Annual Report • Feb 13, 2014
Annual Report
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January- December 2013
February 13, 2014
| Amounts in SEK millions | 4th quarter Oct-Dec |
4th quarter Oct-Dec |
12 months Jan -Dec |
12 months Jan-Dec |
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Net sales | 121.6 | 113.9 | 444.6 | 462.9 |
| Cost of sales | -54.8 | -45.8 | -195.1 | -191.5 |
| Gross profit | 66.9 | 68.1 | 249.6 | 271.4 |
| Operating expenses | -53.4 | -54.6 | -210.4 | -227.6 |
| Operating profit/loss | 13.4 | 13.5 | 39.2 | 43.8 |
| Financial items | 3.1 | -3.1 | 1.2 | -5.5 |
| Profit/loss before tax | 16.5 | 10.4 | 40.4 | 38.3 |
| Tax expenses | 2.0 | 3.2 | 1.0 | 0.3 |
| Profit/loss after tax for continuing operations |
18.5 | 13.6 | 41.4 | 38.6 |
| Profit/loss after tax for discontinued operations |
- | - | - | -0.3 |
| Total profit/loss for the period | 18.5 | 13.6 | 41.4 | 38.3 |
| Gross profit margin | 55.0% | 59.8% | 56.1% | 58.6% |
| Operating profit margin | 11.1% | 11.9% | 8.8% | 9.5% |
It's with satisfaction that I look back at the ending of last year. We reported a sales increase by 7 percent for the quarter compared to the corresponding period last year. At comparable exchange rates sales grew by no less than 11 percent. In the full year sales decreased by 4 percent, but at comparable exchange rated they increased by 2 percent. This is quite far from our 8 percent growth target, but in line with the growth in the market in which we operate. Strategic Directions International, SDi, October 2013, estimates that the market for separation is growing by 1.9 percent.
Our single biggest product area Purification continues to show healthy growth. The product area is growing by 10 percent. The launch of the combined Flash and Mass detector instrument Isolera™ Dalton is a contributing cause. Isolera Dalton gives Biotage a technological edge that we are consciously trying to use to our advantage when selling in consumables.
The product area Peptide Synthesis continues to develop positively. During the year it has grown by 24 percent. A large part of this growth is attributable to the automated peptide synthesis system Initiator™ Alstra, which was launched at the end of 2012.
In analytical chemistry we have seen a weaker development of instrument sales, while the sales of consumables continue to grow. In 2014 we will launch a new instrument for analytical chemistry, which will help us regain our position as systems supplier in this area.
In 2013 our sales in the product area Industrial Resins decreased as one of our biggest customers made no purchases of a product that is important for Biotage. This customer has now resumed the purchases and we expect that sales to this customer will gradually increase in 2014. In general we have broadened our customer base in Industrial Resins and we expect a favorable development in 2014.
Geographically Europe is developing best. Europe contributed 40 percent of the sales in the fourth quarter and 36 percent in the full year. The US remains the single biggest market with 38 percent of the annual sales. At comparable exchange rates all geographic regions showed growth in the fourth quarter. It is worth noting that our operations in China faced a challenging year with a refocusing from contract research customers to academic and government customers.
The gross margin amounts to 55.0 percent for the quarter and to 56.1 percent for the twelve-month period. Our successful system launches have resulted in an increase in the share of instrument sales, which contributes to a development that is not in line with the gross margin target of 60 percent. In 2013 the unfavorable currency development in Japan and the US has also had a negative influence on our profitability.
Also the outcome for the strategic target that sales of products in analytical and organic chemistry should be about the same size is affected by the system launches in organic chemistry. In 2013 the relation between the product areas was that organic chemistry contributed 55 percent of the sales, analytical chemistry 39 percent and Industrial Resins 6 percent.
Our target is to achieve an operating margin averaging 10 percent. We report an operating margin of 8.8 percent for 2013 and 11.1 for the fourth quarter. I look forward to 2014 with confidence and I am content that we move into 2014 with a good order stock.
Group net sales increased by 7 percent and amounted to 121.6 MSEK, compared to 113.9 MSEK the corresponding period 2012. At comparable exchange rates sales increased by 11 percent. The EU area was the single biggest market with 40 percent of the net sales. The US contributed 36 percent, Japan 13 percent, China 4 percent and the rest of the world 7 percent of the net sales.
