Quarterly Report • Oct 31, 2008
Quarterly Report
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Biotage AB (publ) Kungsgatan 76 October 31, 2008 SE-753 18 Uppsala Tel: +46 18 565900 Org no 556539-3138 www.biotage.com
In the third quarter much work was devoted to the sale of the Biosystems business area to the German biotech company Qiagen. On October 1 the parties finally agreed on all conditions to conclude the deal. The deal was closed on October 2. The deal means that Qiagen acquires the assets and some liabilities in the business area together with Biotage's shares in Corbett (17.5 percent) for an initial purchase sum of 53 MUSD. Provided that certain sales targets are met, additional purchase sums totaling a maximum of 7 MUSD will be paid to Biotage during the period from Qiagen's taking possession of the operations up to December 31, 2012. Qiagen takes over all Biosystems' employees.
This deal marks the end of the strategic evaluation work. Biotage will now intensify its work with developing and strengthening the Discovery Chemistry business area, with the aim of improving the operating margin, creating organic growth and acquiring complementary products and businesses. The strategic evaluation work has yielded a number of leads and contacts that will be pursued.
In the Biosystems business area the operations continued to develop favorably with a 26 percent sales growth at comparable exchange rates. The launch of the new PyroMark™ Q24 instrument has been successful and 15 instruments were sold during the quarter. In total Biosystems sold 32 instruments in the third quarter.
Discovery Chemistry is much affected by the ongoing restructuring within the major pharma companies. However, it is gratifying to note a 9 percent sales growth at comparable exchange rates in the third quarter. The business area's new introductions, the purification system Isolera and the new product area SNAP, have developed successfully and were the main factors behind the growing sales in the third quarter.
| Amounts in MSEK | 3 rd quarter 2008 |
3 rd quarter 2007 |
Jan-Sep 2008 |
Jan-Sep 2007 |
Full year 2007 |
Oct 1, 2007- Sep 30, 2008 |
|---|---|---|---|---|---|---|
| Net sales Cost of goods sold |
119.4 -47.3 |
111.9 -40.3 |
354.7 -139.1 |
361.9 -136.5 |
496.4 -190.9 |
489.2 -193.5 |
| Gross profit | 72.0 | 71.5 | 215.6 | 225.4 | 305.5 | 295.7 |
| Operating expenses | -58.9 | -62.2 | -184.7 | -197.8 | -262.6 | -249.5 |
| Operating profit/loss | 13.1 | 9.3 | 30.9 | 27.6 | 42.9 | 46.2 |
| Financial items | 0.2 | 2.1 | 3.8 | 2.8 | 2.9 | 3.9 |
| Profit/loss before tax | 13.3 | 11.4 | 34.6 | 30.4 | 45.8 | 50.2 |
| Tax expenses | -0.5 | -0.2 | -0.7 | 26.1 | 53.5 | 26.7 |
| Profit/loss after tax | 12.8 | 11.2 | 33.9 | 56.5 | 99.4 | 76.8 |
Group net sales amounted to 119.4 MSEK, compared to 111.9 MSEK the third quarter 2007. At comparable exchange rates net sales grew by 13 percent.
The Group's gross margin was 60.3 percent (63.9). The gross margin was negatively affected by lower sales prices resulting from product mix changes and changes in the market. Tender procedures in the major pharma companies are increasing the competition and price is becoming an increasingly dominant factor.
The operating expenses amounted to 58.9 MSEK (62.2). The cost control continues to be good. This quarter the marketing costs have been charged with personnel-related costs of a non-recurring nature amounting to 1.5 MSEK. During the second quarter two major research projects were completed. Amortization of these projects has started in the third quarter. Exchange rate differences relating to receivables and liabilities have improved the operating expenses by 7.6 MSEK (-1.9).
Investments amounted to 4.7 MSEK (9.9). Of this sum 2.8 MSEK (7.0) were capitalized development costs. Amortizations were made to the amount of 10.5 MSEK (8.3) Of this sum 4.9 MSEK (3.5) were amortizations of capitalized development costs.
The operating result increased by 41 percent and amounted to 13.1 MSEK (9.3), with an operating margin of 11.0 percent (8.3).
Net financial income amounted to 0.2 MSEK (2.1). In the third quarter 2007 dividends from the financial holding in Corbett were received to the amount of 2.5 MSEK.
Profit after tax amounted to 12.8 MSEK, corresponding to 0.14 SEK per share, compared to 11.2 MSEK in 2007, corresponding to 0.13 SEK per share.
The cash flow from operating activities amounted to 20.2 MSEK (22.9). The cash flow from the investment activities amounted to -4.7 MSEK (-9.9).
Group net sales amounted to 354.7 MSEK, compared to 361.9 MSEK the first nine months 2007. At comparable exchange rates net sales increased by 5 percent.
The Group's gross margin was 60.8 percent (62.3) The gross margin was negatively affected by lower sales prices resulting from product mix changes and changes in the market. Tender procedures in the major pharma companies are increasing the competition and price is becoming an increasingly dominant factor.
The operating expenses have continued to decrease and amounted to 184.7 MSEK (197.8). Above all the costs in the US and UK have been reduced compared to last year as a result of the weakened currencies. Exchange rate differences relating to receivables and liabilities have improved the operating expenses to the amount of 3.8 MSEK (-2.3).
Investments amounted to 29.8 MSEK (36.6). Of this sum 21.7 MSEK (29.6) were capitalized development costs. Amortizations were made to the amount of 26.3 MSEK (25.1). Of this sum 9.9 MSEK (9.4) were amortizations of capitalized development costs.
The operating result increased by 12 percent and amounted to 30.9 MSEK (27.6), with an operating margin of 8.7 percent (7.6).
Net financial income amounted to 3.8 MSEK (2.8). During the first six months dividends from the financial holding in Corbett were received to the amount of 5.1 MSEK (5.4).
Profit after tax amounted to 33.9 MSEK, corresponding to 0.38 SEK per share, compared to 56.5 MSEK in 2007, corresponding to 0.64 SEK per share. In the first nine months 2007 capitalization of deferred income taxes recoverable was made to the amount of 27.6 MSEK.
The cash flow from operating activities amounted to 38.1 MSEK (21.2). The cash flow from investment activities amounted to -29.8 MSEK (-36.6), the major part relating to capitalized development costs from the now completed projects PyroMark Q24 and Isolera. The cash flow from financing activities amounted to -17.3 MSEK (-1.9).
The exchange rate development affects comparability between years. The weakening of the US dollar and the British pound has affected the sales negatively at recalculation to SEK.
When excluding exchange rate differences relating to receivables and liabilities, which have influenced the operating expenses positively to the amount of 3.8 MSEK in the first nine months of the year, the effect on the result is small, however. By having production in the Discovery Chemistry business area in both the US and UK, the Group has a good balance concerning income and costs in USD and GBP and thereby a natural hedge.
