BIOTIE THERAPIES CORP. INTERIM REPORT 7 May
2010 - 9.00 a.m.
Biotie Therapies interim report: January - March 2010
- Biotie reports positive data from clinical study with VAP-1 antibody in
rheumatoid arthritis patients.
- After the reporting period, Biotie announces intention to continue development
of VAP-1 antibody after Roche notifies Biotie that it does not intend to
exercise its option to license the program.
- After the reporting period, Biotie announces positive data from clinical study
with oral PDE4 inhibitor in healthy volunteers. ELB353 is well tolerated and
shows clear pharmacological activity.
- Research collaboration between Biotie and Pfizer regarding the identification
of novel PDE10 inhibitors for schizophrenia will end in June 2010. Pfizer
retains the commercial rights for all product candidates discovered until then.
- Revenue in Q1 stood at EUR 1.2 million (EUR 1.4 million in Q1 2009). Net loss
for Q1 stood at EUR 3.7 million (EUR 2.9 million in Q1 2009), basic earnings per
share amounted to EUR -0.02 (EUR -0.02 for Q1 2009).
- Cash flow from operations in Q1 amounted to EUR -4.4 million (EUR -3.3 million
in Q1 2009). As of 31 March, liquid assets amounted to EUR 15.2 million (EUR
22.2 million as of 31 March, 2009).
- Biotie's Annual General Meeting was held on 15 April, 2010, after the
reporting period.
- Ms. Merja Karhapää and Mr. James S. Shannon were newly elected to the Board of
Directors; Mr. Peter Fellner has been appointed as the new chairman of the Board
of Directors.
Timo Veromaa, Biotie's President and CEO:
"2010 will be a crucial year in Biotie's history. We expect our partner Lundbeck
to announce top-line data of the ongoing phase III studies with our lead product
nalmefene for the treatment of alcohol dependence. Also, with the positive data
generated in our clinical programs VAP-1 antibody and ELB353, we are now at the
turning point, at which we will start seeking partners in addition to Seikagaku
with whom to continue the development of these programs."
Outlook for 2010
- Biotie will continue supporting its licensing partner Lundbeck in the
development of nalmefene for the treatment of alcohol addiction. Phase 3
clinical data for the ongoing studies is expected towards the end of 2010; a
possible marketing authorization submission in the EU is anticipated in 2011.
- Biotie will continue with the development of its proprietary VAP-1 antibody.
Top-line data from an ongoing study in psoriasis patients is expected in mid
2010. While the rights to the product in Japan, Taiwan, Singapore, Australia and
New Zealand have been granted to Seikagaku, Biotie retains the rights in the
rest of the world and will be looking for additional partnering opportunities.
- Biotie intends to continue active development of ELB 353 for the treatment of
COPD. Further clinical trials are planned and discussions around possible
collaboration opportunities will be started still in 2010.
- Biotie will continue to work together with its partner Pfizer in a discovery
alliance regarding the identification of PDE10 inhibitors for schizophrenia
until June 2010. After that time, Pfizer retains the commercial rights for all
product candidates discovered so far and Biotie is committed to support Pfizer
in all development aspects.
- Biotie is adequately funded to support its ongoing activities well into 2011,
even in the absence of any additional income from new collaboration or licensing
arrangements. Any possible commercial agreements with third parties relating to
its clinical programs might significantly improve its financial position. A
forecast on possible income from future licensing arrangements cannot be
provided reliably.
Financial calendar 2010
Publication of interim report January - June 2010: August 6, 2010
Publication of interim report January - September 2010: October 29, 2010
Conference call
An analyst and media conference call will take place on May 7, 2010 at 2.00 p.m.
Central European Time. The conference call will be held in English. The interim
report will be presented by Biotie's President and CEO Timo Veromaa and CFO
Thomas Taapken.
Callers may access the conference directly at the following telephone numbers:
UK: +44 (0)20 7136 2051, Finland: 0800 914 898, access code 6539994. Lines are
to be reserved ten minutes before the start of conference call. In case you need
additional information or assistance, please contact: Virve Nurmi, IR Manager
Biotie Therapies, Tel.+358 2 2748 911
_______________________________________________________________________________
Biotie Therapies detailed interim report
About Biotie
Biotie is a drug discovery and development company focused on central nervous
system and inflammatory diseases. It has a broad range of innovative small
molecule and biological drug candidates at different stages of clinical and
pre-clinical development. Biotie's products address diseases with high unmet
medical need and significant market potential, including addiction and psychotic
disorders, rheumatoid arthritis, psoriasis and chronic obstructive pulmonary
disease (COPD).
