2012-10-25 08:30:00 CEST
2012-10-25 08:30:06 CEST
REGULATED INFORMATION
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Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF THE BIOHIT GROUP 1 JULY TO 30 SEPTEMBER 2012
Biohit Oyj Interim report 25.10.2012 9:30 a.m.
SUMMARY January-September 2012
-- Net sales EUR 1.4 million (EUR 1.5 million)
-- Operating result EUR -3.4 million (EUR -2.5 million)
-- Result before taxes EUR -2.8 million (EUR 0.4 million).
-- International operations accounted for 88 per cent of net sales.
-- Earnings per share EUR -0.20 (EUR 0.30)
July-September 2012
-- Net sales EUR 0.5 million (EUR 0.5 million)
-- Operating result EUR -1.2 million (EUR -0.7 million)
-- Result before taxes EUR -0.8 million (EUR 0.5 million).
-- International operations accounted for 90 per cent of net sales.
-- Earnings per share EUR -0.06 (EUR 0.04)
SEMI KORPELA, PRESIDENT AND CEO
We concluded several significant agreements during the period under review
Net sales decreased by 7.3 per cent during the first nine months. The Group's
net sales for January-September were EUR 1.4 million, while net sales for the
corresponding period in the previous year amounted to EUR 1.5 million. The
change in the distribution channel strategy is advancing, but replacing the
distribution channel for diagnostics products lost with the subsidiaries sold
to Sartorius on 14 December 2011 will take time.
During the third quarter, we signed an agreement on Acetium with Tamro, under
which Tamro will assume responsibility for pharmacy marketing of Acetium in
addition to logistics.
We also agreed a project with Terveystalo whereby Biohit will offer GastroPanel
laboratory assay services to Terveystalo customers. As part of the project,
Terveystalo, for example, will arrange a gastric cancer risk screening project
in cooperation with the Keski-Satakunta Joint Municipal authority for Health
Care and Biohit will analyse the samples collected by Terveystalo in its
in-house laboratory (pilot).
In addition, we established a subsidiary in China. The aim of the subsidiary is
to provide support for building a distribution channel in China. Furthermore,
we launched a project to outsource our sales organisation in Russia to our new
partner Melon Pharma and initiated a (pilot) GastroPanel screening programme in
Kazakhstan. We have also concluded other distributor arrangements during the
period under review.
This year, the focus of business development has been on securing distributors
and customers both in Finland and in particular internationally through
partnering. Our primary goal is to create a motivated, professional and strong
global network of distributors.
The company initiated statutory employer-employee negotiations in September for
production-related and financial reasons, with the aim of adjusting the Group's
cost structure to the new distribution channel strategy and also with regard to
production, R&D, sales and marketing. The negotiations ultimately led to the
reduction of two employees and several changes in job descriptions. At the end
of September 2012, the Group had a total of 39 employees.
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 now has extensive
patent coverage in Europe. The company was also recently granted a patent “The
method for diagnosing atrophic gastritis” protecting the GastroPanel invention
in China, and patent for the product neutralising carcinogenic acetaldehyde and
its manufacturing method in the United States.
GROUP'S KEY FIGURES
7-9/12 7-9/11 Change 1-9/12 1-9/11 Change 1-12/11
--------------------------------------------------------------------------------
Net sales, MEUR 0.5 0.5 -0.0 1.4 1.5 -0.1 2.2
--------------------------------------------------------------------------------
Operating -1.2 -0.7 -0.5 -3.4 -2.5 -0.9 -6.0*
profit/loss, MEUR
--------------------------------------------------------------------------------
Profit/loss before -0.8 -0.4 -0.4 -2.8 -2.9 0.1 -6.5*
taxes, MEUR
--------------------------------------------------------------------------------
Profit/loss of 0 1.0 -1 0 3.5 -3.5 50.3
discontinued
operations, MEUR
--------------------------------------------------------------------------------
Profit/loss for the -0.8 0.5 -1.3, -2.8 0.4 -3.2 -12.6*
period, MEUR
--------------------------------------------------------------------------------
Average number of 39 36 2 39 36 2 36
personnel
--------------------------------------------------------------------------------
Number of personnel 39 36 3 39 36 3 34
at the end of
period
--------------------------------------------------------------------------------
Equity ratio, % 89.8% 46.1% 89.8% 46.1% 74.0%
--------------------------------------------------------------------------------
Earnings per share, -0.06 0.04 -0.1 -0.20 0.30 -0.50 2.86**
EUR
--------------------------------------------------------------------------------
Equity per share, 2.68 1.14 1.54 2.68 1.14 1.54 4.0
EUR
--------------------------------------------------------------------------------
Average number of 13,615, 12,937, 677,96 13,615, 12,937 677,96 13,613,
shares during the 593 627 6 593 ,627 6 616
period
--------------------------------------------------------------------------------
Number of shares at 13,615, 12,937, 677,96 13,615, 12,937 677,96 13,613,
the end of period 593 627 6 593 ,627 6 616
--------------------------------------------------------------------------------
*)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 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 been transferred from the expenses of the liquid handling business to the
expenses of the Healthcare business this year.
