2008-05-09 08:32:45 CEST
2008-05-09 08:33:30 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 31 MARCH 2008
BIOHIT OYJ QUARTERLY REPORT, 9 MAY 2008 AT 09:30 AM
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 31 MARCH 2008
Biohit Oyj develops, manufactures and markets liquid handling products and
diagnostic test systems for use in research, healthcare and industrial
laboratories.
The Group's financial trends in the January-March period of 2008:
- Net sales EUR 8.1 million (EUR 8.1 million 1-3/2007)
- Operating loss EUR 0.1 million (operating profit EUR 0.2 million)
- Loss EUR 0.4 million (profit EUR 0.0 million)
- Poorer than expected net sales trends combined with increased personnel
expenses, higher financial costs, and currency exchange rate losses weakened the
result in comparison with the corresponding period of the previous year.
NET SALES
During the reporting period, the Biohit Group's net sales fell by 1% on the
corresponding period in 2007 and totalled EUR 8.1 million (EUR 8.1 million).
Sales and maintenance of liquid handling products accounted for 96% of net
sales. The net sales of the liquid handling business amounted to EUR 7.7 million
(EUR 7.7 million) and the net sales of the diagnostics business to EUR 0.4
million (EUR 0.5 million).
Trends in net sales during the period did not meet the company's expectations.
Sales growth has however been brisk in Russia. Net sales in the liquid handling
segment in Asia have also developed favourably, even though the establishment of
a distribution network in China and Japan is still partly ongoing. Sales in the
diagnostics segment did not develop in the hoped-for manner. The exceptionally
strong euro also had an adverse impact on Biohit's net sales.
RESULT
The operating loss was EUR 0.1 million (operating profit EUR 0.2 million). The
loss for the reporting period totalled EUR 0.4 million (profit EUR 0.0 million).
The operating profit of the liquid handling business amounted to EUR 0.5 million
(operating profit EUR 0.8 million), while the operating loss of the diagnostics
business totalled EUR 0.6 million (operating loss EUR 0.6 million).
Earnings trends have been adversely affected by weaker than expected sales
growth.
The result was further impacted by increased personnel expenses and financing
costs. The company's result for the reporting period also contains EUR 0.1
million (EUR 0.0 million) in currency exchange losses.
BALANCE SHEET
On 31 March 2008, the balance sheet total was EUR 26.8 million (EUR 29.0
million) and the equity ratio was 42.5% (46.3%).
FINANCING
Cash flow from operating activities during the reporting period was EUR 0.1
million (EUR 0.8 million). At the end of the period, the Group's liquid assets
totalled EUR 1.0 million (EUR 1.4 million). Current ratio was 2.2 (2.0).
RESEARCH AND DEVELOPMENT
Research and development expenditures during the reporting period amounted to
EUR 0.5 million (EUR 0.5 million), representing 7 per cent (5 per cent) of net
sales. 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 0.3 million (EUR 0.9
million). Investments were primarily made in liquid handling production in
Helsinki and Kajaani.
PERSONNEL
The average number of personnel during the reporting period was 365 (338 in the
corresponding period in 2007 and 290 in 2006). Of these, 171 (171 in 2007, 157
in 2006) were employed by the parent company and 194 (167 in 2007, 133 in 2006)
by subsidiaries.
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, and to complement the diagnostic test and analysis systems of many
global companies. The product range includes mechanical and electronic pipettes
as well as disposable tips (www.biohit.com/liquidhandling). In addition, the
company offers maintenance, calibration and training services related to these
products through its distributor network (www.biohit.com/liquidhandling,
www.pipettedoctor.com).
During the reporting period, sales trends in the liquid handling business were
slower than expected. However, sales growth has been brisk in Russia and net
sales have also developed favourably in Asia. In other key market areas, the
strong euro has had an adverse impact on the sales of the liquid handling
business.
In line with its strategy, the company continued to focus on product
development, OEM co-operation, expansion of its maintenance business, and
developing cost-effective production processes and logistics.
