Interim / Quarterly Report • Aug 15, 2008
Interim / Quarterly Report
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Biotage AB (publ) Kungsgatan 76 August 15, 2008 SE-753 18 Uppsala Tel: +46 18 56 59 00 Org no 556539-3138 www.biotage.com
The strategic evaluation work has resulted in a numerous of projects and the last phase of these projects has been begun. The evaluation is expected to be finalized before the publishing of Biotages next interim report as per September 30, 2008.
In the Biosystems business area sales continue to develop positively, with a 12 percent increase at comparable exchange rates. The launch of the new PyroMark™Q24 instrument has been successful and we sold nine instruments in the second quarter. We expect that the demand for and interest in the Pyrosequencing® technology and its products continues to be high and sales continue to grow strongly.
Discovery Chemistry is much affected by the restructuring within the major pharma companies which resulted in a reduction of sales income with 3 percent at comparable exchange rates. The business area has carried out a number of successful introductions of new products and new product launches. The launch of a new purification system, Isolera, has been successful and sales accelerated towards the end of the quarter. The new SNAP product area continues to develop favorable and has had strongly growing sales. The sales of microwave equipment have had a changed product mix and therefore lower sales income in Swedish currency.
Direct sales in Europe have decreased in second quarter due to a weaker demand from the largest Pharma industry companies. Sales in Asia continue to progress well.
| Amounts in MSEK | 2nd quarter 2008 |
2nd quarter 2007 |
Jan-Jun 2007 |
Full year 2007 |
Last 12 month |
|
|---|---|---|---|---|---|---|
| Net sales Cost of goods sold |
121.3 -49.1 |
131.1 -51.1 |
235.3 -91.8 |
250.0 -96.1 |
496.4 -190.9 |
481.7 -186.5 |
| Gross profit | 72.2 | 80.0 | 143.5 | 153.9 | 305.5 | 295.2 |
| Operating expenses | -63.3 | -68.9 | -125.8 | -135.6 | -262.6 | -252.8 |
| Operating profit/loss | 8.9 | 11.1 | 17.8 | 18.3 | 42.9 | 42.4 |
| Financial items | -0.7 | -0.7 | 3.6 | 0.7 | 2.9 | 5.8 |
| Profit/loss before tax | 8.2 | 10.3 | 21.4 | 19.0 | 45.8 | 48.3 |
| Tax expenses | -0.2 | 27.7 | -0.2 | 26.3 | 53.5 | 27.0 |
| Profit/loss after tax | 8.0 | 38.1 | 21.2 | 45.3 | 99.4 | 75.2 |
In the second quarter Group net sales amounted to 121.3 MSEK, compared to 131.1 MSEK the second quarter 2007. At comparable exchange rates sales were unchanged compared to last year.
The Group's gross margin was 59.5 percent (61.0). The gross margin has decreased due to product mix changes, a higher share of distributor sales, and non-recurring costs, among other things.
The operating expenses have continued to decrease and amount to 63.6 MSEK (68.9). Above all the costs in the US and UK have been reduced as a result of the weakened currencies.
Investments amounted to 12.8 MSEK (12.7). Of this sum 9.6 MSEK (10.5) were capitalized development costs. Amortizations were made to the amount of 8.1 MSEK (8.1). Of this sum 2.5 MSEK (2.8) were amortizations of capitalized development costs.
The operating result amounted to 8.9 MSEK (11.1), with an operating margin of 7.3 percent (8.4).
Net financial income amounted to -0,7 MSEK (-0,7).
Profit after tax amounted to 8.0 MSEK, corresponding to 0.09 SEK per share, compared to 38.1 MSEK in 2007, corresponding to 0.43 SEK per share. In the second quarter 2007 capitalization of deferred income taxes recoverable was made to the amount of 27.6 MSEK.
The cash flow from operating activities amounted to 2,5 MSEK (-14,8). Cash flow from investment activities amounted to –12,8 MSEK (12,7) of which the main part refer to capitalized expenditure for the finalized projects PyroMark™Q24 and Isolera. Cash flow from financing activities amounted to -4,8 MSEK (2,0).
Group net sales amounted to 235.3 MSEK, compared to 250.0 MSEK the first six months of 2007. At comparable exchange rates sales increased by 1 percent.
The Group's gross margin was 61.0 percent (61.5). The gross margin was affected by product mix changes and non-recurring costs for new products, among other things.
The operating expenses have continued to decrease and amounted to 126.1 MSEK (135.6). Above all the costs in the US and UK have been reduced as a result of the weakened currencies. The operating expenses have been charged with 4.7 MSEK due to exchange rate differences relating to receivables and liabilities.
Investments amounted to 25.1 MSEK (27.8). Of this sum 18.9 MSEK (22.5) were capitalized development costs. Amortizations were made to the amount of 15.8 MSEK (18.0). Of this sum 4.9 MSEK (5.9) were amortizations of capitalized development costs.
