2012-04-26 08:30:01 CEST
2012-04-26 08:30:06 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
Interim report of the Biohit Group 1 January to 31 March 2012
Biohit Oyj Interim report 26.4.2012 9:30 a.m.
SUMMARY
January-March 2012
-- Biohit divested its liquid handling business to Sartorius Lab Holding GmbH
on 14 December 2011. Biohit Oyj will now focus on its diagnostics business.
The diagnostics business will therefore be reported on as continuing
operations and the liquid handling business as discontinued operations.
-- Net sales EUR 0.4 million (EUR 0.4 million)
-- Operating result EUR -1.1 million (EUR -0.9 million)
-- Operating reault EUR -1.1 million (EUR -0.9 million)
-- Result before taxes EUR -0.9 million (EUR -1.4 million), international
operations accounted for 85 % of net sales
-- Earnings per share EUR -0.07 (EUR
Biohit Oyj divested its liquid handling business to Sartorius Lab Holding
GmbH on 14 December 2011. Biohit will now focus on its HealthCare business.
The divestment lightened the Group's structure and, as part of the
transaction, Biohit also divested its subsidiary network, except for one
subsidiary in the UK.
Biohit Oyj divested its liquid handling business to Sartorius Lab Holding GmbH
on 14 December 2011. Biohit will now focus on its HealthCare business. The
divestment lightened the Group's structure and, as part of the transaction,
Biohit also divested its subsidiary network, except for one subsidiary in the
UK.
SEMI KORPELA, PRESIDENT AND CEO
Net sales of continuing operations rose by 2 per cent on 2011
During the first quarter of this year, operational developments concentrated on
getting the new organisation up and running, and making further investments in
marketing and the sales organisation. We also focused on establishing an
international distributor network, where our primary goal is to create a
strong, global network consisting of motivated professionals.
During the first quarter, we signed a distribution agreement with CanAg
Diagnostics, a Chinese subsidiary of the Japanese company Fujirebio, to launch
the sale and marketing of GastroPanel in China.
In February 2012, the company paid back a capital loan of EUR 0.6 million to
its principal shareholders, as well as the accumulated interest of EUR 0.6
million (at a rate of 5 per cent). In the same month, the bearers of Biohit's
convertible bond sold back the loan. The convertible bond was worth EUR 4.1
million at an interest rate of 6.5 per cent. As a result, the company's equity
ratio stood at 81.6 per cent at the end of the first quarter (74 per cent at
the end of December 2011).
GROUP'S KEY FIGURES
1-3 / 2012 1-3/2011 1-12/2011
Net sales, MEUR 0.4 0.4 2.2
Operating profit/loss, MEUR -1.1 -0.9 -6.0*
Profit/loss before taxes, MEUR -0.9 -1.5 -6.5*
Profit/loss for the period, MEUR, 1.5 50.3
discontinued operations
Profit/loss for the period, MEUR -0.9 -1.5 -12.6*
Average number of personnel 36 37 36
Number of personnel at end of period 36 37 34
Equity ratio, % 81.6 % 43.5 % 74.0 %
Earnings per share. EUR -0.07 0.00** 2.86**
Shareholders´equity per share/EUR 3.8 1.01 4.0
Average number of shares during the period 13 615 593 12 937 13 163 616
627
Number of shares at end of period 13 615 593 12 937 13 615 593
627
*) Includes a good-will write-down of MEUR 2.6
**) Earnings per share for 2011 have been calculated from the result of both
continuing and discontinued operations
REPORTING
Following the sale of the liquid handling business at the end of 2011, the
diagnostics business is now reported as continuing operations and the liquid
handling business as discontinued operations.
Since the beginning of 2012, Biohit Oyj has reported income statement figures
for the current and comparison periods in an operation-specific format.
General administrative expenses for the reporting and comparison periods have
been allocated to continuing and discontinued operations on the basis of the
number of personnel. In the 2012 reporting. general administrative expenses for
the comparison period 2011 will be re-allocated fully to continuing operations.
