Interim / Quarterly Report • Oct 25, 2007
Interim / Quarterly Report
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Biotage AB (publ) Kungsgatan 76 October 25, 2007 SE-753 18 Uppsala Tel:018-56 59 00 Org nr 556539-3138 www.biotage.com
The third quarter 2007 showed continued good profitability, with a good result and improved gross margin. However total sales were lower than expected. Biosystems continues to develop positively and in the third quarter the first sales in the market segment "Molecular Imaging" took place. The decreased sales of the Discovery Chemistry business area in the third quarter are mainly attributable to a weak demand for purification products among the major pharma companies but also to new products being introduced by competitors.
The Group has enjoyed a very good financial development during the last 18 months. The work aimed at consolidating and optimizing the business with focus on profitability has yielded good results. From being a company with large losses, we have in the latest 12 month period had sales of approximately 500 MSEK and an operating profit of 37.5 MSEK.
Of course I am disappointed that we cannot see sales growth in the third quarter, but at the same time I feel confident going into the fourth quarter. With this behind us I now see that we are ready to enter into a new phase. Biotage is operating in a business environment where structural deals are an essential element in the efforts to achieve higher turnover with increased profitability, which also has led to that Biotage has been approached by other strategic parties. The board has therefore, with an unprejudiced view, decided to evaluate different strategic alternatives which can lead to acquisitions of new companies, sell out of parts of the company or the entire company and/or possibility of changes in the ownership structure of the company. The strategic evaluation will be performed with the natural aim to maximize shareholder value. The strategic evaluation will be performed with a flexible time schedule and the broadest possible scope. The board has decided to appoint Greenhill & Co as an advisor.
In the meantime we will continue our daily tasks, building and refining Biotage's profitable business.
| Amounts i MSEK | 3rd quarter 2007 |
3rd quarter 2006 |
Jan-Sep 2007 |
Jan-Sep 2006 |
Full year 2006 |
October 1, 2006 September 30, 2007 |
|---|---|---|---|---|---|---|
| Net sales Cost of goods sold |
111.9 -40.3 |
133.9 -48.9 |
361.9 -136.5 |
382.9 -148.1 |
519.5 -199.8 |
498.5 -188.2 |
| Gross profit | 71.5 | 85.1 | 225.4 | 234.8 | 319.7 | 310.3 |
| Operating expenses | -62.2 | -73.6 | -197.8 | -237.7 | -313.3 | -273.3 |
| Operating profit/loss | 9.3 | 11.4 | 27.6 | -2.9 | 6.5 | 37.0 |
| Financial items | 2.1 | -1.7 | 2.8 | -0.6 | -0.4 | 2.9 |
| Profit/loss after financial items | 11.4 | 9.7 | 30.4 | -3.4 | 6.2 | 40.0 |
| Tax expenses | -0.2 | -1.1 | 26.1 | -4.7 | -3.2 | 27.6 |
| Profit/loss after tax | 11.2 | 8.6 | 56.5 | -8.2 | 2.8 | 67.5 |
In the third quarter Group net sales decreased by 16% compared to the third quarter 2006, from 133.9 MSEK to 111.9 MSEK. At comparable exchange rates and excluding the Chem Dev product area, which is being closed down, sales decreased by 12%.
The Group's gross margin was 63.9% (63.5%). The gross margin was positively influenced by product mix changes towards systems with higher margin, but negatively affected by the weakened US dollar.
The operating expenses have continued to decrease strongly and amounted to 62.2 (73.6) MSEK.
Investments during the third quarter 2007 amounted to 9.9 (7.9) MSEK. Of this sum 7.0 (5.0) MSEK were capitalized development costs. In the third quarter 2007 amortizations were made to the amount of 8.3 (10.7) MSEK. Of this sum 3.5 (3.4) MSEK were amortizations of capitalized development costs.
The operating profit amounted to 9.3 (11.4) MSEK, with an operating margin of 8.3% (8.5%).
Net financial income amounted to 2.1 (-1.7) MSEK. Dividends from the financial holdings in Corbett to the amount of 2.5 MSEK were obtained during the quarter.
Profit after tax amounted to 11.2 MSEK, corresponding to 0.13 SEK per share, compared to 8.6 MSEK in 2006, corresponding to 0.10 SEK per share.
The cash flow from operating activities amounted to 22.9 (17.4) MSEK.
Group net sales in the period January – September 2007 decreased by 5% compared to the same period 2006, from 382.9 MSEK to 361.9 MSEK. At comparable exchange rates and excluding the Chem Dev product area, which is being closed down, sales increased by 1%.
The Group's gross margin has improved to 62.3% (61.3%). The gross margin was positively influenced by product mix changes and productivity improvements in production, but negatively affected by the weakening of the US dollar.
The strong reduction of the operating expenses continued. They amounted to 197.8 (237.7) MSEK.
Investments during the first nine months of the year totaled 36.6 (29.6) MSEK. Of this sum 29.6 (15.6) MSEK were capitalized development costs. Amortizations were made to the amount of 25.1 (27.9) MSEK. Of this sum 9.4 (7.8) MSEK were amortizations of capitalized development costs. The operating result improved and amounted to 27.6 MSEK in the period January – September 2007, compared to -2.9 MSEK the same period 2006. The operating margin was 7.6%, compared to -0.8% in 2006.
Net financial income amounted to 2.8 (-0.6) MSEK. Dividends from the financial holdings in Corbett have been obtained to the amount of 5.4 MSEK.
The Group's tax expense for the first nine months of the year was positive, 26.1 (-4.7) MSEK.
