ALLENEX AB ALLENEXAB (PUBL)
INTERIM REPORT JANUARY - JUNE 2015
For the April-June period
• Net sales for the period were SEK 33.9 million (31.5).
• Operating income (EBIT) for the period was SEK 4.2 million (2.0).
• Operating margin for the period was 12 percent (6).
• Earnings after tax for the period were SEK 0.4 million (0.4).
• Earnings per share for the period, basic and diluted, were SEK 0.00 (0.00).
For the January-June period
• Net sales for the period were SEK 67.6 million (62.1).
• Operating income (EBIT) for the period was SEK 10.0 million (6.2).
• Operating margin for the period was 15 percent (10).
• Earnings after tax for the period were to SEK 5.9 million (1.6).
• Earnings per share for the period, basic and diluted, were SEK 0.05 (0.01).
Significant events in the second quarter and after the balance sheet date.
• No significant events occurred in the second quarter or after the balance sheet date.
President and CEO Anders Karlsson's comments on the first six months of 2015
'Sales and profitability in the company continue to grow and over the first six months of the year we have been seeing continued improvement in our operating margin, now at 15 percent (10). Operat- ing income (EBIT) amounted to SEK 4.2 million (2.0) in the second quarter, and to SEK 10.0 million (6.2) for the first half of the year. It is gratifying to see such strong performance in the U.S, where sales were up 29 percent in the second quarter in local currency. The extensive efforts we focused on in the American market during 2014 are now bearing results, with sales increasing across the board for the company's product portfolio. We now look forward with confidence to the launch of our new product QTYPE™, based on Real-Time PCR methodology, which will commence in the second half of 2015.'
For more information please contact:
Anders Karlsson, CEO, tel: +46 (0) 70-918 00 10 or e-mail: anders.karlsson@allenex.se
Yvonne Axelsson, CFO, tel: +46 (0)8-508 939 72 or e-mail: yvonne.axelsson@allenex.se
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GROUP OPERATIONS
Allenex is a life science company that develops, manufactures, markets and sells products on the global market that facilitate safer transplantation of blood stem cells and organs. Allenex is listed on NASDAQ OMX Stockholm, Small Cap, (ticker: ALNX). There are 56 employees in the Allenex group.
SALES
Net sales for the second quarter were SEK 33.9 million (31.5), corresponding to an increase of 8 percent compared to the same period last year.
40 Net Sales, MSEK
31,5 32,4 30,7 33,7 33,9
20
0
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Sales in North America were up 29 percent in local currency (USD) in the second quarter compared to the same period last year. Sales in North America for the period accounted for 32 percent of Allenex total sales, while the corresponding figure for the second quarter 2014 was 26 percent. Growth in this region is primarily driven by new customers in the SBT seg- ment.
Sales in Europe were down 11 percent in local currency com- pared to the second quarter 2014, which was unusually strong. In France, the upturn in sales continued, in particular sales of traditional SSP products, where the company's local repre- sentative is linked to a national tender process. Germany is showing negative developments for the period, falling by four percent. The transplantation scandal that came to light in 2012 continues to have a negative impact on organ donations in the country. At the same time, we see a consolidation of operations to larger laboratory groups and the transition to more automat- ed technologies such as SSO and SBT.
Sales in the emerging markets of India and China for the quar- ter were lower than the same period last year.
Sales distribution - global Q2 2015
29%
71%
Europe + ROW 48,1 MSEK Americas 19.4 MSEK
Allenex products are distributed via direct sales through a proprietary sales organization in key markets such as the USA, Germany and in the Nordic region. They are also distributed via partnerships with local distributors in other markets. Registra- tion processes are ongoing for the company's products in a number of countries, with work underway to secure strong local sales/distribution partners in these markets.
CUSTOMER GROUPS
Allenex customers largely constitute laboratories active in transplantation diagnostics. Today, there are three different technologies on the market for HLA typing (SSP, SSO and SBT), where the most common typing technique globally, in terms of volume, is SSO. However, most laboratories use SSP typing, either as a primary or supplementary technique. The size of the laboratory and its level of automation determines to what ex- tent the respective technologies are used. Today, the largest laboratories mainly utilize automated solutions (SBT and SSO) as their primary technology, while smaller laboratories general- ly prefer SSP typing. Subsequently, the choice of typing tech- nology is a key parameter for customer categorization.
