2009-02-13 08:30:00 CET
2009-02-13 08:30:40 CET
REGULATED INFORMATION
Biohit Oyj - Financial Statement Release
FINANCIAL STATEMENT BULLETIN OF THE BIOHIT GROUP 1 JANUARY - 31 DECEMBER 2008
BIOHIT OYJ STOCK EXCHANGE RELEASE ON 13 FEBRUARY 2009 AT 09:30 AM FINANCIAL STATEMENT RELEASE OF THE BIOHIT GROUP 1 JANUARY - 31 DECEMBER 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-December period of 2008: - Net sales EUR 35.1 million (EUR 33.0 million 1-12/2007) - Operating profit EUR 1.3 million (operating loss EUR 0.2 million) - Profit before taxes EUR 1.0 million (loss EUR 1.1 million) - Earnings per share EUR 0.07 (EUR -0.12) NET SALES AND RESULT October-December The Biohit Group has seen satisfactory trends in net sales during the fourth quarter. Net sales growth was up 1% on the corresponding period of 2007, amounting to EUR 9.4 million (EUR 9.4 million 10-12/2007). In a change to previous reporting practices, changes in currency exchange rates for internal receivables are now presented under financial items. Using the previous reporting method, net sales would have amounted to EUR 9.9 million (EUR 9.1 million in 2007), with growth of 10% in the fourth quarter. Operating profit for the fourth quarter amounted to EUR 0.1 million (EUR 0.5 million) and profit before taxes to EUR 0.5 million (EUR 0.1 million). Earnings per share were EUR 0.06 (EUR -0.03). Using the previous reporting method, operating profit would have amounted to EUR 0.6 million (EUR 0.2 million in 2007). All main market areas have seen a moderate rise in net sales during the fourth quarter. Sales and marketing activities are weighted towards the fourth quarter, which has led to an increase in fixed costs. A slight rise in fixed costs during the fourth quarter had no significant impact on earnings. January-December The Biohit Group's net sales for the financial year totalled EUR 35.1 million (EUR 33.0 million), representing a rise of 6% on 2007. Using the previous reporting method, net sales would have amounted to EUR 35.6 million (EUR 32.8 million), representing growth of 9%. Operating profit amounted to EUR 1.3 million (loss EUR 0.2 million). The profit before taxes for the reporting period was EUR 1.0 million (loss EUR 1.1 million). Earnings per share were EUR 0.07 (EUR -0.12). Trends in the Group's net sales have been good in all its main market areas since the end of the first quarter, and there has been brisk growth in the Asian market in particular. The global economic downturn did not have a substantial impact on net sales trends during the 2008 financial year. In order to improve earnings, the company began a savings and operational efficiency programme in June 2008. Thanks to the increased efficiency and reductions in fixed costs achieved through this programme, the Group's profitability has improved. The euro's weaker trend against other currencies has also increased profitability. Key figures by segment, January-December Sales and maintenance of liquid handling products accounted for 96% of net sales during the reporting period. The net sales of the liquid handling business for the entire reporting period amounted to EUR 33.6 million (EUR 31.4 million) and the net sales of the diagnostics business to EUR 1.5 million (EUR 1.7 million). Sales of test kits accounted for EUR 1.2 million of the net sales of the diagnostics business (EUR 1.1 million). The operating profit of the liquid handling business amounted to EUR 3.7 million (operating profit EUR 2.7 million), while the operating loss of the diagnostics business totalled EUR 2.4 million (operating loss EUR 2.9 million). The impact of currency exchange rates When calculated in local currencies, the Group's net sales growth for the entire reporting period has been better than reported growth. When calculated using comparable exchange rates, net sales growth in the liquid handling business for the entire reporting period was 10%, while the reported figure was 6%. Excluding the impact of instrument sales, growth for the diagnostics business totalled 14% when calculated using comparable currency exchange rates. The reported figure was 8%. BALANCE SHEET On 31 December 2008, the balance sheet total stood at EUR 27.1 million (EUR 27.3 million on 31 December 2007) and the equity ratio was 46.5% (43.6%). FINANCING Cash flow from operating activities during the reporting period was EUR 1.2 million (EUR 1.1 million). At the end of the period, the Group's liquid assets totalled EUR 1.3 million (EUR 1.1 million). Current ratio was 2.5 (2.3). RESEARCH AND DEVELOPMENT Research and development expenditure during the reporting period amounted to EUR 2.0 million (EUR 2.0 million). EUR 0.4 million (EUR 0.4 million) in development expenditure was capitalised during the period. INVESTMENTS Gross investments during the reporting period totalled EUR 1.2 million (EUR 2.1 million). Investments were primarily made in liquid handling production in Helsinki and Kajaani. PERSONNEL The average number of Group personnel during the reporting period was 369 (352 in the corresponding period of 2007 and 310 in 2006). Of these, 171 (178 in 2007, 162 in 2006) were employed by the parent company and 198 (174 in 2007, 148 in 2006) by subsidiaries. In June 2008, Biohit