BIOHIT OYJ INTERIM REPORT, 7 MAY 2010 AT 9:30 AM
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 31 MARCH 2010
The Biohit Group's financial trends in the January-March period of 2010:
- Net sales were EUR 9.4 million (EUR 8.3 million in 1-3/2009)
- Operating profit amounted to EUR 0.1 million (operating profit EUR 0.0
million)
- Profit before taxes was EUR 0.2 million (loss EUR 0.0 million)
- Earnings per share were EUR 0.01 (EUR -0.01)
Net sales started to grow in the last quarter of 2009 and continued to rise
during the present year. In the first quarter, net sales saw year-on-year growth
of 14%.
NET SALES AND RESULT
January-March
In the first quarter, the Biohit Group's net sales were up 14% on the
corresponding period of 2009, and amounted to EUR 9.4 million (EUR 8.3 million
in 1-3/2009).
Operating profit for the first quarter amounted to EUR 0.1 million (operating
profit EUR 0.0 million) and the profit before taxes to EUR 0.2 million (loss EUR
0.0 million). Earnings per share were EUR 0.01 (EUR -0.01).
The trend in net sales during the first quarter slightly outperformed
expectations. Relative growth was boosted by weak performance in the comparison
period. Net sales grew in all main market areas, particularly Asia and North
America.
Although fixed costs saw moderate year-on-year growth, the increase was in line
with plans, as fixed costs were lower than usual in the comparison period. The
result for the review period was improved by currency exchange gains allocated
to financial items.
Key figures by segment, January-March
Sales and maintenance of liquid handling products accounted for 95% of net sales
during the reporting period. The net sales of the liquid handling business
amounted to EUR 8.9 million (EUR 7.9 million) and the net sales of the
diagnostics business to EUR 0.5 million (EUR 0.4 million). Test kit sales
accounted for EUR 0.4 million of the net sales of the diagnostics business (EUR
0.3 million) and instrument sales for EUR 0.1 million (EUR 0.1 million).
The operating profit of the liquid handling business amounted to EUR 0.7 million
(operating profit EUR 0.6 million), while the operating loss of the diagnostics
business totalled EUR 0.6 million (operating loss EUR 0.6 million).
The impact of currency exchange rates
Currency exchange rate fluctuations did not have a material impact on the net
sales of the liquid handling business. When calculated using comparable currency
exchange rates, the net sales of the liquid handling business grew by 13% during
the reporting period. The reported growth in net sales was 12%.
Excluding the impact of instrument sales, growth for the diagnostics business
totalled 24% when calculated using comparable currency exchange rates. The
reported figure for net sales growth excluding instrument sales was 26%.
BALANCE SHEET
On 31 March 2010, the balance sheet total was EUR 29.1 million (EUR 27.0 million
as at 31 March 2009) and the equity ratio was 45.0% (45.9%).
FINANCING
Cash flow in the reporting period was EUR 0.0 million (EUR 0.1 million). Net
cash flow from operating activities amounted to EUR 0.3 million (EUR 0.8
million). At the end of the review period, liquid assets totalled EUR 1.6
million (EUR 1.4 million on 31 March 2009 and EUR 1.6 million on 31 December
2009). Current ratio was 1.4 (2.5). The current ratio declined because the EUR
4.1 million convertible bond that was issued in 2005 and which matures in
October 2010 was transferred from non-current to current liabilities.
RESEARCH AND DEVELOPMENT
Research and development expenditure during the reporting period amounted to EUR
0.6 million (EUR 0.6 million), representing 6.6% of net sales (7.2%). EUR 0.1
million (EUR 0.1 million) in development expenditure was capitalised during the
period.
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.9 million (EUR 0.6
million). Investments were primarily made in production technology in Kajaani,
increasing the production capacity of disposable pipette tips.
PERSONNEL
The average number of Group personnel during the reporting period was 389 (364
in the corresponding period of 2009 and 365 in 2008). Of these, 178 (168 in
2009, 171 in 2008) were employed by the parent company and 211 (196 in 2009, 194
in 2008) by subsidiaries. The number of personnel has increased at the Asian
units in particular.
