2012-08-16 08:30:00 CEST
2012-08-16 08:30:08 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
Interim report of the Biohit Group 1 April to 30 June 2012
Biohit Oyj Interim report 16.8.2012 9:30 a.m.
SUMMARY
January-June H1/2012
-- Net sales EUR 0.9 million (EUR 1.0 million)
-- Operating result EUR -2.3 million (EUR -1.8 million)
-- Result before taxes EUR -2.0 million (EUR -0.1 million)
.
International operations accounted for 90 per cent of net sales
-- Earnings per share EUR -0.15 (EUR -0.01)
April-June 2012
-- Net sales EUR 0.4 million (EUR 0.5 million)
-- Operating result EUR -1.2 million (EUR -0.9 million)
-- Result before taxes EUR -1.2 million (EUR -0.1 million)
.
International operations accounted for 88 per cent of net sales
-- Earnings per share EUR -0.09 (EUR -0.01)
SEMI KORPELA, PRESIDENT AND CEO
Change in distribution strategy continues - Turnover of the first six months
decreased by 8.5% from 2011.
The Group's comparable net sales for January-June was EUR 0.9 m, in the
previous year corresponding period was 1.0 m EUR.. The main reason for this was
a change in the distribution channel strategy. Instead of subsidiaries, we are
focusing on direct cooperation with distributors and partners. The reduction in
sales corresponds the diagnostic sales of Biohit subsidiaries, those were sold
to Sartorius.
The increase of sales and marketing resources and investments in the change of
distributor strategy resulted in an increase of fixed costs.
Also this year, the development of operations has been focused on the
acquisition of new customers both in Finland and especially internationally
through partners. We are establishing an international distributor network in
which our primary goal is to create a strong, global network consisting of
motivated professionals.
The claims period of the European patent of Biohit Oyj's Acetium product has
expired and no claims have been made. This means that Acetium has extensive
patent coverage in Europe. This is expected to have a positive influence on
negotiations with potential distributors.
In the second quarter of this year, we made an exclusive distributor agreement
with the international Eurodiagnostica company located in Sweden on cooperation
in sales and marketing in Sweden, Norway and Denmark. The company operates also
in the Netherlands, Germany and Switzerland. Also the Swedish company Wieslab,
which specialises in autoimmune products, added GastroPanel to its product
range in Sweden and in the Netherlands.
The company has also signed additional distributor agreements during the period
under review.
GROUP'S KEY FIGURES
4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/1
EUR EUR 1
--------------------------------------------------------------------------------
Net sales, MEUR 0,4 0,5 -0,1 0,9 1,0 -0,1 2,2
--------------------------------------------------------------------------------
Operating profit/loss, -1,2 -0,9 -0,3 -2,3 -1,8 -0,5 -6,0*
MEUR
--------------------------------------------------------------------------------
Profit/loss before -1,2 -1,0 0 -2,0 -2,5 -0,5 -6,5*
taxes, MEUR
--------------------------------------------------------------------------------
Profit/loss of 0 1,0 -1 0 2,5 -2,5 50,3
discontinued
operations, MEUR
--------------------------------------------------------------------------------
Profit/loss for the -1,2 -0,1 -0,9 -2,0 -0,1 -1,9 -12,6*
period, MEUR
--------------------------------------------------------------------------------
Average number of 36 36 0 36 36 0 36
personnel
--------------------------------------------------------------------------------
Number of personnel at 36 36 0 36 36 0 34
the end of period
--------------------------------------------------------------------------------
Equity ratio, % 88,1% 40,7% 88,1% 40,7% 74,0 %
--------------------------------------------------------------------------------
Earnings per share, EUR -0,09 -0,01 -0,07 -0,15 -0,01 2,86**
--------------------------------------------------------------------------------
Shareholders' equity per 2,73 0,99 1,74 2,73 0,99 1,74 4,0
share, EUR
--------------------------------------------------------------------------------
Average number of shares 13 615 12 937 677 13 615 12 937 677 13 613
during the period 593 627 966 593 627 966 616
--------------------------------------------------------------------------------
Number of shares at the 13 615 12 937 677 13 615 12 937 677 13 613
end of period 593 627 966 593 627 966 616
--------------------------------------------------------------------------------
*) Includes a goodwill write-down of MEUR 2.6
**) Earnings per share for 2011 have been calculated from the result of both
continuing and discontinued operations
REPORTING
Since the beginning of 2012, Biohit Oyj has reported income statement figures
for the current and comparison periods in an operation-specific format.
