6-K 1 s457493.txt REPORT OF FOREIGN PRIVATE ISSUER SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 Date of Report: April 29, 2003 BIORA AB SE-205 12 Malmo, Sweden Telephone: (011) 46-40-32-13-33 Indicate by a check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. [x] Form 20-F [ ] Form 40-F Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. [ ] Yes [x] No If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable. This Form 6-K consists of a Press Release dated April 29, 2003 regarding Biora AB's Annual General Meeting held on April 29, 2003 in Malmo, Sweden. Press release from Biora AB (publ), April 29, 2003 No 8/03 FOR IMMEDIATE RELEASE BIORA ANNUAL GENERAL MEETING HELD ON APRIL 29TH IN MALMO, SWEDEN At the Annual General Meeting ("AGM") in Malmo, Sweden today, six of the ordinary members of the Board of Directors were re-elected. Jan Kvarnstrom, member of Biora Board since January 2002 and Lennart Jacobsson, deputy Board member declined re-election due to changed responsibilities. A new Deputy Director, Hakan Bohlin was elected. Shareholders at the Annual General meeting adopted the Board of Directors' proposal to amend the Articles of Association regarding notices of extraordinary meetings. In the future, notices will not be mailed directly to shareholders but will be made through a public announcement. Shareholders fixed the total annual fee for Directors which will remain unchanged at SEK 800,000, to be allocated as determined by the Board of Directors. Additionally, Shareholders at the Annual General Meeting approved the Board of Directors' proposal that the accumulated loss on the Parent Company's balance sheet will be charged to the share premium reserve. The Swedish Shareholders Organization, who made a proposal regarding committees, was not present at the AGM, therefore no decision was taken regarding this matter. Biora develops manufactures and sells biotechnology-based products to dentists. Its principal product, Emdogain(R)Gel, which is approved for sale in Europe, North America and Japan among others, naturally regenerates tooth-supporting structure that the tooth has lost due to periodontitis. Biora's shares are listed on the "O-list" of the Stockholm Stock Exchange in Sweden. This press release may contain certain forward- looking statements 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 Securities and Exchange Commission. ---------------------------------------------------------- For further information, please contact: - Svante Lundell, CFO and Investor Relations, Biora +46-70 532 30 65 - Donna Janson, President and CEO of Biora, tel: +46- 40-32 12 28 - http://www.biora.com Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BIORA AB Dated: April 29, 2003 By: /s/ Svante Lundell ------------------------------- Svante Lundell Chief Financial Officer

1st Qtr 1st Qtr Full 2003 2002 Year 2002 ------------------------------------------------------- ----------------- -------------- ------------------- Net sales, SEK million 34.6 35.0 129.7 ------------------------------------------------------- ----------------- -------------- ------------------- Operating result, SEK million 1.4 -1.0 -0.9 ------------------------------------------------------- ----------------- -------------- ------------------- Net result, SEK million 1.4 -0.7 0.7 ------------------------------------------------------- ----------------- -------------- -------------------

-------------------------------------------------------------------------------------------- CFO/Investor Relations +46-40- 32 13 56 (direct) e-mail: Svante Lundell +46-40- 32 13 55 (fax) svante.lundell@biora.com Biora AB (publ) +46--705- 32 30 56 (mobile) Internet: http://www.biora.com Medeon, SE-205 12 Malmo

CONSOLIDATED STATEMENTS OF OPERATIONS 2003 2002 2002 (Swedish GAAP unaudited) 1) 1th Qtr 1th Qtr Full year (KSEK) (KSEK) (KSEK) Net sales 34 601 35 006 129 736 ------------------------------------------------------------------------------------------------ Costs of goods sold -7 193 -6 814 -23 014 ------------------------------------------------------------------------------------------------ Gross profit 27 408 28 192 106 722 ------------------------------------------------------------------------------------------------ Selling expenses -16 139 -19 215 -68 982 ------------------------------------------------------------------------------------------------ Administrative expenses -5 462 -5 319 -21 474 ------------------------------------------------------------------------------------------------ Research and development costs -2 620 -4 344 -16 686 ------------------------------------------------------------------------------------------------ Other operating income and expenses 2) -1 804 -321 -448 ------------------------------------------------------------------------------------------------ Operating result 1 383 -1 007 -868 ------------------------------------------------------------------------------------------------ Financial net 146 346 1 565 ------------------------------------------------------------------------------------------------ Result after financial items 1 529 -661 697 ------------------------------------------------------------------------------------------------ Income tax 3) -80 -50 -16 ------------------------------------------------------------------------------------------------ Net income for the period 1 449 -711 681 ------------------------------------------------------------------------------------------------ Profit/loss per share 4) 0.06 -0.03 0.03 ------------------------------------------------------------------------------------------------ Number of shares outstanding at the end of the period (000s) 23 754 23 754 23 754 ------------------------------------------------------------------------------------------------ Average number of shares outstanding (000s) 23 754 23 754 23 754 ------------------------------------------------------------------------------------------------ 1) Average exchange rate Jan-Mar, 2003, USD/SEK 1= 8.58, EUR/SEK 1 = 9.19 2) Other operating expenses include KSEK 1 425 for expenses related to the negotiations with Straumann Holding AG. 3) The Company reports no tax income in respect of 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 have 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 are the same.

