2013-10-24 08:30:00 CEST
2013-10-24 08:30:04 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF BIOHIT GROUP Q3/2013
Biohit Oyj October 24, 2013 at 9:30am local time (EET)
SUMMARY
January-September 2013
-- Net sales
increased by 96 % compared with 2012
-- Net sales were EUR 2.7 million (EUR 1.4 million)
-- Operating profit was EUR -4.3 million (EUR -3.4 million)
-- Operating profit excluding non-recurring items was EUR -3.0 million (EUR
-3.4 million)
-- Profit before taxes was EUR -4.3 million (EUR -2.8 million), which includes
a non-recurring expense due to the stock option program (EUR 1.3 million)
as well as other non-recurring items (EUR 0.1 million)
-- International operations
accounted for 89 % of turnover (88 %)
-- Earnings per share were EUR -0.31 (EUR -0.20)
-- The equity ratio was 80.8 % (89.8 %)
July-September 2013
-- Net sales increased
by 178 % compared with 2012
-- Net sales were EUR 1.3 million (EUR 0.5 million)
-- Operating profit was EUR -0.9 million (EUR -1.2 million)
-- Operating profit before taxes was EUR -0.9 million (EUR ‑0.8 million)
-- International operations accounted for 95 % of turnover (90 %)
-- Earnings per share
were EUR -0.07 (EUR -0.06)
-- The equity ratio was 80.8 % (89.8 %)
-- Biohit launched a new celiac quick test
-- GastroPanel screening results from Kazakhstan 2012-2013
SEMI KORPELA, PRESIDENT AND CEO:
“During the third quarter, net sales increased by 178 % compared with the same
period last year. The most important factors in the growth in net sales were
exceptionally large GastroPanel deliveries to China. During the reporting
period, we focused on working with our partners to ensure that sales got off
the ground.
“In August, we launched a new celiac quick test, which uses fingertip blood.
The new test is simple, fast and reliable. The quick test will not completely
replace endoscopies, but it will bring clear cost benefits by reducing the
number of unnecessary endoscopies. Doctors may use a positive test result for
careful consideration for further study. Endoscopy and biopsies from the small
bowel are needed to confirm the diagnosis. The quick test costs only a fraction
of the price of a small bowel endoscopy.
Biohit Oyj has worked in collaboration with the Medical Center of the
President's Affairs Administration of the Republic of Kazakhstan to conduct a
population-based screening study with the GastroPanel test. The screening was
conducted in Astana in 2012 and 2013, and the final results became available
during the reporting period. The scientific report on these screening results
has been accepted for publication in Anticancer Research 2013, 33(10), a widely
distributed international cancer journal.
During the reporting period the Chinese subsidiary's operations were partly
combined with the distributor functions and the remaining subsidiary's
operations were discontinued. There were no substantial expenses related to
discontinuing the subsidiary operations.”
CONSOLIDATED KEY FIGURES
7-9 / 2013 7-9 / 2012 1-9 /2013 1-9 /2012
--------------------------------------------------------------------------------
Net sales (EUR million) 1.3 0.5 2.7 1.4
--------------------------------------------------------------------------------
Operating profit/loss (EUR -0.9 -1.2 -4.3 -3.4
million)
--------------------------------------------------------------------------------
Profit/loss before taxes (EUR -0.9 -0.8 -4.3 -2.8
million)
--------------------------------------------------------------------------------
Profit/loss for the period (EUR -0.9 -0.8 -4.3 -2.8
million)
--------------------------------------------------------------------------------
Average number of personnel 47 39 43 39
--------------------------------------------------------------------------------
Number of personnel at the end 46 39 46 39
of the period
--------------------------------------------------------------------------------
Equity ratio (%) 80.8 % 89.8 % 80.8 % 89.8 %
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.07 -0.06 -0.31 -0.20
--------------------------------------------------------------------------------
Shareholders' equity per share 1.71 2.68 1.71 2.68
(EUR)
--------------------------------------------------------------------------------
Average number of shares during 13,795,593 13,615,593 13,702,284 13,615,593
the period
--------------------------------------------------------------------------------
Number of shares at the end of 13,795,593 13,615,593 13,795,593 13,615,593
the period
--------------------------------------------------------------------------------
NET SALES AND RESULT
January-September
Net sales increased by 96 % compared with the same period in 2012, amounting to
EUR 2.7 million (EUR 1.4 million 1-9/2012).
