Quarterly Report • Oct 27, 2009
Quarterly Report
Open in ViewerOpens in native device viewer
October 27, 2009
| Amounts in MSEK | 3 rd quarter 2009 |
3 rd quarter 2008 |
Jan-Sep 2009 |
Jan-Sep 2008 |
Full year 2008 |
Oct, 1 2008- Sep 30, 2009 |
|---|---|---|---|---|---|---|
| Net sales | 90.6 | 92.3 | 294.6 | 276.3 | 385.3 | 403.6 |
| Cost of goods sold | -39.4 | -38.6 | -123.4 | -114.4 | -160.8 | -169.8 |
| Gross profit | 51.2 | 53.7 | 171.2 | 161.9 | 224.5 | 233.8 |
| Operating expenses | -49.2 | -46.8 | -184.9 | -151.1 | -202.0 | -235.8 |
| Operating profit/loss | 2.0 | 7.0 | -13.7 | 10.8 | 22.5 | -2.0 |
| Financial items | -0.3 | 0.2 | 0.4 | -1.3 | 5.2 | 7.0 |
| Profit/loss before tax | 1.8 | 7.1 | -13.2 | 9.5 | 27.7 | 4.9 |
| Tax expenses | -0.4 | -0.5 | -1.3 | -0.7 | 3.5 | 2.9 |
| Profit/loss after tax for continuing operations | ||||||
| 1.4 | 6.6 | -14.5 | 8.8 | 31.2 | 7.9 | |
| Profit/loss after tax for discontinued operations | -0.2 | 6.2 | -0.1 | 25.2 | 267.9 | 242.7 |
| Total profit/loss for the period | 1.2 | 12.8 | -14.6 | 33.9 | 299.1 | 250.5 |
Also in the third quarter a decreased demand for scientific instruments and accessories affected the market in large parts of the industry where Biotage operates. It is primarily pharmaceutical and biotech companies that continue to show low activity. There are, however, some positive signs for the future in the form of fewer lay-offs and fewer terminations of research activities among our customers. The start of the fourth quarter also indicates an improved trade outlook, with an increase in the activities of the bigger pharmaceutical companies. Biotage's initiative in the academic sector continues to develop positively, as do the sales of consumables.
It is encouraging that the company, despite the weak economy with decreasing sales and substantial additional costs due to the ongoing patent dispute in the US, still can report a profit also in the third quarter.
The implementation of the structural changes that were decided at the beginning of the year has been completed. The operations at the company's plant in Charlottesville, Virginia, USA, have now been closed down. The production has been relocated to contract manufacturers and to Biotage's own plant in Cardiff, Wales. The sales and marketing company for the North American market has now been established in Charlotte, North Carolina. Now that these changes have been carried out the company should have a significantly more favorable cost structure and less capital bound.
The legal process in the US concerning the lawsuit against Biotage for alleged patent infringement continues. There is currently no reason to reappraise the initial analysis of Biotage's actual position. We continue to believe that we have a strong position and that the opposite party lacks support for the alleged patent infringement. The third quarter is charged with costs for the patent process to the amount of 2.6 MSEK.
As part of the previously decided buy-back program 158,779 own shares have been repurchased at a total value of 1.1 MSEK, i.e. an average share price of 6.93 SEK. Biotage can decide, based on decision at the Annual General Meeting, on the acquisition and sale of the company's own shares, so that
Biotage's total holding of own shares amounts to a maximum of 10 percent (8 848 632 shares) of the total number of the company's shares.
Biotage continues to have a strong financial position with net cash amounting to 327 MSEK. In the third quarter the work aimed at finding suitable candidates for cooperation agreements or acquisitions was further intensified.
Group net sales amounted to 90.6 MSEK, compared to 92.3 MSEK the third quarter 2008, a decrease by 2 percent. At comparable exchange rates sales decreased by 13 percent.
The US was the biggest single market with 40 percent of the net sales. The EU area contributed 38 percent and the rest of the world 22 percent.
The Group's gross margin was 56.5 percent (58.2). The gross margin has decreased as a result of product mix changes. The high margin instruments have had a negative sales development. The positive effects of the restructuring of the production have only partially influenced the outcome. Increased price competition and non-recurring costs relating to a major deal have affected the gross margin negatively.
The operating expenses, which were negatively affected by exchange rate changes by 10 percent, amounted to 49.2 MSEK (46.8). The increased administration costs are explained by changed allocation of overhead costs and by legal costs due to the patent dispute (2.6 MSEK).
The operating profit amounted to 2.0 MSEK (7.0).
Net financial income amounted -0.3 MSEK (0.2).
The result after tax amounted to 1.4 MSEK (6.6).
Effective July 1, 2009, the company classifies certain receivables from group companies as part of net investments in operations abroad. The reason is that they are not planned to be settled within the foreseeable future. According to IAS 21:32-33, exchange rate differences that occur regarding such a monetary item should be reported in the report of other total result. In the third quarter as well as in the period January – September other total result has been charged with exchange rate differences amounting to -7,6 MSEK.
