Quarterly Report • Aug 14, 2007
Quarterly Report
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Biotage AB (publ) Kungsgatan 76 August 14, 2007 SE-753 18 Uppsala Tel:+46 18 56 59 00 Org no. 556539-3138 www.biotage.com
| Belopp i MSEK | 2nd quarter 2007 |
2nd quarter 2006 |
Jan-Jun 2007 |
2006 | Jan-Jun Full year 2006 |
July 1, 2006 June 30, 2007 |
|---|---|---|---|---|---|---|
| Net sales Cost of goods sold |
131.1 -51.1 |
128.3 -51.7 |
250.0 -96.1 |
249.0 -99.2 |
519.5 -199.8 |
520.6 -196.7 |
| Gross profit | 80.0 | 76.6 | 153.9 | 149.8 | 319.7 | 323.8 |
| Operating expenses | -68.9 | -78.8 | -135.6 | -164.1 | -313.3 | -284.7 |
| Operating profit/loss | 11.1 | -2.2 | 18.3 | -14.3 | 6.5 | 39.1 |
| Financial items | -0.7 | 7.7 | 0.7 | 1.2 | -0.4 | -0.9 |
| Profit/loss after financial items | 10.3 | 5.5 | 19.0 | -13.1 | 6.2 | 38.3 |
| Tax expenses | 27.7 | -1.5 | 26.3 | -3.7 | -3.2 | 26.8 |
| Profit/loss after tax | 38.1 | 4.0 | 45.3 | -16.8 | 2.8 | 65.0 |
Second quarter 2007
In the second quarter Group net sales increased by 2% compared to the second quarter 2006, from 128.3 to 131.1 MSEK. At constant exchange rates and excluding the Chem Dev product area which is being closed down sales increased by 8%.
The Group's gross margin increased from 59.7% in the second quarter 2006 to 61.0%. The gross margin was positively influenced by improved production efficiency and by a change in the product mix towards an increased share of consumables, but negatively by a weakening of the US dollar.
The operating expenses have continued to decrease strongly and amounted to 68.9 MSEK (78.8).
Investments during the second quarter 2007 amounted to 12.7 MSEK (8.8). Of this sum 10.5 MSEK (6.1) were capitalized development costs. In the second quarter 2007 amortizations were made to the amount of 8.1 MSEK (8.4). Of this sum 2.8 MSEK (2.2) were amortizations of capitalized development costs.
The operating result improved from -2.2 MSEK in 2006 to 11.1 MSEK.
Net financial income amounted to -0,7 MSEK (7.7).
In the second quarter 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 by 27.7 MSEK (-1.5). The Biotage Group has unutilized loss carry-forward in the order of 1,082 MSEK. According to international accounting principles a company should asses at the end of each accounting period if deferred income taxes recoverable shall be reported. This assessment according to IAS12 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.
The result after taxes amounted to 38.1 MSEK, corresponding to 0.43 SEK per share, compared to 4.0 MSEK in 2006, corresponding to 0.04 SEK per share.
The cash flow from operating activities amounted to -14.8 MSEK (6.1), mainly attributable to changes of a temporary nature in the working capital.
Group net sales in the period January – June 2007 increased by 0.4% compared to the first six months 2006, from 249.0 to 250.0 MSEK. At comparable exchange rates and excluding the Chem Dev product area which is being closed down sales increased by 8%.
The Group's gross margin increased from 60.2% the first six months of 2006 to 61.5%. The gross margin was negatively affected by a considerable weakening of the US dollar, but positively influenced by improved production efficiency and by a change in the product mix towards an increased share of consumables.
The strong reduction of the operating expenses continued. They amounted to 135.6 MSEK (164.1).
Investments during the first six months 2007 amounted to 27.8 MSEK (21.8). Of this sum 22.5 MSEK (10.6) were capitalized development costs. Amortizations were made to the amount of 18.0 MSEK (18.1). Of this sum 5.9 MSEK (4.4) were amortizations of capitalized development costs.
The operating result improved from -14.3 MSEK the first six months 2006 to 18.3 MSEK.
Net financial income amounted to 0.7 MSEK (1.2).
In the period January – June 2007 the Group's tax expense was positive, amounting to 26.3 MSEK (-3.7).
The result after taxes amounted to 45.3 MSEK, corresponding to 0.51 SEK per share, compared to -16.8 MSEK in 2006, corresponding to -0.19 SEK per share.
The cash flow from operating activities amounted to -0.7 MSEK (-5.5).
At June 30, 2007 the Group's cash and securities totaled 21.9 MSEK, compared to 50.1 MSEK at December 31, 2006. Granted unutilized credits amounted to 39.2 MSEK, compared to 38.2 MSEK at December 31, 2006. The Group's interest-bearing liabilities amounted to 77.3 MSEK, compared to 76.7 MSEK at December 31, 2006.
The Group reports a total goodwill of 474.0 MSEK at June 30, 2007 (471.8). This is attributable to the acquisitions of Personal Chemistry and Biotage LLC in 2003 and the acquisitions of Argonaut and Separtis in 2005. This year's change is due to currency effects.
Other intangible assets in the form of patents and license rights amounted to 29.8 MSEK (31.7) and capitalized development costs to 56.7 MSEK (40.0).
