2011-04-28 08:30:00 CEST
2011-04-28 08:30:05 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
Interim report of the Biohit Group 1 January to 31 March 2011
SUMMARY
January-March 2011
-- Net sales EUR 10.4 million (EUR 9.4 million 1-3/2010), growth 9.9%
-- Operating profit EUR 0.6 million (EUR 0.1 million), growth 552.3%
-- Operating result 5.5% (0.9%) of net sales
-- Profit before taxes EUR 0.1 million (EUR 0.2 million)
-- International operations accounted for 96.4 per cent (96.5%) of net sales
-- Earnings per share EUR 0.00 (EUR 0.01)
-- The total net sales of the group are expected to grow by more than 10%
during the year and the total operating result is expected to be around 5%
of net sales.
JUSSI HEINIÖ, PRESIDENT AND CEO:
“Our net sales continued to grow during the first quarter of the year at a rate
of approximately 10%. In addition to net sales, the operating result is also
developing according to our guidance, and the operating result for the first
quarter was EUR 0.6 million or 5.5% of the group's net sales.
Net sales continued to develop in a positive way especially in mechanical
pipettes, and this positive development seems to continue also in the other
liquid handling product groups. Geographically, growth was especially strong in
the European, Russian and Chinese markets. In the Asian market, the earthquake
in Japan is expected to have a negative effect on the demand from the Japanese
market during the course of the year. The total weighting of Japan as a
proportion of total sales is, however, not significant.
In our diagnostics business, we have especially focused on opening the Finnish
market and seeking new momentum in the rationalisation of operations through
organisational changes. Net sales continued to grow during the first quarter.
The growth in this business segment without the sales of the third party
instruments was 13%. After the first quarter, we will focus more on markets
outside Finland and especially on the development of distributor sales. The
sales of Acetium continued steadily in Finland and in order to ensure the
growth of product sales, we have launched the product on the German market and
are preparing for a launch on the French market.
Improving the profitability of the group's operations is a central goal for
this year. The effects of cutting costs were seen during the first quarter as a
decrease in fixed costs of 14% compared to the first quarter of the previous
year. We will continue improving the efficiency of our operations during the
year, ensuring a profitable growth in the future as well.”
THE GROUP'S KEY FIGURES
1-3/2011 1-3/2010 Change, % 1-12/2010 1-12/2009
----------------------------------------------------------
Net sales, MEUR 10.4 9.4 9.9 40.0 35.4
Operating 0.6 0,1 552.3 0.5 1.2
profit/loss, EUR
million
% of net sales 5.5 % 0.9 % 1.3 % 3.4 %
Profit/loss before 0.1 0.2 -56.9 0.4 0.7
taxes
Profit/loss for the 0.0 0.6 -61.8 0.1 0.4
period
Investments, gross, 0.5 0.9 -46.7 2.6 2.4
EUR million
% of net sales 4.8 % 9.8 % 6.4 % 6.9 %
R&D expenditure, EUR 0.6 0.6 -11.0 2.5 2.4
million
% of net sales 5.3 % 6.6 % 6.4 % 6.8 %
Average number of 433 389 11.1 412 370
personnel
Number of personnel 421 396 6.5 431 383
at end of period
Equity ratio, % 43.5 % 45.0 % 44.5 % 46.8 %
Earnings per share, 0,00 0.01 -61.8 0.00 0.03
EUR
Shareholders' equity 1,01 1.01 0.4 1.01 0.99
per share, EUR
Average number of 12,937,627 12,937,627 0 12,937,627 12,937,627
shares during the
period
Number of shares at 12,937,627 12,937,627 0 12,937,627 12,937,627
end of period
REPORTING
Biohit reports on its business segments, which are the liquid handling and
diagnostics businesses. In addition, the company reports its net sales by main
market area.
NET SALES AND RESULT
January-March
In the first quarter, net sales of the Biohit group were up 9.9 per cent on the
corresponding period in 2010 and amounted to EUR 10.4 million (EUR 9.4
million). International operations accounted for 96.4 per cent (96.5%) of net
sales during the reporting period.