The investments amounted to 11.5 MSEK (3.6) and amortizations to 7.5 MSEK (7.5). Of these sums, 4.8 MSEK (1.8) were capitalized development costs and 4.1 MSEK (3.7) were amortizations of capitalized development costs.
The cash flow from operating activities amounted to 4.5 MSEK (13,0).
Group net sales amounted to 294.6 MSEK, compared to 276.3 MSEK the same period 2008, an increase by 7 percent. At comparable exchange rates sales decreased by 11 percent.
The US was the biggest single market, with 41 percent of the net sales. The EU area contributed 39 percent and the rest of the world 20 percent.
The Group's gross margin was 58.1 percent (58.6). Changes in the Group's product mix, with a decrease in high margin instruments, and increased price competition have contributed to a lower gross margin.
The operating expenses, which were negatively affected by exchange rate changes by 12 percent, amounted to 184.9 MSEK (151.1). Here an allocation for restructuring costs for the closing of the production plant in the US and consolidation of the operations in the UK amounting to a total of 21.2 MSEK is included. The increased administration costs are explained by changed accounting principles for the allocation of overhead costs and by increased legal costs due to the patent dispute (3.1 MSEK).
The operating profit before estimated restructuring costs amounted to 7.5 MSEK (10.8). Including estimated restructuring costs the operating result was –13.7 MSEK (10.8).
Net financial income amounted to 0.4 MSEK (-1.3).
The result after tax amounted to -14.5 MSEK (8.8).
The investments amounted to 31.1 MSEK (20.6) and the amortizations to 24.5 MSEK (19.6). Of these sums 17.9 MSEK (13.9) were capitalized development costs and 12.3 MSEK (7.3) were amortizations of capitalized development costs.
The cash flow from operating activities amounted to 21.3 MSEK (10.2).
At September 30, 2009 the Group's cash and securities totaled 374.5 MSEK, compared to 405.0 MSEK at December 31, 2008. Granted, unutilized credits amounted to 64.8 MSEK, compared to 73.6 MSEK at December 31, 2008. The Group's interest-bearing liabilities amounted to 47.9 MSEK, compared to 46.9 MSEK at December 31, 2008. Dividends to shareholders to the amount of 17.7 MSEK were paid in the second quarter. Own shares in the parent company were repurchased for 1.1 MSEK.
The Group reports a total goodwill of 467.1 (487.2) MSEK at September 30, 2009. This is attributable to the acquisitions of Personal Chemistry and Biotage LLC in 2003 and the acquisitions of Argonaut and Separtis in 2005. This year's change is due to currency effects. At the preparation of the Group's annual accounts Biotage will, as in previous years, make an assessment of the possible need for a write-down of the goodwill item. (See also Annual Report 2008.)
Other intangible assets in the form of patents and license rights amounted to 13.4 MSEK (16.3) and capitalized development costs to 50.0 MSEK (44.4).
At September 30, 2009 the equity capital amounted to 1,062.2 MSEK, compared to 1,124.8 MSEK at December 31, 2008.
In the third quarter the result after tax for divested business amounted to -0.2 MSEK (6.2) and in the period January – September to -0.1 MSEK (25.2). The result relates to the Biosystems business area, which was divested in the fourth quarter 2008.
Biotage plans to divest the real estate that the company owns in Charlottesville and this asset has therefore been classified as an asset held for sale on the statement of financial position.
Biotage has, together with the wholly owned subsidiaries Biotage GB Ltd och Biotage LLC, been sued for patent infringement in the U.S. District court for the Southern District of California. The lawsuit has been filed by Scientific Plastic Products, Inc. and concerns the US patents numbers 7,138,061 7,381,327 and 7,410,571, each entitled "Flash Chromatography Cartridge". The lawsuit primarily concerns Biotage's sales of the SNAP product line in the US.
The legal process is ongoing and there is currently no reason to reappraise the initial analysis of Biotage's actual position. Biotage believes that the company has a strong position and that the other party lacks support for the alleged patent infringement.
Biotage has filed an application to the US Patent and Trademark Office applying for re-examination of all patent demands in the three patents mentioned above. At the same time Biotage submitted a request that the infringement case in the court should be declared resting awaiting the outcome of the reexamination proceedings.
The court has approved Biotage's request and declared the infringement case resting. The US Patent and Trademark Office has officially accepted the three requested re-examinations of the patents in question.