At June 30, 2007 the equity capital amounted to 759.8 MSEK, compared to 712.5 MSEK at December 31, 2006. The Group's equity capital has increased with 45.3 MSEK due to the net result for the period, with 0.8 MSEK due to stock related remunerations, and with 1.2 MSEK due to exchange rate changes.
| Amounts in MSEK | 2nd quarter 2nd quarter 2007 |
2006 | Jan-Jun 2007 |
Jan-Jun 2006 |
Full year 2006 |
July 1, 2006 June 30, 2007 |
|---|---|---|---|---|---|---|
| Net sales | 106.3 | 107.4 | 201.1 | 207.7 | 430.0 | 423.4 |
| Operating profit/loss | 9.5 | 7.1 | 12.4 | 5.3 | 29.2 | 36.3 |
| Sales per geographic market | ||||||
| USA | 36% | 48% | 40% | 44% | 43% | 41% |
| Europe | 47% | 41% | 45% | 42% | 42% | 44% |
| Rest of the world | 17% | 11% | 15% | 14% | 15% | 15% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
In the second quarter the Discovery Chemistry business area decreased its net sales by 1% from 107.4 to 106.3 MSEK. At comparable exchange rates and excluding the Chem Dev product area which is being closed down sales increased by 5%.
The EU was Discovery Chemistry's biggest market, accounting for 47% of the net sales. The US contributed 36% and the rest of the world 17% of the business area's net sales.
During the quarter the market for the business area's products was strong in Europe and Asia. Biotage signed an agreement with one of China's leading contract research
companies, Shanghai Chempartner Co., Ltd. concerning the delivery of instruments. This is Biotage's single largest order from China with a value of approx. 10 million SEK. A part of this order was delivered already in the second quarter.
The recently introduced products have had a good start. SNAP, a newly developed series of consumables, has been very positively received and sales are growing strongly. The modified system for evaporation, V10, has developed well.
In the second quarter the gross margin was 60.4% (57.5%).
The production costs have decreased which together with higher productivity and a larger share of consumables has resulted in improved gross margins.
The operating result for the second quarter amounted to 9.5 MSEK, compared to 7.1 MSEK the same period last year. The operating margin was 8.9% (6.6).
| Amounts in MSEK | 2nd quarter 2nd quarter 2007 |
2006 | Jan-Jun 2007 |
Jan-Jun 2006 |
Full year 2006 |
July 1, 2006 June 30, 2007 |
|---|---|---|---|---|---|---|
| Net sales | 24.8 | 20.9 | 48.9 | 41.2 | 89.5 | 97.2 |
| Operating profit/loss | 5.5 | 0.4 | 12.0 | -0.8 | 11.0 | 23.7 |
| Sales per geographic market | ||||||
| USA | 49% | 42% | 48% | 46% | 51% | 50% |
| Europe | 44% | 40% | 44% | 40% | 39% | 41% |
| Rest of the world | 7% | 18% | 8% | 14% | 10% | 9% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
In the second quarter the Biosystems business area increased its sales by 19% to 24.8 MSEK (20.9). At comparable exchange rates net sales increased by 23%.
Systems sales totaled 23 units. The demand for an interest in the Pyrosequencing® technology and products continues to be strong and sales continue to grow strongly. The sales increase is primarily related to a positive development of direct sales in Europe and the US. Both instruments and consumables contributed to the positive development.
The US was Biosystems' biggest market with 49% of the net sales. The EU contributed 44% and the rest of the world 7% of the business area's net sales.
The gross margin was 63.6% (71.0%). The gross margin was negatively affected by the significant weakening of the US dollar, which is the main currency for the business area's sales, while all production takes place in Sweden. The product mix, with an increased share of distributor sales, has also affected the gross margin negatively.
The business area's good profitability continues and the operating result for the second quarter amounted to 5.5 MSEK (0.4).
The operating margin for the second quarter amounted to 22.0% (1.8%).
In April and May Biotage participated at a number of bigger and smaller trade shows, meetings and seminars, e.g. the AACR in Los Angeles and the ASM in Toronto. The interest in the Pyrosequencing® technology and the company's products continues to be high, especially in the areas of mutation and methylation analysis.
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 believed to strongly expand the installed base of instruments, is planned around the turn of the year 2007/2008. In parallel new molecular diagnostics tests are being developed in order to take a further part of this strongly growing market.
Biotage AB and Chempartner Co., Ltd. have signed an agreement concerning the delivery of instruments for approx. 10 million SEK.
Biotage instruments and consumables for drug development are used by chemists at the world's leading pharmaceutical companies and academic research laboratories. Many multinational pharma companies, with a long history of using equipment from Biotage, have built new research facilities in China or are outsourcing projects to Chinese CROs.
Shanghai Chempartner Co., Ltd., one of China's leading contract research companies, have invested in Biotage's SP automated purification system and Initiator microwave synthesis instrument for delivery during the coming 12 months. This is Biotage's single largest order in China.
Chempartner offers contract research services to leading multinational pharma companies and cost-effective production of substance libraries, drug candidates, and optimization of lead times. Chempartner is located in Shanghai Zhangjiang Hi-tech Park, where the company operates in four 21,300 square meters large state-of-the-art laboratories with more than 650 workstations for synthesis.
Molecular imaging is a growing market contributing to the ongoing world-wide initiative to improve health care and contribute to cost savings in the pharmaceutical industry. In February 2007 Biotage entered into a molecular imaging cooperation with McMaster University and since then it has become increasingly clear that Biotage is well positioned to play an important future role in this field. Biotage has therefore decided to establish itself in molecular imaging and take full advantage of its product offering in this new challenging market segment.