launched codetermination negotiations as part of the company's savings and operational efficiency programme. The codetermination negotiations ended on 29 August 2008, and the company decided to implement its planned personnel cost savings with lay-offs starting in September. The measures affected both the company's own personnel and leased employees working for the parent company in the diagnostics business or in production and logistics in the liquid handling business. However, improvements in the company's financial position have already led to the cancellation of lay-offs affecting Biohit's own personnel. Reductions in leased personnel have been implemented as planned. KEY FIGURES -------------------------------------------------------------------------------- | | 10-12/2008 | 10-12/2007 | 1-12/2008 | 1-12/2007 | -------------------------------------------------------------------------------- | Net sales, MEUR | 9.4 | 9.4 | 35.1 | 33.0 | -------------------------------------------------------------------------------- | Operating | 0.1 | 0.5 | 1.3 | -0.2 | | profit/loss, | | | | | | MEUR | | | | | -------------------------------------------------------------------------------- | Profit / loss before | 0.5 | 0.1 | 1.0 | -1.1 | | taxes, MEUR | | | | | -------------------------------------------------------------------------------- | Investments, gross, | 0.4 | 0.3 | 1.2 | 2.1 | | MEUR | | | | | -------------------------------------------------------------------------------- | As a percentage of | 3.7 | 3.5 | 3.5 | 6.3 | | net sales | | | | | -------------------------------------------------------------------------------- | R&D expenditure, MEUR | 0.6 | 0.5 | 2.0 | 2.0 | -------------------------------------------------------------------------------- | As a percentage of | 6.2 | 5.8 | 5.8 | 6.1 | | net sales | | | | | -------------------------------------------------------------------------------- | Average number of | 362 | 351 | 369 | 352 | | personnel | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 46.5 | 43.6 | 46.5 | 43.6 | -------------------------------------------------------------------------------- | Earnings per share, | 0.06 | -0.03 | 0.07 | -0.12 | | EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.97 | 0.92 | 0.97 | 0.92 | -------------------------------------------------------------------------------- | Average number of | 12,937,627 | 12,937,627 | 12,937,627 | 12,937,627 | | shares during the | | | | | | period | | | | | -------------------------------------------------------------------------------- | Number of shares at | 12,937,627 | 12,937,627 | 12,937,627 | 12,937,627 | | end of period | | | | | -------------------------------------------------------------------------------- MAIN EVENTS OF THE REPORTING PERIOD Liquid handling business Biohit's liquid handling business develops, manufactures and markets laboratory equipment and accessories for the pharmaceutical, food and other industries. Biohit's products are also used in research institutions, universities and hospitals. The product range includes mechanical and electronic pipettes as well as disposable tips. While the majority of products are marketed under the Biohit brand, the company also sells customised OEM (Original Equipment Manufacture) products that complement the diagnostic test and analysis systems of many global companies. In addition, the company offers maintenance, calibration and training services for liquid handling products through its distributor network (www.biohit.com/liquidhandling and www.pipettedoctor.com). 2008 saw favourable trends in sales of liquid handling products in almost all market areas. Net sales showed a significant improvement after the end of the first quarter and grew by 7% on the previous year. Net sales growth and increased operational efficiency improved segment profitability, with operating profit totalling EUR 3.7 million EUR 2.7 million 1-12/2007). According to the company's own estimates, the total market for pipettes and disposable tips has grown by about 5-10% per annum. Exchange rate fluctuations and the weakened economic climate in the United States have, however, had an unfavourable impact on growth, particularly in the market for electronic pipettes. The global economic downturn has also slowed growth in other markets. Despite this, Biohit has succeeded in growing sales in certain market areas, sometimes even exceeding the total market average. Biohit has continued to invest in R&D and launched new filter tips for pipettes in 2008. The tips are manufactured to high quality and sterility standards at the company's production facility in Kajaani. Biohit has also invested in equipment for manufacturing the new tips. Demand for filter tips has increased as laboratory quality standards have become stricter. Deliveries have already begun and the new tips have been favourably received by customers. The Proline Plus mechanical pipette launched at the end of 2007 has also been well received and sales trends during the reporting period have exceeded expectations. Biohit's after-sales service business has been growing, particularly at the company's own maintenance units. Biohit's calibration laboratory in Germany received accreditation