In the nine month period capitalization of deferred income taxes recoverable was made to the amount of 27.6 MSEK, which led to the Group's tax expense being positive. According to international accounting principles a company should asses at the end of each accounting period if deferred income taxes recoverable shall be reported. Such an assessment according to IAS 12 has resulted in the balancing at June 30, 2007 of 27.6 MSEK by the Group and the parent company. This sum has been credited to the period's result.
Profit after tax amounted to 56.5 MSEK, corresponding to 0.64 SEK per share, compared to -8.2 MSEK 2006, corresponding to -0.09 SEK per share.
The cash flow from operating activities amounted to 21.2 (11.9) MSEK.
At September 30, 2007 the Group's cash and securities totaled 32.7 MSEK, compared to 50.1 MSEK at December 31, 2006. Granted unutilized credits amounted to 40.2 MSEK, compared to 38.2 at December 31, 2006. The Group's interest-bearing liabilities amounted to 70.8 MSEK, compared to 76.7 MSEK at December 31, 2006.
The Group reports a total goodwill of 461.8 (471.8) MSEK at September 30, 2007. This is attributable to the acquisitions of Personal Chemistry and Biotage LCC in 2003 and the acquisitions of Argonaut and Separtis in 2005. This year's change is due to currency effects.
Other intangible fixed assets in the form of patents and license rights amounted to 28.5 (31.7) MSEK and capitalized development costs to 60.1 (40.0) MSEK.
At September 30, 2007 the equity capital amounted to 756.9 MSEK, compared to 712.5 MSEK at December 31, 2006. The Group's equity capital has increased with 56.5 MSEK due to the period's net profit, with 1.2 MSEK due to stock related remunerations, and decreased with -13.3 MSEK due to exchange rate changes.
| Amounts in MSEK | 3rd quarter 2007 |
3rd quarter 2006 |
Jan-Sep 2007 |
Jan-Sep 2006 |
Full year 2006 |
October 1, 2006 September 30, 2007 |
|---|---|---|---|---|---|---|
| Net sales | 89.1 | 111.5 | 290.1 | 319.3 | 430.0 | 400.9 |
| Operating profit/loss | 9.3 | 12.7 | 21.7 | 17.9 | 29.2 | 32.9 |
| Sales per geographic market | ||||||
| USA | 42% | 41% | 41% | 44% | 43% | 42% |
| Europe | 41% | 43% | 44% | 42% | 42% | 43% |
| Rest of the world | 17% | 16% | 15% | 14% | 15% | 15% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
Net sales in the third quarter amounted to 89.1 (111.5) MSEK. In the period January – September 2007 net sales totaled 290.2 (319.3) MSEK. At comparable exchange rates and excluding the Chem Dev product area, which is being closed down, sales decreased by 14% in the third quarter and by 2% in the nine month period.
The decreased sales in the third quarter are mainly attributable to lower sales in the purification products area. A decreased demand among the major pharma companies and increased competition has led to decreased sales in the area. The other product areas continue to develop well.
During the quarter the order intake has been good. In the fourth quarter the business area is expected to return to normal levels of invoiced sales. The order book was large at the beginning of the fourth quarter.
The recently introduced products have enjoyed a good start. SNAP, a newly developed series of consumables, has been very well received and the sales are showing strong growth.
In the third quarter the gross margin was 62.4% (61.5%). The improvement is attributable to continued optimization and to a shift in the product mix towards systems with a higher gross margin.
The operating profit for the third quarter amounted to 9.3 (12.7) MSEK, with an operating margin of 10.4% (11.4%).
For the period January – September, 2007 the operating profit amounted to 21.7 (17.9) MSEK, with an operating margin of 7.5% (5.6%).
| Amounts in MSEK | 3rd quarter | 3rd quarter | Jan-Sep | Jan-Sep | Full year | October 1, 2006 |
|---|---|---|---|---|---|---|
| 2007 | 2006 | 2007 | 2006 | 2006 | September 30, 2007 | |
| Net sales | 22.8 | 22.4 | 71.7 | 63.6 | 89.5 | 97.6 |
| Operating profit/loss | 6.2 | 5.6 | 18.2 | 4.9 | 11.0 | 24.3 |
| Sales per geographic market | ||||||
| USA | 47% | 62% | 47% | 51% | 51% | 49% |
| Europe | 50% | 35% | 47% | 39% | 39% | 43% |
| Rest of the world | 3% | 3% | 6% | 10% | 10% | 8% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
In the third quarter the Biosystems business area increased its net sales by 2% to 22.8 MSEK (22.4). At comparable exchange rates net sales increased by 4%. In the first nine months net sales increased by 13% to 71.7 (63.6) MSEK. At comparable exchange rates net sales increased by 17%.
Systems sales totaled 19 units. The demand for and interest in the Pyrosequencing® technology and products continues to be strong. The marketing and sales force will gradually be upgraded.
The gross margin was 69.9% (73.4%). The gross margin was negatively affected by the weakening of the US dollar, which is the main currency for the business area's sales, while all production takes place in Sweden. In the third quarter a shift in the product mix took place towards systems with higher profit margins, and towards consumables.
The business area's good profitability continues and the operating result for the third quarter amounted to 6.2 MSEK (5.6) with an operating margin of 27.2% (25.0%). In the first nine months the operating result amounted to 18.2 (4.9) MSEK with an operating margin of 25.4% (7.7%).
Biotage has the ambition to establish itself as a leading player in molecular diagnostics. The company is strengthening this market position by developing new instruments and tests. The launch of a new instrument, which is expected to strongly expand the installed base of instruments, is planned for the first quarter 2008. In parallel new molecular diagnostics tests are being developed in order to take a further part of this strongly growing market. In order to further strengthen and complement Biotage's product offering in this area external collaborations concerning the development of new tests are also being evaluated.
At September 30, 2007 the Group had 341 employees, compared to 332 at the start of the year.
