2010-02-12 08:31:00 CET
2010-02-12 08:31:03 CET
REGULATED INFORMATION
Biohit Oyj - Financial Statement Release
BIOHIT GROUP'S FINANCIAL STATEMENT RELEASE, 1 JANUARY TO 31 DECEMBER 2009
BIOHIT OYJ FINANCIAL STATEMENT RELEASE ON 12 FEBRUARY 2010 AT 9:30 AM BIOHIT GROUP'S FINANCIAL STATEMENT RELEASE, 1 JANUARY TO 31 DECEMBER 2009 The Group's financial trends in January-December 2009: - Net sales EUR 35.4 million (EUR 35.1 million in 1-12/2008) - Operating profit EUR 1.2 million (operating profit EUR 1.3 million) - Profit before taxes EUR 0.7 million (profit EUR 1.0 million) - Earnings per share EUR 0.03 (EUR 0.07) The global downturn did not have a significant impact on Biohit's sales; the result remained in the black. The Biohit Group's total net sales rose by 1% on the previous year. Consolidated net sales grew particularly during the last quarter, up 6% on the comparison period. Growth was due to increased demand for liquid handling products and diagnostic test kits as well as seasonal variations. Profit before taxes in the last quarter was EUR 0.7 million. NET SALES AND RESULT October-December In the final quarter, the Biohit Group's net sales were up 6% on the corresponding period of 2008, and amounted to EUR 10.2 million (EUR 9.6 million in 10-12/2008). Operating profit for the last quarter amounted to EUR 0.8 million (operating profit EUR 0.3 million) and the profit before taxes to EUR 0.7 million (profit EUR 0.5 million). Earnings per share were EUR 0.05 (EUR 0.06). In the last quarter, net sales grew in all main market areas, as expected. Particularly strong growth was seen in the Asian market. As fixed costs were on a par with the corresponding period of 2008, operating profit was substantially higher than in the comparison quarter. January-December The Group's net sales for the entire reporting period rose by 1% on the corresponding period of last year, totalling EUR 35.4 million (EUR 35.1 million). Operating profit was EUR 1.2 million (operating profit EUR 1.3 million). The profit before taxes for the reporting period was EUR 0.7 million (profit EUR 1.0 million). Earnings per share were EUR 0.03 (EUR 0.07). Diagnostics sales saw the greatest relative growth in the period now ended. Trends in the global economy have also been reflected in Biohit's business and net sales of pipettes underperformed expectations. However, total net sales remained at the previous year's level thanks to favourable trends in the Asian market and the pickup in sales in the last quarter. Due to the growth seen in the fourth quarter, the operating result almost reached the previous year's level. However, the result before taxes fell significantly short of the previous year due to a rise in financial expenses. Although interest expenses were down on the comparison period, total financial expenses during the reporting period were substantially higher than in the comparison period. Financial expenses for 2008 were exceptionally low thanks to exchange rate gains. Key figures by segment, January-December Sales and maintenance services of liquid handling products accounted for 95% of net sales during the reporting period. The net sales of the liquid handling business amounted to EUR 33.6 million (EUR 33.6 million) and the net sales of the diagnostics business to EUR 1.8 million (EUR 1.5 million). Test kit sales accounted for EUR 1.6 million (EUR 1.2 million) of the net sales of the diagnostics business. The operating profit of the liquid handling business amounted to EUR 3.2 million (operating profit EUR 3.7 million), while the operating loss of the diagnostics business totalled EUR 2.0 million (operating loss EUR 2.4 million). The impact of currency exchange rates Currency exchange rates did not have a material impact on the total net sales of the liquid handling business. When calculated using comparable currency exchange rates, the net sales of the liquid handling business grew by 1% during the reporting period. The reported growth in net sales was 0%. Excluding the impact of instrument sales, growth for the diagnostics business totalled 44% when calculated using comparable currency exchange rates. The reported figure for net sales growth excluding instrument sales was 34%. BALANCE SHEET On 31 December 2009, the balance sheet total was EUR 27.4 million (EUR 27.1 million as at 31 December 2008) and the equity ratio was 46.8% (46.5%). FINANCING Net cash flow from operating activities was EUR 2.8 million (EUR 1.2 million) during the reporting period, primarily due to a reduction in working capital, which was freed up for investments. At the end of the financial year, liquid assets totalled EUR 1.6 million (EUR 1.3 million). Current ratio was 1.4 (2.5). The current ratio declined because the EUR 4.1 million convertible bond that was issued in 2005 and which matures in October 2010 was transferred from non-current to current liabilities. RESEARCH AND DEVELOPMENT Research and development expenditure during the reporting period amounted to EUR 2.4 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 2.4 million (EUR 1.2 million). Investments were primarily made in production technology in Helsinki and Kajaani, significantly increasing the production capacity of disposable pipette tips. PERSONNEL The average number of Group personnel during the reporting period was 370 (369 in the corresponding period of 2008 and 352 in 2007). Of these, 174 (171 in 2008, 178 in 2007) were employed by the parent company and 196 (198 in 2008, 174 in 2007) by subsidiaries. KEY FIGURES -------------------------------------------------------------------------------- | | 10-12/2009 | 10-12/2008 | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Net sales, MEUR | 10.2 | 9.6 | 35.4 | 35.1 | -------------------------------------------------------------------------------- | Operating profit/loss, | 0.8 | 0.3 | 1.2 | 1.3 | | MEUR | | | | | -------------------------------------------------------------------------------- | Profit/loss before | 0.7 | 0.5 | 0.7 | 1.0 | | taxes, MEUR | | | | | -------------------------------------------------------------------------------- | Investments, gross, | 0.7 | 0.4 | 2.4 | 1.2 | | MEUR | | | | | -------------------------------------------------------------------------------- | As a percentage of net | 6.9 | 3.7 | 6.9 | 3.5 | | sales | | | | | -------------------------------------------------------------------------------- | R&D expenditure, MEUR | 0.8 | 0.6 | 2.4 | 2.0 | -------------------------------------------------------------------------------- | As a percentage of net | 7.4 | 6.2 | 6.8 | 5.8 | | sales | | | | | -------------------------------------------------------------------------------- | Average number of | 374 | 362 | 370 | 369 | | personnel | | | | | -------------------------------------------------------------------------------- | Number of personnel at | 383 | 360 | 383 | 360 | | the end of period | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 46.8 | 46.5 | 46.8 | 46.5 | -------------------------------------------------------------------------------- | Earnings per share, | 0.05 | 0.06 | 0.03 | 0.07 | | EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.99 | 0.97 | 0.99 | 0.97 | -------------------------------------------------------------------------------- | 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 | | | | | -------------------------------------------------------------------------------- SHORT-TERM RISKS AND UNCERTAINTY FACTORS In 2010, the major risks and uncertainty factors impacting on Biohit's business concern the financing of its business as well as its diagnostics business. Although the global recession has had a negative impact on the trend in the sales of Biohit products, the company's net sales and cash flow from operations have been satisfactory. However, the company's liquidity is weakened by the EUR 4.1 million convertible bond maturing in October 2010. Negotiations on the restructuring of the bond are currently in progress. The financing of the company's investments and particularly its diagnostics business hinges on the continuation of the favourable trend in profitability in 2010 and securing additional funding for operations. The diagnostics business continued to grow in 2009, even though the trend in its sales has not measured up to the company's expectations. However, if the company does not continue its outlays on this business, diagnostics products might not make a breakthrough in the long term. This might result in a EUR 2.5 million impairment of goodwill associated with the diagnostics business. However, the company will seek to bolster the growth potential of the diagnostics business in 2010, such as by strengthening the resources of this business and targeting sales and marketing efforts at key market areas. The company's business operations are sensitive to the trend in the external value of the euro. In 2009, the weakening of the value of the Russian rouble and the British pound against the euro had a particularly unfavourable impact on the development of the company's net sales. That said, the company has sought to hedge itself against the potential negative effects of currency risks on its profitability by making part of its procurements in currencies other than the euro. In addition, Biohit's Group structure - in other words, the location of its subsidiaries in the main market areas - reduces the currency risk as expenses are incurred in currencies other than the euro. OUTLOOK FOR 2010 Considering the state of the global economy, the trend in the Group's net sales was satisfactory in 2009. However, in spite of indications that the main market areas are recovering, it cannot be expected that the company will be entirely unaffected by the downturn in 2010. In addition, customers are seeking even more cost-effective solutions in their R&D, which also puts pressure on Biohit's business operations. At the end of 2009 and the beginning of the present year, the company has made strong outlays on developing its own sales and marketing organisation, such as by establishing a sales subsidiary in India. In 2010, the company expects to see a positive trend in its net sales and slightly greater growth than in the previous year. In the liquid handling business, demand in 2010 is expected to focus particularly on disposable tips and maintenance services. Geographically, it is anticipated that net sales will see growth in Asia and Europe. In the diagnostics business, net sales growth will be driven by rising sales of GastroPanel examinations as well as the Acetium capsule. It is expected that the company's profitability will be slightly better in 2010 than in 2009 and that its result before taxes will be positive. REVIEW BY BUSINESS AREA Liquid handling business Biohit's liquid handling business develops, manufactures and markets laboratory equipment and accessories. The company's mechanical and electronic pipettes and disposable tips are used worldwide in research institutions, universities and hospitals and in the pharmaceutical, food and other industries. The majority of the electronic pipettes used worldwide have been developed by Biohit. For over 20 years, Biohit has focused on innovative and user-friendly products that increase the accuracy and safety of laboratory