The operating result amounted to 17.8 MSEK (18.3) with an operating margin of 7.6 percent (7.3).
Net financial income amounted to 3.6 MSEK (0.7). Dividends from the financial holding in Corbett have been received to the amount of 5.1 MSEK (2.9).
Profit after tax amounted to 21.2 MSEK, corresponding to 0.24 SEK per share, compared to 45.3 MSEK in 2007, corresponding to 0.51 SEK per share. In the first six 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 17.9 MSEK (-0,7). Cash flow from investment activities amounted to –25,1 MSEK (27,8) of which the main part refer to capitalized expenditure for the finalized projects PyroMark™Q24 and Isolera. Cash flow from financing activities amounted to -5,3 MSEK (0,3).
The development of exchange rates impacts the comparison between the years. The weakening of the US-dollar and the pound sterling has impacted sales negatively when local currencies are converted to the Swedish Krona.
Excluding exchange differences on assets and liabilities, which has impacted operating expenses with 4,7 MSEK during the first six months, the result effect has been low. The group has a good balance between revenues and costs in different currencies, and there by a natural hedge, in USdollar and pound sterling as business area Discovery Chemistry has manufacturing in both US and Great Britain.
At June 30, 2008 the Group's cash and securities totaled 18.4 MSEK, compared to 31.0 MSEK at December 31, 2007. Granted unutilized credits amounted to 41.1 MSEK, compared to 40.2 MSEK at December 31, 2007. The Group's interest-bearing liabilities amounted to 61.1 MSEK, compared to 71.9 MSEK at December 31, 2007.
The Group reports a total goodwill of 443.6 MSEK (460.6) at June 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 23.6 MSEK (26.4) and capitalized development costs to 84.8 MSEK (70.8).
At June 30, 2008 the equity capital amounted to 797.0 MSEK, compared to 796.3 MSEK at December 31, 2007. The Group's equity capital has increased with 21.2 MSEK due to the period's net result and with 0.8 MSEK due to stock related remunerations, and decreased with -21.3 MSEK due to exchange rate changes.
| Amounts in MSEK | 2nd quarter | 2nd quarter | Jan-Jun | Jan-Jun | Full year | Last |
|---|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | 2007 | 12 month | |
| Net sales | 95.1 | 106.3 | 184.0 | 201.1 | 397.6 | 380.5 |
| Operating profit/loss | 4.9 | 9.5 | 12.3 | 12.4 | 32.9 | 32.8 |
| Sales per geographic market | ||||||
| USA | 38% | 36% | 36% | 40% | 40% | 38% |
| Europe | 44% | 47% | 48% | 45% | 45% | 46% |
| Rest of the world | 18% | 17% | 16% | 15% | 15% | 16% |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
Net sales in the second quarter amounted to 95.1 MSEK (106.3).
At comparable exchange rates sales decreased by 3 percent compared to last year.
The EU area was Discovery Chemistry's biggest market, accounting for 44 percent of the net sales. The US contributed 37 percent and the rest of the world 18 percent.
During the period sales were negatively affected by budget restrictions in the major pharma companies. Especially the synthesis product area was adversely affected. The launch of the company's new purification system, Isolera, has been successful and sales were strong towards the end of the quarter. The positive development of consumables sales has continued and the new SNAP product area has had strongly growing sales.
The gross margin for the second quarter was 56.9 percent (60.4). The gross margin was negatively affected by product mix changes, a higher share of distributor sales and non-recurring costs.
The operating profit for the second quarter amounted to 4.9 MSEK (9.5) with an operating margin of 5.2 percent (8.9).
The forceful efforts to develop new competitive products have continued according to plan. In the second quarter the new purification system Isolera was launched. A number of new consumables and product upgrades have also been introduced.
| Amounts in MSEK | 2nd quarter 2008 |
2nd quarter 2007 |
Jan-Jun 2008 |
Full year 2007 |
Last 12 month |
||
|---|---|---|---|---|---|---|---|
| 2007 | |||||||
| Net sales | 26.2 | 24.8 | 51.3 | 48.9 | 98.8 | 101.1 | |
| Operating profit/loss | 6.2 | 5.5 | 13.9 | 12.0 | 26.2 | 28.1 | |
| Sales per geographic market | |||||||
| USA | 47% | 49% | 47% | 48% | 45% | 45% | |
| Europe | 41% | 44% | 41% | 44% | 47% | 45% | |
| Rest of the world | 12% | 7% | 12% | 8% | 8% | 10% | |
| Sum | 100% | 100% | 100% | 100% | 100% | 100% |
In the second quarter the Biosystems business area increased its net sales to 26.2 MSEK (24.8). At comparable exchange rates net sales increased by 12 percent.
The positive development for the business area continues. System sales totaled 32 units (23). The launch of the company's new instrument PyroMark™Q24 has been successful and during the quarter 9 instruments were sold. The demand for and the interest in the Pyrosequencing® technology and its products continues to be good and sales continue to grow strongly.
