ALLENEX AB 
By ALLENEX AB (PUBL)
INTERIM REPORT JANUARY - JUNE 2013
For the April-June period
? Net sales for the quarter amounted to SEK 27.2 million (28.7). Sales were impacted by a negative currency effect of SEK 1.2 million compared to the same period last year.
? Operating income (EBIT) for the quarter was SEK 2.6 million (3.1), with currency effects having a
negative impact of SEK 0.5 million on results compared to the same period last year.
? Operating margin for the quarter was 9 percent (11).
? Earnings after tax for the quarter were SEK 2.5 million (1.7).
? Earnings per share for the quarter, basic and diluted were to SEK 0.02 (0.01).
For the January -June period
? Net sales for the period were SEK 54.0 million (58.6). Sales were impacted by a negative currency effect of SEK 2.2 million compared to the same period last year.
? Operating income (EBIT) for the period was SEK 4.6 million (6.1) with currency effects having a
negative impact of SEK 1.5 million on results compared to the same period last year.
? Operating margin for the period was 8 percent (10).
? Earnings after tax for the period were SEK 2.4 million (1.2).
? Earnings per share for the quarter, basic and diluted, were 0.03 (0.01).
Significant events in the second quarter
? Allenex reaches an agreement on the conditions for refinancing all loans.
? Products in HLA-typing approved for sale in Mexico.
? Allenex general manager in the US resigns.
Significant events after the period end
? Allenex receive XM-ONE® approval for sale in Mexico.
Allenex president and CEO Anders Karlsson's commentary on the first quarter 2013:
"Allenex continues to roll out SBT Resolver? for sequence based typing from our Australian partner Conexio Genomics, which is a key part of the company's long-term growth strategy. It is gratifying that we are now seeing the results of our efforts and are able to demonstrate a 15 percent rise in sales in the key U.S. mar- ket in the second quarter. We continue to expand sales of typing products from Olerup SSP geographically and during the quarter our products were approved for sale in the Mexico. We immediately kicked off sales through our local distributor in Mexican market. Unfortunately, the strong Swedish krona has impacted sales
negatively compared to the corresponding period last year."
For additional information, please contact:
Anders Karlsson, CEO, tel: +46 (0)70-918 00 10 or email: anders.karlsson@allenex.se
Yvonne Axelsson, CFO, tel: +46 (8) 508 939 72 or email: yvonne.axelsson@allenex.se
ALLENEX INTERIM REPORT JANUARY - JUNE 2013
Group performance
Allenex is a life science company that develops, manufac- tures, markets and sells products on the global market that facilitate safer transplantation of organs and blood stem cells. Allenex is listed on NASDAQ OMX Stockholm, Small Cap, (ticker: ALNX). There are 54 employees in the Allenex group.
SALES
Net sales for the second quarter amounted to SEK 27.2 million (28.7), corresponding to a decrease of 2 percent compared to the same period last year. Net sales were impacted by the increasingly stronger Swedish krona, with currency effects having a negative impact on sales of SEK
1.2 million for the quarter compared to last year.
Net sales (SEK million)
Nettoomsättning (MSEK)35
30 28,6 26,7 27,4 26,8 27,2
25
20
15
10
5
0
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
Sales in the second quarter mainly comprised HLA typing kits based on SSP technology.
During the first quarter, Allenex reported lower sales than last year in Europe, due to among other things a significant fall in the number of new donors in Germany resulting from the transplantation scandal that arose at the beginning of the year. That caused a drop in the number of transplants at the beginning of the year in one of the company's single largest markets in Europe. The strained financial situation is also deemed to have had a role in the fall in sales in Europe. During the second quarter 2013, sales recovered however, with sales in Europe and the rest of the world (excluding North and South America) now basically at the same levels in local currencies as they were in the second quarter 2012. In the second quarter we also see the initial
positive sales effects of the four-year public tender contract that Allenex won in collaboration with its local distributor in France in autumn 2012.
Sales in North America through the distribution company Olerup Inc increased in local currency (USD) by 15 percent compared to the same period last year. During the first quarter, Allenex announced that one of the leading Ameri- can SBT laboratories had decided to switch to SBT Resolv- er? and during the second quarter additional SBT laborato- ries have followed suit. This SBT segment increase fueled the growth in North America during the second quarter.
