Quarterly Report • May 15, 2012
Quarterly Report
Open in ViewerOpens in native device viewer
Corporate identity number 556707-5048
During the first quarter, we continued to invest in projects and innovations which we feel have significant medical and commercial potential. Among other things, we have established KDev Oncology, a new, focused oncology group wholly owned by Karolinska Development. We are confident that a collective approach in oncology will help us to recruit top talent, generate new pharmaceutical projects, attract co-investors and simplify negotiations with potential buyers and partners when projects are successful. We intend to apply this model to all new projects where we see opportunities to improve efficiencies.
Since it was established, KDev Oncology, which includes the existing portfolio company Akinion Pharmaceuticals, has also invested in GliGene, a company focused on the Hedgehog signaling pathway, which plays a fundamental role in the control of cell differentiation, growth and proliferation and is reactivated in cancer. The thesis is that this is not needed in normal adult tissue and that inhibition of this pathway could provide a selective way to treat cancer.
In addition, several of our portfolio companies have made clinical progress, including Pergamum and Akinion Pharmaceuticals. Pergamum dosed the last patient in a Phase II trial for prevention of post-surgical adhesions and initiated a Phase II trial with DPK-060 in outer ear infections, while Akinion Pharmaceuticals initiated a clinical Phase I/II trial with AKN-028 for treatment of acute myeloid leukemia (AML). After the reporting period, Pharmanest launched a Phase I trial with SHACT to develop a product for pain relief in connection with intrauterine device (IUD) insertion, an area where women today rarely have effective options despite a clear medical need. Pharmanest's ambition is to develop a method for immediate pain relief without the use of advanced equipment.
Lastly, the continuous evaluation and prioritization of our companies and projects has strengthened the portfolio. Our expectation that intense business development work will bear fruit in 2012 remains unchanged.
Torbjörn Bjerke Chief Executive Officer
Group
Amounts in SEKm 2012 2011 2011 Jan-Mar Jan-Mar Full year Income statement Revenue 2.5 2.9 10.5 Profit/loss after tax -89.1 -37.5 -385.7 Earnings per share before and after dilution (SEK) -1.69 -1.04 -8.07 Balance sheet Cash and cash equivalents 171.5 141.8 163.3 Short-term investments 362.2 78.6 457.2 Share information Net asset value per share (SEK) (Note 5) 44.1 53.0 44.7 Share price, last trading day in the reporting period (SEK) 24.4 - 24.0 Portfolio information Investments in portfolio companies* (Note 7) 78.0 35.7 297.6 Of which investments not affecting cash flow (Note 7) 0.0 5.9 94.9 Valuation of total portfolio holdings (Note 2) 1,581.1 1,461.9 1,546.9
* Portfolio companies comprise subsidiaries, joint ventures, associated companies and other long-term securities holdings
Akinion Pharmaceuticals announced that the first patient has been dosed with AKN-028 in a two-part international multi-center study in patients with acute myeloid leukemia (AML). The first part is a dose-escalating study where AKN-028 is administered orally twice a day, until the maximum tolerated dose is established. The second part is a proof-of-concept study where approximately 20 patients will be treated. The trial will assess the safety, tolerability, pharmacokinetics and anti-leukemic effect of AKN-028.
Pergamum announced that the first patient has been dosed in a double-blind randomized, placebo-controlled, multi-center study of DPK-060 for the treatment of patients with acute external otitis (swimmer's ear). The objectives of the Phase II trial are to assess the efficacy, local tolerability and safety of DPK-060 ear drops. The trial is expected to enroll approximately 70 patients. Karolinska Development is the majority owner of Pergamum.
Pergamum announced that the final patient has been dosed in a randomized Phase II trial of the therapeutic peptide PXL01 for prevention of post-surgical adhesions. In total, 138 patients who have undergone hand surgery have been included in this placebocontrolled, multi-center trial, which is evaluating the safety and efficacy of PXL01 to improve mobility and function in the hand after surgery.
Karolinska Development announced the formation of KDev Oncology AB, the parent company of a new oncology group wholly owned by Karolinska Development. The ambition is to improve focus and efficiency in this important therapeutic area. The formation of KDev Oncology enables Karolinska Development and its co-investors to accumulate projects within a specific therapeutic area to obtain synergies and critical mass. KDev Oncology started with the existing portfolio company Akinion Pharmaceuticals. Carl Harald Janson has been appointed CEO of the company.
GliGene AB, a new Swedish drug development company focusing on cancer diseases, received its first financing through a new share issue directed to KDev Oncology AB. The new share issue will enable GliGene to advance the discovery of new antagonists to the Hedgehog pathway. KDev Oncology is planning to invest a total of SEK 6.8m, which will give it an ownership interest in GliGene of 44 percent.
Karolinska Development invested in Oss-Q AB, a company which is developing a novel implant technology and related bioceramic innovations based on research at Karolinska University Hospital and Uppsala University. Oss-Q's vision is to convert the technology into differentiating products for bone repair and to build a niche company in orthopedics with its own sales, beginning in skull surgery. The market for biomaterial products in orthopedics was worth more than EUR 1.25bn in 2011. After the investment, Karolinska Development owns 15.6 percent of Oss-Q.
Pharmanest announced that the first patient has been dosed in an open label pharmacokinetic study with its drug candidate SHACT, a product developed for pain relief in connection with intrauterine device (IUD) insertion. The objective of this open study is to establish the pharmacokinetic properties of SHACT when applied in the cervix and uterus of women receiving an IUD. Secondary objectives are to evaluate safety and tolerability. A randomized, double blind Phase II study with about 200 patients is planned later this year.