The US was Biosystems biggest market with 47 percent of the net sales. The EU area contributed 41 percent and the rest of the world 12 percent of the business area's net sales.
The gross margin was 69.0 percent (63.6). The gross margin was negatively affected by currency changes, as sales are made almost exclusively in foreign currency, while all production takes place in Sweden. Product mix changes and a higher share of direct sales influenced the gross margin positively.
The business area's good profitability continues and the operating result for the second quarter amounted to 6.2 MSEK (5.5) with an operating margin of 23.7 percent (22.0).
The company has strengthened its market position by developing new instruments and tests. The new instrument PyroMark™Q24 was launched at the end of the first quarter. It is believed that this will forcefully expand the installed base of instruments. In parallel new molecular diagnostic tests are being developed in order to take a further part of this strongly growing market.
At June 30, 2008 the Group had 326 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 second quarter 2008 the parent company's net income amounted to 2.0 MSEK (2.1). In the period January – June 2008 net income amounted to 4.0 MSEK (4.3).
A profit after financial items amounting to 0.5 MSEK is reported for the second quarter 2008 (2.2). In the January – June period profit after financial items amounted to 3.9 MSEK (8.0).
The parent company's investments in intangible fixed assets in the second quarter 2008 amounted to 0.6 MSEK (0.6). In January – June investments in intangible fixed assets amounted to 1.1 MSEK (2.2).
On June 30, 2008 the parent company's cash and bank balance amounted to 0.3 MSEK, compared to 0.9 MSEK at December 31, 2007.
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.
The interim report for the third quarter 2008 will be issued on October 31, 2008.
This report has not been reviewed by the company's auditors.
The Board and the President assure that the interim report for the first six months 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 15, 2008
| Ove Mattsson | Axel Broms | Thomas Eklund |
|---|---|---|
| Chairman of the Board | Board member | Board member |
| Per-Olof Eriksson | Annika Espander | Staffan Lindstrand |
| Board member | Board member | Board member |
| Anders Rydin | Bengt Samuelsson | Mathias Uhlén |
| Board member | Board member | Board member |
| Torben Jörgensen President and CEO |
Per-Gunnar Eriksson Employee 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 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.
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. 31-40 in the 2007 Annual Report.
From January 1, 2007 Biotage also applies IFRS 7 Financial Instruments: Information and additions to IAS 1 Formulation of Financial Reports. This involves extended demands on information regarding financial instruments and information on the management of capital. In addition, four interpretation statements from IFRIC have come into force and are being applied from January 1, 2007; IFRIC 7, 8, 9 and 10. The new standards and interpretations have not had any effect on Biotage's reported result and balance.
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].
| 2008-04-01 | 2007-04-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-07-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-06-30 | 2007-06-30 | 2008-06-30 | 2007-06-30 | 2007-12-31 | 2008-06-30 |
| Net sales | 121,311 | 131,138 | 235,291 | 250,010 | 496,402 | 481,684 |
| Cost of goods sold | -49,119 | -51,149 | -91,754 | -96,137 | -190,875 | -186,492 |
| Gross profit | 72,192 | 79,989 | 143,537 | 153,873 | 305,527 | 295,192 |
