BIOHIT OYJ QUARTERLY REPORT, 7 NOVEMBER 2008 AT 9:30 AM
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 30 SEPTEMBER 2008
Biohit Oyj develops, manufactures and markets liquid handling products and
diagnostic test systems for use in research, healthcare and industrial
laboratories.
The Group's financial trends in the January-September period of 2008:
- Net sales EUR 25.7 million (EUR 23.6 million in 1-9/2007)
- Operating profit EUR 1.2 million (operating loss EUR 0.7 million)
- Result before taxes EUR 0.5 million (loss EUR 1.2 million)
- Earnings per share EUR 0.01 (EUR -0.08)
NET SALES AND RESULT
July-September
The Biohit Group has seen satisfactory trends in net sales during the third
quarter. Net sales growth was up 13% on the corresponding period of 2007, and
total net sales rose to EUR 8.5 million (EUR 7.6 million 7-9/2007). Operating
profit for the third quarter amounted to EUR 1.1 million (loss EUR 0.0 million)
and profit before taxes to EUR 0.8 million (loss EUR 0.2 million). Earnings per
share were EUR 0.04 (EUR -0.08).
During the third quarter, favourable trends in the Group's net sales have been
seen in all of the company's main market areas. When measured in local
currencies, this growth has been even greater than reported growth. A reduction
in fixed costs improved the company's profitability in the third quarter.
January-September
Net sales for the entire reporting period rose 9% on the corresponding period of
last year, totalling EUR 25.7 million (EUR 23.6 million). Operating profit
amounted to EUR 1.2 million (loss EUR 0.7 million). The result before taxes for
the reporting period was a profit of EUR 0.5 million (loss EUR 1.2 million).
Earnings per share were EUR 0.01 (EUR -0.08).
Satisfactory trends in the Group's net sales have been seen during the second
and third quarters. The sales downswing experienced during the first quarter
will, however, have an adverse impact on net sales and earnings trends for the
whole of the reporting period. In order to improve profitability, the company
began a savings and operational efficiency programme in June 2008. The
reductions made in fixed costs have improved the Group's result. The company's
result for the reporting period also contains EUR 0.1 million (losses of EUR 0.2
million) in currency exchange gains.
Key figures by segment, January-September
Sales and maintenance of liquid handling products accounted for 96% of net sales
during the reporting period. The net sales of the liquid handling business for
the entire reporting period amounted to EUR 24.5 million (EUR 22.5 million) and
the net sales of the diagnostics business to EUR 1.1 million (EUR 1.2 million).
The operating profit of the liquid handling business amounted to EUR 2.8 million
(operating profit EUR 1.4 million), while the operating loss of the diagnostics
business totalled EUR 1.6 million (operating loss EUR 2.1 million).
The impact of currency exchange rates
When calculated in local currencies, the Group's net sales growth for the entire
reporting period has been better than reported growth. When calculated using
comparable exchange rates, net sales growth for the entire reporting period was
12%, while the reported figure was 9%. The impact of the strengthened dollar
will be seen in the company's fourth-quarter net sales and result. Excluding the
impact of instruments, growth for the diagnostics business totalled 16% when
calculated using comparable currency exchange rates.
BALANCE SHEET
On 30 September 2008, the balance sheet total was EUR 26.6 million (EUR 28.4
million) and the equity ratio was 44.6% (43.6% on 30 September 2007).
FINANCING
Cash flow from operating activities during the reporting period was EUR 1.2
million (EUR 0.8 million). At the end of the period, the Group's liquid assets
totalled EUR 1.3 million (EUR 1.1 million). Current ratio was 2.3 (2.1).
RESEARCH AND DEVELOPMENT
Research and development expenditure during the reporting period amounted to EUR
1.5 million (EUR 1.8 million). EUR 0.2 million (EUR 0.3 million) in development
expenditure was capitalised during the period.
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.9 million (EUR 1.8
million). Investments were primarily made in liquid handling production in
Helsinki and Kajaani.
PERSONNEL
The average number of Group personnel during the reporting period was 372 (350
in the corresponding period of 2007 and 305 in 2006). Of these, 173 (179 in
2007, 161 in 2006) were employed by the parent company and 199 (171 in 2007, 144
in 2006) by subsidiaries.