Allenex work to expand geographically to countries outside Europe and North America is continuing according to plan and during the second quarter Allenex SSP products were approved for sale in Mexico. In China, Brazil and South Korea, intensive work is ongoing to register the company's products. Furthermore, work to secure strong local sales partners/distributors for our products is also underway.
CUSTOMER GROUPS
Allenex customers largely constitute HLA laboratories. Today, three different tissue typing (HLA) technologies are available (SSP, SSO and SBT). Globally, the most common typing technique in terms of volume is SSO. However, most laboratories use SSP typing, either as a primary or comple- mentary technique, with amount of usage depending on the size of the laboratory and its level of automation. Today, the very largest HLA laboratories mainly use automated solu- tions (SBT and SSO) as their base technology, while smaller laboratories generally prefer SSP typing. Subsequently, the choice of typing technology is a key parameter for customer categorization.
SBT, a solution for the very largest of laboratories, is win- ning over many new, large and accordingly highly automat- ed laboratories. SSP technology, which is a manual tech- nique, is used as a base technology in smaller laboratories. However, the larger laboratories, which today use automat- ed solutions, also have a need for a complementary solu- tion, which for most laboratories is SSP today.
End customers like to use the same supplier when it comes both to automated solutions (SSO/SBT) and manual, com- plementary techniques (SSP). In fact, all large Allenex com- petitors offering automated SSO or SBT solutions (OneLambda, Life Technologies, Abbott Laboratories) also provide SSP products.
Smaller laboratories are also increasingly adopting more automated solutions and Allenex is therefore working to meet market requirements, in part through proprietary product development, and in part through partnerships with other companies. Since mid-2011, Allenex is the exclusive global distributor of the HLA typing products SBT Resolver? and the related software Assign-SBT? 3.6+ from the Aus- tralian company Conexio Genomics. SBT Resolver? was introduced by Allenex in the second half of 2011. This strategically important contract gives Allenex greater oppor- tunity to partner with larger, automated laboratories. Since these laboratories more and more to use the same supplier for all HLA typing products, this contract will facilitate in- creased sales opportunities for Allenex SSP products to this customer group. SBT Resolver? has been introduced to a large number of potential customers. Following an introduc- tory demonstration, the laboratory usually conducts an independent comparison to the product currently in use. If the comparison is favorable for Allenex, careful product
ALLENEX INTERIM REPORT JANUARY -JUNE 2013
validation is then carried out prior to converting full to SBT Resolver?.
This is a long process, normally taking from 6 to 15 months. To date, 21 laboratories have converted, either partially or fully, to SBT Resolver?, (6 in North America and
15 in Europe) and around 20 laboratories are currently validating the product. An additional 20 or so laboratories are currently comparing SBT Resolver? to their current product.
MARKET DEVELOPMENT
Allenex strategy is to introduce SBT Resolver? to the larg- est and most automated HLA laboratories in the U.S. and Europe. Several of these laboratories have extremely high volumes as they conduct tests for national or regional typ- ing registers. Major register typing laboratories conduct HLA typing tests on more than 5,000 individuals per year and
are very careful in their evaluation of new suppliers, which
leads to long sales processes. Purchasing patterns are further impacted by the fact that laboratories maintain major inventories of tests, ordering every 3 to 6 months. One of the reasons that Allenex has chosen to focus on these major laboratories is that they hold high value as reference customers, which is important in this segment. Moreover, the sales potential at these laboratories is signif- icantly higher than at other, smaller laboratories.
The market leader in the SBT typing segment in the HLA domain is the U.S. company Celera, which distributes its SBT products via Abbott Laboratories. Conexio has collabo- rated with partners and distributers since it started produc- ing reagents on a commercial basis in 1998, and more recently software for SBT typing. Since 2009, Celera has included in-licensed PCR primers from Conexio in its typing kit (to type the HLA-DRB1 gene) as a well as the Conexio- developed software program Assign-SBT? 3.6. This con- tract will expire at the year-end 2013. Celera/Abbott have entered into an agreement with the Dutch company GenDx to in-license their software and to work on the development of a proprietary SBT kit for DRB1 analysis, in order to offer customers a total typing solution. From, January 1, 2014, Assign SBT? will only be available through Allenex and Conexio. The software is a key part of analysis and is often what sets the offering apart from those of other SBT suppli- ers. At the same time, changing software is considered very resource intensive. Allenex sees great market potential in being able to exclusively offer Assign-SBT?3.6+ cost free
as a part of our product offering to those customers who choose to work with SBT Resolver?. This software is an upgraded version of the one used today at all laboratories that purchase reagents from the market leading Cel- era/Abbott.