NET SALES AND RESULTJuly-September
Net sales for the third quarter decreased by 4.9 per cent from 2011 to MEUR 0.5
(MEUR 0.5).
The operating loss was EUR 1.2 million (MEUR -0.7). International operations
accounted for 90 per cent (96%) of net sales in July-September. Utilising the
very high potential of HealthCare products and services and subsequent growth
of business requires major investments in marketing and the strengthening of
the organization. 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 third-quarter result.
Net sales and result of the Group
7-9/12 7-9/11 Change 1-9/12 1-9/11 Change 1-12/1
MEUR MEUR 1
--------------------------------------------------------------------------------
Net sales, MEUR 0.5 0.5 0.0 1.4 1.5 -0.1 2.2
--------------------------------------------------------------------------------
Operating -1.2 -0.7 -0.5 -3.4 -2.5 -0.9 -6.0*
profit/loss, MEUR
--------------------------------------------------------------------------------
BALANCE SHEET
On 30 September 2012, the balance sheet total was EUR 40.9 million (EUR 33.7
million) and the equity ratio was 89.3 per cent (46.1%).
FINANCING
Biohit Oyj's financial position has remained stable during the third quarter
and is significantly better than during the corresponding period in 2011. The
main reason for the strengthening of the financial position is the divestment
of Biohit Oyj's liquid handling business to Sartorius Lab Holding GmbH on 14
December 2011.
The aim of the company's investment activity is to achieve profit at a very low
risk of capital loss. The investment portfolio consists of deposits,
investments in the financial market and company loans. The company uses at
least two partners in its investment operations.
RESEARCH AND DEVELOPMENT
R&D operations have focused on improving and upgrading existing innovations and
products. The company also employs external experts and subcontractors in its
R&D operations. No development costs were capitalised for the HealthCare
business.
Gross investments in R&D during the reporting period totalled EUR 0.6 million
(EUR 0.4 million in 1-9/2011).
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.0 million (EUR 3.8
million). PERSONNEL
During the reporting period, the average number of personnel in the HealthCare
business employed by the Group was 39 (36 in the corresponding period in 2011),
of whom 30 (22) were employed by the parent company and 9 (14) by the
subsidiaries. At the end of the reporting period, the Group had 39 employees,
of whom 30 were employed by the parent company and 9 by its subsidiaries. Two
people still work for the company's divested subsidiaries for the transition
period.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The company's key risks relate to the investments required to grow its
HealthCare business. Such risk factors include successful selection and
development of distribution channels, recruitment of personnel and pricing of
products.
The aim of the company's liquid asset investment activity is to achieve profit
at a very low risk of capital loss. The investment portfolio consists of
deposits, investments in the financial market and company loans. Sufficient
distribution of investments between asset categories, investment instruments
and counterparties is essential. The company uses at least two partners in its
investment operations.
Customers in the HealthCare business will be 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. The improvement
of net sales will depend on how quickly the new distributor agreements result
in orders.
The Group's full-year net sales for 2012 will fall somewhat short of the
previous year. The company expects to achieve a positive result during 2013 or
in the first half of 2014.