At the Annual General Meeting held on April 27, 2009 the board was authorized, up until the next AGM at the longest, to decide on the acquisition and sale of the company's own shares, so that Biotage's total holding of own shares amounts to a maximum of 10 percent (8 848 632 shares) of the total number of the company's shares. The purpose of the buy-back program was to enable the board to adjust and improve the capital structure and thereby create increased shareholder value. Repurchases of shares have been made at the Nasdaq OMX Stockholm exchange at a price within the price interval at the time recorded. In the third quarter 158,779 shares were repurchased at a value of 1.1 MSEK. The average share price at repurchase was 6.93 SEK. No shares have been resold and the company thus owned 158,779 own shares at September 30, 2009.
At September 30, 2009 the Group had 257 employees, compared to 292 at the start of the year. The decrease is mainly attributable to the restructuring of the US operations.
The Group's parent company, Biotage AB, has wholly owned subsidiaries in Sweden, the United States, United Kingdom, Switzerland, Germany, France, Italy and Japan. The parent company is responsible for group management, strategic business development and administrative functions at Group level towards subsidiaries.
In the third quarter 2009, the parent company's net income amounted to 1.5 MSEK (2.1). In the period January - September the net income amounted to 4.6 MSEK (6.2).
A profit after financial items amounting to 13.5 MSEK (9.6) is reported for the third quarter. In the first nine months profit after financial items amounted to 18.7 MSEK (13.6).
The parent company's investments in intangible fixed assets during the third quarter amounted to 0.1 MSEK (0.4). In the period January – September the investments in intangible fixed assets totaled 0.8 MSEK (1.4). At September 30, 2009 the parent company's cash and bank balance and short-term investments amounted to 346.6 MSEK, compared to 357.0 MSEK at December 31, 2008.
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 2008.
Readers wishing to study the risks and uncertainties reported in the 2008 Annual Report can download this report from Biotage AB's website www.biotage.com or order it from Biotage AB, Kungsgatan 76, SE-753 18 Uppsala or [email protected].
The year-end report for 2009 will be issued on February 11, 2010.
The interim report for the first quarter 2010 will be issued on April 29, 2010.
The Annual General Meeting will be held on April 29, 2010.
Uppsala October 27, 2009
Torben Jörgensen President and CEO
For further information, please contact:
Torben Jörgensen, president and CEO, phone: +46 707 49 05 84 Mats-Olof Wallin, CFO, phone: +46 705 93 52 73
This is information that Biotage AB (publ) is required to disclose pursuant to the Swedish Securities Markets Act. The information was provided for public release on 27 October 2009 at 8.30 CET
Biotage offers solutions, knowledge and experience in the areas of analytical chemistry and medicinal chemistry. The customers include the world's largest pharmaceutical and biotech companies, and leading academic institutes. The company is headquartered in Uppsala and has subsidiaries in the US, UK and Japan. Biotage has 270 employees and had sales of 385.3 MSEK in 2008. Biotage is listed on the NASDAQ OMX Nordic Stockholm stock exchange. Website: www.biotage.com
To the Board of Directors of Biotage AB Reg no. 556539-3138
We have reviewed this report for the period 2009-01-01 – 2009-09-30 for Biotage AB. The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with the Swedish 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 Swedish Standard on Review Engagements SÖG 2410 Review of Interim Report Performed by the Independent Auditor of the company issued by FAR. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Auditing Standard in Sweden (RS) and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with the Swedish Annual Accounts Act.
Stockholm 27 October 2009
Deloitte AB
Marcus Sörlander Authorised Public Accountant
The Group interim report has been prepared in accordance with IAS 34 Interim Reporting and the Swedish Accounting Act. The interim report for the parent company has been prepared in accordance with the regulations of the Swedish Accounting Act.
A great number of changes in existing standards, new interpretation statements and a new standard (IFRS 8) came into effect on January 1, 2009. As far as Biotage is concerned, the following issued standards and interpretation statements which have come into effect on January 1, 2009 have been considered relevant for the preparation of this interim report and its accounting principles:
o IAS 1: Presentation of Financial Statements
The change in this standard means that the income statement shall now also contain items that were previously reported directly against equity. Excepted are transactions with the company's owners, which also in the future normally shall be reported against equity. But items such as gains and losses arising from translating the statements of foreign operations and cash flow hedges shall be reported in the total result for the period. Biotage has chosen to present the Group's total result in a statement containing the period's result (after tax) and other total result. Furthermore, the equity statement shows transactions with the company's owner disclosed.
The changes in IAS 1 also mean that the statements in the financial reports have new designations. Income statement is now called "Statement of comprehensive income", Balance sheet is called "Statement of financial position", Equity statement is called "Statement of changes in equity", and Cash flow statement is called "Statement of cash flows". Even though IAS 1 permits companies to continue using the previous designations, Biotage has chosen to introduce the new designations starting in this interim report.
o IFRS 8: Operating segments
This standard is based on the premise that segment information shall be presented from the perspective of company management. Biotage's segment information in the financial reports was already before based on the information supplied to the chief executive officer (the president). In the financial reports issued in 2008 the Group's business was presented in three segments: "Biosystems", "Discovery Chemistry" and "Other Operations". In the fourth quarter 2008 the Biosystems segment was divested. After the buyer took possession on October 2, 2008, the Group's remaining operations comprise only Discovery Chemistry. The joint functions for the business areas, in the previous segment reporting designated "Other operations", thus no longer exist. No operating segments can now be defined according to the criteria in IFRS 8 and the internal reporting to the CEO is done in unified form for the Group's companies.