PRODUCT DEVELOPMENT
Today, Allenex SSP products have a strong market position in this domain. Products are updated on an ongoing basis
and the strategy is to offer solutions that are as complete as possible. In line with this, continuous product develop- ment is carried out to enable the company to maintain its market leading position in SSP technology. The company is also reviewing the possibility of automating this technology and at customizing the products in order to meet different types of new specification requirements from customers.
Allenex continues to develop the current product line in order to secure high performance SSP typing. The company is also reviewing solutions adapted for laboratories looking for SSP technology with the possibility of a higher degree of automation, which can be used as a complement to the SSO- and SBT techniques. In 2012, Allenex started the roll
out of Olerup SSP® Add-ons as a complement to automated techniques (SSO and SBT). This product line will be ex- panded going forward.
Allenex development work also includes adapting the com- pany's current SSP products to SBT Resolver? in order to meet customer needs of flexibility in HLA typing. This in- cludes both SSP products, such as Olerup SSP® Add-ons, specific kits that complement SBT Resolver?, well as more general SSP kits based on areas where automated tech- niques have proved to be insufficient. Furthermore, the company is working on making both supporting software programs SCORE? (SSP) and Assign-SBT? (SBT) compati- ble. This will create even greater cross-selling opportunities between SBT Resolver? and Allenex SSP products.
For the cross-match text XM-ONE®, focused on antibody detection, several national and regional clinical trials com- menced in 2012, both in the U.S. and Europe, on the initia- tive of leading transplantation centers. These ongoing trials are aimed at further demonstrating the product's clinical value. Interest is also being shown by countries in Asia, with studies either ongoing or being planned in South Korea, Taiwan, India and China
FINANCIAL RESULTS
Consolidated operating income for the first six months amounted to SEK 4.6 million (6.1). The results include realized and unrealized currency effects corresponding to a loss of SEK 1.5 million (+0.3).
SIGNIFICANT EVENTS IN THE GROUP Significant events in the first quarter
? The Allenex subsidiary AbSorber, in collaboration with EUROSTAM, a consortium of European transplanta- tion centers, has received a grant under the EU Com- missions 7th Framework Programme, FP7. The pur- pose is to improve the results of kidney transplants among patients with higher risks of complications due to significant genetic deviation from the donor. The Al- lenex cross-test XM-ONE® will be used throughout the project. Of the total EU grant of EUR 2.6 million, Ab- Sorber will receive EUR 215,000 over a three-year pe-
riod.
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ALLENEX INTERIM REPORT JANUARY -JUNE 2013
? A leading U.S. based HLA laboratory has chosen Al- lenex U.S. distribution company, Olerup Inc. as sup- plier of sequence-based HLA typing (SBT). The labora- tory, which is one of the ten largest typing laboratories in the U.S., has been evaluating and validating SBT Resolver? from Allenex partner Conexio Genomics for some time. The laboratory has already placed its ini- tial order, which also includes software Assign-SBT?
3.6+. The yearly sales value of the contract is esti- mated at more than SEK 2 million per year.
Significant events in the second quarter
? Allenex AB (publ) entered into an agreement regarding the refinancing its existing loans. Allenex and the other companies in the group had a bank loan of SEK 30 million as well as a SEK 31 million convertible loan
that matured on June 30, 2013. The refinancing pro- cess involved repaying the above mentioned loans as well as an additional bank loan of SEK 27 million, while securing a new bank loan of SEK 90. The new
loan is being provided by Allenex primary bank Danske Bank, at an amount SEK 70 million, and by the com- pany's principal owners FastPartner AB and Moham- med Al Amoudi, at an amount of SEK 20 million. The loan (SEK 90 million) has a term of three years and a current interest rate of 5.8 %.
? ONCOlog Medical filed for bankruptcy in May. Al- lenex owns 14.9% of ONCOlog. ONCOlog's bank- ruptcy will not have any impact on Allenex results, as the company's shares in ONCOlog were previ- ously written down to zero.
