2009-08-07 08:30:00 CEST
2009-08-07 08:30:01 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY - 30 JUNE 2009
BIOHIT OYJ INTERIM REPORT 7 AUGUST 2009 AT 09:30 AM INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY - 30 JUNE 2009 The Biohit Group's financial trends in the January-June period of 2009: - Net sales EUR 17.0 million (EUR 17.3 million 1-6/2008) - Operating profit EUR 0.2 million (operating profit EUR 0.3 million) - Profit before taxes EUR 0.0 million (loss EUR 0.3 million) - Earnings per share EUR -0.00 (EUR -0.03) During the second quarter, the Biohit Group's net sales increased by 5% on the previous quarter. Growth was experienced in sales of pipette tips, maintenance services and diagnostic test kits. When combined with cost savings, this led to a EUR 0.1 million improvement in earnings on the previous quarter of 2009. NET SALES AND RESULT BEFORE TAXES April-June Net sales fell 5% on the corresponding period of 2008, amounting to EUR 8.7 million (EUR 9.2 million 4-6/2008). Operating profit for the second quarter amounted to EUR 0.2 million (profit EUR 0.3 million) and profit before taxes to EUR 0.0 million (profit EUR 0.1 million). Earnings per share were EUR 0.00 (EUR 0.00). Taking into account the current global economic situation, net sales trends were satisfactory during the second quarter, in the Asian market in particular. The Group's fixed costs have remained at a slightly lower level than during the comparison period, thanks to which the second-quarter result before taxes has stayed in the black and at the same level as in 2008. January-June The Group's net sales for the entire reporting period fell by 2% on the corresponding period of 2008 to EUR 17.0 million (EUR 17.3 million). Operating profit for the reporting period amounted to EUR 0.2 million (profit EUR 0.3 million) and profit before taxes to EUR 0.0 million (loss EUR 0.3 million). Earnings per share were EUR -0.00 (EUR -0.03). Trends in the global economy during 2009 have also been reflected in Biohit's business, and net sales in all market areas have fallen below expectations. In spite of the trend in sales, the result before taxes for the reporting period was better than in 2008 due to favourable currency exchange rate trends and savings made on fixed costs. Key figures by segment, January-June Sales and maintenance of liquid handling products accounted for 95% of net sales during the reporting period. The net sales of the liquid handling business amounted to EUR 16.2 million (EUR 16.5 million) and the net sales of the diagnostics business to EUR 0.9 million (EUR 0.8 million). Test kit sales generated EUR 0.7 million (EUR 0.6 million) and instruments EUR 0.1 million (EUR 0.2 million) of the net sales of the diagnostics business. The operating profit of the liquid handling business amounted to EUR 1.3 million (operating profit EUR 1.5 million), while the operating loss of the diagnostics business totalled EUR 1.1 million (operating loss EUR 1.2 million). The impact of currency exchange rates Fluctuations in currency exchange rates did not have a significant impact on the total net sales of the liquid handling business. When calculated using comparable exchange rates, the change in net sales for the liquid handling business during the reporting period was -2% and the reported change was -2%. Excluding the impact of instrument sales, growth for net sales in the diagnostics business totalled 38% when calculated using comparable currency exchange rates. The reported figure was 29%. BALANCE SHEET On 30 June 2009, the balance sheet total stood at EUR 27.1 million (EUR 27.2 million on 30 June 2008) and the equity ratio was 45.4% (42.2%). FINANCING Cash flow during the reporting period was EUR 0.4 million (EUR 0.1 million). Net cash flow from operating activities was, however, EUR 1.8 million (EUR 0.7 million), primarily due to a reduction in working capital, which was freed up for investments. At the end of the reporting period, the Group's cash and cash equivalents totalled EUR 1.7 million (EUR 1.2 million on 30 Jun 2008 and EUR 1.3 million on 31 Dec 2008). Current ratio was 2.3 (2.0). RESEARCH AND DEVELOPMENT Research and development expenditure during the reporting period amounted to EUR 1.3 million (EUR 1.1 million), that is, 7.2% (6.2%) of net sales. EUR 0.3 million (EUR 0.2 million) in development expenditure was capitalised during the period. INVESTMENTS Gross investments during the reporting period totalled EUR 1.2 million (EUR 0.6 million). Investments were primarily made in liquid handling production in Helsinki and Kajaani. PERSONNEL The average number of Group personnel during the reporting period was 364 (370 in the corresponding period of 2008 and 346 in 2007). Of these, 170 (172 in 2008, 176 in 2007) were employed by the parent company and 194 (198 in 2008, 170 in 2007) by subsidiaries. KEY FIGURES -------------------------------------------------------------------------------- | | 4-6/2009 | 4-6/2008 | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Net sales, MEUR | 8.7 | 9.2 | 17.0 | 17.3 | 35.1 | -------------------------------------------------------------------------------- | Operating | 0.2 | 0.3 | 0.2 | 0.3 | 1.3 | | profit/loss, | | | | | | | MEUR | | | | | | -------------------------------------------------------------------------------- | Profit / loss | 0.0 | 0.1 | 0.0 | -0.3 | 1.0 | | before taxes, | | | | | | | MEUR | | | | | | -------------------------------------------------------------------------------- | Investments, | 0.6 | 0.3 | 1.2 | 0.6 | 1.2 | | gross, MEUR | | | | | | -------------------------------------------------------------------------------- | As a percentage | 7.3 | 3.3 | 7.2 | 3.3 | 3.5 | | of net sales | | | | | | -------------------------------------------------------------------------------- | R&D expenditure, | 0.7 | 0.5 | 1.3 | 1.1 | 2.0 | | MEUR | | | | | | -------------------------------------------------------------------------------- | As a percentage | 7.5 | 5.7 | 7.2 | 6.2 | 5.8 | | of net sales | | | | | | -------------------------------------------------------------------------------- | Average number | 365 | 374 | 364 | 370 | 369 | | of personnel | | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 45.4 | 42.2 | 45.4 | 42.2 | 46.5 | -------------------------------------------------------------------------------- | Earnings per | 0.00 | 0.00 | -0.00 | -0.03 | 0.07 | | share, EUR | | | | | | -------------------------------------------------------------------------------- | Equity per | 0.95 | 0.88 | 0.95 | 0.88 | 0.97 | | share, EUR | | | | | | -------------------------------------------------------------------------------- | Average number | 12,937,62 | 12,937,62 | 12,937,62 | 12,937,62 | 12,937,62 | | of shares during | 7 | 7 | 7 | 7 | 7 | | the period | | | | | | -------------------------------------------------------------------------------- | Number of shares | 12,937,62 | 12,937,62 | 12,937,62 | 12,937,62 | 12,937,62 | | at end of period | 7 | 7 | 7 | 7 | 7 | -------------------------------------------------------------------------------- SHORT-TERM RISKS AND UNCERTAINTY FACTORS During the reporting period, there have not been any significant changes in the risks and uncertainty factors inherent in Biohit's business operations. The major risks and uncertainty factors still concern the diagnostics business, Group liquidity, and trends in currency exchange rates. These are explained in greater detail in the risks section of the Financial Statement Bulletin dated 13 February 2009. During the reporting period, Biohit has tried to minimise the risks associated with the diagnostics business with systematic development of its operations. Measures have included increased cooperation with partners and opinion leaders, as well as strengthening the organisation of the diagnostics business. Growth in the diagnostics business has continued during the second quarter and, in the company's opinion, there have been no unfavourable changes in the risk level. Biohit has tried to minimise the risks associated with the Group's profitability by, for example, cutting operating costs. However, the Group's profitability still remains at only a satisfactory level and its continued development is highly dependent on trends in both the global economy and currency exchange rates. OUTLOOK FOR 2009 The Group experienced more favourable trends in net sales during the second quarter than in the first and these, albeit moderately, favourable trends are also expected to continue throughout the rest of 2009. If the global economy does not experience an upswing and Biohit's customer base persists with cost savings in R&D, this will continue to have a detrimental effect on trends in the Group's net sales. Growth is therefore expected to underperform 2008. In 2009, the most favourable net sales trends in the liquid handling business are expected in maintenance services and disposable plastic products, that is, pipette tips. In the diagnostics business, continued growth is expected in net sales of test kits. It is also expected that the contraction in net sales growth will be unfavourably reflected in the Group's earnings trend, although cost savings and favourable currency exchange rate trends will help to counteract this. Biohit forecasts that the company's full-year result will be in the black. REVIEW BY BUSINESS AREA Liquid handling business Biohit's liquid handling business develops, manufactures and markets laboratory equipment and accessories for the pharmaceutical, food and other industries. Biohit's products are also used in research institutions, universities and hospitals. The product range includes mechanical and electronic pipettes as well as disposable tips. While the majority of