work. While the majority of the products are marketed under the Biohit brand, the company also manufactures 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). Biohit's maintenance service aims to improve the management of the product lifecycle and thereby increase customer satisfaction. According to the company's own estimate, the total market for pipettes grew by 5% on average during the reporting period. Market growth has focused on electronic pipettes. The market for pipette tips is still seeing annual growth of about 20%. This growth is expected to continue. During the year now ended, the global recession led to cost cutting in R&D, especially in the pharmaceutical industry in developed countries. This has had a negative impact on total market trends and particularly on the demand for pipettes in Europe and the United States. This also cut into the net sales and earnings of Biohit's liquid handling business. In all market areas, demand for Biohit's products has centred on disposable products, such as pipette tips, and on the maintenance of customers' existing pipettes. During the last quarter, Biohit's sales picked up - also in the case of pipettes - and total net sales rose to the previous year's level. Pipette sales have been boosted by public sector investments in particular. In geographical terms, growth has continued especially in Asia. In their efforts to counter a variety of health problems and risks of pandemics, researchers need safer and more reliable equipment such as accurate pipettes and filter tips. In order to respond to this demand, Biohit developed and launched new liquid handling products during the reporting period. The easy-to-use eLINE Lite Dispenser - intended for automatic multiple dispensing - rounds out the company's range of innovative electronic pipettes. The unique SafetySpace filter tips launched in September meet high quality and purity demands. They are designed for use in demanding research, especially in cell culture, molecular biology and microbiology applications, as well as radioactive work. The new tips improve pipetting safety and enable more accurate and reliable results, even when handling demanding liquids. The SafetySpace filter tips have also been well-received outside Europe, the company's largest market area. In addition, the company substantially stepped up its pipette tip production capacity at the Kajaani factory at the end of the financial year. As investments decrease, the need for pipette maintenance services grows. Tighter quality requirements increase interest in accredited calibration services. Accreditation is a procedure based on international criteria for reliably verifying laboratory competence and the credibility of performance tests. Biohit's pipette calibration laboratory in Russia received accreditation from the Russian authorities (Gosstandart) in December, being the first pipette calibration company in Russia to receive such certificate. Biohit now has accredited calibration laboratories in five countries: Finland, France, Germany, Russia and the UK. They enable the company to offer accredited calibration services to its customers. In addition, Biohit launched new pipette maintenance and calibration software (www.quantapro.net) during the reporting period. The net sales of the maintenance business saw steady growth during the reporting period, especially at Biohit's own maintenance units. During the year now ended, Biohit also continued to focus on boosting the efficiency of the Group's internal order-delivery chain in line with the Lean method. The company has sought to improve the inventory turnover rate and thereby decrease the amount of working capital committed to inventories. In 2009, the amount of working capital committed to inventories declined by 13% and this trend is expected to continue in 2010. Shorter delivery times also increase customer satisfaction. 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. Prior to the GastoPanel innovation, the diagnosis of atrophic gastritis (loss of appropriate glands and function of the stomach mucosa) caused by asymptomatic Helicobacter pylori infection or autoimmune disease as well as dyspepsia (occasional or chronic pain or complaints in the upper abdomen) required the histological examination of biopsies taken during gastroscopy. As gastroscopies are only performed on a small share of patients suffering from dyspepsia, H. pylori infection or autoimmune disease, detections of atrophic gastritis by gastroscopy are more or less incidental findings - and as such are often made too late for those suffering from alarming symptoms of gastric cancer and other diseases. The 13C urea breath test, fecal antigen test and antibody tests do not provide a diagnosis of atrophic gastritis (which typically involves minor symptoms or is asymptomatic) or its related risks of gastric and oesophageal cancer and the deficiency of vitamin B12, iron and calcium. Atrophic gastritis of asymptomatic and dyspepsia patients that causes an anacidic stomach is the major known risk factor for stomach cancer and, according to recent research, also poses a risk of oesophageal cancer. In addition to the GastroPanel examinations, the product range includes ColonView quick tests for screening the risk of colorectal cancer in primary and occupational healthcare; lactose intolerance and Helicobacter pylori quick tests to supplement gastroscopy examinations; and instruments and analysis systems for laboratories. The Acetium innovation was developed to reduce carcinogenic acetaldehyde in the gastrointestinal tract. The company also runs service laboratories in Finland and