2011-08-18 08:30:00 CEST
2011-08-18 08:30:07 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
Interim report of the Biohit Group 1 January to 30 June 2011
SUMMARY
January-June H1/2011:
-- Net sales EUR 20.5 million (EUR 19.3 million 1-6/2010), growth 6.1%
-- Operating profit EUR 0.7 million (EUR 0.0 million)
-- Profit before taxes EUR 0.0 million (EUR 0.4 million)
-- International operations accounted for
96.0 per cent
(96.5%) of net sales
-- Earnings per share EUR -0.01 (EUR 0.02)
April-June Q2/2011:
-- Net sales EUR 10.2 million (EUR 9.9 million), growth 2.4%
-- Operating profit EUR 0.1 million (operating loss EUR 0.1 million)
-- Profit before taxes EUR -0.1 million (EUR 0.3 million)
-- International operations accounted for 95.6 per cent (96.5%) of net sales
-- Earnings per share EUR -0.01 (EUR 0.01 )
JUSSI HEINIÖ, PRESIDENT AND CEO:
“Our net sales continued to grow during the second quarter of the year. In the
first half of the year, net sales grew by 6.1% and in the second quarter by
2.4%. Fixed costs remained at the previous year's level. Consequently, the
operating result also improved in the second quarter, representing 0.9% of net
sales or 3.3% cumulatively. However, the loss for the reporting period was EUR
0.1 million, mainly due to exchange rate losses related to the long payment
terms of subsidiaries' account payables.
In the liquid handling business, demand particularly focused on mechanical
pipettes, where net sales for the first half grew by 17.0% on the previous
year. Other product groups showed somewhat more moderate growth.
Geographically, Europe, Russia and China saw fairly strong growth. However,
sales decreased elsewhere in Asia. In Japan, the economic situation after the
earthquake is still negatively affecting demand. In North America, demand
decreased, possibly due to the country's challenging economic situation.
In our diagnostics business, we focused on seeking new distributor partners for
our products and on shifting the sales focus from the Finnish to the
international markets. In addition to Finland, Acetium has now been launched in
Germany, but thus far, growth in total net sales of the product has been
modest. With Acetium launched on the French market at the end of the second
quarter, new sales have yet to impact on the second quarter figures.
As stated in our strategy, we will continue our cost saving efforts and we aim
at investing in profitable growth. However, the possibility of an increase in
the current uncertainty in the world economy will hamper efforts to assess the
future outlook.”
KEY FIGURES
4-6/2011 4-6/2010 Change 1-6/2011 1-6/2010 Change
1-12/2010 1-12/2009
% %
--------------------------------------------------------------------------------
--------------
Net 10.2 9.9 2.4 20.5 19.3 6.1
40.0 35.4
sales
, MEUR
Operat 0.1 -0.1 258.9 0.7 0,0 2272.4
0.5 1.2
ing
profi
t/loss
, EUR
milli
on
% of 0.9 % -0.6 % 3.3 % 0.1 %
1.3 % 3.4 %
net
sales
Profit -0.1 0.3 -120.2 0,0 0.4 -93.0
0.4 0.7
/loss
befor
e
taxes
Profit -0.1 0.1 -214.1 -0.1 0.2 -141.5
0.1 0.4
/loss
for
the
perio
d
Invest 2.8 0.6 393.5 3.3 1.5 124.2
2.6 2.4
ments,
gross
, EUR
milli
on
% of 27.5 % 5.9 % 16.0 % 7.8 %
6.4 % 6.9 %
net
sales
R& 0.7 0.6 10.2 1.2 1.2 -0.4 2.5
2.4
D
expen
diture
, EUR
milli
on
% of 6.7 % 6.2 % 6.0 % 6.4 %
6.4 % 6.8 %
net
sales
Averag 440 399 10.3 441 394 11.8
412 370
e
numbe
r of
perso
nnel
Number 452 406 11.3 452 406 11.3
431 383
of
perso
nnel
at
end
of
perio
d
Equity 40.7 % 44.9 % 40.7 % 44.9 %
44.5 % 46.8 %
ratio
, %
Earnin -0.01 0.01 -214.1 -0.01 0.02 -141.5
0,00 0.03
gs per
share
, EUR
Shareh 0.99 1.02 -2.6 0.99 1.02 -2.6
1.01 0.99
olders
'
equit
y per
share
, EUR
Averag 12,937,627 12,937,627 0 12,937,627 12,937,627 0
12,937,627 12,937,627
e
numbe
r of
share
s
durin
g the
perio
d
Number 12,937,627 12,937,627 0 12,937,627 12,937,627 0
12,937,627 12,937,627
of
share
s at
end
of
perio
d
REPORTING
Biohit reports on its business segments, which are the liquid handling and
diagnostics businesses. In addition, the company reports its net sales by main
market area.