General administrative expenses for the reporting and comparison periods have
been allocated to continuing and discontinued operations on the basis of the
number of personnel. In the 2012 reporting, general administrative expenses for
the comparison period 2011 will be re-allocated fully to continuing operations.
Administrative costs that were allocated according to personnel figures in 2011
have this year been transferred from the expenses of the liquid handling
business to the expenses of the Healthcare business.
NET SALES AND RESULT
April-June
The net sales of the second quarter decreased by MEUR 0.1 from 2011 and
amounted to MEUR 0.4 (0.5).
The operating loss was MEUR 1.2 (MEUR -0.9). International operations accounted
for 88 per cent (85%) of net sales in April-June. Benefitting from the very
high potential of HealthCare products and services and increasing turnover from
it requires major investments in marketing and the strengthening of the
organisation. Front-loaded costs, coupled with the delay in net sales growth
caused by the company's new focus, have had an unfavourable impact on the
second-quarter result.
Net sales and result of the Group
4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/1
MEUR MEUR 1
--------------------------------------------------------------------------------
Net sales, MEUR 0,4 0,5 0,1 0,9 1,0 -0,1 2,2
--------------------------------------------------------------------------------
Operating -1,2 -0,9 -0,3 -2,3 -1,8 -0,5 -6,0*
profit/loss, MEUR
--------------------------------------------------------------------------------
BALANCE SHEET
On 30 June 2012, the balance sheet total was EUR 42.3 million (EUR 31.7
million) and the equity ratio was 88.1 per cent (40.7%).
CASH AND SHORT TERM INVESTMENTS
The company's cash and short-term investments are a total of EUR 33.0 million.
(EUR 1.6 million).
FINANCING
The company's solvency is good. This is mainly due to the divestment of the
liquid handling business to Sartorius at the end of 2011. Investing the
company's liquid assets is aimed at achieving profit at a very low risk of
capital loss. The investment portfolio consists of deposits, investments in the
financial market and company loans. Sufficient spreading of investments between
different asset classes, financial instruments and counterparties is considered
essential. The company uses at least two partners in its investment operations.
RESEARCH AND DEVELOPMENT
R&D operations have focused on improvements and further developments to
existing innovations and products. The company also employs external experts
and subcontractors in its R&D operations. No development costs were activated
for the HealthCare business.
Gross investments in R&D during the reporting period totalled EUR 0.2 million
(EUR 0.1 million in 1-6/2011).
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.0 million (EUR 3.3
million).
PERSONNEL
During the reporting period, the average number of personnel in the HealthCare
business employed by the Group was 36 (36 in the corresponding period in 2011),
of whom 29 (22) were employed by the parent company and 7 (14) by the
subsidiaries. At the end of the reporting period, the Group had 36 employees,
of whom 29 were employed by the parent company and 7 by its subsidiaries.
During the transitional phase, 5 people worked for the company's former
subsidiaries.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The company's key risks relate to the investments required to grow its
HealthCare business. Risks are involved in the selection and development of
distribution channels, in recruitment and in product margin structures.
Significant short-term risks are associated with the selection of new market
areas, the timing of expansion into the selected markets and product success in
these markets.
Business development and new product launches require additional investments in
sales and marketing as well as R&D.
Customers in the HealthCare business will spread across a large area. As a
result, the company will not have significant dependencies on individual
customers or project deliveries.
Utilising the very high potential of HealthCare products requires major
investments in the sales and marketing of products.