the UK. Additionally, Biohit markets different-sized GastroPanel laboratories to hospitals, general practitioners, and research and service laboratories in numerous countries. In addition to test kits, this package includes liquid handling products, instruments, software as well as installation, training and maintenance services. (www.biohit.com -> Diagnostics) Although the trend in the sales of the diagnostics business was fairly good during the year now ended, it is not yet at a satisfactory level. Growth centred on sales of test kits, which improved by 34% on the previous year. On the heels of the growth in net sales, the operating result of the diagnostics segment also improved compared with the previous year. The ageing of the population continues and thus the company estimates that the cost-efficiency and reliability of Biohit's diagnostics products will increase the potential demand for them in healthcare. Biohit focused on strengthening the diagnostics business and its growth potential during the reporting period. For example, the company has made outlays on commercialising the GastroPanel products and related concepts as well as co-operation with healthcare players, especially in Finland. For example, Yhtyneet Medix Laboratoriot and Terveystalo Group have introduced the examinations into their service range. In addition, several measures have been taken to safeguard growth potential, such as bolstering the sales organisation of the diagnostics business and focusing on the markets in which it is first expected to make a breakthrough. Biohit spun off its UK diagnostics business during the reporting period by establishing a subsidiary, Biohit Healthcare Ltd., that focuses on sales of diagnostics products. In spite of the tough market, the company's sales grew by 50% during the reporting period in local currency terms. The trend in the sales of quick tests has been particularly good. Diagnostic and preventative R&D for the early detection of diseases of the gastrointestinal tract has been part of Biohit's long-term strategy for years. During the year now ended, product development focused on improvements to existing products and the development of new products and concepts. In October 2009, the International Agency for Research on Cancer (IARC), which forms part of the World Health Organisation, classified acetaldehyde generated or ingested along with alcoholic beverages as a Group I carcinogen. The microbes living in the gastrointestinal tract produce acetaldehyde from alcohol and sugar in the mouth and anacidic stomach. In addition, many nutrients and alcoholic beverages in themselves contain levels of carcinogenic acetaldehyde that exceed risk limits. Exposure to acetaldehyde is connected to about 4 million new cases of cancer worldwide every year, or close to 40% of all cancers. In co-operation with researchers at the University of Helsinki and its scientific advisors, Biohit has developed numerous methods for preventing the carcinogenic effects of acetaldehyde in the human gastrointestinal tract (mouth, pharynx, oesophagus and stomach). One of these is the Acetium capsule, which reduces carcinogenic acetaldehyde in an anacidic stomach. The over-the-counter Acetium capsule is intended for people who have an anacidic stomach. The capsule slowly releases cysteine that effectively binds carcinogenic acetaldehyde in the stomach. Globally, the prevalence of Helicobacter pylori infection extends to over 50% of the population and it is estimated that about 500 million people suffer from atrophic gastritis. Atrophic gastritis, which causes an anacidic stomach, can be safely and cost-effectively diagnosed from blood samples using Biohit's patient-friendly GastoPanel examinations. The second target group of Acetium comprises persons who are required to take medications that reduce gastric acid secretion (PPI drugs and H2 blockers). These drugs are used to reduce the acidity of the stomach and the related complications in patients with gastroesophageal reflux disease. In Finland, PPI users alone account for about 460,000 people. In the industrialised countries, the target group is thought to include 5-10 % of the adult population. As acetaldehyde has been classified as a Group I carcinogen for humans, exposure to it should be minimised. For persons with anacidic stomach, the only means to minimise exposure is the Acetium innovation. The ageing of the population worldwide and the release of PPI drugs to be sold as OTC products without prescription will increase the need for Acetium. (For additional information, see: www.biohit.fi/acetium and www.biohit.com/diagnostics.) Instead of spinning off the diagnostics business, the main focus during the reporting period has been on the development of business operations. However, spin-off negotiations continued, even though a suitable partner has not as yet been found. ADMINISTRATION The Annual General Meeting held on 20 April 2009 decided that the number of members of the Board of Directors is six. The AGM appointed Jukka Ant-Wuorinen, Kalle Kettunen, Eero Lehti, Reijo Luostarinen, Mikko Salaspuro and Osmo Suovaniemi as members of the Board. Reijo Luostarinen acts 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. The Management Teams of the parent company were confirmed during the financial year. Petteri Rehu, M.Sc. (Econ.), started out as Financial Director in March, and Sales Director Päivi Lipponen, M.A., was appointed to the Diagnostics Management Team in June. Aino Telaranta-Keerie, PhD, who served as the head of diagnostics product development, resigned when she moved abroad in summer 2009. Peter Tchernych, who