The Group's gross margin was 55.0 percent (59.8). Biotage's products are priced in local currency in the major markets. The currency development, above all of USD and JPY in relation to SEK, is the main reason for the decreased gross margin.
The operating expenses amounted to 53.4 MSEK (54.6). Other operating items are primarily composed of currency effects on operations related debts and receivables. The operating profit amounted to 13.4 MSEK (13.5) with an operating margin of 11.1 percent (11.9). Net financial income amounted to 3.1 MSEK (-3.1). Of this sum, 2.9 MSEK (-0.7) relates to currency effects within the Group and other financial items. The result after tax amounted to 18.5 MSEK (13.6).
The investments amounted to 9.3 MSEK (10.5) and the amortizations to 6.6 MSEK (6.8). 7.6 MSEK (8.2) of the investments were capitalized development costs and 4.0 MSEK (4.3) of the amortizations were amortizations of capitalized development costs. The cash flow from operating activities amounted to 21.1 MSEK (29.9).
Group net sales decreased by 4 percent in 2013 and amounted to 444.6 MSEK (462.9). At comparable exchange rates net sales increased by 2 percent. The US was the biggest single market with 38 percent of the net sales. The EU area contributed 36 percent, Japan 14 percent, China 4 percent and the rest of the world 6 percent of the net sales.
The Group's gross margin amounted to 56.1 percent (58.6). An unfavorable development of currency rates, above all for USD and JPY, had a negative impact on the gross margin for the period. The profitability figure is also influenced by sales volume, variations in product mix, the relative distribution between sales channels, and the geographic mix of the sales.
The operating expenses amounted to 210.4 MSEK (227.6). All functions are contributing to the cost reduction. The operating profit amounted to 39.2 MSEK (43.8) with an operating margin of 8.8 percent (9.5). Net financial income amounted to 1.2 MSEK (-5.5). Of this sum 0.5 MSEK (-4.9) is related to currency effects within the Group and other financial items. The result after tax amounted to 41.4 MSEK (38.3).
The investments amounted to 41.5 MSEK (40.3) and the amortizations to 27.6 MSEK (28.6). 29.5 MSEK (27.9) of the investments were capitalized development costs and 16.0 MSEK (16.3) of the amortizations were amortizations of capitalized development costs. The cash flow from operating activities amounted to 56.8 MSEK (67.5), excluding discontinued operations.
At December 31, 2013 the Group's cash and securities amounted to 90.8 MSEK, compared to 170.9 MSEK at December 31, 2012. The Group's interest-bearing liabilities amounted to 5.7 MSEK at the end of the reported period, compared to 5.6 MSEK at December 31, 2012. Net cash at December 31, 2013 thus amounted to 85.0 MSEK, compared to 165.4 at December 31, 2012.
The Group reports a total goodwill of 104.0 MSEK at December 31, 2013, compared to 102.1 MSEK at December 31, 2012. The reported goodwill relates to the acquisitions of MIP Technologies AB and two product lines from Caliper Life Sciences Inc. in 2010. This year's change in reported value is due to currency effects.
Other intangible fixed assets amounted to 126.0 MSEK, compared to 116.3 at December 31, 2012. Of this sum patents and license rights amounted to 37.5 MSEK, compared to 41.0 MSEK at December 31, 2012, and capitalized development costs to 88.4 MSEK, compared to 75.2 MSEK at December 31, 2012. The increase in capitalized development costs is mainly due to major development projects relating to instruments launched during the year and to instruments planned for launch in 2014.
At December 31, 2013 the equity capital amounted to 476.8 MSEK, compared to 530.8 MSEK at December 31, 2012. The change in equity capital is attributable to the year's result, 41.4 MSEK, dividends to the shareholders, -34.9 MSEK, repurchasing of the company's own shares, -60.2 MSEK and cash flow hedges and currency effects at the translation of foreign subsidiaries, -0.3 MSEK.
After the resolution at the Annual General Meeting on April 25, 2013, to cancel all 3,394,375 shares repurchased under previous repurchasing programs, the number of shares in Biotage totals 69,861,330. At the end of the reported period Biotage had a holding of 5,137,609 own shares acquired for a total purchase price of 46.6 MSEK, an average of 9.07 per share, under the repurchasing program decided at the 2013 AGM. After the end of the accounting period another 9,274 shares have been acquired, making Biotage's holding of own shares 5,146,883 shares in total. The board intends to propose to the Annual General Meeting that all repurchased shares are canceled in the corresponding manner as in previous years.
