2012-02-29 09:30:00 CET
2012-02-29 09:30:09 CET
REGULATED INFORMATION
Biohit Oyj - Financial Statement Release
THE BIOHIT GROUP’S FINANCIAL STATEMENTS BULLETIN 1 JANUARY – 31 DECEMBER 2011
Biohit Oyj Financial Statements Bulletin 29th Feb 2012 10:30 am
THE BIOHIT GROUP'S FINANCIAL STATEMENTS BULLETIN 1 JANUARY - 31 DECEMBER
2011
SUMMARY
January-December 2011:
Biohit Oyj sold its liquid handling business to Sartorius Lab Holding GmbH on
14 December 2011 and now focuses on its diagnostics business. The diagnostics
business is reported as continuing operations and the liquid handling business
as discontinued operations.
Net sales from continuing operations EUR 2.1 million (EUR 2.2 million in
1-12/2010)
Operating loss from continuing operations was EUR 4.9 million (EUR -2.9
million) including a goodwill write-down of EUR 2.6 million.
The sale price of the discontinued operations was EUR 68 million in cash. which
the buyer placed in an escrow account upon signing the sales agreement. 90% of
the sale price was released to the seller in connection with the transaction
and the remaining 10% will be retained as collateral for any claims the buyer
may have until 31 March 2014.
Operating profit from discontinued operations totalled EUR 49.3 million (EUR
3.3 million in 1-12/2010). including a capital gain of EUR 46.2 million. Due to
the terms and conditions of the sale and other unresolved issues related to
the transaction. EUR 3.5 million of the capital gain from the sale was not
recognised as income.
Profit before taxes EUR 43.8 million (EUR 0.4 million). including a capital
gain of EUR 46.2 million from the sale discontinued operations and a goodwill
write-down of EUR 2.6 million.
Earnings per share EUR 2.9 (EUR 0.00)
October-December 2011:
Net sales from continuing operations EUR 0.7 million (EUR 0.7 million). change
-7.1%
Operating loss from continuing operations EUR 3.3 million (EUR -0.9 million)
including a goodwill write-down of EUR 2.6 million
Profit before taxes EUR 43.2 million (EUR 0.0 million)
Earnings per share EUR 2.8 (EUR 0.00)
SEMI KORPELA. PRESIDENT AND CEO:
Biohit Oyj sold its discontinued business to Sartorius Lab Holding GmbH on 14
December 2011. A trimmee group now focuses in the diagnostics business.
Atrimmer group structure and focus on core business represent major strengths
for Biohit in the current situation.
Biohit aims to bring its diagnostics business to the growth track. In the
future. we will make determined efforts to enhance our sales and marketing. to
build distribution channels and to develop co-operation with distributors. We
will also strengthen our own organisation. Our leading products are Acetium.
GastroPanel and quick tests. Besides Europe. Asia is another main market for
us.
Growth in the diagnostics business in 2011 was slower than expected.
Management resourses we significantly tied up in the preparations of the sale
of the liquid handling business and the continuation of the business by the new
owner, postponing the benefits from the great potential of the diagnostics
business.
The sale of the liquid handling business to Sartorius Lab Holding GmbH had a
significant effect on the period's financial performance. Biohit reported a
healthy equity ratio at the end of 2011: 79.2% (44.5%). A strong balance sheet
provides a good base for building our business.
GROUP'S KEY FIGURES
10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
Net sales. EUR million. continuing 0.7 0.7 2.1 2.2
operations
Net sales. EUR million. discontinued 8.9 10.4 37.9 37.8
operations
Operating profit/loss. EUR million. -3.3* -0.9 -4.9* -2.9
continuing operations
Operating profit/loss. EUR million. 46.5** 1.0 49.2** 3.4
discontinued operations
Profit/loss before taxes 43.2 * 0.0 43.8* 0.4
Profit/loss for the period *) **) 38.4 0.0 38.7 0.1
Average number of personnel 364 403 422 412
Personnel at period end. continuing 34 34
operations
Equity ratio. % 79.2 % 44.3 % 79.2 % 44.5 %
Earnings per share. EUR 2.8 0.00 2.9 0.00
Shareholders' equity per share. EUR 4.0 1.01 4.0 1.01
Average number of shares during the 13 615 593 12 937 13 163 616 12 937
period 627 627
Number of shares at end of period 13 615 593 12 937 13 615 593 12 937
627 627
*)Operating profit for 2011 includes a goodwill write-down
of EUR 2.6 million
**)Figures include a capital gain of EUR 46.2 million from the sale of
the liquid handling business
REPORTING
Following the sale of the liquid handling business at the end of 2011, the
diagnostics business is now reported as continuing operations and the liquid
handling business as discontinued operations.
