Biora AB: Year End Report 2001.Business Editors MALMO, Sweden--(BUSINESS WIRE)--Feb. 19, 2002 Biora AB--
4th Qtr 4th Qtr Full year Full year
2001 2000 2001 2000
Net sales, MSEK 32.9 22.7 110.7 89.2
Operating profit / loss, 0.2 -24.4 -26.5 - 78.7
MSEK
Net profit / loss, 0.6 -24.0 -25.1 - 76.1
MSEK
-- An enamel matrix protein-based product for endodontic therapy (treatment of
dental pulp) - a phase I trial is underway.
-- An enamel matrix protein-based product to reduce pain and discomfort
following scaling- and root planing of periodontal pockets - a phase II study
is ongoing.
-- Product to treat dry mouth (xerostomia) - a phase I study on healthy
volunteers with this patent- protected pharmaceutical product was initiated
during 2001.
-- Development of a new product for growth of hard tissues, such as bone and
dentin (MATRIX project). For this project, Biora and four University clinics,
received a grant of 2.5 million euro over the next four years from the European
Commission. Biora retains the commercial rights to all products derived from
the project.
Biora develops, manufactures and sells biology-based products to dentists Dentists can refer to one of the following:
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Japan, naturally regenerates the
tooth-supporting structure that the tooth has lost due to periodontitis periodontitisInflammation of soft tissues around the teeth (see tooth). Poor dental hygiene leads to deposition of bacterial plaque on the teeth below the gum line, irritating and eroding nearby tissues. . Biora's American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. are quoted on the OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market in the U.S. and Biora's ordinary shares are listed on the "O-list" of the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. in Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. . Report for the year 2001. (Throughout this report, figures for the comparable period in year 2000 are noted in parentheses See parenthesis. parentheses - See left parenthesis, right parenthesis. immediately following the year 2001 figures.) Biora's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for 2001 amounted to SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 110.7 million (SEK 89.2 million). This represents an increase in revenue of 24% (12% at fixed rates of exchange). The increase in sales occurred primarily in the German and U.S. markets. There were no deliveries made to Japan in 2001, compared to SEK 6.0 million in 2000. In markets excluding Japan sales increased by 33%. Net sales for the fourth quarter were SEK 32.9 million (SEK 22.7 million), an increase of 45% (35% at fixed rates of exchange). MARKETS Strong sales growth in the U.S market The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. is Biora's single largest market. Sales in 2001 were SEK 60.8 million (SEK 43.8 million) an increase of 39% in SEK and 23% in local currency compared to 2000. Sales in the fourth quarter 2001 amounted to SEK 18.5 million (SEK 11.7 million). The increase in sales can partly be explained by a rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective from Biora's slow sales volume in September September: see month. due to the events of September 11, 2001, and partly by Biora's activities in connection with the American Academy of Periodontology American Academy of Periodontology (AAP), n.pr a nonprofit professional association of dental professionals specializing in the prevention, diagnosis, and treatment of diseases affecting the periodontium and in the placement and maintenance of dental implants. Annual Meeting (AAP AAP - Association of American Publishers ). In January January: see month. 2002, Christopher Pallotto was appointed as the new President of Biora Inc., Biora's U.S. subsidiary. He replaced Donna Janson, who was appointed CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Biora AB. Christopher Pallotto has been responsible for Biora Inc.'s sales organization since 1998. Sales in the German market increased by 42% in 2001 Germany is Biora's largest market in Europe. Sales in 2001 amounted to SEK 23.9 million (SEK 16.8 million) an increase of 42% (31% in local currency) compared to 2000. Sales in the fourth quarter of 2001 were SEK 6.9 million (SEK 5.0 million). EmdogainGel registered for sale in Japan EmdogainGel was registered by the Japanese regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in December 2001. The decision enables Biora, via its Japanese partner Seikagaku, to introduce EmdogainGel in the world's second largest periodontal periodontal /peri·odon·tal/ (per?e-o-don´t'l) 1. pertaining to the periodontal ligament or periodontium. 