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 and towards subsidiaries.
In the third quarter 2007 the parent company's net income amounted to 2.0 (2.1) MSEK. In the period January – September, 2007 the net income amounted to 6.3 (6.5) MSEK.
A profit after financial items amounting to 3.0 MSEK is reported for the third quarter 2007 (-0.5). For the first nine months of the year profit after financial items amounted to 10.9 MSEK (-1.7). During the nine month period capitalization of deferred income taxes recoverable was made to the amount of 27.6 MSEK.
The parent company's investments in intangible fixed assets in the third quarter 2007 amounted to 0.3 (0.3) MSEK. In the first nine months of the year the investments in intangible fixed assets amounted to 2.5 (6.8) MSEK.
On September 30, 2007 the parent company's cash and bank balance amounted to 3.0 MSEK, compared to 8.6 MSEK at December 31, 2006.
The risks associated with the Group's operations can generally be divided into operational risks related to the business and risks related to the financial activities. No major changes in significant risks or uncertainty factors 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 2006.
The full-year report for 2007 will be issued on February 7, 2008.
This report has not been reviewed by the company's auditors.
Uppsala October 25, 2007
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
Biotage is a global company active in life science research with strong technologies, a broad range of operations and a long-term view of the market. The company offers solutions, knowledge and experience in the areas of genetic analysis and medicinal chemistry. In 2005 business and products from the company Argonaut were acquired, further strengthening the product range in medicinal chemistry. The customers include the world's top 30 pharma companies, the world's top 20 biotech companies, and leading academic institutes. The company is headquartered in Uppsala and has subsidiaries in the U.S., Japan, UK, Germany and several other European countries. Biotage has 332 employees and had sales of 520 MSEK in 2006. Biotage is listed on the Stockholm stock exchange. Website: www.biotage.com
This interim report has been prepared in accordance with IAS 34 Interim Reporting and RR 31 Group Interim Reporting. The information in this report concerning the parent company complies with the Swedish Accounting Act.
The accounting principles applied agree with those applied in the preparation of the Group's latest Annual Report, described on pp. 33-39 in the 2006 Annual Report.
Readers wishing to study the accounting principles presented in the 2006 Annual Report can download this report from Biotage AB's website www.biotage.se or order it from Biotage AB, Kungsgatan 76, SE-753 18 Uppsala, or at [email protected].
| 7/1/2007 | 7/1/2006 | 1/1/2007 | 1/1/2006 | 1/1/2006 | 10/1/2006 | ||
|---|---|---|---|---|---|---|---|
| Belopp i KSEK | 9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | 12/31/2006 | 9/30/2007 | |
| Net sales | 111,853 | 133,935 | 361,863 | 382,890 | 519,497 | 498,470 | |
| Cost of goods sold | -40,335 | -48,878 | -136,471 | -148,056 | -199,782 | -188,197 | |
| Gross profit | 71,519 | 85,057 | 225,392 | 234,834 | 319,715 | 310,273 | |
| Other operating income | 662 | 875 | 1,677 | 3,687 | 1,715 | - | |
| Selling expenses | -39,472 | -44,351 | -126,523 | -140,453 | -183,467 | -169,536 | |
| Administative expenses | -10,755 | -15,745 | -36,724 | -50,054 | -65,571 | -52,243 | |
| Research and development costs | -10,108 | -13,757 | -32,259 | -42,575 | -58,755 | -48,439 | |
| Other operating expenses | -2,549 | -645 | -3,958 | -8,346 | -7,175 | -3,082 | |
| Operating expenses | -62,222 | -73,623 | -197,788 | -237,740 | -313,253 | -273,301 | |
| Operating profit/loss | 9,297 | 11,434 | 27,604 | -2,905 | 6,463 | 36,972 | |
| Financial income | 3,663 | - | 7,645 | 7,860 | 13,070 | 12,855 | |
| Financial expenses | -1,554 | -1,734 | -4,872 | -8,412 | -13,479 | -9,939 | |
| Profit/loss before income tax | 11,406 | 9,701 | 30,377 | -3,458 | 6,054 | 39,888 | |
| Tax expenses (not 1) | -217 | -1,069 | 26,123 | -4,741 | -3,238 | 27,626 | |
