2015-08-20 08:30:02 CEST
2015-08-20 08:30:15 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
BIOHIT GROUP INTERIM REPORT Q2/2015
Biohit Oyj Interim Report, 20 August 2015 at 9:30 am local time (EEST)
SUMMARY
January-June / H1 2015
-- Net sales grew by 72.4% compared with H1/2014
-- Net sales EUR 3.5 million (EUR 2.0 million)
-- Operating result, continuing operations EUR -1.5 million (EUR -2.4 million)
-- Result for the reporting period, continuing operations EUR -1.4 million
(EUR -2.3 million)
-- Result for the reporting period, discontinued operations EUR 0.0 million
(EUR 3.3 million)
-- Total result for the reporting period EUR -1.4 million (EUR 1.0 million)
-- Net sales from international operations 88.2% (90.1%) of total net sales
-- Equity ratio 84.7% (84.7%)
April-June / Q2 2015
-- Net sales grew by 109.8% compared with Q2/2014
-- Net sales EUR 2.3 million (EUR 1.1 million)
-- Operating result, continuing operations EUR -0.5 million (EUR -1.3 million)
-- Result for the reporting period, continuing operations EUR -0.4 million
(EUR -1.3 million)
-- Result for the reporting period, discontinued operations EUR 0.0 million
(EUR 0.0 million)
-- Total result for the reporting period EUR -0.4 million (EUR -1.3 million)
-- Net sales from international operations 89.3% (89.5%) of total net sales
-- Equity ratio 84.7% (84.7%)
PRESIDENT & CEO SEMI KORPELA:
‘During the reporting period, the development of net sales continued on a
growth path and earnings improved compared to January-June 2014. The focus of
Biohit Oyj's business development during the second quarter of 2015 was on
increasing services sales, expanding the international distributor network and
supporting existing partners, for example by assisting in product
registrations. In addition, as planned we have continued our work in order to
improve the medical practices (incl. cancer screenings) and also to increase
public awareness of acetaldehyde. Key factors have been the utilization of the
latest international and Finnish research and increasing public awareness of
our products.
The motion of the European Parliament´s committee on Environment, Public Health
and Food Safety (ENVI) was accepted in May 2015, containing key elements
regarding acetaldehyde. European Parliament urged the Commission to immediately
ask the European Food Safety Authority (EFSA) to re-evaluate the use of
acetaldehyde as a flavouring substance in alcoholic and non-alcoholic
beverages.
In May, Biohit Oyj and Mekalasi Oy signed a distributor agreement regarding
Biohit Quick Tests in Finland. In June, we expanded our Acetium lozenge
distribution to dental care by signing an agreement with Finnish Hammasväline
Oy for the distribution of Acetium lozenges in Finland. Finnish Oriola Oy will
supply Acetium lozenges to Hammasväline Oy. The agreement between Biohit Oyj
and Oriola Oy came into force on 1 June 2015 and covers all Acetium products.
In international markets we expanded our co-operation with our Russian
distributor Melon to cover the distribution of diagnostic products in
Kazakhstan. In May, Biohit Oyj and El-Alawia Medical Agencies signed a
distribution agreement for Sudan. In June, we strengthened our existing
partnership with Serbian Biohemed by expanding our distribution network to
cover the distribution of diagnostic products in Serbia, Bosnia Herzegovina and
Montenegro. In June, an Italian company, LSPHARMA S.r.l., was appointed our new
distributor of Acetium products in Italy.
The GastroPanel trademark was registered in the United States in May. In
addition, during the reporting period, Eurasian patent for acetaldehyde binding
products was registered in Azerbaijan, Kirgizia, Armenia, Belarus, Kazakhstan,
Moldavia, Tajikistan, Russia and Turkmenistan.
After the reporting period in July the registration of Acetium capsules in
China was completed and our partner GrandPharma will begin the sales of Acetium
capsules using the Chinese brand name Shubang by the end of the year. After the
reporting period we also signed a distributor agreement with Portuguese Arium.
The agreement came into force in July and it covers the distribution of
diagnostic products in Portugal.
After the reporting period China started two gastric cancer screening studies
using Biohit Oyj's GastroPanel test.