from the German authorities (DKD) in November. Biohit now has accredited laboratories in four countries: Finland, France, Germany and the UK. Accreditation is based on internationally recognised criteria and is a method of assuring laboratory competence and credibility. Biohit's after-sales service business seeks to increase product lifecycle management and customer satisfaction The company also continued to focus on R&D projects, OEM co-operation, strengthening the Biohit brand, and using the Lean system to develop cost-effective production processes and logistics at production facilities in China and Finland. Diagnostics Biohit's diagnostics business develops, manufactures and markets tests 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) and the ColonView quick test 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 (www.biohit.fi-> palvelulaboratorio) and in the UK (www.gastroprofile.com). Sales trends in the diagnostics business did not reach a satisfactory level during 2008 and total net sales fell by 9% on the previous year. The majority of net sales are, however, generated by test kit sales, which have grown by 8%. The impact of instruments on net sales has decreased. Although increased operational efficiency and reductions in costs improved the profitability of the diagnostics business, the segment's operating result was once again in the red with a loss of EUR 2.4 million (loss of 2.9 million 1-12/2007). Biohit's reliable and cost-effective diagnostics products generate cost savings for the healthcare sector, which is under pressure to cut costs due to the global economic downturn. Consumer interest in examinations for abdominal complaints is also increasing all the time. Biohit aims to get its GastroPanel and GastroView examinations introduced into national healthcare systems and local authority reimbursement schemes. Slow progress in obtaining approvals from the relevant authorities has, however, posed a major challenge. The US Food and Drug Administration (FDA) has still not approved Biohit's application concerning the GastroPanel Pepsinogen I and II tests. Although Biohit delivered the requested further clarification during the reporting period, the FDA did not deem it sufficient. Biohit will now have to provide more extensive research material and make a new application to the FDA. The timetable for this process is therefore currently difficult to estimate. The company is, however, continuing to prepare for test kit marketing in the USA by, for example, applying for patents. During the reporting period, the United States Patent and Trademark Office granted a patent for a test panel to diagnose atrophic gastritis (GastroPanel). Biohit is also focusing primarily on those countries in which its test panels have already been granted approval by the relevant authorities. Test kit marketing efforts have also been upped in Finland with satisfactory results. In addition to its individual tests, Biohit also offers GastroPanel Laboratories on a turnkey basis. GastroPanel Laboratories, which are split into small-scale (price EUR 150,000-500,000) and large-scale (price EUR 4.3 million), come with GastroPanel tests, pipettes, instruments, and training and maintenance services. Increased demand for GastroPanel Laboratories would also significantly raise net sales in the diagnostics business. The focal point for research and development during the period has been improvements to existing products and the commercialisation of new products. ColonView - Biohit's new quick test for the early detection of colorectal cancer - was launched during 2008. The ColonView tests offer an easy and cost-effective way of finding patients who have fecal occult blood and therefore a higher than average risk of colorectal cancer or precancerous lesions (adenomas). The test also provides data on other potential diseases of the gastrointestinal tract that are associated with intestinal bleeding. The test has been favourably received and will be used in a Finnish comparison study that is scheduled to begin soon. Participation in studies is part of the process of bringing diagnostics products to market. INCORPORATION OF THE DIAGNOSTICS BUSINESS Measures to spin off the diagnostics business continued during the period. As the current global economic climate has made finding a suitable partner difficult, the diagnostics business has instead been focusing on developing its operations. SHARE AND SHAREHOLDERS Biohit Oyj's 12,937,627 shares are divided into series A and series B shares. There are a total of 2,975,500 series A shares and 9,962,127 series B shares. Series A shares confer 20 votes per share and series B shares 1 vote per share. The dividend paid for series B shares is, however, two (2) per cent of the nominal value higher than that paid for series A shares. Supposing that the market capitalisation value for series A and B shares is equal, the total market capitalisation value at the end of the period was EUR 16.4 million. Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small cap/Healthcare group under the code BIOBV. Equity turnover and price development ------------------------------------------------------------------ | BIOBV / NASDAQ OMX Helsinki | 1-12/2008 | ------------------------------------------------------------------ | High, EUR | 1.92 | ------------------------------------------------------------------ | Low, EUR | 0.91 | ------------------------------------------------------------------ | Average, EUR | 1.41 | ------------------------------------------------------------------ | Closing price, EUR | 1.27 | ------------------------------------------------------------------ | Total turnover, EUR | 2,464,549 | ------------------------------------------------------------------ | Total turnover, no. of shares | 1,742,078 | ------------------------------------------------------------------ Shareholders At the end of the reporting period on 31 December 2008, the company had 3,463 shareholders (3,497 on 31 December 2007). Private households held 79.59% (79.17%), companies 16.71% (16.70%) and public sector organisations 3.03% (3.03%) of share capital. 0.40% (0.64%) of shares were in foreign ownership or registered in a nominee's name. Conversion of series A shares into series B shares, and notification of a change in share ownership in accordance with the Securities Markets Act, Chapter 2, Section 10 On 28 August 2008, at Professor Pentti Sipponen's request and in accordance with the Articles of Association, Biohit Oyj's Board of Directors decided to convert 900,000 Series A shares owned by Sipponen into the equivalent number of Series B shares. The new Series B shares became available for public trading on 5 September 2008. After the share conversion, the number of shares in each class and the votes conferred were as follows: 2,975,500 Series A shares conferring 59,510,000 votes and 9,962,127 Series B shares conferring 9,962,127 votes. As a result of the conversion, the combined share of voting rights conferred by shares owned by Professor Pentti Sipponen and Patolab Oy - a company in his control - fell under one twentieth. The combined share of voting rights conferred by shares owned by Professor Osmo Suovaniemi, Biocosmos Oy and Interlab Oy - two companies in his control - rose to over two thirds as a result of the conversion. Information on the shares and votes held by Pentti Sipponen, Osmo Suovaniemi and the companies under their control was published in a stock exchange release dated 29 August 2008. Series B share market making agreement has ended Biohit Oyj gave notice on its market making agreement with Remium AB during the reporting period. The agreement ended on 6 June 2008 in accordance with the contract. Market making began on 1 June 2007. Further information about the shares, major shareholders and management's shareholdings is available on the company's website at www.biohit.com. ADMINISTRATION The Annual General Meeting held on 21 April 2008 decided that the number of members of the Board of Directors is six. The AGM appointed Tero J. Kauppinen, Kalle Kettunen, Reijo Luostarinen, Mikko Salaspuro, Osmo Suovaniemi, and Mårten Wikström as members of the Board. Reijo Luostarinen has acted as Chairman of the Board. The AGM appointed authorised public accountants Ernst & Young Oy as auditor, with Erkka Talvinko, Authorised Public Accountant, as chief auditor. New members were appointed to the Diagnostics Management Team during the reporting period: Aino Telaranta-Keerie (Research and development), Marjo Nikulin (Production and quality) and Tapani Tiusanen (Instruments and technologies). The Diagnostics Management Team focuses on the diagnostics business and its development, while the Liquid Handling Management Team focuses on the liquid handling business and its development as well as the development and administration of the Group as a whole. The members of both management teams are presented in more detail on the Biohit website. Annual General Meeting 2009 Biohit Oyj's Annual General Meeting will be held at Pörssisali, Helsinki, on Monday 20 April 2009. The Notice of Meeting will be published on the company's Internet site, as a stock exchange bulletin and in nationwide newspapers selected by the Annual General Meeting no later than 17 days before the meeting. SHORT-TERM RISKS AND UNCERTAINTY FACTORS The most significant risks and uncertainty factors inherent in Biohit's business operations concern the diagnostics business, Group liquidity, and trends in currency exchange rates. If the diagnostics business does not meet the substantial growth expectations that have been set, this may also weaken the profitability of the Group as a whole. The long-term failure of the diagnostics business to meet its growth expectations could also lead to a EUR 2.5 million impairment of goodwill. In 2009, Biohit will work to boost sales and marketing by focusing on those market areas in which a breakthrough can be expected first. The company will also alter the cost structure of the diagnostics business to make it flexible enough to adapt to its operating income. The Group's profitability improved on 2007 and this led to a rise in the equity ratio, which was 46.5% at year-end. Although increased profitability has also bolstered the Group's financing position, liquidity remains at only a satisfactory level. The global economic downturn could also impact sales of the Group's products, which would weaken liquidity. 