| Profit/loss after tax | 11,189 | 8,631 | 56,500 | -8,199 | 2,816 | 67,515 | |
| Part related to the parent company´s shareholders | 11,189 | 8,631 | 56,500 | -8,199 | 2,816 | 67,515 | |
| Average shares outstanding | 88,486,320 | 88,486,320 | 88,486,320 | 88,486,320 | 88,486,320 | 88,486,320 | |
| Average shares outstanding after | |||||||
| dilution | 89,016,897 | 88,880,782 | 89,054,035 | 88,935,429 | 88,883,110 | 89,027,821 | |
| Shares outstanding at closing day | 88,486,320 | 88,486,320 | 88,486,320 | 88,486,320 | 88,486,320 | 88,486,320 | |
| Profit/loss per share SEK | 0.13 kr | 0.10 kr | 0.64 kr | -0.09 kr | 0.03 kr | 0.76 kr | |
| Profit/loss per share after dilution SEK | 0.13 kr | 0.10 kr | 0.63 kr | -0.09 kr | 0.03 kr | 0.76 kr | |
| Quarterly summary 2006 and 2007 | 2007 | 2006 | |||||
| Amounts in KSEK | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Net sales | 111,853 | 131,138 | 118,872 | 136,607 | 133,935 | 128,344 | 120,611 |
| Cost of goods sold | -40,335 | -51,149 | -44,987 | -51,726 | -48,878 | -51,712 | -47,466 |
| Gross profit | 71,519 | 79,989 | 73,884 | 84,881 | 85,057 | 76,633 | 73,144 |
| Gross margin | 63.9% | 61.0% | 62.2% | 62.1% | 63.5% | 59.7% | 60.6% |
| Operating expenses | -62,222 | -68,913 | -66,653 | -75,513 | -73,623 | -78,792 | -85,325 |
| Operating profit/loss | 9,297 | 11,076 | 7,232 | 9,368 | 11,434 | -2,159 | -12,180 |
| Financial net income | 2,109 | -737 | 1,400 | 144 | -1,734 | 7,655 | -6,474 |
| Profit/loss before income tax | 11,406 | 10,339 | 8,631 | 9,512 | 9,701 | 5,496 | -18,655 |
Tax expenses -217 27,736 -1,396 1,504 -1,069 -1,516 -2,156 Profit/loss after tax 11,189 38,075 7,236 11,015 8,631 3,980 -20,811
| Amounts in KSEK | 9/30/2007 | 12/31/2006 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Tangible assets | 86,192 | 95,333 |
| Goodwill | 461,755 | 471,839 |
| Other intagible assets | 88,637 | 71,695 |
| Financial assets | 74,456 | 48,273 |
| Total fixed assets | 711,041 | 687,141 |
| Current assets | ||
| Inventory | 97,985 | 85,627 |
| Account receivable and other receivables | 97,014 | 94,361 |
| Other investments | 644 | - |
| Liquid funds | 32,681 | 50,136 |
| Total current assets | 228,324 | 230,124 |
| TOTALT ASSETS | 939,365 | 917,265 |
| in parent comapny Share capital Other contributed capital Accumulated translation difference Profit/loss carried forward Total equity |
88,486 1,513,609 -69,350 -775,866 756,879 |
88,486 1,512,383 -55,386 -833,009 712,474 |
| Long term liabilities | ||
| Loans | 43,065 | 46,809 |
| Provisions of a long-term nature | 3,260 | 3,877 |
| Total long term liabilities | 46,325 | 50,686 |
| Current liabilities | ||
| Accounts payable and other liabilitiwes | 95,918 | 108,789 |
| Tax liabilities | 1,183 | 3,214 |
| Loans | 32,743 | 34,884 |
| Provisions of a short-term nature | 6,318 | 7,218 |
| Total current liabilities | 136,161 | 154,105 |
| TOTAL EQUITY AND LIABILITIES | 939,365 | 917,265 |
| 7/1/2007 | 7/1/2006 | 1/1/2007 | 1/1/2006 | 1/1/2006 | 10/1/2006 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | 12/31/2006 | 9/30/2007 |
| Operating activities | ||||||
| Profit/loss after financial items | 11,406 | 9,701 | 30,377 | -3,458 | 6,054 | 39,888 |
| Adjustments for items not included in the cash flow | 8,950 | 9,248 | 25,745 | 35,781 | 45,432 | 35,396 |
| 20,356 | 18,949 | 56,121 | 32,323 | 51,486 | 75,284 | |
| Tax paid | -217 | -1,069 | -1,526 | -4,741 | -3,238 | -23 |
| Cash flow from operating activities | ||||||
| before changes in working capital | 20,139 | 17,879 | 54,595 | 27,582 | 48,248 | 75,261 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of inventories | -6,221 | 252 | -15,665 | -7,534 | -3,946 | -12,078 |
| Increase (-)/ decrease (+) of account receivables | 13,059 | -5,003 | -2,553 | -493 | 5,559 | 3,498 |
| Increase (-)/ decrease (+) of other current receivables | 605 | 768 | -907 | -2,356 | -2,580 | -1,131 |
| Increase (+)/ decrease (-) of other liabilities | -4,635 | 3,485 | -14,303 | -5,293 | -7,373 | -16,382 |
| Cash flow from operating activities | 22,946 | 17,381 | 21,167 | 11,905 | 39,908 | 49,169 |
| Investing activities | ||||||
| Acquisition of intangible fixed assets | -7,679 | -5,355 | -31,305 | -22,553 | -32,431 | -41,183 |
