Quarterly Report • Oct 23, 2008
Quarterly Report
Open in ViewerOpens in native device viewer
(Figures in brackets refer to the same period of last year)
• BioGaia invests in LifeTop Cap in new subsidiary.
"Our long-term focus on research and product development has given us unique products with very positive clinical results. That there is a demand for these products in the market is visible in our robust sales growth with healthy gross margins and net margins of around 20%. We are not noticing any negative effects of the financial crisis or market downturn, as our products are sold primarily via pharmacies and belong to a segment that is generally not as cycle-sensitive as many others. We therefore look forward to continued strong growth.
The company has a very solid financial position with no loans, net cash of SEK 59 million and an equity/assets ratio of 87 %", says Managing Director Peter Rothschild.
| Latest press releases from BioGaia: | |
|---|---|
| 2008-10-08 | BioGaia invests in LifeTop Cap in new subsidiary |
| 2008-09-17 | Nestlé launches "Boost Kid Essentials" in the US with BioGaia's Probiotic straw |
| 2008-09-08 | Q-Mejerierna launches yoghurt drink with BioGaia's probiotic |
For additional information contact Peter Rothschild, Managing Director, telephone: +46 8 -555 293 00 Jan Annwall, Deputy Managing Director, telephone: +46 8 - 555 293 00
------------------------------------------------------------------------------------------------------------------------------- BioGaia is a biotechnology company that develops, markets and sells probiotic products with documented health benefits. The products are primarily based on the lactic acid bacterium Lactobacillus reuteri (Reuteri), which has probiotic, health-enhancing effects. The class B share of the Parent Company BioGaia AB is quoted on the Small Cap list of the Nasdaq OMX Nordic Exchange Stockholm. www.biogaia.com
Figures in brackets refer to the same period of last year.
The Board of Directors and the Managing Director of BioGaia AB (publ) hereby present the interim report for the period 1 January – 30 September 2008.
BioGaia is a biotechnology company that develops, markets and sells probiotic products with documented health benefits. The products are primarily based on the lactic acid bacterium Lactobacillus reuteri (Reuteri) which has health-enhancing effects. BioGaia has also developed unique delivery systems, such as probiotic-containing straws and caps, that make it possible to create probiotic products with a long shelf life.
BioGaia has 39 employees, of whom 16 are based in Stockholm, 16 in Lund, 3 in Raleigh, USA, and 4 in Hiroshima, Japan.
The class B share of the Parent Company BioGaia AB is quoted on the Small Cap list of the OMX Nordic Exchange Stockholm.
BioGaia's revenue is derived mainly from the sale of finished products, but also from license rights for the use of Reuteri cultures in customers' own products (such as baby formula and dairy products).
The finished probiotic products consist of tablets, drops and oral health products (chewing gum and lozenges), as well as probiotic-containing straws and caps. BioGaia's products are sold through nutrition, food, natural health and pharmaceutical companies in some 40 countries worldwide. In Sweden, BioGaia's products are sold under the brands Semper Magdroppar and Gum PerioBalance chewing gum in pharmacies, as well as Semper whole grain cereal and infant formula with active culture and Probiomax gut health tablets in grocery stores. BioGaia holds patents for the use of Reuteri and certain delivery systems in all major
markets.
BioGaia's licensees add Reuteri culture to their products and sell these under their own brand names. On these products, the BioGaia brand is shown in the package as the licensor/patent holder.
The majority of BioGaia's consumer products are sold to distributors, which then sell the products under their own brand names. For these products, the BioGaia brand is shown on the consumer package since BioGaia is the manufacturer. At the end of 2005 BioGaia launched its own consumer brand and today has many distributors in a large number of countries that sell finished products under the BioGaia brand. One central part of BioGaia's strategy is to increase the share of sales consisting of BioGaia-branded products.
BioGaia's research is focused on selection of different probiotics for gut health, the immune system and oral health. Extensive clinical studies have shown that BioGaia's various probiotic products:
reduce gum inflammation, plaque and the risk for dental caries,
reduce the risk of infection in pre-term infants.
The length of time between contract and launch varies between countries due to differing amounts of time needed for the registration process. The products are normally registered as dietary supplements and in certain cases as pharmaceuticals.