KEY FIGURES
--------------------------------------------------------------------------------
| | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
| Net sales, EUR million | 9.4 | 8.3 | 35.4 |
--------------------------------------------------------------------------------
| Operating profit/loss, EUR | 0.1 | 0.0 | 1.2 |
| million | | | |
--------------------------------------------------------------------------------
| Profit/loss before taxes, EUR | 0.2 | -0.0 | 0.7 |
| million | | | |
--------------------------------------------------------------------------------
| Investments, gross, EUR | 0.9 | 0.6 | 2.4 |
| million | | | |
--------------------------------------------------------------------------------
| As a percentage of net sales | 9.8 | 7.1 | 6.9 |
--------------------------------------------------------------------------------
| R&D expenditure, EUR million | 0.6 | 0.6 | 2.4 |
--------------------------------------------------------------------------------
| As a percentage of net sales | 6.6 | 7.2 | 6.8 |
--------------------------------------------------------------------------------
| Average number of personnel | 389 | 364 | 370 |
--------------------------------------------------------------------------------
| Number of personnel at end of | 396 | 365 | 383 |
| period | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | 45.0 | 45.9 | 46.8 |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.01 | -0.01 | 0.03 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1.01 | 0.95 | 0.99 |
--------------------------------------------------------------------------------
| Average number of shares | 12,937,627 | 12,937 627 | 12,937,627 |
| during the period | | | |
--------------------------------------------------------------------------------
| Number of shares at end of | 12,937,627 | 12,937 627 | 12,937,627 |
| period | | | |
--------------------------------------------------------------------------------
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The development of Biohit's business operations during the first quarter
slightly outperformed expectations. There have been no changes in short-term
business risks and uncertainty factors that would require the company to revise
its risk assessment.
Biohit's major risks still concern the company's diagnostics business, the
Group's liquidity and the trend in exchange rates.
Biohit has substantial growth expectations in its diagnostics business, and a
failure to meet those expectations could reflect negatively on the entire
Group's profitability. Long-term failure to meet these growth expectations might
also result in a EUR 2.6 million impairment of goodwill associated with the
diagnostics products. That said, the long-term development of the diagnostics
business continued during the review period, and seems to be yielding results.
The company thus estimates that this risk has not grown.
Earlier, the EUR 4.1 million convertible bond maturing in October this year
posed the greatest risk to the Group's liquidity. The Annual General Meeting
held on 23 April 2010 authorised the Board of Directors to decide and agree on
the restructuring of the convertible bond. Financing negotiations with the
lenders have progressed favourably and the company believes that the
restructuring of the bond can be concluded before the end of the third quarter.
The trend in the external value of the euro has a material impact on the Group's
business operations. The strengthening of the euro against other currencies,
particularly the dollar and the rouble, has an adverse impact on the Group's
total net sales. However, during the review period, the external value of the
euro has weakened against the other main currencies, which had a favourable
effect on the Group's profitability. The Group's most important means of hedging
itself against currency risks are to make procurements in currencies other than
the euro and to plan the Group's cost structure such that a significant share of
fixed costs are in non-euro currencies.
OUTLOOK FOR 2010
The trend in the Group's net sales exceeded expectations in the first months of
the year. The rapid recovery of Asian operations from the recession and the
establishment of new business units in the Asian market had a particularly
positive effect on the development of the company's business operations. The
company's investments in marketing and sales in 2009 proved to be well-timed in
spite of the recession. Growth in full-year net sales is thus expected to
outperform the previous year.
The trend in the demand for electronic and mechanical pipettes also changed
course, with growth seen in all the main market areas. This also indicates that
the market for liquid handling products is poised for recovery. Demand for
disposable tips and maintenance services has remained robust. The company
expects that this trend will hold during the rest of the year and that the
diagnostics business will see further growth, as in the first quarter. The
greatest expectations for business growth during the rest of the year are vested
in the Acetium capsule, which will be launched in the Finnish market during this
year's second quarter.
The company expects that its profitability will improve during the present year
and that its profit before taxes will be slightly better than in the previous
year.
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. While the majority of the products are marketed under the
Biohit brand, the company also manufactures customised OEM (Original Equipment
Manufacturer) 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.
The trend in the sales of the liquid handling business was favourable in all
product groups during the review period. The most positive development was that
the growth in pipette sales that began in the latter half of the previous year
continued during the first quarter. Asia in particular saw further growth, but
sales in North America also picked up compared with the comparison period.
Biohit focused especially on the marketing and sales of disposable pipette tips
during the review period. In addition, the company expanded its own sales
network in growing Asian markets.
