Earnings Release • Feb 12, 2013
Earnings Release
Open in ViewerOpens in native device viewer
February 12, 2013
| Amounts in SEK millions | 4 th quarter | 4 th quarter | Full year | Full year |
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Net sales | 113.9 | 116.0 | 462.9 | 428.4 |
| Cost of sales | -45.8 | -52.2 | -191.5 | -182.1 |
| Gross profit | 68.1 | 63.9 | 271.4 | 246.3 |
| Operating expenses | -54.6 | -54.1 | -227.6 | -221.2 |
| Operating profit/loss | 13.5 | 9.8 | 43.8 | 25.1 |
| Financial items | -3.1 | 0.9 | -5.5 | 2.9 |
| Profit/loss before tax | 10.4 | 10.7 | 38.3 | 28.0 |
| Tax expenses | 3.2 | -0.9 | 0.3 | -2.0 |
| Profit/loss after tax for | ||||
| continuing operations | 13.6 | 9.9 | 38.6 | 25.9 |
| Profit/loss after tax for | ||||
| discontinued operations | - | 7.3 | -0.3 | 6.5 |
| Total profit/loss for the period | 13.6 | 17.2 | 38.3 | 32.5 |
| Gross profit margin | 59.8% | 55.0% | 58.6% | 57.5% |
| Operating profit margin | 11.9% | 8.5% | 9.5% | 5.9% |
2012 has been a good year for Biotage with strong sales growth and a considerably improved result. We increased our sales by 8 percent to 463 MSEK and our operating result by 75 percent to 44 MSEK. The great improvement of the result during the year is among other things due to the fact that we have increased the gross margin with more than one percentage at the same time as the sales costs ratio has decreased by more than two percentages. The administrative costs in relation to sales have also decreased.
During the year we achieved a number of important targets in our operations. Among other things we increased the sales of aftermarket products, which accounted for 59 percent of Biotage's total sales in 2012. This is close to our strategic goal of 60 percent. We have also achieved a better balance between the areas of organic and analytical chemistry, which makes us less dependent on the development of the pharma industry. The long-term goal is that these two areas should contribute approximately equally to sales. In 2012 analytical chemistry reached a 43 percent share of our total sales.
During the year we invested in our market organization and strengthened our sales force in the US, Europe and China. China, together with Japan, was the strongest developing market in 2012. Even though China still remains a relatively small market for us it has great future potential. Europe was the best region in terms of sales in the fourth quarter.
However, the year's last quarter did not end totally as we expected. We saw an increasingly hesitant market in general and the sales increase slowed down, primarily concerning instruments and above all in the US and India. We have not been willing to lower our prices more than extremely selectively. This has to some extent affected our sales, but it has also contributed to a gross margin of no less than 59.8 percent in the last quarter. Despite this slow-down we exit the last quarter with an 11.9 percent operating margin.
The product area purification has the biggest sales overall. It is therefore pleasing that this area showed a positive development, in the full year as well as in the last quarter. We have gained market shares above all in the US. A strengthened product offering through an updated version of our purification instrument Isolera and new consumables are contributing factors to these successes.
The product area synthesis did not develop equally well in 2012. We believe that the sales growth for our synthesis instruments, which are primarily used in the development of pharmaceuticals based on small molecules, will remain limited also in the future. For this reason we are investigating several alternative application areas for our microwave technology. One good such example is our peptide synthesis products, which have healthy growth.
Biotage also continues to show good sales growth in consumables for analytical chemistry. We maintain a high pace in the development of new applications, which is a decisive factor for success.
One area where we are making investments for the future is the one today called Industrial Resins, previously called process chemistry. Briefly described, these operations concern the large scale removal of unwanted substances such as pesticides and genotoxins from foodstuffs and pharmaceuticals. The operations are so far carried out in laboratory or pilot scale. In 2012 we completed our plant in Lund, which gives us increased capacity and flexibility in the production of polymers.
