BioGaia AB Reports Strong Rise in First Half Sales

Net sales reached SEK 89.6 million (65.9), an increase of SEK 23.7 million (36%) in Q2. Excluding foreign exchange effects net sales were up by 45%.

Aug 17 2011 --- BioGaia AB has reported that net sales reached SEK 159.5 million (124.4), an increase of SEK 35.1 million (28%). Excluding foreign exchange effects, the increase in net sales was 39%. Operating profit was SEK 57.3 million (31.5)2), an improvement of SEK 25.8 million (82%). Excluding foreign exchange effects, operating profit rose by 110%. Profit before tax was SEK 57.8 million (38.1) 2), an increase of SEK 19.7 million (52%). Profit after tax was SEK 42.2 million (26.3) 2), an improvement of SEK 15.9 million (60%). Earnings per share amounted to SEK 2.38 (1.53).

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

Net sales reached SEK 89.6 million (65.9), an increase of SEK 23.7 million (36%) in Q2. Excluding foreign exchange effects net sales were up by 45%.

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

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

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

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