2. near or around a tooth. per·i·o·don·tal adj. 1. market. The introduction of EmdogainGel is expected to take place during the first quarter of 2002. There were no shipments to Japan during 2001, compared to deliveries of Emdogain valued at SEK 6.0 million in 2000. Introduction of EmdogainGel TS in Europe The introduction of EmdogainGel TS began in Germany and the Nordic markets during the month of October and in Italy in November. The initial introduction of the product was successful and EmdogainGel TS has received a positive response from Biora's customers. New distributor in Italy Beginning in February 2002, Biora has a new distributor for EmdogainGel in the Italian market. The distributor, Dental Trey, has 60 dental sales representatives. RESEARCH AND DEVELOPMENT Biora's research is focused on developing new, proprietary products for the dental market, and on expanding the indications for EmdogainGel. Ongoing dental projects include: -- An enamel matrix protein-based product for endodontic therapy (treatment of dental pulp) - a phase I trial is underway. -- An enamel matrix protein-based product to reduce pain and discomfort following scaling- and root planing of periodontal pockets - a phase II study is ongoing. -- Product to treat dry mouth (xerostomia) - a phase I study on healthy volunteers with this patent- protected pharmaceutical product was initiated during 2001. -- Development of a new product for growth of hard tissues, such as bone and dentin (MATRIX project). For this project, Biora and four University clinics, received a grant of 2.5 million euro over the next four years from the European Commission. Biora retains the commercial rights to all products derived from the project. Clinical studies with Emdogain Clinical studies are in progress to document additional potential indications for EmdogainGel. These indications include the treatment of periodontal defects between the dental roots, called furcation furcation /fur·ca·tion/ (fur-ka´shun) the anatomical area of a multirooted tooth where the roots divide. fur·ca·tion n. 1. A forking, or a forklike part or branch. 2. involvement, which occur in posterior posterior /pos·ter·i·or/ (pos-ter´e-er) directed toward or situated at the back; opposite of anterior. pos·te·ri·or adj. 1. Located behind a part or toward the rear of a structure. teeth that have more than one root and the surgical treatment of recession defects. Regarding the latter indication, Biora has conducted clinical studies using Emdogain in Europe and the United States. Two different study designs were utilized, as there are differences in the treatment of recession defects in the U.S. and Europe. Results from Europe showed quicker healing Healing See also Medicine. Achilles’ spear had power to heal whatever wound it made. [Gk. Lit.: Iliad] Agamede Augeas’ daughter; noted for skill in using herbs for healing. [Gk. Myth. of soft tissues and less pain and discomfort Discomfort may refer to pain, an unpleasant sensation, or to suffering, an unpleasant feeling or emotion. with Emdogain compared to conventional treatment. However it was not possible to demonstrate significant improvement in soft tissue covering of the exposed root surface. Results from the study design used in the United States showed that treatment with Emdogain provided clear advantages over conventional methods and also resulted in quicker soft tissue healing compared to the control group. Due to these results, Biora will continue to develop this indication directed toward the American market. OTHER INFORMATION New CEO and CFO See Chief Financial Officer. at Biora Donna Janson was appointed as Biora's new President and CEO on January 1, 2002. She was previously responsible for Biora's American subsidiary which she established in 1996. Kerstin Palsson, Biora's Group Controller since 1997 was appointed as Chief Financial Officer on January 1, 2002. Biora has entered into a licensing agreement for its BioEx wound-healing project In December 2001, Biora signed a licensing agreement with Molnlycke Health Care AB in regards to Biora's development project in the area of wound healing wound healing Physiology The repair of a wound Steps Inflammation, repair and closure, remodeling, final healing; repair