Drug development projects and operations:
Nalmefene, a new treatment paradigm for alcohol dependence. Nalmefene builds on
a novel principle of treating alcohol dependence. Unlike existing therapies, the
treatment with Nalmefene is not aimed at keeping the patients from drinking.
Nalmefene instead removes the desire to drink, thereby controlling and limiting
the intake of alcohol. Nalmefene distinguishes itself by being available as an
oral tablet formulation to be taken on an as needed basis.
Biotie has granted worldwide rights (excluding Korea) for Nalmefene to Lundbeck.
Currently, Lundbeck is undertaking three phase III clinical trials with
Nalmefene for the treatment of alcohol dependence. We expect top-line data from
the ongoing clinical trials to become available towards the end of 2010. Biotie
is participating in financing some of the clinical development costs.
ELB353, an oral PDE4 inhibitor for COPD in clinical development. ELB353 is a
once-daily, oral phosphodiesterase 4 (PDE4) inhibitor with therapeutic potential
in chronic inflammatory disorders, particularly in chronic obstructive pulmonary
disease (COPD), a serious disorder with major unmet medical need.
After the reporting period, Biotie reported that it has successfully completed a
Phase I trial with its orally administered PDE4 inhibitor ELB353. The study
evaluated the safety, tolerability, pharmacokinetic characteristics and
pharmacodynamic effects of repeated oral doses of ELB353 in 48 healthy male
volunteers. ELB353 was generally well tolerated, and no serious or severe
adverse events were reported in any of the study subjects. The pharmacokinetic
characteristics of ELB353 demonstrated its suitability for a once daily dosing
regimen. Robust and statistically highly significant biomarker responses
confirmed the pharmacological activity of well tolerated doses of ELB353 in man.
Vascular Adhesion Protein-1 (VAP-1), a key inflammation receptor. VAP-1 has been
shown to play a key role in inflammatory chronic diseases such as rheumatoid
arthritis, psoriasis and diabetes. Potentially it also plays a role in other
chronic inflammatory diseases for which there is a clear unmet medical need.
Biotie has a vast knowledge and strong intellectual property position around
this target.
VAP-1 function can be blocked by either antibody (biologic) drugs or small
molecule drugs which target the enzyme (SSAO) domain of the receptor. Both
approaches are being pursued by Biotie for various therapeutic indications.
VAP-1 antibody, a high value biologic for inflammatory diseases in clinical
development. Biotie is developing a fully human monoclonal antibody which blocks
VAP-1 function. In January 2010 Biotie reported that it has successfully
completed a clinical trial with the product in rheumatoid arthritis patients,
demonstrating the safety, tolerability, and pharmacokinetics of repeated doses
of intravenously administered antibody in 24 rheumatoid arthritis patients.
Although the study was not designed to enable formal statistical evaluation of
therapeutic activity, in several assessments of treatment effect such as Disease
Activity Score based on 28 joint assessment (DAS28) criteria, American College
of Rheumatology (ACR) criteria, physician's global assessment and erythrocyte
sedimentation rate, responses in higher dose groups were greater than in the
placebo group. Several patients receiving higher doses of BTT-1023 reached an
ACR50 response (i.e. a 50% reduction in their ACR score) during treatment
whereas none of the placebo patients reached an ACR50 response.
A similarly designed clinical study initiated in March 2009 in psoriasis
patients is currently ongoing and results from this study are expected in the
second quarter of 2010.
Biotie has granted a license to Seikagaku Corporation to the rights for the
product for Japan, Taiwan, Singapore, New Zealand, and Australia against up to
USD 16.7 million in milestone payments plus royalties on sales in the territory.
After the reporting period, Biotie announced that it regains all commercial
rights to the VAP-1 antibody except in certain territories in which the product
is licensed to Seikagaku. Roche informed Biotie that it does not intend to
exercise its option to in-license the VAP-1 antibody product for its own
strategic portfolio related reasons. Biotie will continue own development
efforts and seek partners in addition to Seikagaku.