Forest Laboratories has previously had the right to sell BioGaia's Probiotic drops in the UK and Ireland. Due to unsatisfactory sales performance, the agreement has been terminated and BioGaia has received compensation for lost sales during the quarter. BioGaia is working to find new distributors for these markets.
In July BioGaia extended its agreement with Ferring Pharmaceuticals and covers thereby essentially all of Latin America. The agreement gives Ferring exclusive rights to sell BioGaia's Probiotic tablets and drops in 10 additional countries: Colombia, Costa Rica, Nicaragua, Panama, the Dominican Republic, Guatemala, Honduras, Cuba, El Salvador and Trinidad-Tobago. The products will be sold under the BioGaia brand.
In July BioGaia signed a distribution agreement with the Swiss-based pharmaceutical company AllergyCare AG. The agreement gives AllergyCare exclusive rights to sell BioGaia's Probiotic drops and tablets in Switzerland and Liechtenstein. The products will be sold under the BioGaia brand.
In August BioGaia AB signed a global license agreement with Nestlé Nutrition, giving Nestlé the right to use Lactobacillus reuteri in infant and follow on formulas.
BioGaia's patented probiotic, Lactobacillus reuteri, is already used in formula products in some European and Asian countries. The new agreement with Nestlé will cover the world market, excluding Japan, and Korea. The first product is planned to be launched during 2009.
BioGaia has signed an exclusive license agreement with Kavli Holding AS in Norway. The agreement gives Kavli the right to use BioGaia's patented Lactobacillus reuteri in dairy products in Norway.
In September Kavli's subsidiary Q-Mejerierna launched BioQ yoghurt drink on the Norwegian market.
BioGaia has decided to intensify the work on its patented LifeTop Cap technology through the newly formed subsidiary CapAble AB.
CapAble, based in Stockholm, will work primarily with marketing and sales of LifeTop Cap, and in collaboration with BERICAP, will be responsible for further development of a full range of products in this area. Manufacturing will be handled by Bericap SA and BioGaia's 50%-owned associated company TwoPac AB.
BioGaia's former Marketing Director Staffan Pålsson owns just under 10% of the company and is its Managing Director.
Sunstar Suisse SA had since earlier an option for a distribution agreement covering a large number of countries. At the beginning of January 2008, Sunstar exercised this option and signed an additional agreement with BioGaia that gives Sunstar exclusive rights to distribute BioGaia's probiotic oral health products in more than 100 countries.
The products will be sold under Sunstar's GUM PerioBalance brand. The agreement also includes possibilities for joint development of new oral products. The launch will be carried out within a 2-year period. One of the first launches will take place in the USA during 2008.
Sunstar already distributes BioGaia's oral health products in Germany, France, Italy, Spain, Sweden and Norway.
The sales of BioGaia's Probiotic drops and drinks with BioGaia's Probiotic straw that were started in 2007 are continuing in 2008. Efforts to adapt the products and marketing to the Japanese market are in progress. This venture is part of BioGaia's long-term focus on its own brand. The cost of the Japanese venture during the nine-month period was SEK 7.3 million (6.2), which is higher than anticipated. The net cost on a full-year basis is expected to be lower than in the prior year.
In February BioGaia signed a new agreement with Ferring Pharmaceuticals in Switzerland, giving Ferring exclusive rights to sell BioGaia's Probiotic drops in Australia, New Zealand and Israel, and BioGaia's Probiotic tablets in Brazil, Egypt, Greece, Iran, Jordan, Canada, Lebanon, Mexico, Saudi Arabia and Syria.
The drops have been launched in Spain, Portugal, the Czech Republic, Canada, Jordan and Mexico. Ferring also has exclusive rights to sell BioGaia's Probiotic drops in Brazil, Egypt, Greece, Iran, Lebanon, Saudi Arabia and Syria.
In April BioGaia signed an agreement with the Belgium pharmaceutical company NeoCare, giving NeoCare the right to sell BioGaia's Probiotic drops and tablets in Belgium and Luxembourg. The products will be sold under BioGaia's brand.