of incisions may be either simple–'clean' wounds with little loss of tissue heal by 'primary intention', or 'dirty' wounds heal by . The wound-healing project aims to develop a new product outside the oral cavity oral cavity n. The part of the mouth behind the teeth and gums that is bounded above by the hard and soft palates and below by the tongue and the mucous membrane connecting it with the inner part of the mandible. for use by patients suffering from chronic skin ulcers Ulcers (Digestive) Definition In general, an ulcer is any eroded area of skin or a mucous membrane, marked by tissue disintegration. In common usage, however, ulcer usually is used to refer to disorders in the upper digestive tract. . The licensing agreement gives Molnlycke Health Care the exclusive rights to develop and market the wound healing product worldwide, excluding Japan. Under the licensing agreement, Biora has received a lump sum Lump sum A large one-time payment of money. payment of SEK 10 million and will receive additional payments if certain defined goals are achieved. Upon successful product registration in Europe and the U.S., the total sum of these payments will amount to SEK 45 million. In addition, Biora will also receive a royalty payment on sales of the new wound-healing product. New Directors of the Board At the Extraordinary General Meeting of Biora, held in Malmo on January 22, 2002, shareholders voted to expand the Board of Directors and elected three new members: Nils Bohlin Nils Ivar Bohlin (July 17, 1920 – September 26, 2002) was a Swedish inventor who invented the three-point safety belt while working at Volvo. Born in Härnösand, Sweden, he received a Bachelor of Science in mechanical engineering from Härnösand Läroverk in 1939. , Jan Kvarnstrom and Lars Spongberg, to serve until the next Annual General Meeting on April 29, 2002. Director Tomas Hammargren had previously announced his desire to resign from the Board of Directors at year-end due to other responsibilities. At the meeting, Shareholders also approved to increase the Board's compensation by SEK 67,000 to SEK 867,000. Biora has delisted its American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. from Nasdaq Biora delisted its American Depositary Receipts (ADRs) from the Nasdaq National Market on January 31, 2002. The Biora ADRs are now quoted on the Over-the-Counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) Market with bid and ask prices published and distributed by Pink Sheets LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The principal reason for the voluntary delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. was that Biora did not comply with Nasdaq's new quantitative listing standards in regards to the minimum equity requirements. Biora remains a registrant An individual or organization that signs up (registers) for a training class or service. See domain name registrar. under the U.S. Securities Exchange Act of 1934. FINANCIAL INFORMATION Net sales The group's net sales during 2001 increased to SEK 110.7 million (SEK 89.2 million). This corresponds to an increase of 24% (12 % at fixed rates of exchange). For the fourth quarter net sales was SEK 32.9 million (SEK 22.7 million). Results Gross profit in year 2001 was SEK 87.9 million (SEK 68.0 million). The improvement is attributable to increased sales. Gross profit for the fourth quarter was SEK 27.3 million (SEK 16.7 million). The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in 2001 amounted to SEK 26.5 million (SEK 78.7 million loss). This is due partly to the increase in sales and partly to a decrease in operating costs operating costs npl → gastos mpl operacionales . Selling expenses were reduced by SEK 1.4 million and research and development costs were reduced by SEK 16.0 million. R&D costs for 2000 includes amortization of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. R&D amounting to SEK 10.5 million. The capitalized R&D costs were completely amortized as per December 31, 2000. The reduction in administration expenses during 2001 is due to the fact that costs in connection with the licensing of the wound-healing project were allocated to other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and expenses (SEK 12.3 million) consists of installment payments Installment payments Distribution of plan assets to beneficiaries based upon a regular schedule. for license agreements related to the development project for xerostomia xerostomia /xe·ro·sto·mia/ (zer?o-sto´me-ah) dryness of the mouth due to salivary gland dysfunction. xe·ro·sto·mi·a n. (dry mouth) and for the lump sum amount received from Molnlycke Health Care AB reduced by royalty payments to Industrifonden and administration costs associated with the licensing of the wound-healing project. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the fourth quarter was SEK 0.2 million (SEK 24.4 million loss). Net financial items for 2001 were SEK 1.4 million (SEK 2.7 million). The reduction was primarily due to fewer liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. and therefore lower interest receipts during 2001 compared to 2000. The net loss after tax in 2001 was SEK 25.1 million (SEK 76.1 million loss) corresponding to a loss of SEK 1.14 per share (SEK 3.59 loss) calculated on the average number of shares outstanding of 22,014,211 (21,203,800). The net profit after tax for the fourth quarter was SEK 0.6 million (24.1 million loss in 2000), which corresponds to a profit per share of SEK 0.03 (SEK 1.13 loss in 2000) based on the average number of shares outstanding of 23,753,800 ( 21,203,800). Capital Expenditures Capital expenditures for tangible long term assets and patents in 2001 were SEK 2.9 million (SEK 5.5 million). Financial position The net change in cash and cash equivalents in 2001 was negative SEK 2.3 million (negative SEK 59.0 million). During the fourth quarter 2001 the group's liquid assets increased as a result of the lump sum payment of SEK 10 million that Biora received in connection with the signing of the license agreement with Molnlycke Health Care. The SEK 2.4 million loan from Industrifonden relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this research project was repaid at the same time. The Group's liquid funds were also increased by a net of SEK 25.0 million as a result of the new issue of shares in the third quarter. At year-end, the group's liquid funds amounted to SEK 51.5 million (SEK 53.8 million), the equity/assets ratio was 60.6 % (55.8 %) and the group's equity amounted to SEK 55.9 million (SEK 50.9 million). Current receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed increased by approximately 50% as a result of the increase in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying due from customers, primarily because of the increased sales. Employees At December 31, 2001, the Group had 83 employees, compared to 75 at December 31, 2000. Parent company Net sales for 2001 for the parent company amounted to SEK 54.8 million (SEK 53.6 million) and the loss before appropriations and income taxes was SEK 28.7 million (SEK 79.9 million loss). Capital expenditures for tangible long-term assets Long-Term Assets 1. Reported on the balance sheet, it's the value of a company's property, equipment and other capital assets, less depreciation. 2. A stock, bond or other asset that you plan on holding in your portfolio for a lengthy period of time. and patents were SEK 1.4 million (SEK 2.8 million). Net change in cash and cash equivalents during 2001 was negative, in the amount of SEK 7.2 million (negative SEK 56.5 million). At the end of the reporting period, the parent company's liquid funds amounted to SEK 39.9 million (SEK 47.1 million), the equity/assets ratio was 77.9 % (69.2%) and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was SEK 72.2 million (SEK 65.5 million). Proposed dividend The group does not have any non-restricted retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. and therefore no dividends are proposed. The Board of Directors proposes that the accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. loss on the balance sheet, SEK 22.1 million, be covered by charging the share premium reserve. Accounting principles The accounting principles and calculation methods used in this year-end report are the same as those used in the annual report 2000. Coming financial information Biora will publish financial information on the following dates:
Distribution of Annual Report End of March, 2002
Interim Report for the first quarter 2002 April 29, 2002
Annual General Meeting April 29, 2002
Interim Report for the first six months 2002 August 23, 2002
Interim Report for the first nine months 2002 November 7, 2002