Consolidated net sales amounted to 113.9 MSEK compared to 116.0 MSEK the fourth quarter 2011, a decrease by 1.8 percent. At comparable exchange rates sales increased by 1.5 percent. The EU was the single biggest market with 39 percent of the net sales. The US contributed 37 percent, Japan 15 percent, China 4 percent and the rest of the world 5 percent of the net sales.
The Group's gross margin was 59.8 percent (55.0). The gross margin is influenced by variations in product mix, sales channels and the geographic distribution of the sales.
The operating expenses amounted to 54.6 MSEK (54.1). Reduced sales costs and R&D costs compared to the corresponding quarter the previous year were offset by higher administration costs during the period.
The operating result amounted to 13.5 MSEK (9.8) with an 11.9 percent (8.5) operating margin. Net financial income amounted to -3.1 MSEK (0.9). Net financial income for the fourth quarter includes a net effect of -0.7 MSEK concerning currency effects from inter-company items and other financial items that were previously considered to be related to the operations. As a result of the changed assessment the net financial income for the period, compared to the previous assessment, was negatively affected by currency effects to the amount of -0.7 MSEK, while the operating result was positively influenced to the same amount. The reported result after tax thus remains unaffected by this reclassification. The result after tax amounted to 13.6 MSEK (17.2).
The investments amounted to 10.5 MSEK (12.4) and the amortizations to 6.8 MSEK (8.8). 8.2 MSEK (8.8) of the investments were capitalized development costs and 4.3 MSEK (5.6) of the amortizations were amortizations of capitalized development costs. As the result of changed accounting assessments of product life cycles the period's amortizations of capitalized development costs have been reduced by 3.1 MSEK compared to previously applied assessments. A write-down of capitalized development costs has been done to the amount of 0.7 MSEK.
The cash flow from operating activities was 29.9 MSEK (33.2). The difference is primarily due to cash flow from changes in working capital amounting to 10.0 MSEK (14.1).
Consolidated net sales increased by 8 percent and amounted to 462.9 MSEK in 2012 (428.4). At comparable exchange rates net sales increased by 6 percent. The US was the biggest single market with 38 percent of the net sales. The EU area contributed 34 percent, Japan 18 percent, China 5 percent and the rest of the world 5 percent of the net sales.
The Group's gross margin was 58.6 percent (57.5). Variations in product mix, sales channels and the geographic distribution of sales influence this profitability figure. A favorable product mix contributed to improved profitability the last six months of 2012.
The operating expenses amounted to 227.6 MSEK (221.2). It is primarily the 1.9 MSEK increase in research and development costs and the increase of other operating items, mainly consisting of currency effects on operations-related debts and receivables, to the amount of 2.2 MSEK, that explains the difference between the years. The operating profit amounted to 43.8 MSEK (25.1) with an operating margin of 9.5 percent (5.9).
Net financial income amounted to -5.5 MSEK (2.9). Net financial income includes a net effect of -4.9 MSEK concerning currency effects from inter-company items and other financial items that were previously considered to be related to the operations. As a result of the changed assessment, net financial income for the period was negatively affected by currency effects to the amount of -4.9 MSEK compared to the previous assessment, while the operating result was positively influenced to the same amount. The reported result after tax thus remains unaffected by this reclassification. The result after tax amounted to 38.3 MSEK (32.5).
The investments amounted to 40.3 MSEK (43.8) and the amortizations to 28.6 MSEK (36.0). 27.9 MSEK (27.5) of the investments were capitalized development costs and 16.3 MSEK (21.2) of the amortizations were amortizations of capitalized development costs. As a result of changed accounting assessments of product life cycles this year's amortizations of capitalized development costs have been reduced by 9.6 MSEK compared to previous assessments. Write-downs of capitalized development costs have been made to the amount of 5.4 MSEK.
The cash flow from operating activities amounted to 67.5 MSEK (94.8). During the period decreased other current debts resulted in a cash flow effect of -8.5 MSEK (13.1). Changes in other current receivables affected the cash flow to the amount of -5.7 MSEK (4.0). Reduced accounts receivable and reduced inventories contributed 4.8 MSEK (8.2) and 1.0 MSEK (10.0), respectively.