Biotage has, as previously reported, been sued for alleged patent infringement in the US. These plaints are declared resting by the court awaiting the results of reexamination cases of the validity of the patents by the US Patent and Trademark Office.
The US Patent and Trademark Office's Patent Trial and Appeal Board has declared all patent demands in US patents 7,138,061, 7,381,327 and 7,410,571 invalid. The decision has been appealed by the other party to the US Court of Appeals for the Federal Circuit. The appellate procedure is in progress and there is currently nothing to report.
The reexamination cases concerning US patents 8,066,875 and 7,381,327 are in progress at the US Patent and Trademark Office and there is nothing additional to report in relation to these two cases. Biotage's analysis indicates that the company has a strong position and that the other party lacks good cause for the alleged patent infringement.
There are no major events after the reported period to report.
The Group had 290 (290) employees at December 31, 2013 and 292 at September 30, 2013.
The Group's parent company, Biotage AB, has wholly owned subsidiaries in Sweden, the United States, United Kingdom, Germany, France, Italy, Japan and China. The parent company is responsible for group management, strategic business development and administrative functions at Group level towards subsidiaries.
In the fourth quarter 2013 the parent company's net income amounted to 0.6 MSEK (0.5). For the full year 2013 net income amounted to 2.4 MSEK (2.1). The parent company's net financial income amounted to 148.2 MSEK (27.7) in the fourth quarter and 195.2 MSEK (36.2) in the full year. Of these sums 146.8 and 189.6 MSEK, respectively, were the results from holdings in group companies, mainly consisting of reversed write-downs of receivables from subsidiaries resulting from inter-company transfer of the production of the product lines RapidTrace® and TurboVap® and group contributions from subsidiaries.
The result after financial items for the fourth quarter was 145.0 MSEK (21.2). For the full year the result after financial items amounted to 178.6 MSEK (12.8). Of this sum 160.3 MSEK refers to reversed write-downs of receivables from subsidiaries. At December 31, 2012 the parent company had receivables classified as investments in foreign operations amounting to 164 MSEK. At December 31, 2013 all these receivables have been settled.
The parent company's investments in intangible fixed assets amounted to 0.6 MSEK (0.4) in the fourth quarter and to 1.4 MSEK (1.4) in the full year.
The parent company's cash and bank balance amounted to 30.1 MSEK at December 31, 2013 and to 52.3 MSEK at December 31, 2012. The change in the parent company's cash and bank balance is mainly attributable to dividends paid to shareholders, repurchasing of own shares, changes in Group dealings and the period's result.
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 2012. Readers wishing
to study the 2012 Annual Report can download this from Biotage AB's website www.biotage.com or order it from Biotage AB, Box 8, SE-751 03 Uppsala or [email protected].
The interim report for the first quarter 2014 will be issued on April 28, 2014. The Annual General Meeting will be held on April 28, 2014. The interim report for the second quarter 2014 will be issued on August 14, 2014. The interim report for the third quarter 2014 will be issued on October 30, 2014. The year-end report for 2014 will be issued on February 12, 2015. The Annual Report for 2013 is planned to be published in week 14 2014.
This report has not been reviewed by the company's auditor.
Uppsala February 13, 2014
Torben Jörgensen President and CEO
The information in this press release is of the kind that Biotage AB (publ) is required to make public according to the Financial Instruments Trading Act. The information was released for publication at 08.30 on February 13, 2014.