Malmo, February 19, 2002 Board of Directors of Biora AB (publ) Biora AB has registered the trademarks Emdogain(R) and PrefGel(TM). In this report these registrations are only publicized pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Adj. 1. publicized - made known; especially made widely known publicised in this paragraph. This report may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that relate to future events or future business and financial performance. Such statements can only be predictions and the actual events or results may differ from those discussed. The Company cautions that these statements are subject to important factors that could cause actual results to differ materially from those expressed or implied in such forward looking statements and are more fully discussed in periodic reports filed with the Securities and Exchange Commission
CONSOLIDATED STATEMENTS OF
OPERATIONS
2001 2001 2000 2001 2000
(Swedish GAAP) Full year 4th Qtr 4th Qtr Full year Full year
(TUSD) (1) (TSEK) (TSEK) (TSEK) (TSEK)
Net sales 10 689 32 872 22 727 110 677 89 160
Costs of goods
sold -2 202 -5 569 -6 009 -22 797 -21 148
Gross profit 8 487 27 303 16 718 87 880 68 012
Selling expenses -7 436 -23 288 -21 480 -76 998 -78 387
Administrative
expenses -2 210 -5 825 -7 752 -22 880 -25 437
Research and
development
costs -2 587 -7 331 -11 811 -26 787 -42 789
Other operating
income and
expenses (2) 1 190 9 359 -114 12 321 -110
Profit / Loss
from operations -2 556 218 -24 439 -26 464 -78 711
Financial net 136 385 547 1 403 2 730
Profit / Loss
after financial
items -2 420 603 -23 892 -25 061 -75 981
Income tax (3) -3 27 -168 -34 -168
Profit / Loss
for the period -2 424 630 -24 060 -25 095 -76 149
Profit / Loss
per share (4) -0,11 0,03 -1,13 -1,14 -3,59
Number of shares
outstanding at
the end of
the period
(000s) 23 754 23 754 21 204 23 754 21 204
Average number
of shares
outstanding
(000s) 22 014 23 754 21 204 22 014 21 204
(1) Average exchange rate Jan-Dec, 2001, USD 1 =SEK 10.3542
(2) Instalments for license agreement regarding a development project
for xerostomia are included in other operating income by 1,963 TSEK in
the fourth quarter and by 4,965 TSEK during the full year 2001. In the
fourth quarter other operating income also include a lump sum
amounting to 10,000 TSEK for a licence agreement regarding a BioEx
development project in wound-healing (non dental). In the fourth
quarter other operating expenses include 1,200 TSEK in royalty
expenses to the Swedish Industrial fund for the latter license
agreement as well as 1,447 TSEK in administrative expenses in
connection with the outlicensing of the wound-healing project.
(3) The Company does not account for any tax income, neither regarding
the loss for the full year nor regarding accumulated losses. Deferred
tax assets have been reduced by a valuation allowance to the amount
that is "more likely than not" to be realized. The net deferred tax
asset is zero.
(4) Profit / Loss per share has been calculated by dividing the profit
/ loss for the period by the average number of shares. Since the
present value of the options' exercise prices are higher than the
net realizable value of the shares, the profit / loss per share before
and after dilution is the same.
CONSOLIDATED BALANCE
SHEETS
Dec 31, Dec 31, Dec 31,
(Swedish GAAP) 2001 2001 2000
(TUSD) (1) (TSEK) (TSEK)
Intangible long term
assets 671 6 948 7 112
Tangible long term
assets 361 3 738 6 442
Financial long term
assets 61 634 2 553
Total long term
assets 1 093 11 320 16 107
Inventories 757 7 836 6 878
Current receivables 2 076 21 495 14 484
Bank deposits 2 506 25 951 40 000
Cash and bank 2 465 25 520 13 755
Total current assets 7 804 80 802 75 117
Total assets 8 897 92 122 91 224
Shareholders'
equity (2) 5 396 55 870 50 915
Provisions 29 305 261
Long term
liabilities (2),(3) - - 7 906
Current
liabilities (3) 3 472 35 947 32 142
Total shareholders'
equity and
liabilities 8 897 92 122 91 224
(1) Average exchange rate Jan-Dec 2001, USD 1 = 10.3542
(2) Change in shareholders' equity
Share Other Accumu- Total
capital restricted lated
equity loss
Balance on January
1, 2001 848 144 862 -94 795 50 915
Disposition of loss
in the Parent
Company -79 874 79 874 0
Earlier received
option premiums
matured 5 320 5 320
Issuance of new
shares 102 23 703 23 805
Option premiums
received (a) 1 106 1 106
Change in
translation
differences 207 -388 -181
Loss for the period -25 095 -25 095
Balance on December
31, 2001 950 90 004 -35 084 55 870
(a) 186 out of the 1106 were included in the long term liabilities as
of December 31 2000
(3) The interest bearing liabilities amounted to zero on December 31,
2001, and to 2,400 TSEK on December 31, 2000.