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.
NET SALES AND RESULT
October-December
In the final quarter. net sales from continuing operations were down 7.1% on
the corresponding period in 2010 amounting to EUR 0.7 million (EUR 0.7
million).
Operating loss from continuing operations in the final quarter, excluding the
goodwill write-down. was EUR 0.7 million (EUR -0.9 million).
Operating profit from discontinued operations in the final quarter totalled EUR
46.5 million, including the capital gain of EUR 46.2 million from the sale of
the liquid handling business.
Profit before taxes was EUR 43.2 million ( EUR 0.0 million). Earnings per share
were EUR 2.8 (EUR 0.0).
January-December
Net sales from the continuing business fell by 2.9%.
Operating loss from the diagnostics business came to EUR 4.9 million (EUR -2.9
million). The goodwill write-down of EUR 2.6 million had a negative effect on
the diagnostics business results.
Operating profit from discontinued operations was EUR 49.3 million (EUR 3.3
million) including a capital gain of EUR 46.2 million from the sale of the
liquid handling business.
Group net sales
10-12 10-12 Change 1-12 1-12
2011 2010 MEUR MEUR 2011 2010 MEUR
MEUR MEUR
Discontinued 8.9 10.4 -1.5 37.9 37.8
operations
Continuing 0.7 0.7 -0.1 2.1 2.2
operations
Total 9.6 11.1 0.0 39.9 40.0
Group operating profit by segment
10-12 10-12 Change 1-12 1-12
2011 2010 MEUR MEUR 2011 2010 MEUR
MEUR MEUR
Discontinued 46.5 1.0 45.7 49.2 3.4
operations
Continuing -3.3 -0.9 -2.4 -4.9 -2.9
operations
Total 43.3 0.1 43.3 44.3 0.5
The impact of currency exchange rates
Exchange rate gains amounted in 2011 to EUR 0.2 million. In the comparison
period in 2010. exchange rate gains amounted to EUR 0.2 million.
BALANCE SHEET
On 31 December 2011, the balance sheet total was EUR 68.1 million (EUR 29.4
million) and the equity ratio was 79.2% (44.5%).
WRITE-DOWN OF GOODWILL
The write-down applies to certain products in the GastroPanel test package in
continuing operations. The Acetium products are not included in this product
group. Growth in the diagnostics business was lower than expected during the
period. The expected cash flow from products is negative in the first years of
the forecast period due to significant expenses in the development stage and
the delay in net sales build-up. Consequently, Biohit Oyj's Board of Directors
decided to record a EUR 2.6 million goodwill write-down in the financial
statements for 2011. The write-down is based on the goodwill impairment testing
conducted at the end of 2011 as required by the IFRS standards. In the future,
Biohit will invest in the development of both the GastroPanel and the Acetium
business.
FINANCING
Pursuant to the authorization granted by the AGM on 13 April 2011, the Board of
Directors decided on a share issue directed at Sartorius Lab Holding GmbH, who
subscribed for a total of 677,966 of Biohit's new Series B shares. This
accounts for approximately 4.98% of Biohit shares and 0.97% of all voting
rights conferred by the shares following their registration. The subscription
price was EUR 2.95 per share.
Biohit Oyj has been able to materially strengthen its financial position since
the sale of its liquid handling business to Sartorius Lab Holding Gmbh on 14
December 2011.
RESEARCH AND DEVELOPMENT
In the diagnostics business, research and development focused on the
development and improvement of existing products. The company uses third-party
experts and subcontractors in its R&D activities. Development expenditure
associated with the diagnostics business has not been capitalised.
INVESTMENTS
In continuing operations, gross investments during the reporting period
totalled EUR 0.1 million (EUR 0.1 million). The value of the fixed assets
transferred to the buyer in connection with the sale of the liquid handling
business in December 2011 was EUR 13.7 million.