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 journal, the Healthy Stomach
Initiative group's 16 leading gastroenterology experts from twelve 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 screening and referring patients suffering from
abdominal problems and gastric cancer patients with or without symptoms and
other risk patients for gastroscopy and treatment (www.biohit.fi/ ”GastroPanel
biomarkers”: Rationale in diagnosis and screening of atrophic gastritis with
stomach-specific plasma biomarkers”).
The state-of-the-art, highly informative, safe and cost-effective GastroPanel
examination for diagnosing dyspepsia and Helicobacter pylori infection and
atrophic gastritis 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, and usually
irrevocable.
• Undiagnosed 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.
• The absorption of dipyridamole, some iron products and antifungals
(fluconazole, itraconazole), thyroxine and atazanavir is impaired in an
anacidic stomach. Particularly in senior citizens, the risk of severe
intestinal infections (such as giardiasis, malaria, Clostridium difficile and
E. coli EHEC) may increase significantly.
• 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 known risk for gastric cancer. In some cases,
gastric cancer is directly caused by H. pylori-induced gastritis. Hereditary
gastric cancer occurs in less than 1% of the population.
• Furthermore, none of the aforementioned three H. pylori tests provide any
information on excessive gastric acid secretion, which in patients with
gastro-oesophageal reflux disease may cause complications from this disease.
Such complications are often asymptomatic and include ulcerative oesophagitis
and Barrett's oesophagus, which may lead to oesophageal cancer if left
untreated. If complications of gastroesophageal reflux disease are suspected
due to excessive acid secretion, or if the patient has atrophic gastritis or
symptomatic Helicobacter pylori infection, gastroscopy is required to rule out
cancer and other risks.
• In addition, the 13C urea breath test and stool antigen test may give up to
40% false negative results for H. pylori infection, meaning that this infection
and the associated cancer risks etc. are not diagnosed if the patient has
atrophic gastritis, MALT lymphoma or bleeding peptic ulcer disease or if the
patient is currently receiving antibiotics or PPI treatment.
In order to prevent medical malpractice, unnecessary costs and even unnecessary
deaths caused by cancer, the current Helicobacter pylori tests should be
replaced by the GastroPanel biomarker test. With the GastroPanel tests readily
available, treating patients suffering from stomach discomfort without further
diagnosis can no longer be justified. Risky self-treatment of stomach
discomforts may delay the diagnosis of, for example, precancerous gastric
lesions until the disease has progressed beyond treatment. Approximately
one-third of the population in Finland suffers from stomach discomfort. Tens of
thousands of patients from this group receive proton pump inhibitor (PPI)
treatment or take prescription-free PPI medication, regardless of the fact that
they already have an achlorhydric stomach caused by atrophic gastritis and the
associated risks of cancer and other diseases.
Proton pump inhibitor (PPI) medications, both prescribed and those available
without prescription, come with the following warning: “If the patient has
alarming symptoms (e.g. significant unintentional weight loss, persistent
continuous vomiting, difficulty swallowing, blood in vomit or in stool) and a
suspected or diagnosed peptic ulcer, any malignant conditions must be ruled out
because PPI treatment can alleviate the symptoms and delay diagnosis.” This
warning is justified but insufficient to lower the extremely high mortality
rate in patients with stomach and oesophageal cancer. When “alarming symptoms”
have appeared, the cancer has usually advanced to a non-curable stage. Despite
this warning and without ruling out atrophic gastritis (achlorhydric stomach),
stomach discomfort is very often treated with PPI and other medications that
reduce gastric acid (HCl). Furthermore, atrophic gastritis and the associated
cancer risk caused by both a Helicobacter pylori infection and an autoimmune
disease typically cause few or no symptoms.
Osteoporosis and vitamin B12 deficiency represent a major public health problem
among the elderly, and may typically be caused by asymptomatic undiagnosed
atrophic gastritis. A person with an autoimmune atrophic gastritis of the
corpus may simultaneously suffer from an another autoimmune disease, such as
thyroiditis, celiac disease, rheumatoid arthritis and type 1 diabetes; or vice
versa, a person with thyroiditis and type 1 diabetes often suffers from
autoimmune asymptomatic atrophic gastritis and the resulting risk of gastric
and oesophageal cancer as well as vitamin B12 deficiency. GastroPanel helps to
detect at-risk patients in time and refer them for gastroscopy and treatment.