Diagnostics
Biohit's diagnostics business develops, manufactures and markets products and
analysis systems primarily for the diagnosis, screening and prevention of
diseases of the gastrointestinal tract. The product range includes the
GastroPanel and GastroView examinations (www.gastropanel.net,
www.gastroview.com) for primary healthcare; lactose intolerance and Helicobacter
pylori quick tests for specialised healthcare; and instruments and analysis
systems for laboratories (www.biohit.com/diagnostics). Additionally, the company
runs a service laboratory in Finland and in the UK
(www.biohit.com/palvelulaboratorio).
Sales trends in the diagnostics business did not reach a satisfactory level.
Slow progress in obtaining approvals from the relevant authorities has posed a
major challenge. At the beginning of May, the US Food and Drug Administration
(FDA) requested further clarification regarding Biohit's approval application
for the GastroPanel Pepsinogen I and II tests. The timetable for the
authorisation process is therefore now difficult to estimate.
Although the SFDA (China's State Food and Drug Administration) has already
granted market authorisation for the GastroPanel tests in China, local
authorities in each province must also grant separate price approvals. This
process has progressed more slowly than expected. During the reporting period,
the first price approvals were received in Shanghai, Jiangtsu and Liaoning,
meaning that GastroPanel can now be launched in these provinces.
In order to meet sales targets in the diagnostics business, Biohit has also been
focusing on cooperation with local distribution experts. During the reporting
period, Biohit has been systematically establishing a distribution network in
the company's key market areas.
The focal point for research and development during the period has been
improvements to existing products and the commercialisation of new products.
Measures to spin off the diagnostics business continued during the period.
Biohit is currently searching for suitable international partners and no final
decision has yet been made on the potential incorporation.
EQUITY TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's shares are divided into series A and series B shares. There are a
total of 3,875,500 series A shares and 9,062,127 series B shares. Supposing that
the market capitalisation value for series A and B shares is equal, the total
market capitalisation value at the end of the period was EUR 21.9 million.
Biohit Oyj's series B shares are quoted on the Helsinki Stock Exchange's Nordic
List (OMX) in the Small cap/Healthcare group under the code BIOBV.
--------------------------------------------------------------------------------
| BIOBV / OMX Helsinki | 1-3/2008 |
--------------------------------------------------------------------------------
| High, EUR | 1.92 |
--------------------------------------------------------------------------------
| Low, EUR | 1.48 |
--------------------------------------------------------------------------------
| Average, EUR | 1.62 |
--------------------------------------------------------------------------------
| Closing price, EUR | 1.69 |
--------------------------------------------------------------------------------
| Total turnover, EUR | 757,253 |
--------------------------------------------------------------------------------
| Total turnover, no. of shares | 467,501 |
--------------------------------------------------------------------------------
Further information about the shares, major shareholders and management's
shareholdings is available at www.biohit.com.
DECISIONS OF THE ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Biohit, held after the reporting period on
21 April 2008, decided that no dividend will be paid for the financial year 2007
and that the loss of EUR 2,038,972.37 is to be transferred to the retained
profit and loss account.
The AGM decided that the number of members of the Board of Directors is six (6).
Furthermore, the AGM elected Tero J. Kauppinen, Kalle Kettunen, Reijo
Luostarinen, Mikko Salaspuro, Osmo Suovaniemi and Mårten Wikström as members of
the Board.
The AGM elected authorised public accountants Ernst & Young Oy as the company's
Auditor.
The AGM also decided that, in order to enhance the liquidity of Biohit's shares,
a conversion clause be added to the Articles of Association, enabling the
conversion of A shares into B shares. Amendments accordant with the new Limited
Liability Companies Act (624/06) - and principally technical in nature - will
also be made to the Articles of Association. These amendments concern the
company's shares, the representation of the company, the appointment of an
auditor and the AGM. Information about these amendments is available in the
stock exchange release containing the resolutions of the AGM (published on 22
April 2008).
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit has made large investments in the Asian market by building up a
distribution network in both China and Japan. Developing the distribution
network with the available resources has, however, proven slower than
anticipated. Therefore, there is a risk that the earnings targets for Biohit's
Asian units will not be met in full, which will also weaken the entire Group's
profitability. The company intends to minimise this risk by, for example,
developing the organisations of these units and bolstering preparations to
operate in these emerging markets.
The market penetration of Biohit's diagnostic products has taken longer than
expected. If sales of diagnostics products do not rise in line with
expectations, this will also weaken the profitability of the Group as a whole.