? Allenex sold its holdings in AnaMar in June to the company's principal owner Koncentra Holding for a consideration of SEK 1.7 million. Allenex holdings corresponded to around 2.1 percent of AnaMar's total share capital. From an accounting perspec- tive, the holdings are reported as zero, meaning that the transfer entails a corresponding gain dur- ing the second quarter 2013.
? Allenex Olerup SSP products have been approved for sale in Mexico. The application was handled by Olerup's local representative Biodist S.A. de C.V., which is a leading player in the Mexican HLA mar- ket. Sales started immediately, with the Mexican sales team already up to speed on the new range of products.
? Michael Petruny, General Manager of Olerup Inc. resigned after heading the company for three years. Anders Karlsson, president and CEO of Allenex, as well as CEO and Chairman of Olerup Inc. has as- sumed operating responsibility as General Manager in the US until a successor has been appointed.
Significant events after the period end
? Allenex' application to sell AbSorber's product for anti- body detection, XM-ONE®, in Mexico has been approved by local regulatory authorities. XM-ONE® is a cross match test, developed and manufactured by AbSorber, for detection of HLA- and non-HLA antibodies between the donor and the recipient in organ transplantation.
The application has been handled by Allenex' local rep- resentative Biodist S.A. de C.V., a leading player in the Mexican diagnostic market.
FINANCIAL POSITION, CASH FLOW AND FINANCING
The group's operations are financed by shareholders' equi- ty and loans. Interest-bearing liabilities amounted to SEK
97.9 million (115.7) primarily secured to finance the acqui-
sition of Olerup SSP and AbSorber.
The consolidated equity/assets ratio was (63) percent (63). Consolidated equity was SEK 214.5 million (215.9), corre- sponding to SEK 1.78 per share (1.86). Cash and cash equivalents amounted to SEK 11.1 million (32.0). Cash
flow from operating activities before changes in working capital during the January -June period was SEK 2.4 mil- lion (1.1).
Risks and uncertainties
Allenex has long been a well-established business with well- known products in the field of genomic HLA typing based on SSP technology, with a significant market share. At the
same time, the company faces market risk in the form of competition from other producers, the transition to more automated typing processes as well as new technologies, which may make it difficult for the company to maintain market share and margins.
Operational risk is primarily tied to the company's ability to constantly update its product range and to produce contin- ually updated test kits in pace with market demand.
In 2011, the addition of products sold and distributed on the basis of cooperation agreements with other companies increases opportunities to strengthen market position and profitability, while it also carries an increased risk in light of the commitments with respect to resource investments and costs resulting from such agreements. The SBT products from the Australian company Conexio Genomics in particu- lar are expected to achieve significant sales. At the same time, this involves significant competition and market risk. Establishing the products has proven to take longer than planned and there is a risk that they may not attain the anticipated success. The ability to deliver the right quality
on time has both a short and long-term significance for the business. For example, the inability of the partner to deliver due to production downtime could have a substantial nega-
tive effect on sales.
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ALLENEX INTERIM REPORT JANUARY -JUNE 2013
The transplantation test XM-ONE® is primarily used as a research product by larger centers. Work is underway to get the product established in broad clinical use. This has proven to take longer than planned and there is a risk that the product may not attain the success anticipated. This in turn could have a negative on the value of the company's intangible assets and other assets. To date, XM-ONE® is a unique product in its area and has significant patent pro- tection. However, there is a risk that the company's com- petitors may challenge these patents or otherwise intro- duce competing test methods.
A large part of Allenex sales are carried out in currencies other than SEK, mostly in EUR but also a significant share in USD. A lesser portion of purchases are also made in currencies other than SEK. This may signify a currency risk for the company. Allenex does not conduct currency hedg- ing activities.
Attracting and maintaining qualified personnel for devel- opment, production, marketing, sales, logistics and admin- istration is essential to group performance.
The value of the company is partly dependent on its ability to maintain and protect patents, other intellectual property rights and specific expertise. Patent protection for medical, medtech and biotech products can be uncertain and in- volve complex legal and technical issues. Patents must usually be sought and maintained in several jurisdictions, and issued patents may be challenged, invalidated and circumvented. For Allenex or its subsidiaries this may mean loss of or shortened patent protection, which in turn may mean that the company cannot prevent competitors from marketing similar products. The uncertainty associated with patents and patent litigation and other patent processes, may have a negative impact on the competitiveness of Allenex and its subsidiaries, which in turn may have a nega- tive effect on their business.