The operating profit for the reporting period amounted to EUR 0.6 million (EUR
0.1 million) or 5.5% of net sales and the profit before taxes was EUR 0.1
million (EUR 0.2 million). Earnings per share were EUR 0.00 (EUR 0.01).
Net sales continued to grow during the first quarter of the year especially in
Europe, Russia and China.
Biohit focused on profitable growth during the reporting period as determined
in its goals. Profitability has improved on the previous year and reached a
satisfactory level at the end of the first quarter.
Key figures by segment, January-March
Sales and maintenance of liquid handling products accounted for 95.9 per cent
of net sales during the reporting period (94.7%). The liquid handling business
generated net sales of EUR 9.9 million during the reporting period (EUR 8.9
million) and the diagnostics business generated EUR 0.4 million (EUR 0.5
million). The liquid handling business grew by 11.3 per cent and the
diagnostics business contracted by 15.3 per cent. The growth of the diagnostics
business excluding analysis instruments was 13.6 per cent.
The liquid handling business generated an operating profit of EUR 1.2 million
during the reporting period (EUR 0.7 million), and the diagnostics business an
operating loss of EUR 0.6 million (operating loss EUR 0.6 million).
Although the fixed costs of the diagnostics business were below the reference
period level, the operating result did not improve because of the volume of
sales.
Group net sales by business segment
1-3/2011 1-3/ 2010 Change 1-12/2010
MEUR MEUR % MEUR
-------------------------------------------------------
Liquid Handling 9.9 8.9 11.3 37.8
Diagnostics 0.4 0.5 -15.3 2.2
-------------------------------------------------------
Total 10.4 9.4 9.9 40.0
-------------------------------------------------------
Consolidated operating result by business segment
1-3/2011 1-3/ 2010 Change 1-12/2010
MEUR MEUR % MEUR
-------------------------------------------------------
Liquid Handling 1.2 0.7 71.6 3.4
Diagnostics -0.6 -0.6 -3.4 -2.9
-------------------------------------------------------
Total 0.6 0.1 552.3 0.5
-------------------------------------------------------
Group's net sales in the main market areas
Net sales, MEUR 1-3/2011 1-3/2010 Change, % 1-12/2010
---------------------------------------------------------
Europe 5.7 5.0 14.1 % 20.8
America 1.9 1.8 2.4 % 7.6
Asia 1.6 1.6 -3.9 % 6.2
Other 1.2 1.0 24.7 % 5.4
---------------------------------------------------------
Group, total 10.4 9.4 9.9 % 40.0
---------------------------------------------------------
The impact of currency exchange rates
Net sales in the reporting period were up by 9.9% and measured in comparable
currencies the net sales growth was 7.5%. Changes in currency exchange rates
did not have a material impact on results. Biohit reports the impact of
exchange rates on intra-Group items under financial items, which in the
reporting period included EUR 0.3 million in exchange rate changes decreasing
the results.
BALANCE SHEET
On 31 March 2011, the balance sheet total was EUR 30.2 million (EUR 29.1
million) and the equity ratio was 43.5 per cent (45.0%).
FINANCING
Cash flow in the reporting period was EUR -0.2 million (EUR 0.0 million). Net
cash flow from operating activities amounted to EUR 0.6 million (EUR 0.3
million). At the end of the period, the Group's liquid assets totalled EUR 1.9
million (EUR 2.1 million on 31 March 2010 and EUR 2.2 million on 31 December
2010). Current ratio was 2.0 (1.4). The increase in the current ratio was
caused by the termination of the EUR 4.05 million convertible bond, issued in
2005 and maturing in October 2010, and the issue of a new, corresponding
five-year convertible bond.
RESEARCH AND DEVELOPMENT
Research and development expenditure during the reporting period amounted to
EUR 0.6 million (EUR 0.6 million), representing 5.3% of net sales (6.6%).
During the period EUR 0.2 million (EUR 0.1 million) in development expenditure
was capitalised.
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.5 million (EUR 0.9
million). Investments were primarily made in renewals of production technology
of the liquid handling products and the development of new products.