started out as the director of Biohit's diagnostics business in June, resigned in August due to personal reasons. There were also changes in the management of the subsidiaries during the report year. Matthias Beuse, PhD (Chem.), was appointed the new Managing Director of Biohit's German subsidiary (Biohit GmbH) in August. He was previously in the employ of Whatman, a GE Healthcare company. In September, Ian Hemmings was appointed as the new Managing Director of the UK subsidiary (Biohit Ltd.). He was previously responsible for the pipette maintenance business in the UK and, during the past year, for the Pipette Doctor concept globally. In addition, Biohit established a subsidiary in India, Biohit Biotech Systems (India) Private Limited, during the reporting period. The subsidiary's operations began on 1 January 2010. The new subsidiary focuses on sales and marketing of Biohit's liquid handling and diagnostics products in the Indian market. Venkat Rao, MBA, who has served in Biohit Oyj's international sales since 2006, has been appointed as its Managing Director. The company's entire management is presented on Biohit's website (www.biohit.com/investors). ANNUAL GENERAL MEETING 2010 Biohit Oyj's Annual General Meeting will be held at Pörssisali, Helsinki, on Friday, 23 April 2010. 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 21 days before the meeting. SHARES AND SHAREHOLDERS Biohit Oyj's 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 to a total of 12,937,627 shares. Series A shares confer 20 votes per share and series B shares 1 vote per share. The dividend paid for series B shares is, however, two (2) per cent of the nominal value higher than that paid for series A shares. Supposing that the market capitalisation value for series A and B shares is equal, the total market capitalisation value at the end of the period was EUR 19.4 million. Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small cap/Healthcare group under the code BIOBV. -------------------------------------------------------------------------------- | BIOBV/NASDAQ OMX Helsinki | 1-12/2009 | -------------------------------------------------------------------------------- | High, EUR | 1.90 | -------------------------------------------------------------------------------- | Low, EUR | 1.27 | -------------------------------------------------------------------------------- | Average, EUR | 1.55 | -------------------------------------------------------------------------------- | Closing price, EUR | 1.50 | -------------------------------------------------------------------------------- | Total turnover, EUR | 2,599,021 | -------------------------------------------------------------------------------- | Total turnover, no. of shares | 1,996,489 | -------------------------------------------------------------------------------- Shareholders At the end of the financial year on 31 December 2009, the company had 3,527 shareholders (3,463 on 31 December 2008). Private households held 72.93% (79.62%), companies 23.6% (16.72%) and public sector organisations 3.03% (3.03%). 0.36% (0.4%) of shares were in foreign ownership or registered in a nominee's name. Further information about the shares, major shareholders and management's shareholdings is available on the company's website at www.biohit.com/investors. Notification of a change in Biohit Oyj share ownership in accordance with the Securities Markets Act, Chapter 2, Section 10 In accordance with the Securities Markets Act, Chapter 2, Section 9, on 24 June 2009, Biohit Oyj received notification that the combined share of the voting rights conferred by the shares owned by Professor Pentti Sipponen and Patolab Oy - a company in his control - has fallen to under one twentieth. In a transaction made on the same day, ownership of a total of 900,000 series B shares held by Pentti Sipponen was transferred to Biocosmos Oy (450,000 shares) and Interlab Oy (450,000 shares) - two companies under the control of Professor Osmo Suovaniemi. More detailed information about the shares and voting rights held by Pentti Sipponen and the companies under his control was published in a stock exchange release dated 24 June 2009. EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD An agreement was made on the manufacture of Acetium capsules after the end of the reporting period. Biohit presented this new product at the Finnish Medical Convention and Exhibition on 11-14 January 2010. The company aims to supply Finnish pharmacies with this over-the-counter product during the first half of the present year. It is intended that international marketing of Acetium will start no later than in 2011. Biohit expects the new product to have a positive effect on the development of its diagnostics unit's net sales and operating profit in 2010. Yrjö E. K. Wichmann, M.Sc. (Soc. Sc.), has been appointed to head up Biohit Oyj's diagnostics business as of 1 February 2010. Wichmann has almost 20 years of experience in finance and investment banking and has held positions as a financial and investment director in the healthcare technology industry. In addition, Biohit opened a sales office in Singapore to support sales in growing Asian markets. 