| PHARMACEUTICALS | Ownership* | Concept development |
Lead discovery |
Lead optimization |
Preclinical development |
Phase I | Phase II | Phase III | Launch |
|---|---|---|---|---|---|---|---|---|---|
| ONCOLOGY | |||||||||
| Axelar AB | 45% | ||||||||
| Aprea AB | 41% | ||||||||
| Oncopeptides AB | 43% | ||||||||
| KDev Oncology AB (AKN-028) | 90% | ||||||||
| KDev Oncology AB (GliGene) | 10% | ||||||||
| DERMATOLOGY AND WOUND HEALING | |||||||||
| Pergamum AB (DPK-060, atopic dermatitis) | 62% | ||||||||
| Pergamum AB (DPK-060, external otitis) | 62% | ||||||||
| Pergamum AB (PXL01) | 62% | ||||||||
| Pergamum AB (LL-37) | 62% | ||||||||
| WOMEN'S HEALTH | |||||||||
| Dilafor AB | 55% | ||||||||
| Umecrine Mood AB | 43% | ||||||||
| Pharmanest AB | 59% | ||||||||
| INFECTIOUS DISEASE | |||||||||
| Dilaforette AB | 62% | ||||||||
| Biosergen AS | 60% | ||||||||
| CARDIOVASCULAR | |||||||||
| Athera Biotechnologies AB (Annexin A5) | 65% | ||||||||
| Athera Biotechnologies AB (PC-mAb) | 65% | ||||||||
| CNS | |||||||||
| BioChromix Pharma AB | 69% | ||||||||
| Umecrine Cognition AB | 54% | ||||||||
| INFLAMMATION | |||||||||
| NovaSAID AB | 89% | ||||||||
| ProNoxis AB | 22% | ||||||||
| OPHTHALMOLOGY | |||||||||
| Clanotech AB | 87% | ||||||||
| TECHNOLOGY | Ownership* | Concept development | Prototype | Development | Product | Sales | |||
| IMPLANT Promimic AB |
29% | ||||||||
| Oss-Q AB | 16% | ||||||||
| DIAGNOSTIKS Athera Biotechnologies AB (CVDefine®) |
65% | ||||||||
| BioChromix AB | 9% | ||||||||
| PHARMACEUTICAL FORMULATION | |||||||||
| Inhalation Sciences Sweden AB | 72% | ||||||||
| XSpray Microparticles AB | 61% | ||||||||
| Lipidor AB | 40% | ||||||||
| MEDICAL EQUIPMENT | |||||||||
| NeoDynamics AB (Fourier/AS) | 21% | ||||||||
| NeoDynamics AB (Terapi/PRFA) | 21% | ||||||||
| FINANCIAL/PASSIVE INVESTMENTS | Ownership* | Concept development |
Lead discovery |
Lead optimization |
Preclinical development |
Phase I | Phase II | Phase III | Launch |
| NephroGenex Inc. | 1% | ||||||||
| Pergamum AB (Laurantis Pharma Oy, cis-UCA dermatologi) | 6% |
Solid colored area = completed phase *Includes indirect ownership Shaded colored area = ongoing phase
Consolidated revenue during the first quarter 2012 amounted to SEK 2.5m, compared with SEK 2.9m in the same period in 2011. The change was primarily due to a decrease in services sold to portfolio companies.
The Group's operating loss for the first quarter amounted to SEK -95.2m (-41.6), a change of SEK -53.6m year-on-year. The increased loss was mainly due to the portion of the change in fair value affecting income, which amounted to SEK -62.6m (-12.3) during the first quarter. As indicated in Note 2, the value of companies reported as subsidiaries appreciated by SEK 18.9m (4.2) during the first quarter. Changes in the fair value of subsidiaries are not recognized in the consolidated income statement and balance sheet, since the subsidiaries are consolidated and therefore are not measured at fair value.
The Group's loss before tax amounted to SEK -91.8m (-41.1).
The Group's investments for the first quarter 2012 amounted to SEK 78.0m (35.7); see Note 7.
During the first quarter, SEK25.0m was invested in Axelar AB and SEK 19.0m in Athera Biotechnologies AB.
The Group's equity to total assets ratio was 93 (93) percent on 31 March 2012 and equity amounted to SEK 2,086.4m (2,173.9).
Cash, cash equivalents and short-term investments amounted to SEK 533.7m (620.6) on 31 March 2012.
Total assets amounted to SEK 2,252.3m (2,345.9) on 31 March 2012.
* Comparable figures refer to 31 December 2011
The Parent Company's revenue during the first quarter amounted to SEK 0.8m (0.9).
The Parent Company's operating loss for the first quarter amounted to SEK -15.3m (-19.0), an improvement of SEK 3.7m year-onyear. The improvement is mainly the result of lower external expenses and personnel expenses.
During the first quarter, the portfolio companies Actar AB and Limone AB were written down by SEK 1.5m and SEK 0.4m, respectively.
The net loss amounted to SEK -11.5m (-18.4).
The Parent Company invested a total of SEK 42.7m (18.0) in subsidiaries during the first quarter. The largest investments (SEKm) were in Axelar AB at SEK 25.0m and Actar AB at SEK 10.0m.
The Parent Company invested SEK 35.3m (14.7) in associated companies and joint ventures. The largest investments (SEKm) were in Athera Biotechnologies AB at SEK 19.0m and Dilaforette Holding AB at SEK 10.0m.
The Parent Company invested SEK 0m (3.0) in other long-term securities holdings.
Risks and uncertainties are primarily associated with investments in portfolio companies and the development of projects in these companies, as well as financial risks.
Future investments in new and current portfolio companies will require capital. There is no guarantee that such capital can be obtained on favorable terms or that such capital can be obtained at all.
Companies active in pharmaceutical development and medical technology at an early phase are, by their very nature, difficult to value, as lead times are very long and the development risks are high. Due to the uncertainty in these assessments, the estimated value of the portfolio may deviate substantially from the future generated value.
For a description of other risks and uncertainties, refer to the annual report 2011.
The CEO hereby certifies that this interim report gives a true and fair view of the operations, financial position and results of operations of the Parent Company and the Group and describes the material risks and uncertainties faced by the Parent Company and the companies included in the Group.
Solna, 15 May 2012
Torbjörn Bjerke CEO
| Interim report January – June 2012 | 23 August 2012 |
|---|---|
| Interim report January – September 2012 | 22 November 2012 |
| Year-end report January – December 2012 | February 2013 |
| Annual report 2012 | April 2013 |
Karolinska Development is required to make public the information in this interim report in accordance with the Securities Market Act. The information was released for publication on 15 May 2012.
This interim report, together with additional information, is available on Karolinska Development's website, www.karolinskadevelopment.com
Torbjörn Bjerke, CEO +46 (0) 72 744 41 23
Gunnar Casserstedt, CFO and Deputy CEO +46 (0) 73 068 37 00
See also www.karolinskadevelopment.com
Karolinska Development AB (publ) Fogdevreten 2A, SE-171 65 Solna, Sweden
This interim report has not been reviewed by the company's auditors.