In April BioGaia entered into a global collaborative agreement with Bericap Sarl, a subsidiary of the German Bericap Group, one of the world's largest manufacturers of plastic caps and other packaging closures. Under the agreement, the two companies will collaborate in development, manufacturing, marketing and sales of BioGaia's patented beverage cap, LifeTop Cap, which has been developed to protect sensitive ingredients such as probiotics from the effects of moisture, heat and light in PET bottles.
The Bericap Group will market LifeTop Cap to its customers worldwide, manufacture the plastic details and develop new varieties for different bottle types. BioGaia will sell and market the product and, through its 50%-owned company Two Pac, handle the ingredients and manufacture the aluminium blister that protects the ingredients and is placed in the LifeTop Cap.
In June BioGaia signed an additional collaborative agreement with BioGaia's Finnish partner, Verman OY, for the Russian market. Under the agreement, Verman has been granted a non-exclusive right to distribute and sell BioGaia's Probiotic tablets and drops on the Russian market under Verman's own Rela brand. Today Rela is the top-selling probiotic brand in the Finnish pharmacy market. In autumn 2008 Verman is opening its own office in Moscow from which it manages the Russian business activities.
The Annual General Meeting of BioGaia AB on 22 April 2008 unanimously passed the following resolutions, among others: - that no dividend would be paid to the shareholders
re-election of Board members Jan Annwall, Stefan Elving, Thomas Flinck, David Dangoor, Inger Holmström and Paula Zeilon
election of Jörgen Thorball
re-election of David Dangoor as Board Chairman
regarding principles for remuneration and other terms of employment for senior executives in accordance with the Board's proposal
regarding the Nominating Committee in accordance with the proposal in the notice of AGM.
The Group's net sales amounted to SEK 106.0 million (74.6), an increase of 42% compared to the same period of last year. Sales of BioGaia's Probiotic drops in Europe accounted for most of the period's sales growth.
Gross profit reached SEK 71.2 million, an improvement of SEK 21.7 million over the same period of last year.
Selling expenses rose by SEK 3.8 million compared to the same period of last year, which is mainly explained by higher personnel costs and increased costs for the registration of new products.
The period's R&D expenses amounted to SEK 16.2 million (13.3), which is equal to 18% (19%) of total operating expenses. The higher R&D expenses are due to an increased level of activity in clinical studies that began during the period. The amortisation component of R&D expenses amounted to SEK 2.3 million (2.6). Investments in capitalised development expenses totalled SEK 0 million (0).
Operating profit was SEK 18.4 million (3.3), an improvement of SEK 15.1 million compared to the same period of last year.
Profit after tax was SEK 31.1 million (4.4), an improvement of SEK 26.7 million compared to the same period of last year.
The Group pays no tax due to the existence of a cumulative loss carryforward. The total loss carryforward in the Group at 31 December 2007 was SEK 123.1 million, of which SEK 113.1 million was attributable to the Swedish companies.
At 30 September 2008 BioGaia recognised a deferred tax asset of SEK 20.0 million, resulting in a tax benefit of SEK 11.0 million in the income statement. In connection with future reports, the company will decide whether or not to recognise additional deferred tax assets.
The Group's cash and cash equivalents at 30 September 2008 totalled SEK 58.8 million (44.6).
Cash flow for the period was SEK 15.7 million (4.9), an improvement of SEK 10.8 million compared to the same period of last year.
In the first nine months of 2008 the company paid a conditional shareholder contribution of SEK 2.0 million to the associated company TwoPac AB.
Cash flow from operating activities before change in working capital was SEK 23.3 million (8.5), which is SEK 14.8 million better than for the same period of last year. The increase in working capital was SEK 3.8 million and is mainly attributable to inventories.
Consolidated equity amounted to SEK 126.4 million (79.7). The Group's equity/assets ratio was 87% (84%).
Capital expenditure on property, plant and equipment totalled SEK 1.9 million (1.6).
The Parent Company reported net sales of SEK 105.8 million (75.2) and a profit after net financial items of SEK 20.3 million (10.4).
Third quarter net sales amounted to SEK 33.6 million, up by SEK 10.2 million over the same period of last year. Compared to the second quarter, sales declined by SEK 2.8 million.