OUTLOOK FOR 2012
The company is strongly focusing on finding foreign partners. This is expected
to result in new distributor agreements during the remainder of the year. The
improvement of net sales in 2012 will depend on how quickly the new distributor
agreements will result in orders.
The claims period of the European patent of Biohit Oyj's Acetium product has
expired and no claims have been made. This means that Acetium has extensive
patent coverage in Europe. This is expected to have a positive influence on
negotiations with potential distributors.
The net sales of the Group do not reach quite the same level as in the previous
year. The company expects to achieve a positive result at the end of 2013 or
the beginning of 2014. (In the interim report published on 26 April 2012, the
outlook was stated as follows: Net sales from continuing operations in 2012 are
expected to improve from 2011. According to the company´s estimate, it will
achieve a positive result during 2013.)
MAIN EVENTS IN THE REPORTING PERIOD
International research groups recommend blood sample biomarker tests for the
diagnosis and screening of gastric diseases
In an article published in a prestigious magazine, the Healthy Stomach
Initiative group's 16 leading gastroenterology experts from twelve different
countries suggest using the GastroPanel biomarkers for diagnosing and screening
for H. Pylori infections or atrophic gastritis caused by an autoimmune disease
in patients suffering from stomach discomfort. The GastroPanel test provides a
lot of information and helps in, for example, screening and referring patients
suffering from abdominal problems and gastric cancer patients with or without
symptoms and other risk patients to gastroscopy and treatment (www.biohit.fi/
”GastroPanel biomarkers”: Rationale in diagnosis and screening of atrophic
gastritis with stomach-specific plasma biomarkers”).
The April 2012 Maastricht IV consensus report of the international Helicobacter
Pylori Study Group recommends blood sample biomarker tests as a reliable method
of acquiring information on diseases of the stomach mucosa and the associated
risk conditions. Researchers recommend biomarker tests for the diagnosis of
Helicobacter pylori infection and especially an anacidic stomach caused by
atrophic gastritis in patients suffering from stomach problems and for the
screening of asymptomatic patients.
The state-of-the-art, highly informative, safe and cost-effective GastroPanel
examination for diagnosing dyspepsia and Helicobacter pylori infection does not
involve any of the serious medical and ethical problems described below:
•The 13C urea breath test (UBT), stool antigen test and antibody tests alone do
not detect atrophic gastritis of the corpus caused by H. pylori infection or
autoimmune disease, or atrophic gastritis of the antrum caused by H. pylori
infection. Atrophic gastritis is nearly always asymptomatic,often permanent,
and carries associated risks, including gastric cancer.
• Atrophic gastritis of the corpus (anacidic stomach) may cause gastric and
oesophageal cancer and malabsorption of vitamin B12, iron, magnesium, calcium
and certain drugs.
• Calcium deficiency causes osteoporosis. Vitamin B12 deficiency can cause
pernicious anaemia, dementia, depression and damage to the peripheral nervous
system as well as high homocysteine content in the body, which in turn is
thought to be an independent risk factor for atherosclerosis, heart attacks and
strokes.
• The absorption of dipyridamole, some iron products and antifungals
(fluconazole, itraconazole), thyroxine and atazanavir is considerably impaired
in an anacidic stomach. The risk of pneumonias and, in senior citizens, even
the risk of fatal intestinal infections (such as giardiasis, malaria,
Clostridium difficile and E. coli EHEC) may increase significantly in an
anacidic stomach.
• Atrophic gastritis in the gastric antrum increases the risk of peptic ulcer
disease and gastric cancer. If both the antrum and corpus mucosa are atrophic,
this condition is the highest risk for gastric cancer known to date. In some
cases, gastric cancer is directly caused by H. pylori and gastritis. Less than
1% of the population has hereditary gastric cancer.
• Furthermore, none of the aforementioned three H. pylori tests provides any
information on excessive gastric acid secretion, which in patients with
gastro-oesophageal reflux disease may cause complications of this disease. Such
complications are often asymptomatic and include ulcerative oesophagitis and
Barrett's oesophagus, which may lead to oesophageal cancer if left untreated.