Diagnostics business
Biohit's diagnostics business develops, manufactures and markets tests and
analysis systems for the diagnosis and prevention of diseases of the
gastrointestinal tract. The tests and systems are based on innovations and
reliable research data. The product range includes the GastroPanel examinations
(www.gastropanel.net) and ColonView quick tests for primary healthcare; lactose
intolerance and Helicobacter pylori quick tests for specialised healthcare; and
instruments and analysis systems for laboratories. The Acetium capsule reduces
carcinogenic acetaldehyde in the gastrointestinal tract
(www.biohit.com/acetium). The company also engages in service laboratory
operations in Finland and the UK.
The trend in the sales of the diagnostics business has been reasonable. Growth
has focused on sales of test kits.
During the review period, Biohit announced the new Acetium capsule, which
reduces carcinogenic acetaldehyde in an anacidic stomach. The capsule was
developed in cooperation with researchers at the University of Helsinki and
Biohit's scientific advisors. The Acetium capsule is classified as a medical
device. It is scheduled to be launched as an over-the-counter product at Finnish
pharmacies during this year's second quarter.
Acetium is recommended for people suffering from gastric mucosal injury and a
functional disorder (atrophic gastritis) and the resulting anacidic stomach
caused by a Helicobacter pylori infection or autoimmune disease as well as for
users of anti-acid medication (Proton Pump Inhibitors, H2 blockers). The
International
Agency for Research on Cancer, which forms part of the World Health Organisation
(WHO), has classified acetaldehyde included in and generated endogenously from
alcoholic beverages as a Group I carcinogen.
Additionally, Biohit markets different-sized GastroPanel laboratories to
hospitals, general practitioners, and research and service laboratories in
numerous countries. In addition to test kits, this package includes liquid
handling products, instruments, software as well as installation, training and
maintenance services. One of the objectives of the GastroPanel laboratories is
to promote the effective use of GastroPanel examinations.
ADMINISTRATION
Yrjö E. K. Wichmann, MSc (Soc. Sc.), was appointed to head up Biohit Oyj's
diagnostics business during the review period. In March, Terhi Lampén, M.Sc.
(Econ.), was appointed Nordic Sales Manager and member of the Management Team of
Biohit's diagnostics business. Financial Director Petteri Rehu resigned during
the review period. Tiina Hankonen, MBA, was appointed as his replacement after
the end of the review period. Controller Eija Partikainen will attend to these
duties until Ms Hankonen starts in her position.
In addition, at the beginning of the review period, Biohit opened a
representative office in Singapore to support sales in growing Asian markets.
RESOLUTIONS OF THE ANNUAL GENERAL MEETING
The Annual General Meeting held after the end of the review period on 23 April
2010 decided that no dividends be paid for the financial year now ended and that
the parent company loss of 1,017,818.21 euros be transferred to the retained
profit and loss account.
The AGM decided to amend Paragraph 1 of Article 5 of the Articles of Association
to the effect that the Board of Directors shall consist of five to seven
ordinary members. In addition, the AGM resolved that the Board of Directors
shall have seven members until the end of the next AGM. The members elected to
the Board of Directors were Jukka Ant-Wuorinen, Kalle Kettunen, Eero Lehti,
Reijo Luostarinen, Mikko Salaspuro and Osmo Suovaniemi as well as Ainomaija
Haarla, whose term in office will commence when the amendment mentioned above
has been entered in the Trade Register.
The AGM appointed authorised public accountants Ernst & Young Oy as auditor,
with Erkka Talvinko, Authorised Public Accountant, as chief auditor.
The AGM decided to amend Paragraph 1, Article 10 of the Articles of Association,
which concerns the Notice of General Meeting, to conform it to the new
regulations of the Companies Act.
In addition, the Board of Directors was authorised to continue the convertible
bond in accordance with the stipulations of Section 1, Chapter 10 of the
Companies Act on issuing special rights.
SHARES AND SHAREHOLDERS
Biohit Oyj's shares are divided into series A and series B shares. There are
2,975,500 series A shares and 9,962,127 series B shares to a total of 12,937,627
shares. 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. 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 34.9 million.
Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small
cap/Healthcare group under the code BIOBV.