The operating loss was EUR -4.3 million (EUR -3.4 million 1-9/2012).
Development expenditure for the year 2013 totalled EUR 0.7 million (EUR 0.6
million 1-9/2012).
The company issued two stock option plans, recording a total of EUR 1.3 million
in charges. Under Stock Option Plan I, the company offered 200,000 stock
options to the CEO. Under Stock Option Plan II, the company offered a total of
420,000 stock options to Mikko Salaspuro and Martti Marvola. The costs related
to Stock Option Plan II are fully recorded in the second quarter 2013 income
statement. The options were issued to compensate the employees for earlier
contracts by which immaterial property rights were transferred. The company is
released from all other obligations.
The great potential for diagnostic products and acetaldehyde-binding products,
and the related growth in the business, necessitates significant investment in
distributor and partner networks, as well as support for partners (marketing
authorisation, registration, marketing) and product development.
Consolidated net sales and operating income
EUR million 7-9/20 7-9/20 Change 1-9/20 1-9/20 Change 1-12/2
13 12 13 12 012
--------------------------------------------------------------------------------
Net sales 1.3 0.5 0.8 2.7 1.4 1.3 2.0
--------------------------------------------------------------------------------
Change compared with the 178.0 95.7 % -5.7 %
previous year (%) %
--------------------------------------------------------------------------------
Operating income -0.9 -1.2 0.2 -4.3 -3.4 -1.0 -4.6
--------------------------------------------------------------------------------
Change compared with the 18.2 % -28.7 23.3 %
previous year (%) %
--------------------------------------------------------------------------------
Operating income (% of -69 % -236 % -163 % -248 % -224 %
net sales)
--------------------------------------------------------------------------------
BALANCE SHEET
On September 30, 2013, the balance sheet total was EUR 29.3 million (EUR 40.9
million) and the equity ratio was 80.8 % (89.8 %).
FINANCING
Biohit Oyj's financial position is good, enabling investment in the business,
product development and commercialisation. At the end of the quarter, the
company's current financial assets were EUR 17.0 million including cash worth
EUR 0.5 million. In addition, the company has a EUR 1.0 million investment due
for payment in over one year, and EUR 6.8 million in receivables in an escrow
account following a business transaction concluded at the end of 2011. The
funds will be released on March 31, 2014, provided no claims concerning the
transaction are made.
During the reporting period, working capital increased due to increase in
production volumes.
RESEARCH AND DEVELOPMENT
Research and development has focused on the further development and improvement
of existing innovations and products. The company also uses external experts
and subcontractors in its research and development operations. The development
expenditure has not been capitalised. During the year 2013 expenditure on
research and development amounted to EUR 0.7 million (EUR 0.6 million
1-9/2012).
INVESTMENTS
The 2013 gross investments were EUR 2.2 million (EUR 0.2 million 1-9/2012).
Investments have not impacted cash flow. Investments were paid by IPR
investment in the joint venture, as well as by a direct share issue in the
Italian subsidiary acquisition.
During the third quarter there were no significant investments.
PERSONNEL
During the reporting period, the average number of personnel employed by the
Group was 47 (39 in the corresponding period in 2012), of whom 36 (30) were
employed by the parent company and 11 (9) by subsidiaries. At the end of the
reporting period, the number of personnel was 46 (39), of whom 37 (30) were
employed by the parent company. The number of personnel has increased due to
the acquisition of the Italian subsidiary and due to increase in research and
development as well as production.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The company's key risk factors are related to changes in the business
environment and the demand for the company's products. These risk factors
include financial changes in the selected market areas, the ability and
willingness of various countries to improve their healthcare systems
(development priorities, reimbursement practices, import restrictions, lengths
of registration times) and requirements set by customers on the products. To
minimise short-term risk factors, it is vital that new market areas be selected
in good time, along with professional partners and marketing measures.
Developing the business and launching new products necessitate significant
investments.
The company aims to make a profit with a very low risk of capital loss when it
makes investments related to its liquid assets. The investment portfolio
consists of deposits, money market investments and corporate loans. Sufficient
distribution of investments between asset categories, investment instruments
and counterparties is essential. The company uses at least two partners for its
investments in liquid assets.