• In addition, the 13C urea breath test and stool antigen test may give up to
40% false negative results if the patient has atrophic gastritis, MALT lymphoma
or bleeding peptic ulcer disease or if the patient is currently receiving
antibiotics or PPI treatment.
Biohit signed a distribution agreement with the international Euro Diagnostica
The Sweden-based Euro Diagnostica became the sole distributor of Biohit's
biomarker test, GastroPanel, in Sweden, Denmark and Norway. The company also
operates as the distributor of GastroPanel in Germany, the Netherlands and
Switzerland. Also the Swedish company Wieslab, which focuses on autoimmune
products, added GastroPanel to its product range in Sweden and in the
Netherlands.
Clinical trialBioAcetium
Biohit Oyj has begun a clinical study in cooperation with the gastroenterology
clinic of HUS (Hospital District of Helsinki and Uusimaa) and GastroLääkärit.
The trial seeks to determine the capacity of the new BioAcetium property to
eradicate Helicobacter in individuals over 55 years of age who have not been
diagnosed with a prior Helicobacter infection.
The BioAcetium innovation could provide an entirely new possibility for
Helicobacter eradication treatment that is significantly safer and more
cost-effective than the previous treatment models for Helicobacter infection
and has either a non-existent or minimal risk of leading to the development of
antibiotic-resistant strains of the bacteria.
Over half of the world's population continues to suffer from Helicobacter
infection. Those who suffer from a Helicobacter infection have a 10-12% chance
of developing a gastric and duodenal ulcer and a 1-2% risk of developing
gastric cancer over the course of their lives. Gastric cancer is still the
second most common cause of cancer-related death worldwide. According to modern
treatment recommendations, measures should be taken to eliminate the bacteria
in at least all individuals who suffer from gastric ailments. However, the
bacteria's ability to develop antibiotic-resistant strains is a quickly growing
worldwide problem.
Suitable participants for the clinical trial are being sought using the blood
sample-based GastroPanel examination. In addition to providing information
about potential Helicobacter pylori infection, Biohit Oyj's GastroPanel
examination also identifies atrophic gastritis (anacidic or low-acid stomach)
that is caused by Helicobacter pylori infection or an autoimmune disease.
Atrophic gastritis is the most important risk factor for gastric cancer. This
information will be given to everyone who takes a GastroPanel examination.
Those who are suitable for the actual Helicobacter pylori eradication trial
will be sent a separate, more detailed letter outlining the new treatment model
and the associated volunteer clinical trial.
Acetium lozenge and BioFilter
In the beginning of the year, the company started the completion and
preparation of Acetium lozenges and BioFilters for research use.
Our research project starting in autumn 2012 will study whether the Acetium
lozenge tablet binding and neutralising acetaldehyde dissolved into saliva from
cigarette smoke help smokers to give up smoking.
Similarly, it is expected that BioFilter effectively binds acetaldehyde from
cigarette smoke, thereby preventing it from entering the smoker's saliva and
respiratory tract. It is known based on numerous animal tests that the
cancer-causing acetaldehyde also causes strong addiction. Discontinued business
Biohit Oyj sold its liquid handling business to Sartorius Lab Holding GmbH on
14 December 2011.
Administration
Authorisations of the Board of Directors
Based on a resolution of the AGM held on 13 April 2011, the Board of the
company is authorised to decide on the issue of shares and to issue the special
rights referred to in Chapter 10. Section 1 of the Limited Liability Companies
Act so that the maximum number of new Series B shares to be issued pursuant to
the special rights is 2,000,000, which corresponds to approximately 20% of the
company's Series B shares. In August, based on the authorisation, the Board of
Directors decided to arrange a directed share issue to Sartorius Lab Holding
GmbH. The remaining authorisation is for 1.322.034 Series B shares.
According to the resolution, the Board of Directors is entitled to decide on
all terms and conditions regarding the issue of shares and the issue of special
rights. The issue of shares and the issue of special rights entitling to the
receipt of shares can occur in deviation from the subscription right of
shareholders (special issue). Such an authorisation remains valid for three
years from the resolution of the AGM.