Furthermore, in recent years two new further- developed technologies have been tested. These are Next Generation Sequencing (NGS), which primarily targets laborato- ries that conduct register typing, and Real-Time PCR (also
called qPCR), which mainly used for typing deceased donors prior to an organ transplant. To date, these two technologies are used on a limited scale, however usage is expected to increase in the coming years. It is believed that NGS will pri- marily compete with SSO and SBT, while Real-Time PCR is expected to mainly compete with SSP and SSO.
All large Allenex competitors offering automated SSO or SBT solutions, such as Thermo Fischer (comprising One Lambda and Life Technologies), as well as Abbott Laboratories, also provide SSP products.
Allenex is also working to meet market demand for automated typing solutions, in part through proprietary product develop- ment, and in part through partnerships with other companies. Since mid-2011, Allenex is the exclusive global distributor of the HLA typing product SBT Resolver™, with the related soft-
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ware Assign-SBT™ from the Australian company Conexio Ge- nomics. SBT Resolver™ was introduced by Allenex in the sec- ond half of 2011. This contract gives Allenex greater opportuni- ty to partner with larger, automated laboratories. Since these laboratories to a large extent strive to use the same supplier for all HLA typing products, this contract will also facilitate in- creased sales opportunities for Allenex SSP products. SBT Resolver™ has been introduced to a large number of potential customers. Following an introductory demonstration, the labor- atory usually conducts an independent comparison to the product currently in use. If the comparison favors Allenex, careful product validation is then carried out prior to fully con- verting to SBT Resolver™.
The validation process tends to be relatively long, usually tak- ing from 6 to 15 months. At the period end, 41 laboratories had converted, partially or fully, to SBT Resolver™ (22 in North American and 19 in Europa/Asia), with around 20 laboratories at the validation stage.
Abbott Laboratories recently sold the rights to its SBT portfolio to the Dutch company GenDx, which will take over the produc- tion and distribution of these products from the end of the year. It is believed that GenDx will thereby be able to strengthen its product portfolio in Europe, while Allenex sees opportunities to further expand its market share for SBT Resolver™ in the USA.
MARKET PERFORMANCE
Allenex initial strategy has been to introduce SBT Resolver™ to the largest and most automated HLA laboratories in the U.S. and Europe, to then, in a second phase, to focus on converting mid-sized laboratories from competing products. A number of the largest laboratories have very high volumes as they con- duct tests for national or regional typing registers. Major regis- ter typing laboratories conduct HLA typing tests on more than
5,000 individuals per year and are very careful in their evalua- tion of new suppliers.
In the U.S., in particular, there are larger laboratories where
SBT typing is used for clinical typing. In total, around 70 of the
200 HLA laboratories use SBT technology clinically, and of these, 22 laboratories (around 31 percent) have so far chosen Allenex as SBT supplier. Of the 70 laboratories that use SBT technology, around 10 - 15 of them type over 1,500 tissue samples each per year, with a few typing more than that. These are the laboratories that Allenex has initially chosen to target, as they hold high value as reference customers, which is im- portant in this segment. Among these large laboratories, Allen- ex currently has four customers. In Europe, the trend is that larger laboratories or consortiums of laboratories are becoming more active. This is the case in particular in Germany, where a
few really large laboratories are taking a more extensive hold of the typing market. There, the demand is for automated solu- tions that can handle larger volumes, and during the year Al- lenex entered into an agreement with a large new customer encompassing the delivery of reagents for SBT typing to this laboratory. This laboratory is one of the very largest in HLA
typing in Europe, entailing not only an increase in volumes but also a well-reputed reference center for Allenex.
The distribution agreement between Conexio Genomics and Allenex subsidiary Olerup SSP AB runs through April 2018. In addition to the distribution of SBT Resolver™, the agreement with Conexio Genomics includes two new products for Next Generation Sequencing (NGS), reagents and software. Also included is Gamma Type™, a product for typing of the Gamma block, an area that has not previously been possible to analyze using traditional methods. The introduction of Gamma Type™ began during the first six months of 2015 and Allenex plans to successively introduce the NGS portfolio over the next two years. The new products will provide Allenex with further oppor- tunity to reinforce its leading position in the HLA typing market.