The failure of the diagnostics business to meet its growth expectations could
also lead to a EUR 2.5 million impairment of goodwill associated with the
GastroPanel examination. Sales growth in the United States has been hampered by
the fact that the Pepsinogen I and II tests of GastroPanel (Gastrin-17,
Helicobacter pylori antibodies, Pepsinogen I and II) have yet to obtain the
requisite FDA clearance. At the beginning of May, the FDA requested further
clarification on the above tests. It is now difficult to estimate the length of
the approval process. Any delay in handling the application may impact on the
product's sales potential and also be unfavourably reflected in the net sales
trends of the diagnostics business. The company intends to minimise this risk by
working in close co-operation with, for example, its US and Finnish scientific
advisors and by maintaining proactive contact with the FDA. Other measures to
minimise this risk include outlays to promote sales in markets outside the
United States - China, Russia, Italy and the UK in particular.
Currency exchange rate trends have also impacted on the company's profitability.
The strengthening euro has weakened the company's earnings during the reporting
period and this trend is forecast to continue in 2008. The company intends to
protect itself from this exchange rate risk with procurements in currencies
other than the euro. After the close of the reporting period, the company
entered into a derivative contract to hedge its USD receivables.
The continued negative earnings trend has weakened the company's liquidity. If
the Group's profitability underperforms, its liquidity will be compromised.
During the 2007 financial year, the company aimed to ensure sufficient financing
by launching an investigation into the feasibility of a sale and lease back
system at its Kajaani factory property. This analysis is still ongoing and the
results should be available during the third quarter of 2008, when any potential
transaction would also be made.
Biohit is continuing its investigation into the possibility of hiving off the
diagnostics business. During 2007, the analysis focused primarily on Finnish
prospects. The spotlight has now shifted to international partners. Spinning off
the diagnostics business into a separate company and bolstering its growth
potential with the aid of partners will significantly reduce the financing risks
associated with the company's business.
EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD
In order to hedge its USD receivables, the company took out an average value
forward contract in April 2008. The contract will fix the company's EUR/USD
exchange rate at 1.59 for a period of six months from April 2008.
Series B share market making agreement ends
On 6 May 2008, Biohit Oyj gave notice on its market making agreement with Remium
AB. The agreement will end on 6 June 2008. Market making began on 1 June 2007.
Prolongation of the FDA approval procedure for Biohit's GastroPanel tests
At the beginning of May, the US Food and Drug Administration (FDA) requested
further clarification regarding Biohit's approval application for the
GastroPanel Pepsinogen I and II tests. Due to the new request the authorisation
process will be prolonged and the timetable is now difficult to estimate. (See
Biohit's stock exchange release published on 7 May 2008)
OUTLOOK FOR 2008
The company's outlook for 2008 primarily corresponds to the estimates presented
in the financial statement bulletin of 15 February 2008. In spite of weaker than
anticipated sales trends during the first quarter, net sales of liquid handling
products are still expected to increase during 2008. Net sales growth in
traditional liquid handling products in Europe will, however, be more moderate
than in other market areas. Good sales growth is expected in North America,
Russia and emerging markets, Asia in particular.
In 2008, net sales of diagnostics products are expected to increase in the
Chinese, Russian and European markets in particular. The launch of Biohit's
diagnostics products in North America during the current period now appears
unlikely due to a delay in the FDA's approval procedure.
The company's outlays on liquid handling products in the Asian market coupled
with its investments in boosting the sales growth of diagnostics products will
continue to burden the company's earnings in 2008. The operating result will be
dependent on the success of these strategic choices and the measures used to
implement them.