products are marketed under the Biohit brand, the company also sells customised OEM (Original Equipment Manufacture) products that complement the diagnostic test and analysis systems of many global companies. In addition, the company offers maintenance, calibration and training services for liquid handling products through its distributor network (www.biohit.com/liquidhandling and www.pipettedoctor.com). Trends in the world economy have led to cost cutting, especially in R&D among Biohit's customer base, and this has had an unfavourable impact on total market trends during the reporting period. There has been no increase in sales of pipettes. In all market areas, and in Asia in particular, demand has centred on disposable products, such as pipette tips, and on maintenance for existing products. Favourable trends have also been seen in the North American market during the second quarter. During the reporting period, Biohit launched several new products, such as pipette maintenance and calibration software (www.quantapro.net) and the user-friendly electronic eLINE Lite Dispenser for automated multiple dispensing. The company also continued to focus on boosting order-delivery chain efficiency, enhancing product lifecycle management and comprehensive quality assurance, and strengthening the Biohit brand, as well as on developing both new technologies and the OEM business. Diagnostics Biohit's diagnostics business develops, manufactures and markets tests and analysis systems primarily for the diagnosis and prevention of diseases of the gastrointestinal tract. The product range includes the GastroPanel and GastroView examinations (www.gastropanel.net, www.gastroview.com) and the ColonView quick tests for primary healthcare; lactose intolerance and Helicobacter pylori quick tests for specialised healthcare; and instruments and analysis systems for laboratories (www.biohit.com/diagnostics). Additionally, the company runs a service laboratory in Finland (www.biohit.fi-> palvelulaboratorio) and in the UK (www.gastroprofile.com). Although sales growth in the diagnostics business has been fairly good, it is not yet at a satisfactory level. Growth was seen in sales of test kits. Measures to spin off the diagnostics business continued during the period. In order to further these plans, the company has focused on strengthening its business and growth potential during the reporting period. Several measures have been taken to safeguard growth potential, such as bolstering the sales organisation of the diagnostics business. Peter Tchernych, MSc (Econ.), LLM, was appointed to head up the parent company's diagnostics business in June. Biohit has already incorporated its UK diagnostics business by establishing a subsidiary, Biohit Healthcare Ltd, that focuses on sales. During the reporting period, Biohit focused on co-operation with commercial laboratories in Finland and on increasing recognition for its GastroPanel and GastroView examinations. The company is also marketing different-sized GastroPanel laboratories to hospitals, general practitioners, and research and service laboratories with the aim of promoting the effective introduction of the GastroPanel examination. The focal point in research and development during the period has been on improvements to existing products and the commercialisation of new products and concepts. For example, Biohit seeks to cooperate with partners to commercialise its BioCyst capsules during 2009. When taken with meals, Biohit's BioCyst capsules neutralise acetaldehyde in the stomach. The results of a scientific study published earlier this year indicate that the capsules will help reduce the cancer risk posed by acetaldehyde in an achlorhydric stomach. ADMINISTRATION In order to bolster the company's market position, Biohit has expanded its international marketing organisation with, for example, managerial appointments for two experienced industry experts. Peter Tchernych, MSc (Econ.), LLM, was appointed to head up the parent company's diagnostics business in June. Since the close of the reporting period, Matthias Beuse, PhD (chem.), has been appointed Managing Director of Biohit's German subsidiary. Before joining Biohit, both have held managerial sales and marketing positions at GE Healthcare companies. SHARE AND SHAREHOLDERS Biohit Oyj's 12,937,627 shares are divided into series A and series B shares. There are a total of 2,975,500 series A shares and 9,962,127 series B 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. Supposing that the market capitalisation value for series A and B shares is equal, the total market capitalisation value at the end of the period was EUR 19.9 million. Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small cap/Healthcare group under the ticker name BIOBV. ------------------------------------------------------------------ | BIOBV / NASDAQ OMX Helsinki | 1-6/2009 | ------------------------------------------------------------------ | High, EUR | 1.90 | ------------------------------------------------------------------ | Low, EUR | 1.27 | ------------------------------------------------------------------ | Average, EUR | 1.57 | ------------------------------------------------------------------ | Closing price, EUR | 1.43 | ------------------------------------------------------------------ | Total turnover, EUR | 1,836,879 | ------------------------------------------------------------------ | Total turnover, no. of shares | 1,497,952 | ------------------------------------------------------------------ Shareholders At the end of the reporting period on 30 June 2009, the company had 3,539 shareholders (3,439 on 30 June 2008). Private households held 72.64% (79.69%), companies 23.72% (16.55%) and public sector organisations 3.03% (3.03%) of share capital. 0.44% (0.46%) of shares were in foreign ownership or registered in a nominee's name. Further information about the shares, major shareholders and management's shareholdings is available on the company's website at www.biohit.com/investors. Notification of a change in Biohit Oyj share ownership in accordance with the Securities Markets Act, Chapter 2, Section 10 In accordance with the Securities Markets Act, Chapter 2, Section 9, on 24 June 2009, Biohit Oyj received notification that the combined share of voting rights conferred by shares owned by Professor Pentti Sipponen and Patolab Oy - a company in his control - has fallen to under one twentieth. In a transaction made on the same day, ownership of a total of 900,000 Series B shares held by Pentti Sipponen was transferred to Biocosmos Oy (450,000 shares) and Interlab Oy (450,000 shares) - two companies under the control of Professor Osmo Suovaniemi. More detailed information about the shares and voting rights held by Pentti Sipponen and the companies under his control were published in a stock exchange bulletin dated 24 June 2009. EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD Matthias Beuse (PhD in chemistry, born 1966) has been appointed the new Managing Director of Biohit's German subsidiary. He has over ten years experience in sales and marketing in the bio and health technology industry, most recently at a company belonging to GE Healthcare. His appointment will strengthen both the German subsidiary's organisation and its growth potential. CONSOLIDATED INCOME STATEMENT January - June -------------------------------------------------------------------------------- | | 1-6 | 1-6 | Change | Change | 1-12 | | | 2009 | 2008 | MEUR | % | 2008 | | | MEUR | MEUR | | | MEUR | -------------------------------------------------------------------------------- | Net sales * | 17.0 | 17.3 | -0.3 | -2 | 35.1 | -------------------------------------------------------------------------------- | Other operating income | 0.1 | 0.0 | 0.0 | 113 | 0.2 | -------------------------------------------------------------------------------- | Change in inventories of | -0.1 | -0.0 | 0.0 | 108 | -0.3 | | finished goods and work in | | | | | | | progress | | | | | | -------------------------------------------------------------------------------- | Materials and services | -2.9 | -3.3 | 0.4 | 12 | -6.7 | -------------------------------------------------------------------------------- | Employee benefit expenses | -7.5 | -7.5 | 0.0 | 0 | -14.5 | -------------------------------------------------------------------------------- | Depreciation | -0.9 | -0.9 | -0.0 | 5 | -1.8 | -------------------------------------------------------------------------------- | Other operating expenses | -5.5 | -5.3 | -0.2 | -8 | -10.7 | -------------------------------------------------------------------------------- | Operating profit / -loss | 0.2 | 0.3 | -0.1 | -26 | 1.3 | -------------------------------------------------------------------------------- | Financial income * | 0.3 | 0.0 | 0.3 | 1,160 | 0.4 | -------------------------------------------------------------------------------- | Financial expenses * | -0.5 | -0.6 | 0.1 | 60 | -0.7 | -------------------------------------------------------------------------------- | Profit / loss before taxes | 0.0 | -0.3 | 0.3 | 103 | 1.0 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | -0.1 | 0.1 | 53 | -0.1 | -------------------------------------------------------------------------------- | Profit / loss for the | -0.1 | -0.4 | 0.4 | 86 | 0.9 | | period | | | | | | -------------------------------------------------------------------------------- *) The comparison figures for the corresponding period of 2008 have been altered. Changes in currency exchange rates for internal receivables are now presented under financial items. Using the previous reporting method, net sales would have amounted to EUR 16.8 million (EUR 17.1 million in 2008), representing a