Note: This report is a translation of the Swedish interim report. In the event of any discrepancies, the Swedish version shall prevail.
| 2012 | 2011 | 2011 | ||
|---|---|---|---|---|
| Amounts in SEK 000 | Note | Jan-Mar | Jan-Mar | Full-year |
| Revenue | 2,475 | 2,901 | 10,479 | |
| Other external expenses | -20,004 | -18,158 | -104,056 | |
| Personnel costs | -14,076 | -13,631 | -59,871 | |
| Depreciation and amortization of tangible and intangible non-current assets |
-991 | -406 | -3,431 | |
| Change in fair value of shares in joint ventures and associated companies | 2 | -62 383 | -8,535 | -236,621 |
| Change in fair value of other long-term securities holdings | 2 | -199 | -3,791 | -7,175 |
| Operating loss | -95,178 | -41,620 | -400,675 | |
| Financial net | 3 | 3,398 | 541 | -4,985 |
| Loss before tax | 2 | -91,780 | -41,079 | -405,660 |
| Deferred taxes | 2,661 | 3,535 | 19,987 | |
| Current taxes | 0 | 0 | 0 | |
| NET LOSS FOR THE PERIOD | -89,119 | -37,544 | -385,673 | |
| Attributable to: | ||||
| Parent Company's shareholders | -81,901 | -34,537 | -354,147 | |
| Non-controlling interests | -7,218 | -3,007 | -31,526 | |
| TOTAL | -89,119 | -37,544 | -385,673 | |
| 2012 | 2011 | 2011 | ||
|---|---|---|---|---|
| Amounts in SEK 000 | Note | Jan-Mar | Jan-Mar | Full-year |
| Earnings per share attributable to Parent Company's shareholders, weighted average, before and after dilution |
-1.69 | -1.04 | -8.07 | |
| Number of shares, weighted average | 5 | 48,531,417 | 33,331,417 | 43,908,951 |
| 2012 | 2011 | 2011 | |
|---|---|---|---|
| Amounts in SEK 000 Note |
Jan-Mar | Jan-Mar | Full-year |
| Net loss for the period | -89,119 | -37,544 | -385,673 |
| Total comprehensive income for the period | -89,119 | -37,544 | -385,673 |
| Attributable to: | |||
| Parent Company's shareholders | -81,901 | -34,537 | -354,147 |
| Non-controlling interests | -7,218 | -3,007 | -31,526 |
| TOTAL | -89,119 | -37,544 | -385,673 |
| Amounts in SEK 000 | Note | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Intangible non-current assets | 702,749 | 179,856 | 702,957 | |
| Tangible non-current assets | 1,611 | 2,368 | 1,663 | |
| Shares in joint ventures and associated companies | 2,4 | 953,164 | 1,199,924 | 980,276 |
| Other long-term securities holdings | 2,4 | 24,388 | 30,598 | 24,587 |
| Loans receivable joint ventures and associated companies | 26 715 | 83,525 | 3,675 | |
| Total non-current assets | 1,708,627 | 1,496,271 | 1,713,158 | |
| Current assets | ||||
| Accounts receivable | 430 | 467 | 1,462 | |
| Other short-term receivables | 5,264 | 7,065 | 8,757 | |
| Prepaid expenses and accrued income | 4,246 | 13,002 | 1,886 | |
| Short-term investments | 362,204 | 78,633 | 457,249 | |
| Cash and cash equivalents | 171,513 | 141,841 | 163,347 | |
| Total current assets | 543,657 | 241,008 | 632,701 | |
| TOTAL ASSETS | 2,252,284 | 1,737,279 | 2,345,859 | |
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 5 | 24,266 | 16,666 | 24,266 |
| Share premium | 1,768,179 | 1,212,611 | 1,768,179 | |
| Retained earnings including current period result | 13,692 | 419,868 | 86,442 | |
| Equity attributable to Parent Company's shareholders | 1,806,137 | 1,649,145 | 1,878,887 | |
| Non-controlling interests | 280,290 | 30,486 | 295,041 | |
| Total equity | 2,086,427 | 1,679,631 | 2,173,928 | |
| Long-term liabilities | ||||
| Deferred taxes | 140,925 | 30,660 | 143,586 | |
| Interest-bearing liabilities | 2,000 | 2,000 | 2,000 | |
| Total long-term liabilities | 142,925 | 32,660 | 145,586 | |
| Current liabilities | ||||
| Accounts payable | 8,015 | 7,224 | 9,563 | |
| Other short-term liabilities | 2,616 | 4,838 | 2,796 | |
| Accrued expenses and prepaid income | 12,301 | 12,926 | 13,986 | |
| Total current liabilities | 22,932 | 24,988 | 26,345 | |
| Total liabilities | 165,857 | 57,648 | 171,931 | |
| TOTAL EQUITY AND LIABILITIES | 2,252,284 | 1,737,279 | 2,345,859 |
| Equity attributable to Parent Company's shareholders | |||||||
|---|---|---|---|---|---|---|---|
| Retained | |||||||
| earnings | |||||||
| incl. | Non | ||||||
| Amounts in SEK 000 | Note | Share capital | Share premium |
current year result |
Total | controlling interests |
Total equity |
| Opening equity at 1 Jan 2012 | 24,266 | 1,768,179 | 86,442 | 1,878,887 | 295,041 | 2,173,928 | |
| Net loss for the year | -81,901 | -81,901 | -7,218 | -89,119 | |||
| Total comprehensive income for the | |||||||
| period | 0 | 0 | -81,901 | -81,901 | -7,218 | -89,119 | |
| Change in non-controlling interests | 9,151 | 9,151 | -7,533 | 1,618 | |||
| Closing equity at 31 March 2012 | 5 | 24,266 | 1,768,179 | 13,692 | 1,806,137 | 280,290 | 2,086,427 |
| Opening equity at 1 Jan 2011 | 16,666 | 1,212,611 | 454,484 | 1,683,761 | 33,414 | 1,717,175 | |
| Net loss for the period | -34,537 | -34,537 | -3,007 | -37,544 | |||
| Total comprehensive income for the | |||||||
| period | 0 | 0 | -34,537 | -34,537 | -3,007 | -37,544 | |
| Change in non-controlling interests | -79 | -79 | 79 | 0 | |||
| Closing equity at 31 March 2011 | 5 | 16,666 | 1,212,611 | 419,868 | 1,649,145 | 30,486 | 1,679,631 |
| Opening equity at 1 Jan 2011 | 16,666 | 1,212,611 | 454,484 | 1,683,761 | 33,414 | 1,717,175 | |
| Net loss for the year | -354,147 | -354,147 | -31,526 | -385,673 | |||
| Total comprehensive income for the year | 0 | 0 | -354,147 | -354,147 | -31,526 | -385,673 | |