The first study of early gastric cancer screening in the National Clinical
Research Center for Digestive Diseases (Changhai Hospital), is funded by the
Ministry of Science and Technology, which is the organizer of a multi-center
study of early gastric cancer risk screening. The study will will involve at
least 20,000 persons in approximately 50 hospitals. The screenings are set to
begin in 2015 and end in December 2016.
The second study is being conducted in Chinese healthcare centers by the China
Health Promotion Foundation. The foundation is a public organisation, managed
by the Chinese Ministry of Health. Around half a million 40-80-year-old
asymptomatic persons will be tested in the study. The sample collection has
begun in the summer of 2015.
GastroPanel tests delivered to China had a positive impact on the reporting
period's net sales.'
CONSOLIDATED KEY FIGURES
4-6/2015 4-6/2014 1-6/2015 1-6/2014
--------------------------------------------------------------------------------
Net sales (MEUR) 2.3 1.1 3.5 2.0
--------------------------------------------------------------------------------
Operating profit/loss, -0.5 -1.3 -1.5 -2.4
continuing operations (MEUR)
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.4 -1.2 -1.3 -2.2
--------------------------------------------------------------------------------
Profit/loss for the period, -0.4 -1.3 -1.4 -2.3
continuing operations (MEUR)
--------------------------------------------------------------------------------
Profit/loss for the period, 0.0 3.3
discontinued operations (MEUR)
--------------------------------------------------------------------------------
Profit/loss for the period, -0.4 -1.3 -1.4 1.0
total (MEUR)
--------------------------------------------------------------------------------
Average number of personnel 57 49 53 47
--------------------------------------------------------------------------------
Number of personnel at the end 58 49 58 49
of the period
--------------------------------------------------------------------------------
Equity ratio (%) 84.7% 84.7% 84.7% 84.7%
--------------------------------------------------------------------------------
Earnings per share, continuing -0.03 -0.09 -0.10 -0.17
operations (EUR)
--------------------------------------------------------------------------------
Earnings per share, discontinued 0.23
operations diluted (EUR)
--------------------------------------------------------------------------------
Shareholders' equity per share 0.82 1.03 0.82 1.03
(EUR)
--------------------------------------------------------------------------------
Average number of shares during 14,268,093 13,857,241 14,201,454 13,834,958
the period
--------------------------------------------------------------------------------
Number of shares at the end of 14,315,593 13,985,593 14,315,593 13,985,593
the period
--------------------------------------------------------------------------------
REPORTING
Biohit's product portfolio consists of diagnostic tests, acetaldehyde-binding
products and monoclonal antibodies. The entire product portfolio is reported
under a single segment.
NET SALES AND RESULT
January-June
Net sales grew by 72.4% compared with 1-6/2014. Shipments for screening studies
in China had a positive impact on net sales in the reporting period.
The operating loss from continuing operations was EUR -1.5 million (EUR -2.4
million 1-6/2014). The result for continuing operations during the reporting
period totalled EUR -1.4 million (EUR -2.3 million).
The result for discontinued operations during the reporting period totalled EUR
0.0 million (EUR 3.3 million). In conjunction with the divestment of the liquid
handling business in late 2011, EUR 3.5 million of the gains on the sale were
not recognized due to the terms of the sale agreement and to other, related
factors that remained open at the time. The amount was recognised on 31 March
2014, when the deal was closed.
The result for the reporting period totalled EUR -1.4 million (EUR 1.0 million).
Consolidated net sales and result for continued operations
4-6/20 4-6/20 Change 1-6/20 1-6/20 Change 1-12/2
15 14 15 14 014
--------------------------------------------------------------------------------
Net sales MEUR 2.3 1.1 1.2 3.5 2.0 1.5 4.4
--------------------------------------------------------------------------------
Change compared with the 109.8% 72.4%
previous year (%)
--------------------------------------------------------------------------------
Operating income MEUR -0.5 -1.3 0.8 -1.5 -2.4 0.9 -4.5
--------------------------------------------------------------------------------
Change compared with the 63.7% 39.5%
previous year (%)
--------------------------------------------------------------------------------
Operating income -20 % -113 % -41 % -118 % -103 %
(% of net sales)
--------------------------------------------------------------------------------
BALANCE SHEET
On 30 June 2015, the balance sheet total was EUR 13.9 million (31 December 2014
EUR 14.5 million), and the equity ratio was 84.7% (31 December 2014 87.5%).