Changes to Biohit Oyj's management
Jussi Kolunen (born 1969), M.Sc. (Econ.), has been appointed CFO at Biohit Oyj
as of 28 May 2012. He has previously been responsible for Bridgestone Finland
Oy's financial administration (2005-present), and held the position of Business
Controller at Xerox Oy (2003-2005) and Fujitsu Invia (1999-2003).
Anu Mickels, MBA (b. 1972) has been appointed Biohit Oyj's Sales and Marketing
Director as from 2 May 2012. She takes over from Terhi Lampén. Mickels
previously worked as Marketing Manager for Orion Diagnostiikka Oy from 2008,
and prior to that she held sales and communications management positions in Oy
Dagmar Ab, from 1999 to 2008.
Panu Hendolin, PhD (molecular medicine), born in 1971, was appointed Head of
Research and Development at Biohit Oyj as of 17 April 2012. Hendolin worked at
Biohit as Research Manager and Head of Research and Development from 2007 to
2008. Previously, Hendolin worked as a Postdoctoral Researcher at the A. I.
Virtanen Institute for Molecular Sciences at the University of Eastern Finland,
in several product development and managerial positions at Jurilab Oy Ltd and
for the last three and a half years as the Technical Manager responsible for
product development at Danaher Corporation's Innotrac Diagnostics.
Lea Paloheimo, PhD (clinical biochemistry), born in 1951, was appointed Head of
Development at Biohit Oyj as of 17 April 2012. Paloheimo has worked at Biohit
since 2001. Before her career at Biohit, Paloheimo worked as a Chemist at
Huslab, Sales Manager at Dasico A/S in Denmark, Researcher at Orion Diagnostica
(Orion Corporation) and as a Chemist at the Clinical Chemistry department of
United Laboratories Ltd. She carried out her PhD and postdoctoral research at
the University of Copenhagen.
Biohit's Management Team now includes the following members and functions:
Semi Korpela, CEO
Jussi Kolunen, Finance, HR and Communication
Anu Mickels, Sales and Marketing
Panu Hendolin, Research and Product Development
Tapani Tiusanen, Operations and ICT
Lea Paloheimo, Development and Quality
SHARE TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's shares are divided into series A and series B shares. There are
2,975,500 series A shares and 10,640,093 series B shares, totalling 13,615,593
shares. Series A shares confer 20 votes per share and Series B shares 1 vote
per share. The dividend paid for Series B shares is, however, two (2) per cent
of the nominal value higher than that paid for Series A shares. The total
market capitalisation value (supposing that the market capitalisation value for
series A and B shares is equal) at the end of the period was EUR 28,7 million.
(EUR 31,1 million 30.6.2011).
Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small
cap/Healthcare group under the code BIOBV.
BIOBV/NASDAQ OMX Helsinki 1-6/2012 1-6/2011
-----------------------------------------------
High, EUR 3,97 3,38
Low, EUR 2,08 2,00
Average, EUR 2,90 2,64
Latest, EUR 2,11 2,40
Turnover, EUR 7 006 803 3 495 618
Turnover, Volume 2 199 136 1 322 827
Shareholders
At the end of the reporting period on 30.6.2012 the company had 4,468
shareholders (4,545 omistajaa 30.06.2011). Private households held 70,84 %
(71,92 %), companies 21,61 % (24,46 %) and public sector organisations 2,53 %
(2,65 %) of the shares. Foreign ownership or nominee registrations accounted
for 5,02 % (0,76 %) of shares.
Further information on the shares, major shareholders, and management's
shareholdings is available on the company's website at www.biohit.fi/investors.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
Following the divestment made in 14 December 2011 the diagnostics business is
presented as continuing operations and the liquid handling business as
discontinued operations. Separate segment-based reporting will no longer be
provided. In other respects Biohit Oyj has applied the same accounting
principles in preparing this financial statement bulletin as for its 2010
financial statements. The IFRS standards that came into effect in 2012 did not
affect the accounting principles.