In all other respects the accounting principles applied in this interim report agree with the accounting and valuation principles applied in the preparation of the Group's latest Annual Report, described on pp. 30-41 and 46-47 in the 2008 Annual Report.
Readers wishing to study the accounting principles presented in the 2008 Annual Report can download this report from Biotage AB's website www.biotage.com or order it from Biotage AB, Kungsgatan 76, SE-753 18 Uppsala, or at [email protected].
| 2009-07-01 | 2008-07-01 | 2009-01-01 | 2008-01-01 | 2008-01-01 | 2008-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2009-09-30 | 2008-09-30 | 2009-09-30 | 2008-09-30 | 2008-12-31 | 2009-09-30 |
| Net sales | 90,602 | 92,308 | 294,605 | 276,345 | 385,295 | 403,554 |
| Cost of goods sold | -39,426 | -38,597 | -123,378 | -114,412 | -160,838 | -169,804 |
| Gross profit | 51,176 | 53,711 | 171,227 | 161,933 | 224,457 | 233,751 |
| Selling costs | -30,100 | -36,528 | -100,627 | -102,000 | -142,266 | -140,893 |
| Administative expenses | -14,939 | -8,799 | -45,392 | -29,496 | -40,753 | -56,648 |
| Research and development costs | -7,844 | -9,013 | -24,519 | -23,358 | -34,646 | -35,806 |
| Other operating income/expenses | 3,728 | 7,583 | 6,774 | 3,742 | 15,702 | 18,734 |
| Restructuring costs | - | - | -21,154 | - | - | -21,154 |
| Operating expenses | -49,154 | -46,756 | -184,917 | -151,112 | -201,962 | -235,768 |
| Operating profit/loss | 2,022 | 6,955 | -13,691 | 10,821 | 22,495 | -2,017 |
| FinanciaL net income | -253 | 152 | 444 | -1,340 | 5,177 | 6,960 |
| Profit/loss before income tax | 1,769 | 7,107 | -13,247 | 9,481 | 27,672 | 4,943 |
| Tax expenses | -385 | -522 | -1,272 | -704 | 3,498 | 2,929 |
| Profit/loss after tax for continuing operations | 1,384 | 6,584 | -14,519 | 8,778 | 31,170 | 7,873 |
| Profit/loss after tax for discontinued operations | -152 | 6,172 | -66 | 25,165 | 267,884 | 242,653 |
| Total profit/loss for the period | 1,232 | 12,756 | -14,585 | 33,943 | 299,054 | 250,526 |
| Other comprehensive income | ||||||
| Translation differences related to | ||||||
| non Swedish subsidiaries | -38,435 | 28,204 | -32,024 | 6,645 | 29,240 | -9,414 |
| Change in hedging reserve | -267 | 120 | 2,783 | 460 | -582 | 1,741 |
| Other comprehensive income | 173 | - | 977 | 822 | -155 | |
| Total other comprehensive income | -38,703 | 28,497 | -29,241 | 8,083 | 29,480 | -7,828 |
| Total comprehensive income for the period | -37,471 | 41,252 | -43,827 | 42,026 | 328,534 | 242,697 |
| 2009-07-01 | 2008-07-01 | 2009-01-01 | 2008-01-01 | 2008-01-01 | 2008-10-01 | |
|---|---|---|---|---|---|---|
| 2009-09-30 | 2008-09-30 | 2009-09-30 | 2008-09-30 | 2008-12-31 | 2009-09-30 | |
| Attributable to parent company´s shareholders: | ||||||
| Total profit/loss for the period | 1,232 | 12,756 | -14,585 | 33,943 | 299,054 | 250,526 |
| Total comprehensive income for the period | -37,471 | 41,252 | -43,827 | 42,026 | 328,534 | 242,697 |
| Average shares outstanding Average shares outstanding after |
88,469,886 | 88,486,320 | 88,480,842 | 88,486,320 | 88,486,320 | 88,482,212 |
| dilution | 88,469,886 | 88,630,046 | 88,480,842 | 88,643,913 | 88,541,030 | 88,502,818 |
| Shares outstanding at closing day | 88,327,541 | 88,486,320 | 88,327,541 | 88,486,320 | 88,486,320 | 88,327,541 |
| Total profit/loss for the period per share SEK | 0.01 | 0.14 | -0.16 | 0.38 | 0.35 | 0.09 |
| Total profit/loss for the period per share SEK | ||||||
| after dilution | 0.01 | 0.14 | -0.16 | 0.38 | 0.35 | 0.09 |
| Total comprehensive income for the period | ||||||
| per share SEK | -0.42 | 0.47 | -0.50 | 0.47 | 3.71 | 2.74 |
| Total comprehensive income for the period | ||||||
| per share after dilution SEK | -0.42 | 0.47 | -0.50 | 0.47 | 3.71 | 2.74 |
| Quarterly summary 2009 and 2008 | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 |
|---|---|---|---|---|---|---|---|
| Amounts in KSEK | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Net Sales | 90,602 | 104,411 | 99,591 | 108,950 | 92,308 | 95,092 | 88,945 |