FINANCING
Biohit Oyj enjoys a strong financial position, which allows determined
investments in an international distributor network as well as the development
and commercialization of new products.
At the end of the reporting period, the company's financial assets totalled EUR
9.0 million (31 December 2014 EUR 10.4 million).
RESEARCH AND DEVELOPMENT
R&D operations were again focused on innovations, as well as product
development and improved usability. Biohit also employs external experts and
subcontractors in its R&D operations. Development expenditure on the
diagnostics business has not been capitalized. Research and development
expenditure during the 1-6/2015 reporting period amounted to EUR 1.1 million
(EUR 1.0 million).
In Finland, there is still an ongoing research project on smoking cessation
(with the Acetium lozenge as the research product), and two research projects
on preventing migraine-type headache episodes (with the Acetium capsule as the
research product).
The development of the new standardized GastroPanel test is complete, and the
results of the first new clinical confirmatory examination (100 patients) are
currently being analysed. A broader research 1000 patients at the Oulu
University Hospital has received the approval of the Ethical Committee.
Acetium capsules' Acetaldehyde-binding properties have been studied in a trial
conducted in Sweden, which confirms the earlier scientific results related to
Acetium. The studies showed that Acetium binds the Group I carcinogenic
acetaldehyde by 60-80% and creates a harmless MTCA compound. The Swedish report
has been completed and is currently under review by the research team members.
At the turn of the year, the results of a comparative ColonView trial were
published in the May issue of the international cancer journal, Anticancer
Research. Based on the report on the study, the ColonView test exceeds the
performance of even the best currently available FIT clinical tests in terms of
sensitivity as well as accuracy. A similar, comparative study with a larger
amount of patient data has proceeded over midpoint at the Barretos cancer
hospital in Brazil.
GastroPanel testing targeted at the elderly population was carried out during
the reporting period to determine the prevalence of latent B12 vitamin
deficiency and its causes (atrophic gastritis) among over 75-year-olds. The
results are currently being analysed and, once they are ready, will for the
first time provide concrete information on how common latent B12-vitamin
deficiency is among the elderly. Serious complications related to this
deficiency could be prevented with an appropriate substitution treatment.
INVESTMENTS
Gross investments during the reporting period 1-6/2015 totalled EUR 0.1 million
(EUR 0.2 million), of which expenditure during the second quarter was EUR 0.0
million (EUR 0.1 million).
PERSONNEL
During the reporting period 4-6/2015, the average number of personnel employed
by the Group was 57 (49) of whom 49 (40) were employed by the parent company
and 8 (9) by its subsidiaries. The growth in the number of personnel employed
was due to temporary labour utilised in production and domestic service sales
sample processing. After the reporting period, the number of personnel employed
has returned close to the previous year's comparative period.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit's key risks have to do with the investments required for business
growth. There are risks involved in areas such as the success of clinical
trials, new market areas, the selection and development of distribution
channels, personnel recruitment, registration processes, product pricing, and
political decision-making affecting the progress of screening programmes.
Significant short-term risks are associated with the selection of new market
areas, the timing of expansion into selected markets and product success in
these markets. The recent increase in uncertainty factors associated with
international politics may have an unfavourable impact on the company's
business.
The duration of the product registration process is different in each market
area. For this reason, it is not possible to accurately assess the time it
takes the authorities to handle registrations in these areas and for product
sales to begin.
When investing liquid assets, the objective is to gain a return on investment
with a minimum risk of equity loss. The investment portfolio consists of
deposits, money market investments and corporate loans. A fundamental aspect of
portfolio management is sufficient diversification across different asset
classes, investment instruments and counterparties. Biohit conducts its
investment activities with at least two partners.
Thanks to its wide customer base, Biohit does not materially depend on any
individual customers or project deliveries, with the exception of GastroPanel
sales in China, which currently represents a major business for Biohit. Most of
the company's business is conducted in euros.
MAIN EVENTS IN THE REPORTING PERIOD
Recommendations for detection of gastric cancer risk and monitoring of the
cancer precursorsIn April Biohit Oyj published recommendations for the
detection of gastric cancer risk. Gastric cancer is detected in 600-700
patients in Finland each year and it's suitable for population-based screening,
because the disease is sufficiently common, its precursors are well established
and by detecting them, the development of cancer can be prevented.