| Sales of intangible fixed assets | 16 | 16 | 16 | |||
| Acquisition of tangible fixed assets | -2,263 | -2,528 | -5,332 | -7,163 | -10,661 | -8,830 |
| Acquisition of financial assets | -12 | -9 | -12 | -59 | -169 | -143 |
| Sales of financial assets | 18 | 32 | 21 | 165 | 163 | 40 |
| Cash flow from investment activities | -9,919 | -7,860 | -36,611 | -29,610 | -43,099 | -50,100 |
| Financial activities | ||||||
| Refund of VAT on costs of new share issue Loans taken |
3,155 | 4,894 | 4,633 | 4,633 3,155 |
||
| Amortization of loan liabilities | -2,168 | -5,571 | -5,016 | -7,271 | -2,986 | -5,624 |
| Cash flow from financial activities | -2,168 | -5,571 | -1,860 | -2,377 | 1,647 | 2,164 |
| Cash flow during period | 10,859 | 3,951 | -17,305 | -20,081 | -1,543 | 1,233 |
| Cash and liquid assets beginning of period | 21,942 | 27,704 | 50,136 | 52,795 | 52,795 | 32,285 |
| Exchange differences in liquid assets | -120 | 630 | -150 | -429 | -1,115 | -836 |
| Cash and liquid assets at end of period | 32,681 | 32,284 | 32,681 | 32,284 | 50,136 | 32,681 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 8,279 | 10,742 | 25,125 | 31,373 | 40,670 | 34,423 |
| Other items | 671 | -1,494 | 619 | 4,408 | 4,762 | 973 |
| Total | 8,950 | 9,248 | 25,745 | 35,781 | 45,432 | 35,396 |
| Share | Other payed-in |
Accumulated translation |
Hedging | Profit/loss carried |
Total | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | capital | capital | differences | reserve | forward | equity |
| Opening balance January 1, 2006 | 88,486 | 1,506,656 | -21,065 | -835,826 | 738,252 | |
| Changes in 2006: | ||||||
| Refund of VAT on costs of new share issue Exchange rate differences Profit/loss for 2006 |
4,633 | -34,321 | 2,816 | 4,633 -34,321 2,816 |
||
| Change due to outstanding option programs directed to employees of the Group |
1,094 | 1,094 | ||||
| Total changes during 2006 | 0 | 5,727 | -34,321 | 0 | 2,816 | -25,778 |
| Closing balance December 31, 2006 | 88,486 | 1,512,383 | -55,386 | - | -833,009 | 712,474 |
| Changes in 2007: | ||||||
| Exchange rate differences Change in hedging reserve for the year Profit/loss January - september 2007 |
-13,964 | 643 | 56,500 | -13,964 643 56,500 |
||
| Change due to outstanding option programs Total changes during 2007: |
1,226 1,226 |
-13,964 | 643 | 56,500 | 1,226 44,405 |
|
| Closing balance September 30, 2007 | 88,486 | 1,513,609 | -69,350 | 643 | -776,510 | 756,879 |
2007-01-01 -- 2007-09-30
INCOME STATEMENTS FOR THE PARENT COMPANY
| Belopp i KSEK | 7/1/2007 9/30/2007 |
7/1/2006 9/30/2006 |
1/1/2007 9/30/2007 |
1/1/2006 9/30/2006 |
1/1/2006 12/31/2006 |
10/1/2006 9/30/2007 |
|---|---|---|---|---|---|---|
| Net sales | 2,014 | 2,129 | 6,319 | 6,470 | 8,669 | 8,518 |
| Cost of goods sold Gross profit |
-5 2,009 |
2,129 | -5 6,314 |
6,470 | - 8,669 |
-5 8,513 |
| Selling expenses | -228 | 79 | -464 | 188 | 164 | -489 |
| Administative expenses Research and development costs |
-3,773 -359 |
-6,367 -725 |
-12,000 -2,253 |
-20,520 -2,013 |
-29,911 -4,643 |
-21,392 -4,882 |
| Other operating income | 2,063 | 1,869 | 6,851 | 6,052 | 9,767 | 10,565 |
| Other operating expenses | -1,595 | -533 | -3,251 | -4,946 | -4,151 | -2,456 |
| Operating expenses | -3,892 | -5,677 | -11,118 | -21,239 | -28,775 | -18,654 |
| Operating profit/loss | -1,884 | -3,549 | -4,804 | -14,769 | -20,105 | -10,141 |
| Profit/loss from financial investments: | ||||||
| Interest income from receivables from group companies | 4,039 | 3,631 | 12,541 | 11,151 | 14,588 | 15,977 |
| Interest expenses from liabilities to group companies | -568 | -456 | -1,239 | -1,305 | -1,681 | -1,615 |
| Profit and loss from other securities and receivalbes that are long term financial assets |
2,507 | - | 5,371 | 4,424 | 6,318 | 7,265 |
| Other interest income and similar income items | - | - | 1 | 73 | 946 | 874 |
| Interest expenses and similar expense items | - | 1 | -4 | -14 | -54 | -45 |
| Translation differences on intra-group receivalbles | -1,116 | -107 | -919 | -1,285 | -4,573 | -4,206 |
| Net financial income/expense | 4,862 | 3,068 | 15,750 | 13,045 | 15,545 | 18,250 |