PERSONNEL
During the reporting period, the average number of personnel employed by the
Group was 433 (389 in the corresponding period in 2010) of whom 198 (178) were
employed by the parent company and 235 (211) by the subsidiaries. The number of
personnel has increased particularly in the Asian units.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit's business operations developed as expected during the first quarter of
the year. The company presented a risk evaluation for the year in its financial
statement bulletin on 1 March 2011. There have been no significant changes in
the risks and uncertainty factors presented in it. Biohit's most relevant risks
are therefore still related to the cost structure of the company, the
diagnostics business and the development of exchange rates.
The earthquake in Japan at the end of the reporting period and the problems
created by it do create a new uncertainty factor possibly affecting the growth
of net sales. The company has previously estimated that Asia is an important
growth area in the future years, but the uncertain situation in Japan may have
a less favourable effect on the development. The final effect will only be seen
later this year. The situation in Japan does not affect the availability of
components.
Costs arising from the Group's business growth represent the most essential
risk associated with the Group's business operations. Although the Group's net
sales grew significantly in 2010, the proportion of fixed costs has also grown
considerably. The Group's business development and new product launches require
continuous investments that also represent a challenge in terms of the Group's
financial position. In 2011, the company will pay special attention to
operational efficiency and to improving the Group's operating result.
Growth in the diagnostics business is a key requirement for strengthening the
entire Group's operating conditions. 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. The company has taken decisive
measures to strengthen the diagnostics business: the sales and marketing
organisations of liquid handling and diagnostics products have been combined,
product commercialisation plans have been clarified and decisions have been
made to prioritise certain market areas. Consequently, the company estimates
that the significance of the risks associated with the diagnostics business
development and previously reported risks has not grown.
The company conducts a large part of its business in currencies other than the
Euro. Exchange rate fluctuations related to intra-Group receivables are
recorded under financial items. A significant amount of these exchange rate
changes have not materialised due to the subsidiaries' weak liquidity, which is
why the strengthening of the Euro could have a negative impact on results.
During this year, the company will take the necessary measures to minimise the
impact of this currency exchange rate risk. The company hedges against the
currency risks associated with external receivables by making procurements in
currencies other than the Euro and by making every effort to build a cost
structure in which a significant proportion of fixed costs are in non-Euro
currencies.
OUTLOOK FOR 2011
For Biohit's business, the previous two years have been quite exceptional. The
recession and the period of growth that followed the recession represent
uncertainty factors that complicate forecasts for market development this year.
Investment in research and development has clearly been stepped up in some
market areas.
The company expects to see sustained growth in the liquid handling business
this year. Growth is generated especially by the Asian and North American units
of the company. Growth in Asia may, however, be slowed down in part because of
the Japanese earthquake in March and the possibly resulting local problems in
the sales of products.
In the diagnostics business, Biohit invested heavily in domestic markets in
2010 and expects these investments to produce results in 2011. Shifting the
focus more towards foreign markets gives good reason to assume that the growth
in the diagnostics business will continue this year. The majority of the net
sales are expected to come from the sale of diagnostic tests. The net sales
growth generated by Acetium depends materially on whether or not co-operation
with bigger players leads to its international distribution.
The development of the Group's business is at a satisfactory level after the
first quarter. The total net sales of the group are expected to grow by more
than 10% during the year and the total operating result is expected to be
around 5% of net sales.
MAIN EVENTS IN THE REPORTING PERIOD
Liquid handling business
Biohit's liquid handling business develops, manufactures and markets laboratory
equipment and accessories for 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 products are marketed under the
Biohit brand, the company also manufactures customised OEM (original equipment
manufacturer) products based on its innovations and technologies. These
products complement the diagnostic test and analysis systems of many global
companies, such as 3M, three Johnson & Johnson companies, and bioMérieux. In
addition, the company offers maintenance, calibration and training services for
liquid handling products through its distributor network.
Liquid handling 1-3/2011 1-3/2010 1-12/2010
---------------------------------------------------------------
Net sales, MEUR 9.9 8.9 37.8
---------------------------------------------------------------
Change, % 11.3 % 12.7 % 12.7 %
---------------------------------------------------------------
Operating profit/loss, MEUR 1.2 0.7 3.4
---------------------------------------------------------------
Change, % 71.6 11.4 % 4.2 %
---------------------------------------------------------------
Operating result, % of net sales 12.2 % 7.9 % 8.9 %
---------------------------------------------------------------
During the reporting period, sales developed favourably in the liquid handling
business in all product groups and especially for mechanical pipettes. The
profitability of business remained at a satisfactory level.