Acetaldehyde - a major pathophysiological factor in upper digestive tract
carcinogenesisThe results of the collaborative Japanese-Finnish study was
published in PLOS ONE journal
In a collaborative Japanese-Finnish study published in April 2015, it was
demonstrated for the first time that a genetic deficiency (ALDH2-deficiency) in
eliminating acetaldehyde results in markedly increased (5.6-fold) exposure of
the gastric mucosa to carcinogenic acetaldehyde after the intragastric
administration of alcohol. Furthermore, Biohit's Acetium capsules (100mg x 2)
eliminated 60% of acetaldehyde formed from alcohol and the effect of capsules
continued for the entire follow-up period of two hours.
Acetaldehyde safety concernsThe European Parliament's committee on Environment,
Public Health and Food Safety (ENVI) has called on the European Commission to
propose a new EU strategy to tackle health harm from alcohol on April 2015. The
Resolution also emphasizes the importance of better labeling of alcoholic
beverages, including ingredients and nutritional information. The committee has
called for the new EU alcohol strategy to be devised between 2016 and 2022.
The Key Flag symbol is granted to Acetium capsules and Acetium lozenges
The Association for Finnish Work granted the Key Flag symbol to Acetium
capsules and Acetium lozenges, indicating that the products are manufactured in
Finland.
Effortless accuracy with Biohit Quick Test Reader
During the reporting period Biohit released an accurate and easy-to-use Biohit
Quick Test Reader that allows effective use of Biohit ColonView Quick Test and
Biohit Celiac Disease Quick Test in point-of-care setting. The Quick test
reader is especially suitable for mobile units due to its robust construction
and non-dependency on electricity supply (it has rechargeable batteries). The
reader has a data storage capacity on a memory card, and is compliant with most
hospital and laboratory information systems (HIS/LIS).
Annual General Meeting
Biohit Oyj's Annual General Meeting (AGM) was held on Monday 20 April 2015. The
AGM adopted the parent company's financial statements and the consolidated
financial statements for 2014, and discharged the members of the Board of
Directors and the Chief Executive Officer from liability.
Dividend pay-out
As proposed by the Board of Directors, the AGM decided that the loss for the
financial period ending on 31.12.2014 be recorded in the profit and loss
account, and that no dividend be paid for the financial year. The loss of EUR
550,514.94 for the financial year 2014 will be transferred to the profit and
loss account for previous financial years.
Members of the Board of Directors
The AGM decided unanimously that the number of members of the Board of
Directors would be six (6), and elected the following members to the Board
until the end of the next AGM: Professor Osmo Suovaniemi, Professor Mikko
Salaspuro, Commercial Counsellor Eero Lehti, Seppo Luode, MSc.Eng., Managing
Director Franco Aiolfi and, as a new member, Janina Andersson, M.P.S. It was
unanimously resolved by the AGM that the Chairman of the Board of Directors be
paid a remuneration fee of €1,600 per meeting and that the ordinary members be
paid a remuneration fee of €1,500 per meeting. Biohit Oyj's Board of Directors
elected Mr. Osmo Suovaniemi as the Chairman of the Board of Directors in the
constitutive meeting.
Election of the auditor
Authorised public accountants PricewaterhouseCoopers Oy were elected as Biohit
Oyj's auditors, with Authorised Public Accountant Pasi Karppinen as chief
auditor for a term expiring at the end of the next AGM.
Amendment to the Articles of Association
The AGM resolved that the Articles of Association be amended so that the
paragraph 13 is removed.
All decisions taken at the shareholder meeting were unanimous. The minutes of
the AGM are available to shareholders on the company's website at
www.biohithealthcare.com/investors.
Constitutive meeting of Biohit Oyj's Board of DirectorsBiohit Oyj's Board of
Directors elected Mr. Osmo Suovaniemi as the Chairman of the Board of Directors
at its meeting in April.
Mekalasi Oy to distribute Biohit Quick Tests in FinlandBiohit Oyj and Mekalasi
Oy signed an agreement for the distribution of the Biohit Quick Tests in
Finland. The agreement entered into force immediately.