PRODUCT DEVELOPMENT
Today, Allenex SSP products have a strong market position in their field of technology. They are updated on an ongoing basis and the strategy is to offer as close to total solutions as possi- ble. Continuous product development is carried out to enable the company to maintain its market-leading position in SSP technology. Allenex continues to develop the existing product line to secure high performance SSP typing. The company is also reviewing solutions adapted for laboratories looking for SSP technology with the possibility of attaining a higher degree
of automation, which can be used as a complement to the SSO- and SBT techniques. In 2012, Allenex introduced the Allenex Olerup SSP®Add-ons, as a complement to automated tech- niques (SSO and SBT). In 2014, Olerup SSP®introduced more products in an effort to meet customer needs for improved HLA typing using traditional SSP technology.
During 2014, active development began on a completely new product group for HLA typing based on Real-Time PCR (q-PCR) methodology. The starting point for the development work is the SSP technology, which is at the core of the Allenex product range today. The new product QTYPE™ will primarily focus on low-resolution typing in conjunction with organ transplantation and typing that either requires ease of administration and expedient results, or where the resolution requirements are lower, such as in a family-investigation prior to stem cell trans- plantation.
QTYPE™ will initially compete with traditional SSP typing, a sector where Allenex has products today, but also with SSO. In the SSP segment, the company counts on being able to chal- lenge other suppliers and win market share. Great opportunity to win market share is also seen in the SSO segment, where One Lambda is dominant today. When transplanting organs from deceased donors it is of great importance to be able to expediently carry out HLA typing to find an appropriate recipi- ent. Real-Time PCR is a more automated method that provides faster results with a lesser proportion of manual work. Typing with QTYPE™ will take around one hour compared to the up to three hours it takes to do traditional SSP typing. In this context, SSO typing is relatively slow, taking 5-7 hours to conduct. Be-
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sides organ transplantation, the method has applications in other types of conditions. QTYPE™ was introduced at the end of April at the European HLA congress, EFI, in Geneva. It is cur- rently estimated that the new product will be ready for launch
in the second half of 2015.
SIGNIFICANT EVENTS IN THE GROUP Significant events in the first quarter
• Allenex acquired all minority holdings in the group from SSP Primers AB for a consideration of SEK 20 million, as well as paying back a loan of SEK 4 million. 2014 profit generated Olerup SSP AB and Olerup International AB will be fully transferred to Allenex.
Significant events in the second quarter
• No significant events occurred in the reporting period.
Significant events after the balance sheet date
• No significant events occurred after the balance sheet date.
FINANCIAL POSITION, CASH FLOW AND FINANCING
Consolidated operating income for the first six months rose to SEK 10.0 million (6.2). The weakened Swedish krona has had a positive impact on revenues compared to last year as the majority of these are in EUR and USD. At the same time, the weak Swedish currency has had a negative impact on raw
material and consumable costs as these are mainly purchased in EUR and USD.
Unrealized currency gains are included in other expenses, reducing these by SEK 2.0 million. Unrealized currency gains also boosted financial items by SEK 0.6 million. SEK 1.9 million of realized currency gains are also included in other expenses.
New product development expenses of SEK 7.7 million were capitalized, leaving a closing balance of SEK 10.5 million. The capitalization concerns the development of QTYPE™, a new product for HLA typing based on Real-Time PCR (qPCR) meth- odology.
The group's operations are financed by shareholders' equity and loans. Interest-bearing liabilities amounted to SEK 111.0 million (95.0). The consolidated equity/assets ratio was 57 percent (63). Consolidated equity was SEK 201.7 million (217.6), corresponding to SEK 1.68 per share (1.81). Equity decreased by SEK 20.0 million due to the acquisition of all minority holdings, and increased as the accrued interest of SEK
1 million was waived. Cash and cash equivalents totaled SEK
2.4 million (9.6).
