Current Size: 100%
Interim report 1 January - 30 September 2010
Interim period, 1 January - 30 September 2010
Net sales amounted to SEK 173.3 million (151.2), an increase of SEK 22.1 million (15%). Excluding foreign exchange effects, the increase in net sales was 25%1).
Operating profit was SEK 40.1 million (36.4), an improvement of SEK 3.7 million (10%). Excluding foreign exchange effects, operating profit rose by 39%1).
Profit before tax was SEK 51.1 million (42.6), an increase of SEK 8.5 million (20%).
Profit after tax was SEK 34.3 million (29.3), an improvement of SEK 5.0 million (17%).
Earnings per share amounted to SEK 1.99 (1.70).
The period's cash flow from operating activities before changes in working capital was SEK 41.9 million (40.0). Total cash flow for the period was SEK 25.7 million (29.7). Dividends of SEK 25.8 million (6.9) were paid during the period at the same time that the company raised SEK 4.9 (0,0) million from the new shares issued in connection with the redemption of warrants. Cash and cash equivalents at 30 September 2010 amounted to SEK 125.7 million (87.5).
Third quarter 1 July - 30 September 2010
Net sales amounted to SEK 48.9 million (38.7), an increase of SEK 10.2 million (26%). Excluding foreign exchange effects and the effect of early deliveries in the second quarter 2009, the increase in net sales was 20%1) 2).
Operating profit was SEK 8.6 million (6.4), an improvement of SEK 2.2 million (34%). Excluding foreign exchange effects and early deliveries in the second quarter 2009, operating income rose by 13% 1) 2).
Profit before tax was SEK 12.9 million (11.3), an increase of SEK 1.6 million (14%).
Profit after tax was SEK 8.0 million (7.7), an improvement of SEK 0.3 million (4%).
Key events in the third quarter of 2010
Study showing that Lactobacillus reuteri Protectis is effective in infants with chronic constipation published in Journal of Pediatrics.
Collaboration agreement with SCA regarding intimate hygiene products and products for the elderly.
"..Nestlé has started its launch in 19 countries and took sizeable deliveries of cultures for infant formula with Reuteri. Nestlé is thus on its way to becoming one of our largest customers. In other respects we have seen a continuation of the trend noted earlier in the year, namely that sales of probiotic drops and tablets in Europe are very strong, whereas sales in Japan have not yet gained momentum after the change in our business model there" says Peter Rothschild, President of BioGaia.
1) Most of the company's sales are denominated in foreign currency, primarily EUR. With unchanged exchange rates, net sales would have been SEK 15.5 million higher and operating profit would have been SEK 10.5 million higher for the nine-month period.
2) In June 2009, deliveries worth the equivalent of SEK 5.4 million were moved forward from the third to the second quarter, which meant that net sales and profit for the third quarter of last year were lower than normal.
View as pdf: Interim report q3 2010 (pdf) 