OUTLOOK FOR 2013
The new Securities Markets Act (SMA) entered into force at the beginning of
2013, removing the obligation to present an assessment of future prospects in
interim reports and financial statement releases. The future prospects need to
be presented only in the management report by virtue of the Accounting Act.
Biohit will therefore no longer provide details of future prospects in its
interim reports. The latest outlook summary was published in the Q2 interim
report on August 8, 2013. In the future, such information will be provided in
connection with annual financial statement releases and in the management
report by virtue of the Accounting Act.
MAIN EVENTS IN THE REPORTING PERIOD
Joint Venture in China
During the reporting period, three GastroPanel biomarker tests (PG-I, PG-II,
gastrin-17) received a favourable re-imbursement approval in Anhui province,
China. Registrations needed for the Joint Venture operations are in progress.
Biohit has released a new celiac quick test for sale
Biohit has released a diagnostic quick test that enables celiac disease to be
diagnosed from a fingertip blood sample. Celiac disease is a relatively common
autoimmune disease in which rye, wheat and barley protein (gluten) cause
inflammation and damage of intestinal mucosa, thereby interfering with the
absorption of nutrients. The quick test developed by Biohit confirms the
diagnosis from a fingertip blood sample within ten minutes. The celiac quick
test broadens the spectrum of Biohit's diagnostic quick tests. The new test is
CE-IVD registered and is initially available in European countries.
Biohit's celiac quick test analyses human tissue transglutaminase (TTG) for all
antibodies (IgA, IgG and IgM) directly from a fingertip blood sample. There are
several tests available on the market that measure only the IgA antibody, but
Biohit's test also identifies IgA-deficient celiac patients within ten minutes.
It is known that IgA-deficient people are ten times more likely to develop
celiac disease than those with normal levels of IgA. The test will bring clear
benefits in healthcare costs by reducing the number of unnecessary endoscopies.
A positive result from the celiac quick test can lead to further diagnosis.
Endoscopy and biopsy from the small bowel are needed to confirm the diagnosis.
Clinical trial
GastroPanel screening results from Kazahkstan 2012-2013
Biohit Oyj has worked in collaboration with the Medical Center of the
President's Affairs Administration of the Republic of Kazakhstan to conduct a
population-based screening study with the GastroPanel test. The study was
conducted in Astana in 2012 and 2013, and the final results are now available.
A hospital-derived cohort of over 800 subjects was tested using the GastroPanel
assay, which is a simple blood test measuring the serum levels of four
stomach-specific biomarkers. This test is designed for two purposes: 1) as a
first-line diagnostic tool for all patients complaining of dyspeptic symptoms,
and 2) for screening of the specific stomach conditions associated with an
increased risk of developing gastric cancer. Gastric cancer remains among the
leading causes of cancer mortality worldwide and Kazakhstan is one of the
high-incidence countries.
Other on-going research projects
Biohit is continuing its Biofilter research project. Biofilter is a filter
solution for smoking that efficiently absorbs acetaldehyde in cigarette smoke
and thus prevents it from entering the smoker's saliva and respiratory tract.
In addition, the company is continuing a research project to study whether
acetaldehyde binding and the neutralizing Acetium lozenge can help smokers to
quit. Based on the results of numerous animal studies it is known that
cancer-inducing acetaldehyde is also highly addictive.
Biohit Oyj has received the preliminary results of a clinical trial conducted
to determine the capacity of the company's new BioAcetium product to treat
Helicobacter pylori infections. Based on the results, Biohit will conduct
further studies using longer treatment times. In these studies, BioAcetium will
also be combined with an antibiotic that does not cause the development of
antibiotic-resistant strains of the bacteria.
Acetaldehyde measurements
During the reporting period, new acetaldehyde measurements were carried out on
Finnish sour whole milk (“viili”) products. Biohit measured the concentrations
of carcinogenic acetaldehyde in viili products generally on sale in the Greater
Helsinki Region, Finland. The sample consisted of 21 different brands selected
randomly from grocery outlets. The analysis demonstrated that the
concentrations of carcinogenic acetaldehyde in viili products varied between
0-12 µM. Eleven brands contained no concentrations of carcinogenic
acetaldehyde. The highest concentration measured was 12 µM.