In June 2008, Biohit launched codetermination negotiations as part of the
company's savings and operational efficiency programme. The codetermination
negotiations ended on 29 August 2008, and the company decided to implement its
planned personnel cost savings with lay-offs that began in September and will
remain in force until further notice. Some of the lay-offs have been implemented
using a shortened workweek. The measures affect both the company's own personnel
and leased employees, primarily those working for the parent company in the
diagnostics business or in production and logistics in the liquid handling
business.
KEY FIGURES
--------------------------------------------------------------------------------
| | 7-9/2008 | 7-9/2007 | 1-9/2008 | 1-9/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
| Net sales, | 8.5 | 7.6 | 25.7 | 23.6 | 32.8 |
| MEUR | | | | | |
--------------------------------------------------------------------------------
| Operating | 1.1 | 0.0 | 1.2 | -0.7 | -0.5 |
| profit/ loss, | | | | | |
| MEUR | | | | | |
--------------------------------------------------------------------------------
| Result before | 0.8 | -0.2 | 0.5 | -1.2 | -1.1 |
| taxes, MEUR | | | | | |
--------------------------------------------------------------------------------
| Investments, | 0.3 | 0.5 | 0.9 | 1.8 | 2.1 |
| gross, MEUR | | | | | |
--------------------------------------------------------------------------------
| As a | 3.3 | 7.4 | 3.3 | 7.4 | 6.4 |
| percentage of | | | | | |
| net sales | | | | | |
--------------------------------------------------------------------------------
| R&D | 0.4 | 0.8 | 1.5 | 1.8 | 2.0 |
| expenditure, | | | | | |
| MEUR | | | | | |
--------------------------------------------------------------------------------
| As a | 4.7 | 6.6 | 5.7 | 7.0 | 6.1 |
| percentage of | | | | | |
| net sales | | | | | |
--------------------------------------------------------------------------------
| Average | 375 | 359 | 372 | 350 | 352 |
| number of | | | | | |
| personnel | | | | | |
--------------------------------------------------------------------------------
| Equity ratio, | 44.6 | 43.6 | 44.6 | 43.6 | 43.6 |
| % | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.04 | -0.08 | 0.01 | -0.08 | -0.12 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Equity per | 0.91 | 0.95 | 0.91 | 0.95 | 0.92 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Average |12,937,627 | 12,937,627 |12,937,627 | 12,937,627 | 12,937,627 |
| number of | | | | | |
| shares during | | | | | |
| the period | | | | | |
--------------------------------------------------------------------------------
| Number of |12,937,627 | 12,937,627 |12,937,627 | 12,937,627 | 12,937,627 |
| shares at end | | | | | |
| of period | | | | | |
--------------------------------------------------------------------------------
MAIN EVENTS OF THE REPORTING PERIOD
Liquid handling business
Biohit's liquid handling business develops, manufactures and markets laboratory
equipment and accessories for the pharmaceutical, food and other industries.
Biohit's products are also used in research institutions, universities and
hospitals. The product range includes mechanical and electronic pipettes as well
as disposable tips (www.biohit.com/liquidhandling). While the majority of
products are marketed under the Biohit brand, the company also sells customised
OEM (Original Equipment Manufacture) products that complement the diagnostic
test and analysis systems of many global companies. In addition, the company
offers maintenance, calibration and training services for liquid handling
products through its distributor network (www.biohit.com/liquidhandling and
www.pipettedoctor.com).
The reporting period has seen favourable trends in sales of liquid handling
products in all market areas. Net sales trends in the second and third quarters
have been significantly better than in the first.
During the reporting period, Biohit launched new disposable filter tips for
pipettes. The tips are manufactured to high quality and sterility standards at
the company's production facility in Kajaani. The filter in the new tips acts as
an aerosol barrier and protects both the pipette and samples from contamination.
The demand for filter tips has increased as laboratory quality standards have
become stricter. Biohit also manufactures standard tips without filters. The
accuracy and precision of the results can be ensured by using Biohit's pipettes
with the Biohit tips specifically designed for them.
The company also continued to focus on product development, OEM co-operation,
strengthening the Biohit brand, expansion of its maintenance business, and
developing cost-effective production processes and logistics.