Biotage offers efficient separation technologies from analysis to industrial scale and high quality solutions for analytical chemistry from research to commercial analysis laboratories. Biotage's products are used by government authorities, academic institutions, pharmaceutical and food companies, among others. The company is headquartered in Uppsala and has offices in the US, UK, China and Japan. Biotage has approx. 290 employees and had sales of 445 MSEK in 2013. Biotage is listed on the NASDAQ OMX Stockholm stock exchange. Website: www.biotage.com
| 2013-10-01 | 2012-10-01 | 2013-01-01 | 2012-01-01 | |
|---|---|---|---|---|
| Amounts in SEK thousands | 2013-12-31 | 2012-12-31 | 2013-12-31 | 2012-12-31 |
| Net sales | 121,649 | 113,941 | 444,644 | 462,942 |
| Cost of sales | -54,776 | -45,825 | -195,061 | -191,508 |
| Gross profit | 66,872 | 68,117 | 249,583 | 271,434 |
| Distribution costs | -33,702 | -34,294 | -134,712 | -141,865 |
| Administrative expenses | -12,196 | -12,422 | -42,687 | -47,416 |
| Research and development costs | -7,822 | -7,729 | -33,483 | -36,848 |
| Other operating income | 290 | -154 | 494 | -1,457 |
| Total operating expenses | -53,430 | -54,599 | -210,388 | -227,586 |
| Operating profit/loss | 13,443 | 13,518 | 39,196 | 43,848 |
| Financial net income | 3,058 | -3,108 | 1,173 | -5,531 |
| Profit/loss before income tax | 16,501 | 10,410 | 40,369 | 38,317 |
| Tax expenses | 1,985 | 3,207 | 1,023 | 308 |
| Profit/loss after tax for continuing operations | 18,486 | 13,618 | 41,392 | 38,624 |
| Profit/loss after tax for discontinued operations | - | - | - | -288 |
| Total profit/loss for the period | 18,486 | 13,618 | 41,392 | 38,336 |
| Other comprehensive income | ||||
| Components that may be reclassified to net income: | ||||
| Translation differences related to | ||||
| non Swedish subsidiaries | 2,469 | 460 | -236 | -7,485 |
| Cash flow hedges | 176 | -650 | -52 | 632 |
| Total other comprehensive income | 2,645 | -189 | -288 | -6,853 |
| Total comprehensive income for the period | 21,130 | 13,428 | 41,104 | 31,483 |
| 2013-10-01 | 2012-10-01 | 2013-01-01 | 2012-01-01 | |||||
|---|---|---|---|---|---|---|---|---|
| 2013-12-31 | 2012-12-31 | 2013-12-31 | 2012-12-31 | |||||
| Attributable to parent company´s shareholders: | ||||||||
| Total profit/loss for the period | 18,486 | 13,618 | 41,392 | 38,336 | ||||
| Attributable to parent company´s shareholders: | ||||||||
| Total comprehensive income for the period | 21,130 | 13,428 | 41,104 | 31,483 | ||||
| Average shares outstanding (*) | 65,084,859 | 72,227,916 | 67,375,712 | 73,258,156 | ||||
| Average shares outstanding after | ||||||||
| dilution (*) | 65,084,859 | 72,227,916 | 67,375,712 | 73,258,156 | ||||
| Shares outstanding at end of reporting period (*) | 69,861,330 | 73,255,705 | 69,861,330 | 73,255,705 | ||||
| Total profit/loss for the period per share SEK | 0.28 | 0.19 | 0.61 | 0.52 | ||||
| Total profit/loss for the period per share SEK after dilution | 0.28 | 0.19 | 0.61 | 0.52 | ||||
| Earnings per share relates to: | ||||||||
| Continuing operations | 0.28 | 0.19 | 0.61 | 0.52 | ||||
| Discontinued operations | - | 0.00 | - | 0.00 | ||||
| Total comprehensive income for the period per share SEK |
0.32 | 0.19 | 0.61 | 0.43 | ||||
| Total comprehensive income for the period | 0.32 | 0.19 | 0.61 | 0.43 | ||||
| per share after dilution SEK | ||||||||
| (*) Of the numbers of shares outstanding are | ||||||||
| repurchased as per end of reporting period | 5,137,609 | 1,782,906 | 5,137,609 | 1,782,906 | ||||
| Average numbers of shares outstanding are reported | ||||||||
| excluding numbers shares repurchased. | ||||||||
| Quarterly summary 2013 and 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 |
| Amounts in KSEK | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net Sales | 121,649 | 103,418 | 116,344 | 103,234 | 113,941 | 107,134 | 122,287 | 119,579 |
| Cost of sales | -54,776 | -44,851 | -50,489 | -44,945 | -45,825 | -42,532 | -51,889 | -51,262 |
| Gross profit | 66,872 | 58,567 | 65,855 | 58,288 | 68,117 | 64,602 | 70,398 | 68,317 |