| Profit/loss after financial items | 2,979 | -481 | 10,946 | -1,724 | -4,560 | 8,109 |
| Tax expenses (not 1) | - | - | 27,649 | - | - | 27,649 |
| Profit/loss after tax | 2,979 | -481 | 38,595 | -1,724 | -4,560 | 35,758 |
| Amounts in KSEK | 9/30/2007 | 12/31/2006 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | ||
| Patent and license rights | 13,348 | 12,480 |
| 13,348 | 12,480 | |
| Financial assets | ||
| Participation in group companies | 717,727 | 717,396 |
| Receivables from group companies | 110,370 | 121,236 |
| Deferred tax asset | 27,649 | - |
| Other long-term securities | 45,783 | 45,783 |
| 901,530 | 884,415 | |
| Total fixed assets | 914,878 | 896,896 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 51,432 | 41,373 |
| Other receivables | 1,820 | 1,540 |
| Prepraid expenses and accrued income | 689 | 1,230 |
| 53,941 | 44,144 | |
| Cash and bank balances | 2,952 | 8,578 |
| Total current assets | 56,893 | 52,722 |
| TOTALT ASSETS | 971,771 | 949,617 |
| EQUITY, PROVISIONS AND LIABILITIES Equity |
||
| Restricted equity | ||
| Share capital | 88,486 | 88,486 |
| Statutory reserves | 1,509,816 | 1,509,816 |
| 1,598,303 | 1,598,303 | |
| Unrestricted equity | ||
| Fair value fond | -37,777 | -27,115 |
| Profit/loss carried forward | -716,535 | -711,975 |
| Profit/loss for the period reported | 38,595 | -4,561 |
| -715,717 | -743,650 | |
| Total equity | 882,585 | 854,652 |
| Provisions | 0 | 0 |
| Long term liabilities Other long term liabilities |
5,077 | 4,988 |
| 5,077 | 4,988 | |
| Current liabilities | ||
| Account payable | 1,117 | 2,022 |
| Liabilities to gruop companies | 72,470 | 73,662 |
| Other short term liabilities | 148 | 1,052 |
| Accrued expenses and prepaid income | 10,373 | 13,240 |
| 84,109 | 89,976 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 971,771 | 949,617 |
| 7/1/2007 | 7/1/2006 | 1/1/2007 | 1/1/2006 | 1/1/2006 | 10/1/2006 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | 12/31/2006 | 9/30/2007 |
| Operating activities | ||||||
| Profit/loss after financial items | 2,978 | -441 | 10,946 | -1,724 | -4,561 | 8,109 |
| Adjustments for items not included in the cash flow | 663 3,642 |
528 87 |
1,928 12,874 |
1,647 -77 |
3,662 -898 |
3,943 12,052 |
| Tax paid | - | - | - | - | - | - |
| Cash flow from operating activities | ||||||
| before changes in working capital | 3,642 | 87 | 12,874 | -77 | -898 | 12,052 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of account receivables | - | -4,478 | - | -11,130 | 334 | 11,464 |
| Increase (-)/ decrease (+) of other current receivables | -6,557 | 2,262 | -12,798 | 187 | 22,152 | 9,167 |
| Increase (+)/ decrease (-) of other liabilities | 4,168 | 7,241 | -2,866 | 21,495 | 24,330 | -32 |
| Cash flow from operating activities | 1,253 | 5,113 | -2,791 | 10,476 | 45,918 | 32,651 |
| Investing activities | ||||||
| Acquisition of intagnibile fixed assets | -296 | -322 | -2,504 | -6,780 | -6,891 | -2,615 |
| Acquisition of subsidiaries | -331 | 0 | -331 | -14,536 | -14,536 | -331 |
| Increase (-)/ decrease (+) of other long-term receivables | 1,191 | -997 | 1,317 | -36,719 | -38,037 | |
| Cash flow from investment activities | 563 | -1,319 | -2,835 | -20,000 | -58,147 | -40,983 |
| Financing activities | ||||||
| New loan taken | - | - | - | - | 4,633 | 4,633 |
| Amortization of loan liabilities | - | 39 | - | -75 | -209 | -134 |
| Cash flow from financial activities | 0 | 39 | 0 | -75 | 4,424 | 4,499 |
| Cash flow during period | 1,817 | 3,833 | -5,626 | -9,599 | -7,805 | -3,833 |
| Cash and liquid assets beginning of period | 1,136 | 2,952 | 8,578 | 16,383 | 16,383 | 6,785 |
| Cash and liquid assets at end of period | 2,952 | 6,785 | 2,952 | 6,785 | 8,578 | 2,952 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 548 | 528 | 1,636 | 1,647 | 3,662 | 3,651 |
| Other items | 115 | 0 | 292 | 0 | 0 | 292 |
| Total | 663 | 528 | 1,928 | 1,647 | 3,662 | 3,943 |
| Profit/loss | ||||
|---|---|---|---|---|
| Total | ||||
| equity | ||||
| 88,486 | 1,505,183 | - | -711,974 | 881,695 |
| - | - | - | - | - |
| - | 4,633 | - | - | 4,633 |
| - | - | -27,115 | -27,115 | |
| - | - | - | -4,561 | -4,561 |
| 88,486 | 1,509,816 | -27,115 | -716,535 | 854,653 |