| Business combinations | 0 | 222,834 | 222,834 | ||||
| Change in non-controlling interests | -13,895 | -13,895 | 70,319 | 56,424 | |||
| New share issue | 7,600 | 600,400 | 608,000 | 608,000 | |||
| Issue costs | -44,949 | -44,949 | -44,949 | ||||
| Warrants | 117 | 117 | 117 | ||||
| Closing equity at 31 Dec 2011 | 5 | 24,266 | 1,768,179 | 86,442 | 1,878,887 | 295,041 | 2,173,928 |
| 2012 | 2011 | ||
|---|---|---|---|
| Amounts in SEK 000 | Note | Jan-Mar | Jan-Mar |
| Operating activities | |||
| Operating loss | -95,178 | -41,620 | |
| Adjustments for depreciation, amortization and impairment losses |
991 | 406 | |
| Adjustments for changes in fair value | 2 | 62,582 | 12,326 |
| Realized change in value of short-term investments | 3 350 | 0 | |
| Interest paid | -12 | -22 | |
| Interest received | 481 | 383 | |
| Cash flow from operating activities before changes in | |||
| working capital | -27,786 | -28,527 | |
| Cash flow from changes in working capital | |||
| Increase (-)/Decrease (+) in operating receivables | -468 | 1,102 | |
| Increase (+)/Decrease (-) in operating liabilities | -3,413 | 4,731 | |
| Cash flow from operating activities | -31,667 | -22,694 | |
| Investing activities | |||
| Investments in intangible non-current assets | -463 | -216 | |
| Investments in tangible non-current assets | -207 | -143 | |
| Investments in shares in joint ventures and associated companies | 7 | -35 271 | -8,788 |
| Investments in other long-term securities | 0 | -3,002 | |
| Divestment of short-term investments | 93 979 | 58,365 | |
| Sale of shares in joint ventures and associated companies | 3 217 | 20,394 | |
| Loans provided to associated companies | -23,040 | -9,400 | |
| Cash flow from investing activities | 38,215 | 57,210 | |
| Financing activities | |||
| Non-controlling interests' share of subsidiary issue | 0 | ||
| Cash flow from financing activities | 1,618 | 0 | |
| Cash flow for the period | 8,166 | 34,516 | |
| Cash and cash equivalents at beginning of period | 163,347 | 107,325 | |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD¹ | 171,513 | 141,841 |
¹ In addition to cash and cash equivalents, the Group has at its disposal short-term investments amounting to SEK 362,204 thousand (78,633)
| 2012 | 2011 | 2011 | ||
|---|---|---|---|---|
| Amounts in SEK 000 | Note | Jan-Mar | Jan-Mar | Full-year |
| Net sales | 834 | 852 | 2,467 | |
| Revenue | 834 | 852 | 2,467 | |
| Other external expenses | -7,899 | -9,408 | -32,174 | |
| Personnel costs Depreciation and amortization of tangible and intangible |
-6,306 | -7,589 | -32,066 | |
| assets | -1 | -17 | -67 | |
| Impairment losses on shares in subsidiaries, joint ventures, associated companies and other long-term securities holdings |
-1 937 | -2,797 | -125,961 | |
| Result from sale of shares | 0 | 0 | 6,239 | |
| Operating loss | -15,309 | -18,959 | -181,562 | |
| Financial net | 3 | 3,853 | 536 | -6,183 |
| NET LOSS FOR THE PERIOD | -11,456 | -18,423 | -187,745 |
| 2012 | 2011 | 2011 | |
|---|---|---|---|
| Amounts in SEK 000 Note |
Jan-Mar | Jan-Mar | Full-year |
| Net loss for the period | -11,456 | -18,423 | -187,745 |
| Total comprehensive income for the period | -11,456 | -18,423 | -187,745 |
| Attributable to: | |||
| Parent Company's shareholders | -11,456 | -18,423 | -187,745 |
| TOTAL | -11,456 | -18,423 | -187,745 |
| Amounts in SEK 000 | Note | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Tangible non-current assets | 14 | 92 | 42 | |
| Shares in subsidiaries, joint ventures, associated companies and other | ||||
| long-term securities holdings | 955,853 | 743,870 | 879,819 | |
| Loans receivable joint ventures and associated companies | 26,715 | 83,525 | 3,675 | |
| Other financial assets | 2,178 | 1,693 | 2,080 | |
| Total non-current assets | 984,760 | 829,180 | 885,616 | |
| Current assets | ||||
| Accounts receivable | 184 | 456 | 49 | |
| Group receivables | 296 | 69 | 74 | |
| Other receivables | 2,763 | 5,392 | 5,766 | |
| Prepaid expenses and accrued income | 2,846 | 11,829 | 881 | |
| Short-term investments | 339,992 | 78,633 | 457,249 | |
| Cash and cash equivalents | 76,701 | 102,297 | 68,319 | |
| Total current assets | 422,782 | 198,676 | 532,338 | |
| TOTAL ASSETS | 1,407,542 | 1,027,856 | 1,417,954 | |
| Equity and liabilities Equity |
||||
| Restricted equity | ||||
| Share capital | 5 | 24,266 | 16,666 | 24,266 |
| Unrestricted equity | ||||
| Share premium reserve | 1,778,253 | 1,222,685 | 1,778,253 | |
| Retained earnings | -395,026 | -207,281 | -207,281 | |
| Net loss for the period | -11,456 | -18,423 | -187,745 | |
| Total equity | 1,396,037 | 1,013,647 | 1,407,493 | |
| Long-term liabilities | ||||
| Pension obligations | 2,178 | 1,693 | 2,080 | |
| Total long-term liabilities | 2,178 | 1,693 | 2,080 | |
| Current liabilities | ||||
| Accounts payable | 2,486 | 2,417 | 807 | |
| Group liabilities | 0 | 665 | 0 | |
| Other current liabilities | 961 | 3,336 | 1,530 | |
| Accrued expenses and deferred income | 5,880 | 6,098 | 6,044 | |
| Total current liabilities | 9,327 | 12,516 | 8,381 | |
| Total liabilities | 11,505 | 14,209 | 10,461 | |
| TOTAL EQUITY AND LIABILITIES | 1,407,542 | 1,027,856 | 1,417,954 |
| Amounts in SEK 000 | Note | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
|---|---|---|---|---|
| Pledged assets | 6 | 2,178 | 4,529 | 2,080 |