NET SALES AND RESULT
April-June
In the second quarter, net sales were up 2.4 per cent on the corresponding
period in 2010, amounting to EUR 10.2 million (EUR 9.9 million). International
operations accounted for 95.6 per cent (96.5%) of net sales in April-June.
Operating profit for the second quarter amounted to EUR 0.1 million (operating
loss EUR 0.1 million), loss before taxes to EUR 0.1 million (profit before
taxes EUR 0.3 million) and earnings per share were EUR -0.01 (EUR 0.01). Loss
for the reporting period was EUR 0.1 million due to exchange rate changes
related to receivables from subsidiaries.
In the second quarter, growth in net sales was more moderate than in the early
months of the year. Net sales continued to grow in Europe and Russia, but
decreased in America and Asia, except for China.
January-June
In January-June, net sales were up 6.1 per cent on the corresponding period in
2010, and amounted to EUR 20.5 million (EUR 19.3 million). International
operations accounted for 96.0 per cent (96.5 %) of net sales.
Operating profit amounted to EUR 0.7 million (EUR 0.0 million) and the profit
before taxes to EUR 0.0 million (EUR 0.4 million). Earnings per share were EUR
-0.01 (EUR 0.02).
Biohit's net sales developed favourably during the first half of the year,
although the company still lags behind its growth targets for the entire year.
Moderate growth was mainly due to the more modest than expected development
among North American and Indian units, as well as a slow start to new sales of
products in the diagnostics business.
Thanks to efficiency measures and growth in net sales, profitability improved
on the previous year. However, the result for the reporting period showed a
loss of EUR 0.1 million due to exchange rate changes connected with receivables
from subsidiaries. The result was thus significantly weakened by the
strengthening of the euro from the previous year.
Key figures by segment, January-June
During the period, 95.3% of the net sales was generated by liquid handling
products and related maintenance services. The net sales of the liquid handling
business amounted to EUR 19.5 million (EUR 18.3 million) and the net sales of
the diagnostics business to EUR 1.0 million (EUR 1.1 million). The liquid
handling business grew by 6.9% and the diagnostics business decreased by 8.0%
The operating profit of the liquid handling business amounted to EUR 1.9
million (EUR 1.3 million), while the operating loss of the diagnostics business
totalled EUR 1.3 million (operating loss of EUR 1.3 million).