All the figures in the interim report have been rounded up or down. due to
which the sums of figures may deviate from the sum total presented.
The figures in this interim report have not been audited.
CONSOLIDATED INCOME STATEMENT
4-6/12 4-6/11 Change 1-6/12 1-6/11 Change 1-12/1
MEUR MEUR 1
--------------------------------------------------------------------------------
Net Sales 0,4 0,5 -0,1 0,9 1,0 -0,1 2,2
--------------------------------------------------------------------------------
Materials and services -0,2 -0,4 0,2 -0,5 -0,7 0,2 -1,5
--------------------------------------------------------------------------------
Gross Margin 0,2 0,2 0 0,4 0,3 0,1 0,7
--------------------------------------------------------------------------------
Sales and MNarketing -0,4 -0,3 -0,1 -0,9 -0,7 -0,2 -1,3
--------------------------------------------------------------------------------
Administration -0,8 -0,6 -0,2 -1,4 -1,2 -0,2 -2,1
--------------------------------------------------------------------------------
Research and -0,2 -0,1 -0,1 -0,4 -0,3 -0,1 -0,7
development
--------------------------------------------------------------------------------
Good-will depreciation 0 0 0 0 0 0 -2,6
--------------------------------------------------------------------------------
Other operating income 0 0 0 0 0 0 0,0
--------------------------------------------------------------------------------
Operating result -1,2 -0,9 -0,3 -2,3 -1,8 -0,5 -6,0
--------------------------------------------------------------------------------
Financial income 0,1 0 0,1 0,6 0 0,6 0,2
--------------------------------------------------------------------------------
Financial expences 0 -0,1 -0,2 -0,3** -0,6 0,3 -0,7
--------------------------------------------------------------------------------
Profit/loss before -1,2 -1,0 -0,2 -2,0 -2,5 0,5 -6,5
taxes
--------------------------------------------------------------------------------
Income taxes 0 -0,1 0,1 0 -0,1 0,1 -6,1
--------------------------------------------------------------------------------
Profit for the period -1,2 -1,0 -0,2 -2,0 -2,5 0,5 -12,6
--------------------------------------------------------------------------------
Profit for the period, 0 1,0 -1,0 0 2,5 -2,5 50,3*
discontinued
operations
--------------------------------------------------------------------------------
Other comprehensive
income
--------------------------------------------------------------------------------
Translation differences 0 -0,1 -0,1 0 0 0 0,1
--------------------------------------------------------------------------------
Total comprehensive -1,2 -0,1 -1,0 -2,0 -0,1 -1,9 -12,5
income
--------------------------------------------------------------------------------
*) Includes a capital gain of EUR 46.1 million
**)The portion of the repaid convertible bond entered into the fund for the
investment of non restricted equity had a EUR 0.2 million effect on the
financing costs
Earnings per share calculated from earnings attributable to 1-6 1-6 1-12
equity holders of the parent company 2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, diluted, undiluted*, EUR -0,15 -0,01 2,93
--------------------------------------------------------------------------------
*) Convertible bond is not dilutive in respect of earnings per share in the
financial years 2012 and 2011
CONSOLIDATED BALANCE SHEET
30.6.2012 MEUR 30.6.2011 MEUR 31.12.2011 MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 0.0 2.6 0.0
Intangible assets 0.3 3.6 0.3
Property, plant and equipment 0.2 8.0 0.1
Receivables 6,8* 0.0 6,8*
Deferred tax assets 0.0 1.8 0.0
--------------------------------------------------------------------------------
Total non-current assets 7.3 16.1 7.3
CURRENT ASSETS
Inventories 0.3 5.8 0.3
Trade and other receivablees 1.6 8.2 6.0
Financial assets at fair value 31.0 0.0 10.0
through profit and loss
Cash and cash equivalents 2.0 1.6 47.9
Total current assets 34.9 15.6 64.2
--------------------------------------------------------------------------------
TOTAL ASSETS 42.3 31.7 71.5
EQUITY AND LIABILITIES
Equity attributable to parent
company shareholders
Share capital 2.3 2.2 2.3
Invested unrestricted equity 3.4 12.4 14.3