VAP-1 SSAO inhibitors. Biotie is pursuing the development of small molecule
inhibitors of VAP-1 SSAO. Currently the program is at pre-clinical stage. Biotie
has granted options to the program to Roche and Seikagaku (for Japan, Taiwan,
Singapore, Australia and New Zealand). Under the terms of the option agreements,
the parties carry their own costs, but Biotie retains ownership of the developed
compounds until Roche chooses to exercise its option for in-licensing.
Phosphodiesterase 10 (PDE10) inhibitors, a novel treatment paradigm for
schizophrenia. PDE10 is a novel molecular drug target in schizophrenia and
Biotie has shown antipsychotic activity of PDE10 inhibitors in animal models.
Biotie's PDE10 inhibitors are believed to serve the unmet medical need for novel
anti-psychotic drugs with an improved side effect profile and improved efficacy
in schizophrenia.
Biotie and Pfizer are in a discovery alliance to jointly identify novel PDE10
inhibitors. This alliance will end in June 2010. After that, Pfizer retains the
commercial rights for all product candidates discovered until then. So far, the
program has advanced one compound into preclinical development.
Financial review
Revenues: Revenue for the reporting period amounted to EUR 1.2 million (EUR 1.4
million in Q1 2009) and consisted of income from the ongoing research
collaboration with Pfizer as well as periodization of previously received
up-front payments from the licensing agreements the company has in place with
several licensing partners.
In addition, Biotie received EUR 0.2 million (EUR 0.3 million in Q1 2009)
non-dilutive funding under a grant from the central development agency for the
state of Saxony (Sächsische Aufbaubank, SAB).
Financial result: The net loss for the reporting period amounted to EUR 3.7
million (EUR 2.9 million in Q1 2009). Research and development costs for the
reporting period amounted to EUR 3.8 million (EUR 3.9 million in Q1 2009).
Financing: Cash and cash equivalents totaled EUR 15.2 million at the end of the
reporting period (EUR 22.2 million).
The company has invested its liquid assets into bank deposits. Bank deposits
with maturity more than 3 months are reported in "investments held to maturity"
whereas deposits with maturity less than 3 months are reported in the "cash and
cash equivalents".
Biotie has a standby distribution agreement with US fund Yorkville in place.
Yorkville is obliged to subscribe and pay for ordinary no-par Biotie shares up
to a total value of EUR 20 million during the period until September 2012 at
Biotie's discretion (Biotie option). The purpose of this arrangement is to have
an option to secure the financing of Biotie's working capital in the short and
medium term.
Shareholder's equity: The shareholders' equity of the group amounts to EUR -12.6
million (IFRS). Biotie's equity ratio was -46.2 % on 31 March 2010 (-6.9 % on
31 March 2009).
Investments and cash flow: Cash flow from operations was EUR -4.4 million for
January - March (EUR -3.3 million during Q1 2009). The group's investments
during the reporting period amounted to EUR 0.1 million (EUR 0.0 million Q1
2009).
AGM decisions and corporate governance
The Annual General Meeting (AGM) of Biotie Therapies Corp. was held on15 April
2010 and resolved on the following items:
- Adoption of financial statements 2009
- Transfer of annual loss to unrestricted equity and no dividend paid
- Discharge from liability for the members of the Board of Directors and
Managing Director
- Reduction of members of the Board of Directors to 7 (seven)
- Election of Ms. Merja Karhapää and Mr. James S. Shannon as new members to the
Board of Directors; re-election of Messrs. Peter Fellner, Bernd Kastler, Pauli
Marttila, Riku Rautsola, Piet Serrure.
- Resolution to adopt compensation to members of the Board to EUR 3000 per month
and EUR 4000 per month to the chairman of the Board
- Renewed appointment of PricewaterhouseCoopers Oy and Mr. Janne Rajalahti as
auditors
- Authorization to the Board of Directors to issue up to 80 million shares in
one or more issues pursuant to chapter 10 of the Companies Act (effective until
30 June 2011 and superseding all earlier authorizations)
Organization of the Board of Directors
The Board of Directors elected Peter Fellner as new Chairman of the Board. Paul
Marttila was elected as Deputy Chairman. Mr. Mikko Heinonen from the law firm
Hannes Snellmann continues as secretary of the Board of Directors.