| Selling expenses | -41,674 | -45,120 | -81,103 | -87,052 | -169,711 | -163,762 |
| Administative expenses | -12,103 | -12,117 | -23,840 | -25,969 | -50,150 | -48,021 |
| Research and development costs | -9,810 | -10,638 | -16,973 | -22,151 | -41,400 | -36,222 |
| Other operating income | 1,914 | 8 | 7,195 | 1,015 | 2,439 | 8,619 |
| Other operating expenses | -1,615 | -1,046 | -11,048 | -1,409 | -3,783 | -13,422 |
| Operating expenses | -63,289 | -68,913 | -125,770 | -135,566 | -262,604 | -252,807 |
| Operating profit/loss | 8,903 | 11,076 | 17,768 | 18,307 | 42,923 | 42,384 |
| Financial income | -192 | 555 | 7,192 | 3,982 | 8,396 | 11,607 |
| Financial expenses | -547 | -1,291 | -3,592 | -3,318 | -5,484 | -5,758 |
| Profit/loss before income tax | 8,165 | 10,339 | 21,368 | 18,970 | 45,835 | 48,233 |
| Tax expenses (not 1) | -157 | 27,736 | -181 | 26,340 | 53,537 | 27,016 |
| Profit/loss after tax | 8,008 | 38,075 | 21,187 | 45,310 | 99,373 | 75,249 |
| Part related to the parent company´s | ||||||
| shareholders | 8,008 | 38,075 | 21,187 | 45,310 | 99,373 | 75,249 |
| 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 | 88,630,046 | 89,094,327 | 88,643,913 | 89,153,026 | 89,015,260 | 88,759,916 |
| 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 | 0.09 kr | 0.43 kr | 0.24 kr | 0.51 kr | 1.12 kr | 0.85 kr |
| Profit/loss per share after dilution SEK | 0.09 kr | 0.43 kr | 0.24 kr | 0.51 kr | 1.12 kr | 0.85 kr |
| Amounts in KSEK | 2008-06-30 | 2007-12-31 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Tangible assets | 78,370 | 84,987 |
| Goodwill | 443,637 | 460,593 |
| Other intagible assets | 109,424 | 98,460 |
| Financial assets | 46,944 | 46,934 |
| Capitalized loss carry-forward | 52,496 | 53,419 |
| Summa anläggningstillgångar | 730,871 | 744,393 |
| Current assets | ||
| Inventory | 102,518 | 97,144 |
| Account receivable and other receivables | 108,175 | 116,044 |
| Liquid funds | 18,365 | 31,017 |
| Total current assets | 229,057 | 244,206 |
| TOTALT ASSETS | 959,928 | 988,599 |
| EQUITY AND LIABILITIES Capital and reserves attributable to shareholders in parent comapny |
||
| Share capital | 88,486 | 88,486 |
| Other contributed capital | 847,162 | 1,513,992 |
| Accumulated translation difference | -55,242 | -72,117 |
| Profit/loss carried forward | -83,368 | -734,096 |
| Total equity | 797,038 | 796,265 |
| Long term liabilities | ||
| Loans | 33,310 | 37,152 |
| Provisions of a long-term nature | 3,382 | 3,776 |
| Total long term liabilities | 36,692 | 40,928 |
| Current liabilities | ||
| Accounts payable and other liabilitiwes | 92,753 | 111,235 |
| Tax liabilities | 1,479 | 1,159 |
| Loans | 27,843 | 34,741 |
| Provisions of a short-term nature | 4,124 | 4,271 |
| Total current liabilities | 126,199 | 151,406 |
| TOTAL EQUITY AND LIABILITIES | 959,928 | 988,599 |
| 2008-04-01 | 2007-04-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-07-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-06-30 | 2007-06-30 | 2008-06-30 | 2007-06-30 | 2007-12-31 | 2008-06-30 |
| Operating activities | ||||||
| Profit/loss after financial items | 8,165 | 10,339 | 21,368 | 18,970 | 45,835 | 48,233 |
| Adjustments for items not included in the cash flow | 8,346 | 9,003 | 17,442 | 17,902 | 30,810 | 30,350 |
| 16,510 | 19,342 | 38,811 | 36,872 | 76,645 | 78,583 | |
| Tax paid | -157 | 87 | -181 | -1,309 | -519 | 609 |
| Cash flow from operating activities | ||||||
| before changes in working capital | 16,353 | 19,428 | 38,629 | 35,563 | 76,126 | 79,193 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of inventories | -875 | -181 | -10,652 | -9,444 | -15,273 | -16,480 |