| Gross margin | 55.0% | 56.6% | 56.6% | 56.5% | 59.8% | 60.3% | 57.6% | 57.1% |
| Operating expenses | -53,430 | -50,957 | -53,789 | -52,211 | -54,599 | -55,727 | -57,532 | -59,729 |
| Operating profit/loss | 13,443 | 7,610 | 12,066 | 6,077 | 13,518 | 8,875 | 12,866 | 8,588 |
| Finansnetto | 3,058 | -431 | 1,007 | -2,461 | -3,108 | -3,862 | 625 | 813 |
| Profit/loss before income tax | 16,501 | 7,179 | 13,073 | 3,616 | 10,410 | 5,013 | 13,491 | 9,401 |
| Tax expenses | 1,985 | -260 | -165 | -537 | 3,207 | -1,345 | -304 | -1,250 |
| Profit/loss after tax for continuing operations | 18,486 | 6,919 | 12,908 | 3,079 | 13,618 | 3,669 | 13,187 | 8,151 |
| Profit/loss after tax for discontinued operations | - | - | - - |
- | - | - | -288 | |
| Total profit/loss for the period | 18,486 | 6,919 | 12,908 | 3,079 | 13,618 | 3,669 | 13,187 | 7,863 |
| Amounts in SEK thousands | 2013-12-31 | 2012-12-31 |
|---|---|---|
| ASSETS | ||
| Non-Current assets | ||
| Property, plant and equipment | 41,608 | 40,695 |
| Goodwill | 104,023 | 102,054 |
| Other intangible assets | 125,964 | 116,260 |
| Financial assets | 1,224 | 1,205 |
| Deferred tax asset | 44,914 | 41,733 |
| Total non-current assets | 317,732 | 301,946 |
| Current assets | ||
| Inventories | 85,887 | 84,119 |
| Trade and other receivables | 97,860 | 97,092 |
| Cash and cash equivalents | 90,769 | 170,916 |
| Total current assets | 274,515 | 352,128 |
| TOTAL ASSETS | 592,247 | 654,074 |
| EQUITY AND LIABILITIES | ||
| Capital and reserves attributable to equity holders of the | ||
| parent company | ||
| Share capital | 89,423 | 89,372 |
| Other paied-in capital | 4,993 | 4,993 |
| Reserves | -108,090 | -107,801 |
| Retained earnings | 490,447 | 544,266 |
| Total equity | 476,774 | 530,829 |
| Non-current liabilities | ||
| Liabilities to credit institutions | 5,293 | 5,124 |
| Other financial liabilities | 19,194 | 22,642 |
| Deferred tax liability | 1,835 | 1,752 |
| Non-current provisions | 1,202 | 1,537 |
| Total non-current liabilities | 27,523 | 31,055 |
| Current liabilities | ||
| Trade and others liabilities | 81,767 | 88,268 |
| Other financial liabilities | 3,217 | 1,382 |
| Tax liabilities | 1,307 | 1,354 |
| Liabilities to credit institutions | 444 | 434 |
| Current provisions | 1,214 | 752 |
| Total current liabilities | 87,950 | 92,190 |
| TOTAL EQUITY AND LIABILITIES | 592,247 | 654,074 |
| Share | Other payed-in |
Accumulated translation |
Hedging | Retained | Total | |
|---|---|---|---|---|---|---|
| Amounts in SEK thousands | capital | capital | reserve | reserve | earnings | equity |
| Opening balance January 1, 2012 | 89,194 | 4,993 | -100,544 | -404 | 570,659 | 563,898 |
| Changes in equity in the | ||||||
| period of January 1 -September 30, 2012 | ||||||
| Total comprehensive income | - | - | -7,945 | 1,282 | 24,719 | 18,055 |
| Total non-owners changes | - | - | -7,945 | 1,282 | 24,719 | 18,055 |
| Transactions with equity holders of the company | ||||||
| Cancellation of treasury shares (*) | -7,148 | - | - | - | 7,148 | 0 |
| Increase of share capital without the issue | - | |||||
| of new shares, bonus issue (*) | 7,326 | - | - | - | -7,326 | 1 |
| Dividend to shareholders of the parent company | - | - | - | - | -29,302 | -29,302 |
| Share buy-back by parent company (*) | - | - | - | - | -23,946 | -23,946 |
| Closing balance September 30, 2012 | 89,372 | 4,993 | -108,490 | 878 | 541,953 | 528,705 |
| Changes in equity in the period of October 1, - December 31, 2012 |
||||||
| Total comprehensive income | - | - | 460 | -650 | 13,618 | 13,428 |
| Total non-owners changes | - | - | 460 | -650 | 13,618 | 13,428 |
| Transacitions with equity holders of the company | ||||||
| Share buy-back by parent company (*) | - | - | - | - | -11,303 | -11,303 |
| Closing balance December 31, 2012 | 89,372 | 4,993 | -108,029 | 228 | 544,267 | 530,829 |
| Changes in equity in the | ||||||
| period of January 1 - September 30, 2013 | ||||||
| Total comprehensive income | - | - | -2,705 | -228 | 22,906 | 19,974 |
| Total non-owners changes | 0 | 0 | -2,705 | -228 | 22,906 | 19,973 |