At December 31, 2012 the Group's cash and cash equivalents amounted to 170.9 MSEK, compared to 204.7 MSEK at December 31, 2011. The Group's interest-bearing liabilities amounted to 5.6 MSEK at the end of the reported period, compared to 6.3 MSEK at December 31, 2011. Net cash at December 31, 2012 thus amounted to 165.4 MSEK, compared to 198.4 at December 31, 2011.
The Group reports a total goodwill of 102.1 MSEK at December 31, 2012, compared to 106.1 MSEK at December 31, 2011. The reported goodwill relates to the acquisitions of MIP Technologies AB and two product lines from Caliper Life Sciences Inc. in 2010. This year's change in reported value is due to currency effects.
Other intangible fixed assets amounted to 116.3 MSEK (111.1). Of this sum patents and license rights and other intangible assets from acquisitions totaled 41.0 MSEK (47.4) and capitalized development costs 75.3 MSEK (63.7).
At December 31, 2012 the equity capital amounted to 530.8 MSEK, compared to 563.9 MSEK at December 31, 2011. This year's change in equity capital is attributable to the net result, 38.3 MSEK, dividends to shareholders, -29.3 MSEK, repurchasing of own shares, -35.2 MSEK, and hedging and currency effects at the translation of foreign subsidiaries, -6.9 MSEK.
The result after tax for divested operations amounted to -0.3 MSEK in 2012 (6.5) and refers to currency effects on additional purchase payments from Qiagen for the Biosystems business area divested in 2008. There will be no further items affecting the result relating to this divestment after 2012.
Biotage has, as previously reported, been sued for patent infringement in the US. These plaints are declared resting by the court awaiting the results of reexamination cases of the validity of the patents by the US Patent and Trademark Office.
The US Patent and Trademark Office's Patent Trial and Appeal Board has declared all patent demands in US patents 7,138,061, 7,381,327 and 7,410,571 invalid. The decision has been appealed by the other party to the US Court of Appeals for the Federal Circuit.
The reexamination cases concerning US patents 8,066,875 and 7,381,327 are in progress at the US Patent and Trademark Office and there is nothing additional to report in relation to these two cases.
Biotage's analysis indicates that the company has a strong position and that the other party lacks good cause for the alleged patent infringement.
After the year end closing, an additional 1,523,369 own shares have been acquired where after Biotage holds a total of 3,306,275 shares.
Biotage's aim is to provide the shareholders with a healthy return and value growth. It is important that Biotage can grow the business and have the ability to act on business opportunities that arise. Biotage's policy is to distribute as dividend at least 50 percent of the net profit.
At December 31, 2012 the Group had 290 employees, compared to 270 at the start of the year and 282 at September 30, 2012.
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.
In the fourth quarter 2012 the parent company's net income amounted to 0.5 MSEK (0.5). In the full year 2012 net income amounted to 2.1 MSEK (2.1). The result after financial items in the fourth quarter was 21.2 MSEK (13.6). In the full year 2012 the result after financial items was 12.8 MSEK (6.9).
The parent company's investments in intangible fixed assets amounted to 0.4 MSEK (0.9) in the fourth quarter and to 1.4 MSEK (1.7) in the full year.
Of the parent company's long-term receivables from group companies at December 31, 2012 receivables to a gross amount of 163 MSEK (183 MSEK at December 31, 2011) are receivables classified as part of the investments in the foreign operations, which means that changes in the value of the items due to changed currency exchange rates are reported as other total result.
The parent company's cash and cash equivalents amounted to 52.3 MSEK at December 31, 2012, compared to 104.7 MSEK at December 31, 2011. The decrease of the parent company's cash and securities is mainly attributable to the payment of dividends to shareholders to the amount of 29.3 MSEK and repurchasing of own shares to the amount of 35.2 MSEK.