| Increase (-)/ decrease (+) of account receivables | -9,795 | -16,352 | 3,923 | -15,613 | -18,633 | 903 |
| Increase (-)/ decrease (+) of other current receivables | 1,352 | 1,600 | 1,548 | 939 | -3,979 | -3,371 |
| Increase (+)/ decrease (-) of other liabilities | -4,507 | -19,323 | -15,571 | -12,118 | -4,523 | -7,976 |
| Cash flow from operating activities | 2,528 | -14,827 | 17,878 | -673 | 33,718 | 52,269 |
| Investing activities | ||||||
| Acquisition of intangible fixed assets | -10,044 | -11,090 | -19,970 | -24,733 | -44,143 | -39,381 |
| Sales of intangible fixed assets | 16 | 16 | ||||
| Acquisition of tangible fixed assets | -2,667 | -1,552 | -4,984 | -3,069 | -8,198 | -10,112 |
| Sales og tangible fixed assets | 32 | 32 | 32 | |||
| Acquisition of financial assets | -86 | -18 | -177 | -102 | -279 | |
| Sales of financial assets | 17 | 3 | 4 | 18 | ||
| Cash flow from investment activities | -12,765 | -12,660 | -25,082 | -27,798 | -52,422 | -49,706 |
| Financial activities | ||||||
| Loans taken | - | - | 1,662 | 6,164 | 4,502 | |
| Amortization of loan liabilities | -4,806 | -2,037 | -5,327 | -1,355 | -6,455 | -10,427 |
| Cash flow from financial activities | -4,806 | -2,037 | -5,327 | 307 | -291 | -5,925 |
| Cash flow during period | -15,043 | -29,525 | -12,531 | -28,164 | -18,995 | -3,362 |
| Cash and liquid assets beginning of period | 33,315 | 51,600 | 31,017 | 50,136 | 50,136 | 21,942 |
| Exchange differences in liquid assets | 93 | -133 | -122 | -30 | -124 | -215 |
| Cash and liquid assets at end of period | 18,365 | 21,942 | 18,365 | 21,942 | 31,017 | 18,365 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 8,132 | 8,070 | 15,751 | 17,953 | 31,563 | 29,361 |
| Other items | 214 | 932 | 1,692 | -51 | -754 | 989 |
| Total | 8,346 | 9,003 | 17,442 | 17,902 | 30,810 | 30,350 |
| Share | Other payed-in |
Accumulated translation |
Hedging- | Profit/loss carried |
Total | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | capital | capital | differences | reserve | forward | equity |
| Opening balance January 1, 2007 | 88,486 | 1,512,383 | -55,386 | - | -833,009 | 712,474 |
| Förändringar under 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 | - | - | -21,559 | - | - | -21,559 |
| Change in hedging reserve for the year | - | - | - | 340 | 340 | |
| Profit/loss January - June 2008 | - | - | - | - | 21,187 | 21,187 |
| Change due to outstanding option programs | - | 805 | - | - | - | 805 |
| Total changes during 2008: | 0 | -666,831 | 16,995 | 340 | 650,269 | 773 |
| Closing balance June 30, 2008 | 88,486 | 847,162 | -55,122 | -120 | -83,368 | 797,038 |
| 2008-04-01 | 2007-04-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-07-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-06-30 | 2007-06-30 | 2008-06-30 | 2007-06-30 | 2007-12-31 | 2008-06-30 |
| Net sales | 1,990 | 2,129 | 3,979 | 4,305 | 8,345 | 8,019 |
| Selling expenses | -9 | -237 | -205 | -237 | -506 | -475 |
| Administative expenses | -4,627 | -3,947 | -8,658 | -8,227 | -15,350 | -15,781 |
| Research and development costs | -1,473 | -795 | -2,156 | -1,894 | -2,936 | -3,198 |
| Other operating income | 2,050 | 1,496 | 4,121 | 4,788 | 8,118 | 7,452 |
| Other operating expenses | -639 | -779 | -2,772 | -1,656 | -3,892 | -5,008 |
| Operating expenses | -4,699 | -4,262 | -9,670 | -7,226 | -14,565 | -17,009 |
| Operating profit/loss | -2,709 | -2,133 | -5,690 | -2,921 | -6,220 | -8,990 |
| Profit/loss from financial investments: | ||||||
| Interest income from receivables from group companies | 3,666 | 4,976 | 7,339 | 8,502 | 16,453 | 15,290 |
| Interest expenses from liabilities to group companies | -534 | -317 | -1,071 | -671 | -1,793 | -2,193 |