Both clinical trials and the marketing and sales of products pose a significant risk in terms of product liability. When deemed necessary, the company obtains product liability insurance. No assurance can be given that insurance will cover future claims against Allenex or its subsidiaries.
Some of the companies are dependent on approval through clinical trials or decisions from public authorities. There are no guarantees that an associated company will achieve satisfactory results in such trials, or that the required regu- latory approval will be granted.
The group's customer relations are stable and long-term, with historically low credit losses. Credit evaluations are carried out on new customers. Credit risk is currently as- sessed as low, but any change in a negative direction could impact the company's results and financial position.
Part of the financing was raised at variable interest rates, therefore rising interest rates could lead to lower returns for the company, which in turn could affect the company's results and financial position.
Based on the current circumstances, the group is of the opinion that it has sufficient liquidity to conduct its opera- tions according to current plans. There is a risk that market conditions and sales will develop negatively, which may hamper ongoing financing. The group's ability to refinance maturing loans may also be adversely impacted by group performance and overall conditions in the financial mar- kets.
The company's cash and cash equivalents are placed in
liquid assets with low credit risk.
Financial instruments
Allenex financial instruments consist of trade account re- ceivables, cash and cash equivalents, trade accounts pay- able, accrued supplier expenses, interest-bearing liabilities as well as participations in associated companies and other holdings. Liabilities to credit institutions have variable interest rates. Liabilities to shareholders have fixed interest rates, which essentially correspond to current market rates. Participations in associated companies and other holdings are valued at fair value via the income statement based on input corresponding to level 3 in accordance with IFRS 7. With the sale of the company's shares in AnaMar, Allenex earlier portfolio of holdings in associated companies has been completely divested. The holding was reported at nil, and consequently no changes in value occurred during the year. Other financial assets and liabilities have short life spans. The fair value of all financial instruments is hereby deemed to approximate the book value. Allenex has not netted any financial assets or liabilities and has not entered into any offset agreements.
PARENT COMPANY
Revenues for the first six months amounted to SEK 1.5 mil- lion (1.3). Operating loss for the same period amounted to SEK 7.7 million (-8.1). The company's long-term intragroup receivables amounted to SEK 91.9 million (99.5). Cash and cash receivables amounted to SEK 2.1 million (21.4). Cash flow from operating activities before changes in working capital was a negative SEK 8.5 million (-7.9). The parent company had 4 employees (4) at the period end.
Accounting principles
Allenex applies International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Ac- counts Act. This interim report was prepared in accordance with IAS 34 and the Annual Accounts Act for the group and in accordance with the Annual Accounts Act for the parent company.
The accounting principles applied for the group and the parent company are consistent with those used in the preparation of the most recent Annual Report.
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ALLENEX INTERIM REPORT JANUARY -JUNE 2013
Future report dates
Interim Report January-September: November 22, 2013
Year-end report: February 20, 2014
Interim Report January-March: April 29, 2014
Allenex Annual General Meeting: May 13, 2014
The board of directors and the CEO certify that this interim report provides a fair picture of the company's operations and financial position and results as well as a fair description of significant risks and uncertainties faced by the Allenex and its subsidiaries.
Stockholm, August 29, 2013
Anders Williamsson
Chairman
Oscar Ahlgren
Board member
Jan Eriksson
Board member
Sven-Olof Johansson
Board member
Anders Karlsson
CEO
Gunnar Mattsson
Board member
This interim report has not been subject to review by the company's auditors.