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. A detailed account of Biotage's risks, uncertainty factors and the handling of these can be found in the company's Annual Report for 2011. Readers wishing to study the risks and uncertainties reported in the 2011 Annual Report can download this from Biotage AB's website www.biotage.com or order it from Biotage AB, Box 8, SE-753 18 Uppsala or [email protected].
The Annual Report for 2012 is planned to be made public in week 14 2013. The Annual General Meeting will be held on April 25, 2013.
The interim report for the first quarter 2013 will be issued on April 25, 2013. The interim report for the second quarter 2013 will be issued on August 15, 2013. The interim report for the third quarter 2013 will be issued on October 25, 2013. The year-end report for 2013 will be issued on February 13, 2014.
This report has not been reviewed by the company's auditor.
Uppsala February 12, 2013
Torben Jörgensen President and CEO
For further information, please contact:
Torben Jörgensen, President and CEO, phone:+46 707 49 05 84 Erika Söderberg Johnson, CFO, phone: +46 730 50 80 56
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 08.00 on February 12, 2013.
Biotage offers solutions, knowledge and experience in the areas of analytical chemistry, medicinal chemistry, separation and purification. The customers include pharmaceutical and biotech companies, companies within the food industry and leading academic institutes. 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 463 MSEK in 2012. Biotage is listed on the NASDAQ OMX Nordic Stockholm stock exchange. Website: www.biotage.com
| 2012-10-01 | 2011-10-01 | 2012-01-01 | 2011-01-01 | |
|---|---|---|---|---|
| Amounts in SEK thousands | 2012-12-31 | 2011-12-31 | 2012-12-31 | 2011-12-31 |
| Net sales | 113,941 | 116,031 | 462,942 | 428,408 |
| Cost of sales | -45,825 | -52,168 | -191,508 | -182,127 |
| Gross profit | 68,117 | 63,863 | 271,434 | 246,281 |
| Distribution costs | -34,294 | -35,473 | -141,865 | -140,824 |
| Administrative expenses | -12,422 | -10,629 | -47,416 | -46,198 |
| Research and development costs | -7,729 | -8,056 | -36,848 | -34,900 |
| Other operating income | -154 | 101 | -1,457 | 718 |
| Total operating expenses | -54,599 | -54,057 | -227,586 | -221,205 |
| Operating profit/loss | 13,518 | 9,806 | 43,847 | 25,076 |
| Financial net income | -3,108 | 911 | -5,531 | 2,911 |
| Profit/loss before income tax | 10,410 | 10,717 | 38,316 | 27,987 |
| Tax expenses | 3,207 | -854 | 308 | -2,046 |
| Profit/loss after tax for continuing operations | 13,618 | 9,863 | 38,624 | 25,941 |
| Profit/loss after tax for discontinued operations | - | 7,300 | -288 | 6,533 |
| Total profit/loss for the period | 13,618 | 17,163 | 38,336 | 32,475 |
| Other comprehensive income | ||||
| Translation differences related to | ||||
| non Swedish subsidiaries | 460 | 913 | -7,485 | 4,099 |
| Cash flow hedges | -650 | 1,170 | 632 | -404 |
| Total other comprehensive income | -189 | 2,082 | -6,852 | 3,695 |
| Total comprehensive income for the period | 13,428 | 19,245 | 31,483 | 36,169 |
| 2012-10-01 2012-12-31 |
2011-10-01 2011-12-31 |
2012-01-01 2012-12-31 |
2011-01-01 2011-12-31 |
|
|---|---|---|---|---|
| Attributable to parent company´s shareholders: | ||||
| Total profit/loss for the period | 13,618 | 17,163 | 38,336 | 32,475 |
| Attributable to parent company´s shareholders: | ||||
| Total comprehensive income for the period | 13,428 | 19,245 | 31,483 | 36,169 |
| Average shares outstanding (*) | 72,227,916 | 76,702,836 | 73,258,156 | 78,094,450 |
| Average shares outstanding after | ||||
| dilution (*) | 72,227,916 | 76,702,836 | 73,258,156 | 78,094,450 |