| Profit and loss from other securities and receivalbes that are long term financial assets |
0 | - | 5,092 | 2,863 | 5,371 | 7,600 |
| Other interest income and similar income items | - | 0 | 1 | 117 | 116 | |
| Interest expenses and similar expense items | -17 | -1 | -34 | -4 | -5 | -34 |
| Translation differences on intra-group receivalbles | 148 | -292 | -1,718 | 197 | -349 | -2,264 |
| Net financial income/expense | 3,263 | 4,366 | 9,609 | 10,888 | 19,794 | 18,514 |
| Profit/loss after financial items | 554 | 2,233 | 3,918 | 7,967 | 13,574 | 9,525 |
| Tax expenses | - | 27,649 | 27,649 | 49,026 | 21,377 | |
| Profit/loss after tax | 554 | 29,882 | 3,918 | 35,617 | 62,600 | 30,902 |
| Amounts in KSEK | 2008-06-30 | 2007-12-31 |
|---|---|---|
| ASSETS | ||
| Fixed assets | ||
| Intangible fixed assets | ||
| Patent and license rights | 12,382 12,382 |
13,309 13,309 |
| Financial assets | ||
| Participation in group companies | 717,727 | 717,727 |
| Receivables from group companies | 117,549 | 109,869 |
| Deferred tax asset Other long-term securities |
39,361 45,783 |
39,361 45,783 |
| 920,420 | 912,740 | |
| Total fixed assets | 932,802 | 926,049 |
| Current assets | ||
| Current receivables | ||
| Receivables from group companies | 60,502 | 76,382 |
| Other receivables | 1,651 | 632 |
| Prepraid expenses and accrued income | 1,832 63,986 |
1,514 78,528 |
| Cash and bank balances | 290 | 862 |
| Total current assets | 64,276 | 79,390 |
| TOTALT ASSETS | 997,077 | 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 | -13,769 | -38,554 |
| Profit/loss carried forward | - | -691,682 |
| Profit/loss for the period reported | 3,918 | 62,600 |
| -9,851 | -667,636 | |
| Total equity | 920,815 | 930,667 |
| Current liabilities | ||
| Account payable | 1,159 | 1,488 |
| Liabilities to group companies | 72,033 | 60,140 |
| Other short term liabilities Accrued expenses and prepaid income |
177 2,892 |
5,369 7,775 |
| 76,261 | 74,772 | |
| TOTAL EQUITY, PROVISIONS AND LIABILITIES | 997,077 | 1,005,439 |
| 2008-04-01 | 2007-04-01 | 2008-01-01 | 2007-01-01 | 2007-01-01 | 2007-07-01 | |
|---|---|---|---|---|---|---|
| Amounts in KSEK | 2008-06-30 | 2007-06-30 | 2008-06-30 | 2007-06-30 | 2007-12-31 | 2008-06-30 |
| Den löpande verksamheten | ||||||
| Profit/loss after financial items | 554 | 2,233 | 3,918 | 7,967 | 13,574 | 9,525 |
| Adjustments for items not included in the cash flow | 1,308 | 568 | 1,863 | 1,265 | 2,424 | 3,023 |
| 1,862 | 2,801 | 5,782 | 9,232 | 15,999 | 12,548 | |
| Tax paid | - | - | - | - | - | |
| Cash flow from operating activities before changes in working capital |
1,862 | 2,801 | 5,782 | 9,232 | 15,999 | 12,548 |
| Cash flow from change in working capital: | ||||||
| Increase (-)/ decrease (+) of other current receivables | -7,680 | -5,808 | -6,907 | -6,242 | -10,940 | -11,605 |
| Increase (+)/ decrease (-) of other liabilities | 2,456 | -9,080 | 1,488 | -7,035 | -9,351 | -828 |
| Cash flow from operating activities | -3,362 | -12,087 | 363 | -4,044 | -4,293 | 114 |
| Investing activities | ||||||
| Acquisition of intagnibile fixed assets | -408 | -602 | -935 | -2,208 | -3,037 | -1,764 |
| Sales of intagnibile fixed assets | 16 | 16 | ||||
| Acquisition of subsidiaries | -331 | -331 | ||||
| Increase (-)/ decrease (+) of other long-term receivables | 3,685 | -1,191 | -72 | 1,119 | ||
| Cash flow from investment activities | -408 | 3,083 | -935 | -3,399 | -3,423 | -960 |
| Cash flow from financial activities | - | - | - | - | - | - |
| Cash flow during period | -3,770 | -9,004 | -572 | -7,443 | -7,716 | -845 |
| Cash and liquid assets beginning of period | 4,060 | 10,139 | 862 | 8,578 | 8,578 | 1,135 |
| Cash and liquid assets at end of period | 290 | 1,135 | 290 | 1,135 | 862 | 290 |