Administrative costs that were allocated according to personnel figures in 2011
have this year been transferred from the expenses of the liquid handling
business to the expenses of the Healthcare business.
NET SALES AND RESULT
January-March
The net sales rose by 2 per cent on 2011.
Biohit made an operating loss of EUR 1.1 million (loss of EUR 0.6 million).
Business growth will require investments in marketing and personnel.
Front-loaded costs, coupled with the delay in net sales growth caused by the
company's new focus, have had an unfavourable impact on the first-quarter
result.
NET SALES AND RESULT
1-3 2012 1-3 2011 Change 1-12 2011
MEUR MEUR MEUR MEUR
Net sales 0.4 0.4 0.0 2.2
Change, % 2.3 % -15.3 % -6.7 %
Operating -1.1 -0.9 -0.2 -6.0
profit
Change, % -21.3 % -3.4 % -106.9 %
BALANCE SHEET
On 31 March 2012, the balance sheet total was EUR 63.5 million (EUR 30.2
million) and the equity ratio was 81.6% (43.5%).
FINANCING
Biohit Oyj has been able to materially strengthen its financial position since
the sale of its liquid handling business to Sartorius Lab Holding Gmbh on 14
December 2011.
RESEARCH AND DEVELOPMENT
R&D in the diagnostics business has focused on improvements and further
developments to existing innovations and products. Biohit also employs external
experts and subcontractors in its R&D operations. No development costs were
activated for the diagnostics business.
Product development expenses for the reporting period totalled EUR 0.2 million
(EUR 0.2 million, Jan-Mar/2011).
INVESTMENTS
Gross investments in continuing operations during the reporting period totalled
EUR 0.0 million (EUR 0.4 million).
PERSONNEL
During the reporting period, the average number of personnel employed by the
Group was 36 (37 in the corresponding period of 2011) of whom 29 (22) were
employed by the parent company and 7 (7) by its subsidiaries. At the end of the
reporting period, the Group had 36 employees, of whom 29 were employed by the
parent company and 2 by its subsidiaries. During the transitional phase, 5
people worked for the company's former subsidiaries.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit's key risks have to do with the investments required to grow its
diagnostics business. Risks are involved in the selection and development of
distribution channels. in recruitment. and in product margin structures.
Significant short-term risks are associated with the selection of new market
areas, the timing of expansion into the selected markets, and product success
in these markets.
Business development and new product launches require investments that
represent a challenge in terms of Biohit's financial position. However, due to
the directed share issue arranged during the period and the sale of the liquid
handling business, the company was able to improve its cash position and
liquidity considerably.
When investing liquid assets, the objective is to gain a return on investment
with a minimum risk of losing any capital. The investment portfolio consists of
deposits, money market investments and corporate loans. A fundamental aspect in
portfolio management is sufficient diversification across different asset
classes, investment instruments and counterparties. Biohit conducts its
investment activities with at least two partners.
The diagnostics business has a wide customer base, which means Biohit does not
materially depend on any individual customers or individual project deliveries.
Most of the company's business is conducted in euro, and the indirect effects
of currency exchange rate fluctuations are considered minor.
Determined sales and marketing efforts will be required to fully tap into the
potential offered by the diagnostics products.
OUTLOOK FOR 2012
Net sales from continuing operations in 2012 is expected to improve from 2011.
According to the company´s estimate, it will achieve a positive result during
2013.
MAIN EVENTS IN THE REPORTING PERIOD
Scandinavian Journal of Gastroenterology
The respected Scandinavian Journal of Gastroenterology has published an article
stating that Biohit Oyj's patented GastroPanel biomarker examination is a
primary examination for patients suffering from abdominal complaints and can be
used at any clinic whatsoever. The article was written by 16 gastroenterology
experts from twelve different countries. This expert team is engaging in
international cooperation to develop a safer and more cost-effective way to
diagnose, prevent and treat gastric
Before the GastroPanel innovation, atrophic gastritis (damage or dysfunction of
the mucous membrane of the stomach) caused by a helicobacter infection or
autoimmune disease and the associated risks, such as stomach or oesophageal
cancer or a deficit of vitamin B12, iron and calcium, were often discovered by
chance before any alarming symptoms appeared when a histological examination
was performed on biopsies obtained during gastroscopy on symptomless patients
or patients only suffering from minor stomach problems. After the appearance of
alarming symptoms, conditions such as stomach cancer have often progressed
beyond treatment.