At September 30, 2008 the Group's cash and securities totaled 22.4 MSEK, compared to 31.0 MSEK at December 31, 2007. Granted unutilized credits amounted to 53.7 MSEK, compared to 40.2 MSEK at December 31, 2007. The Group's interest-bearing liabilities amounted to 57.1 MSEK, compared to 71.9 MSEK at December 31, 2007. The sum of liquid resources and interest-bearing liabilities shows that the net liability has been reduced by 6.2 MSEK compared with December 31, 2007.
The Group reports a total goodwill of 465.7 MSEK (460.6) at September 30, 2008. 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 22.6 MSEK (26.4) and capitalized development costs to 82.7 MSEK (70.8).
At September 30, 2008 the equity capital amounted to 838.3 MSEK, compared to 796.3 MSEK at December 31, 2007. The Group's equity capital has increased with 33.9 MSEK due to the period's net result, with 1.0 MSEK due to stock related remunerations, with 0.5 MSEK due to changes in the security reserve, and with 6.6 MSEK due to exchange rate changes.
| Amounts in MSEK | 3 rd quarter | 3 rd quarter | Jan-Sep | Jan-Sep | Full year | Oct 1, 2007- |
|---|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | 2007 | Sep 30, 2008 | |
| Net sales | 92.3 | 89.1 | 276.3 | 290.1 | 397.6 | 383.8 |
| Operating profit/loss | 0.6 | 9.3 | 13.0 | 21.7 | 32.9 | 24.2 |
| Sales per geographic market | ||||||
| USA | 38% | 42% | 37% | 41% | 40% | 38% |
| Europe | 45% | 41% | 47% | 44% | 45% | 46% |
| Rest of the world | 17% | 17% | 16% | 15% | 15% | 15% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
Net sales in the third quarter amounted to 92.3 MSEK (89.1).
At comparable exchange rates net sales increased by 9 percent compared to last year.
The EU area was Discovery Chemistry's biggest market, accounting for 45 percent of the net sales. The US contributed 38 percent and the rest of the world 17 percent.
During the period sales were negatively affected by lower sales volumes to the major pharma companies. Sales in the academic area and the Biopharma market segment have increased, resulting in a changed product mix and a lower margin.
The launch of the company's new purification system Isolera earlier in the year was successful and sales have continued to develop positively. The sales of consumables have continued to grow and the new product area SNAP has had strongly growing sales.
The gross margin for the third quarter was 58.2 percent (62.4). The gross margin was negatively affected by lower sales prices resulting from product mix changes and changes in the market. Tender procedures in the major pharma companies are increasing the competition and price is becoming an increasingly dominant factor.
Operating profit for the third quarter amounted to 0.6 MSEK (9.3) with an operating margin of 0.7 percent (10.4).
| Amounts in MSEK | 3 rd quarter | 3 rd quarter | Jan-Sep | Jan-Sep | Full year | Oct 1, 2007- |
|---|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | 2007 | Sep 30, 2008 | |
| Net sales | ||||||
| Operating profit/loss | 27.1 | 22.8 | 78.3 | 71.7 | 98.8 | 105.4 |
| 6.2 | 6.2 | 20.1 | 18.2 | 26.2 | 28.0 | |
| Sales per geographic market | ||||||
| USA | 53% | 47% | 49% | 47% | 45% | 46% |
| Europe | 40% | 50% | 41% | 47% | 47% | 44% |
| Rest of the world | 7% | 3% | 10% | 6% | 8% | 10% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
In the third quarter the Biosystems business area increased its net sales to 27.1 MSEK (22.8). At comparable exchange rates net sales increased by 26 percent.
The strong sales development for the business area continues. System sales totaled 32 units (19). The launch of the company's new instrument PyroMark™ Q24 has been successful and the interest great. During the quarter 15 instruments were sold. The demand for and interest in the Pyrosequencing® technology and its products continues to be high.
The US was Biosystem's biggest market, accounting for 53 percent of the net sales. The EU area contributed 40 percent and the rest of the world 7 percent.
The gross margin was 67.7 percent (69.9). The gross margin was negatively affected by exchange rate changes, as sales are made almost exclusively in foreign currency, while all production takes place in Sweden.
The business area's profitability continues to be good. The operating result for the third quarter amounted to 6.2 MSEK (6.2) with an operating margin of 22.8 percent (27.3).
At September 30, 2008 the Group had 332 employees, compared to 336 at the start of the year.
The Group's parent company, Biotage AB, has wholly owned subsidiaries in Sweden, the United States, United Kingdom, Switzerland, Germany, France, Italy and Japan. The parent company is responsible for group management, strategic business development and administrative functions at Group level and towards subsidiaries.
In the third quarter 2008 the parent company's net income amounted to 2.2 MSEK (2.0). In the period January – September 2008 net income amounted to 6.2 MSEK (6.3).
A profit after financial items amounting to 9.7 MSEK is reported for the third quarter 2008 (3.0). In the January – September period profit after financial items amounted to 13.6 MSEK (10.9).
The parent company's investments in intangible fixed assets in the third quarter 2008 amounted to 0.3 MSEK (0.3). In January - September investments in intangible fixed assets amounted to 1.4 MSEK (2.5).
On September 30, 2008 the parent company's cash and bank balance amounted to 1.1 MSEK, compared to 0.9 MSEK at December 31, 2007.
On October 2, Qiagen acquired the assets in the Biosystems business area together with Biotage's shares in Corbett (17.5 percent) for an initial purchase sum of 53 MUSD. Provided that certain sales targets are met, additional purchase sums totaling a maximum of 7 MUSD will be paid to Biotage during the period from Qiagen's taking possession of the operations up to December 31, 2012. Qiagen took over all Biosystems' employees.
After adjustment for certain obligations that Qiagen takes over on taking possession, Biotage obtained a net of approx. 50 MUSD. The capital gain for the divestment is expected to amount to approx 220 MSEK before tax.
During the fourth quarter 2008 Biotage will be Qiagen's distributor for Biosystems' products. The net result of this distribution agreement is expected to be marginal. According to a separate agreement Biotage will also supply certain administrative services to Qiagen in the next 12 month period.
Even if the criteria for reporting the operations divested at October 2, which are held for sale according to IFRS 5, were not met at the balance sheet date, further information is provided.
The Group's income statements, balance sheets and cash flow analyses are also reported on page 19-24 as if the provisions for reporting according to IFRS 5 for terminated operations held for sale had been met.
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 2007.
Readers wishing to study the risks and uncertainties reported in the 2007 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].
The full-year report for 2008 will be issued on February 10, 2009.
The interim report for the first quarter 2009 will be issued on April 27, 2009.
The Annual General Meeting will be held on April 27, 2009.
This report has been reviewed by the company's auditors.