Diagnostics
Biohit's diagnostics business develops, manufactures and markets tests and
analysis systems primarily for the diagnosis, screening and prevention of
diseases of the gastrointestinal tract. The product range includes the
GastroPanel and GastroView examinations (www.gastropanel.net,
www.gastroview.com) for primary healthcare; lactose intolerance and Helicobacter
pylori quick tests for specialised healthcare; and instruments and analysis
systems for laboratories (www.biohit.com/diagnostics). Additionally, the company
runs a service laboratory in Finland (www.biohit.com/palvelulaboratorio) and in
the UK (www.gastroprofile.com).
Sales trends in the diagnostics business did not reach a satisfactory level
during the reporting period. The majority of net sales are generated by test kit
sales. The impact of instruments on net sales has decreased.
Slow progress in obtaining approvals from the relevant authorities has posed a
major challenge. At the beginning of May, the US Food and Drug Administration
(FDA) requested further clarification regarding Biohit's approval application
for the GastroPanel Pepsinogen I and II tests. Biohit delivered this further
clarification to the FDA after the close of the reporting period. Although the
timetable for the authorisation process is currently difficult to estimate, the
company is continuing to prepare for test kit marketing in the USA by, for
example, applying for patents. During the reporting period, the United States
Patent and Trademark Office granted a patent for a test panel to diagnose
atrophic gastritis (GastroPanel).
The focal point for research and development during the period has been
improvements to existing products and the commercialisation of new products.
ColonView - Biohit's new quick test for the early detection of fecal occult
blood, a well-known marker for colorectal cancer - was launched after the close
of the period.
Measures to spin off the diagnostics business continued during the period.
EQUITY TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's shares are divided into series A and series B shares. There are a
total of 2,975,500 series A shares and 9,962,127 series B shares. Supposing that
the market capitalisation value for series A and B shares is equal, the total
market capitalisation value at the end of the period was EUR 19.1 million.
Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small
cap/Healthcare group under the code BIOBV.
----------------------------------------------------------
| BIOBV / OMX Helsinki | 1-9/2008 |
----------------------------------------------------------
| High, EUR | 1.92 |
----------------------------------------------------------
| Low, EUR | 1.25 |
----------------------------------------------------------
| Average, EUR | 1.57 |
----------------------------------------------------------
| Closing price, EUR | 1.48 |
----------------------------------------------------------
| Total turnover, EUR | 1,442,997 |
----------------------------------------------------------
| Total turnover, no. of shares | 917,416 |
----------------------------------------------------------
At the end of the reporting period on 30 September 2008, the company had 3,427
shareholders (3,565 on 30 September 2007). The major shareholder groups were
private households 79.61% (78.78%), companies 16.62% (17.07%) and public sector
organisations 3.03% (3.03%). 0.47% (0.65%) of shares were in foreign ownership
or registered in a nominee's name.
Further information about the shares, major shareholders and management's
shareholdings is available on the company's website at www.biohit.com.
CONVERSION OF BIOHIT OYJ SERIES A SHARES INTO SERIES B SHARES, AND NOTIFICATION
OF A CHANGE IN SHARE OWNERSHIP IN ACCORDANCE WITH THE SECURITIES MARKETS ACT,
CHAPTER 2, SECTION 10
On 28 August 2008, at Professor Pentti Sipponen's request and in accordance with
the Articles of Association, Biohit Oyj's Board of Directors decided to convert
900,000 Series A shares owned by Sipponen into the equivalent number of Series B
shares. The new Series B shares became available for public trading on 5
September 2008.
After the share conversion, the number of shares in each class and the votes
conferred were as follows: 2,975,500 Series A shares conferring 59,510,000 votes
and 9,962,127 Series B shares conferring 9,962,127 votes. Series A shares confer
20 votes per share and Series B shares 1 vote per share. The dividend paid for
Series B shares is, however, two (2) per cent of the nominal value higher than
that paid for Series A shares.
As a result of the conversion, the combined share of voting rights conferred by
shares owned by Professor Pentti Sipponen and Patolab Oy - a company in his
control - fell under one twentieth. The combined share of voting rights
conferred by shares owned by Professor Osmo Suovaniemi, Biocosmos Oy and
Interlab Oy - two companies in his control - rose to over two thirds as a result
of the conversion.