Discovering the risk of gastric cancer (atrophic gastritis) on symptomless
patients or patients with minor stomach problems using the GastroPanel
examination in time before the alarming symptoms appear could mean the
prevention of up to 250-300 unnecessary deaths from gastric cancer annually in
Finland as well as the associated great financial losses and sufferingriskejä.
Such savings are accumulated by eliminating the outdated 13C urea breath test
used in the screening of symptomless patients and those with stomach problems
(dyspepsia) as well as in the diagnosis of helico bacteria. This test does not
reveal, for example, atrophic gastritis or the risk related to it.
In addition, the 16 international authors of the publication mentioned above
state that acetaldehyde generated in an achlorhydric stomach (a consequence of
atrophic gastritis) is a significant reason for an increased gastric and
oesophageal cancer risk. Acetium capsules can reduce the amount of
cancer-causing acetaldehyde generated in the stomach - and thus, very likely,
they also reduce the cancer risk (www.acetium.fi/testi detects acetaldehyde
exposure
Clinical trial
Biohit Oyj has launched a clinical trial in cooperation with the HUS
gastroenterology clinic and GastroLääkärit. The trial seeks to determine how
effectively BioAcetium can treat Helicobacter pylori infection in over-55s who
have not previously been diagnosed with Helicobacter pylori infection.
Over half of the world's population continues to suffer from a Helicobacter
infection.Those who suffer from a Helicobacter infection have a 10-12% chance
of developing a gastric and duodenal ulcer and a 1-2% risk of developing
gastric cancer over the course of their lives.Gastric cancer is still the
second most common cause of cancer-related death worldwide. According to modern
treatment recommendations, measures should be taken to eliminate the bacteria
in at least all individuals who suffer from gastric ailments.ongelma.However,
the bacteria's ability to develop antibiotic-resistant strains is a quickly
growing worldwide problem
Suitable participants for the clinical trial will be sought using the blood
sample-based GastroPanel examination. In addition to providing reliable
information about potential Helicobacter pylori infection, Biohit's GastroPanel
examination also identifies atrophic gastritis (in a anacidic or low-acid
stomach) that is caused by Helicobacter pylori infection or an autoimmune
disease. Atrophic gastritis is the major risk factor for gastric cancer. This
information will be given to everyone who takes a GastroPanel examination.
Those who are suitable for the actual Helicobacter pylori eradication trial
will be sent a separate, more detailed letter outlining the new treatment model
and the associated voluntary clinical trial. This study is expected to be
completed by autumn 2012.
Acetium lozenge and BioFilter
In the beginning of the year, the company started the completion and
preparation of Acetium lozenges and BioFilters for research use.
Our research project starting in the summer or, at the latest, autumn 2012 will
study whether the Acetium lozenge tablet binding and neutralising acetaldehyde
dissolved into saliva from cigarette smoke help smokers quit smoking.
It is known based on numerous animal tests that the cancer-causing acetaldehyde
also causes strong addiction.
BioFilter effectively binds acetaldehyde from cigarette smoke, thereby
preventing it from entering the smoker's saliva and respiratory tract.
Discontinued business
At the end of 2011. Biohit sold its discontinued business to Sartorius Lab
Holding GmbH.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
Resolutions of the Annual General Meeting of Biohit Oyj
The Annual General Meeting (AGM) of Biohit Oyj held on Wednesday 11 April 2012
approved the financial statements of the parent company and the consolidated
financial statements, and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year 2011.
Distribution of dividends
In accordance with the proposal by the Board of Directors, the AGM decided that
the profit for the financial period ended on 31 December 2011 be recorded in
the profit and loss account.