Cash flow from operating activities before changes in working capital for the first six months was SEK 6.3 million (2.8). Unre- alized currency gains of SEK 2.0 million are included in Ad-
justment for items not included in the cash flow. The investing activities includes investments in capitalized assets of SEK 7.7 million. The financing activities includes the acquisition of minority holdings of SEK 20.0 million less a debt to SSP Pri- mers of SEK 14.0 million, net SEK 6.0 million and includes also a new bank loan of SEK 10.0 million, amortization of a bank loan of SEK 3.0 million as well the repayment of a loan to SSP Primers of SEK 4.0 million.
According to the agreement with SSP Primers AB during the first quarter, Allenex acquired 9.0 percent of Olerup SSP AB,
1.9 percent of Absorber AB, 25.0 percent of Olerup Interna- tional AB as well as 50.0 percent of Olerup Inc. USA. Under the terms of the agreement, SSP Primers has waived any further claims on Allenex and the other companies in the group,
among other things accrued interest. 2014 profit in Olerup SSP AB and Olerup International will be transferred to Allenex in full. The debt to SSP Primers AB will be paid in three installments of SEK 4.0 million (February 2016), SEK 5.0 million (February
2017) and SEK 5.0 million (February 2018). A fixed interest
rate of 3 percent paid annually in arrears will be charged on the outstanding amount.
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 mar- gins.
Operational risk is primarily tied to the company's ability to constantly update its product range and to produce continually updated HLA test kits in pace with market demand.
Products sold and distributed on the basis of cooperation agreements with other companies increase the opportunity of strengthening market position and profitability, while they also carry an increased risk in light of the commitments in terms of resource investments and costs resulting from such agree- ments. The SBT products from the Australian company Conexio Genomics in particular are expected to achieve significant sales. At the same time, this involves significant competition and market risk. 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 pro- duction downtime could have a substantial negative effect on sales. Allenex has committed to minimum purchasing level
from Conexio.
The transplantation test XM-ONE®is primarily established as a research product for 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
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other assets. To date, XM-ONE®is virtually alone in its field and has significant patent protection. However, work is ongoing at the company's competitors to establish similar testing meth- ods. Therefore, there is a risk that the company's competitors may challenge the position that XM-ONE®has on the market.
The Allenex group has a significant exposure to exchange rate fluctuations due to the fact that most of the company's reve- nues are in EUR and USD, while costs are partly in SEK. This may signify a currency risk for the company. Allenex does not conduct currency hedging activities.
Attracting and maintaining qualified personnel for develop- ment, production, marketing, sales, logistics and administra- tion 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 involve 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 protec- tion, 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 in- surance. No assurance can be given that insurance will cover future claims against Allenex or its subsidiaries.
In certain cases the company is dependent on approval
through clinical trials or decisions from public authorities. There are no guarantees that the company will achieve satisfactory results in such trials, or that the required regulatory 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 assessed 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 operations according to current plans. There is a risk that market conditions and sales will develop negatively, which may have a negative effect on liquidity. The group's ability to re- finance 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.
No significant changes in risk assessment have been made compared to the annual report 2014, pages 23-24.
FINANCIAL INSTRUMENTS
Allenex financial instruments consist of trade accounts receiv- able, cash and cash equivalents, trade accounts payable, ac- crued supplier expenses and interest-bearing liabilities. Liabili- ties to credit institutions have variable interest rates. Liabilities to shareholders and SSP Primers AB have fixed interest rates, which essentially correspond to current market rates. Other financial assets and liabilities have short life spans. The fair value of all financial instruments is deemed to approximate the book value. Allenex has not netted any financial assets or liabilities and has not entered into any offset agreements.
RELATED PARTY TRANSACTIONS
Transactions with related parties are detailed in Note 10 of the Allenex 2014 Annual Report. No substantial change has oc- curred in the content or scope of these transactions for the period.
PARENT COMPANY
Revenues for the period amounted to SEK 1.4 million (1.4). Operating loss for the period was SEK 7.0 million (-7.1). The company's long-term intragroup receivables amounted to SEK
158.0 million (97.7). Cash and cash equivalents were SEK 0.7 million (1.8). The parent company had a negative cash flow from operations of SEK 8.6 million (-7.6). At the period end the parent company had 4 employees (4).
