BioGaia AB: Year-end report 2013
“In 2013 the sales focus for new contracts was on the BRIC countries, and it is encouraging to see that we have made real progress in nearly all of these markets. 2014 will be a very exciting year as we look forward to interesting launches in markets like Brazil. We should also have a good possibility to build up our sales in the USA, a market we still assess to have great potential,” says Peter Rothschild, President of BioGaia.
(Figures in brackets refer to the same period of last year)
Full year 2013
- Net sales reached SEK 315.9 million (289.2¹), an increase of SEK 26.7 million (9%). Excluding foreign exchange effects, net sales improved by 12%.
- Net sales of finished consumer products amounted to SEK 256.2 million (237.6), representing growth of SEK 18.6 million (8%). Excluding foreign exchange effects, net sales improved by 11%.
- Net sales of component products amounted to SEK 58.6 million (50.6¹), an increase of SEK 8.0 million (16%). Excluding foreign exchange effects, net sales rose by 17%.
- Operating profit was SEK 81.7 million (72.1¹), an improvement of 9.6 million (13%). Excluding foreign exchange effects, operating profit rose by 16%.
- Profit after tax was SEK 64.2 million (63.7¹), an increase of SEK 0.5 million (1%). Net financial items include a foreign exchange loss of SEK 2.9 million on forward exchange contracts in EUR. Profit for the previous year included a corresponding foreign exchange gain of SEK 5.7 million.
- Earnings per share totalled SEK 3.57 (3.52¹).
- The period’s total cash flow was SEK -140.8 million (203.8). Last year’s cash flow included payment of SEK 356.0 million in licence revenue from Nestlé. Cash and cash equivalents at 31 December 2013 totalled SEK 234.3 million (375.0).
- The Board proposes to the upcoming AGM an ordinary dividend of SEK 3.35 and an extraordinary dividend of SEK 3.65, for a total dividend of SEK 7.00 per share.
Fourth quarter 2013
- Net sales amounted to SEK 90.2 million (72.4), up by SEK 17.8 million, (25%). Excluding foreign exchange effects, net sales increased by 26%.
- Net sales of finished consumer products totalled SEK 75.1 million (65.6), an improvement of SEK 9.5 million (14%). Excluding foreign exchange effects, net sales were up by 16%.
- Net sales of component products amounted to SEK 15.0 million (6,8), an increase of SEK 8.2 million (121%). Excluding foreign exchange effects, net sales grew by 118%.
- Operating profit was SEK 23.8 million (13.1), an increase of SEK 10.7 million (82%). Excluding foreign exchange effects, net sales improved by 80%.
- Profit after tax was SEK 16.3 million (15.8), an increase of SEK 0.5 million (3%). In the fourth quarter of last year, provisions were made to untaxed reserves, leading to a positive tax effect of SEK 2.3 million.
Key events in the fourth quarter of 2013
- Decision to invest in development of drug against NEC.
- New agreement for the sale of drops and tablets in Brazil.
- Two new studies on BioGaia Gastrus published.
- BioGaia expands network in the oral health area.
- Meta-analysis regarding L. reuteri Protectis and colic.
Key events after the end of the fourth quarter
- Publication of study showing that colic can be prevented.
- No significant differences in BioGaia’s diabetes study
1) Excluding license revenue from Nestlé. Net sales and profit for the previous year also included license revenue of SEK 356.0 million from Nestlé for a perpetual license to use Lactobacillus reuteri Protectis in infant formula during the remaining term of the patent, which is regarded as non-recurring revenue. Including license revenue from Nestlé, net sales amounted to SEK 645.2 million, operating profit to SEK 428.1 million, profit after tax to SEK 329.9 million and earnings per share to SEK 18.93 for 2012.
Teleconference: You are welcome to take part in a teleconference on the interim report that will be held today at 9:30 a.m. by President Peter Rothschild. To participate in the conference, please see www.biogaia.com/agenda.
BioGaia has published this information in accordance with the Swedish Securities Market Act. The information was issued for publication on 12 February 2014, 8.00 a.m. CET.
This is a translation of Swedish version of the interim report. When in doubt, the Swedish wording prevails
Latest press releases from BioGaia:
2014-01-28 No significant differences in BioGaia’s diabetes study
2014-01-14 It is possible to prevent colic in healthy infants
2013-12-05 One of the world’s most widespread infections – BioGaia’s Gastrus improves treatment