| Shares outstanding at end of reporting period (*) | 73,255,705 | 79,637,688 | 73,255,705 | 79,637,688 |
| Total profit/loss for the period per share SEK | 0.19 | 0.22 | 0.52 | 0.42 |
| Total profit/loss for the period per share SEK after dilution | 0.19 | 0.22 | 0.52 | 0.42 |
| Earnings per share relates to: | ||||
| Continuing operations | 0.19 | 0.13 | 0.52 | 0.33 |
| Discontinued operations | 0.00 | 0.09 | 0.00 | 0.09 |
| Total comprehensive income for the period | ||||
| per share SEK | 0.19 | 0.25 | 0.43 | 0.46 |
| Total comprehensive income for the period | ||||
| per share after dilution SEK | 0.19 | 0.25 | 0.43 | 0.46 |
| (*) Of the numbers of shares outstanding are | ||||
| repurchased as per end of reporting period | 1,782,906 | 3,266,956 | 1,782,906 | 3,266,956 |
| Average numbers of shares outstanding are reported excluding numbers shares repurchased. |
| Quarterly summary 2012 and 2011 | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 |
|---|---|---|---|---|---|---|---|---|
| Amounts in KSEK | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Net Sales | 113,941 | 107,134 | 122,287 | 119,579 | 116,031 | 106,551 | 98,628 | 107,198 |
| Cost of sales | -45,825 | -42,532 | -51,889 | -51,262 | -52,168 | -44,999 | -40,735 | -44,226 |
| Gross profit | 68,117 | 64,602 | 70,398 | 68,317 | 63,863 | 61,552 | 57,893 | 62,972 |
| Gross margin | 59.8% | 60.3% | 57.6% | 57.1% | 55.0% | 57.8% | 58.7% | 58.7% |
| Operating expenses | -54,599 | -55,727 | -57,532 | -59,729 | -54,057 | -50,638 | -56,138 | -60,372 |
| Operating profit/loss | 13,518 | 8,875 | 12,866 | 8,588 | 9,806 | 10,915 | 1,755 | 2,600 |
| Finansnetto | -3,108 | -3,862 | 625 | 813 | 911 | 813 | 803 | 385 |
| Profit/loss before income tax | 10,410 | 5,013 | 13,491 | 9,401 | 10,717 | 11,727 | 2,558 | 2,985 |
| Tax expenses | 3,207 | -1,345 | -304 | -1,250 | -854 | -284 | -178 | -729 |
| Profit/loss after tax for continuing operations | 13,618 | 3,669 | 13,187 | 8,151 | 9,863 | 11,443 | 2,380 | 2,256 |
| Profit/loss after tax for discontinued operations | - | - | - | -288 | 7,300 | - | - | -767 |
| Total profit/loss for the period | 13,618 | 3,669 | 13,187 | 7,863 | 17,163 | 11,443 | 2,380 | 1,489 |
| Amounts in SEK thousands | 2012-12-31 | 2011-12-31 |
|---|---|---|
| ASSETS | ||
| Non-Current assets | ||
| Property, plant and equipment | 40,695 | 39,468 |
| Goodwill | 102,054 | 106,108 |
| Other intangible assets | 116,260 | 111,100 |
| Financial assets | 1,205 | 2,286 |
| Deferred tax asset | 41,733 | 39,436 |
| Total non-current assets | 301,946 | 298,399 |
| Current assets | ||
| Inventories | 84,119 | 89,694 |
| Trade and other receivables | 97,092 | 106,251 |
| Cash and cash equivalents | 170,916 | 204,711 |
| Total current assets | 352,128 | 400,656 |
| TOTAL ASSETS | 654,074 | 699,054 |
| EQUITY AND LIABILITIES Capital and reserves attributable to equity holders of the |
||
| parent company | ||
| Share capital | 89,372 | 89,194 |
| Other paied-in capital | 4,993 | 4,993 |
| Reserves | -107,801 | -100,949 |
| Retained earnings | 544,266 | 570,659 |
| Total equity | 530,829 | 563,897 |
| Non-current liabilities | ||
| Liabilities to credit institutions | 5,124 | 5,850 |
| Deferred tax liability | 1,752 | 1,949 |
| Non-current provisions | 24,179 | 25,184 |
| Total non-current liabilities | 31,054 | 32,983 |
| Current liabilities | ||
| Trade and others liabilities | 88,268 | 96,037 |
| Tax liabilities | 1,354 | 774 |
| Liabilities to credit institutions | 434 | 442 |
| Current provisions | 2,134 | 4,921 |
| Total current liabilities | 92,190 | 102,173 |
| TOTAL EQUITY AND LIABILITIES | 654,074 | 699,054 |
Note