European Parliament urged the Commission to immediately ask the European Food
Safety Authority (EFSA) to re-evaluate the use of acetaldehyde
The motion of the European Parliament´s committee on Environment, Public Health
and Food Safety (ENVI) was accepted in May 2015, containing the key elements
regarding acetaldehyde.
European Parliament urged the Commission to immediately ask the European Food
Safety Authority (EFSA) to re-evaluate the use of acetaldehyde as a flavouring
substance in alcoholic and non-alcoholic beverages.
European Parliament urged the Commission to produce immediately the report
required in Regulation (EU) No 1169/2011 by December 2014, evaluating whether
alcoholic beverages should in future be covered by the requirement to provide
information on ingredients and nutritional content; considers that consumers
should be informed about ingredients and nutritional content.
Modern colorectal cancer screening test on the market from Finland
An international study comparing colorectal cancer screening tests was
completed and the scientific report was published during the reporting period
in an international cancer journal Anticancer Research.
Biohit Oyj expands the distribution of Acetium® lozenge to dental care
Hammasväline Oy began the distribution of the Acetium lozenges which increases
the distribution opportunities in professional dental care. Hammasväline is
part of the North European Lifco Dental Group, which is owned by Swedish Lifco
Ab.
MAJOR EVENTS AFTER THE END OF THE PERIOD
Gastric cancer screening study to start in China
A gastric cancer risk screening study started in China, with at least 20 000
people to be screened by Biohit Oyj's GastroPanel test, with over 50 hospitals
participating. The screenings are set to begin in 2015 and end in December
2016.
Population-based screening study of asymptomatic persons to start in China,
using GastroPanel biomarkers disclosing gastric cancer
A gastric cancer risk screening study will be organised in Chinese healthcare
centres by the China Health Promotion Foundation. The foundation is a public
organisation managed by the Chinese Ministry of Health.
The multi-centre study will be conducted by fifty to one hundred primary
healthcare units. The screening of around half a million 40-80-year-old
asymptomatic persons will be tested with GastroPanel biomarkers, delivered by
Biohit Oyj.
SHARES AND SHAREHOLDERS
Biohit Oyj's number of shares is 14,315,593, of which 2,975,500 (2,975,500) are
Series A shares and 11,340,093 (11,010,093) are Series B shares. The Series B
shares are quoted on NASDAQ Helsinki in the Small cap/Healthcare group under
the code BIOBV.
Assuming that the market capitalisation for series A and B shares is equal, the
total market capitalisation at the end of the period was EUR 66.3 million (EUR
85.9 million). The shares' trade value during the period amounted to EUR 10.8
million.
BIOBV/NASDAQ OMX Helsinki 1-6/2015 1-6/2014 1-12/2014
-------------------------------------------------------------
High (EUR) 7.14 8.17 8.17
-------------------------------------------------------------
Low (EUR) 4.55 5.42 4.57
-------------------------------------------------------------
Average (EUR) 5.48 6.85 6.35
-------------------------------------------------------------
Latest (EUR) 4.63 6.14 4.68
-------------------------------------------------------------
Turnover (EUR) 10,815,222 17,286,862 25,927,811
-------------------------------------------------------------
Turnover volume 1,879,529 2,522,648 4,028,617
-------------------------------------------------------------
Shareholders
At the end of the reporting period on 30 June 2015, the company had 6,739
shareholders (6,607 on 30 June 2014). Private households held 78.0% (78.1%),
companies 20.2% (20.1%) and public sector organisations 0.0% (0.0%). Foreign
ownership or nominee registrations accounted for 1.7% (1.7%) of shares.
Further information on the shares, major shareholders and management
shareholdings is available on the company's website at
www.biohithealthcare.com/investors.
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with the requirements of
the IAS 34 standard.
All business operations are presented as one segment. Biohit Oyj has applied
the same accounting principles in preparing this interim report as in its
financial statements of 2014.
The IFRS standards or standard interpretations that came into effect in 2015
did not have a material impact on the accounting principles. On 1 January 2014,
Biohit Oyj introduced the standards IFRS10 Consolidated Financial Statements
and IFRS11 Joint Arrangements. The introduction of the standards had an impact
on the accounting of Biohit's Chinese joint venture, Biohit Biotech (Hefei) Co.
Ltd. The new IFRS 10 standard was not fulfilled on the closing dates of 30 June
2015 in the way referred to in the standard and the shareholders' agreement,
and the investment is not, therefore, presented in the balance sheet drawn up
according to the new standards.