The information in this interim report is such that Allenex AB (publ) is required to disclose under the Securities Market Act and/or the Financial Instruments Trading Act. This report and earlier financial reports are available at www.allenex.com
This information was released for publication on August 29, 2013 at 2pm
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ALLENEX INTERIM REPORT JANUARY - JUNE 2013
Consolidated statement of comprehensive income 2013 2012 2013 2012
Earnings per share, basic and diluted, SEK
Average number of outstanding shares, basic and diluted
Number of shares at the period-end
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ALLENEX INTERIM REPORT JANUARY - JUNE 2013
Consolidated statement of financial position 2013 2012
Amounts in SEK thousand | JUNE 30 | DEC 30 | |
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | 214,541 64,220 4,496 0 8,711 | ||
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | 214,541 64,220 4,496 0 8,711 | ||
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | 214,655 | 214,541 64,220 4,496 0 8,711 | |
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | 63,798 | 214,541 64,220 4,496 0 8,711 | |
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | 4,129 | 214,541 64,220 4,496 0 8,711 | |
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | - | 214,541 64,220 4,496 0 8,711 | |
Assets Goodwill Intangible assets Tangible assets Participations in associated companies and other holdings Deferred tax assets | 7,659 | 214,541 64,220 4,496 0 8,711 | |
Total non-current assets Inventories Current receivables Cash and cash equivalents | 291,968 21,701 14,912 14,327 | ||
Total non-current assets Inventories Current receivables Cash and cash equivalents | 290,241 | 291,968 21,701 14,912 14,327 | |
Total non-current assets Inventories Current receivables Cash and cash equivalents | 27,450 | 291,968 21,701 14,912 14,327 | |
Total non-current assets Inventories Current receivables Cash and cash equivalents | 16,154 | 291,968 21,701 14,912 14,327 | |
Total non-current assets Inventories Current receivables Cash and cash equivalents | 8,144 | 291,968 21,701 14,912 14,327 | |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 51,748 341,990 | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | ||
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 214,488 | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 81,000 | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 13,177 | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 16,888 | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Non-interest bearing non-current liabilities and provisions Interest-bearing current liabilities Non-interest bearing current liabilities and provisions | 16,437 | 50,940 342,908 216,196 18,000 13,172 80,774 14,766 | |
Total equity and liabilities | 341 990 | 342 908 |
Consolidated statement of changes in equity 2013 2012
Amounts in SEK thousand | JUNE 30 | DEC 30 |
Opening balance Dividends paid to non-controlling interests Comprehensive results for the period | 216,196 | 219,810 -4,668 1,054 |
Opening balance Dividends paid to non-controlling interests Comprehensive results for the period | -3,407 | 219,810 -4,668 1,054 |
Opening balance Dividends paid to non-controlling interests Comprehensive results for the period | 1,698 | 219,810 -4,668 1,054 |
Closing balance Of which pertaining to: | ||
Closing balance Of which pertaining to: | 214,487 | 216,196 |
Closing balance Of which pertaining to: | 216,196 | |
Owners of the parent company Non-controlling interests | ||
Owners of the parent company Non-controlling interests | 221,518 | 222,025 -5,829 |
Owners of the parent company Non-controlling interests | -7,030 | 222,025 -5,829 |
Consolidated statement of cash flows 2013 2012
Amounts in SEK thousand | JAN-JUNE | JAN-JUNE |
Operating income Adjustment for items not included in the cash flow Financial items Taxes paid | 4,604 | 6,077 983 -3,350 -2,611 |
Operating income Adjustment for items not included in the cash flow Financial items Taxes paid | 1,607 | 6,077 983 -3,350 -2,611 |
Operating income Adjustment for items not included in the cash flow Financial items Taxes paid | -2,712 | 6,077 983 -3,350 -2,611 |
Operating income Adjustment for items not included in the cash flow Financial items Taxes paid | -1,139 | 6,077 983 -3,350 -2,611 |
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | ||
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | 2,360 | 1,099 -646 -3,399 -5,769 |
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | 1,099 -646 -3,399 -5,769 | |
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | -5,591 | 1,099 -646 -3,399 -5,769 |
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | -1,782 | 1,099 -646 -3,399 -5,769 |
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | 1,873 | 1,099 -646 -3,399 -5,769 |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities | -3,140 1,503 | -8,715 -31 -39,780 |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities | -4,546 | -8,715 -31 -39,780 |