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 result for the financial year be transferred to retained earnings. CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | | 1-12 | 1-12 | Change | Change | | | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales | 35.4 | 35.1 | 0.3 | 1 | -------------------------------------------------------------------------------- | Other operating income | 0.2 | 0.2 | 0.0 | -8 | -------------------------------------------------------------------------------- | Change in inventories of | -0.3 | -0.3 | 0.0 | 4 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -6.5 | -6.7 | -0.2 | -3 | -------------------------------------------------------------------------------- | Employee benefit expenses | -14.9 | -14.5 | 0.4 | 3 | -------------------------------------------------------------------------------- | Depreciation | -1.7 | -1.8 | -0.1 | -6 | -------------------------------------------------------------------------------- | Other operating expenses | -11.0 | -10.7 | 0.3 | 3 | -------------------------------------------------------------------------------- | Operating profit/loss | 1.2 | 1.3 | -0.1 | -9 | -------------------------------------------------------------------------------- | Financial income | 0.4 | 0.4 | -0.1 | -12 | -------------------------------------------------------------------------------- | Financial expenses | -0.9 | -0.7 | 0.2 | 21 | -------------------------------------------------------------------------------- | Profit/loss before taxes | 0.7 | 1.0 | -0.3 | -33 | -------------------------------------------------------------------------------- | Income taxes | -0.3 | -0.1 | 0.2 | 186 | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.4 | 0.9 | -0.5 | -57 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Translation differences | -0.1 | -0.2 | 0.1 | 33 | -------------------------------------------------------------------------------- | Total comprehensive income | 0.3 | 0.7 | -0.4 | -63 | -------------------------------------------------------------------------------- Biohit Oyj's earnings are attributable to the equity holders of the parent company in their entirety, as there are no minority interests. -------------------------------------------------------------------------------- | Earnings per share calculated from earnings | 1-12 | 1-12 | | attributable to equity holders of the parent | 2009 | 2008 | | company | | | -------------------------------------------------------------------------------- | Earnings per share, undiluted*, EUR | 0.03 | 0.07 | -------------------------------------------------------------------------------- *) The convertible bond is not dilutive in respect of earnings per share in the financial years 2009 and 2008. -------------------------------------------------------------------------------- | | 10-12 | 10-12 | Change | Change | | | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales | 10.2 | 9.6 | 0.6 | 6 | -------------------------------------------------------------------------------- | Other operating income | 0.0 | 0.1 | -0.1 | -60 | -------------------------------------------------------------------------------- | Change in inventories of | -0.2 | -0.4 | 0.2 | 51 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -1.9 | -1.7 | 0.3 | 17 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.9 | -3.9 | 0.0 | 1 | -------------------------------------------------------------------------------- | Depreciation | -0.4 | -0.5 | -0.0 | -11 | -------------------------------------------------------------------------------- | Other operating expenses | -3.0 | -3.0 | 0.0 | -2 | -------------------------------------------------------------------------------- | Operating profit/loss | 0.8 | 0.3 | 0.5 | 150 | -------------------------------------------------------------------------------- | Financial income | 0.0 | 0.1 | -0.1 | -76 | -------------------------------------------------------------------------------- | Financial expenses | -0.2 | 0.0 | 0.1 | 248 | -------------------------------------------------------------------------------- | Profit/loss before taxes | 0.7 | 0.5 | 0.2 | 47 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | 0.3 | -0.2 | -65 | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.6 | 0.8 | -0.2 | -24 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Translation differences | 0.0 | -0.1 | 0.1 | 100 | -------------------------------------------------------------------------------- | Total comprehensive income | 0.6 | 0.7 | -0.1 | -14 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Goodwill | 2.6 | 10 | 2.6 | 10 | -------------------------------------------------------------------------------- | Intangible assets | 2.3 | 9 | 1.6 | 6 | -------------------------------------------------------------------------------- | Tangible assets | 6.5 | 24 | 6.5 | 24 | -------------------------------------------------------------------------------- | Receivables | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.9 | 7 | 2.0 | 7 | -------------------------------------------------------------------------------- | Total non-current assets | 13.4 | 49 | 12.7 | 47 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | 5.1 | 19 | 5.8 | 21 | -------------------------------------------------------------------------------- | Trade and other receivables | 6.9 | 25 | 6.8 | 25 | -------------------------------------------------------------------------------- | Financial assets recognised at | 0.4 | 1 | 0.5 | 2 | | fair value through profit or | | | | | | loss | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1.6 | 6 | 1.3 | 5 | -------------------------------------------------------------------------------- | Total current assets | 14.0 | 51 | 14.4 | 53 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 27.4 | 100 | 27.1 | 100 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Equity attributable to the | | | | | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Share capital | 2.2 | 8 | 2.2 | 8 | -------------------------------------------------------------------------------- | Fund