The Board of Directors decided that the Audit Committee and the Nomination and
Remuneration Committee continue to assist the Board in its work. The Board of
Directors elected among its members Merja Karhapää, Bernd Kastler (chairman),
Riku Rautsola and Piet Serrure as members of the Audit Committee. Peter Fellner
(chairman), Pauli Marttila and James S. Shannon were elected to the Nomination
and Remuneration Committee.
Share capital and shares
Biotie shares are all of the same class and have equal rights. Each share
entitles the holder to one vote at the general meeting of shareholders. All
shares are freely transferable and are quoted on NASDAQ OMX Helsinki Ltd (Small
cap, Healthcare).
Biotie´s share capital is EUR 51,506,678.10 (FAS), the total number of shares is
158,752,560. Of these shares, 463,255 are owned by Biotie Therapies Corp.
Changes in ownership
During the reporting period, the company became aware of one notice of change in
ownership exceeding the disclosure threshold.
Information on notices of change in ownership and a monthly updated list of
Biotie's major shareholders is available on the company's website at
www.biotie.com/investors <http://www.biotie.com/investors>.
Short-term risks and uncertainties
Biotie's strategic risks are predominantly related to the technical success of
the drug development programs, regulatory issues, strategic decisions of its
commercial partners, ability to obtain and maintain intellectual property rights
for its products, launch of competitive products and the development of the
sales of its products. The development and success of Biotie's products depends
to a large extent on third parties. Any adverse circumstance in relation to any
of its R&D programs might impair the value of the asset and thus, represent a
severe risk to the company. Such adverse events could happen on a short term
notice and are not possible to foresee.
The key operational risks of Biotie's activities include the dependency on key
personnel, assets (especially in relation to intellectual property rights) and
dependency on its license partners' decisions.
Furthermore, significant financial resources are required to advance the drug
development programs into commercialized pharmaceutical products. To fund the
operations, Biotie relies on financing from three major sources: income from its
license partners, grant income and raising equity financing in the capital
markets.
Although Biotie has currently active license agreements in place, the
termination of any such agreement would have a negative effect on the short to
medium term access to liquidity for the company. Grants have been historically
available to Biotie at substantial levels. Availability of grants in the future
cannot be guaranteed and this thus poses a potential risk to the income
situation of the group in the future. Currently ongoing grant programs are
available until Q3 2010. The company relies on capital markets to raise equity
financing from time to time. There can be no assurance that sufficient funds can
be secured in order to permit the company to carry out its planned activities.
Current capital market conditions are volatile and it is currently uncertain
whether the company can secure equity financing if and when it needs it, even
though it was successful at doing so in December 2009.
To protect the continuity of Biotie's operations, sufficient liquidity and
capital has to be maintained in the company and its subsidiaries. The group aims
to have cash funds to finance at least one year's operations at all times. The
group can influence the amount of capital by adapting its cost basis according
to the financing available. Management monitors the capital and liquidity on the
basis of the amount of equity and cash funds. These are reported to the Board on
a monthly basis.
IFRS and accounting principles
This interim financial report has been prepared in accordance with IFRS
recognition and measurement principles, and applying the same accounting policy
as for the 2009 financial statements. The interim report has not been prepared
in accordance with IAS 34, Interim Financial Reporting.
This interim report is unaudited.
Turku, May 7, 2010
Biotie Therapies Corp.