Cash flow for the period Cash and cash equivalents at the start of the year | -6,183 14,327 | -48,526 80,530 |
Cash and cash equivalents at the period end | 8,144 | 32,004 |
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ALLENEX INTERIM REPORT JANUARY - JUNE 2013
Parent company income statement 2013 2012 2013 2012
Amounts in SEK thousand | APRIL-JUNE | APRIL-JUN | JAN-JUNE | JAN-JUNE |
Other revenue Other external expenses Personnel expenses Depreciation/amortization | 719 | 611 -2,302 -2,099 -43 | 1,503 | 1,288 -4,753 -4,512 -88 |
Other revenue Other external expenses Personnel expenses Depreciation/amortization | -2,735 | 611 -2,302 -2,099 -43 | -5,072 | 1,288 -4,753 -4,512 -88 |
Other revenue Other external expenses Personnel expenses Depreciation/amortization | -2,175 | 611 -2,302 -2,099 -43 | -4,036 | 1,288 -4,753 -4,512 -88 |
Other revenue Other external expenses Personnel expenses Depreciation/amortization | -37 | 611 -2,302 -2,099 -43 | -76 | 1,288 -4,753 -4,512 -88 |
Operating results Results from associated companies Other financial expenses and revenues | -4,228 | -3,833 1,050 1,776 | -7,681 | -8,065 1,050 1,049 |
Operating results Results from associated companies Other financial expenses and revenues | -3,833 1,050 1,776 | -8,065 1,050 1,049 | ||
Operating results Results from associated companies Other financial expenses and revenues | 1,705 | -3,833 1,050 1,776 | 1,705 | -8,065 1,050 1,049 |
Operating results Results from associated companies Other financial expenses and revenues | 126 | -3,833 1,050 1,776 | 81 | -8,065 1,050 1,049 |
Results before tax Taxes | -2,397 | -1,007 0 | -5,895 | -5,966 0 |
Results before tax Taxes | -1,007 0 | -5,966 0 | ||
Results before tax Taxes | 0 | -1,007 0 | 0 | -5,966 0 |
Net income/loss for the period | -2,397 | -1,007 | -5,895 | -5,966 |
Parent company statement of comprehensive income
Results for the period
Other comprehensive results for the period
Parent company balance sheet 2013 2012
Amounts in SEK thousand | DEC 30 | |
Amounts in SEK thousand | JUNE 30 | DEC 30 |
Assets Intangible and tangible assets Shares in subsidiaries Participations in associated companies Non-current intra-group receivables Deferred tax assets | 322 57,378 0 99,872 1,626 | |
Assets Intangible and tangible assets Shares in subsidiaries Participations in associated companies Non-current intra-group receivables Deferred tax assets | 282 | 322 57,378 0 99,872 1,626 |
Assets Intangible and tangible assets Shares in subsidiaries Participations in associated companies Non-current intra-group receivables Deferred tax assets | 57,378 | 322 57,378 0 99,872 1,626 |
Assets Intangible and tangible assets Shares in subsidiaries Participations in associated companies Non-current intra-group receivables Deferred tax assets | - | 322 57,378 0 99,872 1,626 |
Assets Intangible and tangible assets Shares in subsidiaries Participations in associated companies Non-current intra-group receivables Deferred tax assets | 91,872 | 322 57,378 0 99,872 1,626 |
Assets Intangible and tangible assets Shares in subsidiaries Participations in associated companies Non-current intra-group receivables Deferred tax assets | 1,626 | 322 57,378 0 99,872 1,626 |
Total non-current assets Current receivables Cash and bank | 151,158 | 159,198 38,128 5,480 |
Total non-current assets Current receivables Cash and bank | 159,198 38,128 5,480 | |
Total non-current assets Current receivables Cash and bank | 30,610 | 159,198 38,128 5,480 |
Total non-current assets Current receivables Cash and bank | 2,105 | 159,198 38,128 5,480 |
Total current assets | 32,715 | 43,608 |
Total current assets | 43,608 | |
Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 183,873 | 202,806 163,621 0 39,185 |
Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 202,806 163,621 0 39,185 | |
Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 202,806 163,621 0 39,185 | |
Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 157,725 | 202,806 163,621 0 39,185 |
Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 20,000 | 202,806 163,621 0 39,185 |
Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 6,148 | 202,806 163,621 0 39,185 |
Total equity and liabilities Changes in equity, parent company | 183,873 | 202,806 |
Total equity and liabilities Changes in equity, parent company | 202,806 | |
Total equity and liabilities Changes in equity, parent company | 202,806 | |
Opening balance Net income/loss for the year | 163,621 | 163,325 296 |
Opening balance Net income/loss for the year | -5,895 | 163,325 296 |
Closing balance | 157,725 | 163,621 |
9
ALLENEX INTERIM REPORT JANUARY - JUNE 2013
Parent company statement of cash flows
Amounts in SEK thousand JAN-JUNE JAN-JUNE
Operating income Adjustments for items not included in the cash flow Financial items Taxes paid | -7,681 | -8,065 88 75 0 |