2009 investments will therefore be reasonably moderate and business solutions will seek the most cost-effective alternatives. Weaker trends in the external value of the euro against the US dollar and the Japanese yen have improved the Group's profitability during the reporting period. A strengthening of the euro would likewise have a detrimental impact on profitability. The company seeks to protect itself from exchange rate risks by making procurements in currencies other than the euro. OUTLOOK FOR 2009 The Group experienced favourable trends in net sales during 2008 and these have also continued throughout the first few months of 2009. Trends in the global economy during 2009 may, however, lead to fewer investments in healthcare, research and R&D than in previous years. Cost cutting on research in the healthcare sector, and in particular the pharmaceutical industry, could be unfavourably reflected in net sales of both liquid handling and diagnostics products. However, the company estimates that total net sales will continue to grow in 2009. On the basis of factors such as, among others, currency exchange rate trends in target markets, net sales growth in traditional liquid handling products may not necessarily match that of 2008. Growth in the diagnostics business is, however, expected to be substantially greater than in 2008 due to, for example, new product launches. Growth in the diagnostics business will now be sought solely through test kit sales, as sales of instruments are continuing to fall. Earnings trends in 2009 will be largely dependent on sales of liquid handling products. Continued growth in the diagnostics business will also improve the Group's profitability and enable the investments required to further business development. Biohit estimates that favourable trends in net sales in both of its business segments will lead to a profit in 2009. EVENTS AFTER THE CLOSE OF THE FINANCIAL YEAR Biohit launched new pipette maintenance and calibration software after the close of the reporting period. The module-based Quanta software range is suitable for all laboratories and maintenance companies that carry out pipette maintenance and calibration. Quanta rounds out Biohit's liquid handling range and promotes lifecycle management for products that are already in use. Gastropäivät (the Finnish Gastroenterology Seminar) is being held in Helsinki on 12-13 February 2009. Researchers from the University of Helsinki and the Helsinki University Central Hospital are presenting the results of clinical trials concerning Biohit's BioCyst capsules, which are currently still under development. The trials indicate that the capsules will help reduce the cancer risk posed by acetaldehyde in an anacidic stomach. Atrophic gastritis (damage to gastric mucosa) caused by H. pylori infection or an autoimmune disease may lead to an anacidic stomach, which is the major risk factor for gastric cancer and also increases the risk of esophageal cancer. About 5 per cent of over 50-year-olds in developed countries suffer from an anacidic stomach, and the condition is even more common in Eastern Europe and Asia. There are over 50,000 sufferers in Finland and about 500 million worldwide. Although most people do not suffer any symptoms from an anacidic stomach caused by atrophic gastritis, the condition can be simply and reliably diagnosed with Biohit's blood sample based GastroPanel test, or then by using histological examination of biopsies taken through invasive gastroscopy. The use of PPI medication, which prevents stomach acid secretion, also leads to a low-acid or acid-free stomach in which mouth microbes are able to live and produce acetaldehyde from both alcohol and every ordinary meal. In 2007, 464,000 users of PPI medication were covered by the national health service's drug reimbursement system in Finland (Drug Information, Finnish Medical Journal, issue 4/2009, volume 64, pages 296-299). When taken with meals, Biohit's BioCyst capsules neutralise acetaldehyde in the stomach. Biohit seeks to bring its BioCyst capsules to market both in Finland and abroad during 2009. After the end of financial year, Biohit began cooperation with HUSLAB, a laboratory enterprise owned by the Hospital District of Helsinki and Uusimaa (HUS). GastroPanel and GastroView, which are intended for use as primary examinations in primary and occupational healthcare, have been introduced into the laboratory analysis offered by HUSLAB in Finland under the name 'Mahalaukun biomerkkiainetutkimus' (in Finnish only: www.huslab.fi / Lähete- ja tutkimuspyyntölomakkeet / Lähetteet aakkosjärjestyksessä;,see, 'Mahalaukun biomerkkiainetutkimus'). HUSLAB offers physicians the chance to prescribe a GastroPanel or GastroView examination. This not only cuts healthcare costs but also promotes the early diagnosis of gastric diseases and furthers the prevention of, for example, gastric cancer, peptic ulcer disease, vitamin B12 deficiency, and many other serious diseases. After the end of the financial year, Biohit Oyj's UK subsidiary spun off its diagnostics business as a subsidiary of its own. This company, Biohit Healthcare Ltd, will focus primarily on the UK market. THE BOARD OF DIRECTORS' PROPOSAL FOR THE DISPOSAL OF EARNINGS AND