Operating profit for the third quarter was SEK 5.8 million, an increase of SEK 5.1 million over the same period of last year. Compared to the second quarter, operating profit rose by SEK 0.7 million as a result of higher gross margins for the period that are partly attributable to two lump sum payments totalling SEK 4.2 million and somewhat lower operating expenses.
Profit after tax for the third quarter was SEK 9.0 million, an improvement of SEK 7.9 million compared to the same period of last year. Profit for the period includes a tax benefit of SEK 2.5 million.
Third quarter cash flow was SEK 10.7 million.
The total number of employees in the Group at 30 September 2008 was 39 (37).
No major changes in significant risks and uncertainties took place during the period.
The business model shoosen in Japan is associated with increased cost risk. Although the market has shown a strong interest in these products, relatively large volumes are needed to achieve adequate profitability.
The shares in the associated company (TwoPac AB) and the receivable from the associated company amounted to a total of SEK 11.8 million. TwoPac AB's primary operations are development of equipment and manufacturing of BioGaia's Probiotic drops and straws and LifeTop Cap on behalf of BioGaia. BioGaia's assessment is that the cash flow from TwoPac will generate good profitability, for which reason no impairment loss was recognised on the balance sheet date. Should the investment in Two Pac fail in full or in part, BioGaia may be forced to recognise an impairment loss on all or parts of the holding in and receivables from the associated company.
BioGaia's capitalised development expenditure amounts to SEK 5.9 million, of which SEK 1.9 million refers to the LifeTop Cap project. BioGaia has one sales agreement for LifeTop Cap and has received inquiries from a number of potential customers. BioGaia has also signed a collaborative agreement with Bericap (see above), one of the world's largest manufacturers of plastic caps. BioGaia's assessment is that the cash flow from LifeTop Cap will generate good profitability, for which reason no impairment loss has been recognised. Should this investment fail in full or in part, BioGaia may be forced to recognise an impairment loss on all or parts of the project. BioGaia is now investing further in LifeTop Cap through the formation of a new subsidiary (see above).
BioGaia's goal is to create strong value growth and a good return for the shareholders. This will be achieved through a greater emphasis on the BioGaia brand, increased sales to both existing and new customers and a controlled cost level.
In the remainder of 2008 and during 2009 BioGaia expects the tablets, drops and oral health products to be launched in a large number of countries.
In view of the Company's strong portfolio of an increased number of innovative products partly under the company's own brand, successful clinical trials and growing distribution network covering a large share of the key markets, BioGaia's future outlook is bright.
| (Amounts in SEK 000s) | Jan-Sept | Jan-Sept | July-Sept | July-Sept | Jan-Dec |
|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | 2007 | |
| Net sales | 106,006 | 74,551 | 33,558 | 23,388 | 106,580 |
| Cost of goods sold | -34,794 | -25,080 | -10,131 | -8,095 | -35,122 |
| Gross profit | 71,212 | 49,471 | 23,427 | 15,293 | 71,458 |
| Other operating income | 440 | 765 | 202 | 328 | 1,691 |
| Selling expenses | -30,922 | -27,109 | -11,020 | -8,917 | -37,739 |
| Administrative expenses | -5,979 | -5,630 | -1,549 | -1,663 | -7,487 |
| Research and development expenses | -16,235 | -13,272 | -5,528 | -4,256 | -17,938 |