| Contingent liabilities | 6 | 26,200 | 1,900 | 26,900 |
| Total | 28,378 | 6,429 | 28,980 |
| Restricted equity | Unrestricted equity | |||||
|---|---|---|---|---|---|---|
| Share | Share | |||||
| premium | premium | |||||
| Amounts in SEK 000 | Note | Share capital | reserve | Note | Share capital | reserve |
| Opening equity at 1 Jan 2012 | 24,266 | 1,778,253 | -207,281 | -187,745 | 1,407,493 | |
| Appropriation of loss | -187,745 | 187,745 | 0 | |||
| Net loss for the period | -11,456 | -11,456 | ||||
| Closing equity at 31 Mar 2012 | 5 | 24,266 | 1,778,253 | -395,026 | -11,456 | 1,396,037 |
| Opening equity at 1 Jan 2011 | 16,666 | 1,222,685 | -95,932 | -111,349 | 1,132,302 | |
| Appropriation of loss | -111,349 | 111,349 | 0 | |||
| Net loss for the period | -18,423 | -18,423 | ||||
| Closing equity at 31 Mar 2011 | 5 | 16,666 | 1,222,685 | -207,281 | -18,423 | 1,013,647 |
| Opening equity at 1 Jan 2011 | 16,666 | 1,222,685 | -95,932 | -111,349 | 1,132,302 | |
| Appropriation of loss | -111,349 | 111,349 | 0 | |||
| Net loss for the period | -187,745 | -187,745 | ||||
| Total | 16,666 | 1,222,685 | -207,281 | -187,745 | 844,325 | |
| New share issue | 7,600 | 600,400 | 608,000 | |||
| Issue costs | -44,949 | -44,949 | ||||
| Warrants | 117 | 117 | ||||
| Closing equity at 31 Dec 2011 | 5 | 24,266 | 1,778,253 | -207,281 | -187,745 | 1,407,493 |
This report has been prepared in accordance with the International Accounting Standard (IAS) 34 Interim Financial Reporting and the Annual Accounts Act. The accounting principles applied to the Group and the Parent Company correspond, unless otherwise stated below, to the accounting principles and valuation methods applied in the preparation of the previous annual report.
The new or revised IFRS standards and interpretations by IFRIC have had no impact on the Group or, to the extent that these recommendations are applied to legal entities, on the Parent Company's income or financial position.
Net asset value per share: Estimated fair value of the total portfolio, cash and cash equivalents, and financial assets less interestbearing liabilities in relation to the number of shares outstanding on the closing date.
First In Class: The first approved medicine with a defined mechanism for a specific target or a specific disease.
Portfolio companies: Companies owned fully or in part by Karolinska Development (subsidiaries, joint ventures, associated companies and other long-term securities holdings) which are active in pharmaceuticals, medtech, theranostics and formulation technology.
Fair value: The NASDAQ OMX regulations for issuers require companies listed on NASDAQ OMX to apply the International Financial Reporting Standards, IFRS, in their consolidated financial statements. The application of the standards allows groups of an investment company nature to apply so-called fair value in the calculation of the carrying amount of certain assets. These calculations are made on the basis of established principles and are not included in the opening accounts of the Group's legal entity, nor do they affect cash flows.
Fair value is estimated according to the International Private Equity and Venture Capital Valuation Guidelines. According to these guidelines, fair value can be calculated using different methods, depending on which is considered to provide the best estimate of market value in each case. For Karolinska Development, this means that the fair value of many portfolio companies is determined using a model to calculate the value of discounted and risk-adjusted cash flows. In other cases, Karolinska Development's total investment is used as the best estimation of fair value. In one other case, the valuation at the time of the last capital contribution is used.
Interim period: The period from the beginning of the financial year through the closing date.
Reporting period: Current quarter.
The Board of Directors is the function that determines the allocation of resources to investments in portfolio companies and to the Parent Company. The Board of Directors monitors each investment at the project level as well as the Parent Company's results and financial position.
Karolinska Development's investments are primarily steered to companies that yield the best returns. Regardless of a project's maturity, therapeutic area and whether the company is active within pharmaceuticals or medical technology, each company's projects are evaluated by Karolinska Development in the same manner, because of which Karolinska Development has aggregated all the portfolio companies into a single reportable segment.
Karolinska Development's measure of profit is the aggregate change in the fair value of its shares in the portfolio companies, including those consolidated as subsidiaries. The Board of Directors and management monitor the investments based on changes in their fair value independently of the company's level of influence. Consequently, the Board of Directors and management monitor subsidiaries, associated companies, joint ventures and other holdings based on changes in their fair value and not on their historical acquisition costs as subsidiaries recognized in the consolidated financial statements. The accounting principles applied in the internal reporting otherwise correspond to the Group's accounting principles as described in Note 1.