Biohit also expanded its liquid handling business with a new solution by
launching a new automatic liquid handling instrument, Biohit Roboline. The
compact structure and operation of the device are largely based on the
innovations and technical solutions utilised in Biohit's electronic pipettes.
Offering a new kind of solution for the increasing safety and efficiency
requirements of laboratories, Roboline can be used for dosing samples and
reagents (www.biohit.com/roboline).
For the international market, even more than one hundred thousand microplate
measurement instruments based on the vertical photometry innovation of
Professor Osmo Suovaniemi have been manufactured by several companies for use
in research and diagnostics of infectious disease and cancer, for example.
These instruments and Roboline complement each other and are jointly suitable
for significantly increasing the level of automation and security of the
GastroPanel examination, for example, as well as any other analysis utilising
microplates (www.biohit.com/about-us/history ->Aggressive innovation and
patenting strategy).
The new instrument and the related maintenance concept expand Biohit's product
range and open up a new channel for target groups that were not offered similar
solutions in the past. The company expects that future growth in the liquid
handling market is based particularly on an increase in the proportion of
electronic pipettes and easy-to-use automated systems with moderate pricing.
The new product is therefore expected to strengthen the growth basis of
Biohit's liquid handling business.
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 GastroPanel examinations 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 company also markets GastroPanel
laboratory analysis packages. In addition to GastroPanel test kits, this
package includes liquid handling products, instruments, and software, as well
as installation, training and maintenance services. The GastroPanel laboratory
concept is geared towards facilitating the efficient introduction of
GastroPanel examinations, among others.
Biohit's service laboratory offers analyses of tests developed by Biohit, and
the determination of carcinogenic acetaldehyde in foodstuffs and alcoholic
beverages (www.biohit.com/diagnostics/determination-of-acetaldehyde).
The Acetium capsule binds (inactivates) carcinogenic acetaldehyde in the
stomach. Acetium products were developed in cooperation with researchers at the
University of Helsinki and Biohit's scientific advisors.
(www.biohit.com/diagnostics and www.acetium.com and www.acetium.com/test to
check exposure to acetaldehyde).
Prescription-free Acetium capsules are recommended for use after the
consumption of food or alcohol by those who:
1. have an anacidic or low-acid stomach caused by atrophic gastritis, or
2. have an untreated Helicobacter pylori infection, or
3. use protein pump inhibitors (PPIs), or
4. have undergone stomach surgery.
The unique pairing of Biohit's GastroPanel and Acetium innovations can prevent
gastric and oesophageal cancer. GastroPanel detects atrophic gastritis and its
associated risks while treatment is still possible. Atrophic gastritis of the
corpus, which rarely heals, leads to a permanently low-acid or anacidic
stomach. Mouth microbes are able to live in an anacidic stomach and produce
acetaldehyde from alcohol and the sugars contained in food. In October 2009,
the WHO classified acetaldehyde as a Group I carcinogen - a group which also
includes asbestos, tobacco and benzene.
Standardised ethical and legislative principles govern all Group I carcinogens,
regardless of their source. All possible methods should be used to reduce
exposure to these carcinogens in food and bodily organs. Acetium capsules are
the only way to inactivate carcinogenic acetaldehyde in the stomach, which in
turn enables the prevention of stomach and oesophageal cancer. (www.biohit.fi/
Ajankohtaista sairauksien diagnostiikassa ja ennaltaehkäisyssä).
Diagnostics 1-3/2011 1-3/2010 1-12/2010
---------------------------------------------------------------
Net sales, MEUR 0.4 0.5 2.2
---------------------------------------------------------------
Change, % -15.3 % 33.9 % 23.7 %
---------------------------------------------------------------
Operating profit/loss, MEUR -0.6 -0.6 -2.9
---------------------------------------------------------------
Change, % -3.4 % -1.3 % -40.1 %
---------------------------------------------------------------
Operating result, % of net sales -151.0 % -123.7 % -127.3 %
---------------------------------------------------------------
The sales of the diagnostics business did not develop as expected on the Group
level during the reporting period. Sales mainly increased in Biohit's domestic
market in Finland where the majority of marketing was focused during the
previous year and the reporting period. The sales of test kits and Acetium grew
however, and the proportion of analysis instruments of the Group sales
decreased.