SPECT/CT and PET/CT are two areas in imaging that are showing considerable growth. The processes used in the area are well in line with Biotage's core competences synthesis, purification and evaporation.
The base for imaging is the injection into live objects of small amounts of radioactively labeled substances with very short half-life (markers or imaging agents). Many of these markers must therefore be synthesized close to the end-user. The faster they can be produced and injected, the greater the value of the end result. Some of these markers can only be synthesized by using microwave technology, an area where Biotage has a long and successful history.
SPECT/CT markers are often used in rather impure form. By utilizing the already existing SPE purification platform Biotage can offer a method to purify and thereby optimize the performance of these markers.
The recently launched evaporation system V-10 will be subject to further development and is expected to be able to play an important role in the production of markers.
At June 30, 2007 the Group had 333 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 second quarter 2007 the parent company's net income amounted to 2.1 MSEK (2.2). In the period January – June 2007 the net income amounted to 4.3 MSEK (4.3).
A profit after financial items amounting to 2.2 MSEK is reported for the second quarter 2007 (6.2). For the first six months profit after financial items amounted to 8.0 MSEK (-1.2). In the second quarter 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 second quarter 2007 amounted to 0.6 MSEK (0.8). During the first six months the investments in intangible fixed assets amounted to 2.2 MSEK (6.5).
On June 30, 2007 the parent company's cash and bank balance amounted to 1.1 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 interim report for the third quarter 2007 will be published on October 25, 2007.
The Board and the President assure that the interim report for the period gives a true and fair overview of the parent company's and the Group's business, financial position and result, and describes significant risks and uncertainty factors that the parent company and the companies of the Group are facing.
Uppsala August 14, 2007
Ove Mattsson Axel Broms Thomas Eklund Chairman of the Board Board member Board member
Board member Board member Board member
Anders Rydin Bengt Samuelsson Mathias Uhlén Board member Board member Board member
Per-Olof Eriksson Annika Espander Staffan Lindstrand
Torben Jörgensen Per-Gunnar Eriksson President and CEO Employees representative 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].
We have performed a review of Biotage AB's interim report for the period January 1, 2007 – June 30, 2007. The responsibility for truly and fairly preparing and presenting this interim financial information in accordance with IAS 34 and the Annual Accounts Act rests with the board of directors and the president. Our responsibility is to state an opinion regarding this interim financial information based on our review.
We have performed our review in accordance with Standard for Reviewing (SÖG) 2410, Reviewing of interim financial information by the company's elected accountants. Performing a review consists of asking questions, primarily from persons responsible for financial and reporting issues, conducting analytical auditing and performing other general audit steps.
A review has another purpose and is considerably smaller in scope compared to the purpose and scope of an audit according to the Auditing Standard in Sweden (RS) and generally accepted accounting principles. The audit steps performed in connection with a review do not enable us to gain such a degree of certainty that we can become aware of all important circumstances that might have been identified if an audit had been performed. A stated opinion based on a review has thus not the degree of certainty that a stated opinion based on an audit has.
Based on our review, no circumstances have been disclosed that would give us reason to think that this interim report is not in all essentials prepared according to IAS 34 and the Annual Accounts Act for the Group and according to the Annual Accounts Act for the parent company.
Stockholm August 14, 2007
Deloitte AB Lars-Gunnar Nilsson Authorized public accountant