Uppsala October 31, 2008
Torben Jörgensen President and CEO
För 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 336 employees and had sales of 496 MSEK in 2007. Biotage is listed on the Stockholm stock exchange. Website: www.biotage.com
Certain statements in this press release are forward-looking. These may be identified by the use of forward looking words or phrases such as "believe," "expect," "intend," and "should," among others. These forward-looking statements are based on Biotage's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Biotage notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the microwave synthesis and flash purification in the drug discovery market, DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for Biotage's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors.
The interim report for the Group has been prepared in accordance with IAS 34 Interim Reporting and the Swedish Accounting Act. The interim report for the parent company complies with regulations in the Swedish Accounting Act and RFR 2.1 Reporting for legal entities.
The accounting principles and valuation methods applied agree with the accounting principles used in the preparation of the latest Annual Report, described on pp. 31-40 in the 2007 Annual Report.
Readers wishing to study the accounting principles presented in the 2007 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].
To the board of directors of Biotage AB Org no. 556539-3138
We have performed a review of the enclosed interim report for the period January 1, 2008 – September 30, 2008. The responsibility for truly and fairly preparing and presenting this interim financial information in accordance with 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 the Annual Accounts Act.
Stockholm October 31, 2008
Deloitte AB Marcus Sörlander Authorized public accountant
| 2008-07-01 | 2007-07-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-10-01 | ||
|---|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-09-30 | 2007-09-30 | 2008-09-30 | 2007-09-30 | 2007-12-31 | 2008-09-30 | |
| Net sales | 119,365 | 111,853 | 354,657 | 361,863 | 496,402 | 489,196 | |
| Cost of goods sold | -47,332 | -40,335 | -139,086 | -136,471 | -190,875 | -193,490 | |
| Gross profit | 72,033 | 71,519 | 215,571 | 225,392 | 305,527 | 295,706 | |
| Selling expenses | -44,123 | -39,472 | -125,225 | -126,523 | -169,711 | -168,413 | |
| Administative expenses | -10,369 | -10,755 | -34,210 | -36,724 | -50,150 | -47,635 | |
| Research and development costs | -12,038 | -10,108 | -29,011 | -32,259 | -41,400 | -38,151 | |
| Other operating income | 7,810 | 662 | 15,005 | 1,677 | 2,439 | 15,767 | |
| Other operating expenses | -187 | -2,549 | -11,236 | -3,958 | -3,783 | -11,060 | |
| Operating expenses | -58,907 | -62,222 | -184,676 | -197,788 | -262,604 | -249,492 | |
| Operating profit/loss | 13,126 | 9,297 | 30,894 | 27,604 | 42,923 | 46,214 | |
| Financial income | 2,023 | 3,663 | 9,216 | 7,645 | 8,396 | 9,967 | |
| Financial expenses | -1,871 | -1,554 | -5,463 | -4,872 | -5,484 | -6,075 | |
| Profit/loss before income tax | 13,279 | 11,406 | 34,647 | 30,377 | 45,835 | 50,105 | |
| Tax expenses | -522 | -217 | -704 | 26,123 | 53,537 | 26,711 | |
| Profit/loss after tax | 12,756 | 11,189 | 33,943 | 56,500 | 99,373 | 76,816 | |
| Part related to the parent company´s | |||||||
| shareholders | 12,756 | 11,189 | 33,943 | 56,500 | 99,373 | 76,816 | |
| 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 | 88,552,312 | 89,016,897 | 88,593,389 | 89,054,035 | 89,015,260 | 88,643,770 | |
| 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 | 0.14 kr | 0.13 kr | 0.38 kr | 0.64 kr | 1.12 kr | 0.87 kr | |
| Profit/loss per share after dilution SEK | 0.14 kr | 0.13 kr | 0.38 kr | 0.63 kr | 1.12 kr | 0.87 kr | |
| Quarterly summary 2008 and 2007 | 2008 | 2008 | 2008 | 2007 | 2007 | 2007 | 2007 |
| Amounts in KSEK | kv 3 | kv 2 | kv 1 | kv 4 | kv 3 | kv 2 | kv 1 |
| Net Sales | 119,365 | 121,311 | 113,980 | 134,539 | 111,853 | 131,138 | 118,872 |
| Cost of goods sold | -47,332 | -49,119 | -42,635 | -54,404 | -40,335 | -51,149 | -44,987 |
| Gross profit | 72,033 | 72,192 | 71,345 | 80,135 | 71,519 | 79,989 | 73,884 |
| Gross margin | 60.3% | 59.5% | 62.6% | 59.6% | 63.9% | 61.0% | 62.2% |
| Operating expenses | -58,907 | -63,289 | -62,480 | -64,816 | -62,222 | -68,913 | -66,653 |
| Operating profit/loss | 13,126 | 8,903 | 8,865 | 15,319 | 9,297 | 11,076 | 7,232 |
| Financial net income | 152 | -738 | 4,339 | 139 | 2,109 | -737 | 1,400 |
| Profit/loss before income tax | 13,279 | 8,165 | 13,204 | 15,458 | 11,406 | 10,339 | 8,631 |
| Tax expenses | -522 | -157 | -24 | 27,415 | -217 | 27,736 | -1,396 |
| Profit/loss after tax | 12,756 | 8,008 | 13,180 | 42,873 | 11,189 | 38,075 | 7,236 |
| Amounts in KSEK | 2008-09-30 | 2007-12-31 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Tangible assets | 81,768 | 84,987 |
| Goodwill | 465,685 | 460,593 |
| Other intagible assets | 106,318 | 98,460 |
| Financial assets | 47,037 | 46,934 |
| Capitalized loss carry-forward | 54,253 | 53,419 |
| Total fixed assets | 755,060 | 744,393 |
| Current assets | ||
| Inventory | 108,784 | 97,144 |
| Account receivable and other receivables | 116,415 | 116,044 |
| Liquid funds | 22,387 | 31,017 |
| Total current assets | 247,585 | 244,206 |
| TOTALT ASSETS | 1,002,645 | 988,599 |
| EQUITY AND LIABILITIES Capital and reserves attributable to shareholders in parent comapny |
||
| Share capital | 88,486 | 88,486 |
| Other contributed capital | 847,334 | 1,513,992 |