CONSOLIDATED BALANCE SHEETS Mar 31 Mar 31 Dec 31, (Swedish GAAP, unaudited) 1) 2003 2002 2002 (KSEK) (KSEK) (KSEK) Intangible long term assets 8 079 6 901 8 001 ----------------------------------------------------------------------------------------------------- Tangible long term assets 1 864 3 315 1 917 ----------------------------------------------------------------------------------------------------- Financial long term assets 218 623 217 ----------------------------------------------------------------------------------------------------- Total long term assets 10 161 10 839 10 135 ----------------------------------------------------------------------------------------------------- Inventories 9 050 7 241 10 961 ----------------------------------------------------------------------------------------------------- Current receivables 21 196 21 403 14 191 ----------------------------------------------------------------------------------------------------- Bank deposits - 28 000 - ----------------------------------------------------------------------------------------------------- Cash and bank 47 185 20 020 51 347 ----------------------------------------------------------------------------------------------------- Total current assets 77 431 76 664 76 499 ----------------------------------------------------------------------------------------------------- Total assets 87 592 87 503 86 634 ----------------------------------------------------------------------------------------------------- Shareholders' equity 2) 57 706 55 337 56 215 ----------------------------------------------------------------------------------------------------- Provisions 270 296 269 ----------------------------------------------------------------------------------------------------- Long term liabilities 3) - - - ----------------------------------------------------------------------------------------------------- Current liabilities 3) 29 616 30 870 30 150 ----------------------------------------------------------------------------------------------------- Total shareholders' equity and liabilities 87 592 87 503 86 634 ----------------------------------------------------------------------------------------------------- 1) Exchange rate March 31st 2003, USD/SEK 1= 8.51, EUR/SEK 1 = 9.23 2) Change in shareholders' equity Share Other Accumu- Total Total Total capital restricted lated loss 31.03 2003 31.03 2002 31.12 2002 equity Opening 950 71 551 -16 286 56 215 55 870 55 870 Balance Disposition of loss - - 0 Transfer - - 0 Change in translation differences 205 -163 42 178 -336 Net Income for the period 1 449 1 449 -711 681 Closing Balance 950 71 756 -15 000 57 706 55 337 56 215 2003-03-31 3) The interest bearing liabilities amounted to zero on March 31, 2003, March 31, 2002 and December 31, 2002.

STATEMENT OF CASH FLOWS Consolidated (KSEK) 2003 2002 2002 (Swedish GAAP, unaudited) 1th Qtr 1th Qtr Full year Net Income for the period 1 449 -711 681 --------------------------------------------------------------------------------------------------------------------------- Depreciation and amortization 405 794 3 715 --------------------------------------------------------------------------------------------------------------------------- Other adjustments to reconcile net result to net cash flows from 80 54 247 operating activities --------------------------------------------------------------------------------------------------------------------------- Change in assets and liabilities -5 499 -2 879 -720 --------------------------------------------------------------------------------------------------------------------------- Net cash used in operating activities -3 565 -2 742 3 923 --------------------------------------------------------------------------------------------------------------------------- Capital expenditures (tangible assets and patents) -434 -387 -2 856 --------------------------------------------------------------------------------------------------------------------------- Net cash used in/ from investing activities -434 -387 -2 856 --------------------------------------------------------------------------------------------------------------------------- Effect of exchange rate changes on cash and cash equivalents -163 -322 -1 191 --------------------------------------------------------------------------------------------------------------------------- Net change in cash and cash equivalents -4 162 -3 451 -124 ---------------------------------------------------------------------------------------------------------------------------

KEY RATIOS Consolidated 2003 2002 2002 2001 2000 (Swedish GAAP, unaudited) 1th Qtr 1th Qtr Full year Full year Full year Net sales, (KSEK) 34 601 35 006 129 736 110 677 89 160 -------------------------------------------------------------------------------------------------------------- Gross margin, % 1) 79.2 80.5 82.3 79.4 76.3 -------------------------------------------------------------------------------------------------------------- R & D costs, (KSEK) 2) 2 620 4 344 16 686 26 787 42 789 -------------------------------------------------------------------------------------------------------------- Return on capital employed, % 3) 3.0 -4.8 1.6 -45.5 -83.7 -------------------------------------------------------------------------------------------------------------- Return on equity,% 4) 2.5 -5.1 1.2 -47.0 -85.4 -------------------------------------------------------------------------------------------------------------- Equity / assets ratio, % 5) 65.9 63.2 64.9 60.6 55.8 -------------------------------------------------------------------------------------------------------------- Net debt / equity ratio, % 6) -81.8 -86.8 -91.3 -92.1 -100.9 -------------------------------------------------------------------------------------------------------------- Total equity, (KSEK) 57 706 55 337 56 215 55 870 50 915 -------------------------------------------------------------------------------------------------------------- Average number of shares Outstanding, (000s) 7) 23 754 23.754 23 754 22 014 21 204 -------------------------------------------------------------------------------------------------------------- Equity per share, SEK 7) 2.43 2.33 2.37 2.54 2.40 -------------------------------------------------------------------------------------------------------------- Result per share, SEK 7) 0.06 -0.03 0.03 -1.14 -3.59 -------------------------------------------------------------------------------------------------------------- Cash flow per share, SEK 8) -0.18 -0.15 -0.01 -0.10 -2.78 -------------------------------------------------------------------------------------------------------------- 1) Gross profit divided by net sales. 2) R&D-costs are shown gross, including capitalized costs. During 2003, as well as during 2000, 2001 and 2002, no costs were capitalized under the heading Capitalized R&D costs, which explains why the net and gross costs were equal, at 2 620. 3) Operating result plus financial income divided by average total assets (total assets less non-interest- bearing operating liabilities including deferred taxes). 4) Net result divided by average equity. 5) Shareholders' equity divided by total assets. 6) Interest-bearing liabilities less cash and bank deposits divided by shareholders' equity. 7) The dilution effects of outstanding options have not been considered when calculating equity, result and cash flow per share for the years 2000-2003 as the present values of the exercise prices at each year end has been higher than the net realizable value of the shares. 8) Net change in cash and cash equivalents divided by the average number of shares in accordance with note 7).

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