| -10,662 | ||||
| 38,595 | ||||
| 0 | 0 | -10,662 | 38,595 | 27,933 |
| 88,486 | 1,509,816 | -37,777 | -677,939 | 882,585 |
| Share capital - - |
Statutory reserve - - |
Fair value fond -10,662 |
carried forward - 38,595 |
2006-01-01 -- 2006-09-30
| Dis cov ery |
Öv rig |
Dis cov ery |
Öv rig |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
| Ne les t sa |
71, 713 |
290 ,15 0 |
- | 36 1,8 63 |
Ne les t sa |
63, 604 |
319 ,28 6 |
- | 382 |
| ods ld Co f go st o so |
-24 ,47 2 |
-11 1,9 99 |
- | -13 6,4 71 |
ods ld Co f go st o so |
-18 ,60 7 |
-12 9,4 49 |
- | -14 |
| Gr ofit oss pr |
47, 241 |
178 ,15 1 |
0 | 225 ,39 2 |
Gr ofit oss pr |
44, 997 |
189 ,83 7 |
0 | 234 |
| in Gro ss m arg |
65. 9% |
61 .4% |
62 .3% |
in Gro ss m arg |
70. 7% |
59 .5% |
61 | ||
| Sel ling ex pen ses |
-20 ,18 5 |
-10 6,3 38 |
- | -12 6,5 23 |
Sel ling ex pen ses |
-26 ,55 4 |
-11 3,9 00 |
- | -14 |
| Ad min ista tive ex pen ses |
-4, 100 |
-22 ,80 8 |
-9, 816 |
-36 ,72 4 |
Ad min ista tive ex pen ses |
-4,4 75 |
-23 ,76 0 |
-21 ,81 8 |
-50 |
| Re rch d d lop nt c ost sea an eve me s |
-4,7 26 |
-27 ,53 4 |
- | -32 ,25 9 |
Re rch d d lop nt c ost sea an eve me s |
-8, 879 |
-33 ,69 6 |
- | -42 |
| Oth atin inc er o per g om e |
- | 486 | 1,1 91 |
1,6 77 |
Oth atin inc er o per g om e |
- | 302 | 3,3 85 |
3,6 |
| Oth atin er o per g e xpe nse s |
- | -27 4 |
-3, 683 |
-3, 958 |
Oth atin er o per g e xpe nse s |
-21 7 |
-84 7 |
-7, 282 |
-8, |
| Op tin era g e xpe nse s |
-29 ,01 1 |
-15 6,4 69 |
-12 ,30 8 |
-19 7,7 88 |
Op tin era g e xpe nse s |
-40 ,12 4 |
-17 1,9 01 |
-25 ,71 4 |
-23 |
| Op tin rof it/l era g p oss |
18, 230 |
21, 682 |
-12 ,30 8 |
27, 604 |
Op tin rof it/l era g p oss |
4,8 73 |
17, 936 |
-25 ,71 4 |
-2, |
| Fin ial inc et anc om e n |
- | - | 2,7 73 |
2,7 73 |
Fin ial inc et anc om e n |
- | - | -55 3 |
|
| Pro fit/ los fte r fi cia l it s a nan em s |
18, 230 |
21, 682 |
-9, 535 |
30, 377 |
Pr ofit /los fte r fi cia l it s a nan em s |
4,8 73 |
17, 936 |
-26 ,26 7 |
-3, |
| Tax ex pen ses |
- | - | 26, 123 |
26, 123 |
Ta x e xpe nse s |
- | - | -4, 741 |
-4, |
| Pro fit/ los fte r ta s a x |
18, 230 |
21, 682 |
16, 588 |
56, 500 |
Pr ofit /los fte r ta s a x |
4,8 73 |
17, 936 |
-31 ,00 8 |
-8, |
| Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
|---|---|---|---|---|---|---|---|---|---|
| Ne les t sa |
71, 713 |
290 ,15 0 |
- | 36 1,8 63 |
Ne les t sa |
63, 604 |
319 ,28 6 |
- | 382 ,89 0 |
| f go ods ld Co st o so |
-24 ,47 2 |
-11 1,9 99 |
- | -13 6,4 71 |
f go ods ld Co st o so |
-18 ,60 7 |
-12 9,4 49 |
- | -14 8,0 56 |
| Gr ofit oss pr |
47, 241 |
178 ,15 1 |
0 | 225 ,39 2 |
Gr ofit oss pr |
44, 997 |
189 ,83 7 |
0 | 234 ,83 4 |
| in Gro ss m arg |
65. 9% |
61 .4% |
62 .3% |
in Gro ss m arg |
70. 7% |
59 .5% |
61 .3% |
||
| Sel ling ex pen ses |
-20 ,18 5 |
-10 6,3 38 |
- | -12 6,5 23 |
Sel ling ex pen ses |
-26 ,55 4 |
-11 3,9 00 |
- | -14 0,4 54 |
| Ad min ista tive ex pen ses |
-4, 100 |
-22 ,80 8 |
-9, 816 |
-36 ,72 4 |
Ad min ista tive ex pen ses |
-4,4 75 |
-23 ,76 0 |
-21 ,81 8 |
-50 ,05 3 |
| rch d d lop Re nt c ost sea an eve me s |
-4,7 26 |
-27 ,53 4 |
- | -32 ,25 9 |
rch d d lop Re nt c ost sea an eve me s |
-8, 879 |
-33 ,69 6 |
- | -42 ,57 5 |
| Oth atin inc er o per g om e |
- | 486 | 1,1 91 |
1,6 77 |
Oth atin inc er o per g om e |
- | 302 | 3,3 85 |
3,6 87 |
| Oth atin er o per g e xpe nse s |
- | -27 4 |
-3, 683 |
-3, 958 |
Oth atin er o per g e xpe nse s |
-21 7 |
-84 7 |
-7, 282 |
-8, 346 |
| Op tin era g e xpe nse s |
-29 ,01 1 |
-15 6,4 69 |
-12 ,30 8 |
-19 7,7 88 |
Op tin era g e xpe nse s |
-40 ,12 4 |
-17 1,9 01 |
-25 ,71 4 |
-23 7,7 40 |
| Op tin rof it/l era g p oss |
18, 230 |
21, 682 |
-12 ,30 8 |
27, 604 |
Op tin rof it/l era g p oss |
4,8 73 |
17, 936 |
-25 ,71 4 |
-2, 905 |
| Fin ial inc et anc om e n |
- | - | 2,7 73 |
2,7 73 |
Fin ial inc et anc om e n |
- | - | -55 3 |
-55 3 |
| Pro fit/ los fte r fi cia l it s a nan em s |
18, 230 |
21, 682 |
-9, 535 |
30, 377 |
Pr ofit /los fte r fi cia l it s a nan em s |
4,8 73 |
17, 936 |
-26 ,26 7 |
-3, 458 |
| Tax ex pen ses |
- | - | 26, 123 |
26, 123 |
Ta x e xpe nse s |
- | - | -4, 741 |
-4, 741 |
| Pro fit/ los fte r ta s a x |
18, 230 |