for investments of | 12.4 | 45 | 12.4 | 46 | | non-restricted equity | | | | | -------------------------------------------------------------------------------- | Translation differences | -0.3 | -1 | -0.2 | -1 | -------------------------------------------------------------------------------- | Retained earnings | -1.5 | -6 | -1.9 | -7 | -------------------------------------------------------------------------------- | Total equity | 12.7 | 47 | 12.5 | 46 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Pension obligations | 0.1 | 0 | 0.1 | 0 | -------------------------------------------------------------------------------- | Total interest-bearing | 3.9 | 14 | 8.0 | 29 | | liabilities | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0.7 | 2 | 0.7 | 3 | -------------------------------------------------------------------------------- | Total non-current liabilities | 4.6 | 17 | 8.8 | 32 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Trade payables | 1.4 | 5 | 1.3 | 5 | -------------------------------------------------------------------------------- | Total interest-bearing | 5.1 | 19 | 1.1 | 4 | | liabilities | | | | | -------------------------------------------------------------------------------- | Other liabilities | 3.5 | 13 | 3.4 | 13 | -------------------------------------------------------------------------------- | Total current liabilities | 10.0 | 37 | 5.8 | 21 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 14.6 | 53 | 14.6 | 54 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 27.4 | 100 | 27.1 | 100 | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 1-12/2009 | 1-12/2009 | | | MEUR | MEUR | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | | | -------------------------------------------------------------------------------- | Profit/loss before taxes | 0.7 | 1.0 | -------------------------------------------------------------------------------- | Adjustments | 2.2 | 2.1 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CHANGE IN WORKING CAPITAL | 0.6 | -0.8 | -------------------------------------------------------------------------------- | Interest and other financial items | -0.5 | -1.0 | | paid | | | -------------------------------------------------------------------------------- | Interest received | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Realised exchange rate gains and | 0.2 | 0.0 | | losses | | | -------------------------------------------------------------------------------- | Income taxes paid | -0.4 | -0.2 | -------------------------------------------------------------------------------- | Net cash flow from operating | 2.8 | 1.2 | | activities | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | | | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -2.0 | -1.2 | | assets | | | -------------------------------------------------------------------------------- | Investments and capital gains from | 0.1 | 0.5 | | investments in funds and deposits, net | | | -------------------------------------------------------------------------------- | Net cash flow from investments | -1.9 | -0.8 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Proceeds from loans | 0.0 | 0.6 | -------------------------------------------------------------------------------- | Repayment of loans | -0.6 | -0.9 | -------------------------------------------------------------------------------- | Net cash flow from financing | -0.6 | -0.3 | | activities | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in cash | 0.3 | 0.2 | | and cash equivalents | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning | 1.3 | 1.1 | | of period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 1.6 | 1.3 | | period | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity on 31 December 2009 -------------------------------------------------------------------------------- | MEUR | Share | Trans- | Fund for | Retained | Equity | | | capital | lation | investments | earnings | | | | | diff. | of non- | | | | | | | restricted | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on 1 Jan 2009 | 2.2 | -0.2 | 12.4 | -1.9 | 12.5 | -------------------------------------------------------------------------------- | Total comprehensive | | -0.1 | | 0.4 | 0.3 | | income | | | | | | -------------------------------------------------------------------------------- | Equity on 31 Dec | 2.2 | -0.3 | 12.4 | -1.5 | 12.7 | | 2009 | | | | | | -------------------------------------------------------------------------------- Consolidated statement of changes in equity on 31 December 2008 -------------------------------------------------------------------------------- | MEUR | Share | Trans- | Fund for | Retained | Equity | | | capital | lation | investments | earnings | | | | | diff. | of non- | | | | | | | restricted | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on 1 Jan 2008 | 2.2 | 0.1 | 12.4 | -2.8 | 11.8 | -------------------------------------------------------------------------------- | Total comprehensive | | -0.2 | | 0.9 | 0.7 | | income | | | | | | -------------------------------------------------------------------------------- | Equity on 31 Dec | 2.2 | -0.2 | 12.4 | -1.9 | 12.5 | | 2008 | | | | | | -------------------------------------------------------------------------------- NOTES ACCOUNTING PRINCIPLES This financial statement release was prepared in accordance with IAS 34. The Group has adopted the following new or revised standards that came into force on 1 January 2009: IFRS 8 Operating Segments and IAS 1 Presentation of Financial Statements. In other respects, the same accounting principles have been applied as in the financial statements for 2008. The new or revised standards do not have a material impact on the contents of the financial statement release. 