| Transacitions with equity holders of the company | ||||||
| Cancellation of treasury shares (*) | -4,141 | - | - | - | 4,141 | 0 |
| Increase of share capital without the issue | ||||||
| of new shares, bonus issue (*) | 4,192 | - | - | - | -4,192 | 0 |
| Dividend to shareholders of the parent company | - | - | - | -34,931 | -34,931 | |
| Share buy-back by parent company (*) | - | - | - | - | -52,836 | -52,836 |
| Closing balance September 30, 2013 | 89,423 | 4,993 | -110,734 | 0 | 479,355 | 463,037 |
| Changes in equity in the | ||||||
| period of October 1, - December 31, 2013 | ||||||
| Total comprehensive income | - | - | 2,469 | 176 | 18,486 | 21,130 |
| Total non-owners changes | - | - | 2,469 | 176 | 18,486 | 21,130 |
| Transacitions with equity holders of the company | ||||||
| Share buy-back by parent company (*) | - | - | - | - | -7,394 | -7,394 |
| Closing balance December 31, 2013 | 89,423 | 4,993 | -108,266 | 176 | 490,447 | 476,774 |
* ) Repurchased shares, cancellation of repurchased shares and bonus issue.
The Annual General Meeting of April 26, 2012 resolved to authorize the Board to carry out a new repurchasing program comprising a maximum of 10 percent of the company's outstanding shares. At the time of the Annual General Meeting of April 25, 2013 the company had in accordance with the authorization repurchased 3,394,375 shares at an average share price of 8.35 SEK.
In accordance with the proposal of the Board, the Annual General Meeting 2013 resolved that the repurchase shares should be cancelled. The company's share capital therefore decreased by 4,141 KSEK. At the same time it was decided that the company's share capital should be increased by 4,192 KSEK through a bonus issue where the issue sum was transferred from the parent company's non-restricted reserves. After realization of the AGM's decisions the registered share capital is 89,422,502 SEK and the number of outstanding shares 69,861,330. The Annual General Meeting also resolved to authorize the Board to continue to let the company repurchase shares up until the Annual General Meeting 2014, so that the company's holding of own shares amounts to a maximum of 10 percent of the number of registered shares. At the balance sheet date December 31, 2013, the company has, in accordance with this authorization, repurchased 5,137,609 shares at an average price of 9.07 SEK.
| 2013-10-01 | 2012-10-01 | 2013-01-01 | 2012-01-01 | |
|---|---|---|---|---|
| Amounts in SEK thousands | 2013-12-31 | 2012-12-31 | 2013-12-31 | 2012-12-31 |
| Operating activities Profit/loss before income tax |
16,501 | 10,410 | 40,369 | 38,316 |
| Adjustments for non-cash items | 6,063 | 6,589 | 32,460 | 36,546 |
| 22,564 | 16,999 | 72,829 | 74,862 | |
| Income tax paid | 619 | 2,940 | -4,319 | 978 |
| Cash flow from operating activities | ||||
| before changes in working capital | 23,183 | 19,940 | 68,510 | 75,840 |
| Cash flow from changes in working capital: | ||||
| Increase (-)/ decrease (+) in inventories | 2,480 | 1,546 | -2,755 | 982 |
| Increase (-)/ decrease (+) in trade receivables | -8,984 | 6,182 | -9,507 | 4,806 |
| Increase (-)/ decrease (+) in other current receivables | -606 | 1,269 | 8,099 | -5,659 |
| Increase (+)/ decrease (-) in other liabilities | 5,048 | 997 | -7,592 | -8,508 |
| Cash flow from operating activities - continuing operations | 21,121 | 29,934 | 56,757 | 67,461 |
| Cash flow from operating activities - discontinued operations | - | - | - | 7,012 |
| Cash flow from operating activities | 21,121 | 29,934 | 56,757 | 74,473 |
| Investing activities | ||||
| Acquisition of intangible assets | -8,885 | -8,519 | -32,513 | -29,586 |
| Acquisition of property, plant and equipment | -452 | -1,897 | -8,815 | -10,373 |
| Acquisition of financial assets | 0 | -39 | -144 | -300 |
| Acquisitions of companies and product lines | - | - | - | - |
| Sale of property, plant and equipment | - | - | - | - |
| Sale of financial assets | - | 66 | 0 | 261 |
| Cash flow from investing activities - continuing operations | -9,337 | -10,389 | -41,471 | -39,998 |