THE SHARE AND SHAREHOLDERS
PRINCIPAL OWNERS 06/30/2015 NO.OF SHARES OWNERSHIP STAKE %
Midroc Invest AB 43,678,850 36.3
FastPartner AB (publ) 38,886,307 32.3
Xenella Holding AB *) 11,174,755 9.3
Handelsbanken Liv **) 6,842,887 5.7
Avanza Pension 1,920,068 1.6
Handelsbanken Fonder 578,012 0.5
Other 17,207,569 14.3
TOTAL120,288,448 100.0
*) Xenella Holding AB is jointly owned by Midroc Invest AB and Fast- Partner AB (publ).
**) Mannersons Fastigheter AB's holding as per April 14, 2015 was transferred to Handelsbanken Liv.
ACCOUNTING PRINCIPLES
Allenex applies International Financial Reporting Standards (IFRS) as adopted by the EU and the Swedish Annual Accounts 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 and methods of calculation applied for
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the group and the parent company are consistent with those used in the preparation of the most recent Annual Report.
FUTURE REPORT DATES
Interim Report January-September: November 27, 2015
Year-end report: February 25, 2016
The Board of Directors and the CEO certify that the half-year report gives a true and fair view of the company's operations, financial position and results and describes the significant risks and uncertainties faced by Allenex and its subsidiaries.
Stockholm, August 27, 2015
Anders Williamsson
Chairman of the Board
Oscar Ahlgren
Board member
Jan Eriksson
Board member
Sven-Olof Johansson
Board member
Gunnar Mattsson
Board member
Anders Karlsson
CEO
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 re-port and earlier financial reports are available at www.allenex.com
This information was released for publication on August 27, 2015 at 13.00 CET
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Consolidated statement of comprehensive
income 2015 2014 2015 2014 2014
JAN-JUNE JAN-DEC
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Consolidated statement of financial position
Amounts in SEK thousand | 30 JUNE | |
Assets Goodwill Other intangible assets Tangible assets Deferred tax assets | 215,029 70,830 3,746 3,099 | 215,600 215,272 62,991 64,776 3,419 3,278 6,009 4,170 |
Total non-current assets Inventories Current receivables Cash and cash equivalents | 292,704 37,475 18,726 2,448 | 288,019 287,496 33,354 38,106 16,963 17,002 9,623 7,323 |
Total current assets Total assets Equity and liabilities Equity Interest-bearing non-current liabilities Deferred tax liabilities Interest-bearing current liabilities Non-interest bearing current liabilities | 58,649 351,353 201,737 95,000 14,974 15,962 23,680 | 59,940 62,431 347,959 349,927 217,576 220,480 80,381 71,324 13,549 14,321 14,626 20,923 21,827 22,879 |
Total equity and liabilities | 351,353 | 347,959 349,927 |
Consolidated statement of changes in equity
Amounts in SEK thousand | 30 JUNE | |
Opening balance Dividends paid to non-controlling interests Acquisition of minority holdings in subsidiaries Comprehensive results for the period | 220,480 - -18,970 227 | 215,859 215,859 - -3,717 - - 1,717 8,338 |
Closing balance Of which attributable to: | 201,737 | 217,576 220,480 |
Owners of the parent company Non-controlling interests | 201,737 - | 226,099 231,210 -8,522 -10,730 |
Consolidated statement of cash flow
Amounts in SEK thousand | JAN-JUNE | |
Operating income Adjustment for items not included in the cash flow Financial items Taxes paid | 10,038 1,112 -1,190 -737 | 6,173 22,890 1,669 -3,832 -1,581 -3,012 -331 -504 |
Cash flow from operations before changes in working capital Increase (-)/Decrease(+) in inventories Increase (-)/Decrease(+) in operating receivables Increase (-)/Decrease(+) in operating liabilities | 9,223 858 -1,466 -2,337 | 5,930 15,542 -3,278 -6,950 -2,378 1,072 2,519 802 |
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities | 6,278 -8,690 -3,000 | 2,793 10,466 -154 -3,235 -3,000 -9,717 |
Cash flow for the period Cash and cash equivalents at the start of the period Exchange rate differences in cash and cash equivalents | -5,412 7,323 37 | -361 -2,486 10,046 10,046 -62 -237 |
Cash and cash equivalents at the period-end | 2,448 | 9,623 7,323 |
1) The Investing activities post includes investments in capitalized assets of SEK 7.7 million. The Financing activities post includes the acquisition of minority holdings of SEK 20 million less a debt to SSP Primers of SEK 14 million, net 6 million and a new bank loan of SEK 10 million, amortization of a bank loan of SEK 3.0 million as well the repayment of a loan to SSP Primers AB of SEK 4 million.