In accordance with the proposal by the Board of Directors, the AGM decided that
on the basis of the financial statements to be adopted for the financial period
ended on 31 December 2011, a dividend of EUR 0.1973 per each A share and EUR
0,2007 for each B share be paid. Dividend will be paid to shareholders recorded
in the company's shareholder register on the matching day, 16 April 2012. The
Board of Directors proposes that the dividend will be paid out on 23 April
2012.
In accordance with toe proposal of the Board of Directors, the AGM decided that
on the basis of the financial statements to be adopted for the financial period
ended on 31 December 2011, funds from the invested non-restricted equity fund
be distributed to shareholders as a capital repayment, with the capital repaid
amounting to EUR 0.80 for each A and B share. Capital will be repaid to
shareholders recorded in the company's shareholder register on the repayment
day, 16 April 2012. The Board of Directors proposes that the capital repayment
will be made on 23 April 2012.
Members of the Board of Directors
The AGM decided that the number of members of the Board of Directors would be
seven (7). Furthermore, that the following Board members re-elected until the
end of the next AGM: Kalle Kettunen, M.Sc.Eng., Osmo Suovaniemi, professor,
Mikko Salaspuro, professor, Eero Lehti, M.Sc (Sos.Sc), Member of Parliament,
Petteri Kilpinen, CEO, Seppo Luode, M.Sc.Eng., and Saila Miettinen-Lähde, CFO
Additionally, the AGM decided that the chairman of the Board of Directors would
be paid a monthly fee of EUR 1,600 and the ordinary members would be paid a
monthly fee of EUR 1,500.
Auditors
The AGM elected authorised public accountants Ernst & Young Oy as the company's
auditors, with APA Erkka Talvinko as the head auditor, until the end of the
next AGM.
All decisions of the AGM were made unanimously. The minutes of the AGM will be
available for review by shareholders by 15 April 2011 on the company's website
(www.biohit.com/investors) and at the corporate headquarters of Biohit, located
at Laippatie 1, 00880 Helsinki.
Administration
Authorisations of the Board of Directors
Based on a resolution of the AGM held on 13 April 2011, the Board of the
company is authorised to decide on the issue of shares and to issue the special
rights referred to in Chapter 10. Section 1 of the Limited Liability Companies
Act so that the maximum number of new Series B shares to be issued pursuant to
the special rights is 2,000,000, which corresponds to approximately 20% of the
company's Series B shares. In August, based on the authorisation, the Board of
Directors decided to arrange a directed share issue to Sartorius Lab Holding
GmbH. The remaining authorisation is for 1.322.034 Series B shares.
According to the resolution, the Board of Directors is entitled to decide on
all terms and conditions regarding the issue of shares and the issue of special
rights. The issue of shares and the issue of special rights entitling to the
receipt of shares can occur in deviation from the subscription right of
shareholders (special issue). Such an authorisation remains valid for three
years from the resolution of the AGM.
Changes to Biohit Oyj's management
Panu Hendolin, PhD (molecular medicine), born in 1971, was appointed Head of
Research and Development at Biohit Oyj as of 17 April 2012. Hendolin worked at
Biohit as Research Manager and Head of Research and Development from 2007 to
2008. Previously, Hendolin worked as a Postdoctoral Researcher at the A. I.
Virtanen Institute for Molecular Sciences at the University of Eastern Finland,
in several product development and managerial positions at Jurilab Oy Ltd and
for the last three and a half years as the Technical Manager responsible for
product development at Danaher Corporation's Innotrac Diagnostics.
Lea Paloheimo, PhD (clinical biochemistry), born in 1951, was appointed Head of
Development at Biohit Oyj as of 17 April 2012. Paloheimo has worked at Biohit
since 2001. Before her career at Biohit, Paloheimo worked as a Chemist at
Huslab, Sales Manager at Dasico A/S in Denmark, Researcher at Orion Diagnostica
(Orion Corporation) and as a Chemist at the Clinical Chemistry department of
United Laboratories Ltd. She carried out her PhD and postdoctoral research at
the University of Copenhagen.