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | Change | Change | 1-12 |
| | 2008 | 2007 | MEUR | % | 2008 |
| | MEUR | MEUR | | | MEUR |
--------------------------------------------------------------------------------
| Net sales | 8.1 | 8.1 | -0.1 | -1 | 32.8 |
--------------------------------------------------------------------------------
| Other operating income | 0.0 | 0.0 | 0.0 | 118 | 0.1 |
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| Change in inventories of | 0.2 | 0.5 | -0.3 | -59 | 0.3 |
| finished goods and work in | | | | | |
| progress | | | | | |
--------------------------------------------------------------------------------
| Materials and services | -1.7 | -2.0 | -0.2 | -12 | -7.0 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -3.7 | -3.5 | 0.2 | 6 | -14.1 |
--------------------------------------------------------------------------------
| Depreciation | -0.5 | -0.4 | 0.0 | 4 | -1.8 |
--------------------------------------------------------------------------------
| Other operating expenses | -2.6 | -2.6 | 0.0 | 0 | -10.6 |
--------------------------------------------------------------------------------
| Operating result | -0.1 | 0.2 | -0.3 | -169 | -0.5 |
--------------------------------------------------------------------------------
| Financial income | 0.0 | 0.0 | 0.0 | -64 | 0.1 |
--------------------------------------------------------------------------------
| Financial expenses | -0.2 | -0.2 | 0.1 | 50 | -0.7 |
--------------------------------------------------------------------------------
| Result before taxes | -0.4 | 0.0 | -0.4 | -811 | -1.1 |
--------------------------------------------------------------------------------
| Income taxes | -0.1 | 0.0 | 0.1 | 375 | -0.4 |
--------------------------------------------------------------------------------
| Result for the period | -0.4 | 0.0 | -0.5 | -1,460 | -1.5 |
--------------------------------------------------------------------------------
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| 1-3 | 1-3 | 1-12 | |
--------------------------------------------------------------------------------
| 2008 | 2007 | 2007 |
|
--------------------------------------------------------------------------------
| MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| Earnings per share calculated | |
| from earnings attributable to | |
| equity holders of the parent | |
| company | |
--------------------------------------------------------------------------------
| Earnings per share, | -0.03 | 0.00 | -0.12 | |
| undiluted*, EUR | | | | |
--------------------------------------------------------------------------------
| *) The convertible bond is not dilutive in respect of earnings per share in |
| the financial years 2008 and 2007. |
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CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| | 31.3.08 | 31.3.07 | 31.12.07 |
--------------------------------------------------------------------------------
| | MEUR | % | MEUR | % | MEUR | % |
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 2.6 | 10 | 2.6 | 9 | 2.6 | 10 |
--------------------------------------------------------------------------------
| Intangible assets | 1.5 | 6 | 1.6 | 5 | 1.5 | 5 |
--------------------------------------------------------------------------------
| Tangible assets | 7.0 | 26 | 7.3 | 25 | 7.2 | 26 |
--------------------------------------------------------------------------------
| Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Deferred tax assets | 1.9 | 7 | 2.2 | 7 | 2.0 | 7 |
--------------------------------------------------------------------------------
| Total non-current | 13.1 | 49 | 13.6 | 47 | 13.3 | 49 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 5.7 | 21 | 6.2 | 21 | 5.6 | 21 |
--------------------------------------------------------------------------------
| Trade and other | 6.5 | 24 | 7.1 | 24 | 6.4 | 23 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| Financial assets | 0.5 | 2 | 0.7 | 2 | 0.9 | 3 |
| recognised at fair | | | | | | |
| value through profit or | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 1.0 | 4 | 1.4 | 5 | 1.1 | 4 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Total current assets | 13.7 | 51 | 15.4 | 53 | 14.0 | 51 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 26.8 | 100 | 29.0 | 100 | 27.3 | 100 |
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| | | | | | | |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Equity attributable to | | | | | | |
| the equity holders of | | | | | | |
| the parent company | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 2.2 | 8 | 2.2 | 8 | 2.2 | 8 |
--------------------------------------------------------------------------------
| Share premium fund | 0.2 | 1 | 0.2 | 1 | 0.2 | 1 |
--------------------------------------------------------------------------------
| Fund for investments of | 12.2 | 46 | 12.2 | 42 | 12.2 | 45 |
| non-restricted equity | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | -3.3 | -12 | -1.2 | -4 | -2.8 | -10 |
--------------------------------------------------------------------------------