In previous studies on yogurts, the concentrations of carcinogenic acetaldehyde
varied between 14-394 µM. In one yogurt brand, the concentration of
carcinogenic acetaldehyde was under the threshold level (100 µM or possibly
significantly less). In all other brands, the concentration was equal to or
greater than 205 µM. Thus, the measured yogurts contained, on average, 20 times
higher levels of carcinogens than viili products.
Changes to Biohit Oyj's management
Jaana Mattila, M.Sc. (Econ.) (b. 1966) was appointed as Chief Financial Officer
(CFO) and a member of the management team of Biohit Oyj as of August 26, 2013.
Before working for Biohit, she has worked as Finance Director at Fazer Amica Oy
and in finance managerial positions at Stora Enso Oyj and Baxter Oy.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
Biohit Oyj's Option Schemes I 2013 and II 2013 - Terms update and Management
Team Option Arrangement
On October 15, 2013, Biohit Oyj's Board of Directors decided to distribute a
total of 60,000 option rights in class I 2013A of the option scheme I 2013 to
the members of the company's management team (excluding the CEO) as follows:
Panu Hendolin: 12,000, Jaana Mattila: 12,000, Anu Mickels: 12,000, Lea
Paloheimo: 12,000 and Kari Syrjänen: 12,000. For option rights in this class,
the share subscription period commences on June 1, 2014 and ends on May 31,
2019.
In addition, the Board of Directors has decided to amend the conditions of both
scheme I 2013 and scheme II 2013 so that EUR 0.17 from the subscription price
is recorded in the share capital. Correspondingly, the subscription price shall
be at least EUR 0.17.
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 10,820,093 series B shares, totalling 13,795,593
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 (assuming that the market capitalisation for series A and
B shares is equal) at the end of the period was EUR 88.6 million (EUR 27.6
million on September 30, 2012).
Biohit Oyj's Series B shares have been listed on NASDAQ OMX Helsinki in the
Small cap/Healthcare group under the code BIOBV.
BIOBV/NASDAQ OMX Helsinki 1-9/2013 1-9/2012
------------------------------------------------
High (EUR) 9.10 3.97
------------------------------------------------
Low (EUR) 4.00 2.00
------------------------------------------------
Average (EUR) 6.54 2.85
------------------------------------------------
Latest (EUR) 6.42 2.03
------------------------------------------------
Turnover (EUR) 51,081,867 8,981,178
------------------------------------------------
Turnover volume 7,811,096 3,147,611
------------------------------------------------
Shareholders
At the end of the reporting period on September 30, 2013, the company had 6,067
shareholders (4,569 on September 30, 2012). Private households held 77.31 %
(71.91 %), companies 20.86 % (21.63 %) and non-profit institutions 0.01% (0.03
%) of the shares. Foreign ownership or nominee registrations accounted for
1.75% (3.90%) of all shares.
Further information on the shares, major shareholders and the management's
shareholdings is available on the company's website at www.biohit.fi/investors.
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with the IAS 34 standard.
Biohit has applied the same accounting principles in preparing this interim
report as it did for its 2012 financial statements. The IFRS standards that
came into effect in 2013 did not affect the accounting principles.
All figures in this interim report have been rounded up or down, so the sums of
individual figures may deviate from the totals shown.
The figures in this interim report have not been audited.