Group net sales by segment
4-6 2011 4-6 2010 Change 1-6 2011 1-6 2010 Change 1-12 2010
MEUR MEUR % MEUR MEUR % MEUR
--------------------------------------------------------------------------------
Liquid 9.6 9.4 2.7 19.5 18.3 6.9 37.8
Handling
Diagnostic 0.5 0.6 -1.5 1.0 1.1 -8.0 2.2
s
--------------------------------------------------------------------------------
Total 10.2 9.9 2.4 20.5 19.3 6.1 40.0
--------------------------------------------------------------------------------
Group operating profit by segment
4-6 2011 4-6 2010 Change 1-6 2011 1-6 2010 Change 1-12 2010
MEUR MEUR % MEUR MEUR % MEUR
--------------------------------------------------------------------------------
Liquid 0.7 0.6 14.5 1.9 1.3 44.6 3.4
Handling
Diagnosti -0.6 -0.7 8.9 -1.3 -1.3 3.1 -2.9
cs
--------------------------------------------------------------------------------
Total 0.1 -0.1 258.9 0.7 0.0 2272.4 0.5
--------------------------------------------------------------------------------
Group net sales by geographical area
Net sales, 4-6/2011 4-6/201 Change, 1-6/2011 1-6/2010 Change, 1-12/201
MEUR 0 % % 0
--------------------------------------------------------------------------------
Europe 5.4 5.2 4.8 11.2 10.2 9.2 20.8
America 1.9 2.0 -7.6 3.8 3.9 -3.0 7.6
Asia 1.2 1.3 -6.1 2.8 2.9 -3.8 6.2
Other 1.6 1.4 16.8 2.8 2.3 20.1 5.4
Group, 10.2 9.9 2.4 20.5 19.3 6.1 40.0
total
--------------------------------------------------------------------------------
The impact of currency exchange rates
The net sales grew by 6.1% during the review period, and by 7.3% in local
currencies. The operating profit was significantly weakened by the
strengthening of the euro from the previous year, Biohit recording currency
exchange losses of EUR 0.3 million in receivables from subsidiaries. In the
corresponding period in 2010, Biohit booked currency exchange gains of EUR 0.6
million.
BALANCE SHEET
On 30 June 2011, the balance sheet total was EUR 31.7 million (EUR 29.7
million) and the equity ratio 40.7 per cent (44.9%). The decrease in equity
ratio was mainly due to investments.
FINANCING
Cash flow in the reporting period was EUR -0.0 million (EUR 0.2 million). Net
cash flow from operating activities amounted to EUR 0.6 million (EUR 1.5
million). At the end of the reporting period, the Group's liquid assets
totalled EUR 1.6 million (EUR 2.0 million on 30 June 2010 and EUR 2.2 million
on 31 December 2010). Current ratio was 2.0 (1.4). Financing costs have
increased significantly from last year, mainly due to the exchange rate changes
related to receivables from subsidiaries.
RESEARCH AND DEVELOPMENT
Research and development expenditure during the reporting period amounted to
EUR 1.2 million (EUR 1.2 million), representing 6.0% of net sales (6.4%). EUR
0.4 million (EUR 0.4 million) in development expenditure was capitalised during
the period.
INVESTMENTS
Gross investments during the reporting period totalled EUR 3.3 million (EUR 1.5
million). During the reporting period, Biohit made a real estate acquisition in
France, to optimise its operations by centralising its functions in one
location. The acquisition accounted for EUR 2.0 million of the total
investments and it was financed with finance leasing. As a result of the sale
of Biohit's previous real estate unit, the net investment in land and building
was EUR 1.6 million.
PERSONNEL
During the period, the average number of personnel employed by the Group was
441 (394 in the corresponding period in 2010), of whom 195 (182) were employed
by the parent company and 246 (212) by the subsidiaries. The number of
personnel has increased particularly in the Asian units.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
There have been no significant changes in the short-term risks previously
reported by the company since the first quarter. Costs arising from Biohit's
business growth and their impact on the company's profitability, as well as
changes in currency exchange rates, still represent the company's most relevant
risks.
Costs arising from the Group's business growth represent the most essential
risk associated with Biohit's business operations. Although there was
significant growth in net sales in 2010, at the same time the fixed costs grew
considerably. Business development and new product launches require continuous
investments that represent a challenge in terms of the Group's financial
position. By increasing sales and cutting costs, the company has managed to
improve its profitability during the current year.
The development of the diagnostics business directly affects the profitability
of the entire Group. Failure to meet the net sales targets of the segment
weakens the Group's profitability. In the long term, failing to meet these
growth expectations may also result in a EUR 2.6 million impairment of goodwill
associated with the diagnostics products. That said, long-term development
efforts of the diagnostics business continued during the reporting period, and
seems to be yielding results. The company thus estimates that the risk of
impairment has not grown.
Profitability of the liquid handling business has been burdened this year by
lower than expected sales in the North American, Indian and Japanese markets.
The impact of the earthquake in Japan has proven to have a significant impact
on the country's infrastructure and demand for liquid handling products. No
growth is therefore expected this year for Biohit's net sales in Japan. In
North America and India, the company expects to see a more favourable growth
trend during the rest of the year. However, uncertainty in the U.S. market may
have a significant impact on demand.