Information on the shares and votes held by Pentti Sipponen, Osmo Suovaniemi and
the companies under their control was published in a stock exchange release
dated 29 August 2008.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit presented the risks and uncertainty factors related to its business
operations in both its 2007 Annual Report and its first-quarter and
second-quarter interim reports for 2008. In its risk management, the company has
recently been monitoring the following risks in particular:
The company has not detected any significant changes in the risks related to the
diagnostics business. According to current estimations, 2008 business growth
expectations will not, however, be met. Failure to meet growth expectations
could lead to a EUR 2.5 million impairment of goodwill associated with
diagnostics products. The absence of US Food and Drug Administration (FDA)
clearance for GastroPanel's Pepsinogen I and II tests and any delays in this
approval process may also have an adverse impact on net sales trends in the
diagnostics business. The company intends to minimise this risk by working in
close co-operation with the FDA. Biohit delivered the further clarification
requested by the FDA after the close of the reporting period.
The value of the euro weakened against the US dollar and Japanese yen during the
third quarter. These exchange rates have therefore not had the unfavourable
impact on profitability that has previously been reported. Biohit still intends
to protect itself from exchange rate risks with procurements in currencies other
than the euro. The six-month derivative contract the company entered into in
April 2008 to hedge its USD receivables has ended and has not be renewed.
Improved profitability has bolstered the company's financial position, but
liquidity has not yet reached a satisfactory level. The company has continued to
take various measures to bolster its financial position, such as cutting costs
and acquiring additional funding. Arrangements concerning the proposed
introduction of a sale and lease back system at the Kajaani factory property
have been temporarily put on hold.
OUTLOOK FOR 2008
The Biohit Group has seen satisfactory trends in net sales during the third
quarter. The company expects that the net sales increase that began in the
second quarter will continue throughout the rest of the year.
Biohit forecasts sales growth in liquid handling products in all main market
areas. Diagnostics net sales will not, however, increase as expected, although
2008 growth in net sales of diagnostics tests is likely to exceed the average
growth figures of the Group's segments. The launch of Biohit's diagnostics
products in North America during the current period now appears unlikely due to
a delay in the FDA's approval procedure.
The favourable trends in earnings that began after the end of June are due to
both net sales growth and the weaker value of the euro. The operational
efficiency programme launched in June has led to a slight reduction in fixed
costs, which has in turn improved the company's result. Biohit forecasts that
favourable trends in earnings will continue during the fourth quarter and that
the full-year result will be in the black.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
Since the close of the period, Biohit has delivered the further clarification
requested by the FDA regarding the company's approval applications for the
GastroPanel Pepsinogen I and II tests.
Biohit has also launched ColonView - a new quick test that promotes the early
detection and prevention of colorectal cancer. This new test rounds out the
company's range of diagnostic tests for diseases of the gastrointestinal tract.
The ColonView examinations offer an easy and cost-effective way of finding
patients who have fecal occult blood and therefore a greater than average risk
of having colorectal cancer or its pre-stages. It also provides information on
other potential diseases of the gastrointestinal tract that are also associated
with intestinal bleeding.