| 4/1/2007 | 4/1/2006 | 1/1/2007 | 1/1/2006 | 1/1/2006 | 7/1/2006 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 6/30/2007 | 6/30/2006 | 6/30/2007 | 6/30/2006 | 12/31/2006 | 6/30/2007 |
| Net sales | 131,138 | 128,344 | 250,010 | 248,955 | 519,497 | 520,551 |
| Cost of goods sold | -51,149 | -51,711 | -96,137 | -99,178 | -199,782 | -196,740 |
| Gross profit | 79,989 | 76,633 | 153,873 | 149,777 | 319,715 | 323,811 |
| Other operating income | 8 | 992 | 1,015 | 2,812 | 1,715 | -82 |
| Selling expenses | -45,120 | -46,003 | -87,052 | -96,103 | -183,467 | -174,416 |
| Administative expenses | -12,117 | -16,378 | -25,969 | -34,308 | -65,571 | -57,233 |
| Research and development costs | -10,638 | -12,810 | -22,151 | -28,818 | -58,755 | -52,088 |
| Other operating expenses | -1,046 | -4,593 | -1,409 | -7,701 | -7,175 | -884 |
| Operating expenses | -68,913 | -78,792 | -135,566 | -164,117 | -313,253 | -284,702 |
| Operating profit/loss | 11,076 | -2,159 | 18,307 | -14,340 | 6,463 | 39,109 |
| Financial income | 555 | 9,421 | 3,982 | 8,008 | 13,070 | 9,044 |
| Financial expenses | -1,291 | -1,766 | -3,318 | -6,827 | -13,479 | -9,970 |
| Profit/loss before income tax | 10,339 | 5,496 | 18,971 | -13,159 | 6,054 | 38,183 |
| Tax expenses | 27,736 | -1,516 | 26,340 | -3,672 | -3,238 | 26,774 |
| Profit/loss after tax | 38,075 | 3,980 | 45,311 | -16,831 | 2,816 | 64,957 |
| Part related to the parent company´s shareholders | 38,075 | 3,980 | 45,311 | -16,831 | 2,816 | 64,957 |
| 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 | 89,094,327 | 88,930,206 | 89,153,026 | 88,968,660 | 88,883,110 | 89,008,794 |
| 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 | 0.43 kr | 0.04 kr | 0.51 kr | -0.19 kr | 0.03 kr | 0.73 kr |
| Profit/loss per share after dilution SEK | 0.43 kr | 0.04 kr | 0.51 kr | -0.19 kr | 0.03 kr | 0.73 kr |
| Quarterly summary 2006 and 2007 | 2007 | 2006 | ||||
| Amounts in KSEK | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Net sales | 131,138 | 118,872 | 136,607 | 133,935 | 128,344 | 120,611 |
| Cost of goods sold | -51,149 | -44,987 | -51,726 | -48,878 | -51,712 | -47,466 |
| Gross profit | 79,989 | 73,884 | 84,881 | 85,057 | 76,633 | 73,144 |
| Gross margin | 61.0% | 62.2% | 62.1% | 63.5% | 59.7% | 60.6% |
| Operating expenses | -68,913 | -66,653 | -75,513 | -73,623 | -78,792 | -85,325 |
| Operating profit/loss | 11,076 | 7,232 | 9,368 | 11,434 | -2,159 | -12,180 |
| Financial income net | -737 | 1,400 | 144 | -1,734 | 7,655 | -6,474 |
| Profit/loss before income tax | 10,339 | 8,631 | 9,512 | 9,701 | 5,496 | -18,655 |
| Tax expenses | 27,736 | -1,396 | 1,504 | -1,069 | -1,516 | -2,156 |
| Profit/loss after tax | 38,075 | 7,236 | 11,015 | 8,631 | 3,980 | -20,811 |
| Amounts in KSEK | 6/30/2007 | 12/31/2006 | ||
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Tangible assets | 90,868 | 95,333 | ||
| Goodwill | 474,001 | 471,839 | ||
| Other intagible assets | 86,451 | 71,695 | ||
| Financial assets | 74,465 | 48,273 | ||
| Total fixed assets | 725,785 | 687,141 | ||
| Current assets | ||||
| Inventory | 95,363 | 85,627 | ||
| Account receivable and other receivables | 110,443 | 94,361 | ||
| Liquid funds | 21,942 | 50,136 | ||
| Total current assets | 227,748 | 230,124 | ||
| TOTALT ASSETS | 953,533 | 917,265 | ||
| in parent comapny Share capital Other contributed capital Accumulated translation difference Profit/loss carried forward Total equity |
88,486 1,513,234 -54,224 -787,699 759,797 |
88,486 1,512,383 -55,386 -833,009 712,474 |
||
| Long term liabilities | ||||
| Loans | 45,794 | 46,809 | ||
| Provisions of a long-term nature | 4,129 | 3,877 | ||
| Total long term liabilities | 49,922 | 50,686 | ||
| Current liabilities | ||||
| Accounts payable and other liabilitiwes | 99,989 | 108,789 | ||
| Tax liabilities | 884 | 3,214 | ||
| Loans | 36,623 | 34,884 | ||
| Provisions of a short-term nature | 6,318 | 7,218 | ||
| Total current liabilities | 143,814 | 154,105 | ||
| TOTAL EQUITY AND LIABILITIES | 953,533 | 917,265 |
| Amounts in KSEK | 4/1/2007 6/30/2007 |
4/1/2006 6/30/2006 |
1/1/2007 6/30/2007 |
1/1/2006 6/30/2006 |
1/1/2006 12/31/2006 |
7/1/2006 6/30/2007 |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Profit/loss after financial items | 10,339 | 5,496 | 18,970 | -13,159 | 6,054 | 38,183 |