PERSONNEL
During the reporting period. the average number of personnel employed by the
Group was 422 (412 in the corresponding period in 2010), of whom 188 (192) were
employed by the parent company and 234 (220) by subsidiaries. At the end of the
period, the number of personnel was 34, of whom 27 were employed by the parent
company and 2 by subsidiaries. During the transition period, former
subsidiaries continue to employ 5 persons.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit's key risks have to do with the investments required to grow its
diagnostics 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 investments that
represent a challenge in terms of Biohit's financial position. However, due to
the directed share issue arranged during the period and the sale of the liquid
handling business, the company was able to improve its cash position and
liquidity considerably.
When investing liquid assets, the objective is to gain a return on investment
with a minimum risk of losing any capital. The investment portfolio consists of
deposits, money market investments and corporate loans. A fundamental aspect in
portfolio management is sufficient diversification across different asset
classes, investment instruments and counterparties. Biohit conducts its
investment activities with at least two partners.
The diagnostics business has a wide customer base, which means Biohit does not
materially depend on any individual customers or individual project deliveries.
Most of the company's business is conducted in euro, and the indirect effects
of currency exchange rate fluctuations are considered minor.
Determined sales and marketing efforts will be required to fully tap into the
potential offered by the diagnostics products.
OUTLOOK FOR 2012
Net sales from continuing operations in 2012 is expected to improve from 2011.
MAIN EVENTS IN THE REPORTING PERIOD
Diagnostics business
Biohit's diagnostics business involves the developmen, manufacture and
marketing of test and analysis systems for the diagnosis and prevention of
diseases of the gastrointestinal tract. These tests and systems are based on
innovations and research data. The product range includes GastroPanel
examinations and ColonView quick tests for primary healthcare; lactose
intolerance and Helicobacter pylori quick tests for specialised healthcare; and
instruments and analysis systems for laboratories. The company also markets
GastroPanel laboratory analysis packages. In addition to GastroPanel test kits,
this package includes liquid handling products, instruments, and software, as
well as installation. Training, and maintenance services. The GastroPanel
laboratory concept is geared towards facilitating the efficient introduction of
GastroPanel examinations.
Biohit's service laboratory provides analyses of tests developed by Biohit, and
the determination of carcinogenic acetaldehyde in foodstuffs and alcoholic
beverages. On a global scale, exposure to acetaldehyde is linked to
approximately 4 million new cancer cases annually, or nearly 40 per cent of all
cancers. Biohit has developed products and a method for reducing exposure to
acetaldehyde in the gastrointestinal tract.
The Acetium capsule developed by the company binds carcinogenic acetaldehyde in
the stomach. Acetium products were co-developed in cooperation with
researchers at the University of Helsinki and Biohit's scientific advisors.
Prescription-free Acetium capsules are recommended for use after the
consumption of food or alcohol. to prevent the possible risk of gastric and
oesophageal cancer by those who:
have an anacidic or low-acid stomach (diagnosed with GastroPanel) due to
atrophy in the mucosa of the stomach and a functional disorder (atrophic
gastritis) caused by a Helicobacter pylori infection or an autoimmune disease
have a Helicobacter pylori infection (diagnosed with GastroPanel)
use proton pump inhibitors (PPIs and H2 receptor blockers)
have undergone stomach surgery.
Biohit's GastroPanel and Acetium are unique innovations in the prevention of
gastric and oesophageal cancer. GastroPanel detects the atrophic gastritis
caused by a Helicobacter pylori infection or an autoimmune disease, revealing
the risk of gastric and oesophageal cancer in time when treatment to cure the
condition is still available. Atrophic gastritis of the corpus, which rarely
heals, leads to a permanently low-acid or anacidic stomach. Mouth microbes are
able to live in an anacidic stomach and produce acetaldehyde from alcohol and
the sugars contained in food. In October 2009, the WHO classified acetaldehyde
as a Group I carcinogen - a group which also includes asbestos. tobacco and
benzene.
Every effort must be made to reduce all Group I carcinogens in the human body
and food. regardless of their source. Protected by granted and pending
patents, Acetium capsules are, so far, the only way of binding and inactivating
carcinogenic acetaldehyde in the stomach, which in turn enables the prevention
of gastric and oesophageal cancer. Biohit has applied for patents in several
countries for the BioFood method, which can be used to bind and inactivate
acetaldehyde in alcoholic beverages and foodstuffs before it enters the mouth.
