2009-05-08 08:30:00 CEST
2009-05-08 08:30:25 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY - 31 MARCH 2009
BIOHIT OYJ INTERIM REPORT 8 MAY 2009 AT 09:30 AM INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY - 31 MARCH 2009 Biohit Oyj develops, manufactures and markets liquid handling products and diagnostic test systems for use in research, healthcare and industrial laboratories. The Biohit Group's financial trends in the January-March period of 2009: - Net sales EUR 8.3 million (EUR 8.2 million 1-3/2008) - Operating profit EUR 0.0 million (operating loss EUR 0.0 million) - Loss before taxes EUR 0.0 million (loss EUR 0.4 million) - Earnings per share EUR -0.01 (EUR -0.03) - Despite moderate growth, net sales development in the first quarter has been slower than in the fourth quarter of 2008, as expected. NET SALES AND RESULT January-March Net sales growth in the first quarter was up 2% on the corresponding period of 2008, amounting to EUR 8.3 million (EUR 8.2 million 1-3/2008). Since the fourth quarter in 2008, changes in currency exchange rates for internal receivables are presented under financial items. Using the previous reporting method, net sales would have amounted to EUR 8.3 million (EUR 8.1 million in 1-3/2008), with growth of 3% in the first quarter. Operating profit for the first quarter amounted to EUR 0.0 million (operating loss EUR 0.0 million) and loss before taxes to EUR 0.0 million (loss EUR 0.4 million). Earnings per share were EUR -0.01 (EUR -0.03). Using the previous reporting method, operating profit would have amounted to EUR 0.0 million (operating loss EUR 0.1 million). Net sales development in the first quarter was satisfactory, considering the global economic conditions. Net sales saw moderate growth in all key markets except in North America, where they failed to reach the comparison period level. Fixed costs increased as planned but the rise was moderate compared to the comparison period. Currency exchange gains allocated to financial items had a positive effect on the result for the reporting period while currency exchange losses eroded earnings in the comparison period. Key figures by segment, January-March 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 for the reporting period amounted to EUR 7.9 million (EUR 7.8 million) and the net sales of the diagnostics business to EUR 0.4 million (EUR 0.4 million). Sales of test kits accounted for EUR 0.3 million (EUR 0.2 million) and sales of instruments EUR 0.1 million (EUR 0.1 million). The operating profit of the liquid handling business amounted to EUR 0.6 million (operating profit EUR 0.6 million), while the operating loss of the diagnostics business totalled EUR 0.6 million (operating loss EUR 0.6 million). The impact of currency exchange rates Currency exchange rate fluctuations did not have a significant impact on the total net sales of the liquid handling business. Calculated using comparable currency exchange rates, net sales growth in the liquid handling business for the reporting period was 1% while reported net sales growth was 2%. Excluding the impact of instrument sales, growth for the diagnostics business totalled 29% when calculated using comparable currency exchange rates. The reported figure excluding the impact of instrument sales was 18% BALANCE SHEET On 31 March 2009, the balance sheet total stood at EUR 27.0 million (EUR 26.8 million on 31 March 2008) and the equity ratio was 45.9% (42.5%). FINANCING Although cash flow in the reporting period was EUR 0.1 million (EUR -0.1 million), the net cash flow from operating activities amounted to EUR 0.8 million (EUR 0.1 million). At the end of the period, the Group's liquid assets totalled EUR 1.4 million (EUR 1.0 million on 31 March 2008 and EUR 1.3 million on 31 Dec 2008). Current ratio was 2.5 (2.2). RESEARCH AND DEVELOPMENT Research and development expenditure during the reporting period amounted to EUR 0.6 million (EUR 0.5 million), that is, 7.2% (6.2%) of net sales. EUR 0.1 million (EUR 0.1 million) in development expenditure was capitalised during the period. INVESTMENTS Gross investments during the reporting period totalled EUR 0.6 million (EUR 0.3 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 (365 in the corresponding period of 2008 and 338 in 2007). Of these, 168 (171 in 2008, 171 in 2007) were employed by the parent company and 196 (194 in 2008, 167 in 2007) by subsidiaries. KEY FIGURES -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Net sales, MEUR | 8.3 | 8.2 | 35.1 | -------------------------------------------------------------------------------- | Operating profit/loss, MEUR | 0.0 | -0.0 | 1.3 | -------------------------------------------------------------------------------- | Profit / loss before taxes, | -0.0 | -0.4 | 1.0 | | MEUR | | | | -------------------------------------------------------------------------------- | Investments, gross, MEUR | 0.6 | 0.3 | 1.2 | -------------------------------------------------------------------------------- | As a percentage of net | 7.1 | 3.4 | 3.5 | | sales | | | | -------------------------------------------------------------------------------- | R&D expenditure, MEUR | 0.6 | 0.5 | 2.0 | -------------------------------------------------------------------------------- | As a percentage of net | 7.2 | 6.2 | 5.8 | | sales | | | | -------------------------------------------------------------------------------- | Average number of personnel | 364 | 365 | 369 | -------------------------------------------------------------------------------- | Equity ratio, % | 45.9 | 42.5 | 46.5 | -------------------------------------------------------------------------------- | Earnings per share, EUR | -0.01 | -0.03 | 0.07 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.95 | 0.88 | 0.97 | -------------------------------------------------------------------------------- | Average number of shares | 12,937,627 | 12,937,627 | 12,937,627 | | during the period | | | | -------------------------------------------------------------------------------- | Number of shares at end of | 12,937,627 | 12,937,627 | 12,937,627 | | period | | | | -------------------------------------------------------------------------------- MAIN EVENTS OF THE REPORTING PERIOD 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). Sales growth in the liquid handling business was slower than anticipated during the reporting period but showed a slight improvement on the corresponding period in 2008. The most notable sales growth was seen in disposable tips and in the maintenance business. Biohit launched new pipette maintenance and calibration software during the reporting period. The module-based Quanta software range is suitable for all laboratories and maintenance companies that carry out pipette maintenance and calibration. Quanta rounds out Biohit's liquid handling range and promotes lifecycle management for products that are already in use (www.quantapro.net). 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, screening 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. Test kits accounted for the most significant sales growth. During the Gastropäivät (the Finnish Gastroenterology Seminar) held in Helsinki in February, researchers from the University of Helsinki and the Helsinki University Central Hospital presented the results of clinical trials concerning Biohit's BioCyst capsules, which are currently under development. The trials indicate that the capsules will help reduce the cancer risk posed by acetaldehyde in an achlorhydric stomach. Biohit seeks to bring its BioCyst capsules to market during 2009. During the reporting period, Biohit began cooperation with HUSLAB, a laboratory enterprise owned by the Hospital District of Helsinki and Uusimaa (HUS). Since early 2009, physicians in Finland have been able to request tests of the GastroPanel and GastroView examinations under the name 'Mahalaukun biomerkkiainetutkimus' (in Finnish only: www.huslab.fi / Lähete- ja tutkimuspyyntölomakkeet / Lähetteet aakkosjärjestyksessä;,see, 'Mahalaukun biomerkkiainetutkimus' and www.biohit.fi -> HUSLAB ohjeistukset). This cooperation not only helps cut healthcare costs but also promotes the early diagnosis of gastric diseases and furthers the prevention of, for example, gastric cancer, peptic ulcer disease, vitamin B12 deficiency, and many other serious diseases. Since the beginning of 2009, Biohit has enhanced its product sales efforts by investing in the marketing of different sized GastroPanel laboratories. The GastroPanel laboratory set consists of Biohit's liquid handling and diagnostics products, instruments and software, as well as installation, training and maintenance services. One of the objectives of the GastroPanel laboratories is to promote the effective use of GastroPanel examinations. These sets are marketed to hospitals, private health clinics, and to research and service laboratories. The focal point for research and development during the period has been improvements to existing products and the commercialisation of new products. During the reporting period, Biohit Oyj's UK subsidiary spun off its diagnostics business as a subsidiary of its own. This company, Biohit Healthcare Ltd, will focus primarily on the UK market. Measures to spin off the parent company's diagnostics business continued during the period. At the moment, the company is looking for suitable international business partners and a final decision on the spin-off has not yet been made. 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 19.4 million. Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small cap/Healthcare group under the ticker name BIOBV. Equity turnover and price development ---------------------------------------------------------- | BIOBV / NASDAQ OMX Helsinki | 1-3/2009 | ---------------------------------------------------------- | High, EUR | 1.77 | ---------------------------------------------------------- | Low, EUR | 1.27 | ---------------------------------------------------------- | Average, EUR | 1.53 | ---------------------------------------------------------- | Closing price, EUR | 1.50 | ---------------------------------------------------------- | Total turnover, EUR | 446,500 | ---------------------------------------------------------- | Total turnover, no. of shares | 292,604 | ---------------------------------------------------------- Shareholders At the end of the reporting period on 31 March 2009, the company had 3,494 shareholders (3,445 on 31 March 2008). Private households held 79.50% (79.58%), companies 16.75% (16.58%) and public sector organisations 3.03% (3.03%) of share capital. 