| Cash flow from financing activities - discontinued operations | - | - | - | - |
| Cash flow from investing activities | -9,337 | -10,389 | -41,471 | -39,998 |
| Financing activities | ||||
| Dividend to shareholders | 0 | - | -34,931 | -29,302 |
| Buy-back of shares | -7,394 | -11,303 | -60,230 | -35,249 |
| Repayment of loans | -113 | -152 | 66 | -625 |
| Cash flow from financing activities - continuing operations | -7,507 | -11,456 | -95,095 | -65,176 |
| Cash flow from financing activities - discontinued operations | - | - | - | - |
| Cash flow from financial activities | -7,507 | -11,456 | -95,095 | -65,176 |
| Cash flow for the period | 4,276 | 8,089 | -79,810 | -30,701 |
| Cash and cash equivalents opening balance | 86,231 | 162,817 | 170,917 | 204,711 |
| Exchange differences in liquid assets | 262 | 10 | -337 | -3,093 |
| Cash and equivalents closing balance | 90,769 | 170,916 | 90,769 | 170,917 |
| Additional information: | ||||
| Adjustments for non-cash items | ||||
| Depreciations and impairments | 9,597 | 6,757 | 30,609 | 28,612 |
| Other items | -3,534 | -168 | 1,851 | 7,934 |
| Total | 6,063 | 6,589 | 32,460 | 36,546 |
| Interest received | 216 | 392 | 1,084 | 2,447 |
| Interest paid | -55 | -41 | -437 | -206 |
| 2013-10-01 | 2012-10-01 | 2013-01-01 | 2012-01-01 | |
|---|---|---|---|---|
| Amounts in SEK thousands | 2013-12-31 | 2012-12-31 | 2013-12-31 | 2012-12-31 |
| Net sales | 607 | 524 | 2,405 | 2,117 |
| Administrative expenses | -3,386 | -5,331 | -17,170 | -22,295 |
| Research and development costs | -278 | -305 | -1,699 | -1,383 |
| Other operating items | -104 | -1,425 | -148 | -1,883 |
| Operating expenses | -3,768 | -7,061 | -19,016 | -25,561 |
| Operating profit/loss | -3,162 | -6,537 | -16,611 | -23,444 |
| Profit/loss from financial investments: | ||||
| Interest income from receivables from group companies | -311 | 2,825 | 7,424 | 9,958 |
| Interest expense from liabilities to group companies | -778 | -732 | -2,927 | -2,200 |
| Result from participations in group companies | 110,816 | -13,290 | 153,633 | -10,568 |
| Other interest and similar income | 161 | 4,429 | 915 | 6,067 |
| Other interest and similar income | 2,329 | -1,173 | 251 | -2,700 |
| Group contribution received | 35,954 | 35,649 | 35,954 | 35,649 |
| Financial net income | 148,172 | 27,706 | 195,249 | 36,206 |
| Profit/loss before income tax | 145,010 | 21,170 | 178,638 | 12,762 |
| Tax expenses | 3,181 | 2,297 | 3,181 | 2,372 |
| Total profit/loss for the period | 148,191 | 23,466 | 181,819 | 15,134 |
| STATEMENT OF COMPREHENSIVE INCOME. PARENT | ||||
| Total profit/loss for the period | 148,191 | 23,466 | 181,819 | 15,133 |
| Other comprehensive income: | ||||
| Translation differences related to | ||||
| non Swedish subsidiaries | 1,114 | -2,838 | 687 | -13,509 |
| Total comprehensive income, parent | 149,306 | 20,628 | 182,506 | 1,625 |
| BALANCE SHEET, PARENT | ||
|---|---|---|
| Amounts in SEK thousands | 2013-12-31 | 2012-12-31 |
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | ||
| Patents and licenses | 7,986 | 7,718 |
| Financial assets | ||
| Investments in group companies | 481,628 | 481,728 |
| Receivables from group companies | 36,529 | 7,789 |
| Deferred tax asset | 44,914 | 41,733 |
| 563,071 | 531,250 | |
| Total non-current assets | 571,057 | 538,968 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 46,266 | 11,762 |
| Other receivables | 474 | 4,891 |
| Prepaid expenses and accrued income | 1,297 | 1,399 |
| 48,037 | 18,051 | |
| Cash and cash equivalents | 30,112 | 52,286 |
| Total current assets | 78,149 | 70,337 |
| TOTAL ASSETS | 649,206 | 609,305 |
| EQUITY, PROVISIONS AND LIABILITIES | ||
| Equity | ||
| Restricted equity | ||
| Share capital | 89,423 | 89,372 |
| 89,423 | 89,372 | |
| Unrestricted equity | ||
| Fair value reserve | -66,055 | -66,742 |
| Retained earnings | 353,918 | 433,996 |
| Profit/loss for the year | 181,819 | 15,133 |
| 469,682 | 382,387 | |
| Total equity | 559,104 | 471,759 |
| Provisions | 19,194 | 22,642 |
| Current liabilities | ||
| Other financial liabilities | 3,217 | 1,382 |