Board of Directors
For further information, please contact:
Virve Nurmi, Investor Relations Manager
tel. +358 2 274 8900
e-mail:virve.nurmi@biotie.com <mailto:virve.nurmi@biotie.com>
Distribution:
NASDAQ OMX Helsinki Ltd
Main media
www.biotie.com <http://www.biotie.com/>
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS)
1.1.- 1.1.- 1.1.-
31.3.2010 31.3.2009 31.12.2009
EUR 1,000 3 months 3 months 12 months
--------------------------------------------------------------------------
Revenue 1,201 1,383 5,628
Research and -3,769 -3,925 -21,109
development expenses
General and -1,045 -962 -3,768
administrative expenses
Other operating income 95 404 1,618
--------------------------------------------------------------------------
Operating profit/loss -3,518 -3,100 -17,631
Financial income 45 259 627
Financial expenses -213 -277 -938
--------------------------------------------------------------------------
Profit/loss before taxes -3,687 -3,118 -17,942
Taxes 0 235 1,859
--------------------------------------------------------------------------
Net income/loss -3,687 -2,883 -16,083
Total comprehensive income of the period -3,687 -2,883 -16,083
Net income/loss attributable to
Parent company shareholders -3,687 -2,883 -16,083
Total comprehensive income attributable to:
Parent company shareholders -3,687 -2,883 -16,083
Earnings per share (EPS) -0.02 -0.02 -0.11
basic & diluted, EUR
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IFRS) EUR 1,000
31.3.2010 31.3.2009 31.12.2009
-----------------------------------------------------------------------------
Assets
Non-current assets
Intangible assets 7,204 12,704 7,186
Goodwill 379 379 379
Property, plant and equipment 2,588 2,652 2,666
Other shares 10 0 10
-----------------------------------------------------------------------------
10,181 15,735 10,241
Current assets
Prepaid expenses 152 0 0
Available for sale investment 34 131 34
Investments held to maturity 0 14,900 0
Accounts receivables and other receivables 1,609 2,198 1,507
Financial assets at fair value through 8,881 0 8,853
profit or loss
Cash and cash equivalents 6,351 7,327 10,891
-----------------------------------------------------------------------------
17,028 24,556 21,285
Total 27,209 40,291 31,526
Equity and liabilities
Shareholders' equity
Share capital 43,057 36,361 43,057
Reserve for invested unrestricted equity 1,180 980 1,180
Retained earnings -53,130 -37,231 -37,092
Net income/loss -3,687 -2,883 -16,083
-----------------------------------------------------------------------------
Shareholders' equity total -12,580 -2,773 -8,938
Non-current liabilities
Provisions 150 119 160
Non-current financial liabilities 25,552 25,262 25,597
Pension benefit obligation 549 579 543
Other non-current liabilities 6,913 6,130 6,729
Non-current deferred revenues 902 2,248 1,375
Deferred tax liabilities 0 1,624 0
-----------------------------------------------------------------------------
34,066 35,963 34,404
Current liabilities
Provisions 597 624 594
Pension benefit obligation 16 14 17
Current financial liabilities 219 145 217
Current deferred revenues 1,891 3,309 1,953
Accounts payable and other current liabilities 3,000 3,008 3,279
-----------------------------------------------------------------------------
5,723 7,100 6,060
Liabilities total 39,789 43,063 40,464
Total 27,209 40,291 31,526
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Attributable to equity holders of the parent company
EUR 1,000 Shares Share Reserve Own Retained Share-
(1000 Capital For Shares Earnings holders'
pcs) invested equity
Un- total
restricted
equity
--------------------------------------------------------------------------------
BALANCE AT 1.1.2009 144,321 36,361 980 -15 -37,215 110
--------------------------------------------------------------------------------
Total comprehensive income -16,083 -16,083
for the period
Options granted 339 339
Share issue 14,432 7,216 7,216
Cost of share issue -520 -520
Reissue of own shares 200 -200 0
pursuant to SEDA agreement
--------------------------------------------------------------------------------
14,432 6,696 200 0 -15,944 -9,048
--------------------------------------------------------------------------------
BALANCE AT 31.12.2009 158,753 43,057 1,180 -15 -53,160 -8,938
--------------------------------------------------------------------------------
Total comprehensive income -3,687 -3,687
for the period
Options granted 45 45
--------------------------------------------------------------------------------
0 0 0 0 -3,642 -3,642
--------------------------------------------------------------------------------
BALANCE AT 31.3.2010 158,753 43,057 1,180 -15 -56,802 -12,580
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
1.1.- 1.1.- 1.1.-
31.3.2010 31.3.2009 31.12.2009
EUR 1,000 3 months 3 months 12 months
--------------------------------------------------------------------------------
Cash flow from operating Activities
Net income/loss -3,687 -2,883 -16,083