| Accumulated translation difference | -26,917 | -72,117 |
| Profit/loss carried forward | -70,612 | -734,096 |
| Total equity | 838,291 | 796,265 |
| Long term liabilities | ||
| Loans | 8,954 | 37,152 |
| Provisions of a long-term nature | 2,716 | 3,776 |
| Total long term liabilities | 11,670 | 40,928 |
| Current liabilities | ||
| Accounts payable and other liabilitiwes | 96,450 | 111,235 |
| Tax liabilities | 1,854 | 1,159 |
| Loans | 48,121 | 34,741 |
| Provisions of a short-term nature | 6,259 | 4,271 |
| Total current liabilities | 152,684 | 151,406 |
| TOTAL EQUITY AND LIABILITIES | 1,002,645 | 988,599 |
| Amounts in KSEK | 2008-07-01 2008-09-30 |
2007-07-01 2007-09-30 |
2008-01-01 2008-09-30 |
2007-01-01 2007-09-30 |
2007-01-01 2007-12-31 |
2007-10-01 2008-09-30 |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Profit/loss after financial items | 13,279 | 11,406 | 34,647 | 30,377 | 45,835 | 50,105 |
| Adjustments for items not included in the cash flow | 8,220 | 8,950 | 25,662 | 25,745 | 30,810 | 30,727 |
| 21,498 | 20,356 | 60,309 | 56,121 | 76,645 | 80,832 | |
| Tax paid | -522 | -217 | -704 | -1,526 | -519 | 304 |
| Cash flow from operating activities | ||||||
| before changes in working capital | 20,976 | 20,139 | 59,605 | 54,595 | 76,126 | 81,136 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of inventories | 1,678 | -6,221 | -8,974 | -15,665 | -15,273 | -8,581 |
| Increase (-)/ decrease (+) of account receivables | 791 | 13,059 | 4,715 | -2,553 | -18,633 | -11,365 |
| Increase (-)/ decrease (+) of other current receivables | -4,405 | 605 | -2,857 | -907 | -3,979 | -5,930 |
| Increase (+)/ decrease (-) of other liabilities | 1,153 | -4,635 | -14,418 | -14,303 | -4,523 | -4,638 |
| Cash flow from operating activities | 20,193 | 22,946 | 38,071 | 21,167 | 33,718 | 50,622 |
| Investing activities | ||||||
| Acquisition of intangible fixed assets | -3,305 | -7,679 | -23,275 | -31,305 | -44,143 | -36,113 |
| Sales of intangible fixed assets | 16 | 16 | 16 | 0 | ||
| Acquisition of tangible fixed assets | -1,409 | -2,263 | -6,360 | -5,332 | -8,198 | -9,226 |
| Sales og tangible fixed assets | 0 | |||||
| Acquisition of financial assets | -17 | -12 | -193 | -12 | -102 | -283 |
| Sales of financial assets | - | 18 | 17 | 21 | 4 | -1 |
| Cash flow from investment activities | -4,730 | -9,919 | -29,812 | -36,611 | -52,422 | -45,623 |
| Financial activities Loans taken |
- | - | 3,155 | 6,164 | 3,009 | |
| Amortization of loan liabilities | -11,960 | -2,168 | -17,287 | -5,016 | -6,455 | -18,726 |
| Cash flow from financial activities | -11,960 | -2,168 | -17,287 | -1,860 | -291 | -15,717 |
| Cash flow during period | 3,503 | 10,859 | -9,028 | -17,305 | -18,995 | -10,718 |
| Cash and liquid assets beginning of period | 18,365 | 21,942 | 31,017 | 50,136 | 50,136 | 32,681 |
| Exchange differences in liquid assets | 520 | -120 | 398 | -150 | -124 | 424 |
| Cash and liquid assets at end of period | 22,387 | 32,681 | 22,387 | 32,681 | 31,017 | 22,387 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 10,693 | 8,279 | 27,249 | 25,125 | 31,563 | 33,687 |
| Other items | -2,473 | 671 | -1,587 | 619 | -754 | -2,960 |
| Total | 8,220 | 8,950 | 25,662 | 25,745 | 30,810 | 30,727 |
| Share | Other payed-in |
Accumulated translation |
Hedging- | Profit/loss carried |
Total | |
|---|---|---|---|---|---|---|
| Belopp i KSEK | capital | capital | differences | reserve | forward | equity |
| Opening balance January 1, 2007 | 88,486 | 1,512,383 | -55,386 | - | -833,009 | 712,474 |
| Changes in 2007: | ||||||
| Exchange rate differences | - | - | -16,731 | - | - | -16,731 |
| Change in hedging reserve for the year | - | - | - | -460 | - | -460 |
| Profit/loss January - december 2007 | - | - | - | - | 99,373 | 99,373 |
| Change due to outstanding option programs | - | 1,609 | - | - | - | 1,609 |
| Total changes during 2007: | 1,609 | -16,731 | -460 | 99,373 | 83,791 | |
| Closing balance December 31, 2007 | 88,486 | 1,513,992 | -72,117 | -460 | -733,636 | 796,265 |
| Changes in 2008: | ||||||
| Redistribution after annual general meeting | - | -667,636 | 38,554 | 629,082 | 0 | |
| Exchange rate differences | - | - | 6,645 | - | - | 6,645 |
| Change in hedging reserve for the year | - | - | - | 460 | 460 | |
| Profit/loss January - September 2008 | - | - | - | - | 33,943 | 33,943 |
| Change due to outstanding option programs | - | 977 | - | - | - | 977 |
| Total changes during 2008: | 0 | -666,658 | 45,199 | 460 | 663,025 | 42,026 |
| Closing balance September 30, 2008 | 88,486 | 847,334 | -26,917 | 0 | -70,612 | 838,291 |
| 2008-07-01 | 2007-07-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-09-30 | 2007-09-30 | 2008-09-30 | 2007-09-30 | 2007-12-31 | 2008-09-30 |
| Net sales | 2,179 | 2,009 | 6,159 | 6,314 | 8,345 | 8,190 |
| Selling expenses | -4 | -228 | -210 | -464 | -506 | -251 |
| Administative expenses | -3,880 | -3,773 | -12,538 | -12,000 | -15,350 | -15,888 |
| Research and development costs | -695 | -359 | -2,850 | -2,253 | -2,936 | -3,533 |
| Other operating income | 2,070 | 2,063 | 6,191 | 6,851 | 8,118 | 7,459 |
| Other operating expenses | 948 | -1,595 | -1,824 | -3,251 | -3,892 | -2,464 |
| Operating expenses | -1,561 | -3,892 | -11,230 | -11,118 | -14,565 | -14,678 |
| Operating profit/loss | 619 | -1,884 | -5,072 | -4,804 | -6,220 | -6,488 |
| Profit/loss from financial investments: | ||||||
| Interest income from receivables from group companies | 4,027 | 4,039 | 11,365 | 12,541 | 16,453 | 15,277 |
| Interest expenses from liabilities to group companies | -479 | -568 | -1,550 | -1,239 | -1,793 | -2,104 |