Irene Hernberg, BA (English Language)(b. 1973) has been appointed
Communications Manager at Biohit Oyj as of 2 May 2012. Previously, Hernberg has
worked at VTT Technical Research Centre of Finland in various
communications-related tasks since 2002 and as Communications Manager in
2009-2012. Before working at VTT, Hernberg worked at AAC Global Oy as Project
Manager and Content Provider.
SHARE TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's shares are divided into series A and series B shares. There are
2,975,500 series A shares and 10,640,093 series B shares, totalling 13,615,593
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. The total
market capitalisation value (supposing that the market capitalisation value for
series A and B shares is equal) at the end of the period was EUR 51.7 million
(EUR 39.9 million on 31 December 2011).
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 1-3/2012 1-3/2011
-----------------------------------------------
High, EUR 3.97 2.45
Low, EUR 2.80 2.02
Average, EUR 3.65 2.27
Latest, EUR 3.80 2.21
Turnover, EUR 4,438,617 1,042,425
Turnover, volume 1,320,492 459,242
Shareholders
At the end of the reporting period on 31 March 2012, the company had 4,368
shareholders (4,328 on 31 December 2011). Private households held 69.84%
(72.58%), companies 22.12% (23.25%), and public sector organisations 2.52%
(2.65%) of the shares. Foreign ownership or nominee registrations accounted for
5.52% (0.82%) of shares.
Further information on the shares, major shareholders, and management's
shareholdings is available on the company's website at www.biohit.fi/investors.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
Following the divestment made in 14 December 2011 the diagnostics business is
presented as continuing operations and the liquid handling business as
discontinued operations. Separate segment-based reporting will no longer be
provided. In other respects Biohit Oyj has applied the same accounting
principles in preparing this financial statement bulletin as for its 2010
financial statements. The IFRS standards that came into effect in 2012 did not
affect the accounting principles.
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.
CONSOLIDATED INCOME STATEMENT
1-3 1-3 1-12
2012 2011 2011 MEUR
MEUR MEUR
Net sales 0.4 0.4 2.2
Material and services -0.3 -0.3 -1.5
--------------------------------------------------------------------------------
GROSS MARGIN 0.2 0.2 0.7
Sales and marketing -0.5 -0.3 -1.3
Administration -0.6 -0.6 -2.1
Research and development -0.2 -0.1 -0.7
Good-will depreciation -2.6
Other operating income 0.0 0.0 0.0
--------------------------------------------------------------------------------
Operating result -1.1 -0.9 -6.0
--------------------------------------------------------------------------------
Financial income 0.4 0.0 0.2
Financial expences -0,3** -0.5 -0.7
--------------------------------------------------------------------------------
Profit/loss before taxes -0.9 -1.4 -6.5
Income taxes 0.0 0.0 -6.1
--------------------------------------------------------------------------------
Profit for the period -0.9 -1.5 -12,6
--------------------------------------------------------------------------------
Profit for the period, discontinued operations 1.5 50,3*
--------------------------------------------------------------------------------
Other comprehensive income
Translation differences -0.1 -0.2 0.1
--------------------------------------------------------------------------------
Total comprehensive income -1.0 -0.2 -12.5
*) Includes a capital gain of EUR 46.1 million
**) The portion of the repaid convertible bond entered into the fund for the
investment
of non restricted equity had a EUR -0.2 million effect on the financing costs
Earnings per share calculated from the earnings 1-3 1-3 1-12
attributable to equity holders of the parent 2012 2011 2011
company
--------------------------------------------------------------------------------
Earnings per share diluted, undiluted *, EUR -0.07 0.00 2.93
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2011 and 2010.