The Acetium lozenge binds acetaldehyde already dissolved into saliva from
cigarette smoke. Protected by pending patents, the Acetium lozenge may also
help users to give up smoking. This will be further examined in a study on the
topic. In animal tests. acetaldehyde has been found to be addictive.
Diagnostics 1-12/2011 1-12/2010
Net sales. EUR million 2.1 2.2
Change. % -2.9 % 23.7 %
Operating result. EUR million* -4.9 -2.9
Change. % -72.2 % -40.1 %
Operating result. % of net sales -234.5 % -127.3 %
*) Operating result of the diagnostics segment includes a goodwill write-down
of EUR 2.6 million
At Group level, sales of the diagnostics business did not develop as expected
during the reporting period. Net sales developments have mainly been favourable
in Biohit's domestic market in Finland.
At the turn of 2010/2011, Biohit combined the sales and marketing management in
the liquid handling and diagnostics businesses but after the sale of the liquid
handling business they were separated. In addition, the company has made
changes to its sales organisation.
In Finland, Terveystalo, a private healthcare company operating nationwide,
included the GastroPanel examination, developed by Biohit, in its service
offering this spring. The GastroPanel examination is now available from all of
the one hundred-plus Terveystalo sites across Finland. Health care company
Diacor has also included the GastroPanel examination in its offering. Diacor's
doctors have been trained to carry out the examination, and it is available
from all Diacor sites in the metropolitan Helsinki region.
Discontinued business
At the end of 2011. Biohit sold its discontinued business to Sartorius Lab
Holding GmbH.
Liquid Handling 1-12/2011 1-12/2010
Net sales. EUR million 37.9 37.8
Change. % 0.1 % 12.7 %
Operating result. EUR million 49.3* 3.3
Change. % 1363.4 % 4.2 %
Operating result. % of net sales 129.9 % 8.9 %
*) Operating result for 2011 includes a capital gain of EUR 46.2 million from
the sale of the liquid handling business
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
Biohit paid back to the principal shareholders a capital loan of EUR 0.6
million and the accumulated interest 5% of EUR 0.6 million in February 2012.
Also in February. the holders of Biohit Oyj's convertible bond sold the loan
back to the company. The value of the loan was EUR 4.1 million and interest
6.5%.
A group of 16 gastroenterology experts from twelve countries wrote an article,
which was published in the prestigious Scandinavian Journal of Gastroenterology
(SJG). The objective of this group of experts is to promote international
co-operation aimed at developing safer and more cost-efficient diagnostic tools
for stomach diseases as well as their prevention and care (GastroPanel
biomarkers: ”Rationale in diagnosis and screening of atrophic gastritis with
stomach-specific plasma biomarkers”. Scandinavian Journal of Gastroenterology.
2012; 47: 136-147).
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
Semi Korpela, M.Sc. (Econ.), born 1970, was appointed President and CEO of
Biohit Group as of 15 December 2011. Previously, Korpela worked as the
Financial Director of Biohit Group from 2003 to 2006. After this, Korpela held
positions as Financial Director at CPS Color Group, Medisize Group and LDR
Group Oy.
Tapani Tiusanen, PhD. (Physics), DipEMC (Marketing), born 1956, was appointed
the new Head of Operations and IT of Biohit Group as of 16 December 2011.
Previously, Tiusanen worked in several positions at Labsystems Oyj, Vaisala Oyj
and Kibron Inc. and for the last three years as Development Manager at Biohit
Group.
Ulla Savelainen, B.Sc. Econ. & Bus. Adm., born 1949, was appointed Head of
Financials, HR and Communications of Biohit Group as of 16 December 2011.
Previously, Savelainen worked as a Financial Administration Consultant in
several listed companies. From 2000 to 2005, Savelainen worked as the Financial
Manager of Sentera Oyj.
Terhi Lampén, M.Sc. (Econ.), born 1973, was appointed Head of Sales and
Marketing of Biohit Group as of 16 December 2011. Previously, Lampén worked as
the Nordic Sales Manager of the Diagnostics business and from the beginning of
2011 onwards as the Marketing Manager. Before her career at Biohit, Lampén
worked as a Product Specialist at Johnson & Johnson and as a Regional Manager
at Boehringer Ingelheim.