At the beginning of the year, Biohit combined the management of sales and
marketing of the liquid handling and diagnostics businesses. The new business
plans are now being introduced throughout the Group. In addition, the company
has made changes in its sales organisation after the end of the reporting
period, with the aim of a controlled, more efficient sales of diagnostics in
the international arena as well.
Terveystalo, a private healthcare company operating nationwide, included the
GastroPanel examination developed by Biohit in its service offering and during
the reporting period, Biohit started training Terveystalo doctors on the
implementation of the examination. The GastroPanel examination is available in
all of the one hundred-plus Terveystalo sites across Finland. For the
Terveystalo doctors, the test is a safe way of examining symptomless patients
coming in for a health check-up as well as dyspeptic patients.
During the reporting period, Biohit launched the Acetium capsule in the German
market. The Acetium capsule is recommended for people suffering from an
anacidic stomach and for those who have to use antacids because of reflux
disease, for example. Approximately three million people suffer from reflux
disease in Germany alone. During the first phase, the product will be marketed
mainly through online pharmacies. In Germany, nine million pharmacy customers,
or some 18 per cent of all internet users, purchase their pharmaceuticals
through an online pharmacy. Online pharmacies are allowed to sell both
prescription and non-prescription (OTC) drugs in Germany.
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 9,962,127 series B shares, totalling 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. 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 28.6 million
(EUR 34.9 million on 31 March 2010).
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 1-3/2011 1-3/2010
------------------------------------------------
High, EUR 2,45 4,91
Low, EUR 2,02 1,50
Latest, EUR 2,21 2,70
Turnover, EUR 1 042 425 28 405 578
Turnover, volume 459 242 7 862 740
Shareholders
At the end of the reporting period on 31 March 2011, the company had 4,579
shareholders (4,768 on 31 March 2010). Private households held 72.58% (72.93%),
companies 23.25% (23.60%), and public sector organisations 2.65% (2.81%) of the
shares. Foreign ownership or nominee registrations accounted for 0.82% (0.71%)
of shares.
Further information about the shares, major shareholders and management's
shareholdings is available on the company's website at
www.biohit.com/investors.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
Annual General Meeting
The annual general shareholders' meeting held after the end of the reporting
period on 13 April 2011 decided that the company will not pay a dividend for
the past financial year and that the parent company's loss for the financial
year, EUR 534,475.32, is to be moved to the profit/loss account of previous
financial years.
The shareholders' meeting decided that the number of members in the Board is
seven (7) and elected the following people to the Board until the end of the
next annual shareholder's meeting: Kalle Kettunen (CEO, MSc (Eng.), MBA),
Professor Osmo Suovaniemi (MD, PhD), Professor Mikko Salaspuro (MD, PhD) and
Eero Lehti (MP, MSc (Soc. Sc.)) were elected as old members. Petteri Kilpinen
(CEO, BSc (Eng.)), Seppo Luode (MSc (Eng.), MBA) and Saila Miettinen-Lähde
(CFO, MSc (Eng.), BSc) were elected as new members.
Authorised Public Accountants, Ernst & Young Oy, with Erkka Talvinko, APA, as
the auditor in charge were elected as the auditors of the company.
In addition, the meeting decided to authorise the Board 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 entitling the receipt of shares with the
following terms and conditions: 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.
The authorisation includes the Board of Directors' entitlement 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 the
receipt of shares can take place deviant from the subscription right of the
shareholders (special issue). The authorisation remains valid for three years
from the resolution of the GM.
Professor Osmo Suovaniemi is the new Chairman of the Board
In its first meeting on 21 April 2011, the Board elected the founder of Biohit
and its previous CEO, Professor Osmo Suovaniemi, as its new chairman.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with IAS 34.
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 2011 did not affect the accounting
principles.
All the figures in the financial statement bulletin have been rounded up or
down, due to which the sums of individual figures may deviate from the sum
total presented.
The figures of the interim report have not been audited.