| Total equity | 11.3 | 42 | 13.4 | 46 | 11.8 | 43 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Pension obligations | 0.1 | 0 | 0.0 | 0 | 0.1 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 8.0 | 30 | 6.6 | 23 | 8.3 | 30 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 0.9 | 4 | 1.1 | 4 | 0.9 | 3 |
--------------------------------------------------------------------------------
| Total non-current | 9.1 | 34 | 7.8 | 27 | 9.3 | 34 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Trade payables | 2.0 | 7 | 3.0 | 10 | 1.4 | 5 |
--------------------------------------------------------------------------------
| Provisions | 0.0 | 0 | 0.1 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 0.8 | 3 | 1.7 | 6 | 0.9 | 3 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 3.5 | 13 | 3.1 | 11 | 3.9 | 14 |
--------------------------------------------------------------------------------
| Total current | 6.3 | 24 | 7.8 | 27 | 6.2 | 23 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Total liabilities | 15.4 | 58 | 15.6 | 54 | 15.5 | 57 |
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| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 26.8 | 100 | 29.0 | 100 | 27.3 | 100 |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Result before taxes | -0.4 | 0.1 | -1.1 |
--------------------------------------------------------------------------------
| Adjustments | 0.7 | 0.6 | 2.4 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CHANGE IN WORKING CAPITAL | 0.0 | 0.2 | 0.6 |
--------------------------------------------------------------------------------
| Interest and other financial | -0.1 | 0.0 | -0.5 |
| items paid | | | |
--------------------------------------------------------------------------------
| Interest received | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Income taxes paid | -0.1 | 0.0 | -0.4 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 0.1 | 0.8 | 1.0 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Investments in tangible and | -0.3 | -0.5 | -2.1 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Investments and capital gains | 0.4 | 0.1 | -0.1 |
| from investments in funds and | | | |
| deposits, net | | | |
--------------------------------------------------------------------------------
| Net cash flow from investments | 0.1 | -0.4 | -2.1 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 0.0 | 0.5 | 2.5 |
--------------------------------------------------------------------------------
| Repayment of loans | -0.3 | -0.3 | -1.1 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -0.3 | 0.2 | 1.4 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) in | -0.1 | 0.6 | 0.3 |
| cash and cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.1 | 0.9 | 0.9 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.0 | 1.4 | 1.1 |
| end of period | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity on 31 March 2008
--------------------------------------------------------------------------------
| MEUR | Share | Share | Trans- | Fund for | Earning | Equity |
| | capita | premiu | lation | investment | s | |
| | l | m | diff. | s of | | |
| | | fund | | non-restri | | |
| | | | | cted | | |
| | | | | equity | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan. | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 |
| 2008 | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -0.1 | | | -0.1 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Result for the | | | | | -0.4 | -0.4 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Equity on 31 | 2.2 | 0.2 | 0.0 | 12.2 | -3.3 | 11.3 |
| March 2008 | | | | | | |
--------------------------------------------------------------------------------
Consolidated statement of changes in equity on 31 March 2007
--------------------------------------------------------------------------------
| MEUR | Share | Share | Trans- | Fund for | Earning | Equity |
| | capita | premiu | lation | investment | s | |
| | l | m | diff. | s | | |
| | | fund | | of | | |
| | | | | non-restri | | |
| | | | | cted | | |
| | | | | equity | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -1.3 | 13.4 |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 0.0 | | | 0.0 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Result for the | | | | | 0.0 | 0.0 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Equity on 31 | 2.2 | 0.2 | 0.1 | 12.2 | -1.3 | 13.4 |
| March 2007 | | | | | | |
--------------------------------------------------------------------------------
NOTES
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IFRS (International
Financial Reporting Standards), using IFRS recognition and measurement
principles, but not in accordance with all of the requirements of the IAS 34
standard.
Biohit Oyj has applied the same accounting principles in preparing this interim
report as for its financial statements of 2007. New financial statement
standards, amendments and interpretations were published and became effective as
of 1 January 2008. They are presented in detail in the financial statements for
2007. Their adoption did not cause any changes in interim reporting accounting
policy that would have required a retroactive change in the comparison
information presented.
All the figures in the interim report have been rounded up or down, due to which
the sums of figures may deviate from the sum total presented.
The figures in this interim report have not been audited.