| Additional information: | ||||||
| Adjustments for items not included in the cash flow | ||||||
| Depreciations and write-downs | 1,307 | 544 | 1,862 | 1,088 | 2,192 | 2,966 |
| Other items | 1 | 24 | 1 | 177 | 233 | 57 |
| Total | 1,308 | 568 | 1,863 | 1,265 | 2,424 | 3,023 |
| Amounts in KSEK | Share capital |
Statutory reserve |
Fair value fond |
carried forward |
Total 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 | - | - | -13,769 | - | -13,769 |
| Profit/loss January - June 2008 | - | - | 3,918 | 3,918 | |
| Total changes during 2008 | 0 | -667,636 | 24,785 | 633,000 | -9,851 |
| Closing balance June 30, 2008 | 88,486 | 842,180 | -13,769 | 3,918 | 920,815 |
Amounts in KSEK Amounts in KSEK Net sales
| Int eri IN CO ME ST AT EM EN T B Y S EG ME NT ort m rep |
IN CO ME ST AT EM EN T B Y S EG ME NT |
|---|---|
| --------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ |
| 20 08 -01 -01 20 08 -06 -30 -- |
Di sco ver y |
20 07 -01 -01 20 07 -06 -30 -- |
Di sco ver y |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
||
| Ne les t sa |
51 254 , |
18 4, 03 7 |
- | 23 5, 29 1 |
Ne les t sa |
48 92 0 , |
20 1, 08 9 |
- | 25 0, 01 0 |
| f g ds sol d Co st o oo |
-15 93 9 , |
-75 815 , |
- | -91 754 , |
f g ds sol d Co st o oo |
-17 614 , |
-78 52 3 , |
- | -96 137 , |
| Gr ofi t oss pr |
35 31 5 , |
10 8, 22 2 |
0 | 14 3, 53 7 |
Gr ofi t oss pr |
31 30 7 , |
12 2, 56 6 |
0 | 15 3, 873 |
| Gro in ss m arg |
68 .9% |
58 .8% |
61 .0% |
Gro in ss m arg |
64 .0% |
61 .0% |
61 .5% |
||
| Sel lin g e xp ens es |
-15 630 , |
-65 47 3 , |
- | -81 103 , |
Sel lin g e xp ens es |
-14 07 7 , |
-72 974 , |
- | -87 05 2 , |
| Ad mi nis ive tat ex pen ses |
-3, 144 |
-15 82 8 , |
-4, 869 |
-23 84 1 , |
Ad mi nis tati ve exp ens es |
-2, 734 |
-17 52 9 , |
-5, 70 7 |
-25 96 9 , |
| rch d d lop Re nt ts sea an eve me cos |
-2, 62 8 |
-14 345 , |
- | -16 97 3 , |
rch d d lop Re nt ts sea an eve me cos |
-2, 48 2 |
-19 669 , |
- | -22 15 1 , |
| Oth ing in rat er ope com e |
0 | 29 8 |
6, 897 |
7, 195 |
Oth tin inc er op era g om e |
0 | 25 4 |
76 1 |
1, 01 5 |
| Oth tin er op era g e xp ens es |
-12 | -55 0 |
-10 48 6 , |
-11 04 8 , |
Oth tin er op era g e xp ens es |
0 | -25 9 |
-1, 150 |
-1, 40 9 |
| Op tin era g e xp ens es |
-21 41 4 , |
-95 897 , |
-8, 45 9 |
-12 5, 77 0 |
Op tin era g e xp ens es |
-19 29 3 , |
-11 0, 178 |
-6, 09 6 |
-13 5, 56 6 |
| Op tin rof it/l era g p oss |
13, 90 1 |
12 32 5 , |
-8, 45 9 |
17 76 8 , |
Op tin rof it/l era g p oss |
12, 01 4 |
12 38 9 , |
-6, 09 6 |
18 30 7 , |
| Fin ial inc et anc om e n |
- | - | 3, 600 |
3, 600 |
Fin ial inc et anc om e n |
- | - | 3 66 |
3 66 |
| ofi t/lo bef in Pr e t ss ore com ax |
13, 90 1 |
12 32 5 , |
-4, 85 8 |
21 36 8 , |
ofi t/lo bef in Pr e t ss ore com ax |
12, 01 4 |
12 38 9 , |
-5, 43 2 |
18 97 0 , |
| Ta x e xp ens es |
- | - | -18 1 |
-18 1 |
Ta x e xp ens es |
- | - | 26 340 , |
26 340 , |
| ofi t/lo aft Pr tax ss er |
13 90 1 , |
12 32 5 , |
04 0 -5, |
21 187 , |
ofi t/lo aft Pr tax ss er |
12 01 4 , |
12 38 9 , |
20 90 8 , |
45 31 0 , |
| Di sco ver y |
20 07 -01 -01 20 07 -06 -30 -- |
Di sco ver y |
||||||
|---|---|---|---|---|---|---|---|---|
| Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
|
| 25 0, 01 0 |
||||||||
| -96 137 |
||||||||
| , | , | , | , | , | , 15 3, 873 |
|||
| 68 .9% |
58 .8% |
61 .0% |
Gro in ss m arg |
64 .0% |
61 .0% |
61 .5% |
||
| -15 630 , |
-65 47 3 , |
- | -81 103 , |
Sel lin ens es |
-14 07 7 , |
-72 974 - , |
-87 05 2 , |
|
| -3, 144 |
-15 82 8 , |
-4, 869 |
-23 84 1 , |
Ad mi nis tati ve ens es |
-2, 734 |
-17 52 9 , |
-5, 70 7 |
-25 96 9 , |
| -2, 62 8 |
-14 345 , |
- | -16 97 3 , |
Re rch d d nt ts sea an eve me cos |