fund
Currency-related differences 0.0 -0.2 0.0
Retained earnings 31.5 -1.6 36.2
--------------------------------------------------------------------------------
Total equity 37.2 12.9 52.8
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.0 0.0 0.0
Pension oblications 0.0 0.2 0.0
Total interest-bearing 0.0 10.2 0.0
liabilities
Other liabilties 0.1 0.7 0.1
--------------------------------------------------------------------------------
Total non-current liabilities 0.1 11.1 0.1
CURRENT LIABILITIES
Trade payables 0.3 2.3 3.0
Total Interest-bearing 0.4 1.2 4.9
liabilities
Tax liabilities 0.5 0.0 4.5
Other liabilities 3.8 4.3 6.1
--------------------------------------------------------------------------------
Total current liabilities 5.0 7.8 18.5
Total liabilities 5.0 18.9 18.6
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS´EQUITY AND 42.3 31.7 71.5
LIABILITIES
*) Includes EUR 6.8 million in receivables from a business transaction; these
funds are placed in a blocked account. Funds will released from the blocked
account 31 March 2014, provided no claims concerning the transaction are made.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on 30th June 2012
MEUR Share Translation Invested Retained Total
capita differences unrestricted earnings shareholders
l equity fiund ´equity
--------------------------------------------------------------------------------
Balance at 2,3 0,0 14,3 36,2 52,8
1.1.2012
Total 0,0 -10,7 -4,7 -15,6
comprenehsive
income for the
period
--------------------------------------------------------------------------------
Balance at 2,3 0,0 3,4 31,5 37,2
30.6.2012
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 30th June 2011
MEUR Share Translation Invested Retained Total
capita differences unrestricted earnings shareholders
l equity fiund ´equity
--------------------------------------------------------------------------------
Balance at 2,2 -0,1 12,4 -1,5 13,0
1.1.2011
Total 0,0 -0,1 -0,1
comprenehsive
income for the
period
--------------------------------------------------------------------------------
Balance at 2,2 -0,2 12,4 -1,6 12,9
30.6.2011
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-6/2012 1-6/2011 1-12/2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period -2.0 -0.1 37.7
Adjustments to profit for the period -0.4 1.6 -35.0
CHANGE IN WORKING CAPITAL 0.5 -0.5 2.8
Interest paid -0.7 -0.2 -0.8
Interest received 0.1 0.0 0.0
Realised exchange rate gains and losses 0.0 -0.1 0.4
Income taxes paid -4.0 -0.1 -0.2
--------------------------------------------------------------------------------
Net cash flow from operating activities -6.5 0.6 5.0
CASH FLOW FROM INVSTMENTS
Investments intangible and intangible -0.1 -1.3 -4.1
assets
Capital gain from sales of liquid 0.0 0.0 56.5
handling business
Proceeds from sales of tangible and 0.0 0.4 0.4
intangible assets
Investments in funds and deposits -21.0 0.5 -9.5
--------------------------------------------------------------------------------
Net cash flow rom investments -21.1 -0.5 43.4
CASH FLOW FROM FINANCING ACTIVITIES
Share issue 0.0 0.0 2.0
Proceeds from loans 0.0 0.4 0.5
Repayments of loans -4.7 -0.7 -4.6
--------------------------------------------------------------------------------
Net cash flow from financing activities -4.7 -0.3 -2.1
Change in cash and cash equivalents -45.9 -0.0 46.2
Cash and cash equivalents at the 47.9 1.7 1.6
beginning of the period
Effect of exchange rates on cash and cash 0.0 0.0 0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of 2.0 1.6 47.9
the period
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
1-6 2012 1-6 2011 1-12 2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Collaterals given for the parent company
Corporate mortgages 0,0 2,5 0,0
Mortgages on real estate 0,0 2,7 0,0
Collaterals given on behalf of
subsidiaries
Guarantees 0,0 0,2 0,0
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments:
--------------------------------------------------------------------------------
Due for payments before on year 0,1 0,8 0,6
Due for payments after 1 year but not 0,1 0,9 0,7
later than 5 years
Due for payment after 5 years