The company conducts a large part of its business in currencies other than the
Euro. Exchange rate fluctuations related to intra-Group receivables are
recorded under financial items. The parent company partly finances the working
capital needs of the subsidiaries by granting long payment terms on accounts
payables, which results in changes in exchange rates items and thus in the
financing costs of the Group.
The company hedges against the currency risks associated with external
receivables by making procurements in currencies other than the Euro and by
making every effort to build a cost structure in which a significant proportion
of fixed costs are in other currencies.
OUTLOOK FOR 2011
The strong growth in Biohit's net sales in 2010 was partly a result of the
economic recovery. This year, the growth trend has been more moderate. The
uncertainty in the world economy has strengthened in the spring and summer,
which has reflected also on the demand of Biohit's products, especially in
North America. Biohit has, however, strengthened its position in the Asian
market and in South America, which is anticipated to have a favourable impact
on the development of the net sales.
The growth in the liquid handling business is anticipated to continue also this
year, based mainly on the growth in demand for mechanical pipettes and
disposable tips.
In the diagnostics business, Biohit invested heavily in domestic markets in
2010. This year, the focus is being shifted towards international markets, with
the aim of strengthening the growth of the diagnostics business. The majority
of net sales is expected to come from the sale of diagnostic tests. Net sales
growth generated by Acetium materially depends on whether co-operation with
bigger players will lead to its international distribution.
The Group's total net sales are expected to grow by more than 10% this year,
and the total operating result is expected to account for approximately 5% of
net sales. Meeting this objective is subject to there being no marked increase
in the current uncertainty in the market.
MAIN EVENTS IN THE REPORTING PERIOD Liquid handling business
In its liquid handling business Biohit develops, manufactures and markets
laboratory equipment and accessories for the pharmaceutical, food, and other
industries as well as for research institutes, universities and hospitals. The
product range includes mechanical and electronic pipettes and disposable tips.
While the majority of the products are marketed under the Biohit brand, the
company also manufactures customised OEM (original equipment manufacturer)
products based on its innovations and technologies. These products complement
the diagnostic test and analysis systems of many global companies, such as 3M,
three Johnson & Johnson companies, and bioMérieux. In addition, Biohit offers
maintenance, calibration and training services for liquid handling products
through its distributor network.
Liquid handling 1-6/2011 1-6/2010 1-12/2010
---------------------------------------------------------------
Net sales, MEUR 19.5 18.3 37.8
---------------------------------------------------------------
Change, % 6.9 % 13.2 % 12.7 %
---------------------------------------------------------------
Operating profit/loss, MEUR 1.9 1.3 3.4
---------------------------------------------------------------
Change, % 44.6 % 5.1 % 4.2 %
---------------------------------------------------------------
Operating result, % of net sales 9.9 % 7.3 % 8.9 %
---------------------------------------------------------------
During the reporting period, sales developed favourably in the liquid handling
business for mechanical pipettes. The profitability of business remained at a
satisfactory level.
In June, Biohit launched a new electronic pipette, ideally suited to dispensing
small volumes of liquid. Thanks to the pipette's patented technology, liquid is
dispensed from its tip very rapidly. This ensures a completely empty tip,
thereby avoiding the usual drop left at the tip end and the need to touch the
receiving vessel rim during pipetting. As a result, liquid handling is
contamination free, more precise and faster than with other pipettes
(www.biohit.com/NeweLine0.1-5ulwithSuperPipettingfunction/ReadmoreandWatchVideo)
.
Biohit launched the pipette under the commercial name eLINE 0.1 - 5 µl. The
pipette is suitable for handling 0.1 - 5 micro litres of liquid and is targeted
at molecular biology laboratories in particular. The new unique pipette
complements Biohit's range of single-channel pipettes.