CONSOLIDATED BALANCE SHEET
31.3.2012 31.3.2011 31.12.2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 0.0 2.6 0.0
Intangible assets 0.3 3.5 0.3
Property, plant and equipment 0.1 6.3 0.1
Receivables 6,8* 0.0 6,8*
Deferred tax assets 0.0 1.9 0.0
--------------------------------------------------------------------------------
Total non-current assets 7.3 14.3 7.3
CURRENT ASSETS
Inventories 0.4 5.5 0.3
Trade and other receivables 3.4 8.4 6.0
Financial assets at fair value through 51.0 0.5 10.0
profit or loss
Cash and cash equivalents 1.5 1.4 47.9
--------------------------------------------------------------------------------
Total current assets 56.3 15.9 64.2
-----------------------------------------
TOTAL ASSETS 63.5 30.2 71.5
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 2.3 2.2 2.3
Invested unrestricted equity fund 14.3 12.4 14.3
Currency-related differences -0.1 -0.1 0.0
Retained earnings 35.3 -1.4 36.2
--------------------------------------------------------------------------------
Total equity 51.9 13.1 52.8
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.0 0.0 0.0
Pension obligations 0.0 0.2 0.0
Total interest-bearing liabilities 0.0 8.1 0.0
Other liabilities 0.1 0.7 0.1
--------------------------------------------------------------------------------
Total non-current liabilities 0.1 9.0 0.1
CURRENT LIABILITIES
Trade payables 1.6 2.7 3.0
Total interest-bearing liabilities 0.4 1.0 4.9
Tax liabilities 4.5 0.0
Other liabilities 5.1 4.3 10.6
--------------------------------------------------------------------------------
Total current liabilities 11.6 8.1 18.5
Total liabilities 11.7 17.1 18.6
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 63.5 30.2 71.5
LIABILITIES
--------------------------------------------------------------------------------
*) Includes EUR 6.8 million in receivables from a business transaction; these
funds are placed in a blocked account. Funds will released from the blocked
account 31 March 2014, provided no claims concerning the transaction are made.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Statement of changes in
consolidated shareholders' equity on 31 March 2012
MEUR Share Translation Invested Retained Total
capita differences unrestricted earnings shareholders
l equity fund ' equity
--------------------------------------------------------------------------------
Balance at Jan 2,3 0,0 14,3 36,2 52,8
2012
Total -0,1 -0,9 -1,0
comprehensive
income for the
period
--------------------------------------------------------------------------------
Balance at Mar 2,3 -0,1 14,3 35,3 51,9
2012
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 31 March 2011
MEUR Share Translation Invested Retained Total
capita differences unrestricted earnings shareholders
l equity fund ' equity
--------------------------------------------------------------------------------
Balance at Jan 2,2 -0,1 12,4 -1,5 13,1
2011
Total 0,0 0,0 0,0
comprehensive
income for the
period
--------------------------------------------------------------------------------
Balance at Mar 2,2 -0,1 12,4 -1,4 13,1
2011
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-3/2012 1-3/2011 1-12/2011
MEUR MEUR MEUR
--------------------------------------
------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period -0.9 0.0 37.7
Adjustments to profit for the period -0.2 0.8 -35.0
CHANGE IN WORKING CAPITAL 1.0 -0,0 2.8
Interest paid -0.7 -0.1 -0.8
Interest received 0.0 0.0 0.0
Realised exchange rate gains and losses 0.0 -0.1 0.4
Income taxes paid 0.0 0.0 -0.2
--------------------------------------------------------------------------------
Net cash flow from operating activities -0.7 0.6 5.0
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible 0.0 -0.5 -4.1
assets
Capital gain from sales of liquid 0.0 0.0 56.5
handling business
Proceeds from sales of tangible and 0.0 0.0 0.4
intangible assets
Investments in funds and deposits -41.0 0.0 -9.5
--------------------------------------------------------------------------------
Net cash flow from investments -41.1 -0.5 43.4
CASH FLOW FROM FINANCING ACTIVITIES
Share issue 0.0 0.0 2.0
Proceeds from loans 0.0 0.0 0.5
Repayments of loans -4.7 -0.3 -4.6
--------------------------------------------------------------------------------
Net cash flow from financing activities -4.7 -0.3 -2.1
Change in cash and cash equivalents -46.4 -0.2 46.2
Cash and cash equivalents at the 47.9 1.6 1.6
beginning of the period
Effect of exchange rates on cash and cash 0.0 0.0 0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of 1.5 1.4 47.9