CONSOLIDATED INCOME STATEMENT
EUR million 7-9/20 7-9/20 Change 1-9/20 1-9/20 Change 1-12/2
13 12 13 12 012
--------------------------------------------------------------------------------
Net sales 1.3 0.5 0.8 2.7 1.4 1.3 2.0
--------------------------------------------------------------------------------
Materials and services -0.7 -0.3 -0.4 -1.3 -0.8 -0.6 -1.3
--------------------------------------------------------------------------------
Gross margin 0.6 0.2 0.4 1.3 0.6 0.7 0.7
--------------------------------------------------------------------------------
Sales and marketing -0.6 -0.6 -0.1 -1.6 -1.5 -0.2 -2.2
--------------------------------------------------------------------------------
Administration -0.7 -0.6 -0.1 -3.4 -2.0 -1.4 -2.2
--------------------------------------------------------------------------------
Product development -0.2 -0.2 0.0 -0.7 -0.6 -0.1 -1.0
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0 0.0 0.0 0.1
--------------------------------------------------------------------------------
Share of profit/loss in 0.0 0.0 0.0 0.0
Joint Venture
--------------------------------------------------------------------------------
Operating profit/loss -0.9 -1.2 0.2 -4.3 -3.4 -1.0 -4.6
--------------------------------------------------------------------------------
Financial income 0.0 0.3 -0.3 0.0 0.9 -0.8 1.2
--------------------------------------------------------------------------------
Financial expenses 0.0 -0.2 0.2 -0.1 -0.4* 0.2 -0.3
--------------------------------------------------------------------------------
Profit/loss before taxes -0.9 -0.8 0.0 -4.3 -2.8 -1.5 -3.7
--------------------------------------------------------------------------------
Income taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Income for the period -0.9 -0.8 0.0 -4.3 -2.8 -1.5 -3.7
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total comprehensive -0.9 -0.8 0.0 -4.3 -2.8 -1.5 -3.7
income for the period
--------------------------------------------------------------------------------
Earnings per share calculated from earnings attributable 1-9/20 1-9/20 1-12/2
to the owners of the parent company 13 12 012
--------------------------------------------------------------------------------
Undiluted earnings per share (EUR) -0.31 -0.20 -0.27
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
EUR million September September December
30, 2013 30, 2012 30, 2012
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1.2 0.2 0.2
--------------------------------------------------------------------------------
Share in Joint Venture 1,0
--------------------------------------------------------------------------------
Tangible assets 0.5 0.0 0.4
--------------------------------------------------------------------------------
Other financial long term assets 7.8* 8.0* 7.8*
--------------------------------------------------------------------------------
Deferred tax assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 10.5 8.2 8.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 0.6 0.4 0.4
--------------------------------------------------------------------------------
Trade and other receivables 1.2 1.1 0.6
--------------------------------------------------------------------------------
Other financial short term assets 16.5 30.9 30.2
--------------------------------------------------------------------------------
Cash and cash equivalents 0.5 0.3 0.2
--------------------------------------------------------------------------------
Total current assets 18.8 32.7 31.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 29.3 40.9 40.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity attributable to the
owners of the parent company
--------------------------------------------------------------------------------
Share capital 2.3 2.3 2.3
--------------------------------------------------------------------------------
Invested unrestricted equity fund 1.1 3.4 3.2
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0
--------------------------------------------------------------------------------
Retained earnings 20.2 30.6 30.0
--------------------------------------------------------------------------------
Total shareholders' equity 23.7 36.3 35.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade payables 0.4 0.4 0.4
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.4 0.4 0.4
--------------------------------------------------------------------------------
Tax liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other liabilities 3.9 3.8 3.8
--------------------------------------------------------------------------------
Deferred gain 1,0
--------------------------------------------------------------------------------
Total current liabilities 5.6 4.6 4.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 29.3 40.9 40.0
LIABILITIES
--------------------------------------------------------------------------------
* Includes EUR 6.8 million in receivables from a business transaction; the
funds are placed in an escrow account. Funds will be released from the escrow
account March 31, 2014 provided no claims concerning the transaction are made.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on September 30, 2013
EUR million Share Translatio Invested Retained Shareholde
capital n unrestricted earnings rs' equity
difference equity fund
s
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 3.2 30.0 35.5
equity 1 Jan 2013
--------------------------------------------------------------------------------
Total comprehensive 0.0 -4.3 -4.3
income for the
period
--------------------------------------------------------------------------------
Distribution of -6.8 -6.8
dividend
--------------------------------------------------------------------------------
Capital repayment -3.2 -3.2
--------------------------------------------------------------------------------
Share issue to 1.1 1.1
Euroclone
--------------------------------------------------------------------------------
Exercise of share 1.4 1.4
options
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 1.1 20.2 23.7
equity September