0.45% (0.54%) 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. RESOLUTIONS OF THE ANNUAL GENERAL MEETING The Annual General Meeting held on 20 April 2008 decided that no dividends be paid for the financial year 2008, and that the profit of EUR 945,125.10 be transferred to the retained profit and loss account. The AGM also decided that the number of members of the Board of Directors is six. The AGM appointed, Jukka Ant-Wuorinen, Kalle Kettunen, Eero Lehti, Reijo Luostarinen, Mikko Salaspuro and Osmo Suovaniemi as members of the Board. The AGM appointed authorised public accountants Ernst & Young Oy as auditor, with Erkka Talvinko, Authorised Public Accountant, as chief auditor. SHORT-TERM RISKS AND UNCERTAINTY FACTORS The most significant risks and uncertainty factors inherent in Biohit's business operations concern the diagnostics business, Group liquidity, and trends in currency exchange rates. Biohit has substantial growth expectations in its diagnostics business, and a failure to meet those expectations could reflect negatively on the entire Group's profitability. Long-term failure to meet these growth expectations might also result in a EUR 2.5 million impairment of goodwill associated with the diagnostics products. The Group's profitability continues to be at a merely satisfactory level. Further deepening of the global recession and the strengthening of the euro could undermine the Group's profitability and liquidity. The risks referred to above and the measures taken to avoid their fulfilment have been explained in more detail in the risk section of the financial statements release published on 13 February 2009, and no significant changes have occurred since then. OUTLOOK FOR 2009 After 2008, the Group's net sales growth has clearly slowed down and growth will be moderate in 2009. The global recession has had a negative impact on sales trends, particularly in the North American markets where the industry continues to cut R&D investments. Furthermore, the Russian market is adversely affected by the weak development of the local currency and by the general economic conditions, which will reflect negatively on the entire Group's net sales development during the year. Nevertheless, Biohit anticipates net sales growth in both the liquid handling and diagnostics businesses in 2009. Growth in the liquid handling business will be generated in particular by disposable plastic products and maintenance services, while other product groups will show somewhat more moderate growth. As for diagnostics products, the greatest growth expectations this year are vested in diagnostic tests while the sale of instruments will continue to decline. Growth in both liquid handling and diagnostic product sales is mainly expected in the Asian and European markets. The company's earnings trend in 2009 will fundamentally depend on the degree of economic recovery in its various markets. If the recession continues next year, this will have an unfavourable impact on net sales and earnings trends in 2009. Despite the slight loss recorded in the first quarter, Biohit expects its full-year result to be positive. EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD After the reporting period, Biohit launched a new version of the electronic eLINE Dispenser. The new eLINE Lite Dispenser is suitable for automatic multiple dispensing, and with its simple programming it is easy to use. The eLINE Dispenser product range also includes the eLINE Pro that features more versatile programming alternatives. Both dispensers feature the same ergonomic design and extremely easy tip ejection, which help improve occupational health and safety in the laboratory. CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | | 1-3 | 1-3 | Change | Change | 1-12 | | | 2009 | 2008 | MEUR | % | 2008 | | | MEUR | MEUR | | | MEUR | -------------------------------------------------------------------------------- | Net sales* | 8.3 | 8.2 | 0.1 | 2 | 35.1 | -------------------------------------------------------------------------------- | Other operating income | 0.0 | 0.0 | 0.0 | -37 | 0.2 | -------------------------------------------------------------------------------- | Change in inventories of | 0.2 | 0.2 | 0.0 | 13 | -0.3 | | finished goods and work in | | | | | | | progress | | | | | | -------------------------------------------------------------------------------- | Materials and services | -1.5 | -1.7 | 0.2 | 12 | -6.7 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.7 | -3.7 | 0.1 | 2 | -14.5 | -------------------------------------------------------------------------------- | Depreciation | -0.4 | -0.5 | 0.0 | 5 | -1.8 | -------------------------------------------------------------------------------- | Other operating expenses | -2.8 | -2.6 | -0.2 | -8 | -10.7 | -------------------------------------------------------------------------------- | Operating profit / -loss | 0.0 | -0.0 | 0.0 | 118 | 1.3 | -------------------------------------------------------------------------------- | Financial income | 0.1 | 0.0 | 0.1 | 177 | 0.4 | -------------------------------------------------------------------------------- | Financial expenses | -0.1 | -0.3 | 0.2 | 60 | -0.7 | -------------------------------------------------------------------------------- | Profit / loss before taxes | -0.0 | -0.4 | 0.3 | 91 | 1.0 | -------------------------------------------------------------------------------- | Income taxes | 0.0 | -0.1 | 0.0 | 45 | -0.1 | -------------------------------------------------------------------------------- | Profit / loss for the | -0.1 | -0.4 | 0.4 | 82 | 0.9 | | period | | | | | | -------------------------------------------------------------------------------- *) Since the last quarter in 2008, 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 8.3 million (EUR 8.1 million), representing growth of 3% in the first quarter. -------------------------------------------------------------------------------- | Earnings per share calculated from | 1-3 | 1-3 | 1-12 | | earnings attributable to equity holders | 2009 | 2008 | 2008 | | of the parent company | | | | -------------------------------------------------------------------------------- | Earnings per share, undiluted**, EUR | -0.01 | -0.03 | 0.07 | -------------------------------------------------------------------------------- **) The convertible bond is not dilutive in respect of earnings per share in the financial years 2009 and 2008. The total comprehensive income under IAS1, including the EUR -0.1 million translation difference, is EUR -0.2 million (EUR -0.5 million). CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 2.6 | 10 | 2.6 | 10 | 2.6 | 10 | -------------------------------------------------------------------------------- | Intangible assets | 1.8 | 7 | 1.5 | 5 | 1.6 | 6 | -------------------------------------------------------------------------------- | Tangible assets | 6.4 | 24 | 7.0 | 26 | 6.5 | 24 | -------------------------------------------------------------------------------- | Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Deferred tax assets | 2.0 | 7 | 1.9 | 7 | 2.0 | 7 | -------------------------------------------------------------------------------- | Total non-current | 12.9 | 48 | 13.1 | 49 | 12.7 | 47 | | assets | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Inventories | 5.9 | 22 | 5.7 | 21 | 5.8 | 21 | -------------------------------------------------------------------------------- | Trade and other | 6.4 | 24 | 6.5 | 23 | 6.8 | 25 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Financial assets | 0.5 | 2 | 0.5 | 3 | 0.5 | 2 | | recognised at fair | | | | | | | | value through profit or | | | | | | | | loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 1.4 | 5 | 1.0 | 4 | 1.3 | 5 | | equivalents | | | | | | | -------------------------------------------------------------------------------- | Total current assets | 14.1 | 52 | 13.7 | 51 | 14.4 | 53 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 27.0 | 100 | 26.8 | 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 | 46 | 12.4 | 46 | | non-restricted equity | | | | | | | -------------------------------------------------------------------------------- | Translation differences | -0.2 | -1 | 0.0 | 0 | -0.2 | -1 | -------------------------------------------------------------------------------- | Retained earnings | -2.0 | -7 | -3.3 | -12 | -1.9 | -7 | -------------------------------------------------------------------------------- | Total equity | 12.4 | 46 | 11.3 | 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 | 8.2 | 30 | 8.0 | 30 | 8.0 | 29 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0.8 | 3 | 0.9 | 4 | 0.7 | 3 | -------------------------------------------------------------------------------- | Total non-current | 9.0 | 33 | 9.1 | 34 | 8.8 | 32 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 1.7 | 6 | 2.0 | 7 | 1.3 | 5 | -------------------------------------------------------------------------------- | Total interest-bearing | 0.7 | 3 | 0.8 | 3 | 1.1 | 4 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 3.2 | 12 | 3.5 | 13 | 3.4 | 13 | -------------------------------------------------------------------------------- | Total current | 5.6 | 21 | 6.3 | 24 | 5.8 | 21 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 14.7 | 54 | 15.4 | 58 | 14.6 | 54 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 27.0 | 100 | 26.8 | 100 | 27.1 | 100 | | LIABILITIES | | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit / loss before taxes | 0.0 | -0.4 | 1.0 | -------------------------------------------------------------------------------- | Adjustments | 0.5 | 0.7 | 2.1 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CHANGE IN WORKING CAPITAL | 0.5 | 0.0 | -0.8 | -------------------------------------------------------------------------------- | Interest and other financial | -0.1 | -0.1 | -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 | 0.8 | 0.1 | 1.2 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -0.6 | -0.3 | -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 | -0.6 | 0.1 | -0.8 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Proceeds from loans | 0.0 | 0.0 | 0.6 | -------------------------------------------------------------------------------- | Repayment of loans | -0.1 | -0.3 | -0.9 | -------------------------------------------------------------------------------- | Net cash flow from financing | -0.1 | -0.3 | -0.3 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in | 0.1 | -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 | 1.4 | 1.0 | 1.3 | | end of period | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity on 31 March 2009 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for |Earnings | Equity | | |capital |premium | lation |investments | | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity on 1 Jan | 2.2 | 0.0 | -0.2 | 12.4 | -1.9 | 12.5 | | 2009 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.1 | | | -0.1 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / loss for | | | | | -0.1 | -0.1 | | the period | | | | | | | -------------------------------------------------------------------------------- | Equity on 31 | 2.2 | 0.0 | -0.3 | 12.4 | -2.0 | 12.4 | | March 2009 | | | | | | | -------------------------------------------------------------------------------- Consolidated statement of changes in equity on 31 March 2008 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for |Earnings | Equity | | |capital |premium | lation |investments | | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 | | 2008 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.1 | | | -0.1 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / loss for | | | | | -0.4 | -0.4 | | the period | | | | | | | -------------------------------------------------------------------------------- | Equity on 31 | 2.2 | 0.2 | 0.0 | 12.2 | -3.3 | 11.3 | | March 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. Contrary to what has been reported earlier, the instrument business was not spun off to form a separate business segment. 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 -------------------------------------------------------------------------------- | | 1-3 | 1-3 | | | | | 2009 | 2008 | Change | Change | | | MEUR | MEUR | MEUR | % | -------------------------------------------------------------------------------- | Liquid handling | 7.9 | 7.8 | 0.1 | 2 | -------------------------------------------------------------------------------- | Diagnostics | 0.4 | 0.4 | 0.0 | 4 | -------------------------------------------------------------------------------- Group operating profit / loss by business segment -------------------------------------------------------------------------------- | | 1-3 | 1-3 | | | | | 2009 | 2008 | Change | Change | | | MEUR | MEUR | MEUR | % | -------------------------------------------------------------------------------- | Liquid handling | 0.6 | 0.6 | 0.0 | 5 | -------------------------------------------------------------------------------- | Diagnostics | -0.6 | -0.6 | 0.0 | 3 | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS There have been no noticeable changes in related party transactions in the reporting period. COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | 31.12.2008 | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | Liabilities for which mortgages | | | | | have been lodged as collateral | | | | -------------------------------------------------------------------------------- | Loans from financial | 3.5 | 3.3 | 3.5 | | institutions | | | | -------------------------------------------------------------------------------- | - Corporate mortgages | 2.3 | 1.6 | 2.3 | -------------------------------------------------------------------------------- | - Mortgages on real estate | 1.9 | 1.9 | 1.9 | -------------------------------------------------------------------------------- | Other long-term liabilities | 0.2 | 0.3 | 0.2 | -------------------------------------------------------------------------------- | - Mortgages on real estate | 0.8 | 0.8 | 0.8 | -------------------------------------------------------------------------------- | Lease agreements | 4.2 | 4.8 | 4.0 | -------------------------------------------------------------------------------- | - Corporate mortgages | 0.2 | 0.2 | 0.2 | -------------------------------------------------------------------------------- NEXT FINANCIAL REPORT Biohit's interim report of the first and second quarter of 2009 will be published on Friday 7 August 2009 at 9:30 am. Helsinki, on 8 May 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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