| Adjustments for items not included in the cash flow | 9,003 | 7,556 | 17,902 | 26,533 | 45,432 | 36,801 |
| 19,342 | 13,052 | 36,872 | 13,375 | 51,486 | 74,984 | |
| Tax paid | 87 | -1,516 | -1,309 | -3,672 | -3,238 | -875 |
| Cash flow from operating activities | ||||||
| before changes in working capital | 19,428 | 11,536 | 35,563 | 9,702 | 48,248 | 74,109 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of inventories | -181 | -1,014 | -9,444 | -7,785 | -3,946 | -5,605 |
| Increase (-)/ decrease (+) of account receivables | -16,352 | -10,338 | -15,613 | 4,510 | 5,559 | -14,563 |
| Increase (-)/ decrease (+) of other current receivables | 1,600 | 3,302 | 939 | -3,124 | -2,580 | 1,483 |
| Increase (+)/ decrease (-) of other liabilities | -19,323 | 2,663 | -12,118 | -8,779 | -7,373 | -10,712 |
| Cash flow from operating activities | -14,827 | 6,149 | -673 | -5,476 | 39,908 | 44,711 |
| Investing activities | ||||||
| Acquisition of intangible fixed assets | -11,090 | -6,755 | -24,733 | -17,198 | -32,431 | -39,966 |
| Acquisition of tangible fixed assets | -1,552 | -2,237 | -3,069 | -4,635 | -10,661 | -9,095 |
| Acquisition of financial assets | -18 | -49 | -169 | -120 | ||
| Sales of financial assets | 185 | 3 | 133 | 163 | 33 | |
| Cash flow from investment activities | -12,660 | -8,807 | -27,798 | -21,750 | -43,099 | -49,148 |
| Financial activities | ||||||
| Refund of VAT on costs of new share issue | 4,633 | 4,633 | ||||
| Loans taken | 4,894 | 1,662 | 4,894 | 1,662 | ||
| Amortization of loan liabilities | -2,037 | -814 | -1,355 | -1,700 | -2,986 | -7,534 |
| Cash flow from financial activities | -2,037 | 4,081 | 307 | 3,194 | 1,647 | -1,239 |
| Cash flow during period | -29,525 | 1,422 | -28,164 | -24,032 | -1,543 | -5,676 |
| Cash and liquid assets beginning of period | 51,600 | 26,819 | 50,136 | 52,795 | 52,795 | 27,704 |
| Exchange differences in liquid assets | -133 | -537 | -30 | -1,059 | -1,115 | -86 |
| Cash and liquid assets at end of period | 21,942 | 27,704 | 21,942 | 27,704 | 50,136 | 21,942 |
| Adjustments for items not included in the cash flow | ||||||
|---|---|---|---|---|---|---|
| Depreciations and write-downs | 8,070 | 8,690 | 17,953 | 20,631 | 40,670 | 37,992 |
| Other items | 932 | -1,134 | -51 | 5,903 | 4,762 | -1,192 |
| Total | 9,003 | 7,556 | 17,902 | 26,533 | 45,432 | 36,801 |
| Share | Other payed-in |
Accumulated translation |
Profit/loss carried |
Total | |
|---|---|---|---|---|---|
| Amounts in KSEK | capital | capital | differences | 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 | - | 4,633 | - | - | 4,633 |
| Exchange rate differences | - | - | -34,321 | - | -34,321 |
| Profit/loss for 2006 | - | - | - | 2,816 | 2,816 |
| Change due to outstanding option programs | |||||
| directed to employees of the Group | - | 1,094 | - | - | 1,094 |
| Total changes during 2006 | 5,727 | -34,321 | 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 | - | - | 1,162 | - | 1,162 |
| Profit/loss January - June 2007 | - | - | - | 45,311 | 45,311 |
| Change due to outstanding option programs | |||||
| directed to employees of the Group | - | 851 | - | - | 851 |
| Total changes during 2007 | 851 | 1,162 | 45,311 | 47,323 | |
| Closing balance June 30, 2007 | 88,486 | 1,513,234 | -54,224 | -787,699 | 759,797 |
| 4/1/2007 | 4/1/2006 | 1/1/2007 | 1/1/2006 | 1/1/2006 | 7/1/2006 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 6/30/2007 | 6/30/2006 | 6/30/2007 | 6/30/2006 | 12/31/2006 | 6/30/2007 |
| Net sales | 2,129 | 2,161 | 4,305 | 4,341 | 8,669 | 8,633 |
| Cost of goods sold Gross profit |
2,129 | 2,161 | 4,305 | 4,341 | - 8,669 |
8,633 |
| Selling expenses | -237 | -19 | -237 | 110 | 164 | -143 |
| Administative expenses | -3,947 | -6,205 | -8,227 | -14,153 | -29,911 | -23,986 |
| Research and development costs | -795 | -634 | -1,894 | -1,289 | -4,643 | -5,248 |
| Other operating income | 1,496 | 2,074 | 4,788 | 4,184 | 9,767 | 10,371 |
| Other operating expenses | -779 | -2,392 | -1,656 | -4,413 | -4,151 | -1,393 |
| Operating expenses | -4,262 | -7,175 | 0 -7,226 |
-15,561 | -28,775 | -20,399 |
| Operating profit/loss | -2,133 | -5,014 | -2,921 | -11,220 | -20,105 | -11,766 |
| Profit/loss from financial investments: | ||||||
| Interest income from receivables from group companies | 4,976 | 3,643 | 8,502 | 7,521 | 14,588 | 15,569 |