| Trade payables | 824 | 2,157 |
| Liabilities to group companies | 63,556 | 106,026 |
| Other current liabilities | 106 | 1,273 |
| Accrued expenses and prepaid income | 3,205 | 4,065 |
| 70,908 | 114,904 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 649,206 | 609,305 |
| Pledged assets | 22,500 | 22,500 |
| Contingent liabilities | - | - |
Biotage's Group reporting is based on International Financial Reporting Standards as adopted by the EU. The Group's interim report is prepared in accordance with IAS 34 Interim Reporting and the Swedish Accounting Act. The parent company's interim report is prepared in accordance with the Swedish Accounting Act and The Swedish Financial Reporting Board's recommendation RFR 2 Reporting for Legal Entities. Revised and new standards and interpretations from IASB and IFRS Interpretations Committee which have come into effect and apply to the fiscal year 2013 have not had any effect on the Group's financial reporting besides increased disclosure requirements.
The changes in IAS 1 Presentation of Financial Statements have resulted in items in other total result being grouped in two categories: a) items which will not be allocated to the result and b) items which will be allocated to the result if certain criteria are met.
The new standard IFRS 13 Fair Value Measurement is applicable at fair value measurements of financial as well as non-financial items. IFRS 13 has been applied future-oriented from January 1 2013, but has not had any influence on the figures reported. IFRS 13 requires that quantitative and qualitative information on fair value measurements is presented in the annual report. As a result of the new standard, the disclosure requirements in IAS 34 Interim Reporting have also been extended with requirements that interim reports shall include specific information concerning financial instruments reported at fair value. The change in IAS 34 also means that information shall be given in the annual report concerning the fair value of financial instruments reported as accrued acquisition value. See below.
Biotage has a financial debt concerning additional purchase sums in connection with acquired operations which has been measured as fair value allocated to the result. The additional purchase sums, relating to the acquisition of MIP Technologies AB, are based on the distribution of gross profit applying to certain areas and may be paid until the end of 2015. The agreement with the sellers does not stipulate a maximum sum, as there is considerable uncertainty about the future outcome. Calculations of fair value are based on level 3 in the fair value hierarchy, which means that fair value has been established according to a valuation model where essential inputs are based on unobservable data. The measurement has been made based on expected future cash flows.
| Financial debt measured at fair value | 2013-12-31 | 2012-12-31 |
|---|---|---|
| Additional purchase sum, long-term part | 19,194 | 22,642 |
| Additional purchase sum, short-term part | 3,217 | 1,382 |
| Total | 22,411 | 24,024 |
| The change in financial debt in 2013 is presented below: |
| Opening value January 1, 2013 | 24,024 | |
|---|---|---|
| Profit/loss reported as result | 0 | |
| Adjusted during the year | -1,614 | |
| Value carried forward December 31, 2013 | 22,411 |
Other financial assets and financial debts are measured according to accrued acquisition value and the value reported for these is considered to be a good approximation of fair value.
In the preparation of the Group's and the parent company's interim reports, the same accounting principles and calculation methods were in all other respects applied as in the preparation of Biotage's Annual Report for 2012. These are described on pp. 34-43 in the Annual Report. Readers wishing to study the accounting principles presented in the 2012 Annual Report can download this report from Biotage AB's website www.biotage.com or order it from Biotage AB, Box 8, SE-751 03 Uppsala, Sweden, or [email protected].
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