BioGaia AB Interim report 1 January - 30 June 2011

BioGaia AB
Interim report 1 January - 30 June 2011
(Figures in brackets refer to the same period of last year)

Interim period, 1 January - 30 June 2011

-    Net sales reached SEK 159.5 million (124.4), an increase of SEK 35.1 million (28%). Excluding foreign exchange effects, the increase in net sales was 39%1).

-    Operating profit was SEK 57.3 million (31.5)2), an improvement of SEK 25.8 million (82%). Excluding foreign exchange effects, operating profit rose by 110%1).

-    Profit before tax was SEK 57.8 million (38.1) 2), an increase of SEK 19.7 million (52%).

-    Profit after tax was SEK 42.2 million (26.3) 2), an improvement of SEK 15.9 million (60%).

-    Earnings per share amounted to SEK 2.38 (1.53).

-    The period's cash flow from operating activities before changes in working capital was SEK 38.8 million (32.5). Total cash flow for the period was SEK -20.2 million (9.2). During the period BioGaia paid dividends of SEK 34.5 million and corporate tax of SEK 24.5 million (of which SEK 18.4 million refers to the financial year 2010). Cash and cash equivalents at 30 June 2011 amounted to SEK 126.6 million (109.4).

Second quarter, 1 April - 30 June 2011

-    Net sales reached SEK 89.6 million (65.9), an increase of SEK 23.7 million (36%). Excluding foreign exchange effects net sales were up by 45%1).

-    Operating profit was 33.9 million (17.4)2), an improvement of SEK 16.5 million (95%). Excluding foreign exchange effects operating profit increased by 120%1) .

-    Profit before tax was SEK 32.3 million (20.0) 2), an increase of SEK 12.3 million (62%).

-    Profit after tax was SEK 23.7 million (14.1) 2), an improvement of SEK 9.6 million (68%).


Key events after the end of the second quarter of 2011

-    Agreement for the sale of drops and tablets in Morocco.



"The positive trend that we saw in the first quarter continued in the second quarter of the year, which has enabled us to report new record figures for both sales and profit. We are noting continued strong growth in sales to our Japanese customers, as well as to Nestlé and several other key customers in Europe. Italy continues to be our largest market for finished products and we continue to grow there," says Peter Rothschild, President of BioGaia.


BioGaia has published this information in accordance with the Swedish Securities Market Act. The information was issued for publication on 17 August 2011, 8:00 a.m. CET.

BioGaia is a biotechnology company that develops, markets and sells probiotic products with documented health benefits. The products are primarily based on the lactic acid bacterium Lactobacillus reuteri (Reuteri), which has probiotic, health-enhancing effects. The class B share of the Parent Company BioGaia AB is quoted on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm. www.biogaia.com
 
1)    Most of the company's sales are denominated in EUR. With unchanged exchange rates compared to the previous year, net sales would have been SEK 12.8 million higher and operating profit would have been SEK 9.0 million higher for the period January - June 2011. For the second quarter, April - June 2011, net sales would have been SEK 6.0 higher and operating profit would have been SEK 4.3 million higher.

2)    The 50%-owned company TwoPac AB is consolidated as a group company with effect from 1 January 2011. TwoPac was previously reported as an associated company. If TwoPac had also been consolidated in the previous year, operating profit for the period January-June 2010 would have been SEK 32.4 million, profit before tax would have been SEK 39.0 million and profit after tax would have been SEK 27.2 million. The corresponding figures for April-June 2010 are an operating profit of SEK 17.9 million, profit before tax of SEK 20.5 million and profit after tax of SEK 14.5 million. Profit attributable to owners of the Parent Company and earnings per share would have been unchanged for both periods. See also information on page 8.