| Profit/loss from change in fair value of portfolio companies |
||||
|---|---|---|---|---|
| 2012 | 2011 | 2011 | ||
| Amounts in SEK 000 | Jan-Mar | Jan-Mar | Full-year | |
| Subsidiaries | ||||
| Change in fair value | 18,891 | 4,241 | 67,819 | |
| Joint ventures and associated companies | ||||
| Change in fair value | -62,383 | -8,535 | -118,789 | |
| Impairment losses | 0 | 0 | -117,832 | |
| Other long-term securities holdings | ||||
| Change in fair value | -199 | -3,791 | -4,675 | |
| Impairment losses | 0 | 0 | -2,500 | |
| Change in fair value of total portfolio holdings | -43 691 | -8 085 | -175,977 | |
| Group eliminations | ||||
| Less change in fair value of subsidiaries | -18 891 | -4 241 | -67,819 | |
| Net loss from changes in fair value | -62,582 | -12,326 | -243,796 | |
| Consolidated revenue and other expenses (including | ||||
| financial net) | -29,198 | -28,753 | -161,864 | |
| Consolidated loss before tax | -91,780 | -41,079 | -405,660 |
The aggregate loss from changes in the fair value of the portfolio companies amounted to SEK -43.7m (-8.1) during the first quarter after accounting for a positive change in the fair value of subsidiaries of SEK 18.9m (-4.2). The change in the fair value of subsidiaries is not recognized in the consolidated income statement or balance sheet, since the subsidiaries are consolidated and therefore are not measured at fair value. The Group's net loss from changes in the fair value of joint ventures, associated companies and other long-term securities holdings amounted to SEK -62.6m (-12.3).
| Fair value of portfolio companies | |||
|---|---|---|---|
| Amounts in SEK 000 | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
| Fair value of total portfolio holdings | |||
| Subsidiaries | 603,592 | 231,349 | 542,001 |
| Joint ventures and associated companies | 953,164 | 1,199,924 | 980,276 |
| Other long-term securities holdings | 24,388 | 30,598 | 24,587 |
| Fair value of total portfolio holdings | 1,581,144 | 1,461,871 | 1,546,864 |
| Less fair value in subsidiaries | -603,592 | -231,349 | -542,001 |
| Group | 977,552 | 1,230,522 | 1,004,863 |
| Joint ventures/ Associated |
Other long term |
Total portfolio | ||
|---|---|---|---|---|
| Amounts in SEK 000 | Subsidiaries | companies | securities | holdings |
| Accumulated fair value | ||||
| Opening balance at 1 Jan 2011 | 209,108 | 1,220,791 | 24,761 | 1,454,660 |
| Acquisitions during the year | 18,000 | 14,688 | 3,002 | 35,690 |
| Reclassifications | 0 | -6,626 | 6,626 | 0 |
| Sale of shares | 0 | -20,394 | 0 | -20,394 |
| Changes in fair value and impairment losses | 4,241 | -8,535 | -3,791 | -8,085 |
| Closing balance at 31 March 2011 | 231,349 | 1,199,924 | 30,598 | 1,461,871 |
| Opening balance at 1 Jan 2011 | 209,108 | 1,220,791 | 24,761 | 1,454,660 |
| Acquisitions during the year | 83,711 | 209,955 | 3,915 | 297,581 |
| Reclassifications | 182,173 | -185,799 | 3,626 | 0 |
| Sale of shares | -810 | -28,050 | -540 | -29,400 |
| Changes in fair value and impairment losses | 67,819 | -236,621 | -7,175 | -175,977 |
| Closing balance at 31 Dec 2011 | 542,001 | 980,276 | 24,587 | 1,546,864 |
| Opening balance at 1 Jan 2012 | 542,001 | 980,276 | 24,587 | 1,546,864 |
| Acquisitions during the year (Note 7) | 42,700 | 35,271 | 0 | 77,971 |
| Changes in fair value | 18,891 | -62,383 | -199 | -43,691 |
| Closing balance at 31 March 2012 | 603,592 | 953,164 | 24,388 | 1,581,144 |
| Amounts in SEK 000 | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
|---|---|---|---|
| Aggregate fair value of total portfolio holding | 1,581,144 | 1,461,871 | 1,546,864 |
| Less fair value of consolidated subsidiaries | -603,592 | -231,349 | -542,001 |
| Other consolidated assets | 1,274,732 | 506,757 | 1,340,996 |
| Consolidated total assets | 2,252,284 | 1,737,279 | 2,345,859 |
| Group | |||
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Amounts in SEK 000 | Jan-Mar | Jan-Mar | Full-year |
| Interest income | 874 | 387 | 6,247 |
| Interest expenses | -12 | -22 | -36 |
| Change in value of short-term investments | 3,271 | 391 | 10,036 |
| Exchange rate gains and losses | -735 | -215 | -2 |
| Impairment of receivables from joint ventures and associated companies |
0 | 0 | -21,230 |
| Financial net | 3,398 | 541 | -4,985 |
| Parent Company | |||
|---|---|---|---|
| 2012 | 2011 | 2011 | |
| Amounts in SEK 000 | Jan-Mar | Jan-Mar | Full-year |
| Interest income | 582 | 360 | 5,017 |
| Interest expenses | 0 | 0 | -6 |
| Change in value of short-term investments | 3,271 | 391 | 10,036 |
| Exchange rate gains and losses | 0 | -215 | 0 |
| Impairment of receivables from joint ventures and associated companies |
0 | 0 | -21,230 |
| Financial net | 3,853 | 536 | -6,183 |
| Total ownership interest, %¹ | |||
|---|---|---|---|
| 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 | |
| Subsidiaries | |||
| Actar AB | 100.00 | 99.96 | 100.00 |
| Axelar AB | 45.29 | - | 40.03 |
| ClanoTech AB | 87.39 | 86.32 | 86.94 |
| Daffodil AB (dormant) | 100.00 | - | - |
| HBV Theranostica AB (dormant) | 100.00 | - | - |
| Inhalation Sciences Sweden AB | 72.11 | 68.75 | 72.11 |
| KCIF Fund Management AB | 37.50 | 37.50 | 37.50 |
| KD Incentive AB | 100.00 | 100.00 | 100.00 |
| KDev Oncology AB | 100.00 | 100.00 | 100.00 |
| Akinion Pharmaceuticals AB | 88.09 | 83.39 | 88,09 |
| GliGene AB | 10.04 | - | 10,04 |
| Limone AB | 100.00 | 100.00 | 100.00 |
| NovaSAID AB | 88.91 | 88.15 | 88.91 |
| Pharmanest AB | 58.89 | 51.91 | 56.53 |
| Joint ventures | |||
| Aprea AB | 41.12 | 42.08 | 41.12 |
| Athera Biotechnologies AB | 64.57 | 62.04 | 62.19 |
| Avaris AB | 85.03 | 68.40 | 68.40 |
| BioChromix Pharma AB | 68.77 | 54.31 | 68.49 |
| Bioneris AB (in liquidation) | 26.31 | 26.31 | 26.31 |