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 in this financial statement release 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| | | 2009 | 2008 | | % | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | MEUR | | MEUR | MEUR | | | ------------------------------------------------------------------------------- | Liquid | 9.7 | 9.2 | 0.4 | 5 | 33.6 | 33.6 | 0.0 | 0 | | handling | | | | | | | | | ------------------------------------------------------------------------------- |Diagnostics | 0.5 | 0.4 | 0.2 | 43 | 1.8 | 1.5 | 0.3 | 20 | ------------------------------------------------------------------------------- Group operating profit (+) / loss (-) by business segment ------------------------------------------------------------------------------ | | 10-12 | 10-12 |Change |Change | 1-12 | 1-12 | Change |Change| | | 2009 | 2008 | | % | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | MEUR | | MEUR | MEUR | | | ------------------------------------------------------------------------------- | Liquid | 1.4 | 1.1 | 0.3 | 26 | 3.2 | 3.7 | -0.4 | -12 | | handling | | | | | | | | | ------------------------------------------------------------------------------- |Diagnostics | -0.5 | -0.7 | 0.2 | 30 | -2.0 | -2.4 | 0.3 | 13 | ------------------------------------------------------------------------------- COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS -------------------------------------------------------------------------------- | | 31.12.2009 MEUR | 31.12.2008 MEUR | -------------------------------------------------------------------------------- | Liabilities for which mortgages have | | | | been lodged as collateral | | | -------------------------------------------------------------------------------- | Loans from financial institutions | 3.4 | 3.5 | -------------------------------------------------------------------------------- | For which collateral has | | | | been lodged | | | -------------------------------------------------------------------------------- | - Corporate mortgages | 2.3 | 2.3 | -------------------------------------------------------------------------------- | - Mortgages on real estate | 2.0 | 1.9 | -------------------------------------------------------------------------------- | Other liabilities | 0.1 | 0.2 | -------------------------------------------------------------------------------- | For which collateral has | | | | been lodged | | | -------------------------------------------------------------------------------- | - Mortgages on real estate | 0.8 | 0.8 | -------------------------------------------------------------------------------- | Rental and lease agreements | 5.0 | 4.0 | -------------------------------------------------------------------------------- | For which collateral has | | | | been lodged | | | -------------------------------------------------------------------------------- | - Corporate mortgages | 0.2 | 0.2 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS There have been no noticeable changes in related party transactions in the reporting period. NEXT FINANCIAL REPORT The Group's and parent company's financial statements will be released on 31 March 2010. The first interim report for 2010 will be published on Friday, 7 May 2010, at 9:30 am. Helsinki, 12 February 2010 Biohit Oyj Board of Directors 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 is a Finnish biotechnology company that was established in 1988 and listed on the Helsinki Stock Exchange (NASDAQ OMX Helsinki) since 1999. Biohit has a goal-oriented and long-term innovation and patenting strategy (www.biohit.com/Company/History, www.biohit.com/Diagnostics/Literature and brochures and www.google.com / search “Aggressive innovation and patenting strategy in Finland”). Biohit works with scientific communities to produce new technologies, products and services based on research results and innovations that can be used to develop safe and cost-effective liquid handling solutions for laboratory work as well as diagnostic tests for the early detection and prevention of diseases of the gastrointestinal tract. Biohit has two business segments: liquid handling and diagnostics. Liquid handling products include electronic and mechanical pipettes, disposable tips as well as pipette maintenance and calibration services for research institutions, healthcare and industrial laboratories. The diagnostics business comprises products and analysis systems for the early diagnosis of gastrointestinal diseases, such as the blood-sample based GastroPanel examinations for the diagnosis of stomach illnesses and associated risks, quick tests for the diagnosis of lactose intolerance and H. pylori infection in connection with gastroscopy, and the ColonView examination for the early detection of intestinal bleeding that indicates a risk of colorectal cancer. The Acetium innovation was developed to reduce carcinogenic acetaldehyde in the gastrointestinal tract. The key objective of the diagnostics business is to prevent diseases of the gastrointestinal tract. The Biohit Group employs around 370 people in nine countries. The company is headquartered in Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia, India, China, Japan and the USA. Additionally, Biohit's products are sold by approximately 450 distributors in 70 countries. Biohit's series B share (BIOBV) is quoted on NASDAQ OMX Helsinki, Small cap/Healthcare. Read more at www.biohit.com
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