Clinical trial
Biohit Oyj has launched 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
product 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 10-20% 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. The trial is expected to be complete by the end of 2012.
Clinical trials with the Acetium capsule in Japan, Italy and Sweden will
proceed following statements by the relevant ethics committees. The aim is to
gain additional international research data to support the Acetium capsule
study in Finland in patients with achlorhydric stomach and ALDH2 deficiency.
Acetium lozenge and BioFilter
At 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 late 2012 will investigate whether the Acetium
lozenge tablet binding and neutralising acetaldehyde dissolved into saliva from
cigarette smoke helps smokers to give up smoking.
It is known based on numerous animal tests that cancer-causing acetaldehyde
also causes strong addiction.BioFilter is a filter solution for smokers, and it
effectively binds acetaldehyde from cigarette smoke, thereby preventing it from
entering the smoker's saliva and respiratory tract. 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 Finnish 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 in Biohit Oyj's management during the third quarter
The responsibilities of Biohit Oyj's CFO, Jussi Kolunen, were expanded to
include corporate communications in addition to finances and HR as of 31 July.
The composition and responsibilities of Biohit Oyj's Management Team are as
follows:
Semi Korpela, CEO
Jussi Kolunen, Finance, HR and Communications
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 27.6 million.
(EUR 30.9 million on 30 September 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 1-9/2012 1-9/2011
-----------------------------------------------
High, EUR 3.97 3.38
Low, EUR 2.00 1.74
Average, EUR 2.85 2.52
Latest, EUR 2.03 2.27
Turnover, EUR 8,981,178 4,454,892
Turnover, volume 3,147,611 1,768,148
Shareholders
At the end of the reporting period on 30 September 2012 the company had 4,569
shareholders (4,495 shareholders on 30 September 2011). Private households held
71.91% (68.45%), companies 21.68% (23.43%) and public sector organisations
2.51% (2.52%) of the shares. Foreign ownership or nominee registrations
accounted for 3.90% (5.60%) of shareholding.
Further information on the shares, major shareholders, and management's
shareholdings is available on the company's website at
www.biohit.fi/sijoittajat.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
Following the divestment made on 14 December 2011, the HealthCare business is
presented as continuing operations for 2011 and the liquid handling business as
discontinued operations. Separate segment-based reporting will no longer be
provided. Since the beginning of 2012, Biohit Oyj has reported income statement
figures for the current and comparison periods in an operation-specific format.
In other respects Biohit Oyj has applied the same accounting principles in
preparing this financial statement bulletin as for its 2011 financial
statements. The IFRS standards that came into effect in 2012 did not affect the
accounting principles.
All 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
MEUR 7-9/12 7-9/11 Change 1-9/12 1-9/11 Change 1-12/1
1
--------------------------------------------------------------------------------
Net sales 0.4 0.5 -0.1 1.4 1.5 -0.1 2.2
--------------------------------------------------------------------------------
Materials and services -0.3 -0.3 0.0 -0.8 -0.9 0.2 -1.5
--------------------------------------------------------------------------------
Gross margin 0.2 0.2 0.0 0.6 0.5 0.0 0.7
--------------------------------------------------------------------------------
Sales and marketing -0.6 -0.2 -0.4 -1.5 -0.8 -0.6 -1.3
--------------------------------------------------------------------------------
Administration -0.6 -0.6 -0.0 -2.0 -1.8 -0.2 -2.1
--------------------------------------------------------------------------------
Research and development -0.2 -0.1 -0.1 -0.6 -0.4 -0.2 -0.7
--------------------------------------------------------------------------------
Goodwill depreciation 0 0 0 0 0 0 -2.6
--------------------------------------------------------------------------------
Other operating income 0 0 0 0 0 0 0.0
--------------------------------------------------------------------------------
Operating profit/loss -1.2 -0.7 -0.5 -3.4 -2.5 -0.9 -6.0
--------------------------------------------------------------------------------
Financial income 0.3 0 0.3 0.9 0 0.9 0.2