| Profit and loss from other securities and receivalbes that are long term financial assets |
0 | 2,507 | 5,092 | 5,371 | 5,371 | 5,093 |
| Other interest income and similar income items | - | - | 0 | 1 | 117 | 116 |
| Interest expenses and similar expense items | -1 | - | -35 | -4 | -5 | -35 |
| Translation differences on intra-group receivalbles | 5,472 | -1,116 | 3,754 | -919 | -349 | 4,324 |
| Net financial income/expense | 9,018 | 4,862 | 18,627 | 15,750 | 19,794 | 22,671 |
| Profit/loss after financial items | 9,637 | 2,979 | 13,555 | 10,946 | 13,574 | 16,183 |
| Tax expenses | - | - | 27,649 | 49,026 | 21,377 | |
| Profit/loss after tax | 9,637 | 2,979 | 13,555 | 38,595 | 62,600 | 37,560 |
| Amounts in KSEK | 2008-09-30 | 2007-12-31 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | ||
| Patent and license rights | 12,243 | 13,309 |
| 12,243 | 13,309 | |
| Financial assets | ||
| Participation in group companies | 717,727 | 717,727 |
| Receivables from group companies | 141,725 | 109,869 |
| Deferred tax asset | 39,361 | 39,361 |
| Other long-term securities | 45,783 | 45,783 |
| 944,596 | 912,740 | |
| Total fixed assets | 956,839 | 926,049 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 73,625 | 76,382 |
| Other receivables | 2,012 | 632 |
| Prepraid expenses and accrued income | 1,317 | 1,514 |
| 76,954 | 78,528 | |
| Cash and bank balances | 1,132 | 862 |
| Total current assets | 78,086 | 79,390 |
| TOTALT ASSETS | 1,034,924 | 1,005,439 |
| EQUITY, PROVISIONS AND LIABILITIES Equity |
||
| Restricted equity | ||
| Share capital | 88,486 | 88,486 |
| Statutory reserves | 842,180 | 1,509,816 |
| 930,666 | 1,598,302 | |
| Unrestricted equity | ||
| Fair value fond | 8,826 | -38,554 |
| Profit/loss carried forward | - | -691,682 |
| Profit/loss for the period reported | 13,555 | 62,600 |
| 22,382 | -667,636 | |
| Total equity | 953,048 | 930,667 |
| Current liabilities | ||
| Account payable | 916 | 1,488 |
| Liabilities to group companies | 70,684 | 60,140 |
| Other short term liabilities | 209 | 5,369 |
| Accrued expenses and prepaid income | 10,066 | 7,775 |
| 81,876 | 74,772 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 1,034,924 | 1,005,439 |
| 2008-07-01 | 2007-07-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-09-30 | 2007-09-30 | 2008-09-30 | 2007-09-30 | 2007-12-31 | 2008-09-30 |
| Operating activities | ||||||
| Profit/loss after financial items | 9,637 | 2,978 | 13,555 | 10,946 | 13,574 | 16,184 |
| Adjustments for items not included in the cash flow | -8,125 | 663 | 598 | 1,928 | 2,424 | 1,094 |
| 1,513 | 3,642 | 14,153 | 12,874 | 15,999 | 17,278 | |
| Tax paid Cash flow from operating activities |
- | - | - | - | - | - |
| before changes in working capital | 1,513 | 3,642 | 14,153 | 12,874 | 15,999 | 17,278 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of other current receivables | -5,607 | -6,557 | -19,386 | -12,798 | -10,940 | -17,528 |
| Increase (+)/ decrease (-) of other liabilities | 5,426 | 4,168 | 6,928 | -2,866 | -9,351 | 443 |
| Cash flow from operating activities | 1,332 | 1,253 | 1,695 | -2,791 | -4,293 | 193 |
| Investing activities | ||||||
| Acquisition of intagnibile fixed assets | -433 | -296 | -1,368 | -2,504 | -3,037 | -1,901 |
| Sales of intagnibile fixed assets | -331 | 16 | 348 | |||
| Acquisition of subsidiaries | - | -331 | -331 | -331 | ||
| Increase (-)/ decrease (+) of other long-term receivables | -58 | 1,191 | -58 | -72 | -130 | |
| Cash flow from investment activities | -491 | 563 | -1,426 | -2,835 | -3,423 | -2,014 |
| Cash flow from financial activities | - | - | - | - | - | - |
| Cash flow during period | 842 | 1,817 | 270 | -5,626 | -7,716 | -1,821 |
| Cash and liquid assets beginning of period | 290 | 1,136 | 862 | 8,578 | 8,578 | 2,952 |
| Cash and liquid assets at end of period | 1,132 | 2,952 | 1,132 | 2,952 | 862 | 1,132 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 571 | 548 | 2,434 | 1,636 | 2,192 | 2,989 |
| Other items | -8,696 | 115 | -1,836 | 292 | 233 | -1,895 |
| Total | -8,125 | 663 | 598 | 1,928 | 2,424 | 1,094 |
| Share | Statutory | Fair value | Brought forward |
Total | |
|---|---|---|---|---|---|
| Amounts in KSEK | capital | reserve | fond | profit/loss | equity |
| Opening balance January 1, 2007 | 88,486 | 1,509,816 | -27,115 | -716,534 | 854,652 |
| Changes in 2007: | |||||
| Exchange rate differences | - - |
- - |
- -11,439 |
- - |
- -11,439 |
| Group contributions received 2007 | - | - | 24,852 | 24,852 | |
| Profit/loss 2007 | - | - | - | 62,600 | 62,600 |
| Total changes during 2007 | 0 | 0 | -11,439 | 87,453 | 76,014 |
| Closing balance December 31, 2007 | 88,486 | 1,509,816 | -38,554 | -629,082 | 930,667 |
| Changes in 2008: | |||||
| Redistribution after annual general meeting | -667,636 | 38,554 | 629,082 | ||
| Exchange rate differences | - | - | 8,826 | - | 8,826 |
| Profit/loss January - September 2008 | - | - | 13,555 | 13,555 | |
| Total changes during 2008 | 0 | -667,636 | 47,381 | 642,637 | 22,382 |
| Closing balance September 30, 2008 | 88,486 | 842,180 | 8,826 | 13,555 | 953,048 |
Biotage AB
| Amounts in KSEK | ||||
|---|---|---|---|---|
| 2008-07-01 -- 2008-09-30 | Discovery | |||
| Biosystem | Chemistry | Corporate | Total | |
| Net sales | 27,057 | 92,308 | - | 119,365 |
| Cost of goods sold | -8,735 | -38,597 | - | -47,332 |
| Gross profit | 18,322 | 53,711 | 0 | 72,033 |
| Gross margin | 67.7% | 58.2% | 60.3% | |
| Selling expenses | -7,595 | -36,528 | - | -44,123 |
| Administative expenses | -1,570 | -7,398 | -1,401 | -10,369 |