| Cost of goods sold | -39,426 | -41,002 | -42,951 | -46,426 | -38,597 | -40,998 | -34,817 |
| Gross profit | 51,176 | 63,410 | 56,641 | 62,524 | 53,711 | 54,094 | 54,128 |
| Gross margin | 56.5% | 60.7% | 57.4% | 57.4% | 58.2% | 58.2% | 60.9% |
| Operating expenses | -49,154 | -59,739 | -76,024 | -50,850 | -46,756 | -51,411 | -52,944 |
| Operating profit/loss | 2,022 | 3,671 | -19,384 | 11,674 | 6,955 | 2,683 | 1,184 |
| Financial net income | -253 | 2,683 | -1,986 | 6,516 | 152 | -738 | -754 |
| Profit/loss before income tax | 1,769 | 6,354 | -21,370 | 18,190 | 7,107 | 1,944 | 430 |
| Tax expenses | -385 | -610 | -277 | 4,201 | -522 | -157 | -24 |
| Profit/loss after tax for continuing operations | 1,384 | 5,744 | -21,647 | 22,392 | 6,584 | 1,787 | 407 |
| Profit/loss after tax for discontinued operations | -152 | -263 | 349 | 242,719 | 6,172 | 6,220 | 12,774 |
| Total profit/loss for the period | 1,232 | 5,480 | -21,298 | 265,111 | 12,756 | 8,007 | 13,180 |
| Amounts in KSEK | 2009-09-30 | 2008-12-31 | |
|---|---|---|---|
| ASSETS Fixed assets |
|||
| Tangible assets | 41 827 | 80 978 | |
| Goodwill | 467 135 | 487 227 | |
| Other intagible assets | 63 377 | 60 731 | |
| Financial assets | 1 782 | 1 754 | |
| Deferred tax recoverable | 42 570 | 42 570 | |
| Total fixed assets | 616 691 | 673 260 | |
| Current assets | |||
| Inventory | 92 719 | 104 224 | |
| Account receivable and other receivables | 96 751 | 100 498 | |
| Liquid funds | 374 459 | 404 991 | |
| Total current assets | 563 929 | 609 713 | |
| Total assets for continuing operations | 1 180 619 | 1 282 973 | |
| Assets held for sale | 38 095 | 16 039 | |
| TOTALT ASSETS | 1 218 714 | 1 299 012 | |
| EQUITY AND LIABILITIES | |||
| Capital and reserves attributable to shareholders | |||
| in parent comapny | |||
| Share capital | 88 486 | 88 486 | |
| Other contributed capital | 4 993 | 847 173 | |
| Reserves | -73 160 | -43 920 | |
| Profit/loss carried forward | 1 041 851 | 233 054 | |
| Total equity | 1 062 170 | 1 124 793 | |
| Long term liabilities | |||
| Liabilities to credit institutions | 7 620 | 8 065 | |
| Provisions of a long-term nature | 3 304 | 3 351 | |
| Total long term liabilities | 10 923 | 11 416 | |
| Current liabilities | |||
| Accounts payable and other liabilities | 82 600 | 95 360 | |
| Tax liabilities | 2 013 | 1 869 | |
| Liabilities to credit institutions | 11 895 | 38 829 | |
| Provisions of a short-term nature | 20 742 | 5 977 | |
| Total current liabilities | 117 250 | 142 036 | |
| Total equity and liabilities for continuing operations | 1 190 343 | 1 278 245 | |
| Liabilities for assets held for sale | 28 371 | 20 767 | |
| TOTAL EQUITY AND LIABILITIES | 1 218 714 | 1 299 012 |
| 2009-07-01 | 2008-07-01 | 2009-01-01 | 2008-01-01 | 2008-01-01 | 2008-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2009-09-30 | 2008-09-30 | 2009-09-30 | 2008-09-30 | 2008-12-31 | 2009-09-30 |
| Operating activities | ||||||
| Profit/loss after financial items | 1,769 | 7,107 | -13,247 | 9,481 | 27,672 | 4,943 |
| Adjustments for items not included in the cash flow | 3,649 | 7,115 | 37,796 | 20,360 | 21,291 | 38,728 |
| 5,418 | 14,222 | 24,549 | 29,842 | 48,963 | 43,671 | |
| Tax paid | -385 | -522 | -1,272 | -704 | -1,494 | -2,062 |
| Cash flow from operating activities | ||||||
| before changes in working capital | 5,033 | 13,699 | 23,277 | 29,138 | 47,469 | 41,609 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of inventories | 4,393 | -1,407 | 4,044 | -6,059 | -5,900 | 4,202 |
| Increase (-)/ decrease (+) of account receivables | -3,989 | 4,303 | 1,677 | 5,413 | 9,833 | 6,097 |
| Increase (-)/ decrease (+) of other current receivables | -8,553 | -5,763 | -1,568 | -4,211 | -6,996 | -4,354 |
| Increase (+)/ decrease (-) of other liabilities | 7,637 | 2,187 | -6,155 | -14,077 | 10,088 | 18,010 |
| Cash flow from operating activities | ||||||
| for continuing operations | 4,521 | 13,020 | 21,274 | 10,204 | 54,493 | 65,563 |
| Cash flow from operating activities | ||||||
| for discontinued operations | 436 | 7,173 | -3,455 | 27,867 | 34,244 | 2,922 |