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | Change | Change | 1-12 |
| | 2008 | 2007 | MEUR | % | 2007 |
| | MEUR | MEUR | | | MEUR |
--------------------------------------------------------------------------------
| Net sales | 25.7 | 23.6 | 2.0 | 9 | 32.8 |
--------------------------------------------------------------------------------
| Other operating income | 0.1 | 0.1 | 0.0 | 54 | 0.1 |
--------------------------------------------------------------------------------
| Change in inventories | 0.1 | 0.5 | 0.4 | 86 | 0.3 |
| of finished goods and | | | | | |
| work in progress | | | | | |
--------------------------------------------------------------------------------
| Materials and services | -5.0 | -5.3 | -0.2 | -5 | -7.0 |
--------------------------------------------------------------------------------
| Employee benefit | -10.6 | -10.4 | 0.2 | 2 | -14.1 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -1.4 | -1.4 | 0.0 | 1 | -1.8 |
--------------------------------------------------------------------------------
| Other operating | -7.7 | -7.9 | -0.2 | -3 | -10.6 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating profit / | 1.2 | -0.7 | 1.9 | 267 | -0.5 |
| -loss | | | | | |
--------------------------------------------------------------------------------
| Financial income | 0.0 | 0.1 | 0.0 | -16 | 0.1 |
--------------------------------------------------------------------------------
| Financial expenses | -0.7 | -0.5 | 0.2 | 35 | -0.7 |
--------------------------------------------------------------------------------
| Result before taxes | 0.5 | -1.2 | 1.7 | 144 | -1.1 |
--------------------------------------------------------------------------------
| Income taxes | -0.4 | 0.1 | -0.5 | -646 | -0.4 |
--------------------------------------------------------------------------------
| Result for the period | 0.1 | -1.1 | 1.2 | 110 | -1.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated | 1-9 | 1-9 | 1-12 |
| from earnings attributable to | 2008 | 2007 | 2007 |
| equity holders of the parent | MEUR | MEUR | MEUR |
| company | | | |
--------------------------------------------------------------------------------
| Earnings per share, undiluted*, | 0.01 | -0.08 | -0.12 |
| EUR | | | |
--------------------------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2008 and 2007.
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | Change | Change |
| | 2008 | 2007 | MEUR | % |
| | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Net sales | 8.5 | 7.6 | 1.0 | 13 |
--------------------------------------------------------------------------------
| Other operating income | 0.1 | 0.0 | 0.0 | 150 |
--------------------------------------------------------------------------------
| Change in inventories of | 0.1 | -0.2 | -0.3 | -154 |
| finished goods and work in | | | | |
| progress | | | | |
--------------------------------------------------------------------------------
| Materials and services | -1.7 | -1.5 | 0.2 | 17 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -3.1 | -3.2 | -0.1 | -3 |
--------------------------------------------------------------------------------
| Depreciation | -0.4 | -0.4 | 0.0 | -1 |
--------------------------------------------------------------------------------
| Other operating expenses | -2.4 | -2.3 | 0.1 | 2 |
--------------------------------------------------------------------------------
| Operating profit / loss | 1.1 | 0.0 | 1.1 | 6409 |
--------------------------------------------------------------------------------
| Financial income | 0.0 | 0.0 | 0.0 | 68 |
--------------------------------------------------------------------------------
| Financial expenses | -0.3 | -0.2 | 0.1 | 64 |
--------------------------------------------------------------------------------
| Result before taxes | 0.8 | -0.2 | 1.0 | 497 |
--------------------------------------------------------------------------------
| Income taxes | -0.3 | -0.1 | -0.2 | -167 |
--------------------------------------------------------------------------------
| Result for the period | 0.5 | -0.3 | 0.8 | 281 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| | MEUR | % | MEUR | % | MEUR | % |
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 2.6 | 10 | 2.6 | 9 | 2.6 | 10 |
--------------------------------------------------------------------------------
| Intangible assets | 1.6 | 6 | 1.7 | 6 | 1.5 | 5 |
--------------------------------------------------------------------------------
| Tangible assets | 6.6 | 25 | 7.2 | 25 | 7.2 | 26 |
--------------------------------------------------------------------------------
| Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Deferred tax assets | 1.7 | 7 | 2.3 | 8 | 2.0 | 7 |
--------------------------------------------------------------------------------
| Total non-current | 12.6 | 47 | 13.8 | 49 | 13.3 | 49 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 6.1 | 23 | 6.0 | 21 | 5.6 | 21 |
--------------------------------------------------------------------------------
| Trade and other | 6.1 | 23 | 6.2 | 22 | 6.4 | 23 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| Financial assets | 0.5 | 2 | 1.2 | 4 | 0.9 | 3 |
| recognised at fair | | | | | | |
| value through profit or | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 1.3 | 5 | 1.1 | 4 | 1.1 | 4 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Total current assets | 14.1 | 53 | 14.5 | 51 | 14.0 | 51 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 26.6 | 100 | 28.4 | 100 | 27.3 | 100 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Equity attributable to | | | | | | |