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Parent company income statement
Amounts in SEK thousand | JAN-JUNE | |
Revenues Other external costs Personnel costs Depreciation/amortization | 1,375 -4,275 -4,005 -54 | 1,375 2,749 -3,619 -7,738 -4,782 -7,958 -56 -109 |
Operating results Other financial expenses and income | -6,959 -991 | -7,082 -13,056 -975 -778 |
Results after financial items Appropriations Group contributions received Group contributions paid | -7,950 - - | -8,057 -13,834 - 38,355 - -17,158 |
Results before tax Taxes | -7,950 0 | -8,057 7,363 0 0 |
Results for the period Parent company statement of comprehensive income | -7,950 | -8,057 7,363 |
Results for the period Other comprehensive results for the period | -7,950 - | -8,057 7,363 - - |
Comprehensive results for the period | -7,950 | -8,057 7,363 |
Parent company balance sheet 2015 2014
Amounts in SEK thousand | 30 JUNE | 31 DEC |
Assets Tangible assets Participations in group companies Non-current intra-group receivables Deferred tax assets | 106 77,378 157,980 1,626 | 150 57,378 96,003 1,626 |
Total non-current assets Current receivables Cash and bank | 237,090 11,280 718 | 155,157 73,944 91 |
Total current assets Total assets Equity and liabilities Equity Non-current liabilities Current liabilities | 11,998 249,088 157,193 30,000 61,895 | 74,035 229,192 165,143 19,609 44,440 |
Total equity and liabilities Changes in equity, parent company | 249,088 | 229,192 |
Opening balance Results for the period | 165,143 -7,950 | 157,780 7,363 |
Equity and liabilities | 157,193 | 165,143 |
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Key Figures Group 2015 2014
JAN-JUNE | JAN-JUNE | |
Net sales, SEK thousand Operating income, SEK thousand Earnings after tax, SEK thousand Earnings per share, basic and diluted, SEK Equity per share, SEK Equity/assets ratio, % Return on equity, % Average number of employees Number of shares outstanding at the period-end Average number of shares outstanding Share price at the period-end, SEK Market cap, SEK thousand | 67,551 10,038 5,916 0.05 1.68 57 3 56 120,288,448 120,288,448 2.22 267,040 | 62,082 6,173 1,646 0.01 1.81 63 0 55 120,288,448 120,288,448 2.16 259,823 |
Definitions:
Earnings per share Earnings after tax attributable to the parent company 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.
Return on equity Results attributable to parent company shareholders divided by equity attributable to the owners of the parent.
Operating margin Earnings before financial items divided by net sales
For a more detailed glossary see annual report 2014, page 63
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Companies in the Allenex Group
PRODUCTION AND R&D COMPANIES SALES & DISTRIBUTION COMPANIES
Olerup SSP AB is world leading in the development 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 complications following transplantation. HLA typing is a standard procedure prior to hematopoietic stem cell transplantation (bone marrow transplantation) 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, Australia. In
2014, the agreement was extended to April 2018. Allenex ownership stake in Olerup SSP AB is 100 percent. For more
information visit www.olerup-ssp.com
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 America 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, Belgium, the Netherlands and Slovenia. Sales in other markets are handled by dis- tributors. Allenex ownership stake in Olerup GmbH is 100 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 rejection reac- tions. 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. Allen- ex ownership stake in AbSorber is 100 percent. For more information visit www.absorber.se
Olerup Inc., domiciled in West Chester, PA, USA, is respon- sible for the sales, distribution and logistics of Olerup SSP and AbSorber products. Furthermore, since mid-2011, the company 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 distributors. Allenex ownership stake in Olerup Inc is 100 percent. For more information visit www.olerup.com
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