| Cash flow from operating activities | 4,957 | 20,193 | 17,818 | 38,071 | 88,737 | 68,486 |
| Investing activities | ||||||
| Acquisition of intangible fixed assets | -4,977 | -2,049 | -18,697 | -14,890 | -17,849 | -21,656 |
| Acquisition of tangible fixed assets | -6,444 | -1,505 | -12,278 | -5,572 | -6,611 | -13,316 |
| Acquisition of financial assets | -108 | -17 | -166 | -193 | -300 | -273 |
| Cash flow from investing activities | ||||||
| for continuing operations | -11,529 | -3,571 | -31,141 | -20,638 | -24,743 | -35,246 |
| Cash flow from investing activities | ||||||
| for discontinued operations | - | -1,159 | - | -9,173 | 344,012 | 353,186 |
| Cash flow from investing activities | -11,529 | -4,730 | -31,141 | -29,812 | 319,269 | 317,940 |
| Financial activities | ||||||
| Dividend to shareholders | - | -17,697 | - | - | -17,697 | |
| Aquired own shares | -1,100 | -1,100 | -1,100 | |||
| Borrowing | - | 5,123 | - | 4,006 | 9,129 | |
| Amortization of loan liabilities | -3,846 | -11,960 | -454 | -17,287 | -39,897 | -23,064 |
| Cash flow from financial activities | ||||||
| for continuing operations | -4,945 | -11,960 | -14,128 | -17,287 | -35,891 | -32,732 |
| Cash flow from financial activities | ||||||
| for discontinued operations | - | - | - | 0 | - | 0 |
| Cash flow from financial activities | -4,945 | -11,960 | -14,128 | -17,287 | -35,891 | -32,732 |
| Cash flow during period | -11,518 | 3,503 | -27,451 | -9,028 | 372,116 | 353,694 |
| Cash and liquid assets at beginning of period | 390,461 | 18,365 | 404,991 | 31,017 | 31,017 | 22,387 |
| Exchange differences in liquid assets | -4,484 | 520 | -3,081 | 398 | 1,857 | -1,622 |
| Cash and liquid assets at end of period | 374,459 | 22,387 | 374,459 | 22,387 | 404,991 | 374,459 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 7,498 | 7,497 | 24,456 | 19,615 | 32,332 | 37,173 |
| Change in restructuring reserve | -3,503 | - | 15,590 | - | - | 15,590 |
| Other items | -345 | -382 | -2,249 | 745 | -11,041 | -14,035 |
| Sum | 3,649 | 7,115 | 37,796 | 20,360 | 21,291 | 38,728 |
| Interest received | 321 | 36 | 2,323 | 133 | 4,112 | 6,302 |
| Interest paid | -574 | -965 | -1,879 | -2,860 | -3,828 | -4,482 |
| Share | Other payed-in |
Accumulated translation |
Hedging- | Profit/loss carried |
Total | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | capital | capital | differences | reserve | forward | equity |
| Opening balance January 1, 2008 | 88,486 | 1,513,992 | -72,117 | -460 | -733,636 | 796,265 |
| Changes in 2008: | ||||||
| Net income for the year 2008 | - | 817 | 29,240 | -582 | 299,054 | 328,529 |
| Sum of changes in 2008, exclusive of transactions | ||||||
| with company owners | 0 | 817 | 29,240 | -582 | 299,054 | 328,528 |
| Transacitions with company owners | ||||||
| Appropriation according to decision | ||||||
| of the annual meeting | - | -667,636 | - | - | 667,636 | 0 |
| Closing balance at December 31, 2008 | 88,486 | 847,173 | -42,877 | -1,042 | 233,053 | 1,124,793 |
| Changes in 2009: | ||||||
| Total comprehensive income for the period jan-sep | - | - | -32,024 | 2,783 | -14,585 | -43,827 |
| Sum of changes in 2009, exclusive of transactions | ||||||
| with company owners | 0 | 0 | -32,024 | 2,783 | -14,585 | -43,827 |
| Transacitions with company owners | ||||||
| Dividend to shareholders | -17,697 | -17,697 | ||||
| Aquired own shares (note 1) | -1,100 | -1,100 | ||||
| Amounth carried over from reserve fund as per the | ||||||
| decision of extraordinary general meeting registred | ||||||
| by the Swedish Companies Registration Office | ||||||
| on February 10, 2009 | - | -842,180 | - | - | 842,180 | 0 |
| Closing balance September 30, 2009 | 88,486 | 4,993 | -74,901 | 1,741 | 1,041,851 | 1,062,170 |
note 1: Aquired own shares
At the Annual General Meeting held on April 27, 2009 the board was authorized to decide on the acquisition and sale of the company's own shares. The shares acquired may not exceed 10 percent of the total number of the company's shares.