DISTRIBUTION OF OTHER NON-RESTRICTED EQUITY The Board of Directors proposes that no dividend be paid and that the profit for the financial year be transferred to retained earnings. CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | | 1-12 | 1-12 | Change | Change | | | 2008 | 2007 | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales* | 35.1 | 33.0 | 2.1 | 6 | -------------------------------------------------------------------------------- | Other operating income | 0.2 | 0.1 | 0.1 | 87 | -------------------------------------------------------------------------------- | Change in inventories of | -0.3 | 0.3 | 0.5 | 213 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -6.7 | -7.0 | -0.3 | -4 | -------------------------------------------------------------------------------- | Employee benefit expenses | -14.5 | -14.1 | 0.3 | 2 | -------------------------------------------------------------------------------- | Depreciation | -1.8 | -1.8 | 0.0 | 0 | -------------------------------------------------------------------------------- | Other operating expenses | -10.7 | -10.6 | 0.0 | 0 | -------------------------------------------------------------------------------- | Operating profit / -loss | 1.3 | -0.2 | 1.5 | 767 | -------------------------------------------------------------------------------- | Financial income | 0.4 | 0.1 | 0.4 | 590 | -------------------------------------------------------------------------------- | Financial expenses | -0.7 | -1.0 | -0.2 | -24 | -------------------------------------------------------------------------------- | Profit / loss before taxes | 1.0 | -1.1 | 2.1 | 189 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | -0.4 | 0.3 | 74 | -------------------------------------------------------------------------------- | Profit / loss for the period | 0.9 | -1.5 | 2.4 | 160 | -------------------------------------------------------------------------------- *) In a change to previous reporting practices, changes in currency exchange rates for internal receivables are now presented under financial items. Using the previous reporting method, net sales would have amounted to EUR 35.6 million (EUR 32.8 million), representing growth of 9%. -------------------------------------------------------------------------------- | Earnings per share calculated from earnings | 1-12 | 1-12 | | attributable to equity holders of the parent | 2008 | 2007 | | company | | | -------------------------------------------------------------------------------- | Earnings per share, undiluted*, EUR | 0.07 | -0.12 | -------------------------------------------------------------------------------- *) The convertible bond is not dilutive in respect of earnings per share in the financial years 2008 and 2007. -------------------------------------------------------------------------------- | | 10-12 | 10-12 | Change | Change | | | 2008 | 2007 | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales* | 9.4 | 9.4 | 0.1 | 1 | -------------------------------------------------------------------------------- | Other operating income | 0.1 | 0.0 | 0.1 | 138 | -------------------------------------------------------------------------------- | Change in inventories of | -0.4 | -0.2 | 0.1 | 60 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -1.7 | -1.7 | 0.0 | -2 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.9 | -3.8 | 0.1 | 4 | -------------------------------------------------------------------------------- | Depreciation | -0.5 | -0.5 | 0.0 | -3 | -------------------------------------------------------------------------------- | Other operating expenses | -3.0 | -2.8 | 0.2 | 9 | -------------------------------------------------------------------------------- | Operating profit / -loss | 0.1 | 0.5 | -0.4 | -71 | -------------------------------------------------------------------------------- | Financial income | 0.4 | 0.0 | 0.4 | 4 693 | -------------------------------------------------------------------------------- | Financial expenses | 0.0 | -0.5 | -0.4 | -92 | -------------------------------------------------------------------------------- | Profit / loss before taxes | 0.5 | 0.1 | 0.4 | 850 | -------------------------------------------------------------------------------- | Income taxes | 0.3 | -0.5 | 0.8 | 167 | -------------------------------------------------------------------------------- | Profit / loss for the period | 0.8 | -0.4 | 1.2 | 294 | -------------------------------------------------------------------------------- *) In a change to previous reporting practices, changes in currency exchange rates for internal receivables are now presented under financial items. Using the previous reporting method, net sales would have amounted to EUR 9.9 million (EUR 9.1 million in 2007), with growth of 10% in the fourth quarter. CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Goodwill | 2.6 | 10 | 2.6 | 10 | -------------------------------------------------------------------------------- | Intangible assets | 1.6 | 6 | 1.5 | 5 | -------------------------------------------------------------------------------- | Tangible assets | 6.5 | 24 | 7.2 | 26 | -------------------------------------------------------------------------------- | Receivables | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Deferred tax assets | 2.0 | 7 | 2.0 | 7 | -------------------------------------------------------------------------------- | Total non-current assets | 12.7 | 47 | 13.3 | 49 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 5.8 | 21 | 5.6 | 21 | -------------------------------------------------------------------------------- | Trade and other receivables | 6.8 | 25 | 6.4 | 23 | -------------------------------------------------------------------------------- | Financial assets recognised at | 0.5 | 2 | 0.9 | 3 | | fair value through profit or loss | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1.3 | 5 | 1.1 | 4 | -------------------------------------------------------------------------------- | Total current assets | 14.4 | 53 | 14.0 | 51 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 27.1 | 100 | 27.3 | 100 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Equity attributable to the equity | | | | | | holders of the parent company | | | | | -------------------------------------------------------------------------------- | Share capital | 2.2 | 8 | 2.2 | 8 | -------------------------------------------------------------------------------- | Share premium fund | 0.2 | 1 | 0.2 | 1 | -------------------------------------------------------------------------------- | Fund for investments of | 12.2 | 45 | 12.2 | 45 | | non-restricted equity | | | | | -------------------------------------------------------------------------------- | Retained earnings | -1.9 | -7 | -2.8 | -10 | -------------------------------------------------------------------------------- | Total equity | 12.5 | 46 | 11.8 | 43 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.0 | 0 | 0.1 | 0 | -------------------------------------------------------------------------------- | Pension obligations | 0.1 | 0 | 0.1 | 0 | -------------------------------------------------------------------------------- | Total interest-bearing liabilities | 8.0 | 29 | 8.3 | 30 | -------------------------------------------------------------------------------- | Other liabilities | 0.7 | 3 | 0.9 | 3 | -------------------------------------------------------------------------------- | Total non-current liabilities | 8.8 | 32 | 9.3 | 34 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Trade payables | 1.3 | 5 | 1.4 | 5 | -------------------------------------------------------------------------------- | Provisions | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Total interest-bearing liabilities | 1.1 | 4 | 0.9 | 3 | -------------------------------------------------------------------------------- | Other liabilities | 3.4 | 13 | 3.9 | 14 | -------------------------------------------------------------------------------- | Total current liabilities | 5.8 | 21 | 6.2 | 23 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 14.6 | 54 | 15.5 | 57 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 27.1 | 100 | 27.3 | 100 | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 1-12/2008 | 1-12/2007 | -------------------------------------------------------------------------------- | | MEUR | MEUR | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | | | -------------------------------------------------------------------------------- | Profit / loss before taxes | 1.0 | -1.1 | -------------------------------------------------------------------------------- | Adjustments | 2.1 | 2.4 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CHANGE IN WORKING CAPITAL | -0.8 | 0.6 | -------------------------------------------------------------------------------- | Interest and other financial items paid | -1.0 | -0.5 | -------------------------------------------------------------------------------- | Interest received | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Income taxes paid | -0.2 | -0.4 | -------------------------------------------------------------------------------- | Net cash flow from operating activities | 1.2 | 1.1 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible assets | -1.2 | -2.1 | -------------------------------------------------------------------------------- | Investments and capital gains from | 0.5 | -0.1 | | investments in funds and deposits, net | | | -------------------------------------------------------------------------------- | Net cash flow from investments | -0.8 | -2.2 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Proceeds from loans | 0.6 | 2.5 | -------------------------------------------------------------------------------- | Repayment of loans | -0.9 | -1.1 | -------------------------------------------------------------------------------- | Net cash flow from financing activities | -0.3 | 1.4 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in cash and cash | 0.2 | 0.3 | | equivalents | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning of | 1.1 | 0.9 | | period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of period | 1.3 | 1.1 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity on 31 December 2008 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for | Earnings| Equity | | |capital |premium | lation |investments | | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 | | 