FIGURES BY BUSINESS SEGMENT
Group net sales by business segment
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| | 1-3 | 1-3 | | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | Change | Change |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR | % |
--------------------------------------------------------------------------------
| Liquid handling | 7.7 | 7.7 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Diagnostics | 0.4 | 0.5 | -0.1 | -21 |
--------------------------------------------------------------------------------
Group operating result by business segment
--------------------------------------------------------------------------------
| | 1-3 | 1-3 | | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | Change | Change |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR | % |
--------------------------------------------------------------------------------
| Liquid handling | 0.5 | 0.8 | -0.3 | -37 |
--------------------------------------------------------------------------------
| Diagnostics | -0.6 | -0.6 | 0.0 | -3 |
--------------------------------------------------------------------------------
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
--------------------------------------------------------------------------------
| Liabilities for which | 31.3.08 | 31.3.2007 | 31.12.2007 |
| mortgages have been lodged | | | |
| as collateral | | | |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| Loans from financial | 3.3 | 2.0 | 3.3 |
| institutions | | | |
--------------------------------------------------------------------------------
| Corporate mortgages | 1.6 | 1.6 | 1.6 |
--------------------------------------------------------------------------------
| Mortgages on real estate | 1.9 | 1.4 | 2.0 |
--------------------------------------------------------------------------------
| Other long-term liabilities | 0.3 | 0.4 | 0.3 |
--------------------------------------------------------------------------------
| Mortgages on real estate | 0.8 | 0.8 | 0.8 |
--------------------------------------------------------------------------------
| Lease agreements | 4.8 | 5.9 | 6.1 |
--------------------------------------------------------------------------------
| Corporate mortgages | 0.2 | 0.2 | 0.2 |
--------------------------------------------------------------------------------
KEY RATIOS
--------------------------------------------------------------------------------
| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
| Net sales, MEUR | 8.1 | 8.1 | 32.8 |
--------------------------------------------------------------------------------
| Operating profit/loss, MEUR | -0.1 | 0.2 | -0.5 |
--------------------------------------------------------------------------------
| Profit/loss before taxes, | -0.4 | 0.0 | -1.1 |
| MEUR | | | |
--------------------------------------------------------------------------------
| Investments in fixed | 0.3 | 0.9 | 2.1 |
| assets, gross MEUR | | | |
--------------------------------------------------------------------------------
| % of net sales | 3.4 | 10.7 | 6.4 |
--------------------------------------------------------------------------------
| R&D expenditure, MEUR | 0.5 | 0.5 | 2.0 |
--------------------------------------------------------------------------------
| % of net sales | 6.7 | 5.6 | 6.1 |
--------------------------------------------------------------------------------
| Personnel, average | 365 | 338 | 352 |
--------------------------------------------------------------------------------
| Equity ratio, % | 42.5 | 46.3 | 43.6 |
--------------------------------------------------------------------------------
| Earnings per share, EUR | -0.03 | 0.00 | -0.12 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 0.88 | 1.04 | 0.92 |
--------------------------------------------------------------------------------
| Average number of shares | 12,937,627 | 12,937,627 | 12,937,627 |
| for the period | | | |
--------------------------------------------------------------------------------
| Number of shares at the end | 12,937,627 | 12,937,627 | 12,937,627 |
| of period | | | |
--------------------------------------------------------------------------------
Helsinki on 9 May 2008
Board of Directors of Biohit Oyj
Further information:
Osmo Suovaniemi, M.D., Ph.D., Professor
President & CEO
Tel: +358-9-773 861
GSM: +358-40-745 5605
Email: osmo.suovaniemi@biohit.com
Distribution:
Helsinki Exchanges
Central storage facility (www.oam.fi)
Press
www.biohit.com
About Biohit Oyj
Biohit Oyj develops, manufactures and markets liquid handling products and
diagnostic test systems for use in research, health care and industrial
laboratories.
Liquid handling products include electronic and mechanical pipettes and
dispensers, and disposable tips, as well as pipette maintenance and calibration
services. Diagnostics business comprises products and analysis systems for
diagnosing, screening and prevention of gastrointestinal diseases, e.g. the
blood-sample based GastroPanel and GastroView, for diagnosing diseases of the
stomach and associated risks, as well as biopsy specimen quick tests for the
diagnosis of lactose intolerance and H. pylori infection.
Biohit Oyj is headquartered in Finland. Biohit has subsidiaries in France,
Germany, the UK, Russia, China, Japan and the USA. Additionally, Biohit's
products are sold by approximately 450 distributors in 70 countries. Biohit's
share (BIOBV) is quoted on the Helsinki Exchanges (OMX Helsinki).
Read more at www.biohit.com
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