STATEMENTS OF CASH
FLOWS
Consolidated (TSEK) 2001 2000 2001 2000
(Swedish GAAP) 4th Qtr 4th Qtr Full year Full year
Profit / Loss for the
period 630 -24 060 -25 095 -76 149
Depreciation and
amortization 1 933 3 645 5 939 8 852
Change in capitalized
research and
development costs - 2 628 - 10 514
Other adjustments to
reconcile net
profit / loss to
net cash flows
used in / from
operating
activities -10 291 89 220
Change in assets and
liabilities 62 3 997 -6 413 105
Net cash from / used
in operating
activities 2 615 -13 499 -25 480 -56 458
Capital expenditures
(tangible assets
and patents) -753 -1 432 -2 872 -5 498
Payments concerning
other long-term
receivables - - 1 920 6
Net cash used in
investing activities -753 -1 432 -952 -5 492
Net cash used in /
from financing
activities -3 713 2 400 23 500 2 400
Effect of exchange
rate changes on
cash and cash
equivalents -114 3 648 501
Net change in cash
and cash equivalents -1 965 -12 528 -2 284 -59 049
KEY RATIOS
Consolidated 2001 2000 1999 1998 1997
(Swedish GAAP) Full Full Full Full Full
year year year year (1) year
Net sales (TSEK) 110 677 89 160 73 556 50 119 16 499
Gross margin,
% (2) 79.4 76.3 79.0 78.3 66.5
R & D costs
(TSEK) (3) 26 787 42 789 41 597 39 980 21 207
Return on capital
employed, % (4) -45.5 -83.7 -50.7 -40.0 -53.2
Return on equity,
% (5) -47.0 -85.4 -50.8 -40.0 -58.1
Equity / assets
ratio, % (6) 60.6 55.8 78.3 86.6 81.9
Net debt / equity
ratio, % (7) -92.1 -100.9 -88.5 -87.4 -103.0
Total equity (TSEK) 55 870 50 915 127 406 213 970 277 935
Average number of
shares
outstanding,
(000s) (8) 22 014 21 204 21 204 21 204 20 571
Equity per share,
SEK (8) 2.54 2.40 6.01 10.09 13.51
Loss per share,
SEK (8) -1.14 -3.59 -4.09 -2.83 -3.66
Cash flow per
share, SEK (9) -0.10 -2.78 -3.50 -4.68 13.66
(1) Return on capital employed and return on equity have been adjusted
for the effect of the nonrecurring revenue from Seikagaku.
(2) Gross profit divided by net sales.
(3) R&D-costs are shown gross, including capitalized costs. During
2001, as well as during 1998, 1999 and 2000, no costs have been
capitalized under the caption Capitalized R&D costs, which explains
why the net and gross costs were equal, 26,787. (2.5% royalty to Astra
on sales of Emdogain has been reclassified to costs of goods sold.)
(4) Operating loss plus financial income divided by average total
assets (total assets less non-interest- bearing operating liabilities
including deferred taxes).
(5) Net loss divided by average equity.
(6) Shareholders' equity divided by total assets.
(7) Interest-bearing liabilities less cash and bank deposits divided by
shareholders' equity.
(8) The dilution effects of outstanding options have not been
considered when calculating equity, loss and cash flow per share for
the years 1997-2001 as the present values of the excercise prices at
each year end have been higher than the net realizable value of the
shares
(9) Net change in cash and cash equivalents divided by the average
number of shares in accordance with note (8).
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