| Biosergen AS | 60.26 | 50.97 | 60.26 |
| Dilafor AB | 54.76 | 54.02 | 54.76 |
| Dilaforette Holding AB | 62.12 | - | 57.96 |
| Dilaforette AB | 62.12 | - | 57.96 |
| HBV Theranostica AB (dormant) | - | 70.73 | 72.52 |
| IMED AB (divested) | - | 57.38 | - |
| Lipidor AB | 39.98 | 30.01 | 39.98 |
| NeoDynamics AB | 21.45 | 22.58 | 25.74 |
| Oncopeptides AB | 43.36 | 42.32 | 43.36 |
| OncoReg AB (liquidated) | - | 88.91 | - |
| Pergamum AB | 61.93 | 59.81 | 61.93 |
| Laurantis Pharma OY | 6.07 | 5.86 | 6,07 |
| DermaGen AB | 61.93 | 59.81 | 61,93 |
| Lipopeptide AB | 61.93 | 59.81 | 61,93 |
| PharmaSurgics in Sweden AB | 61.93 | 59.81 | 61,93 |
| ProNoxis AB | 21.76 | 14.16 | 19.83 |
| Umecrine Cognition AB | 54.17 | 46.25 | 54.17 |
| Umecrine Mood AB | 42.87 | 47.46 | 42.87 |
| XSpray Microparticles AB | 60.80 | 59.81 | 60.80 |
| Associated companies | |||
| Axelar AB | - | 44.98 | - |
| KCIF Co-Investment Fund KB | 26.00 | 26.00 | 26.00 |
| Oss-Q AB | 15.63 | - | 15.69 |
| Promimic AB | 29.01 | 24.50 | 24.50 |
| Other long-term securities holdings | |||
| BioArctic NeuroScience AB | 3.17 | 3.17 | 3.17 |
| BioChromix AB | 9.34 | 8.00 | 9.34 |
| BioResonator AB (in liquidation) | 7.62 | 7.62 | 7.62 |
| CytoGuide ApS | 9.06 | 9.06 | 9.06 |
| Independent Pharmaceutica AB (liquidated) | - | 5.98 | - |
| NephroGenex Inc. | 0.58 | 0.58 | 0.58 |
| Umecrine AB | 10.41 | 10.41 | 10.41 |
¹ Including indirect ownership through KDev Oncology AB, Dilaforette Holding AB, Pergamum AB, KCIF Co-Investment Fund KB, BioChromix AB and Umecrine AB
| Book value in Parent Company | |||
|---|---|---|---|
| Amounts in SEK 000 | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
| Subsidiaries | |||
| Actar AB | 12,197 | 6,844 | 3,679 |
| Axelar AB | 73,343 | - | 48,343 |
| Clanotech AB | 39,194 | 34,695 | 37,194 |
| Daffodil AB (dormant) | 50 | - | - |
| HBV Theranostica AB (dormant) | 0 | - | - |
| Inhalation Sciences Sweden AB | 24,238 | 19,738 | 24,238 |
| KCIF Fund Management AB | 43 | 43 | 43 |
| KD Incentive AB | 200 | 100 | 200 |
| KDev Oncology AB | 49,070 | 0 | 1,000 |
| Akinion Pharmaceuticals AB | - | 28,070 | 48 070 |
| Limone AB | 1,858 | 1,500 | 296 |
| NovaSAID AB | 74,407 | 66,407 | 74,407 |
| Pharmanest AB | 18,725 | 7,776 | 15,075 |
| Total book value subsidiaries | 293,325 | 165,173 | 252,545 |
| Joint ventures | |||
| Aprea AB | 46,199 | 39,629 | 46,199 |
| Athera Biotechnologies AB | 93,787 | 66,037 | 74,797 |
| Avaris AB | 0 | 53,650 | 0 |
| BioChromix Pharma AB | 19,350 | 9,350 | 19,350 |
| Bioneris AB (in liquidation) | 0 | 0 | 0 |
| Biosergen AS | 21,370 | 15,114 | 21,370 |
| Dilafor AB | 88,831 | 83,831 | 88,831 |
| Dilaforette Holding AB | 17,188 | - | 7,188 |
| Eribis AB | - | 10,970 | - |
| HBV Theranostica AB (dormant) | - | 2,190 | 0 |
| IMED AB (divested) | - | 45,307 | - |
| Lipidor AB | 9,000 | 4,003 | 9,000 |
| NeoDynamics AB | 11,097 | 7,551 | 11,097 |
| Oncopeptides AB | 22,914 | 18,536 | 22,914 |
| OncoReg AB (liquidated) | - | 0 | - |
| Pergamum AB | 210,850 | 103,014 | 210,850 |
| ProNoxis AB | 6,500 | 3,000 | 5,500 |
| Umecrine Cognition AB | 14,700 | 7,000 | 14,700 |
| Umecrine Mood AB | 25,112 | 21,253 | 25,112 |
| XSpray Microparticles AB | 33,708 | 27,872 | 33,708 |
| Associated companies | |||
| Axelar AB | - | 28,342 | - |
| KCIF Co-Investment Fund KB | 12,791 | 7,439 | 10,527 |
| Oss-Q AB | 3,650 | - | 3,650 |
| Promimic AB | 11,100 | 8,100 | 8,100 |
| Total book value joint ventures and associated companies | 648,147 | 562,188 | 612,893 |
| Total fair value joint ventures and associated companies | 953,164 | 1,199,924 | 980,276 |
| Other long-term securities holdings | |||
| BioArctic NeuroScience AB | 600 | 600 | 600 |
| BioChromix AB | 2,374 | 2,002 | 2,374 |
| BioResonator AB (in liquidation) | 0 | 2,500 | 0 |
| CytoGuide ApS | 3,300 | 3,300 | 3,300 |
| Independent Pharmaceutica AB (liquidated) | - | 0 | - |
| NephroGenex Inc. | 709 | 709 | 709 |
| Umecrine AB | 7,398 | 7,398 | 7,398 |
| Total book value other long-term securities holdings | 14,381 | 16,509 | 14,381 |
| Total fair value other long-term securities holdings | 24,388 | 30,598 | 24,587 |
The number of shares has changed as follows:
| Year | Transaction | Number of shares |
Increase in share capital |
Share capital |
Number of A shares |
Number of B shares |
Subscription price |
Par value |
|---|---|---|---|---|---|---|---|---|
| Total as of 1 Jan 2011 | 33,331,417 | 16,665,709 | 1,503,098 | 31,828,319 | 0.5 | |||
| New share | ||||||||
| April 2011 | issue | 15,200,000 | 7,600,000 | 24,265,709 | 15,200,000 | 40 | 0.5 | |
| Total as of 31 Dec 2011 | 48,531,417 | 24,265,709 | 1,503,098 | 47,028,319 | 0.5 | |||
| Total as of 31 Mar 2012 | 48,531,417 | 24,265,709 | 1,503,098 | 47,028,319 | 0.5 |
| Group | |||
|---|---|---|---|
| Amounts in SEK 000 | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
| Net assets | |||
| Cash and cash equivalents | 171,513 | 141,841 | 163,347 |
| Short-term investments | 362,204 | 78,633 | 457,249 |
| Loans receivable joint ventures and associated companies | 26 715 | 86,162¹ | 3,675 |
| Financial liabilities | -2,000 | -2,000 | -2,000 |
| Total net assets | 558,432 | 304,636 | 622,271 |
| Estimated fair value of portfolio companies including subsidiaries | 1 581 144 | 1 461 871 | 1,546,864 |
| Total net asset value | 2,139,576 | 1,766,507 | 2,169,135 |
| Number of shares | 48,531,417 | 33,331,417 | 48,531,417 |
Net asset value per share* 44.09 53.00 44.70 *Definition: Estimated fair value of the total portfolio holding, cash and cash equivalents, short-term investments and financial assets less interestbearing liabilities in relation to the number of shares outstanding on the closing date.