Operating income Adjustments for items not included in the cash flow Financial items Taxes paid | 77 | -8,065 88 75 0 |
Operating income Adjustments for items not included in the cash flow Financial items Taxes paid | -926 | -8,065 88 75 0 |
Operating income Adjustments for items not included in the cash flow Financial items Taxes paid | 0 | -8,065 88 75 0 |
Cash flow from operating activities before changes in working capital Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | -8,530 | -7,902 -54 -4,426 |
Cash flow from operating activities before changes in working capital Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | -7,902 -54 -4,426 | |
Cash flow from operating activities before changes in working capital Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | -263 | -7,902 -54 -4,426 |
Cash flow from operating activities before changes in working capital Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | -151 | -7,902 -54 -4,426 |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 1) | -8,944 | -12,382 11,589 -33,103 |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 1) | -12,382 11,589 -33,103 | |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 1) | 16,569 | -12,382 11,589 -33,103 |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities 1) | -11,000 | -12,382 11,589 -33,103 |
Cash flow for the period Cash and cash equivalents at the start of the year | -3,375 | -33,896 55,320 |
Cash flow for the period Cash and cash equivalents at the start of the year | 5,480 | -33,896 55,320 |
Cash and cash equivalents at the period end | 2,105 | 21,434 |
1) Amortization of convertible loan of SEK 31 million, newly raised shareholder loan of SEK 20 million
Key figures 2013 2012
JAN-JUNE | JAN-JUNE | |
53,970 | ||
4,604 | ||
2,411 | ||
0.03 | ||
1.78 | ||
63 | ||
1 | ||
54 | ||
120,288,448 | ||
120,288,448 | ||
2.51 | ||
301,924 |
Definitions:
Earnings per share Earnings after tax divided by the average number of outstanding shares. Equity per share Equity divided by the number of outstanding shares at the period end. Equity/assets ratio Equity at the period end in relation to total assets.
10
ALLENEX INTERIM REPORT JANUARY - JUNE 2013
Companies in the Allenex group
MANUFACTURING AND R&D COMPANIES
Olerup SSP AB is world leading in the develop- ment of kits for genomic HLA typing, based on SSP technology. The product is used prior to a transplantation to match the donor and recipient. The better the match the lower the risk of compli- cations following transplantation. HLA typing is a standard procedure prior to bone marrow trans- plantation (hematopoietic stem cell transplanta- tion) and is also used in conjunction with organ transplants (kidney, lung, heart, etc.). In 2011, Olerup SSP entered into a five-year exclusive global agreement (excl. Australia, New Zealand and Taiwan) with Conexio Genomics, Perth, Aus-
tralia. Allenex ownership stake in Olerup SSP AB
is 91 percent. For more information visit www.olerup-ssp.com
SALES AND DISTRIBUTION COMPANIES
Olerup GmbH, based in Vienna, is responsible for sales, distribution and logistics in Europe and the rest of the world excluding North, Central and South Ameri- ca as well as the Nordic region. Sales encompass Olerup SSP's HLA typing products and AbSorber's XM- ONE® transplantation test. Furthermore, from mid-year
2011, the company also sells and distributes products from the Australian company Conexio Genomics. Sales are conducted by a proprietary sales team in Germany, Austria and Slovenia, as well as the Nordic region.
From May 1, 2012, Olerup GmbH also started selling
directly to end-customers in the Netherlands and Belgium. Sales in other markets are handled by sub- distributors. The company is owned by Olerup Interna- tional, in which Allenex has an ownership stake of 75
percent. For more information visit www.olerup.com
AbSorber develops products that facilitate successful transplantation. AbSorber's transplantation test XM- ONE®, identifies antibodies that play a key role in causing rejection subsequent to transplantation. The company's research portfolio also includes a patented AB0 column for transplantations between people of different blood groups and an AB0 diagnostic test that measures the occurrence of blood group antibodies. Allenex ownership stake of AbSorber is 98 percent. For
more information visit www.absorber.se
Inc. West Chester PA USAOlerup Inc., domiciled in West Chester, PA, USA, is responsible for the sales, distribution and logistics of Olerup SSP and AbSorber products in the North Ameri- can market. Furthermore, since mid-2011, the com- pany sells and distributes products from the Australian company Conexio Genomics. The company has its own sales organization in the US, while sales in Canada
and Central and South America are handled by sub distributors. AbSorber owns 50 percent of the compa-
ny. For more information visit www.olerup.com
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