| Research and development costs | -3,025 | -9,013 | - | -12,038 |
| Other operating income | 39 | 78 | 7,692 | 7,810 |
| Other operating expenses | 0 | -217 | 30 | -187 |
| Operating expenses | -12,150 | -53,077 | 6,321 | -58,907 |
| Operating profit/loss | 6,172 | 634 | 6,321 | 13,126 |
| Financial income net | - | - | 152 | 152 |
| Profit/loss before income tax | 6,172 | 634 | 6,473 | 13,279 |
| Tax expenses | - | - | -522 | -522 |
| Profit/loss after tax | 6,172 | 634 | 5,950 | 12,756 |
| 2007-07-01 -- 2007-09-30 | ||||
|---|---|---|---|---|
| Biosystem | Chemistry | Corporate | Total | |
| Net sales | 22,793 | 89,060 | - | 111,853 |
| Cost of goods sold | -6,859 | -33,476 | - | -40,335 |
| Gross profit | 15,934 | 55,585 | 0 | 71,519 |
| Gross margin | 69.9% | 62.4% | 63.9% | |
| Selling expenses | -6,108 | -33,364 | - | -39,472 |
| Administative expenses | -1,367 | -5,279 | -4,109 | -10,755 |
| Research and development costs | -2,244 | -7,864 | - | -10,108 |
| Other operating income | - | 232 | 430 | 662 |
| Other operating expenses | - | -16 | -2,533 | -2,549 |
| Operating expenses | -9,718 | -46,291 | -6,212 | -62,222 |
| Operating profit/loss | 6,216 | 9,294 | -6,212 | 9,297 |
| Financial income net | - | - | 2,109 | 2,109 |
| Profit/loss before income tax | 6,216 | 9,294 | -4,103 | 11,406 |
| Tax expenses | - | - | -217 | -217 |
| Profit/loss after tax | 6,216 | 9,294 | -4,320 | 11,189 |
| 2008-01-01 -- 2008-09-30 | ||||
|---|---|---|---|---|
| Biosystem | Chemistry | Corporate | Total | |
| Net sales | 78,311 | 276,345 | - | 354,657 |
| Cost of goods sold | -24,674 | -114,412 | - | -139,086 |
| Gross profit | 53,637 | 161,933 | 0 | 215,571 |
| Gross margin | 68.5% | 58.6% | 60.8% | |
| Selling expenses | -23,225 | -102,000 | - | -125,225 |
| Administative expenses | -4,714 | -23,226 | -6,270 | -34,210 |
| Research and development costs | -5,653 | -23,358 | - | -29,011 |
| Other operating income | 39 | 377 | 14,589 | 15,005 |
| Other operating expenses | -12 | -767 | -10,457 | -11,236 |
| Operating expenses | -33,564 | -148,974 | -2,138 | -184,676 |
| Operating profit/loss | 20,073 | 12,959 | -2,138 | 30,894 |
| Financial income net | - | - | 3,753 | 3,753 |
| Profit/loss before income tax | 20,073 | 12,959 | 1,614 | 34,647 |
| Tax expenses | - | - | -704 | -704 |
| Profit/loss after tax | 20,073 | 12,959 | 911 | 33,943 |
| Amounts in KSEK | ||||
|---|---|---|---|---|
| 2007-01-01 -- 2007-09-30 | ||||
| Biosystem | Chemistry | Corporate | Total | |
| Net sales | 71,713 | 290,150 | - | 361,863 |
| Cost of goods sold | -24,472 | -111,999 | - | -136,471 |
| Gross profit | 47,241 | 178,151 | 0 | 225,392 |
| Gross margin | 65.9% | 61.4% | 62.3% | |
| Selling expenses | -20,185 | -106,338 | - | -126,523 |
| Administative expenses | -4,100 | -22,808 | -9,816 | -36,724 |
| Research and development costs | -4,726 | -27,534 | - | -32,259 |
| Other operating income | - | 486 | 1,191 | 1,677 |
| Other operating expenses | - | -274 | -3,683 | -3,958 |
| Operating expenses | -29,011 | -156,469 | -12,308 | -197,788 |
| Operating profit/loss | 18,230 | 21,682 | -12,308 | 27,604 |
| Financial income net | - | - | 2,773 | 2,773 |
| Profit/loss before income tax | 18,230 | 21,682 | -9,535 | 30,377 |
| Tax expenses | - | - | 26,123 | 26,123 |
| Profit/loss after tax | 18,230 | 21,682 | 16,588 | 56,500 |
On October 2, 2008 the Biosystems business area was divested to Qiagen GmbH. The deal means that Qiagen has acquired the assets in the Biosystems business area and Biotage's shares in Corbett Life Science Pty Ltd (17,5 percent) for an initial purchase sum of 53 MUSD. Provided that certain sales targets are met, milestone payments totalling a maximum of 7 MUSD will be paid to Biotage by Qiagen, during the period from Qiagen taking possession to December 31, 2012. The divested assets were transferred to the buyer as at October 1, 2008.
After adjustment for certain obligations that Qiagen took over on taking possession, Biotage obtained a net of approx. 50 MUSD.
The capital gain for the divestment is expected to amount to approx 220 MSEK before tax.
Even if the criteria for reporting the operations divested at October 2, which are held for sale according to IFRS 5, were not met at the balance sheet date, further information is provided.
The Group's income statements, balance sheets and cash flow analyses are also reported on page 19-24 as if the provisions for reporting according to IFRS 5 for terminated operations held for sale had been met.
2008-01-01 -- 2008-09-30
| 2008-07-01 | 2007-07-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-10-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-09-30 | 2007-09-30 | 2008-09-30 | 2007-09-30 | 2007-12-31 | 2008-09-30 |
| Continuing operations: | ||||||
| Net sales | 92,308 | 89,060 | 276,345 | 290,150 | 397,568 | 383,763 |
| Cost of goods sold | -38,597 | -33,476 | -114,412 | -111,999 | -157,707 | -160,120 |
| Gross profit | 53,711 | 55,585 | 161,933 | 178,151 | 239,861 | 223,643 |
| Selling expenses | -36,528 | -33,364 | -102,000 | -106,338 | -140,962 | -136,624 |
| Administative expenses | -8,799 | -9,388 | -29,496 | -32,624 | -44,860 | -41,732 |
| Research and development costs | -9,013 | -7,864 | -23,358 | -27,534 | -35,883 | -31,707 |
| Other operating income | 7,770 | 662 | 14,966 | 1,677 | 2,345 | 15,633 |
| Other operating expenses | -187 | -2,549 | -11,223 | -3,958 | -3,783 | -11,048 |
| Operating expenses | -46,756 | -52,503 | -151,112 | -168,777 | -223,143 | -205,478 |
| Operating profit/loss | 6,955 | 3,081 | 10,821 | 9,374 | 16,718 | 18,165 |