Lea Paloheimo, PhD (Clinical Biochemistry) born 1951, was appointed Head of
Product Development and Quality of Biohit Group as of 16 December 2011.
Paloheimo has worked at Biohit Group since 2001.
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 39.9 million
(EUR 27.2 million on 31 December 2010).
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 1-12/2011 1-12/2010
High, EUR 3.96 4.91
Low, EUR 1.74 1.50
Average, EUR 2.30 3.42
Latest, EUR 2.93 2.10
Turnover, EUR 8,228,319 32,166,841
Turnover, volume 3,001,175 9,415,015
Shareholders
As a result of the directed share issue arranged during the reporting period,
the number of the company's shares grew by 677,966 shares.
At the end of the reporting period on 31 December 2011, the company had 4,238
shareholders (4,602 on 31 December 2010). Private households held 69.23%
(72.82%), companies 22.66% (23.62%), and public sector organisations 2.54%
(2.65%) of the shares. Foreign ownership or nominee registrations accounted for
5.49% (0.86%) 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 2011 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
Continuing Discontinued Biohit Group
operations operations
10-12 10-12 10-12 10-12 10-12 10-12
2011 2010 2011 2010 2011 2010
MEUR MEUR MEUR MEUR MEUR MEUR
Net sales 0.7 0.7 8.9 10.4 9.6 11.1
Other operating income * 0.0 0.1 46.3 0.0 46.3 0.1
Increase/decrease in 0.3 -0.1 -0.6 0.1 -0.2 0.0
inventories in finished
goods and in work in
progress
Materials and services -0.8 -0.3 -1.8 -2.1 -2.6 -2.4
Personnel expenses -0.6 -0.6 -3.4 -4.1 -4.1 -4.7
Depreciation ** -2.7 0.0 -0.5 -0.4 -3.2 -0.4
Other operating expenses 0.0 -0.7 -2.4 -2.8 -2.4 -3.6
Operating profit/loss -3.3 -0.9 46.5 1.0 43.3 0.1
Financial income 0.0 0.1
Financial expenses 0.0 -0.2
Profit/loss before taxes 43.2 0.0
Direct taxes -4.9 0.0
Profit/loss for the period 38.4 0.0
Other items in the
comprehensive income
statement
Currency-related 0.0 0.2
differences
Total comprehensive income 38.4 0.2
for the period
*) Operating profit from the discontinued operations includes a capital gain
of EUR 46.2 million
**) Operating loss from the continuing operations includes a goodwill
write-down of EUR 2.6 million
Continuing Discontinued Biohit Group
operations operations
10-12 10-12 10-12 10-12 10-12 10-12
2011 2010 2011 2010 2011 2010
MEUR MEUR MEUR MEUR MEUR MEUR
Net sales 2.1 2.2 37.9 37.7 39.9 40.0
Other operating income * 0.0 0.2 46.3 0.1 46.3 0.2
Increase/decrease in -0.2 0.0 0.4 -0.5 0.2 -0.4
inventories in finished
goods and in work in
progress
Materials and services -0.8 -0.9 -9.0 -6.9 -9.8 -7.8
Personnel expenses -2.4 -2.0 -15.0 -15.1 -17.3 -17.1
Depreciation ** -2.9 -0.1 -1.7 -1.6 -4.7 -1.7
Other operating expenses -0.7 -2.4 -9.6 -10.4 -10.3 -12.8
Operating profit/loss -4.9 -2.9 49.3 3.3 44.3 0.5
Financial income 0.3 0.7
Financial expenses -0.7 -0.8
Profit/loss before taxes 43.8 0.4
Direct taxes -5.1 -0.3
Profit/loss for the period 38.7 0.1
Other items in the
comprehensive income
statement
Currency-related 0.1 0.2
differences
Total comprehensive income 38.9 0.3
for the period
*) Operating profit from the discontinued operations includes a capital gain of
EUR 46.2 million
**) Operating loss from the continuing operations includes a goodwill
write-down of EUR 2.6 million
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 attributable to parent 1-12 1-12
company shareholders
2011 2010
Earnings per share, diluted*, EUR 2.9 0.00
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2011 and 2010.