The management estimates that the joint control referred to in IFRS 10 and in
the shareholders' agreement will be achieved during the third quarter of 2015.
From that point on, the joint venture will be consolidated in Biohit's
consolidated financial statements using the equity method.
All of 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 for the reporting period are unaudited.
CONSOLIDATED INCOME STATEMENT
EUR million 4-6/20 4-6/20 Change 1-6/20 1-6/20 Change 1-12/2
15 14 15 14 014
--------------------------------------------------------------------------------
Net sales 2.3 1.1 1.2 3.5 2.0 1.5 4.4
--------------------------------------------------------------------------------
Materials and services -1.0 -0.5 -0.6 -1.5 -0.8 -0.7 -1.9
--------------------------------------------------------------------------------
Gross margin 1.3 0.6 0.6 2.0 1.2 0.8 2.4
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0 0.1 -0.1 0.2
--------------------------------------------------------------------------------
Sales and marketing -0.6 -0.5 -0.1 -1.2 -1.0 -0.2 -2.1
--------------------------------------------------------------------------------
Administration -0.5 -0.8 0.3 -1.2 -1.8 0.6 -3.1
--------------------------------------------------------------------------------
Production and product -0.6 -0.5 0.0 -1.1 -1.0 -0.1 -2.1
development
--------------------------------------------------------------------------------
Share of profit/loss in 0.0 0.0 0.0 0.0 0.0 0.0
Joint Venture
--------------------------------------------------------------------------------
Operating profit/loss, -0.5 -1.3 0.8 -1.5 -2.4 0.9 -4.5
continuing operations
--------------------------------------------------------------------------------
Financial income 0.0 0.1 0.0 0.1 0.2 -0.1 0.3
--------------------------------------------------------------------------------
Financial expenses 0.0 0.0 0.0 0.0 0.0 0.0 -0.1
--------------------------------------------------------------------------------
Share of the profit
(loss) of associates
consolidated with the
equity method
--------------------------------------------------------------------------------
Profit/loss before taxes -0.4 -1.2 0.8 -1.3 -2.2 0.9 -4.3
--------------------------------------------------------------------------------
Income taxes 0.0 -0.1 0.1 0.0 -0.1 0.1 -0.1
--------------------------------------------------------------------------------
Income for the period, -0.4 -1.3 0.9 -1.4 -2.3 1.0 -4.4
continuing operations
--------------------------------------------------------------------------------
Income for the period, 0.0 0.0 3.3 -3.3 3.3
discontinued operations
--------------------------------------------------------------------------------
Income for the period, -0.4 -1.3 0.9 -1.4 1.0 -2.3 -1.2
total
--------------------------------------------------------------------------------
Other comprehensive
income after taxes
--------------------------------------------------------------------------------
Other comprehensive
income to be
reclassified in profit
or loss in subsequent
periods
--------------------------------------------------------------------------------
Available-for-sale -0.1 0.1 -0.2 -0.1 0.2 -0.3 0.1
financial assets
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other comprehensive 0.0 0.1 -0.1 -0.1 0.2 -0.3 0.1
income to be
reclassified in profit
or loss in subsequent
periods
--------------------------------------------------------------------------------
Total comprehensive -0.5 -1.2 0.7 -1.5 1.1 -2.6 -1.1
income for the period
--------------------------------------------------------------------------------
Earnings per share calculated from earnings attributable to equity holders of
the parent company
1-6/2015 1-6/2014 1-12/201
4
--------------------------------------------------------------------------------
Undiluted earnings per share, continuing -0.10 -0.17 -0.32
operations (EUR)
--------------------------------------------------------------------------------
Undiluted earnings per share, discontinued 0 0.24 0.23
operations (EUR)
--------------------------------------------------------------------------------
Diluted earnings per share, discontinued 0 0.23 0.22
operations (EUR)
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
MEUR 30.6.2015 30.6.2014 31.12.2014
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1.5 1.9 1.6
--------------------------------------------------------------------------------
Tangible assets 0.9 0.5 0.9
--------------------------------------------------------------------------------
Share in Joint Venture
--------------------------------------------------------------------------------
Other financial long-term assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Deferred tax assets 0.1 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 2.5 2.3 2.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 0.7 0.8 0.8
--------------------------------------------------------------------------------
Trade and other receivables 1.6 0.9 0.8
--------------------------------------------------------------------------------
Other financial short-term assets 8.3 11.4 9.8
--------------------------------------------------------------------------------
Cash and cash equivalents 0.7 0.6 0.6
--------------------------------------------------------------------------------
Total current assets 11.4 13.7 12.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 13.9 16.1 14.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity attributable to the
owners of the parent company
--------------------------------------------------------------------------------
Share capital 2.4 2.4 2.4
--------------------------------------------------------------------------------
Invested unrestricted equity fund 2.3 1.5 1.9
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0
--------------------------------------------------------------------------------
Retained earnings 7.1 10.5 8.4
--------------------------------------------------------------------------------
Total shareholders' equity 11.8 14.4 12.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 0.2 0.2 0.2
--------------------------------------------------------------------------------