| Financial income | 2,023 | 1,156 | 4,123 | 2,274 | 3,025 | 4,874 |
| Financial expenses | -1,871 | -1,554 | -5,463 | -4,872 | -5,484 | -6,075 |
| Profit/loss before income tax | 7,107 | 2,683 | 9,481 | 6,776 | 14,259 | 16,963 |
| Tax expenses | -522 | -217 | -704 | 26,123 | 53,537 | 26,711 |
| Profit/loss after tax for continuing operations | 6,585 | 2,466 | 8,778 | 32,899 | 67,796 | 43,675 |
| Profit/loss after tax for discontinued operations | 6,172 | 8,723 | 25,165 | 23,601 | 31,576 | 33,141 |
| Total profit/loss for the period | 12,756 | 11,189 | 33,943 | 56,500 | 99,373 | 76,816 |
| Part related to the parent company´s shareholders |
12,756 | 11,189 | 33,943 | 56,500 | 99,373 | 76,816 |
| 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 | 88,552,312 | 89,016,897 | 88,593,389 | 89,054,035 | 89,015,260 | 88,643,770 |
| 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 | 0.14 kr | 0.13 kr | 0.38 kr | 0.64 kr | 1.12 kr | 0.87 kr |
| Profit/loss per share after dilution SEK | 0.14 kr | 0.13 kr | 0.38 kr | 0.63 kr | 1.12 kr | 0.87 kr |
| Profit/loss per share SEK | ||||||
| Continuing operations | 0.07 kr | 0.03 kr | 0.10 kr | 0.37 kr | 0.77 kr | 0.49 kr |
| Discontinued operations | 0.07 kr | 0.10 kr | 0.28 kr | 0.27 kr | 0.36 kr | 0.37 kr |
| Sum | 0.14 kr | 0.13 kr | 0.38 kr | 0.64 kr | 1.12 kr | 0.87 kr |
| Amounts in KSEK | 2008-09-30 | 2007-12-31 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Tangible assets | 78,664 | 84,987 |
| Goodwill | 465,685 | 460,593 |
| Other intagible assets | 62,131 | 98,460 |
| Financial assets | 1,254 | 46,934 |
| Capitalized loss carry-forward | 54,253 | 53,419 |
| Total fixed assets | 661,986 | 744,393 |
| Current assets | ||
| Inventory | 95,662 | 97,144 |
| Account receivable and other receivables | 116,415 | 116,044 |
| Liquid funds | 22,387 | 31,017 |
| Total current assets | 234,463 | 244,206 |
| Total assets for continuing operations | 896,449 | 988,599 |
| Assets for disvestment | 106,196 | |
| TOTALT ASSETS | 1,002,645 | 988,599 |
| EQUITY AND LIABILITIES Capital and reserves attributable to shareholders in parent comapny Share capital Other contributed capital Accumulated translation difference Profit/loss carried forward Total equity |
88,486 847,334 -26,917 -70,612 838,291 |
88,486 1,513,992 -72,117 -734,096 796,265 |
| Long term liabilities | ||
| Loans | 8,954 | 37,152 |
| Provisions of a long-term nature Total long term liabilities |
2,716 11,670 |
3,776 40,928 |
| Current liabilities | ||
| Accounts payable and other liabilitiwes | 83,804 | 111,235 |
| Tax liabilities | 1,854 | 1,159 |
| Loans | 48,121 | 34,741 |
| Provisions of a short-term nature | 5,893 | 4,271 |
| Total current liabilities | 139,672 | 151,406 |
| Total equity and liabilities for continuing operations | 989,633 | 988,599 |
| Liabilities for disvestment | 13,012 | |
| TOTAL EQUITY AND LIABILITIES | 1,002,645 | 988,599 |
| Amounts in KSEK | 2008-07-01 2008-09-30 |
2007-07-01 2007-09-30 |
2008-01-01 2008-09-30 |
2007-01-01 2007-09-30 |
2007-01-01 2007-12-31 |
2007-10-01 2008-09-30 |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Profit/loss after financial items | 7,107 | 2,683 | 9,481 | 6,776 | 14,259 | 16,964 |
| Adjustments for items not included in the cash flow | 7,115 | 6,477 | 20,360 | 18,458 | 21,691 | 23,593 |
| 14,222 | 9,160 | 29,842 | 25,235 | 35,950 | 40,557 | |
| Tax paid | -522 | -217 | -704 | -1,526 | -519 | 304 |
| Cash flow from operating activities before changes in working capital |
13,699 | 8,943 | 29,138 | 23,708 | 35,431 | 40,861 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of inventories | -1,407 | -8,070 | -6,059 | -19,237 | -19,025 | -5,847 |
| Increase (-)/ decrease (+) of account receivables | 4,303 | 12,818 | 5,413 | -595 | -12,349 | -6,341 |
| Increase (-)/ decrease (+) of other current receivables | -5,763 | 1,291 | -4,211 | -1,106 | -3,373 | -6,478 |
| Increase (+)/ decrease (-) of other liabilities | 2,187 | -8,727 | -14,077 | -14,026 | -2,313 | -2,363 |
| Cash flow from operating activities | ||||||
| for continuing operations | 13,020 | 6,255 | 10,204 | -11,255 | -1,627 | 19,832 |
| Cash flow from operating activities | ||||||
| for discontinued operations | 7,173 | 16,691 | 27,867 | 32,422 | 35,346 | 30,790 |
| Cash flow from operating activities | 20,193 | 22,946 | 38,071 | 21,167 | 33,718 | 50,622 |
| Investing activities | ||||||
| Acquisition of intangible fixed assets | -2,049 | -4,380 | -14,890 | -15,753 | -23,232 | -22,368 |
| Sales of intangible fixed assets | 16 | 16 | 16 | 0 | ||
| Acquisition of tangible fixed assets | -1,505 | -1,891 | -5,572 | -4,775 | -7,110 | -7,907 |
| Sales og tangible fixed assets | - | - | 0 | 0 | 0 | |
| Acquisition of financial assets | -17 | -12 | -193 | -12 | -102 | -282 |
| Sales of financial assets | - | 18 | 17 | 21 | 0 | -1 |
| Cash flow from investment activities | ||||||
| for continuing operations | -3,571 | -6,249 | -20,638 | -20,503 | -30,428 | -30,558 |
| Cash flow from investment activities | ||||||
| for discontinued operations Cash flow from investment activities |
-1,159 -4,730 |
-3,671 -9,919 |
-9,173 -29,812 |
-16,108 -36,611 |
-21,999 -52,422 |
-15,064 -45,623 |
| Financial activities | ||||||
| Loans taken Amortization of loan liabilities |
- -11,960 |
- -2,168 |
-17,287 | 3,155 -4,976 |
6,164 -6,415 |
3,009 -18,726 |
| Cash flow from financial activities | ||||||
| for continuing operations | -11,960 | -2,168 | -17,287 | -1,821 | -251 | -15,717 |
| Cash flow from financial activities | ||||||
| for discontinued operations | 0 | 0 | -40 | -40 | 0 | |