Earlier this year, Biohit expanded its business with a new solution, by
launching an automatic liquid handling instrument, Biohit Roboline, which
broadens the scope of Biohit's diagnostics business. The compact structure and
operation of the device are based on the innovations and technical solutions
utilised in Biohit's electronic pipettes. This product, belonging to
diagnostics business, has raised widespread interest in the research
laboratories of the pharmaceuticals industry, diagnostics and universities. To
date, the product has been introduced to customers in France and the UK as well
as in the USA, Russia and China.
Roboline is suitable for accurate, efficient and safe automatic handling of
samples and reagents in various types of diagnostics. These include
immunoassays especially for the GastroPanel examination and several other
immunoassays using microplates and vertical photometry-based analysis
instruments. Roboline increases the automation level of vertical
photometry-based analysis instruments already used on the market. Vertical
photometry, which can be used to analyse reaction mixtures in cuvettes in
microplates, has become a global industrial standard for analysis instruments
of various types.
The Roboline based analyzer is under development. This fully automated analyzer
for GastroPanel and any other microplate immunoassays, as other microplate
readers and automated analyzing systems on the market today, is also based on
the vertical measurement principle, which revolutionized microplate analyses
worldwide. The vertical measurement principle has been utilized extensively and
very successfully since the 1970's and it can justifiably be called the “global
laboratory and industrial standard”. This principle has resulted, among other
things, in rapid and broad development of reliable and safe microplate-based
immunoassays, which use non-radioactive tracers. GastroPanel immunoassays are
based on these immunoassays (www.google.com /”Suovaniemi equation” and
www.biohit.com / About Us/ History).
Diagnostics business
In its diagnostics business, Biohit develops, manufactures and markets tests
and analysis systems for the diagnosis and prevention of diseases of the
gastrointestinal tract. These tests and systems are based on innovations and
reliable 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 to reduce exposure to
acetaldehyde in the gastrointestinal tract and food.
The Acetium capsule developed by the company binds (inactivates) carcinogenic
acetaldehyde in the stomach. Acetium products were 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 in order to prevent the eventual risk for
gastric and oesophageal cancer by those who:
1. exhibit damage to the mucosa of the stomach caused by autoimmune disease,
and an anacidic or low-acid stomach due to a functional disorder (atrophic
gastritis) (diagnosed with GastroPanel)
2. have an untreated Helicobacter pylori infection (diagnosed with
GastroPanel)
3. use protein pump inhibitors (PPIs) or H2-receptor blockers
4. have undergone stomach surgery.
Biohit's GastroPanel and Acetium innovations form a unique pairing in the
prevention of gastric and oesophageal cancer. GastroPanel detects atrophic
gastritis and its associated risk of gastric and oesophageal cancer in time,
while treatment is still possible. 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.
Standardised ethical and legislative principles govern all Group I carcinogens,
regardless of their source. All available means should be used to reduce
exposure to these carcinogens in food and the organs. Protected by granted and
pending patents, Acetium capsules are the only way of 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 (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 innovation 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 1-6/2011 1-6/2010 1-12/2010
---------------------------------------------------------------
Net sales, MEUR 1.0 1.1 2.2
---------------------------------------------------------------
Change, % -8.0 % 23.4 % 23.7 %
---------------------------------------------------------------
Operating profit/loss, MEUR -1.3 -1.3 -2.9
---------------------------------------------------------------
Change, % 3.1 % -21.9 % -40.1 %
---------------------------------------------------------------
Operating result, % of net sales -131.5 % -123.7 % -127.3 %
---------------------------------------------------------------
At Group level, the sales of the diagnostics business did not develop as
expected during the reporting period. Sales mainly increased in Biohit's
domestic market in Finland, where most marketing efforts were focused on during
the previous year and the reporting period.
At the beginning of the year, Biohit combined the management of sales and
marketing for the liquid handling and diagnostics businesses. New business
plans are now being introduced throughout the Group. In addition, the company
has made changes to its sales organisation since the end of the reporting
period, with the aim of coordinated, more efficient sales of diagnostics in the
international arena too.