Reported deferred tax liability of 1,949 KSEK for 2011 has in previous financial reports been included in the item Current provisions
| Amounts in SEK thousands | Share capital |
Other payed-in capital |
Accumulated translation reserve |
Hedging reserve |
Retained earnings |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance January 1, 2011 | 88,486 | 4,993 | -104,643 | 0 | 579,112 | 567,948 |
| Changes in equity in the | ||||||
| period of January 1 - September 30, 2011 | ||||||
| Total comprehensive income | - | - | 3,186 | -1,574 | 15,311 | 16,924 |
| Total non-owners changes | - | - | 3,186 | -1,574 | 15,311 | 16,924 |
| Transacitions with equity holders of the company | ||||||
| Cancellation of treasury shares (*) | -8,849 | - | - | - | 8,849 | 0 |
| Increase of share capital without the issue | ||||||
| of new shares, bonus issue (*) | 9,557 | - | - | - | -9,557 | 0 |
| Dividend to shareholders of the parent company | - | - | - | - | -19,909 | -19,909 |
| Share buy-back by parent company (*) | - | - | - | - | -16,926 | -16,926 |
| Closing balance September 30, 2011 | 89,194 | 4,993 | -101,457 | -1,574 | 556,881 | 548,037 |
| Changes in equity in the period of October 1, - December 31, 2011 |
||||||
| Total comprehensive income | - | - | 913 | 1,170 | 17,164 | 19,246 |
| Total non-owners changes | - | - | 913 | 1,170 | 17,164 | 19,246 |
| Transacitions with equity holders of the company | ||||||
| Share buy-back by parent company (*) Closing balance December 31, 2011 |
- 89,194 |
- 4,993 |
- -100,544 |
- -404 |
-3,386 570,659 |
-3,386 563,897 |
| Changes in equity in the | ||||||
| period of January 1 - September 30, 2012 | ||||||
| Total comprehensive income | - | - | -7,945 | 1,282 | 24,718 | 18,055 |
| Total non-owners changes | 0 | 0 | -7,945 | 1,282 | 24,718 | 18,055 |
| Transacitions with equity holders of the company | ||||||
| Cancellation of treasury shares (*) | -7,148 | - | - | - | 7,148 | 0 |
| Increase of share capital without the issue | ||||||
| of new shares, bonus issue (*) | 7,326 | - | - | - | -7,326 | 0 |
| Dividend to shareholders of the parent company | - | - | - | -29,302 | -29,302 | |
| Share buy-back by parent company (*) | - | - | - | - | -23,946 | -23,946 |
| Closing balance September 30, 2012 | 89,372 | 4,993 | -108,490 | 878 | 541,952 | 528,705 |
| Changes in equity in the | ||||||
| period of October 1, - December 31, 2012 | ||||||
| Total comprehensive income | - | - | 460 | -650 | 13,618 | 13,428 |
| Total non-owners changes | - | - | 460 | -650 | 13,618 | 13,428 |
| Transacitions with equity holders of the company | ||||||
| Share buy-back by parent company (*) | - | - | - | - | -11,303 | -11,303 |
| Closing balance December 31, 2012 | 89,372 | 4,993 | -108,029 | 228 | 544,266 | 530,829 |
(*) Repurchased shares, cancellation of repurchased shares and bonus issue
At the Annual General Meeting 2009 and 2010 respectively, the Board was authorized to repurchase the company's shares to the extent that the holding of own shares amounted to a maximum of 10 percent of the total number of shares issued. From September 2009 to December 2010 the company repurchased a total of 8,848,632 shares, corresponding to 10.0 percent of the company's total issued shares. At the Annual General Meeting 2011 it was decided that the repurchased shares should be cancelled. As a result of the cancellation, the company's share capital decreased by 8,849 KSEK to 79,638 KSEK. The number of shares was reduced from 88,486,320 to 79,673,688. At the Annual General Meeting 2011 it was also decided that the company should carry out a bonus issue and thereby increase the company's share capital by 9,557 KSEK to 89,194 without issuing any new shares.