-2, 48 2 |
-19 669 - , |
-22 15 1 , |
|
| 0 | 29 8 |
6, 897 |
7, 195 |
Oth tin inc er op era g om e |
0 | 25 4 |
76 1 |
1, 01 5 |
| -12 | -55 0 |
-10 48 6 , |
-11 04 8 , |
Oth tin er op era g e xp ens es |
0 | -25 9 |
-1, 150 |
-1, 40 9 |
| -21 41 4 , |
-95 897 , |
-8, 45 9 |
-12 5, 77 0 |
Op tin era g e xp ens es |
-19 29 3 , |
-11 0, 178 |
-6, 09 6 |
-13 5, 56 6 |
| 13, 90 1 |
12 32 5 , |
-8, 45 9 |
17 76 8 , |
Op tin rof it/l era g p oss |
12, 01 4 |
12 38 9 , |
-6, 09 6 |
18 30 7 , |
| - | - | 3, 600 |
3, 600 |
Fin ial inc et anc om e n |
- | - | 66 3 |
66 3 |
| 13, 90 1 |
12 32 5 , |
-4, 85 8 |
21 36 8 , |
Pr ofi t/lo bef in e t ss ore com ax |
12, 01 4 |
12 38 9 , |
-5, 43 2 |
18 97 0 , |
| - | - | -18 1 |
-18 1 |
Ta x e xp ens es |
- | - | 26 340 , |
26 340 , |
| 13 90 1 , |
12 32 5 , |
-5, 04 0 |
21 187 , |
Pr ofi t/lo aft tax ss er |
12 01 4 , |
12 38 9 , |
20 90 8 , |
45 31 0 , |
| 51 254 , -15 93 9 35 31 5 , |
18 4, 03 7 -75 815 10 8, 22 2 |
- - 0 |
23 5, 29 1 -91 754 14 3, 53 7 |
les Ne t sa Co f g ds sol d st o oo Gr ofi t oss pr g e xp exp lop |
48 92 0 , -17 614 31 30 7 , |
20 1, 08 9 -78 52 3 12 2, 56 6 |
- - 0 |
Amounts in KSEKAmounts in KSEK
| 20 08 -04 -01 20 08 -06 -30 -- |
Di sco ver y |
20 07 -04 -01 20 07 -06 -30 -- |
Di sco ver y |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
||
| les Ne t sa |
26 21 9 , |
95 09 2 , |
- | 12 1, 31 1 |
les Ne t sa |
24 825 , |
10 6, 312 |
- | 13 1, 138 |
| Co f g ds sol d st o oo |
-8, 12 1 |
-40 99 8 , |
- | -49 119 , |
Co f g ds sol d st o oo |
-9, 02 6 |
-42 123 , |
- | -51 149 , |
| Gr ofi t oss pr |
18, 09 8 |
54 09 4 , |
0 | 72 192 , |
Gr ofi t oss pr |
15, 80 0 |
64 189 , |
0 | 79 98 9 , |
| Gro in ss m arg |
.0% 69 |
56 .9% |
59 .5% |
Gro in ss m arg |
63 .6% |
60 .4% |
61 .0% |
||
| Sel lin g e xp ens es |
-8, 20 3 |
-33 47 1 , |
- | -41 674 , |
Sel lin g e xp ens es |
38 1 -7, |
-37 73 9 - , |
-45 120 , |
|
| Ad mi nis tati ve exp ens es |
-1, 570 |
-7, 97 2 |
-2, 56 2 |
-12 103 , |
Ad mi nis tati ve exp ens es |
-1, 37 1 |
-7, 92 5 |
-2, 82 1 |
-12 117 , |
| rch d d lop Re nt ts sea an eve me cos |
-2, 105 |
70 5 -7, |
810 -9, |
rch d d lop Re nt ts sea an eve me cos |
-1, 42 6 |
21 2 -9, |
0 | -10 63 8 , |
|
| Oth tin inc er op era g om e |
0 | 96 | 1, 819 |
1, 914 |
Oth ing in rat er ope com e |
-16 9 |
10 9 |
-66 9 |
-72 9 |
| Oth tin er op era g e xp ens es |
0 | -13 3 |
-1, 48 3 |
-1, 615 |
Oth ing rat er ope ex pen ses |
0 | 45 | -35 4 |
-31 0 |
| Op tin era g e xp ens es |
-11 87 8 , |
-49 186 , |
-2, 22 6 |
-63 28 9 , |
Op tin era g e xp ens es |
-10 34 6 , |
-54 72 3 , |
-3, 844 |
-68 913 , |
| Op tin rof it/l era g p oss |
6, 22 0 |
4, 90 8 |
-2, 22 6 |
8, 903 |
Op tin rof it/l era g p oss |
5, 45 4 |
9, 46 6 |
-3, 844 |
11 07 6 , |
| Fin ial inc et anc om e n |
- | - | -73 8 |
-73 8 |
Fin ial inc et anc om e n |
- | - | -73 7 |
-73 7 |
| Pr ofi t/lo bef in e t ss ore com ax |
6, 22 0 |
4, 90 8 |
-2, 96 4 |
8, 165 |
Pr ofi t/lo bef in e t ss ore com ax |
5, 45 4 |
9, 46 6 |
-4, 58 1 |
10 33 9 , |
| Ta x e xp ens es |
- | - | -15 7 |
-15 7 |
Ta x e xp ens es |
- | - | 27 73 6 , |
27 73 6 , |
| Pr ofi t/lo aft tax ss er |
6, 22 0 |
4, 90 8 |
-3, 12 1 |
8, 00 7 |
Pr ofi t/lo aft tax ss er |
5, 45 4 |
9, 46 6 |
23 155 , |
38 07 5 , |
| Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
Bio tem sys |
Ch ist em ry |
Co rat rpo e |
To tal |
|
|---|---|---|---|---|---|---|---|---|
| 26 21 9 , |
95 09 2 , |
- | 12 1, 31 1 |
Ne les t sa |
24 825 , |
10 312 6, |
- | 13 1, 138 |
| 6, 22 0 |
4, 90 8 |
-2, 96 4 |
8, 165 |
ofi t/lo bef in Pr e t ss ore com ax |
5, 45 4 |
9, 46 6 |
-4, 58 1 |
10 33 9 , |
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