21, 682 |
16, 588 |
56, 500 |
Pr ofit /los fte r ta s a x |
4,8 73 |
17, 936 |
-31 ,00 8 |
-8, 199 |
Interim report Interim report 2007-07-01 -- 2007-09-30
| Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
|---|---|---|---|---|---|---|---|---|---|
| Ne les t sa |
22, 793 |
89, 060 |
- | 11 1,8 53 |
Ne les t sa |
22, 389 |
11 1,5 46 |
- | 133 |
| Co f go ods ld st o so |
-6,8 59 |
-33 ,47 6 |
- | -40 ,33 5 |
Co f go ods ld st o so |
-5,9 55 |
-42 ,92 2 |
- | -48 |
| Gr ofit oss pr |
15, 934 |
55, 585 |
0 | 71, 519 |
Gr ofit oss pr |
16, 433 |
68, 624 |
0 | 85, |
| in Gro ss m arg |
69. 9% |
62 .4% |
63 .9% |
in Gro ss m arg |
73. 4% |
61 .5% |
63 | ||
| Sel ling ex pen ses |
-6, 108 |
-33 ,36 4 |
- | -39 ,47 2 |
Sel ling ex pen ses |
-6,9 21 |
-37 ,43 0 |
- | -44 |
| Ad min ista tive ex pen ses |
-1,3 67 |
-5, 279 |
-4, 109 |
-10 ,75 5 |
Ad min ista tive ex pen ses |
-95 9 |
-7, 332 |
-7, 454 |
-15 |
| Re rch d d lop nt c ost sea an eve me s |
Re rch d d lop nt c ost sea an eve me s |
||||||||
| -2,2 44 |
-7, 864 |
- | -10 ,10 8 |
-2,9 33 |
-10 ,82 5 |
- | -13 | ||
| Oth atin inc er o per g om e |
- | 232 | 430 | 662 | Oth atin inc er o per g om e |
- | 58 | 817 | |
| Oth atin er o per g e xpe nse s |
- | -16 | -2, 533 |
-2, 549 |
Oth atin er o per g e xpe nse s |
4 | -42 6 |
-22 3 |
|
| Op tin era g e xpe nse s |
-9, 718 |
-46 ,29 1 |
-6, 212 |
-62 ,22 2 |
Op tin era g e xpe nse s |
-10 ,80 9 |
-55 ,95 5 |
-6, 859 |
-73 |
| Op tin rof it/l era g p oss |
6,2 16 |
9,2 94 |
-6, 212 |
9,2 97 |
Op tin rof it/l era g p oss |
5,6 24 |
12, 669 |
-6, 859 |
11, |
| Fin ial inc et anc om e n |
- | - | 2,1 09 |
2,1 09 |
Fin ial inc et anc om e n |
-1, 734 |
-1, | ||
| fit/ fte r fi cia l it Pro los s a nan em s |
6,2 16 |
9,2 94 |
-4, 103 |
11, 406 |
ofi t/lo fte r fi cia l it Pr ss a nan em s |
5,6 24 |
12, 669 |
-8, 593 |
|
| Tax | -21 7 |
-21 7 |
Ta | 069 | |||||
| ex pen ses |
- | - | x e xpe nse s |
-1, | -1, | ||||
| Pro fit/ los fte r ta s a x |
6,2 16 |
9,2 94 |
-4, 320 |
11, 189 |
Pr ofi t/lo fte r ta ss a x |
5,6 24 |
12, 669 |
-9, 662 |
| Dis cov ery |
Öv rig |
Dis cov ery |
Öv rig |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
Am ts i n K SE K oun |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
| les Ne t sa |
22, 793 |
89, 060 |
- | 11 1,8 53 |
les Ne t sa |
22, 389 |
11 1,5 46 |
- | 133 ,93 5 |
| Co f go ods ld st o so |
-6,8 59 |
-33 ,47 6 |
- | -40 ,33 5 |
Co f go ods ld st o so |
-5,9 55 |
-42 ,92 2 |
- | -48 ,87 8 |
| Gr ofit oss pr |
15, 934 |
585 55, |
0 | 71, 519 |
Gr ofit oss pr |
16, 433 |
68, 624 |
0 | 85, 057 |
| Gro in ss m arg |
69. 9% |
62 .4% |
63 .9% |
Gro in ss m arg |
73. 4% |
61 .5% |
63 .5% |
||
| Sel ling ex pen ses |
-6, 108 |
-33 ,36 4 |
- | -39 ,47 2 |
Sel ling ex pen ses |
-6,9 21 |
-37 ,43 0 |
- | -44 ,35 1 |
| Ad min ista tive ex pen ses |
-1,3 67 |
279 -5, |
-4, 109 |
-10 ,75 5 |
Ad min ista tive ex pen ses |
-95 9 |
332 -7, |
454 -7, |
-15 ,74 5 |
| Re rch d d lop nt c ost sea an eve me s |
Re rch d d lop nt c ost sea an eve me s |
||||||||
| -2,2 44 |
864 -7, |
- | -10 ,10 8 |
-2,9 33 |
-10 ,82 5 |
- | -13 ,75 7 |
||
| Oth atin inc er o per g om e |
- | 232 | 430 | 662 | Oth atin inc er o per g om e |
- | 58 | 817 | 875 |
| Oth atin er o per g e xpe nse s |
- | -16 | -2, 533 |
-2, 549 |
Oth atin er o per g e xpe nse s |
4 | -42 6 |
-22 3 |
-64 5 |
| Op tin era g e xpe nse s |
-9, 718 |
-46 ,29 1 |
-6, 212 |
-62 ,22 2 |
Op tin era g e xpe nse s |
-10 ,80 9 |
-55 ,95 5 |
-6, 859 |
-73 ,62 3 |
| Op tin rof it/l era g p oss |
6,2 16 |
9,2 94 |
-6, 212 |
9,2 97 |
Op tin rof it/l era g p oss |
5,6 24 |
12, 669 |
-6, 859 |
11, 434 |
| Fin ial inc et anc om e n |
- | - | 2,1 09 |
2,1 09 |
Fin ial inc et anc om e n |
-1, 734 |
-1, 734 |
||
| Pro fit/ los fte r fi cia l it s a nan em s |
6,2 16 |
9,2 94 |
-4, 103 |
11, 406 |
Pr ofi t/lo fte r fi cia l it ss a nan em s |
5,6 24 |
12, 669 |
-8, 593 |
9,7 01 |
| Tax ex pen ses |
- | - | -21 7 |
-21 7 |
Ta x e xpe nse s |
-1, 069 |
-1, 069 |
||
| fit/ fte Pro los r ta s a x |
6,2 16 |
9,2 94 |
-4, 320 |
11, 189 |
ofi t/lo fte Pr r ta ss a x |
5,6 24 |
12, 669 |
-9, 662 |
8,6 31 |
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