change of -2.1% during the first half of the year. -------------------------------------------------------------------------------- | Earnings per share calculated from | 1-6 | 1-6 | 1-12 | | earnings attributable to equity holders | 2009 | 2008 | 2008 | | of the parent company | | | | -------------------------------------------------------------------------------- | Earnings per share, undiluted**, EUR | -0.00 | -0.03 | 0.07 | -------------------------------------------------------------------------------- **) The convertible bond is not dilutive in respect of earnings per share in the financial years 2009 and 2008. According to IAS1, taking into account translation differences of EUR -0.4 million, the comprehensive income for the reporting period was EUR -0.5 million (EUR -0.4 million). April - June -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | Change | | | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales * | 8.7 | 9,2 | -0,4 | -5 | -------------------------------------------------------------------------------- | Other operating income | 0.1 | 0,0 | 0,0 | 432 | -------------------------------------------------------------------------------- | Change in inventories of | -0.2 | -0.2 | 0.0 | 5 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -1.4 | -1.6 | -0.2 | -11 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.8 | -3.9 | -0.1 | -2 | -------------------------------------------------------------------------------- | Depreciation | -0.4 | -0.5 | -0.0 | -5 | -------------------------------------------------------------------------------- | Other operating expenses | -2.7 | -2.7 | -0.0 | -1 | -------------------------------------------------------------------------------- | Operating profit / -loss | 0.2 | 0.3 | -0.1 | -38 | -------------------------------------------------------------------------------- | Financial income * | 0.2 | 0.0 | 0.2 | 1,354 | -------------------------------------------------------------------------------- | Financial expenses * | -0.3 | -0.2 | 0.1 | 47 | -------------------------------------------------------------------------------- | Profit / loss before taxes | 0.0 | 0.1 | -0.0 | -38 | -------------------------------------------------------------------------------- | Income taxes | -0.0 | -0.1 | 0.0 | 65 | -------------------------------------------------------------------------------- | Profit / loss for the period | 0.0 | 0.0 | 0.0 | 442 | -------------------------------------------------------------------------------- *) The comparison figures for the corresponding period of 2008 have been changed. Using the previous reporting method for exchange rate changes for internal receivables, net sales would have amounted to EUR 8.5 million (EUR 9.1 million in 2008) and the change during the second quarter would have been -6%. CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 2.6 | 10 | 2.6 | 10 | 2.6 | 10 | -------------------------------------------------------------------------------- | Intangible assets | 2.2 | 8 | 1.6 | 6 | 1.6 | 6 | -------------------------------------------------------------------------------- | Tangible assets | 6.3 | 23 | 6.8 | 25 | 6.5 | 24 | -------------------------------------------------------------------------------- | Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Deferred tax assets | 2.0 | 8 | 1.9 | 7 | 2.0 | 7 | -------------------------------------------------------------------------------- | Total non-current | 13.1 | 48 | 12.9 | 48 | 12.7 | 47 | | assets | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Inventories | 5.5 | 20 | 5.6 | 21 | 5.8 | 21 | -------------------------------------------------------------------------------- | Trade and other | 6.4 | 24 | 6.9 | 25 | 6.8 | 25 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Financial assets | 0.5 | 2 | 0.5 | 2 | 0.5 | 2 | | recognised at fair | | | | | | | | value through profit or | | | | | | | | loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 1.7 | 6 | 1.2 | 4 | 1.3 | 5 | | equivalents | | | | | | | -------------------------------------------------------------------------------- | Total current assets | 14.0 | 52 | 14.3 | 52 | 14.4 | 53 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 27.1 | 100 | 27.2 | 100 | 27.1 | 100 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Equity attributable to | | | | | | | | the equity holders of | | | | | | | | the parent company | | | | | | | -------------------------------------------------------------------------------- | Share capital | 2.2 | 8 | 2.2 | 8 | 2.2 | 8 | -------------------------------------------------------------------------------- | Share premium fund | 0.0 | 0 | 0.2 | 1 | 0.0 | 0 | -------------------------------------------------------------------------------- | Fund for investments of | 12.4 | 46 | 12.2 | 45 | 12.4 | 46 | | non-restricted equity | | | | | | | -------------------------------------------------------------------------------- | Translation differences | -0.4 | -1 | 0.0 | 0 | -0.2 | -1 | -------------------------------------------------------------------------------- | Retained earnings | -2.0 | -7 | -3.2 | -12 | -1.9 | -7 | -------------------------------------------------------------------------------- | Total equity | 12.2 | 45 | 11.4 | 42 | 12.5 | 46 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 0.0 | 0 | 0.1 | 0 | 0.0 | 0 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Pension obligations | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 | -------------------------------------------------------------------------------- | Total interest-bearing | 8.0 | 30 | 7.7 | 28 | 8.0 | 29 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0.7 | 3 | 0.8 | 3 | 0.7 | 3 | -------------------------------------------------------------------------------- | Total non-current | 8.8 | 32 | 8.7 | 32 | 8.8 | 32 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 1.5 | 5 | 2.1 | 8 | 1.3 | 5 | -------------------------------------------------------------------------------- | Total interest-bearing | 0.8 | 3 | 1.0 | 4 | 1.1 | 4 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 3.8 | 14 | 4.1 | 15 | 3.4 | 13 | -------------------------------------------------------------------------------- | Total current | 6.1 | 22 | 7.1 | 26 | 5.8 | 21 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 14.9 | 55 | 15.8 | 58 | 14.6 | 54 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 27.1 | 100 | 27.2 | 100 | 27.1 | 100 | | LIABILITIES | | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit / loss before taxes | 0.0 | -0.3 | 1.0 | -------------------------------------------------------------------------------- | Adjustments | 1.1 | 1.3 | 2.1 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CHANGE IN WORKING CAPITAL | 1.1 | 0.0 | -0.8 | -------------------------------------------------------------------------------- | Interest and other financial | -0.3 | -0.3 | -1.0 | | items paid | | | | -------------------------------------------------------------------------------- | Interest received | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Income taxes paid | -0.1 | -0.1 | -0.2 | -------------------------------------------------------------------------------- | Net cash flow from operating | 1.8 | 0.7 | 1.2 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -1.2 | -0.6 | -1.2 | | intangible assets | | | | -------------------------------------------------------------------------------- | Investments and capital gains | 0.0 | 0.4 | 0.5 | | from investments in funds and | | | | | deposits, net | | | | -------------------------------------------------------------------------------- | Net cash flow from investments | -1.2 | -0.2 | -0.8 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Proceeds from loans | 0.0 | 0.0 | 0.6 | -------------------------------------------------------------------------------- | Repayment of loans | -0.2 | -0.4 | -0.9 | -------------------------------------------------------------------------------- | Net cash flow from financing | -0.2 | -0.4 | -0.3 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in | 0.4 | 0.1 | 0.2 | | cash and cash equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.3 | 1.1 | 1.1 | | beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.7 | 1.2 | 1.3 | | end of period | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity on 30 June 2009 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for | Retained | Equity | | |capital |premium | lation |investments | earnings | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on | 2.2 | 0.0 | -0.2 | 12.4 | -1.9 | 12.5 | | 1 Jan 2009 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.2 | | | -0.2 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / loss | | | | | -0.1 | -0.1 | | for the period | | | | | | | -------------------------------------------------------------------------------- | Equity on | 2.2 | 0.0 | -0.4 | 12.4 | -2.0 | 12.2 | | 30 June 2009 | | | | | | | -------------------------------------------------------------------------------- Consolidated statement of changes in equity on 30 June 2008 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for | Retained | Equity | | |capital |premium | lation |investments | earnings | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 | | 1 Jan 2008 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | 0.0 | | | 0.0 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / loss | | | | | -0.4 | -0.4 | | for the period | | | | | | | -------------------------------------------------------------------------------- | Equity on | 2.2 | 0.2 | 0.0 | 12.2 | -3.2 | 11.4 | | 30 June 2008 | | | | | | | -------------------------------------------------------------------------------- NOTES ACCOUNTING PRINCIPLES This interim report was prepared in accordance with the IFRS recognition and measurement principles. Biohit Oyj has applied the same accounting principles in preparing this interim report as for its financial statements of 2008. The IFRS standards that came into effect in 2009 did not affect the accounting principles of the interim report. 