--------------------------------------------------------------------------------
Financial expenses -0.2 -0.2 -0.0 -0.4** -0.4 0.0 -0.7
--------------------------------------------------------------------------------
Profit/loss before taxes -0.8 -0.4 -0.4 -2.8 -2.9 0.1 -6.5
--------------------------------------------------------------------------------
Income taxes 0 -0.1 0.1 0 -0.2 0.1 -6.1
--------------------------------------------------------------------------------
Profit for the period, -0.8 -0.5 -0.3 -2.8 -3.1 0.3 -12.6
continuing operations
--------------------------------------------------------------------------------
Profit for the period, 0 1.0 -1.0 0 3.5 -3.5 50.3*
discontinued operations
--------------------------------------------------------------------------------
Other comprehensive
income:
--------------------------------------------------------------------------------
Translation difference 0 -0.0 0.0 0 0 0 0.1
--------------------------------------------------------------------------------
Total comprehensive -0.8 0.5 -1.3 -2.8 0.4 -3.1 -12.5
income
--------------------------------------------------------------------------------
*) Includes a capital gain of MEUR 46.1 from the divestment of the liquid
handling business
**))The portion of the repaid convertible bond entered into the fund for the
investment of unrestricted equity had a EUR -0.2 million effect on the
financing costs
Earnings per share calculated from earnings attributable to 1-9 1-9 1-12
equity holders of the parent company 2012 2011 2011
--------------------------------------------------------------------------------
Earnings per share, undiluted*, EUR -0.20 0.03 0.00
--------------------------------------------------------------------------------
*) Convertible bond is not dilutive in respect of earnings per share in the
financial years 2012 and 2011
CONSOLIDATED BALANCE SHEET
30 Sep 2012 30 Sep 2011 31 Dec 2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 0.0 2.6 0.0
Intangible assets 0.2 3.7 0.3
Property, plant and equipment 0.0 0.0 0.1
Receivables 8.0* 7.9 6.8*
Deferred tax assets 0.0 1.7 0.0
--------------------------------------------------------------------------------
Total non-current assets 8.2 16.0 7.3
CURRENT ASSETS
Inventories 0.4 6.4 0.3
Trade and other receivables 1.1 7.6 6.0
Financial assets at fair value through 30.9 1.7 10.0
profit and loss
Cash and cash equivalents 0.3 2.0 47.9
Total current assets 32.7 17.7 64.2
--------------------------------------------------------------------------------
TOTAL ASSETS 40.9 33.7 71.5
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 2.3 2.3 2.3
Invested unrestricted equity fund 3.4 14.3 14.3
Translation difference 0.0 0.0 0.0
Retained earnings 30.6 -1.1 36.2
--------------------------------------------------------------------------------
Total equity 36.3 15.5 52.8
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.0 0.1 0.0
Pension obligations 0.0 0.2 0.0
Total interest-bearing liabilities 0.0 9.8 0.0
Other liabilities 0.0 0.7 0.1
--------------------------------------------------------------------------------
Total non-current liabilities 0.0 10.8 0.1
CURRENT LIABILITIES
Trade payables 0.4 2.5 3.0
Total interest-bearing liabilities 0.4 1.2 4.9
Deferred tax liabilities 0.0 0.0 4.5
Other liabilities 3.8 3.7 6.1
--------------------------------------------------------------------------------
Total current liabilities 4.6 7.4 18.5
Total liabilities 4.6 18.2 18.6
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 40.9 33.7 71.5
LIABILITIES
*) Includes EUR 6.8 million in receivables from a business transaction; these
funds are placed in an escrow account. Funds will be released from the escrow
account on 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 2012
--------------------------------------------------------------------------------
MEUR Share Translation Invested Retained Total
capita difference unrestricted earnings shareholders
l equity fund ' equity
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 14.3 36.2 52.8
equity 1 Jan 2012
Total 0.0 -10.9 -5.5 -16.4
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 3.4 30.6 36.3
equity 30 Sep
2012
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 30 September 2011
--------------------------------------------------------------------------------
MEUR Share Translation Invested Retained Total
capita difference unrestricted earnings shareholders
l equity fund ' equity
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity 1 Jan 2011
Share issue 0.1 1.9 2.0
Total -0.0 0.4 0.4
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.3 -0.2 14.3 -1.1 15.5