30, 2013
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on September 30, 2012
EUR million Share Translatio Invested Retained Shareholde
capital n unrestricted earnings rs' equity
difference equity fund
s
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 14.3 36.2 52.8
equity 1 Jan 2012
--------------------------------------------------------------------------------
Total comprehensive 0.0 -2.8 -2.8
income for the
period
--------------------------------------------------------------------------------
Distribution of -2.7 -2.7
dividend
--------------------------------------------------------------------------------
Capital repayment -10.9 -10.9
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 3.4 30.6 36.3
equity September
30, 2012
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
EUR million 1-9/201 1-9/201 1-12/201
3 2 2
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
Profit for the period -4.3 -2.8 -3.7
--------------------------------------------------------------------------------
Adjustments 1.5 -0.7 -0.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CHANGE IN WORKING CAPITAL -0.8 -0.2 -0.2
--------------------------------------------------------------------------------
Interest paid and payments on other operating 0.0 -0.7 -0.8
financial expenses
--------------------------------------------------------------------------------
Interest received 0.2 0.2 1.1
--------------------------------------------------------------------------------
Realised exchange rate gains and losses 0.0 0.0 0.0
--------------------------------------------------------------------------------
Income taxes paid 0.0 -4.5 -4.5
--------------------------------------------------------------------------------
Net cash flow from operating activities -3.5 -8.4 -8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTMENTS
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -0.1 0.0 -0.3
--------------------------------------------------------------------------------
Net investments in funds and deposits 13.8 -20.9 -20.2
--------------------------------------------------------------------------------
Net cash flow from investments 13.7 -20.9 -20.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
Dividend payout -6.8 -2.7 -2.7
--------------------------------------------------------------------------------
Repayment of capital -3.2 -10.9 -10.9
--------------------------------------------------------------------------------
Repayment of loans 0.0 -4.7 -4.7
--------------------------------------------------------------------------------
Net cash flow from financing activities -10.0 -18.3 -18.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Increase (+)/decrease (-) in cash and cash 0.2 -47.6 -47.7
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 0.2 47.9 47.9
period
--------------------------------------------------------------------------------
Effect of exchange rates on cash and cash 0.0 0.0 0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 0.5 0.3 0.2
--------------------------------------------------------------------------------
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
EUR million 1-9/2013 1-9/2012 1-12/2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collateral granted on behalf of the parent
company
--------------------------------------------------------------------------------
Corporate mortgages 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collateral granted on behalf of subsidiaries
--------------------------------------------------------------------------------
Guarantees 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments
--------------------------------------------------------------------------------
Due for payment in more than 1 year 0.1 0.0 0.0
--------------------------------------------------------------------------------
Due for payment in more than 1 year but less than 0.1 0.0 0.0
5 years
--------------------------------------------------------------------------------
Due for payment in more than 5 years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.2 0.0 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payment in more than 1 year 0.2 0.2 0.2
--------------------------------------------------------------------------------
Due for payment in more than 1 year but less than 0.3 0.4 0.3
5 years
--------------------------------------------------------------------------------
Due for payment in more than 5 years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.5 0.6 0.4
--------------------------------------------------------------------------------
Total other liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total collaterals and contingent liabilities 0.7 0.6 0.5
--------------------------------------------------------------------------------
NEXT FINANCIAL REPORT
Biohit's 2013 Annual Report will be published on Thursday February 27, 2014 at
9:30am local time.
Helsinki, October 24, 2013
Biohit Oyj
Board of Directors
Additional information:
CEO Semi Korpela, Biohit Oyj
Tel. +358 9 773 861
investor.relations@biohit.fi
www.biohithealthcare.com
Biohit in brief
Biohit Oyj is a globally operating Finnish biotechnology company established in
1988. Biohit's mission is “Innovating for Health”. The purpose of the company
is to take social responsibility and produce innovation, new technologies and
analysis systems for use in medicine, research institutions and industry,
helping to promote research and diagnostics and to improve people's quality of
life by preventing disease, human suffering and financial loss. We are
committed to social responsibility and it is our duty to spread knowledge about
the Group I human carcinogen, acetaldehyde, and innovate and develop the
marketing and availability of our products and services. Biohit is
headquartered in Helsinki, Finland and its subsidiaries are located in China,
Italy and the United Kingdom. Since 1999, Biohit's series B shares (BIOBV) have
been listed in the NASDAQ OMX Helsinki Oy Small cap/Healthcare sector.
www.biohithealthcare.com
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