CONSOLIDATED INCOME STATEMENT
1-3/20 1-3/20 Change 1-12/2
11 10 % 010
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Net sales 10.4 9.4 9.9 40.0
Other operating income 0.0 0.0 1,932.2 0.2
Increase/decrease in inventories in finished 0.2 -0.3 148.5 -0.4
goods and in work in progress
Materials and services -2.2 -1.7 29.0 -7.8
Personnel expenses -4.5 -4.0 11.6 -17.1
Depreciation -0.4 -0.4 1.6 -1.7
Other operating expenses -2.9 -2.9 0.0 -12.8
--------------------------------------------------------------------------------
Operating profit/loss 0.6 0.1 552.3 0.5
Financial income -0.1 0.2 -45.5 0.7
Financial expenses -0.4 -0.1 377.4 -0.8
--------------------------------------------------------------------------------
Profit/loss before taxes 0.1 0.2 -56.9 0.4
Direct taxes -0.0 -0.1 -49.0 -0.3
--------------------------------------------------------------------------------
Profit/loss for the period 0.0 0.1 -61.8 0.1
Other items in the comprehensive income
statement
Currency-related differences 0.0 0.1 -97.1 0.2
--------------------------------------------------------------------------------
Total comprehensive income for the period 0.0 0.3 -80.9 0.3
--------------------------------------------------------------------------------
Biohit Oyj's earnings are attributable to the parent company shareholders in
their entirety, as there are no minority interests.
--------------------------------------------------------------------------------
Earnings per share calculated from earnings attributable 1-3/20 1-3/20 1-12/2
to parent company shareholders 11 10 010
Earnings per share, undiluted*, EUR 0.00 0.01 0.00
--------------------------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2010 and 2009.
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
31.3.2011 31.3.2010 Change 31.12.2010
MEUR MEUR % MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 2.6 2.6 0.0 2.6
Intangible assets 3.5 2.5 38.5 3.2
Property, plant and equipment 6.3 6.8 -7.6 6.5
Receivables 0.0 0.0 71.3 0.0
Deferred tax assets 1.9 1.9 -4.5 1.8
--------------------------------------------------------------------------------
Total non-current assets 14.3 13.9 2.7 14.2
CURRENT ASSETS
Inventories 5.5 5.3 4.4 5.2
Trade and other receivables 8.4 7.8 7.8 7.8
Financial assets at fair value through 0.5 0.6 -9.1 0.5
profit or loss
Cash and cash equivalents 1.4 1.6 -9.7 1.7
--------------------------------------------------------------------------------
Total current assets 15.9 15.2 4.2 15.2
TOTAL ASSETS 30.2 29.1 3.5 29.4
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 2.2 2.2 0.0 2.2
Invested unrestricted equity fund 12.4 12.4 0.0 12.4
Currency-related differences -0.1 -0.2 30.2 -0.1
Retained earnings -1.4 -1.4 -0.8 -1.5
--------------------------------------------------------------------------------
Total equity 13.1 13.0 0.4 13.0
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.0 0.0 250.8 0.0
Pension obligations 0.2 0.1 25.4 0.2
Total interest-bearing liabilities 8.1 4.8 68.9 8.5
Other liabilities 0.7 0.7 -1.4 0.7
--------------------------------------------------------------------------------
Total non-current liabilities 9.0 5.6 59.8 9.4
CURRENT LIABILITIES
Trade payables 2.7 1.9 47.8 1.9
Total interest-bearing liabilities 1.0 4.7 -78.0 0.9
Other liabilities 4.3 3.9 10.5 4.2
--------------------------------------------------------------------------------
Total current liabilities 8.1 10.5 -22.8 7.0
Total liabilities 17.1 16.1 6.0 16.4
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 30.2 29.1 3.5 29.4
LIABILITIES
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on 31 March 2011
--------------------------------------------------------------------------------
MEUR Share Currency-rela Invested Retained Shareholde
capita ted unrestricted earnings rs' equity
l differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity on 1
January 2011
Total 0.0 0.0 0.0
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.4 13.1
equity on 31
March 2011
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 31 March 2010
--------------------------------------------------------------------------------
MEUR Share Currency-rela Invested Retained Shareholde
capita ted unrestricted earnings rs' equity
l differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.3 12.4 -1.5 12.7
equity on 1
January 2010
Total 0.1 0.1 0.3
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.2 12.4 -1.4 13.0
equity on 31
March 2010
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
