option agreement | -14 000 | - | -14 000 | - | - |
| Repurchase of options | - | -255 | 104 | -255 | -55 |
| -60 636 | -2 379 | 160 084 | 6 504 | 51 913 | |
| Cash flow for the period | -82 463 | -1 903 | 147 675 | -2 617 | -2 239 |
| Cash and cash equivalents at start of period | 235 062 | 6 941 | 5 417 | 7 657 | 7 657 |
| Exchange difference in cash and cash equivalents | 1 446 | 639 | 954 | 637 | - 1 |
| Cash and cash equivalents at end of period | 154 045 | 5 677 | 154 045 | 5 677 | 5 417 |
| Amounts in SEKk | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Full year |
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| Revenues | 2 936 | 2 105 | 8 856 | 6 904 | 9 323 |
| 2 936 | 2 105 | 8 856 | 6 904 | 9 323 | |
| Operating expenses | -3 785 | -2 590 | -13 929 | -8 530 | -11 408 |
| -3 785 | -2 590 | -13 929 | -8 530 | -11 408 | |
| Operating profit/loss | -849 | -485 | -5 073 | -1 626 | -2 085 |
| Net financial items | -5 169 | -11 408 | -41 467 | -34 151 | -45 614 |
| Profit/loss after financial items | -6 018 | -11 893 | -46 540 | -35 777 | -47 699 |
| Tax for the period | - | - | - | - | - |
| Net profit/loss for the period | -6 018 | -11 893 | -46 540 | -35 777 | -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 | 2014-09-30 | 2013-09-30 | 2013-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | 626 574 | 582 492 | 564 574 |
| Total non-current assets | 626 574 | 582 492 | 564 574 |
| Current assets | |||
| Receivables from group companies | 7 544 | 21 285 | - |
| Prepayments and accrued income | 1 469 | 1 205 | 1 156 |
| Other current receivables | 540 | 27 | 266 |
| Cash and cash equivalents | 145 105 | 113 | 1 521 |
| Total current assets | 154 658 | 22 630 | 2 943 |
| TOTAL ASSETS | 781 232 | 605 122 | 567 517 |
| EQUITY & LIABILITIES | |||
| Total equity | 535 840 | 120 661 | 108 739 |
| Non-current liabilities | 222 336 | 442 497 | 443 082 |
| Liabilities to group companies | - | - | 9 196 |
| Other liabilities | 23 056 | 41 964 | 6 500 |
| Current liabilities | 23 056 | 41 964 | 15 696 |
| Total liabilities | 245 392 | 484 461 | 458 778 |
| TOTAL EQUITY AND LIABILITIES | 781 232 | 605 122 | 567 517 |
| 19 February 2015 | Year-end report 2014 |
|---|---|
| 12 May 2015 | Interim report, 1 Jan – 31 Mar 2015 |
The Annual General Meeting in Bactiguard Holding AB (publ) will be held Thursdagy 21 May 2015 in Stockholm.
For additional information, please contact:
Johan Rugfelt, CEO: +46 8 440 58 76 Fredrik Järrsten, CFO: +46 725 500 089 Cecilia Edström, Director of Communications: +46 722 262 328
For additional information about Bactiguard's business, please visit the company's website:
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, 14 November 2014
Christian Kinch Thomas von Koch
Ulf Mattsson Mia Arnhult
Board member Board member
Chairman Board member
Johan Rugfelt
Chief Executive Officer
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 14 November 2014 at 08.00 CET.
We have reviewed the interim report for Bactiguard Holding AB (publ) for the period 1 January 2014 – 30 September 2014. 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 14 november 2014
DELOITTE AB
Kent Åkerlund
Authorised Public Accountant
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