Terveystalo, a private healthcare company operating nationwide, included the
GastroPanel examination, developed by Biohit, in its service offering. During
the reporting period, Biohit began training Terveystalo doctors to implement
the examination. The GastroPanel examination is available from all of the one
hundred-plus Terveystalo sites across Finland. For Terveystalo doctors, the
test is a safe way of examining both dyspeptic patients and symptomless
patients attending a health check. Diacor Oy has also included the GastroPanel
examination in its offering. Doctor training will start in August.
In the spring, Biohit launched the Acetium capsule on the German market. The
Acetium capsule is recommended for people suffering from an anacidic stomach
and for those obliged to use antacids due to for example reflux disease.
Approximately three million people suffer from reflux disease in Germany alone.
During the first phase, the product will be marketed mainly through online
pharmacies. In Germany, nine million pharmacy customers, or some 18 per cent of
all internet users, purchase their pharmaceuticals through an online pharmacy.
Online pharmacies are allowed to sell both prescription and non-prescription
(OTC) drugs in Germany. With the marketing measures, the German markets for
Acetium are now in the launch phase.
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.
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 the company's managementNina Hasu, M.Sc (Econ.), born 1970, has been
appointed Financial Director and a member of the Management Team of Biohit Oyj
as of 8th August, 2011, replacing Tiina Hankonen. Hasu has previously worked as
Business Controller at UPM-Kymmene Wood Oy.
Elina Ämmälä, M.Pol.Sc, born 1976, has been appointed Communications Director
of Biohit Oyj as of 8th August, 2011, replacing Josefin Hoviniemi. Prior to
joining Biohit, Ämmälä worked as Director at Cocomms Oy, a communications
consulting company.
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 9,962,127 series B shares, totalling 12,937,627
shares. Series A shares confer 20 votes per share and Series B shares 1 vote
per share. The dividend paid for Series B shares is, however, two (2) per cent
of the nominal value higher than that paid for Series A shares. 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 31.1 million
(EUR 32.9 million on 30 June 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 1-6/2011 1-6/2010
------------------------------------------------
High, EUR 3.38 4.91
Low, EUR 2.00 1.50
Average EUR 2.64 3.53
Latest, EUR 2.40 2.54
Turnover, EUR 3,495,618 30,173,097
Turnover, volume 1,322,827 8,549,176
Shareholders
At the end of the reporting period on 30 June 2011, the company had 4,545
shareholders (4,789 on 30 June 2010). Private households held 71.92% (73.14%),
companies 24.46% (23.25%), and public sector organisations 2.65% (2.81%) of the
shares. Foreign ownership or nominee registrations accounted for 0.76 % (0.73
%) of shares.
Further information on the shares, major shareholders, and management's
shareholdings is available on the company's website at
www.biohit.com/investors.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
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
4-6 4-6 Change 1-6 1-6 Change 1-12
2011 2010 % 2011 2010 % 2010
MEUR MEUR MEUR MEUR MEUR
--------------------------------------------------------------------------------
Net sales 10.2 9.9 2.4 20.5 19.3 6.1 40.0
Other operating income 0.0 0.1 -93.4 0.0 0.1 -79.0 0.2
Increase/decrease in 0.2 -0.4 146.5 0.3 -0.7 147.4 -0.4
inventories in
finished goods and in
work in progress
Materials and services -2.3 -1.7 37.0 -4.5 -3.4 33.0 -7.8
Personnel expenses -4.7 -4.3 9.1 -9.2 -8.4 10.3 -17.1
Depreciation -0.5 -0.4 -20.1 -0.9 -0.8 10.8 -1.7
Other operating -2.7 -3.2 -16.0 -5.6 -6.1 -8.4 -12.8
expenses
--------------------------------------------------------------------------------
Operating profit/loss 0.1 -0.1 258.9 0.7 0.0 2 272.4 0.5
Financial income 0.1 0.5 -84.1 0.0 0.6 -95.9 0.7
Financial expenses -0.2 -0.2 42.0 -0.6 -0.2 158.1 -0.8
--------------------------------------------------------------------------------
Profit/loss before -0.1 0.3 -120.2 0.0 0.4 -93.0 0.4
taxes
Direct taxes -0.1 -0.1 21.1 -0.1 -0.2 -31.5 -0.3
--------------------------------------------------------------------------------
Profit/loss for the -0.1 0.1 -214.1 -0.1 0.2 -141.5 0.1
period
Other items in the