In accordance with this authorization, the company in August and September 2009 has acquired a total of 158 779 shares at an average purchase price of SEK 6:93 including brokerage commissions.
| 2009-07-01 | 2008-07-01 | 2009-01-01 | 2008-01-01 | 2008-01-01 | 2008-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2009-09-30 | 2008-09-30 | 2009-09-30 | 2008-09-30 | 2008-12-31 | 2009-09-30 |
| Net sales | 1,548 | 2,179 | 4,591 | 6,159 | 6,159 | 4,591 |
| Administative expenses | -5,411 | -3,884 | -13,748 | -12,748 | -16,043 | -17,043 |
| Research and development costs | -430 | -695 | -1,903 | -2,850 | -3,928 | -2,981 |
| Other operating net income | 939 | 3,018 | 1,784 | 4,368 | 28,491 | 25,907 |
| Operating expenses | -4,901 | -1,561 | -13,867 | -11,230 | 8,519 | 5,883 |
| Operating profit/loss | -3,353 | 619 | -9,276 | -5,072 | 14,677 | 10,473 |
| Profit/loss from financial investments: | ||||||
| Interest income from receivables from group companies | 2,722 | 4,027 | 12,292 | 11,365 | 16,058 | 16,984 |
| Interest expenses from liabilities to group companies | -454 | -479 | -1,424 | -1,550 | -2,021 | -1,895 |
| Result from participations in group companies | 15,000 | - | 15,000 | -96,781 | -81,781 | |
| Profit and loss from other securities and receivalbes that are long term financial assets |
- | - | - | 5,092 | 40,679 | 35,587 |
| Interest income and similar income items | 304 | - | 2,296 | - | 2,711 | 5,022 |
| Interest expenses and similar expense items | -11 | -1 | -19 | -35 | -20 | -19 |
| Translation differences on intra-group receivalbles | -746 | 5,472 | 0 | 3,754 | 16,083 | 12,329 |
| Finance net | 16,816 | 9,018 | 28,144 | 18,627 | -23,292 | -13,775 |
| Profit/loss before income tax | 13,463 | 9,637 | 18,868 | 13,555 | -8,614 | -3,301 |
| Tax expenses | - | - | - | - | 3,209 | 3,209 |
| Total profit/loss for the period | 13,463 | 9,637 | 18,868 | 13,555 | -5,405 | -92 |
| Amounts in KSEK | 2009-09-30 | 2008-12-31 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | ||
| Patent and license rights | 6,451 | 6,774 |
| Financial assets | ||
| Participation in group companies | 557,090 | 557,047 |
| Receivables from group companies | 181,570 | 108,269 |
| Deferred tax asset | 42,570 | 42,570 |
| Other long-term securities | 781,230 | 707,886 |
| Total fixed assets | 787,681 | 714,660 |
| Current assets | ||
| Current receivables | ||
| Account receivables | - | 71 |
| Receivables from group companies | 59,981 | 82,161 |
| Other receivables | 2,275 | 511 |
| Prepraid expenses and accrued income | 1,143 | 6,705 |
| 63,400 | 89,448 | |
| Cash and bank balances and investments | 346,565 | 356,972 |
| Total current assets | 409,965 | 446,420 |
| TOTALT ASSETS | 1,197,646 | 1,161,080 |
| EQUITY, PROVISIONS AND LIABILITIES Equity |
||
| Restricted equity | ||
| Share capital | 88,486 | 88,486 |
| Statutory reserves | - | 842,180 |
| 88,486 | 930,666 | |
| Unrestricted equity | ||
| Fair value fond | -28,869 | -2,260 |
| Profit/loss carried forward | 856,532 | 38,554 |
| Profit/loss for the period reported | 18,868 | -5,405 |
| 846,531 | 30,890 | |
| Total equity | 935,018 | 961,556 |
| Current liabilities | ||
| Account payable | 2,573 | 3,647 |
| Liabilities to group companies | 256,275 | 189,910 |
| Other short term liabilities | 390 | 789 |
| Accrued expenses and prepaid income | 3,390 | 5,178 |
| 262,627 | 199,523 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 1,197,646 | 1,161,080 |
| 2009-07-01 | 2008-07-01 | 2009-01-01 | 2008-01-01 | 2008-01-01 | 2008-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2009-09-30 | 2008-09-30 | 2009-09-30 | 2008-09-30 | 2008-12-31 | 2009-09-30 |
| Operating activities | ||||||