--------------------------------------------------------------------------------
| BIOBV/NASDAQ OMX Helsinki | 1-3/2010 |
--------------------------------------------------------------------------------
| High, EUR | 4.91 |
--------------------------------------------------------------------------------
| Low, EUR | 1.50 |
--------------------------------------------------------------------------------
| Closing price, EUR | 2.70 |
--------------------------------------------------------------------------------
| Total turnover, EUR | 28,405,578 |
--------------------------------------------------------------------------------
| Total turnover, no. of shares | 7,862,740 |
--------------------------------------------------------------------------------
Shareholders
At the end of the reporting period on 31 March 2010, the company had 4,768
shareholders (3,494 on 31 March 2009). Private households held 72.93% (79.50%),
companies 23.6% (16.75%) and public sector organisations 2.81% (3.03%). 0.71%
(0.45%) 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/investors.
EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD
Jukka-Pekka Haapalahti, M.Sc. (biochemistry), has been appointed VP of sales and
marketing of Biohit Oyj's liquid handling business as from 10 May 2010,
replacing Mikko Patrakka. Haapalahti has previously served in managerial
positions in sales and marketing at Roche Diagnostics GmbH.
Tiina Hankonen, MBA, has been appointed as the new CFO effective 7 June 2010.
She was previously responsible for the external accounting of Basware
Corporation.
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | Change | Change | 1-12 |
| | 2010 | 2009 | MEUR | % | 2009 |
| | MEUR | MEUR | | | MEUR |
--------------------------------------------------------------------------------
| Net sales | 9.4 | 8.3 | 1.1 | 14 | 35.4 |
--------------------------------------------------------------------------------
| Other operating income | 0.0 | 0.0 | 0.0 | -95 | 0.2 |
--------------------------------------------------------------------------------
| Change in inventories of | -0.3 | 0.2 | -0.5 | -298 | -0.3 |
| finished goods and work in | | | | | |
| progress | | | | | |
--------------------------------------------------------------------------------
| Materials and services | -1.7 | -1.5 | 0.1 | 10 | -6.5 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -4.0 | -3.7 | 0.3 | 7 | -14.9 |
--------------------------------------------------------------------------------
| Depreciation | -0.4 | -0.4 | 0.0 | -5 | -11.0 |
--------------------------------------------------------------------------------
| Other operating expenses | -2.9 | -2.8 | 0.1 | 5 | -1.7 |
--------------------------------------------------------------------------------
| Operating profit/loss | 0.1 | 0.0 | 0.1 | 1 069 | 1.2 |
--------------------------------------------------------------------------------
| Financial income | 0.2 | 0.1 | 0.1 | 89 | 0.4 |
--------------------------------------------------------------------------------
| Financial expenses | -0.1 | -0.1 | -0.1 | -41 | -0.9 |
--------------------------------------------------------------------------------
| Profit/loss before taxes | 0.2 | 0.0 | 0.2 | 676 | 0.7 |
--------------------------------------------------------------------------------
| Income taxes | -0.1 | 0.0 | 0.0 | 57 | -0.3 |
--------------------------------------------------------------------------------
| Profit/loss for the period | 0.1 | -0.1 | 0.2 | 249 | 0.4 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income: | | | | | |
--------------------------------------------------------------------------------
| Translation differences | 0.1 | -0.1 | 0.2 | 326 | -0.1 |
--------------------------------------------------------------------------------
| Comprehensive income of | 0.3 | -0.1 | 0.4 | 283 | 0.3 |
| reporting period | | | | | |
--------------------------------------------------------------------------------
Earnings of Biohit Oyj are fully attributable to the equity holders of the
parent company, as there is no minority interest.
--------------------------------------------------------------------------------
| Earnings per share calculated from | 1-3 | 1-3 | 1-12 |
| earnings attributable to equity holders | 2010 | 2009 | 2009 |
| of the parent company | | | |
--------------------------------------------------------------------------------
| Earnings per share, undiluted*, EUR | 0.01 | -0.01 | 0.03 |
--------------------------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2010 ja 2009.