| Share in profit/loss of associated company | -160 | -960 | 250 | -120 | -1,103 |
| Operating profit | 18,356 | 3,265 | 5,782 | 665 | 8,882 |
| Financial income and expenses | 1,740 | 1,119 | 685 | 433 | 1,807 |
| Profit before tax | 20,096 | 4,384 | 6,467 | 1,098 | 10,689 |
| Tax expense for the period | 11,000 | - | 2,500 | - | 8,970 |
| PROFIT FOR THE PERIOD | 31,096 | 4,384 | 8,967 | 1,098 | 19,659 |
| Earnings per share Basic earnings per share (average number of shares), SEK |
1.81 | 0.25 | 0.52 | 0.06 | 1.14 |
| Diluted earnings per share, SEK | 1.81 | 0.25 | 0.52 | 0.06 | 1.14 |
| Number of shares, thousands | 17,208 | 17,208 | 17,208 | 17,208 | 17,208 |
| Average number of shares, thousands Average number of shares after dilution, |
17,208 | 17,208 | 17,208 | 17,208 | 17,208 |
| thousands | 17,208 | 17,208 | 17,208 | 17,208 | 17,208 |
| CONSOLIDATED BALANCE SHEETS | 30 Sept | 31 Dec | 30 Sept |
|---|---|---|---|
| (Amounts in SEK 000s) | 2008 | 2007 | 2007 |
| ASSETS | |||
| Intangible assets | 5,863 | 8,199 | 8,829 |
| Tangible assets | 3,719 | 2,617 | 2,443 |
| Shares in associated company Long-term receivables from associated |
7,425 | 5,585 | 4,728 |
| company | 4,400 | 4,400 | 5,400 |
| Deferred tax asset | 20,000 | 9,000 | - |
| Other long-term receivables Current assets excl. cash and cash |
41 | 27 | 17 |
| equivalents | 44,757 | 37,968 | 28,529 |
| Cash and cash equivalents | 58,800 | 42,977 | 44,633 |
| TOTAL ASSETS | 145,005 | 110,773 | 94,579 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 126,353 | 94,910 | 79,693 |
| Interest-free current liabilities | 18,652 | 15,863 | 14,886 |
| TOTAL EQUITY AND LIABILITIES | 145,005 | 110,773 | 94,579 |
| CONSOLIDATED CASH FLOW | |||||
|---|---|---|---|---|---|
| STATEMENTS | Jan-Sept | Jan-Sept | July-Sept | July-Sept | Jan-Dec |
| (Amounts in SEK 000s) | 2008 | 2007 | 2008 | 2007 | 2007 |
| Operating activities | |||||
| Operating profit | 18,356 | 3,265 | 5,782 | 665 | 8,882 |
| Depreciation/amortisation Capital gains/losses on the sale of fixed assets |
3,122 7 |
3,151 - |
1,043 - |
1,061 - |
3,979 - |
| Share in profit/loss of associated company | 160 | 960 | -250 | 120 | 1,103 |
| Other non-cash items | -83 | -36 | -113 | -3 | -12 |
| Interest received and paid | 1,740 | 1,120 | 685 | 434 | 1,807 |
| Cash flow from operating activities before changes in working capital |
23,302 | 8,460 | 7,147 | 2,277 | 15,759 |
| Changes in working capital | -3,762 | -2,121 | 3,834 | 2,062 | -10,671 |
| Cash flow from operating activities | 19,540 | 6,339 | 10,981 | 4,339 | 5,088 |
| Cash flow from investing activities | -3,881 | -2,129 | -300 | -789 | -2,516 |
| Cash flow from financing activities | - | 686 | - | - | 686 |
| Cash flow for the period Cash and cash equivalents at beginning of |
15,659 | 4,896 | 10,681 | 3,550 | 3,258 |
| period Exchange differences in cash and |
42,977 | 39,719 | 47,924 | 41,087 | 39,719 |
| cash equivalents Cash and cash equivalents at end of |
164 | 18 | 195 | -4 | - |
| period | 58,800 | 44,633 | 58,800 | 44,633 | 42,977 |
| (Amounts in SEK 000s) | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| At beginning of period | 94,910 | 74,530 | 74,530 |
| The period's translation difference | 347 | 93 | 35 |
| Warrants in BioGaia AB | - | 686 | 686 |
| Profit for the period | 31,096 | 4,384 | 19,659 |
| At end of period | 126,353 | 79,693 | 94,910 |
| (Amounts in SEK 000s) | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| Sales | 2008 | 2007 | 2007 |
| Europe | 68,623 | 44,718 | 62,354 |
| USA and Canada | 7,184 | 5,734 | 7,736 |
| Asia | 19,999 | 17,056 | 25,895 |
| Rest of world | 10,200 | 7,043 | 10,595 |