After the cancellation of repurchased shares and the bonus issue the number of shares was 79,637,688 with a quota value of 1.12 SEK. The Annual General Meeting 2011 further resolved to authorize the Board to carry out a new repurchasing program comprising a maximum of 10 percent of the company's outstanding shares, i.e. a total of 7,963,769 shares. At the time of the Annual General Meeting of April 26, 2012 the company had in accordance with the authorization repurchased 6,381,983 shares at an average share price of 6.40 SEK.
In accordance with the proposal of the Board, the Annual General Meeting 2012 resolved that the 6,381,983 repurchase shares should be cancelled. The company's share capital therefore decreased by7,148 KSEK. At the same time it was decided that the company's share capital should be increased by 7,326 KSEK through a bonus issue where the issue sum was transferred from the parent company's non-restricted reserves. After realization of the AGM's decisions the registered share capital is 89,371,960 SEK and the number of outstanding shares 73,255,705 with a quota value of 1.22 SEK.
The Annual General Meeting also resolved to authorize the Board to continue to repurchase shares up until the Annual General Meeting 2013, 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 December 31, 2012 the company has, in accordance with this authorization, repurchased 1,782,906 shares at an average price of 8:27 SEK.
| Amounts in SEK thousands 2012-12-31 2011-12-31 2012-12-31 2011-12-31 Operating activities Profit/loss before income tax 10,410 10,717 38,316 27,987 Adjustments for non-cash items 6,589 9,487 36,546 35,560 16,999 20,204 74,862 63,547 Income tax paid 2,940 -1,052 978 -3,979 Cash flow from operating activities before changes in working capital 19,940 19,152 75,840 59,568 Cash flow from changes in working capital: Increase (-)/ decrease (+) in inventories 1,546 -1,164 982 9,992 Increase (-)/ decrease (+) in trade receivables 6,182 6,526 4,806 8,191 Increase (-)/ decrease (+) in other current receivables 1,269 -1,590 -5,659 3,951 Increase (+)/ decrease (-) in other liabilities 997 10,298 -8,508 13,104 Cash flow from operating activities - continuing operations 29,934 33,222 67,461 94,806 Cash flow from operating activities - discontinued operations - - 7,012 14,243 Cash flow from operating activities 29,934 33,222 74,472 109,050 Investing activities Acquisition of intangible assets -8,519 -9,665 -29,586 -30,347 Acquisition of property, plant and equipment -1,897 -2,791 -10,373 -11,910 Acquisition of financial assets -39 -252 -300 -269 Acquisitions of companies and product lines - - - -2,027 Sale of property, plant and equipment - - - - Sale of financial assets 66 330 261 753 Cash flow from investing activities - continuing operations -10,389 -12,379 -39,998 -43,801 Cash flow from financing activities - discontinued operations - - - - Cash flow from investing activities -10,389 -12,379 -39,998 -43,801 Financing activities Dividend to shareholders - - -29,302 -19,909 Buy-back of shares -11,303 -3,385 -35,249 -20,311 Repayment of loans -152 -158 -625 -629 Cash flow from financing activities - continuing operations -11,456 -3,543 -65,176 -40,849 Cash flow from financing activities - discontinued operations - - - - Cash flow from financial activities -11,456 -3,543 -65,176 -40,849 Cash flow for the period 8,089 17,300 -30,702 24,399 Cash and cash equivalents opening balance 162,817 188,074 204,711 179,573 Exchange differences in liquid assets 10 -664 -3,093 739 Cash and equivalents closing balance 170,916 204,711 170,916 204,711 Additional information: Adjustments for non-cash items Depreciations and impairments 6,757 8,836 28,612 35,983 Other items -168 650 7,934 -423 |
