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Year-end report 2011

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For the fourth quarter, October - December

  • Net sales for the quarter were SEK 27.5 million (20.0), an increase of 37.5 percent year on year. The quarter’s results included full sales figures from Olerup GmbH, which was consolidated into the group as of June 1, 2011.
  • Operating loss (EBIT) for the quarter was SEK 76.0 million (-4.0). The results were impacted by the impairment of intangible assets of SEK 74.6 million.
  • Loss after tax was SEK 72.6 million (-5.3).
  • Loss per share basic and diluted was SEK 0.75 (-0.07).

For the January – December period

  • Net sales for the year amounted to SEK 98.7 million (80.5), an increase of 22.6 percent.
  • Operating loss (EBIT) for the year was SEK 88.1 million (-8.1). Non-recurring costs of SEK 10 million were charged to the results for the year as well as the impairment of intangible assets of SEK 74.6 million.
  • Loss after tax for the year was SEK 504.7 million (-13.6). The results were charged with a decrease in value of the associated companies of SEK 414.7 million, of which SEK 0.7 million was charged to the fourth quarter, as well as the impairment of intangible assets of SEK 74.6 million.
  • Loss per share for the year, basic and diluted, was SEK 7.23 (-0.16).
  • Equity per share was SEK 1.85 (33.43).
  • Equity/assets ratio was 54 (69) percent.

Key events in the fourth quarter

  • In October, the group implemented a rights issue in Allenex, resulting in an increase of the company’s share capital of SEK 103.1 million. The issue generated funds of around SEK 108.6 million before issue costs. In addition, Allenex reduced its (”KV1”) convertible debt by SEK 44.1 million in an offset against shares.
  • In October, AbSorber won patent protection in the U.S. for the diagnostic transplantation cross-match test XM-ONE®.
  • At the annual ASHI congress held in mid-October in New Orleans, Allenex presented its complete transplantation sector portfolio for the first time under the new company name.
  • In November, the group implemented a directed offer to holders of convertibles regarding early repayment of Allenex (”KV1”) convertibles at 100 percent of the nominal rate, equivalent to SEK 30 per convertible. Holders of convertibles representing SEK 33.1 million accepted the offer, following which the company’s outstanding convertible debt (”KV1”) is SEK 7.7 million. Repayment was made at the end of January 2012.
  • The rights issue implemented by Allenex during the quarter resulted in that the two largest shareholders in Allenex, Mohammed Al Amoudi and FastPartner AB (publ), now own over 30 percent of the shares and votes in the company respectively, thereby reaching the limit for a mandatory bid on the company. Hence, a public takeover bid was made through Xenella Holding AB, jointly owned by Mohammed Al Amoudi and FastPartner AB (publ), at the end of November to the shareholders of Allenex for SEK 1.50 in cash per share. The offer valued all outstanding shares in Allenex at a total of around SEK 180.4 million. The Board of Directors of Allenex AB recommended shareholders not to accept Xenella Holding’s offer.

Key events after the year-end

  • At the end of the period of application, Xenella Holding’s offer had been accepted by shareholders representing 11,174,755 shares in Allenex, equivalent to 9.3 percent of the shares and votes in the company.

CEO Anders Karlsson’s commentary on the fourth quarter 2011:
“The reshaping of Allenex into a global transplantation company is moving full speed ahead. Our intention is to create a company with the capacity to generate strong sales growth, while providing our customers with the best possible support. Our organization for 2012 is now in place. We have a strong offering and are market leader in all product segments. Sales growth is robust and our products continuously win market share in this highly competitive market. This growth has occurred in particular in the U.S. market, where we added several new customers during the year, while all major accounts remain at least at the same level as before.”

Allenex AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 15:00 (CET) on February 23, 2012.


For more information, please contact:
Anders Karlsson, CEO, tel: +46 (0)70-918 00 10 or email anders.karlsson@allenex.se

Allenex is a life science company that develops, manufactures, markets and sells high quality products and services that facilitate safer transplants with better results. Allenex is listed on NASDAQ OMX Stockholm, Small Caps, (ticker: ALNX). The Allenex group had a total of 60 employees at the year-end.

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