| Interest expenses from liabilities to group companies | -317 | -462 | -671 | -849 | -1,681 | -1,503 |
| Profit and loss from other securities and receivalbes | ||||||
| that are long term financial assets | - | 4,424 | 2,863 | 4,424 | 6,318 | 4,757 |
| Other interest income and similar income items | - | 68 | 1 | 73 | 946 | 874 |
| Interest expenses and similar expense items | -1 | -7 | -4 | -14 | -54 | -44 |
| Translation differences on intra-group receivalbles | -292 | 3,527 | 197 | -1,178 | -4,573 | -3,198 |
| Net financial income/expense | 4,366 | 11,193 | 10,888 | 9,977 | 15,545 | 16,456 |
| Profit/loss after financial items | 2,233 | 6,179 | 7,967 | -1,243 | -4,561 | 4,689 |
| Tax expenses | 27,649 | - | 27,649 | - | - | - |
| Profit/loss after tax | 29,882 | 6,179 | 35,617 | -1,243 | -4,561 | 4,689 |
| Amounts in KSEK | 6/30/2007 | 12/31/2006 |
|---|---|---|
| Fixed assets | ||
| Intangible fixed assets | ||
| Patent and license rights | 13,600 13,600 |
12,480 12,480 |
| Financial assets | ||
| Participation in group companies | 717,396 | 717,396 |
| Receivables from group companies | 122,427 | 121,236 |
| Deferred tax asset | 27,649 | - |
| Other long-term securities | 45,783 913,255 |
45,783 884,415 |
| Total fixed assets | 926,855 | 896,896 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 47,088 | 41,373 |
| Other receivables | 1,479 | 1,540 |
| Prepraid expenses and accrued income | 1,228 49,794 |
1,230 44,144 |
| Cash and bank balances | 1,136 | 8,578 |
| Total current assets | 50,930 | 52,722 |
| TOTALT ASSETS | 977,785 | 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 | -27,044 | -27,115 |
| Profit/loss carried forward | -716,535 | -711,975 |
| Profit/loss for the period reported | 35,617 | -4,561 |
| -707,962 | -743,650 | |
| Total equity | 890,340 | 854,652 |
| Provisions | 0 | 0 |
| Long term liabilities | ||
| Other long term liabilities | 5,095 | 4,988 |
| 5,095 | 4,988 | |
| Current liabilities Account payable |
1,195 | 2,022 |
| Liabilities to gruop companies | 73,758 | 73,662 |
| Other short term liabilities | 872 | 1,052 |
| Accrued expenses and prepaid income | 6,525 | 13,240 |
| 82,350 | 89,976 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 977,785 | 949,617 |
| 4/1/2007 | 4/1/2006 | 1/1/2007 | 1/1/2006 | 1/1/2006 | 7/1/2006 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 6/30/2007 | 6/30/2006 | 6/30/2007 | 6/30/2006 | 12/31/2006 | 6/30/2007 |
| Operating activities | ||||||
| Profit/loss after financial items | 2,233 | 6,179 | 7,967 | -1,283 | -4,561 | 4,689 |
| Adjustments for items not included in the cash flow | 568 | 735 | 1,265 | 1,119 | 3,662 | 3,808 |
| Tax paid | 2,801 - |
6,914 - |
9,232 - |
-163 - |
-898 - |
8,497 - |
| Cash flow from operating activities | ||||||
| before changes in working capital | 2,801 | 6,914 | 9,232 | -163 | -898 | 8,497 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of account receivables | -7,178 | -6,652 | 334 | 6,986 | ||
| Increase (-)/ decrease (+) of other current receivables | -5,808 | -1,529 | -6,242 | -2,075 | 22,152 | 17,986 |
| Increase (+)/ decrease (-) of other liabilities | -9,080 | 2,001 | -7,035 | 14,254 | 24,330 | 3,041 |
| Cash flow from operating activities | -12,087 | 207 | -4,044 | 5,363 | 45,918 | 36,510 |
| Investing activities | ||||||
| Acquisition of intagnibile fixed assets | -602 | -824 | -2,208 | -6,458 | -6,891 | -2,641 |
| Acquisition of subsidiaries | - | -14,536 | - | -14,536 | -14,536 | - |
| Increase (-)/ decrease (+) of other long-term receivables | 3,685 | 2,314 | -1,191 | 2,314 | -36,719 | -40,224 |
| Cash flow from investment activities | 3,083 | -13,047 | -3,399 | -18,681 | -58,147 | -42,865 |
| Financing activities | ||||||
| New loan taken | - | - | - | - | 4,633 | 4,633 |
| Amortization of loan liabilities | - | -114 | - | -114 | -209 | -95 |
| Cash flow from financial activities | 0 | -114 | 0 | -114 | 4,424 | 4,538 |
| Cash flow during period | -9,004 | -12,953 | -7,443 | -13,431 | -7,805 | -1,817 |
| Cash and liquid assets beginning of period | 10,139 | 15,905 | 8,578 | 16,383 | 16,383 | 2,953 |
| Cash and liquid assets at end of period | 1,136 | 2,952 | 1,136 | 2,952 | 8,578 | 1,136 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 544 | 735 | 1,088 | 1,119 | 3,662 | 3,631 |