Other liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total non-current liabilities 0.2 0.2 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade payables 0.8 0.3 0.5
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.1 0.3 0.3
--------------------------------------------------------------------------------
Tax liabilities 0.0 0.1 0.1
--------------------------------------------------------------------------------
Other liabilities 1.0 0.8 0.8
--------------------------------------------------------------------------------
Deferred gain 0.0
--------------------------------------------------------------------------------
Total current liabilities 1.9 1.4 1.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 2.1 1.7 1.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 13.9 16.1 14.5
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity on 30 June 2015
MEUR Share Translatio Invested Retained Shareholde
capital n unrestricted earnings rs' equity
difference equity fund
s
--------------------------------------------------------------------------------
Shareholders' 2.4 0.0 1.9 8.4 12.7
equity
1 Jan 2015
--------------------------------------------------------------------------------
Distribution of
dividend
--------------------------------------------------------------------------------
Capital repayment
--------------------------------------------------------------------------------
Direct share issue
--------------------------------------------------------------------------------
Share based 0.1 0.1
payments
--------------------------------------------------------------------------------
Exercise of share 0.4 0.4
options
--------------------------------------------------------------------------------
Total comprehensive 0.0 -1.5 -1.5
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.4 0.0 2.3 7.1 11.8
equity
30 June 2015
--------------------------------------------------------------------------------
Consolidated statement of changes in equity on 30 June 2014
Share Translation Invested Retained Shareholder
capital differences unrestricted earnings s' equity
(MEUR) (MEUR) equity fund (MEUR) (MEUR)
(MEUR)
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 2.8 17.3 22.5
equity
1 Jan 2014
--------------------------------------------------------------------------------
Distribution of -10.0 -10.0
dividend
--------------------------------------------------------------------------------
Capital
repayment
--------------------------------------------------------------------------------
Direct share
issue
--------------------------------------------------------------------------------
Share based -1.6 2.0 0.4
payments
--------------------------------------------------------------------------------
Exercise of 0.0 0.4 0.4
share options
--------------------------------------------------------------------------------
Total 0.0 1.1 1.1
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.4 0.0 1.5 10.5 14.4
equity 30 June
2014
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
MEUR 1-6/201 1-6/201 1-12/201
5 4 4
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
Profit for the period -1.4 1.0 -1.2
--------------------------------------------------------------------------------
Adjustments 0.1 -2.9 -2.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital -0.3 -0.1 0.2
--------------------------------------------------------------------------------
Interest paid and payments on other operating 0.0 0.0 0.0
financial expenses
--------------------------------------------------------------------------------
Interest received 0.2 0.2 0.2
--------------------------------------------------------------------------------
Realised exchange rate gains and losses 0.0 0.0 0.0
--------------------------------------------------------------------------------
Income taxes paid 0.0 0.0 -0.1
--------------------------------------------------------------------------------
Net cash flow from operating activities -1.4 -1.9 -3.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTMENTS
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -0.2 -0.2 -0.4
--------------------------------------------------------------------------------
Revenue from disposal of tangible and intangible 0.0 0.0 0.0
assets
--------------------------------------------------------------------------------
Capital gain from the sale of liquid handling 0.0 6.8 6.8
business
--------------------------------------------------------------------------------
Net investments in funds and deposits 1.3 5.0 6.5
--------------------------------------------------------------------------------
Net cash flow from investments 1.2 11.7 12.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
Rights issue 0.4 0.4 0.8
--------------------------------------------------------------------------------
Dividend payout 0.0 -10.0 -10.0
--------------------------------------------------------------------------------
Repayment of capital 0.0
--------------------------------------------------------------------------------
Repayment of loans -0.1 -0.1 -0.1
--------------------------------------------------------------------------------
Net cash flow from financing activities 0.3 -9.7 -9.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Increase (+)/decrease (-) in cash and cash 0.1 0.1 0.1
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 0.6 0.5 0.5
period
--------------------------------------------------------------------------------
Effect of exchange rates on cash and cash 0.0 0.0 0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 0.7 0.6 0.6
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS DURING APRIL-JUNE 2015
Biohit Oyj B series shares subscribed with Stock Options I and II 2013
A total number of 95,000 new Biohit Oyj B-shares have been subscribed for with
stock options II 2013 during May 5th, 2015 and April 23rd, 2015. These shares
will be entered into the trade register on June 18th, 2015, as of which date
the new shares will establish equal shareholder rights with the company's
existing B-shares. Public trading is expected to begin on NASDAQ OMX Helsinki
as of June 22, 2015 together with the existing B-shares.