-------------------------------------------------------------------------------- 1-3/20 1-3/20 1-12/2010
11 10 MEUR
MEUR MEUR
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS
Profit /loss for the period 0.0 0.1 0.1
Adjustments 0.8 0.4 2.1
CHANGES IN WORKING CAPITAL -0.0 -0.1 0.1
Interest paid and payments on other financial -0.1 -0.1 -0.5
expenses
Interest received 0.0 0.0 0.0
Realised exchange rate gains and losses -0.1 0.1 0.4
Direct taxes paid 0.0 -0.1 -0.2
--------------------------------------------------------------------------------
Net cash flow from operations 0.6 0.3 2.0
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -0.5 -0.3 -1.8
Investments and income from the disposal of 0.0 -0.2 -0.1
investments into funds and deposits, net
--------------------------------------------------------------------------------
Net cash flow from investments -0.5 -0.5 -1.9
CASH FLOW FROM FINANCING
Loan withdrawals 0.0 1.2 5.7
Loan repayments -0.3 -1.1 -5.8
--------------------------------------------------------------------------------
Net cash flow from financing -0.3 0.1 -0.1
Increase (+)/decrease (-) in cash and cash -0.2 0.0 -0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of period 1.7 1.6 1.6
Effect of exchange rate changes -0.0 0.0 0.1
Cash and cash equivalents at the end of period 1.4 1.6 1.7
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
--------------------------------------------------------------------------------
1-3/2011 1-3/2010 1-12/ 2010
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Collaterals given for the parent company
Corporate mortgage 2.5 2.5 2.5
Mortgage on real estate 2.7 2.7 2.7
Guarantees 0.0 0.0 0.0
--------------------------------------------------------------------------------
Collaterals given on behalf of subsidiaries
Guarantees 0.2 0.0 0.2
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments:
--------------------------------------------------------------------------------
Due for payment before one year 0.8 0.7 0.8
Due for payment after 1 year but not later than 0.9 1.0 1.1
5 years
Due for payment after 5 years
--------------------------------------------------------------------------------
Total 1.8 1.7 1.9
--------------------------------------------------------------------------------
Other rental commitments:
--------------------------------------------------------------------------------
Due for payment before one year 1.0 0.9 0.9
Due for payment after 1 year but not later than 1.9 1.7 2.0
5 years
Due for payment after 5 years 1.9 0.2 2.0
--------------------------------------------------------------------------------
Total 4.8 2.9 5.0
--------------------------------------------------------------------------------
Total other liabilities 6.6 4.6 6.9
--------------------------------------------------------------------------------
Total collaterals and contingent liabilities 12.0 9.9 12.3
--------------------------------------------------------------------------------
Helsinki, on 28 April 2011
Biohit Oyj
Board of Directors
Further information:
Jussi Heiniö, President and CEO
Tel: +358 (0) 9 773 861
jussi.heinio@biohit.com
Distribution:
NASDAQ OMX Helsinki Oy
Central storage facility (www.oam.fi)
Press
www.biohit.com
About Biohit Oyj:
Biohit Oyj is a globally operating Finnish biotechnology company that was
established in 1988.
Biohit's mission crystallises in its motto “Innovating for Health”. The purpose
of the company is to produce innovations, new technologies and analysis systems
for use in medicine, research institutions and industry, helping to promote
research and diagnostics and to improve the quality of life of people by means
of preventing disease, human suffering and financial loss. Our duty is also to
innovate and develop the marketing and availability of our products and
services in order to ensure a profitable growth of the company and its ability
to pay dividends.
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 and prevention 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.
The Biohit Group employs around 420 people. The company is headquartered in
Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia,
India, China, Japan and the USA. The company also has a representative office
in Singapore. Biohit's products are also sold through about 200 distributors in
70 countries.
Since 1999, Biohit's Series B share has been quoted on NASDAQ OMX Helsinki in
the Small cap/Healthcare group and is traded under the code BIOBV.
Read more at www.biohit.com
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