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| | MEUR | % | MEUR | % | MEUR | % |
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 2.6 | 9 | 2.6 | 10 | 2.6 | 10 |
--------------------------------------------------------------------------------
| Intangible assets | 2.5 | 9 | 1.8 | 7 | 2.3 | 9 |
--------------------------------------------------------------------------------
| Tangible assets | 6.8 | 23 | 6.4 | 24 | 6.5 | 24 |
--------------------------------------------------------------------------------
| Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Deferred tax assets | 1.9 | 7 | 2.0 | 7 | 1.9 | 7 |
--------------------------------------------------------------------------------
| Total non-current | 13.9 | 48 | 12.9 | 48 | 13.4 | 49 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 5.3 | 18 | 5.9 | 22 | 5.1 | 19 |
--------------------------------------------------------------------------------
| Trade and other | 7.8 | 27 | 6.4 | 24 | 6.9 | 25 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| Financial assets | 0.6 | 2 | 0.5 | 2 | 0.4 | 1 |
| recognised at fair | | | | | | |
| value through profit | | | | | | |
| or loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 1.6 | 5 | 1.4 | 5 | 1.6 | 6 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Total current assets | 15.2 | 52 | 14.1 | 52 | 14.0 | 51 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 29.1 | 100 | 27.0 | 100 | 27.4 | 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 |
--------------------------------------------------------------------------------
| Fund for investments | 12.4 | 43 | 12.4 | 46 | 12.4 | 45 |
| of non-restricted | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Translation | -0.2 | -1 | -0.2 | -1 | -0.3 | -1 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | -1.4 | -5 | -2.0 | -7 | -1.5 | -6 |
--------------------------------------------------------------------------------
| Total equity | 13.0 | 45 | 12.4 | 46 | 12.7 | 47 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT | | | | | | |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Pension obligations | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 4.8 | 16 | 8.2 | 30 | 3.9 | 14 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 0.7 | 2 | 0.8 | 3 | 0.7 | 2 |
--------------------------------------------------------------------------------
| Total non-current | 5.6 | 19 | 9.0 | 33 | 4.6 | 17 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Trade payables | 1.8 | 6 | 1.7 | 6 | 1.4 | 5 |
--------------------------------------------------------------------------------
| Total interest-bearing | 4.7 | 16 | 0.7 | 3 | 5.1 | 19 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 3.9 | 13 | 3.2 | 12 | 3.5 | 13 |
--------------------------------------------------------------------------------
| Total current | 10.5 | 36 | 5.6 | 21 | 10.0 | 37 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Total liabilities | 16.1 | 55 | 14.7 | 54 | 14.6 | 53 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 29.1 | 100 | 27.0 | 100 | 27.4 | 100 |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 1-3/2010 | 1-3/2009 | 1-12/2009 |
| | MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Profit / loss before taxes | 0.2 | 0.0 | 0.7 |
--------------------------------------------------------------------------------
| Adjustments | 0.3 | 0.5 | 2.2 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CHANGE IN WORKING CAPITAL | -0.1 | 0.5 | 0.6 |
--------------------------------------------------------------------------------
| Interest and other financial | -0.1 | -0.1 | -0.5 |
| items paid | | | |
--------------------------------------------------------------------------------
| Interest received | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Realised exchange rate gains | 0.1 | 0.0 | 0.2 |
| and losses | | | |
--------------------------------------------------------------------------------
| Income taxes paid | -0.1 | -0.1 | -0.4 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 0.3 | 0.8 | 2.8 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Investments in tangible and | -0.3 | -0.6 | -2.0 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Investments and capital gains | -0.2 | 0.0 | 0.1 |
| from investments in funds and | | | |
| deposits, net | | | |
--------------------------------------------------------------------------------
| Net cash flow from investments | -0.5 | -0.6 | -1.9 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 1.2 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Repayment of loans | -1.1 | -0.1 | -0.6 |
--------------------------------------------------------------------------------
| Net cash flow from financing | 0.1 | -0.1 | -0.6 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) in | 0.0 | 0.1 | 0.3 |
| cash and cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.6 | 1.3 | 1.3 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.6 | 1.4 | 1.6 |
| end of period | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity on 31 March 2010
--------------------------------------------------------------------------------
| MEUR | Share | Trans- | Fund for | Retained | Equity |
| | capital | lation | investments | earnings | |
| | | diff. | of non- | | |
| | | | restricted | | |
| | | | equity | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan 2010 | 2.2 | -0.3 | 12.4 | -1.5 | 12.7 |
--------------------------------------------------------------------------------
| Comprehensive income | | 0.1 | | 0.1 | 0.3 |
| in reporting period | | | | | |
--------------------------------------------------------------------------------
| Equity on 31 March | 2.2 | -0.2 | 12.4 | -1.4 | 13.0 |
| 2010 | | | | | |
--------------------------------------------------------------------------------
Consolidated statement of changes in equity on 31 March 2009
--------------------------------------------------------------------------------
| MEUR | Share | Trans- | Fund for | Retained | Equity |
| | capital | lation | investments | earnings | |
| | | diff. | of non- | | |
| | | | restricted | | |
| | | | equity | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan 2009 | 2.2 | -0.2 | 12.4 | -1.9 | 12.5 |
--------------------------------------------------------------------------------
| Comprehensive income | | -0.1 | | -0.1 | -0.1 |
| in reporting period | | | | | |
--------------------------------------------------------------------------------
| Equity on 31 March | 2.2 | -0.3 | 12.4 | -2.0 | 12.4 |
| 2009 | | | | | |
--------------------------------------------------------------------------------
NOTES
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
Biohit Oyj has applied the same accounting principles in preparing this interim
report as for its financial statements of 2009. The changes in the IFRS
standards that came into effect in 2010 did not affect the accounting principles
of the interim report.