Adjustments:
Non-cash transactions -297 -721 3,331
Addition/disposal due to revaluation of -28 0 -53
financial assets
at fair value through profit or loss
Interest and other financial expenses 213 277 963
Interest income -17 -259 -599
Taxes 0 -235 -1,859
Change in working capital:
Change in accounts receivables and other -196 -464 -126
receivables
Change in accounts payable and other -305 940 1,172
liabilities
Change in mandatory provisions -7 -19 -8
Interests paid -46 -59 -106
Interests received 3 96 48
Taxes paid -49 -14 -6
--------------------------------------------------------------------------------
Net cash from operating activities -4,416 -3,341 -13,326
Cash flow from investing activities
Change in financial assets at fair value through
profit or loss
Additions 0 0 -9,000
Disposals 0 0 200
Change in investments held to maturity
Additions 0 -900 -900
Disposals 0 4,500 20,142
Investments to tangible assets -80 -3 -165
--------------------------------------------------------------------------------
Net cash used in investing activities -80 3,597 10,277
Cash flow from financing activities
Payments from share issue 0 0 7,216
Share issue costs 0 0 -520
Proceeds from borrowings 0 360 632
Repayment of loans 0 0 -40
Repayment of lease Commitments -43 -26 -86
--------------------------------------------------------------------------------
Net cash from financing activities -43 333 7,202
Net increase (+) or decrease (-) -4,450 589 4,153
in cash and cash equivalents
Cash and cash equivalents in the 10,891 6,738 6,738
beginning of the period
Cash and cash equivalents in the 6,351 7,327 10,891
end of the period
Contingent liabilities
EUR 1,000 31.3.2010 31.3.2009 31.12.2009
----------------------------------------------------------
Operating lease commitments 125 166 137
Due within a year 84 80 88
Due later 41 85 49
Rent commitments 343 493 382
Due within a year 237 233 237
Due later 106 260 145
----------------------------------------------------------
Total 468 659 519
The Group leases motor vehicles, machines and equipment with leases of 3 to 5
years.
Rent commitments include Pharmacity premises until 30 November 2011. These
premises have been subleased.
Commitments
On March 31, 2010 Biotie had purchase commitments, primarily for contract
research work services, totaling EUR 5.3 million.
KEY FIGURES
1.1.- 1.1.- 1.1.-31.12.2009
31.3.2010 31.3.2009
EUR 1,000 3 months 3 months 12 months
--------------------------------------------------------------------------
Business development
Revenues 1,201 1,383 5,628
Personnel on average 82 80 81
Personnel at the end of period 83 80 82
Research and development costs 3,769 3,925 21,109
Capital expenditure 80 3 475
Profitability
Operating profit/loss -3,519 -3,100 -17,631
as percentage of revenues, % -292.9 -224.2 -313.27
Profit/loss before taxes -3,687 -3,118 -17,942
as percentage of revenues, % -307.0 -225.5 -318.80
Balance sheet
Cash and cash equivalents 15,232 22,227 19,744
Shareholders equity -12,580 -2,773 -8,938
Balance sheet total 27,209 40,291 31,526
Financial ratios
Return on equity, % - - -
Return on capital employed, % -25,9 -12.9 -86.0
Equity ratio, % -46,2 -6.9 -28.4
Gearing, % -83.8 -114.7 -67.9
Per share data
Earnings per share (EPS) basic & -0.02 -0.02 -0.11
diluted, EUR
Shareholders´equity per share, EUR -0.02 -0.02 -0.0563
Dividend per share, EUR - - -
Pay-out ratio, % - - -
Effective dividend yield, % - - -
P/E-ratio - - -
Share price
Lowest share price, EUR 0.53 0.23 0.23
Highest share price, EUR 0.65 0.48 0.67
Average share price, EUR 0.57 0.28 0.42
End of period share price, EUR 0.55 0.37 0.55
Market capitalization 87.3 53.4 87.3
at the end of period MEUR
Trading of shares
Number of shares traded 24,649,500 14,080,963 51,471,584
As percentage of all 15.5 9.8 32.4
Adjusted weighted average 158,752,560 144,320,560 144,992,735
number of shares during the period
Adjusted number of shares 158,752,560 144,320,560 158,752,560
at the end of the period
Formulas for the Calculation of the Key figures
Return on capital employed, %
Profit (loss) before taxes + interest expenses and other financial expenses
--------------------------------------------------------------- x 100
Balance sheet total - non-interest bearing liabilities
Equity ratio, %
Shareholders' equity
--------------------------------------------------------------- x 100
Balance sheet total - advanced received
Gearing, %
Interest bearing liabilities - cash and cash equivalents
-------------------------------------------------------------- x 100
Shareholders' equity
Earnings per share (EPS)
Profit attributable to parent company shareholders
------------------------------------------------------------------
Adjusted average number of outstanding shares during the period
Shareholders' equity per share
Shareholders' equity
------------------------------------------------------------------
Adjusted number of shares at the end of the period
[HUG#1412886]