2012-10-01 | 2011-10-01 | 2012-01-01 | 2011-01-01 | |
|---|---|---|---|---|---|
| Total | 6,589 | 9,487 | 36,546 | 35,560 | |
| Interest received 392 963 2,447 3,111 |
|||||
| Interest paid -41 -52 -206 -200 |
| 2012-10-01 | 2011-10-01 | 2012-01-01 | 2011-01-01 | |
|---|---|---|---|---|
| Amounts in SEK thousands | 2012-12-31 | 2011-12-31 | 2012-12-31 | 2011-12-31 |
| Net sales | 524 | 532 | 2,117 | 2,098 |
| Administrative expenses | -5,331 | -5,153 | -22,295 | -23,384 |
| Research and development costs | -305 | -326 | -1,383 | -1,283 |
| Other operating items | -1,425 | 7,811 | -1,883 | 6,319 |
| Operating expenses | -7,061 | 2,332 | -25,561 | -18,348 |
| Operating profit/loss | -6,537 | 2,864 | -23,444 | -16,251 |
| Profit/loss from financial investments: | ||||
| Interest income from receivables from group companies | 2,825 | 2,774 | 9,958 | 12,276 |
| Interest expense from liabilities to group companies | -732 | -493 | -2,200 | -1,882 |
| Result from participations in group companies | -13,290 | -11,620 | -10,568 | -9,284 |
| Other interest and similar income | 4,429 | 801 | 6,067 | 2,768 |
| Other interest and similar income | -1,173 | - | -2,700 | - |
| Group contribution received | 35,649 | 19,245 | 35,649 | 19,245 |
| Financial net income | 27,706 | 10,707 | 36,205 | 23,122 |
| Profit/loss before income tax | 21,170 | 13,571 | 12,761 | 6,872 |
| Tax expenses | 2,297 | - | 2,372 | - |
| Total profit/loss for the period | 23,466 | 13,571 | 15,133 | 6,872 |
| STATEMENT OF COMPREHENSIVE INCOME. PARENT | ||||
| Total profit/loss for the period | 23,466 | 13,571 | 15,133 | 6,872 |
| Other comprehensive income: | ||||
| Translation differences related to | ||||
| non Swedish subsidiaries | -2,838 | 516 | -13,509 | -6,305 |
| Total comprehensive income, parent | 20,629 | 14,087 | 1,625 | 567 |
| Accrued expenses and prepaid income | 4,065 | 4,661 |
|---|---|---|
| 113,522 | 164,690 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 609,305 | 725,767 |
| 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.
Revised or new standards, interpretations or statements from standard-setting bodies for IFRS within the EU that have come into effect on January 1, 2012 have not had any effect on the Group's financial reporting, as these have not been relevant to Biotage AB in the current situation.
From April 1, 2012, Biotage has changed the assessment of periods of utilization at the amortization of capitalized development costs. The period of utilization has been assessed to be 7 years for the development of instruments and consumables, which have previously been amortized over periods of 3 and 5 years, respectively. These adaptations of the periods of utilization in the reporting are made in order to better reflect the management's assessment of the economic life of the company's products, based on information gained through analyses and increased experience. The revision of the periods of utilization constitutes a change assessment that is reported future-oriented and does thus not concern previous periods.
Net financial income 2012 includes currency effects on certain inter-company items and other financial items that were previously considered to be related to the operations.
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 2011. These are described on pp. 32-41 in the Annual Report.
Readers wishing to study the accounting principles presented in the 2011 Annual Report can download this report from Biotage AB's website www.biotage.com or order it from Biotage AB, Box 8, SE-753 18 Uppsala, Sweden, or [email protected].
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.