equity 30 Sep
2011
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-9/2012 1-9/2011 1-12/2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit for the period -2.8 0.4 37.7
Adjustments -0.7 1.9 -35.0
CHANGE IN WORKING CAPITAL -0.2 -0.7 2.8
Interest paid and payments on other -0.7 -0.3 -0.8
operational financial expenses
Interest received 0.2 0.0 0.0
Realised exchange rate gains and losses 0.0 -0.1 0.4
Income taxes paid -4.5 -0.1 -0.2
--------------------------------------------------------------------------------
Net cash flow from operating activities -8.4 1.1 5.0
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets 0.0 -1.4 -4.1
Capital gain from sales of business 0.0 0.4 56.5
Capital gain from investments 0.0 0.0 0.4
Investments and capital gain from investments -20.9 -1.2 -9.5
in funds and deposits, net
--------------------------------------------------------------------------------
Net cash flow from investments -20.9 -2.2 43.4
CASH FLOW FROM FINANCING ACTIVITIES
Share issue 0.0 2.0 2.0
Dividend payout -13.6 0.0 0.0
Proceeds from loans 0.0 0.5 0.5
Repayments of loans -4.7 -1.1 -4.6
--------------------------------------------------------------------------------
Net cash flow from financing activities -18.3 1.4 -2.1
Increase (+) / decrease (-) in cash and cash -47.6 0.3 46.2
equivalents
Cash and cash equivalents at the beginning of 47.9 1.7 1.6
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 the 0.3 2.0 47.9
period
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
1-9/2012 1-9/2011 1-12/2011
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Collateral given for the parent company
Corporate mortgages 0.0 2.5 0.0
Mortgages on real estate 0.0 2.7 0.0
Collateral given on behalf of
subsidiaries
Guarantees 0.0 0.2 0.0
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments:
--------------------------------------------------------------------------------
Due for payment in one year 0.0 0.8 0.6
Due for payment in over 1 year but less 0.0 0.9 0.7
than 5 years
Due for payment in more than 5 years
--------------------------------------------------------------------------------
Total 0.0 1.7 1.3
--------------------------------------------------------------------------------
Other rental commitments:
--------------------------------------------------------------------------------
Due for payment in one year 0.2 0.8 0.1
Due for payment in over 1 year but less 0.4 1.0 0.1
than 5 years
Due for payment in more than 5 years 0.0 0.2 0.0
--------------------------------------------------------------------------------
Total 0.6 2.0 0.0
--------------------------------------------------------------------------------
Total other liabilities 0.0 3.7 1.6
--------------------------------------------------------------------------------
Total collaterals and contingent 0.6 9.1 1.6
liabilities
--------------------------------------------------------------------------------
Helsinki, 25 October 2012
Biohit Oyj
Board of Directors
Further information:
Semi Korpela
President and CEO
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 is to improve health and quality of living. Biohit
specialises in products and systems that promote the diagnostics and prevention
of gastrointestinal diseases.
Innovations and patents
The company applies determined and long-term innovation and patenting strategy
in cooperation with scientific communities (www.biohit.fi/yritys/historia:
Aggressive innovation and patenting strategy). New technology based on research
data and innovations is used for providing practical medicine and research
institutions with new solutions that can promote research and human well-being.
Diagnostics
The diagnostics business comprises products and analysis systems for the early
diagnosis and prevention 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
Helicobacter pylori infection in connection with gastroscopy, and the ColonView
test for the early detection of intestinal bleeding that indicates a risk of
colorectal cancer. The Acetium innovation reduces the amount of cancer-causing
acetaldehyde in an anacidic stomach.
Biohit Group
The Group employs approximately 38 people. Its headquarters are in Helsinki,
with subsidiaries in the United Kingdom and China. In addition, Biohit's
products are sold worldwide by several distributors.
Biohit in the stock exchange
The company was listed on the Helsinki Stock Exchange in 1999. Biohit's Series
B shares (BIOBV) are quoted on NASDAQ OMX Helsinki in the Small Cap/Healthcare
group. GastroPanel study
www.biohit.fi
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