| Other items | 24 | 177 | 177 | |||
| Total | 568 | 735 | 1,265 | 1,119 | 3,662 | 3,808 |
| Amounts in KSEK | Share capital |
Statutory reserve |
Fair value fond |
Profit/loss carried forward |
Total equity |
|---|---|---|---|---|---|
| Opening balance January 1, 2006 | 88,486 | 1,505,183 | - | -711,974 | 881,695 |
| Changes in 2006: | |||||
| - | - | - | - | - | |
| Refund of VAT on costs of new share issue | - | 4,633 | - | - | 4,633 |
| Exchange rate differences | - | - | -27,115 | -27,115 | |
| Profit/loss for 2006 | - | - | - | -4,561 | -4,561 |
| Closing balance December 31, 2006 | 88,486 | 1,509,816 | -27,115 | -716,535 | 854,653 |
| Changes in 2007: | |||||
| Exchange rate differences | - | - | 71 | - | 71 |
| Profit/loss January - June 2007 | - | - | 35,617 | 35,617 | |
| Total changes during 2007 | 0 | 0 | 71 | 35,617 | 35,687 |
|---|---|---|---|---|---|
| Closing balance June 30, 2007 | 88,486 | 1,509,816 | -27,044 | -680,918 | 890,340 |
Interim report Interim report 2007-01-01 -- 2007-06-30
| Dis cov ery |
Ot her |
Di sco ver y |
Öv rig |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Am in K SE K nts ou |
Bio tem sys |
Ch istr em y |
tio op era ns |
To tal |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
|
| Ne les t sa |
48, 920 |
20 1, 089 |
- | 25 0, 010 |
les Ne t sa |
41, 216 |
20 7, 740 |
- | 24 8, 955 |
| Co f g ood ld st o s so |
-17 614 , |
-78 523 , |
- | -96 137 , |
Co f go ods ld st o so |
-12 652 , |
-86 527 , |
- | -99 178 , |
| Gr ofi t oss pr |
31, 307 |
12 2, 566 |
0 | 15 3, 873 |
Gr ofit oss pr |
28, 564 |
12 1, 213 |
0 | 14 9, 777 |
| Gro in ss m arg |
64. 0% |
61 .0% |
61 .5% |
Gro in ss m arg |
69. 3% |
58 .3% |
60 .2% |
||
| Sel lin g e xpe nse s |
-14 077 , |
-72 974 , |
- | -87 052 , |
Sel ling ex pen ses |
-19 633 , |
-76 470 , |
- | -96 103 , |
| Ad min ista tiv e e xpe nse s |
-2, 734 |
-17 529 , |
-5, 707 |
-25 969 , |
Ad min ista tive ex pen ses |
-3, 516 |
-16 42 8 , |
-14 364 , |
-34 308 , |
| rch d d lop Re nt c ost sea an eve me s |
-2, 482 |
-19 669 , |
- | -22 151 , |
ch and de vel Res ent sts ear opm co |
-5, 946 |
-22 87 1 , |
- | -28 818 , |
| Oth atin inc er o per g om e |
0 | 25 4 |
76 1 |
1, 015 |
Oth atin inc er o per g om e |
0 | 24 4 |
2, 568 |
2, 812 |
| Oth atin er o per g e xpe nse s |
0 | -25 9 |
-1, 150 |
-1, 409 |
Oth atin er o per g e xpe nse s |
-22 0 |
-42 2 |
-7, 059 |
-7, 70 1 |
| Op tin era g e xp ens es |
-19 293 , |
-11 0, 178 |
-6, 096 |
-13 566 5, |
Op tin era g e xpe nse s |
-29 315 , |
-11 947 5, |
-18 854 , |
-16 4, 117 |
| Op tin rof it/l era g p oss |
12, 014 |
12 389 , |
-6, 096 |
18 307 , |
Op tin rof it/l era g p oss |
-75 2 |
5, 266 |
-18 854 , |
-14 340 , |
| Fin ial inc et anc om e n |
- | - | 66 3 |
66 3 |
Fin ial inc et anc om e n |
1, 181 |
1, 181 |
||
| Pr ofi t/lo fte r fi nci al i tem ss a na s |
12 014 , |
12 389 , |
-5, 432 |
18 970 , |
Pro fit/ los s af fin ial item ter anc s |
-75 2 |
5, 266 |
-17 674 , |
-13 159 , |
| Ta x e xpe nse s |
- | - | 26 340 , |
26 340 , |
Tax ex pen ses |
-3, 672 |
-3, 672 |
||
| Pr ofi t/lo fte r ta ss a x |
12 014 , |
12 389 , |
20 908 , |
45 31 1 , |
Pro fit/ los s af ter tax |
-75 2 |
5, 266 |
-21 346 , |
-16 831 , |
| eri Int ort m rep |
|---|
| 200 6-0 1-0 1 - - 2 006 -06 -30 |
| Dis cov ery |
Ot her |
Di sco ver y |
Öv rig |
||||||
|---|---|---|---|---|---|---|---|---|---|
| nts in K SE K |
Bio tem sys |
Ch istr em y |
tio op era ns |
To tal |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
|
| 48, 920 |
20 1, 089 |
- | 25 0, 010 |
les Ne t sa |
41, 216 |
20 7, 740 |
- | 24 8, 955 |
|
| f g ood ld s so |
-17 614 |
-78 523 |
- | -96 137 |
Co f go ods ld st o so |
-12 652 |
-86 527 |
- | -99 178 |
| ofi t pr |
, 31, 307 |
, 12 2, 566 |
0 | , 15 3, 873 |
Gr ofit oss pr |
, 28, 564 |
, 12 1, 213 |
0 | , 14 9, 777 |
| in arg |
64. 0% |
61 .0% |
61 .5% |
Gro in ss m arg |
69. 3% |
58 .3% |
60 .2% |
||
| g e xpe nse s |
-14 077 , |
-72 974 , |
- | -87 052 , |
Sel ling ex pen ses |
-19 633 , |
-76 470 , |
- | -96 103 , |
| ista tiv e e xpe nse s |
-2, 734 |
-17 529 , |
-5, 707 |
-25 969 , |
Ad min ista tive ex pen ses |
-3, 516 |
-16 42 8 , |
-14 364 , |
-34 308 , |
| rch d d lop nt c ost an eve me s |
-2, 482 |
-19 669 , |
- | -22 151 , |
ch and de vel Res ent sts ear opm co |
-5, 946 |