| the equity holders of | | | | | | |
| the parent company | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 2.2 | 8 | 2.2 | 8 | 2.2 | 8 |
--------------------------------------------------------------------------------
| Share premium fund | 0.2 | 1 | 0.2 | 1 | 0.2 | 1 |
--------------------------------------------------------------------------------
| Fund for investments of | 12.2 | 46 | 12.2 | 43 | 12.2 | 45 |
| non-restricted equity | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | -2.7 | -10 | -2.4 | -8 | -2.8 | -10 |
--------------------------------------------------------------------------------
| Total equity | 11.8 | 44 | 12.3 | 43 | 11.8 | 43 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Pension obligations | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 7.8 | 29 | 7.3 | 26 | 8.3 | 30 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 0.8 | 3 | 1.8 | 6 | 0.9 | 3 |
--------------------------------------------------------------------------------
| Total non-current | 8.7 | 33 | 9.2 | 33 | 9.3 | 34 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Trade payables | 1.6 | 6 | 1.9 | 7 | 1.4 | 5 |
--------------------------------------------------------------------------------
| Provisions | 0.0 | 0 | 0.1 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 0.9 | 3 | 1.8 | 6 | 0.9 | 3 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 3.6 | 14 | 3.1 | 11 | 3.9 | 14 |
--------------------------------------------------------------------------------
| Total current | 6.1 | 23 | 6.9 | 24 | 6.2 | 23 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 14.8 | 56 | 16.1 | 57 | 15.5 | 57 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 26.6 | 100 | 28.4 | 100 | 27.3 | 100 |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 1-9/2008 | 1-9/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Result before taxes | 0.5 | -1.2 | -1.1 |
--------------------------------------------------------------------------------
| Adjustments | 1.8 | 1.8 | 2.4 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CHANGE IN WORKING CAPITAL | -0.8 | 0.6 | 0.6 |
--------------------------------------------------------------------------------
| Interest and other financial | -0.3 | -0.2 | -0.5 |
| items paid | | | |
--------------------------------------------------------------------------------
| Interest received | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Income taxes paid | -0.1 | -0.3 | -0.4 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 1.2 | 0.8 | 1.1 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Investments in tangible and | -0.9 | -1.7 | -2.1 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Investments and capital gains | 0.4 | -0.4 | -0.1 |
| from investments in funds and | | | |
| deposits, net | | | |
--------------------------------------------------------------------------------
| Net cash flow from investments | -0.5 | -2.1 | -2.2 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 0.2 | 2.4 | 2.5 |
--------------------------------------------------------------------------------
| Repayment of loans | -0.7 | -0.7 | -1.1 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -0.5 | 1.6 | 1.4 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) in | 0.2 | 0.2 | 0.3 |
| cash and cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.1 | 0.9 | 0.9 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.3 | 1.1 | 1.1 |
| end of period | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity on 30 September 2008
--------------------------------------------------------------------------------
| MEUR | Share | Share | Trans- | Fund for | Earnings| Equity |
| | capital | premium | lation |investments| | |
| | | fund | diff. | of non- | | |
| | | | |restricted | | |
| | | | | equity | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 |
| 2008 | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -0.1 | | | -0.1 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Result for the | | | | | 0.1 | 0.1 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Equity on 30 | 2.2 | 0.2 | -0.1 | 12.2 | -2.7 | 11.8 |
| Sep 2008 | | | | | | |
--------------------------------------------------------------------------------
Consolidated statement of changes in equity on 30 September 2007
--------------------------------------------------------------------------------
| MEUR | Share | Share | Trans- | Fund for | Earnings| Equity |
| | capital | premium | lation |investments| | |
| | | fund | diff. | of non- | | |
| | | | |restricted | | |
| | | | | equity | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -1.3 | 13.4 |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 0.0 | | | 0.0 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Result for the | | | | | -1.1 | -1.1 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Equity on 30 | 2.2 | 0.2 | 0.1 | 12.2 | -2.4 | 12.3 |
| Sep 2007 | | | | | | |
--------------------------------------------------------------------------------
NOTES
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with the requirements of the
IAS 34 standard.
Biohit Oyj has applied the same accounting principles in preparing this interim
report as for its financial statements of 2007. New financial statement
standards, amendments and interpretations were published and became effective as
of 1 January 2008. They are presented in detail in the financial statements for
2007. Their adoption did not cause any changes in interim reporting accounting
policy that would have required a retroactive change in the comparison
information presented.