the period
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
1-3 2012 1-3 2011 1-12 2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Collaterals given for the parent company
Corporate mortgages 0.0 2.5 0.0
Mortgages on real estate 0.0 2.7 0.0
Collaterals given on behalf of subsidiaries
Guarantees 0.0 0.2 0.0
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments:
--------------------------------------------------------------------------------
Due for payments before on year 0.1 0.8 0.6
Due for payments after 1 year but not 0.1 0.9 0.7
later than 5 years
Due for payment after 5 years
--------------------------------------------------------------------------------
Total 0.2 1.8 1.3
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payments before on year 0.2 1.0 0.1
Due for payments after 1 year but not 0.1 1.9 0.1
later than 5 years
Due for payment after 5 years 0.0 1.9 0.0
--------------------------------------------------------------------------------
Total 0.3 4.8 0.0
--------------------------------------------------------------------------------
Total other liabilities 0.5 6.6 1.6
--------------------------------------------------------------------------------
Total collaterals and contingent 0.5 12.0 1.6
liabilities
--------------------------------------------------------------------------------
Helsinki. 26 March 2012
Biohit Oyj
Board of Directors
Further information:
Semi Korpela
Tel. +358 9 773 861
semi.korpela@biohit.fi
Distribution:
NASDAQ OMX Helsinki Oyj
Central storage facility (www.oam.fi)
Principal media
http://www.biohit.fi
About Biohit Oyj:
Biohit Oyj is a globally operating Finnish biotechnology company established in
1988. Biohit's mission crystallizes in its motto “Innovating for Health”. The
company assumes social responsibility by producing innovations, new
technologies and analysis systems for use in medicine, research institutions
and industry. These products help to promote research and diagnostics, while
improving quality of life by preventing disease, human suffering and financial
loss. Biohit also seeks to innovate and develop the marketing and availability
of its products and services.
Biohit works with scientific communities to produce new technologies, products
and services based on research results and innovations. These can be used to
develop safe and cost-effective diagnostic tests for the early detection and
prevention of diseases of the gastrointestinal tract. (www.biohit.fi /
International / State of the art GastroPanel and Acetium innovations for the
unmet need).
In January 2012, sixteen world-leading gastroenterology specialists from twelve
countries proposed in their SJG publication the use of the biomarkers of the
modern GastroPanel test for safe and cost-efficient primary diagnosis and
screening of Helicobacter infection and atrophic gastritis in patients with
stomach discomfort and in asymptomatic patients, as it is neither safe nor
cost-efficient to use the 13C urea breath test for this purpose. In addition,
the authors of the publication state that acetaldehyde generated in an
achlorhydric stomach (a consequence of atrophic gastritis) is a significant
reason for an increased gastric and oesophageal cancer risk. Acetium capsules
can reduce the amount of cancer-causing acetaldehyde generated in the stomach -
and thus, very likely, they also reduce the cancer risk (SJG: “GastroPanel
biomarkers: Rationale in diagnosis and screening of atrophic gastritis with
stomach-specific plasma biomarkers”, Scadinavian Journal of Gastroenterology.
2012; 47: 136-147).
Biohit's products include analysis systems for the prevention and 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. Acetium reduces the amount of carcinogenic acetaldehyde in an anacidic
stomach. (www.acetium.com/test - reveals acetaldehyde exposure)
The population is aging and, therefore, the need for safe and cost-efficient
diagnosis and prevention of diseases is strongly increasing. People are
becoming more aware of acetaldehyde and the cancer risks associated with it.
This is expected to substantially increase the interest in the company's
products and services.
Biohit is headquartered in Helsinki and has a subsidiary in the United Kingdom.
Since 1999, Biohit's Series B share (BIOBV) has been quoted on NASDAQ OMX
Helsinki in the Small cap/Healthcare group (www.biohit.fi/Sijoittajat).
Read more at www.biohit.fi
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