--------------------------------------------------------------------------------
Total 0,1 1,7 1,3
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payments before on year 0,2 0,8 0,1
Due for payments after 1 year but not 0,5 1,1 0,1
later than 5 years
Due for payment after 5 years 0,0 0,2 0,0
--------------------------------------------------------------------------------
Total 0,7 2,1 0,0
--------------------------------------------------------------------------------
Total other liabilities 0,0 3,8 1,6
--------------------------------------------------------------------------------
Total collaterals and contingent 0,8 9,2 1,6
liabilities
--------------------------------------------------------------------------------
Helsinki 16th of August 2012
Biohit Oyj
Board of Directors
Further information:
Semi Korpela
Toimitusjohtaja
Puh. (09) 773 861
semi.korpela@biohit.fi
Distribution:
NASDAQ OMX Helsinki Oyj
Central storage facility (www.oam.fi)
Principal media
http://www.biohit.fi
About Biohit Oyj:
Biohit Oyj is a globally operating Finnish biotechnology company established in
1988. Biohit's mission crystallizes in its motto “Innovating for Health”. The
company assumes social responsibility by producing innovations, new
technologies and analysis systems for use in medicine, research institutions
and industry. These products help to promote research and diagnostics, while
improving quality of life by preventing disease, human suffering and financial
loss. Biohit also seeks to innovate and develop the marketing and availability
of its products and services.
Biohit works with scientific communities to produce new technologies, products
and services based on research results and innovations. These can be used to
develop safe and cost-effective diagnostic tests for the early detection and
prevention of diseases of the gastrointestinal tract. (www.biohit.fi /
International / State of the art GastroPanel and Acetium innovations for the
unmet need).
In January 2012, sixteen world-leading gastroenterology specialists from twelve
countries proposed in their SJG publication the use of the biomarkers of the
modern GastroPanel test for safe and cost-efficient primary diagnosis and
screening of Helicobacter infection and atrophic gastritis in patients with
stomach discomfort and in asymptomatic patients, as it is neither safe nor
cost-efficient to use the 13C urea breath test for this purpose. In addition,
the authors of the publication state that acetaldehyde generated in an
achlorhydric stomach (a consequence of atrophic gastritis) is a significant
reason for an increased gastric and oesophageal cancer risk. Acetium capsules
can reduce the amount of cancer-causing acetaldehyde generated in the stomach -
and thus, very likely, they also reduce the cancer risk (SJG: “GastroPanel
biomarkers: Rationale in diagnosis and screening of atrophic gastritis with
stomach-specific plasma biomarkers”, Scadinavian Journal of Gastroenterology.
2012; 47: 136-147).
Biohit's products include analysis systems for the prevention and early
diagnosis of gastrointestinal diseases, such as the blood-sample based
GastroPanel examinations for the diagnosis of stomach illnesses and associated
risks, quick tests for the diagnosis of lactose intolerance and H. pylori
infection in connection with gastroscopy, and the ColonView examination for the
early detection of intestinal bleeding that indicates a risk of colorectal
cancer. Acetium reduces the amount of carcinogenic acetaldehyde in an anacidic
stomach. (www.acetium.com/test - reveals acetaldehyde exposure)
The population is aging and, therefore, the need for safe and cost-efficient
diagnosis and prevention of diseases is strongly increasing. People are
becoming more aware of acetaldehyde and the cancer risks associated with it.
This is expected to substantially increase the interest in the company's
products and services.
Biohit is headquartered in Helsinki and has a subsidiary in the United Kingdom.
Since 1999, Biohit's Series B share (BIOBV) has been quoted on NASDAQ OMX
Helsinki in the Small cap/Healthcare group (www.biohit.fi/Sijoittajat).
Read more at www.biohit.fi
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