| 106,006 | 74,551 | 106,580 |
| PARENT COMPANY INCOME STATEMENTS | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| Net sales | 105,755 | 75,237 | 107,034 |
| Cost of goods sold | -34,662 | -25,932 | -35,827 |
| Gross profit | 71,093 | 49,305 | 71,207 |
| Selling expenses | -31,837 | -21,950 | -39,565 |
| Administrative expenses | -5,979 | -5,630 | -7,488 |
| Research and development expenses | -16,286 | -13,251 | -17,784 |
| Other operating income | 440 | 765 | 1,691 |
| Operating profit | 17,431 | 9,239 | 8,061 |
| Result from shares in associated company | - | - | -1,103 |
| Net financial items | 2,832 | 1,177 | 2,086 |
| Profit before tax | 20,263 | 10,416 | 9,044 |
| Tax expense for the period | 11,000 | - | 9,000 |
| PROFIT FOR THE PERIOD | 31,263 | 10,416 | 18,044 |
| PARENT COMPANY BALANCE SHEETS | 30 Sept | 31 Dec | 30 Sept |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| ASSETS | |||
| Intangible assets | 5,863 | 8,199 | 8,829 |
| Tangible assets | 3,371 | 2,287 | 2,272 |
| Shares in group companies | 4,237 | 4,137 | 4,137 |
| Shares in associated company | 7,585 | 5,585 | 5,688 |
| Long-term receivables from subsidiaries | 1,930 | 1,325 | 6,831 |
| Long-term receivables from associated company | 4,400 | 4,400 | 5,400 |
| Deferred tax asset | 20,000 | 9,000 | - |
| Current assets excl. cash and cash equivalents | 41,994 | 36,392 | 27,725 |
| Cash and cash equivalents | 57,593 | 42,103 | 43,705 |
| TOTAL ASSETS | 146,973 | 113,428 | 104,587 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 126,171 | 94,908 | 87,280 |
| Interest-free current liabilities | 20,802 | 18,520 | 17,307 |
| TOTAL EQUITY AND LIABILITIES | 139,493 | 113,428 | 104,587 |
| Floating charges | 2,000 | 2,000 | 2,000 |
|---|---|---|---|
| Guarantees | None | None | None |
| PARENT COMPANY CASH FLOW STATEMENTS | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| Operating activities | |||
| Operating profit | 17,431 | 9,239 | 8,061 |
| Depreciation/amortisation | 3,048 | 3,090 | 3,902 |
| Capital gains/losses on the sale of fixed assets | 7 | - | - |
| Provision for long-term receivable from subsidiary 1) | 8,092 | - | 7,330 |
| Other non-cash items | -84 | -39 | -8 |
| Interest received and paid | 2,832 | 1,177 | 2,086 |
| Cash flow from operating activities before changes in working capital |
31,326 | 13,467 | 21,371 |
| Changes in working capital | -3,320 | -167 | -9,373 |
| Cash flow from operating activities | 28,006 | 13,300 | 11,998 |
| Cash flow from investing activities | -12,600 | -8,960 | -9,229 |
| Cash flow from financing activities | - | 686 | 686 |
| Cash flow for the period | 15,406 | 5,026 | 3,455 |
| Cash and cash equivalents at beginning of period | 42,103 | 38,640 | 38,640 |
| Exchange differences in cash and cash equivalents | 84 | 39 | 8 |
| Cash and cash equivalents at end of period | 57,593 | 43,705 | 42,103 |
1) Recognised net in investing activities at 31 December 2007
| (Amounts in SEK 000s) | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| At beginning of period | 94,908 | 76,178 | 76,178 |
| New issue of warrants | - | 686 | 686 |
| Profit for the period | 31,263 | 10,416 | 18,044 |
| At end of period | 126,171 | 87,280 | 94,908 |
| SEGMENT REPORTING – PARENT COMPANY | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| (Amounts in SEK 000s) | 2008 | 2007 | 2007 |
| Europe | 68,325 | 44,634 | 62,269 |
| USA and Canada | 7,184 | 5,587 | 7,544 |
| Asia | 20,046 | 17,973 | 26,626 |
| Rest of world | 10,200 | 7,043 | 10,595 |
| 105,755 | 75,237 | 107,034 |
(Amounts in SEK 000s)
The Group has a 50% holding in TwoPac AB, which is reported as an associated company.
