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2015-12-16

Biotage: Information regarding Biotage's Annual Report 2014

NASDAQ OMX Stockholm AB ("the Stock Exchange") has, within the scope
of its supervision of regular financial information, according to
chapter 16 paragraph 13 in the Securities Market Act (2007:528),
posed questions in relation to Biotage's decision to reverse a part
of an additional purchase price pertaining to the acquisition of MIP
Technologies AB made in 2010. In its concluding remarks the Stock
Exchange criticized Biotage for simultaneously having recognized an
impairment of goodwill by the same amount without taking into account
the fact that the impairment test made for the total goodwill amount
at Group level did not result in an impairment need. The Stock
Exchange referred to item 104, IAS 36. In the concluding remarks the
company was requested to adjust the impairment of goodwill according
to the rules stated in IAS 8, items 41-19 in coming financial
reports. Referring to the relatively long time period before the
publication of Biotage's year-end report on February 11, 2016, the
Stock Exchange believes that Biotage should publish information on
the required correction in a separate press release.

The cancellation of part of the provision made for additional purchase
price and the goodwill impairment that Biotage made in the annual
accounts for 2014 have been described in the Year End Report for 2014
and the 2014 Annual Report issued by Biotage, and have also been
commented in the financial interim reports issued by the company in
2015. The reversal of the goodwill impairment in 2014 that the Stock
Exchange now is requesting Biotage to do in the coming financial
reports and also to publish in this press release will only impact
the comparative figures for the result in the previous period, i.e.
2014, and it increases the Group's opening balances for both goodwill
and equity. The corresponding information will also be presented and
commented on in Biotage's Year End Report that will be issued on
February 11, 2016, and in Biotage's 2015 Annual Report.

The reversal of the impairment of goodwill means that the item Other
operating items for the comparative period January 1 - December 31,
2014 is adjusted by +13.5 MSEK, thus improving the result of the
comparative period over the result previously reported in the Year
End Report and Annual Report for 2014.

The background is that Biotage in 2014 made an impairment of goodwill
amounting to 13.5 MSEK, which affected Other operating items
negatively by the same amount. This impairment was made in connection
with the cancellation of a part of the provision for additional
purchase price concerning MIP Technologies AB, which is no longer
expected to be paid. See also note 10 in the 2014 Annual Report. The
goodwill item was recorded in connection with the additional purchase
sum at the acquisition in 2010 and was attributable to this
additional purchase price. As Biotage, according to the accounting
principles applied, regards all its operations as one cash generating
unit, impairment tests of reported goodwill should be performed at
this level as well. As no need for impairment was identified for the
total goodwill item of the Group according to the impairment tests
carried out at Group level in 2014, the result for 2014 is adjusted
retrospectively. This means that Biotage's operating result for 2014
is improved by 13.5 MSEK compared to the amount reported in the Year
End Report and the Annual Report for 2014. Thus the Group's closing
values 2014 and opening values 2015 for profit brought forward and
goodwill both increase by 13.5 MSEK. Earnings per share before and
after dilution for the comparative period (2014) are as a result of
the correction adjusted from 0.79 SEK per share to 1.00 SEK per
share. The total result per share before and after dilution for the
comparative period is adjusted from 1.00 SEK to 1.21 SEK as a result
of the correction.

Contact persons:
Torben Jörgensen, CEO
Tel: 0707-49 05 84, torben.jorgensen@biotage.com
Erika Söderberg-Johnson, CFO
Tel: 0707-20 48 20, erika.soderberg-johnson@biotage.com

Biotage discloses the information provided herein pursuant to the
Swedish Securities Markets Act and/or the Swedish Financial
Instruments Trading Act. The information was submitted for
publication at 08.00 on 16 December 2015.

About Biotage
Biotage offers efficient separation technologies from analysis to
industrial scale and high quality solutions for analytical chemistry
from research to commercial analysis laboratories. Biotage's products
are used by government authorities, academic institutions,
pharmaceutical and food companies, among others. The company is
headquartered in Uppsala and has offices in the US, UK, China and
Japan. Biotage has approx. 290 employees and had sales of 490 MSEK in
2014. Biotage is listed on the NASDAQ OMX Stockholm stock exchange.
Website: www.biotage.com

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http://news.cision.com/biotage/r/information-regarding-biotage-s-annual-...
http://mb.cision.com/Main/705/9885183/457225.pdf

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