| Cash flow from financial activities | -11,960 | -2,168 | -17,287 | -1,860 | -291 | -15,717 |
| Cash flow during period | 3,503 | 10,859 | -9,028 | -17,305 | -18,995 | -10,717 |
| Cash and liquid assets beginning of period | 18,365 | 21,942 | 31,017 | 50,136 | 50,136 | 32,681 |
| Exchange differences in liquid assets | 520 | -120 | 398 | -150 | -124 | 424 |
| Cash and liquid assets at end of period | 22,387 | 32,681 | 22,387 | 32,681 | 31,017 | 22,387 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs Other items |
7,670 -555 |
6,077 400 |
20,592 -232 |
17,990 468 |
22,546 -854 |
25,148 -1,555 |
| Total | 7,115 | 6,477 | 20,360 | 18,458 | 21,691 | 23,593 |
| Continuing operations Discovery |
Discontinued operations | |||||
|---|---|---|---|---|---|---|
| Chemistry | Corporate | Delsumma | (2008-10-01) Biosystems |
Corporate | Total | |
| Net sales | 92,308 | - | 92,308 | 27,057 | - | 119,365 |
| Cost of goods sold | -38,597 | - | -38,597 | -8,735 | - | -47,332 |
| Gross profit | 53,711 | 0 | 53,711 | 18,322 | 0 | 72,033 |
| Gross margin | 58.2% | 67.7% | 60.3% | |||
| Selling expenses | -36,528 | - | -36,528 | -7,595 | - | -44,123 |
| Administative expenses | -7,398 | -1,401 | -8,799 | -1,570 | - | -10,369 |
| Research and development costs | -9,013 | -9,013 | -3,025 | - | -12,038 | |
| Other operating income | 78 | 7,692 | 7,770 | 39 | - | 7,810 |
| Other operating expenses | -217 | 30 | -187 | 0 | - | -187 |
| Operating expenses | -53,077 | 6,321 | -46,756 | -12,150 | 0 | -58,907 |
| Operating profit/loss | 634 | 6,321 | 6,955 | 6,172 | 0 | 13,126 |
| Financial income net | - | 152 | 152 | - | 152 | |
| Profit/loss before income tax | 634 | 6,473 | 7,107 | 6,172 | 0 | 13,279 |
| Tax expenses | - | -522 | -522 | - | - | -522 |
| Profit/loss after tax | 634 | 5,950 | 6,584 | 6,172 | 0 | 12,756 |
2007-07-01 -- 2007-09-30
| Continuing operations Discovery |
Discontinued operations | |||||
|---|---|---|---|---|---|---|
| Chemistry | Corporate | Delsumma | (2008-10-01) Biosystems |
Corporate | Total | |
| Net sales | 89,060 | - | 89,060 | 22,793 | - | 111,853 |
| Cost of goods sold | -33,476 | - | -33,476 | -6,859 | - | -40,335 |
| Gross profit | 55,585 | 0 | 55,585 | 15,934 | 0 | 71,519 |
| Gross margin | 62.4% | 69.9% | 63.9% | |||
| Selling expenses | -33,364 | - | -33,364 | -6,108 | - | -39,472 |
| Administative expenses | -5,279 | -4,109 | -9,388 | -1,367 | - | -10,755 |
| Research and development costs | -7,864 | - | -7,864 | -2,244 | - | -10,108 |
| Other operating income | 232 | 430 | 662 | - | - | 662 |
| Other operating expenses | -16 | -2,533 | -2,549 | - | - | -2,549 |
| Operating expenses | -46,291 | -6,212 | -52,503 | -9,718 | 0 | -62,222 |
| Operating profit/loss | 9,294 | -6,212 | 3,081 | 6,216 | 0 | 9,297 |
| Financial income net | - | -398 | -398 | - | 2,507 | 2,109 |
| Profit/loss before income tax | 9,294 | -6,610 | 2,683 | 6,216 | 2,507 | 11,406 |
| Tax expenses | - | -217 | -217 | - | - | -217 |
| Profit/loss after tax | 9,294 | -6,827 | 2,466 | 6,216 | 2,507 | 11,189 |
| Continuing operations | Discontinued operations | |||||
|---|---|---|---|---|---|---|
| Discovery | (2008-10-01) | |||||
| Chemistry | Corporate | Delsumma | Biosystems | Corporate | Total | |
| Net sales | 276,345 | - | 276,345 | 78,311 | - | 354,657 |
| Cost of goods sold | -114,412 | - | -114,412 | -24,674 | - | -139,086 |
| Gross profit | 161,933 | 0 | 161,933 | 53,637 | 0 | 215,571 |
| Gross margin | 58.6% | 68.5% | 60.8% | |||
| Selling expenses | -102,000 | - | -102,000 | -23,225 | - | -125,225 |
| Administative expenses | -23,226 | -6,270 | -29,496 | -4,714 | - | -34,210 |
| Research and development costs | -23,358 | - | -23,358 | -5,653 | - | -29,011 |
| Other operating income | 377 | 14,589 | 14,966 | 39 | - | 15,005 |
| Other operating expenses | -767 | -10,457 | -11,223 | -12 | - | -11,236 |
| Operating expenses | -148,974 | -2,138 | -151,112 | -33,564 | 0 | -184,676 |
| Operating profit/loss | 12,959 | -2,138 | 10,821 | 20,073 | 0 | 30,894 |
| Financial income net | - | -1,340 | -1,340 | - | 5,092 | 3,753 |
| Profit/loss before income tax | 12,959 | -3,478 | 9,481 | 20,073 | 5,092 | 34,647 |
| Tax expenses | - | -704 | -704 | - | - | -704 |
| Profit/loss after tax | 12,959 | -4,182 | 8,778 | 20,073 | 5,092 | 33,943 |
2007-01-01 -- 2007-09-30
| Continuing operations | Discontinued operations | |||||
|---|---|---|---|---|---|---|
| Discovery Chemistry |
Corporate | Delsumma | (2008-10-01) Biosystems |
Corporate | Total | |
| Net sales | 290,150 | - | 290,150 | 71,713 | - | 361,863 |
| Cost of goods sold | -111,999 | - | -111,999 | -24,472 | - | -136,471 |
| Gross profit | 178,151 | 0 | 178,151 | 47,241 | 0 | 225,392 |
| Gross margin | 61.4% | 65.9% | 62.3% | |||
| Selling expenses | -106,338 | - | -106,338 | -20,185 | - | -126,523 |
| Administative expenses | -22,808 | -9,816 | -32,624 | -4,100 | - | -36,724 |
| Research and development costs | -27,534 | - | -27,534 | -4,726 | - | -32,259 |
| Other operating income | 486 | 1,191 | 1,677 | - | - | 1,677 |
| Other operating expenses | -274 | -3,683 | -3,958 | - | - | -3,958 |
| Operating expenses | -156,469 | -12,308 | -168,777 | -29,011 | 0 | -197,788 |
| Operating profit/loss | 21,682 | -12,308 | 9,374 | 18,230 | 0 | 27,604 |
| Financial income net | - | -2,598 | -2,598 | - | 5,371 | 2,773 |
| Profit/loss before income tax | 21,682 | -14,906 | 6,776 | 18,230 | 5,371 | 30,377 |
| Tax expenses | - | 26,123 | 26,123 | - | - | 26,123 |
| Profit/loss after tax | 21,682 | 11,217 | 32,899 | 18,230 | 5,371 | 56,500 |
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