All the figures in the interim report have been rounded up or down, due to which
the sums of figures may deviate from the sum total presented.
The figures in this interim report have not been audited.
FIGURES BY BUSINESS SEGMENT
Group net sales by business segment
--------------------------------------------------------------------------------
| | 7-9 | 7-9 |Change |Change | 1-9 | 1-9 | Change | Change |
| | 2008 | 2007 | MEUR | % | 2008 | 2007 | MEUR | % |
| | MEUR | MEUR | | | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Liquid | 8.1 | 7.2 | 1.0 | 14 | 24.5 | 22.5 | 2.1 | 9 |
| handling | | | | | | | | |
--------------------------------------------------------------------------------
| Diagnostics| 0.4 | 0.4 | 0.0 | -9 | 1.1 | 1.2 | -0.1 | -4 |
| | | | | | | | | |
--------------------------------------------------------------------------------
Group operating profit / loss by business segment
--------------------------------------------------------------------------------
| | 7-9 | 7-9 |Change |Change | 1-9 | 1-9 | Change | Change |
| | 2008 | 2007 | MEUR | % | 2008 | 2007 | MEUR | % |
| | MEUR | MEUR | | | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Liquid | 1.5 | 0.6 | 0.9 | 150 | 2.8 | 1.4 | 1.4 | 97 |
| handling | | | | | | | | |
--------------------------------------------------------------------------------
| Diagnostics| -0.4 | -0.6 | 0.2 | 34 | -1.6 | -2.1 | 0.5 | 24 |
| | | | | | | | | |
--------------------------------------------------------------------------------
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
--------------------------------------------------------------------------------
| | 30.9.2008 | 30.9.2007 | 31.12.2007 |
| | MEUR | MEUR | MEUR |
| | | | |
--------------------------------------------------------------------------------
| Liabilities for which | | | |
| mortgages have been lodged | | | |
| as collateral | | | |
--------------------------------------------------------------------------------
| Loans from financial | 2.9 | 3.5 | 3.3 |
| institutions | | | |
--------------------------------------------------------------------------------
| Corporate mortgages | 1.6 | 1.6 | 1.6 |
--------------------------------------------------------------------------------
| Mortgages on real estate | 1.9 | 1.9 | 2.0 |
--------------------------------------------------------------------------------
| Other long-term liabilities | 0.3 | 0.4 | 0.3 |
--------------------------------------------------------------------------------
| Mortgages on real estate | 0.8 | 0.8 | 0.8 |
--------------------------------------------------------------------------------
| Lease agreements | 4.5 | 6.1 | 4.5 |
--------------------------------------------------------------------------------
| Corporate mortgages | 0.2 | 0.2 | 0.2 |
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions in 2008.
Helsinki on 7 November 2008
Board of Directors of Biohit Oyj
Further information:
Osmo Suovaniemi, M.D., Ph.D., Professor
President & CEO
Tel: +358-9-773 861
GSM: +358-40-745 5605
Email: osmo.suovaniemi@biohit.com
Distribution:
Helsinki Exchanges
Central storage facility (www.oam.fi)
Press
www.biohit.com
About Biohit Oyj
Biohit Oyj develops, manufactures and markets liquid handling products and
diagnostic test systems for use in research, health care and industrial
laboratories.
Liquid handling products include electronic and mechanical pipettes and
dispensers, and disposable tips, as well as pipette maintenance and calibration
services. Diagnostics business comprises products and analysis systems for
diagnosing, screening and prevention of gastrointestinal diseases, e.g. the
blood-sample based GastroPanel and GastroView, for diagnosing diseases of the
stomach and associated risks, as well as quick tests for the diagnosis of
lactose intolerance, H. pylori infection and fecal occult blood.
Biohit Oyj is headquartered in Finland. Biohit has subsidiaries in France,
Germany, the UK, Russia, China, Japan and the USA. Additionally, Biohit's
products are sold by approximately 450 distributors in 70 countries. Biohit's
share (BIOBV) is quoted on the NASDAQ OMX Helsinki Small cap list.
Read more at www.biohit.com