| Profit/loss after financial items | 13,463 | 9,637 | 18,868 | 13,555 | -8,614 | -3,301 |
| Adjustments for items not included in the cash flow | 1,409 | -8,125 | -5,877 | 598 | 29,896 | 23,422 |
| 14,871 | 1,513 | 12,991 | 14,153 | 21,282 | 20,120 | |
| Tax paid | - | - | - | - | - | - |
| Cash flow from operating activities | ||||||
| before changes in working capital | 14,871 | 1,513 | 12,991 | 14,154 | 21,282 | 20,120 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of other current receivables | 14 | -5,607 | 3,869 | -19,386 | 33,587 | 56,841 |
| Increase (+)/ decrease (-) of other liabilities | -28,345 | 5,426 | -7,604 | 6,928 | 123,800 | 109,268 |
| Cash flow from operating activities | -13,460 | 1,332 | 9,256 | 1,696 | 178,669 | 186,230 |
| Investing activities | ||||||
| Acquisition of intagnibile fixed assets | -95 | -433 | -823 | -1,368 | -2,037 | -1,492 |
| Sales of financial assets | -42 | -42 | - | -42 | ||
| Divest of business area | - | 174,437 | 174,437 | |||
| Increase (-)/ decrease (+) of other long-term receivables | -58 | -58 | 5,041 | 5,099 | ||
| Cash flow from investing activities | -138 | -491 | -865 | -1,426 | 177,441 | 178,001 |
| Cash flow from financial activities | - | - | - | |||
| Dividend to shareholders Aquired own shares |
-1,100 | -17,697 -1,100 |
-17,697 -1,100 |
|||
| Cash flow from financial activities | -1,100 | 0 | -18,797 | 0 | 0 | -18,797 |
| Cash flow for the period | -14,698 | 842 | -10,407 | 270 | 356,110 | 345,434 |
| Cash and liquid assets beginning of period | 361,263 | 290 | 356,972 | 862 | 862 | 1,132 |
| Cash and liquid assets at end of period | 346,565 | 1,132 | 346,565 | 1,132 | 356,972 | 346,565 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 337 | 571 | 1,146 | 2,434 | 164,390 | 163,102 |
| Disvestment profit Biosystems reported in | ||||||
| investing activities | - | -123,791 | -123,791 | |||
| Translation differences | 1,071 | -8,696 | -7,023 | -1,836 | -10,702 | -15,889 |
| Sum | 1,409 | -8,125 | -5,877 | 598 | 29,896 | 23,422 |
| Profit/loss | |||||
|---|---|---|---|---|---|
| Amounts in KSEK | Share capital | Statutory reserv |
Fund for fair value |
carried forward |
Total equity |
| Ingående balans 1 januari 2008 | 88 486 | 1 509 816 | -38 554 | -629 082 | 930 667 |
| Changes in 2008: | |||||
| Appropriation according to decision | - | -667 636 | 667 636 | 0 | |
| of the annual meeting | - | - | 36 294 | - | 36 294 |
| Profit/loss 2008 | - | - | -5 405 | -5 405 | |
| Total changes during 2008 | 0 | -667 636 | 36 294 | 662 231 | 30 890 |
| Closing balance December 31, 2008 | 88 486 | 842 180 | -2 260 | 33 150 | 961 556 |
| Changes in 2009: | |||||
| Amounth carried over from reserve fund as per the decision of extraordinary general meeting registred by the Swedish Companies Registration Office |
|||||
| on February 10, 2009 | - | -842 180 | - | 842 180 | 0 |
| Dividend to shareholders | -17 697 | -17 697 | |||
| Aquired own shares (note 1) | -1 100 | -1 100 | |||
| Exchange rate differences | - | - | -26 609 | -26 609 | |
| Profit/loss 2009 | - | - | - | 18 868 | 18 868 |
| Closing balance Spetember 30, 2009 | 88 486 | 0 | -28 869 | 875 400 | 935 018 |
note 1: Aquired own shares
At the Annual General Meeting held on April 27, 2009 the board was authorized to decide on the acquisition and sale of the company's own shares. The shares acquired may not exceed 10 percent of the total number of the company's shares.
In accordance with this authorization, the company in August and September 2009 has acquired a total of 158 779 shares at an average purchase price of SEK 6:93 including brokerage commissions.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.