-22 87 1 , |
- | -28 818 , |
| atin inc per g om e |
0 | 25 4 |
76 1 |
1, 015 |
Oth atin inc er o per g om e |
0 | 24 4 |
2, 568 |
2, 812 |
| atin per g e xpe nse s |
0 | -25 9 |
-1, 150 |
-1, 409 |
Oth atin er o per g e xpe nse s |
-22 0 |
-42 2 |
-7, 059 |
-7, 70 1 |
| tin g e xp ens es |
-19 293 , |
-11 0, 178 |
-6, 096 |
-13 566 5, |
Op tin era g e xpe nse s |
-29 315 , |
-11 947 5, |
-18 854 , |
-16 4, 117 |
| tin rof it/l g p oss |
12, 014 |
12 389 , |
-6, 096 |
18 307 , |
Op tin rof it/l era g p oss |
-75 2 |
5, 266 |
-18 854 , |
-14 340 , |
| ial inc et om e n |
- | - | 66 3 |
66 3 |
Fin ial inc et anc om e n |
1, 181 |
1, 181 |
||
| t/lo fte r fi nci al i tem ss a na s |
12 014 , |
12 389 , |
-5, 432 |
18 970 , |
Pro fit/ los s af fin ial item ter anc s |
-75 2 |
5, 266 |
-17 674 , |
-13 159 , |
| xpe nse s |
- | - | 26 340 , |
26 340 , |
Tax ex pen ses |
-3, 672 |
-3, 672 |
||
| t/lo fte r ta ss a x |
12 014 , |
12 389 , |
20 908 , |
45 31 1 , |
Pro fit/ los s af ter tax |
-75 2 |
5, 266 |
-21 346 , |
-16 831 , |
| Dis cov ery |
Öv rig |
Dis cov ery |
Öv rig |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
||
| les Ne t sa |
24, 825 |
10 6, 312 |
- | 13 1, 138 |
les Ne t sa |
20, 919 |
10 7, 425 |
- | 12 8, 344 |
| Co f g ood ld st o s so |
-9, 026 |
-42 123 |
- | -51 149 |
Co f g ood ld st o s so |
-6, 062 |
-45 649 |
- | -51 71 1 |
| Gr ofi t oss pr |
15, 800 |
, 64 189 |
0 | , 79 989 |
Gr ofi t oss pr |
14, 857 |
, 61 776 |
0 | , 76 633 |
| Gro in ss m arg |
63. 6% |
, 60 .4% |
, 61 .0% |
Gro in ss m arg |
71. 0% |
, 57 .5% |
, 59 .7% |
||
| Sel lin g e xpe nse s |
-7, 38 1 |
-37 739 , |
- | -45 120 , |
Sel ling ex pen ses |
-9, 120 |
-36 884 , |
- | -46 003 , |
| Ad min ista tiv e e xpe nse s |
-1, 37 1 |
925 -7, |
-2, 82 1 |
-12 117 , |
Ad min ista tiv e e xpe nse s |
-1, 903 |
923 -7, |
-6, 552 |
-16 378 , |
| Re rch d d lop nt c ost sea an eve me s |
-1, 426 |
-9, 212 |
-10 638 , |
Re rch d d lop nt ts sea an eve me cos |
-3, 23 1 |
-9, 579 |
-12 810 , |
||
| Oth atin inc er o per g om e |
-16 9 |
10 9 |
-66 9 |
-72 9 |
Oth atin inc er o per g om e |
0 | 32 | 96 0 |
99 2 |
| Oth atin er o per g e xpe nse s |
0 | 45 | -35 4 |
-31 0 |
Oth atin er o per g e xpe nse s |
-22 0 |
-32 3 |
-4, 049 |
-4, 593 |
| Op tin era g e xp ens es |
-10 346 , |
-54 723 , |
-3, 844 |
-68 913 , |
Op tin era g e xp ens es |
-14 473 , |
-54 677 , |
-9, 642 |
-78 792 , |
| Op tin rof it/l era g p oss |
5, 454 |
9, 466 |
-3, 844 |
11 076 , |
Op tin rof it/l era g p oss |
384 | 7, 099 |
-9, 642 |
-2, 159 |
| Fin ial inc et anc om e n |
- | - | -73 7 |
-73 7 |
Fin ial inc et anc om e n |
7, 655 |
7, 655 |
||
| Pr ofi t/lo fte r fi nci al i tem ss a na s |
5, 454 |
9, 466 |
-4, 581 |
10 339 , |
Pr ofi t/lo fte r fi nci al i tem ss a na s |
38 4 |
7, 099 |
-1, 987 |
5, 496 |
| Ta x e xpe nse s |
- | - | 27 736 , |
27 736 , |
Ta x e xpe nse s |
-1, 516 |
-1, 516 |
||
| Pr ofi t/lo fte r ta ss a x |
5, 454 |
9, 466 |
23 155 , |
38 075 , |
Pr ofi t/lo fte r ta ss a x |
38 4 |
7, 099 |
-3, 503 |
3, 980 |
| 200 6-0 4-0 1 - - 2 006 -06 -30 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Dis cov ery |
Öv rig |
Dis cov ery |
Öv rig |
|||||
| Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
Bio tem sys |
Ch istr em y |
ksa mh et ver |
To tal |
|
| 24, 825 |
10 6, 312 |
- | 13 1, 138 |
les Ne t sa |
20, 919 |
10 7, 425 |
- | 12 8, |
| et saies | 20,919 | 107,423 | 120,344 | |
|---|---|---|---|---|
| ost of goods sold | $-6,062$ | $-45,649$ | $-51,711$ | |
| ross profit | 14,857 | 61,776 | 0 | 76,633 |
| ross margin | 71.0% | 57.5% | 59.7% | |
| elling expenses | $-9,120$ | $-36,884$ | $-46,003$ | |
| dministative expenses | $-1,903$ | $-7,923$ | $-6,552$ | $-16,378$ |
| esearch and development costs | $-3,231$ | $-9,579$ | $-12,810$ | |
| ther operating income | $\Omega$ | 32 | 960 | 992 |
| ther operating expenses | $-220$ | $-323$ | $-4,049$ | $-4,593$ |
| perating expenses | $-14,473$ | $-54,677$ | $-9,642$ | $-78,792$ |
| perating profit/loss | 384 | 7,099 | $-9,642$ | $-2,159$ |
| inancial income net | 7,655 | 7,655 | ||
| rofit/loss after financial items | 384 | 7,099 | $-1,987$ | 5,496 |
| ax expenses | $-1,516$ | $-1,516$ | ||
| rofit/loss after tax | 384 | 7,099 | $-3,503$ | 3,980 |
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