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. FIGURES BY BUSINESS SEGMENT Group net sales by business segment -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | Change | 1-6 | 1-6 | Change | Change | | | 2009 | 2008 | MEUR | % | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Liquid | 8.2 | 8.7 | -0.5 | -6 | 16.2 | 16.5 | -0.4 | -2 | |handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnos-| 0.5 | 0.4 | 0.1 | 17 | 0.9 | 0.8 | 0.1 | 11 | | tics | | | | | | | | | -------------------------------------------------------------------------------- Group operating profit (+) / loss (-) by business segment -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | Change | 1-6 | 1-6 | Change |Change | | | 2009 | 2008 | MEUR | % | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Liquid | 0.6 | 0.9 | -0.2 | -26 | 1.3 | 1.5 | -0.2 | -13 | | handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnos- | -0.5 | -0.6 | 0.1 | 19 | -1.1 | -1.2 | 0.1 | 10 | | tics | | | | | | | | | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS There have been no noticeable changes in related party transactions in the reporting period. COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS -------------------------------------------------------------------------------- | | 30.6.2009 | 30.6.2008 | 31.12.2008| | | MEUR | MEUR | MEUR| -------------------------------------------------------------------------------- | Liabilities for which mortgages have | | | | | been lodged as collateral | | | | -------------------------------------------------------------------------------- | Loans from financial institutions | 3.4 | 3.0 | 3.5| -------------------------------------------------------------------------------- | For which collateral has been lodged | | | | -------------------------------------------------------------------------------- | - Corporate mortgages | 2.3 | 1.6 | 2.3| -------------------------------------------------------------------------------- | - Mortgages on real estate | 1.9 | 1.9 | 1.9| -------------------------------------------------------------------------------- | Other liabilities | 0.2 | 0.3 | 0.2| -------------------------------------------------------------------------------- | For which collateral has been lodged | | | | -------------------------------------------------------------------------------- | - Mortgages on real estate | 0.8 | 0.8 | 0.8| -------------------------------------------------------------------------------- | Rental and lease agreements | 3.9 | 4.5 | 4.0| -------------------------------------------------------------------------------- | For which collateral has been lodged | | | | -------------------------------------------------------------------------------- | - Corporate mortgages | 0.2 | 0.2 | 0.2| -------------------------------------------------------------------------------- At the end of the reporting period, the Group had commitments for the acquisition of tangible assets to the value of EUR 0.2 million. NEXT FINANCIAL REPORT Biohit's interim report of the January-September period of 2009 will be published on Friday 6 November 2009 at 9:30 am. Helsinki, on 7 August 2009 Board of Directors of Biohit Oyj Further information: Osmo Suovaniemi, M.D., Ph.D., Professor President & CEO Tel: +358-9-773 861 GSM: +358-40-745 5605 Email: osmo.suovaniemi@biohit.com Distribution: NASDAQ OMX Helsinki Oy Central storage facility (www.oam.fi) Press www.biohit.com About Biohit Oyj Biohit Oyj develops, manufactures and markets liquid handling products and diagnostic test systems for use in research, health care and industrial laboratories. Liquid handling products include electronic and mechanical pipettes and dispensers, and disposable tips, as well as pipette maintenance and calibration services. Diagnostics business comprises products and analysis systems for diagnosing, screening and prevention of gastrointestinal diseases, e.g. the blood-sample based GastroPanel and GastroView, for diagnosing diseases of the stomach and associated risks, as well as quick tests for the diagnosis of lactose intolerance, H. pylori infection and fecal occult blood. Biohit Group employs 370 people in 8 countries. Biohit Oyj is headquartered in Finland. Subsidiaries are located in France, Germany, the UK, Russia, China, Japan and the USA. Additionally, Biohit's products are sold by approximately 450 distributors in 70 countries. Biohit's share (BIOBV) is quoted on NASDAQ OMX Helsinki. Read more at www.biohit.com
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