2008 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.2 | | | -0.2 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / loss | | | | | 0.9 | 0.9 | | for the period | | | | | | | -------------------------------------------------------------------------------- | Equity on 31 Dec | 2.2 | 0.2 | -0.2 | 12.2 | -1.9 | 12.5 | | 2008 | | | | | | | -------------------------------------------------------------------------------- Consolidated statement of changes in equity on 31 December 2007 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for | Earnings| Equity | | |capital |premium | lation |investments | | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -1.3 | 13.4 | | 2007 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.1 | | | -0.1 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / loss | | | | | -1.5 | -1.5 | | for the period | | | | | | | -------------------------------------------------------------------------------- | Equity on 31 Dec | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 | | 2007 | | | | | | | -------------------------------------------------------------------------------- NOTES ACCOUNTING PRINCIPLES This financial statement bulletin has been prepared in accordance with the requirements of the IAS 34 standard. Biohit Oyj has applied the same accounting principles in preparing this financial statement bulletin 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 the accounting policy that would have required a retroactive change in the comparison information presented. All the figures in the financial statement bulletin have been rounded up or down, due to which the sums of figures may deviate from the sum total presented. The figures in this financial statement bulletin have not been audited. FIGURES BY BUSINESS SEGMENT Group net sales by business segment -------------------------------------------------------------------------------- | |10-12 | 10-12 | Change | Change| 1-12 | 1-12 | Change | Change | | | 2008 | 2007 | | | 2008 | 2007 | | | | | MEUR | MEUR | MEUR | % | MEUR | MEUR | MEUR | % | -------------------------------------------------------------------------------- | Liquid | 9.0 | 8.9 | 0.2 | 2 | 33.6 | 31.4 | 2.2 | 7 | | handling | | | | | | | | | ------------------------------------------------------------------------------- | Diagnosti | 0.4 | 0.5 | -0.1 | -21 | 1.5 | 1.7 | -0.2 | -9 | | cs | | | | | | | | | ------------------------------------------------------------------------------- Group operating profit / loss by business segment -------------------------------------------------------------------------------- | |10-12 | 10-12 |Change |Change | 1-12 | 1-12 | Change | Change | | | 2008 | 2007 | | | 2008 | 2007 | | | | | MEUR | MEUR | MEUR | % | MEUR | MEUR | MEUR | % | -------------------------------------------------------------------------------- | Liquid | 0.9 | 1.3 | -0.4 | -33 | 3.7 | 2.7 | 0.9 | 34 | | handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnosti | -0.7 | -0.8 | 0.1 | 9 | -2.4 | -2.9 | 0.6 | 20 | | cs | | | | | | | | | -------------------------------------------------------------------------------- COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS -------------------------------------------------------------------------------- | | 31.12.2008 | 31.12.2007 | | | MEUR | MEUR | -------------------------------------------------------------------------------- | Liabilities for which mortgages have been | | | | lodged as collateral | | | -------------------------------------------------------------------------------- | Loans from financial institutions | 3.5 | 3.3 | -------------------------------------------------------------------------------- | Corporate mortgages | 2.3 | 1.6 | -------------------------------------------------------------------------------- | Mortgages on real estate | 1.9 | 2.0 | -------------------------------------------------------------------------------- | Other long-term liabilities | 0.2 | 0.3 | -------------------------------------------------------------------------------- | Mortgages on real estate | 0.8 | 0.8 | -------------------------------------------------------------------------------- | Lease agreements | 4.0 | 4.5 | -------------------------------------------------------------------------------- | Corporate mortgages | 0.2 | 0.2 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS There have been no noticeable changes in related party transactions in 2008. NEXT FINANCIAL REPORT Biohit's interim report of the first quarter of 2009 will be published on Friday 8 May 2009 at 9:30 am. Helsinki on 13 February 2009 Board of Directors of Biohit Oyj Further information: Osmo Suovaniemi, M.D., Ph.D., Professor President & CEO Tel: +358-9-773 861 GSM: +358-40-745 5605 Email: osmo.suovaniemi@biohit.com Distribution: NASDAQ OMX Helsinki Oy Central storage facility (www.oam.fi) Press www.biohit.com About Biohit Oyj 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 quick tests for the diagnosis of lactose intolerance, H. pylori infection and fecal occult blood. 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 B-series share (BIOBV) is quoted on NASDAQ OMX Helsinki. Read more at www.biohit.com
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