¹ The amount includes a restricted account with a balance of SEK 2,837 thousand. In the balance sheet, the amount is included in other current receivables.
Karolinska Development has entered into an investment commitment of SEK 25.0m related to Axelar AB. Additional financing commitments in portfolio companies also relate strictly to Axelar AB.
| Group | |||
|---|---|---|---|
| Amounts in SEK 000 | 31 Mar 2012 | 31 Mar 2011 | 31 Dec 2011 |
| Pledged assets | |||
| Restricted account | 0 | 2,837 | 0 |
| Endowment insurance | 2,178 | 1,692 | 2,080 |
| Total pledged assets | 2,178 | 4,529 | 2,080 |
| Investment commitments | |||
| Biocelex | 0 | 1,500 | 500 |
| Uminova | 200 | 400 | 400 |
| Other contingent liabilities | |||
| Axelar | 26,000 | 0 | 26,000 |
| Total contingent liabilities | 26,200 | 1,900 | 26,900 |
| Total | 28,378 | 6,429 | 28,980 |
| 2012 | 2011 | 2011 | |
|---|---|---|---|
| Amounts in SEK 000 | Jan-Mar | Jan-Mar | Full-year |
| Investments in subsidiaries | |||
| Actar AB | 10,000 | 0 | 2 |
| Akinion Pharmaceuticals AB | 0 | 10,000 | 30,000 |
| Axelar AB | 25,000 | 0 | 20,000 |
| Clanotech AB | 2,000 | 0 | 2,499 |
| Daffodil AB | 50 | 0 | 0 |
| Inhalation Sciences Sweden AB | 0 | 2,500 | 7,000 |
| KD Incentive AB | 0 | 0 | 100 |
| KDev Oncology AB | 0 | 0 | 1,000 |
| Limone AB | 2,000 | 1,500 | 3,000 |
| NovaSAID AB | 0 | 4,000 | 12,000 |
| Pharmanest AB | 3,650 | 0 | 8,110 |
| Total investments in subsidiaries | 42,700 | 18,000 | 83,711 |
| Investments in joint ventures and associated companies | |||
| Aprea AB | 0 | 5,900 | 12,470 |
| Athera Biotechnologies AB | 18,991 | 0 | 8,760 |
| Avaris AB | 0 | 1,800 | 1,800 |
| BioChromix Pharma AB | 0 | 0 | 10,000 |
| Biosergen AS | 0 | 0 | 6,256 |
| Dilafor AB | 0 | 4,000 | 9,000 |
| Dilaforette Holding AB | 10,000 | 0 | 7,188 |
| Eribis Pharmaceuticals AB | 0 | 0 | 2,490 |
| HBV Theranostica AB | 0 | 0 | 200 |
| KCIF Co-Investment Fund KB | 2,280 | 2,760 | 5,834 |
| Lipidor AB | 0 | 0 | 4,997 |
| NeoDynamics AB | 0 | 0 | 3,546 |
| Oncopeptides AB | 0 | 0 | 4,378 |
| Oss-Q AB | 0 | 0 | 3,650 |
| Pergamum AB | 0 | 228 | 108,065 |
| Promimic AB | 3,000 | 0 | 0 |
| ProNoxis AB | 1,000 | 0 | 2,500 |
| Umecrine Cognition AB | 0 | 0 | 7,700 |
| Umecrine Mood AB | 0 | 0 | 5,286 |
| XSpray Microparticles AB | 0 | 0 | 5,835 |
| Total investments in joint ventures and associated companies | 35,271 | 14,688 | 209,955 |
| Investments in other long-term securities holdings | |||
| BioChromix AB | 0 | 2,002 | 2,915 |
| Umecrine AB | 0 | 1,000 | 1,000 |
| Total investments in other long-term securities holdings | 0 | 3,002 | 3,915 |
| Total investments | 77,971 | 35,690 | 297,581 |
| 2012 | 2011 | 2011 | |
|---|---|---|---|
| Amounts in SEK 000 | Jan-Mar | Jan-Mar | Full-year |
| Conversions of previously issued loans | |||
| Aprea AB | 0 | 5,900 | 5,900 |
| Biosergen AS | 0 | 0 | 2,425 |
| Dilaforette Holding AB | 0 | 0 | 4,000 |
| NeoDynamics AB | 0 | 0 | 546 |
| Oncopeptides AB | 0 | 0 | 4,378 |
| Pergamum AB | 0 | 0 | 77,629 |
| Total investments not affecting cash flow during the period | 0 | 5,900 | 94,878 |
During the reporting period, the Group did not have any material transactions with or commitments to related parties beyond the normal business transactions described in the annual report for 2011 and as indicated in Note 6.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.