comprehensive income
statement
Currency-related -0.0 0.1 -159.2 -0.0 0.2 -119.2 0.2
differences
--------------------------------------------------------------------------------
Total comprehensive -0.2 0.2 -193.7 -0.1 0.5 -131.1 0.3
income for the period
--------------------------------------------------------------------------------
Biohit Oyj's earnigs are attributable to the parent company shareholders in
their entirety, as there are no minority interests
Earnings per share calculated from earnings attributable to 1-6 1-6 1-12
parent company shareholders
--------------------------------------------------------------------------------
2011 2010 2010
--------------------------------------------------------------------------------
Earnings per share, diluted*, EUR -0.01 0.02 0.00
--------------------------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2011 and 2010
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
30.6.2011 30.6.2010 Change 31.12.2010
MEUR MEUR % MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 2.6 2.6 0.0 2.6
Intangible assets 3.6 2.8 29.6 3.2
Property, plant and equipment 8.0 6.7 19.8 6.5
Receivables 0.0 0.0 49.7 0.0
Deferred tax assets 1.8 1.9 -2.5 1.8
--------------------------------------------------------------------------------
Total non-current assets 16.1 14.0 15.1 14.2
CURRENT ASSETS
Inventories 5.8 5.2 11.9 5.2
Trade and other receivables 8.2 8.0 3.6 7.8
Financial assets at fair value 0.0 0.6 -100.0 0.5
through profit or loss
Cash and cash equivalents 1.6 2.0 -20.2 1.7
--------------------------------------------------------------------------------
Total current assets 15.6 15.7 -0.3 15.2
TOTAL ASSETS 31.7 29.7 7.0 29.4
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to parent
company shareholders
Share capital 2.2 2.2 0.0 2.2
Invested unrestricted equity fund 12.4 12.4 0.0 12.4
Currency-related differences -0.2 -0.1 -59.2 -0.1
Retained earnings -1.6 -1.3 -22.5 -1.5
--------------------------------------------------------------------------------
Total equity 12.9 13.2 -2.6 13.0
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.1 0.0 288.7 0.0
Pension obligations 0.2 0.1 19.9 0.2
Total interest-bearing liabilities 10.2 4.7 116.1 8.5
Other liabilities 0.7 0.6 5.6 0.7
--------------------------------------------------------------------------------
Total non-current liabilities 11.1 5.5 101.3 9.4
CURRENT LIABILITIES
Trade payables 2.3 2.1 9.0 1.9
Total interest-bearing liabilities 1.2 4.8 -75.3 0.9
Other liabilities 4.3 4.0 5.9 4.2
--------------------------------------------------------------------------------
Total current liabilities 7.8 11.0 -28.9 7.0
Total liabilities 18.9 16.5 14.7 16.4
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 31.7 29.7 7.0 29.4
LIABILITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 30 June 2011
MEUR Share Currency-rela Invested Retained Shareholde
capita ted unrestricted earnings rs' equity
l differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity on 1
January 2011
Total -0.0 -0.1 -0.1
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.2 12.4 -1.6 12.9
equity on 30 June
2011
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 30 June 2010
MEUR Share Currency-rela Invested Retained Shareholde
capita ted unrestricted earnings rs' equity
l differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.3 12.4 -1.5 12.7
equity on 1
January 2010
Total 0.2 0.2 0.5
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.3 13.2
equity on 30 June
2010
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------------------
1-6/2011 1-6/2010 1-12/2010
MEUR MEUR MEUR
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS
Profit /loss for the period -0.1 0.4 0.1
Adjustments 1.6 0.4 2.1
CHANGES IN WORKING CAPITAL -0.5 0.3 0.1
Interest paid and payments on other financial -0.2 -0.1 -0.5
expenses
Interest received 0.0 0.0 0.0
Realised exchange rate gains and losses -0.1 0.5 0.4
Direct taxes paid -0.1 -0.1 -0.2
--------------------------------------------------------------------------------
Net cash flow from operations 0.6 1.5 2.0
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -1.3 -0.9 -1.8
Proceeds from tangible assets 0.4 0,0 0,0
Investments and income from the disposal of 0.5 -0.2 -0.1
investments into funds and deposits, net
--------------------------------------------------------------------------------
Net cash flow from investments -0.4 -1.1 -1.9
CASH FLOW FROM FINANCING