The following transactions have taken place with TwoPac AB.
| Jan-Sept | Jan-Sept | Jan-Dec | |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| Interest income | 220 | 219 | 304 |
| Shareholder contributions paid | 2,000 | 500 | 500 |
| Loan converted to shareholder contribution | - | - | 1,000 |
| Purchase of goods | 6,036 | 1,087 | 2,259 |
| Advance payments for future deliveries | - | 600 | 600 |
| Purchase of machinery and equipment | - | 1,195 | 1,195 |
Long-term receivables from TwoPac AB
| 30 Sept | 30 Sept | 31 Dec | |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| Long-term receivables from TwoPac AB | 4,400 | 5,400 | 4,400 |
| Current transactions with related parties | |||
| Current receivables from TwoPac AB | 76 | 77 | 85 |
| Current liabilities to TwoPac AB | -1,520 | -114 | - |
| -1,444 | -37 | 85 |
| CONSOLIDATED KEY RATIOS 1) | Jan-Sept | Jan-Sept | Jan-Dec |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| Return on | |||
| - average shareholders' equity | 28.1% | 5.7% | 23.2% |
| - average capital employed | 18.2% | 5.8% | 12.7% |
| Capital employed, SEK 000s | 126,353 | 79,693 | 94,910 |
| Number of shares, thousands | 17,208 | 17,208 | 17,208 |
| Average number of shares, thousands | 17,208 | 17,208 | 17,208 |
| Number of outstanding warrants, thousands | 129 | 129 | 129 |
| Average number of outstanding warrants with a dilutive effect, thousands |
- | - | - |
| Average number of shares after dilution, thousands |
17,208 | 17,208 | 17,208 |
| Basic earnings per share, SEK | 1.81 | 0.25 | 1.14 |
| Diluted earnings per share, SEK | 1.81 | 0.25 | 1.14 |
| Equity per share, SEK | 7.34 | 4.63 | 5.52 |
| Equity per share after dilution, SEK | 7.34 | 4.63 | 5.52 |
| Equity/assets ratio | 87% | 84% | 86% |
| Average number of employees | 38 | 37 | 37 |
1) The definitions of key ratios correspond to those in the annual report.
The consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) established by the International Accounting Standards Board (IASB) and the interpretations published by the International Financial Reporting Interpretations Committee (IFRIC) that have been endorsed by the European Commission for application in the EU.
This interim report has been prepared for the Group in accordance with IAS 34, Interim Financial Reporting, and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
The Group and the Parent Company apply the same accounting and valuation principles as in the 2007 annual report.
In accordance with the decision of the AGM, the Nominating Committee has been formed and consists of Lars Hallén, the second largest shareholder, Board Chairman David Dangoor, the third largest shareholder, and Sven Zetterqvist, representing Livförsäkringsaktiebolaget Skandia, the fourth largest shareholder. The largest shareholder, Annwall & Rothschild Investment AB, has declined participation in the Nominating Committee. The Nominating Committée can be contacted on the following address: BioGaia AB, Box 3242, 103 64 Stockholm or by e-mail: [email protected].
| 12 February 2009 | Year-end report 2008 |
|---|---|
| 22 April 2009 | Interim report 1 January – 31 March 2009 |
| 22 April 2009 | AGM, 4:00 p.m., Stockholm. |
| Shareholders who wish to have a matter addressed by the AGM must notify the | |
| Board Chairman, BioGaia AB, Box 3242, 103 64 Stockholm or by e-mail | |
| [email protected] by 1 March 2009 at the latest. |
This interim report provides a true and fair picture of the business activities, financial position and results of operations of the Parent Company and the Group, and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed.
Stockholm, 23 October 2008
David Dangoor Jan Annwall Stefan Elving Board Chairman Board member Board member
Board member Board member Board member
Thomas Flinck Inger Holmström Jörgen Thorball
Paula Zeilon Peter Rothschild
Board member Managing Director
The information in this interim report was submitted for publication on 23 October 2008, 8:30 a.m. CET.
This report has not been examined by the Company's independent auditors.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.