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
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | Change | Change |
| | 2010 | 2009 | MEUR | % |
| | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Liquid handling | 8.9 | 7.9 | 1.0 | 13 |
--------------------------------------------------------------------------------
| Diagnostics | 0.5 | 0.4 | 0.1 | 34 |
--------------------------------------------------------------------------------
Group operating result by business segment
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | Change | Change |
| | 2010 | 2009 | MEUR | % |
| | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Liquid handling | 0.7 | 0.6 | 0.1 | 11 |
--------------------------------------------------------------------------------
| Diagnostics | -0.6 | -0.6 | 0.0 | 1 |
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions in the
reporting period.
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
--------------------------------------------------------------------------------
| | 31.3.2010 | 31.3.2009 | 31.12.2009 |
| | MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| Liabilities for which mortgages | | | |
| have been lodged as collateral | | | |
--------------------------------------------------------------------------------
| Loans from financial institutions | 3.5 | 3.5 | 3.4 |
--------------------------------------------------------------------------------
| For which collateral has been | | | |
| lodged | | | |
--------------------------------------------------------------------------------
| - Corporate mortgages | 2.3 | 2.3 | 2.3 |
--------------------------------------------------------------------------------
| - Mortgages on real estate | 2.0 | 1.9 | 2.0 |
--------------------------------------------------------------------------------
| Other liabilities | 0.1 | 0.2 | 0.1 |
--------------------------------------------------------------------------------
| For which collateral has been | | | |
| lodged | | | |
--------------------------------------------------------------------------------
| - Mortgages on real estate | 0.8 | 0.8 | 0.8 |
--------------------------------------------------------------------------------
| Rental and lease agreements | 4.6 | 4.2 | 5.0 |
--------------------------------------------------------------------------------
| For which collateral has been | | | |
| lodged | | | |
--------------------------------------------------------------------------------
| - Corporate mortgages | 0.2 | 0.2 | 0.2 |
--------------------------------------------------------------------------------
NEXT FINANCIAL REPORT
The second interim report for 2010 will be published on Friday, 6 August 2010,
at 9:30 am.
Helsinki, on 7 May 2010
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:
NASDAQ OMX Helsinki Oy
Central storage facility (www.oam.fi)
Press
www.biohit.com
About Biohit Oyj
Established in 1988, Biohit Oyj is a Finnish biotechnology company, acting on
the global market. Biohit's operations are based on a goal-oriented and
long-term innovation and patenting strategy.
Biohit works with scientific communities to produce new technologies, products
and services based on research results and innovations that can be used to
develop safe and cost-effective liquid handling solutions for laboratory work as
well as diagnostic tests for the early detection and prevention of diseases of
the gastrointestinal tract.
Biohit has two business segments: liquid handling and diagnostics. Liquid
handling products include electronic and mechanical pipettes, disposable tips as
well as pipette maintenance and calibration services for research institutions,
healthcare and industrial laboratories.
The diagnostics business comprises products and analysis systems for the early
diagnosis of gastrointestinal diseases, such as the blood-sample based
GastroPanel examinations for the diagnosis of stomach illnesses and associated
risks, quick tests for the diagnosis of lactose intolerance and H. pylori
infection in connection with gastroscopy, and the ColonView examination for the
early detection of intestinal bleeding that indicates a risk of colorectal
cancer. The Acetium innovation reduces carcinogenic acetaldehyde in anacidic
stomachs.
The Biohit Group employs around 390 people. The company is headquartered in
Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia,
India, China, Japan and the USA, as well as a representative office in
Singapore. Additionally, Biohit's products are sold by approximately 450
distributors in 70 countries.
Biohit's series B share (BIOBV) is quoted on NASDAQ OMX Helsinki, Small
cap/Healthcare since 1999.
Read more at www.biohit.com