The share subscription price was EUR 2.2766 per share respectively. The entire
subscription price of EUR 216,277 will be credited to the reserve for invested
non-restricted equity, and the company share capital remains unchanged. The
shares have no nominal value.
After the subscription the number of all Biohit Oyj's shares will rise into
14,315,593 shares (14,220,593) and B-shares will rise into 11,340,093 shares
(11,245,093). The new shares will correspond to a percentage of 0.66% of Biohit
Oyj's total number of shares and 0.13% of the voting rights after registration.
The share subscription period with stock options II 2013 began on July 1, 2013
and will end June 30, 2015. This subscription is the last subscription of the
II 2013 option series. The option schemes are based on the Biohit Oyj board
resolution of June 19, 2013 and the Annual General Meeting authorization of
April 14, 2014. The terms and conditions of the option schemes with additional
information are available on Biohit Oyj website at www.biohithealthcare.com.
COLLATERAL, CONTINGENT LIABILITIES, AND OTHER COMMITMENTS
30 June 30 June 31 December
2015 2014 2015
--------------------------------------------------------------------------------
Collateral granted on behalf of the parent
company
--------------------------------------------------------------------------------
Corporate mortgages 0.0 0.0 0.0
--------------------------------------------------------------------------------
Collateral granted on behalf of the
subsidiaries
--------------------------------------------------------------------------------
Guarantees 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments
--------------------------------------------------------------------------------
Due for payment in less than one year 0.1 0.1 0.1
--------------------------------------------------------------------------------
Due for payment in more than one year but 0.1 0.0 0.1
less than five years
--------------------------------------------------------------------------------
Due for payment in more than five years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.2 0.1 0.2
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payment in less than one year 0.2 0.2 0.2
--------------------------------------------------------------------------------
Due for payment in more than one year but 0.7 0.2 0.7
less than five years
--------------------------------------------------------------------------------
Due for payment in more than five years 0.0 0.0 0.1
--------------------------------------------------------------------------------
Total 0.9 0.4 1.0
--------------------------------------------------------------------------------
Other liabilities total 1.1 0.5 1.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collateral, contingent liabilities and other 1.1 0.5 1.2
liabilities total
--------------------------------------------------------------------------------
NEXT FINANCIAL REPORT
The interim report for January-September 2015 (Q3) will be published on
Thursday, 22 October 2015, at 9:30 am.
Helsinki, 20 August 2015
Biohit Oyj
Board of Directors
Additional information:
CEO Semi Korpela, Biohit Oyj
tel. +358 9 773 861
investor.relations@biohit.fi
www.biohithealthcare.com
Biohit in brief
Biohit Oyj is a globally operating Finnish biotechnology company. Biohit's
mission is “Innovating for Health” - we produce innovative products and
services to promote research and early diagnosis. Biohit is headquartered in
Helsinki, Finland, and has subsidiaries in Italy and the UK. Biohit's Series B
share (BIOBV) is quoted on Nasdaq Helsinki in the Small cap/Healthcare group.
www.biohithealthcare.com
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