CONSOLIDATED BALANCE SHEET
31.12.2011 31.12.2010
MEUR MEUR
ASSETS
NON-CURRENT ASSETS
Goodwill 0.0 2.6
Intangible assets 0.3 3.2
Property, plant and equipment 0.1 6.5
Receivables 0.0 0.0
Deferred tax assets 0.1 1.8
Total non-current assets 0.6 14.2
CURRENT ASSETS
Inventories 0.3 5.2
Trade and other receivables 9,3* 7.8
Financial assets at fair value through profit or loss 10.0 0.5
Cash and cash equivalents 47.9 1.7
Total current assets 67.5 15.2
TOTAL ASSETS 68.1 29.4
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders
Share capital 2.3 2.2
Invested unrestricted equity fund 14.3 12.4
Currency-related differences 0.0 -0.1
Retained earnings 37.3 -1.5
Total equity 53.9 13.0
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.0 0.0
Pension obligations 0.0 0.2
Total interest-bearing liabilities 0.0 8.5
Other liabilities 0.1 0.7
Total non-current liabilities 0.1 9.4
CURRENT LIABILITIES
Trade payables 3.0 1.9
Total interest-bearing liabilities 4.9 0.9
Other liabilities 6.2 4.2
Total current liabilities 14.1 7.0
Total liabilities 14.2 16.4
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 68.1 29.4
*) 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 30 September 2011
MEUR Share Currency-rela Invested Retained Shareholde
capit ted unrestricted earning rs' equity
al differences equity fund s
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity on 1
January 2011
Share issue 0.1 1.9 2.0
Total 0.1 38.7 38.9
comprehensive
income for the
period
Shareholders' 2.3 0.0 14.3 37.3 53.9
equity on 31
December 2011
Statement of changes in consolidated shareholders' equity on 30 September 2010
MEUR Share Currency-rela Invested Retained Shareholde
capit ted unrestricted earning rs' equity
al differences equity fund s
Shareholders' 2.2 -0.3 12.4 -1.5 12.7
equity on 1
January 2010
Total 0.2 0.1 0.3
comprehensive
income for the
period
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity on 31
December 2010
CASH FLOW STATEMENT
1-12/2011 1-12/2010
MEUR MEUR
CASH FLOW FROM OPERATIONS
Profit /loss for the period 38.7 0.1
Adjustments -36.8 2.1
CHANGES IN WORKING CAPITAL 2.9 0.1
Interest paid and payments on other financial expenses -0.8 -0.5
Interest received 0.0 0.0
Realised exchange rate gains and losses 0.4 0.4
Direct taxes paid -0.2 -0.2
Net cash flow from operations 4.2 2.0
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -4.1 -1.8
Capital gain from the sale of liquid handling business 57.3
Proceeds from tangible assets 0.4 0,0
Investments and income from the disposal of investments -9.5 -0.1
into funds and deposits, net
Net cash flow from investments 44.2 -1.9
CASH FLOW FROM FINANCING
Share issue 2.0
Loan withdrawals 0.5 5.7
Loan repayments -4.7 -5.8
Net cash flow from financing -2.2 -0.1
Increase (+)/decrease (-) in cash and cash equivalents 46.2 -0,0
Cash and cash equivalents at the beginning of period 1.7 1.6
Effect of exchange rate changes 0.0 0.1
Cash and cash equivalents at the end of period 47.9 1.7
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
1-12 2011 1-12 2010
MEUR MEUR
Collaterals given for the parent company
Corporate mortgage 0.0 2.5
Mortgage on real estate 0.0 2.7
Guarantees 0.0 0.0
Collaterals given on behalf of subsidiaries
Guarantees 0.0 0.2
Other liabilities
Leasing commitments:
Due for payment before one year 0.6 0.8
Due for payment after 1 year but not later than 0.7 1.1
5 years
Due for payment after 5 years
Total * 1.3 1.9
Other rental commitments:
Due for payment before one year 0.1 0.9
Due for payment after 1 year but not later than 0.1 2.0
5 years
Due for payment after 5 years 0.0 2.0
Total 0.3 5.0
Total other liabilities 1.6 6.9
Total collaterals and contingent liabilities 1.6 12.3
*) Includes leasing commitments in the amount of EUR 1.1 million to be
transferred to Sartorius. The liability transfer process is still in progress.
Helsinki. 29 February 2012
Biohit Oyj
Board of Directors
Further information:
Semi Korpela
Tel. +358 9 773 861
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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