Loan withdrawals 0.4 1.2 5.7
Loan repayments -0.7 -1.4 -5.8
--------------------------------------------------------------------------------
Net cash flow from financing -0.3 0.1 -0.1
Increase (+)/decrease (-) in cash and cash -0,0 0.2 -0,0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of 1.7 1.6 1.6
period
Effect of exchange rate changes -0.0 0.1 0.1
Cash and cash equivalents at the end of period 1.6 2.0 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
--------------------------------------------------------------------------------
1-6 2011 1-6 2010 1-12 2010
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Collaterals given for the parent company
Corporate mortgage 2.5 2.5 2.5
Mortgage on real estate 2.7 2.7 2.7
Guarantees 0.0 0.0 0.0
--------------------------------------------------------------------------------
Collaterals given on behalf of
subsidiaries
Guarantees 0.2 0.0 0.2
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments:
--------------------------------------------------------------------------------
Due for payment before one year 0.8 0.8 0.8
Due for payment after 1 year but not 0.9 1.1 1.1
later than 5 years
Due for payment after 5 years
--------------------------------------------------------------------------------
Total 1.7 1.9 1.9
--------------------------------------------------------------------------------
Other rental commitments:
--------------------------------------------------------------------------------
Due for payment before one year 0.8 0.8 0.9
Due for payment after 1 year but not 1.1 1.5 2.0
later than 5 years
Due for payment after 5 years 0.2 0.2 2.0
--------------------------------------------------------------------------------
Total 2.1 2.4 5.0
--------------------------------------------------------------------------------
Total other liabilities 3.8 4.4 6.9
--------------------------------------------------------------------------------
Total collaterals and contingent 9.2 9.6 12.3
liabilities
--------------------------------------------------------------------------------
NEXT FINANCIAL STATEMENT
The third interim report for 2011 will be published at 9.30 a.m. on Friday 20
October.
Helsinki, on 18 August 2011
Biohit Oyj
Board of Directors
Further information:
Jussi Heiniö, President and CEO
Tel: +358 (0) 9 773 861
jussi.heinio@biohit.com
Distribution:
NASDAQ OMX Helsinki Oy
Central storage facility (www.oam.fi)
Press
www.biohit.com
About Biohit Oyj:
Biohit Oyj is a globally operating Finnish biotechnology company that was
established in 1988.
Biohit's mission crystallises in its motto “Innovating for Health”. The purpose
of the company is to produce innovations, new technologies and analysis systems
for use in medicine, research institutions and industry, helping to promote
research and diagnostics and to improve the quality of life of people by means
of preventing disease, human suffering and financial loss. Our duty is also to
innovate and develop the marketing and availability of our products and
services in order to ensure a profitable growth of the company and its ability
to pay dividends.
Biohit works with scientific communities to produce new technologies, products
and services based on research results and innovations that can be used to
develop safe and cost-effective liquid handling solutions for laboratory work
as well as diagnostic tests for the early detection and prevention of diseases
of the gastrointestinal tract.
Biohit has two business segments: liquid handling and diagnostics. Liquid
handling products include electronic and mechanical pipettes, disposable tips
as well as pipette maintenance and calibration services for research
institutions, healthcare and industrial laboratories.
The diagnostics business comprises products and analysis systems for the early
diagnosis 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 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.
The Biohit Group employs around 440 people. The company is headquartered in
Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia,
India, China, Japan and the USA. The company also has a representative office
in Singapore. Biohit's products are also sold through about 200 distributors in
70 countries.
Since 1999, Biohit's Series B share has been quoted on NASDAQ OMX Helsinki in
the Small cap/Healthcare group and is traded under the code BIOBV.
Read more at www.biohit.com
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