2009-11-06 08:30:00 CET
2009-11-06 08:30:02 CET
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 30 SEPTEMBER 2009
BIOHIT OYJ INTERIM REPORT, 6 NOVEMBER 2009 AT 9:30 AM INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 30 SEPTEMBER 2009 The Biohit Group's financial trends in the January-September period of 2009: - Net sales were EUR 25.1 million (EUR 25.5 million in 1-9/2008). - Operating profit amounted to EUR 0.3 million (operating profit EUR 1.0 million). - Loss before taxes was EUR 0.0 million (profit EUR 0.5 million). - Earnings per share were EUR -0.02 (EUR 0.01). During the third quarter, the Biohit Group's net sales decreased by 7% on the previous quarter and amounted to EUR 8.1 million. The decline was due to the weaker demand for pipettes and seasonal variations. This is offset by the growth in sales of pipette tips, the maintenance business and diagnostic test kits compared to the previous quarter. The loss before taxes for the third quarter was EUR 0.1 million. NET SALES AND RESULT BEFORE TAXES July-September Net sales for the third quarter remained at the same level as in the corresponding period of 2008, amounting to EUR 8.1 million (EUR 8.2 million 7-9/2008). Operating profit for the third quarter amounted to EUR 0.1 million (operating profit EUR 0.7 million) and the loss before taxes to EUR 0.1 million (profit EUR 0.8 million). Earnings per share were EUR -0.01 (EUR 0.04). Taking into account the current global economic situation, net sales trends were satisfactory in the third quarter, particularly in the North American and Asian markets. The loss before taxes was EUR 0.1 million (profit EUR 0.8 million) due to the growth in fixed costs. January-September The Group's net sales for the entire reporting period declined by 1% on the corresponding period of 2008 to EUR 25.1 million (EUR 25.5 million). Operating profit for the reporting period amounted to EUR 0.3 million (operating profit EUR 1.0 million) and the loss before taxes to EUR 0.0 million (profit EUR 0.5 million). Earnings per share were EUR -0.02 (EUR 0.01). Trends in the global economy during 2009 have also been reflected in Biohit's business and net sales of pipettes have underperformed expectations in all market areas. The loss before taxes was due to a slight decline in sales and the moderate growth in fixed costs. Key figures by segment, January-September 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 23.9 million (EUR 24.4 million) and the net sales of the diagnostics business to EUR 1.3 million (EUR 1.1 million). Test kit sales generated EUR 1.1 million (EUR 0.9 million) and instruments EUR 0.2 million (EUR 0.3 million) of the net sales of the diagnostics business. The operating profit of the liquid handling business amounted to EUR 1.9 million (operating profit EUR 2.6 million), while the operating loss of the diagnostics business totalled EUR 1.5 million (operating loss EUR 1.6 million). The impact of currency exchange rates Currency exchange rate fluctuations did not have a material impact on the total net sales of the liquid handling business. When calculated using comparable currency exchange rates, the change in net sales for the liquid handling business during the reporting period was -4%. The reported change in net sales was -2%. Excluding the impact of instrument sales, net sales growth in the diagnostics business totalled 32% when calculated using comparable currency exchange rates. The reported figure for net sales growth excluding instrument sales was 24%. BALANCE SHEET On 30 September 2009, the balance sheet total was EUR 26.7 million (EUR 26.6 million on 30 September 2008) and the equity ratio was 45.6% (44.6%). FINANCING Cash flow during the reporting period was EUR 0.4 million (EUR 0.2 million). Net cash flow from operating activities was, however, EUR 2.2 million (EUR 1.2 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 1.3 million on 30 September 2008 and EUR 1.3 million on 31 December 2008). Current ratio was 2.3 (2.3). RESEARCH AND DEVELOPMENT Research and development expenditure during the reporting period amounted to EUR 1.7 million (EUR 1.5 million), that is, 6.6% of net sales (5.7%). 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 1.7 million (EUR 0.9 million). Investments were primarily made in production technology in Helsinki and Kajaani, significantly increasing tip production capacity. PERSONNEL The average number of Group personnel during the reporting period was 368 (372 in the corresponding period of 2008 and 350 in 2007). Of these, 173 (173 in 2008, 179 in 2007) were employed by the parent company and 195 (199 in 2008, 171 in 2007) by subsidiaries. KEY FIGURES -------------------------------------------------------------------------------- | | 7-9/2009 | 7-9/2008 | 1-9/2009 | 1-9/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Net sales, MEUR | 8.1 | 8.2 | 25.1 | 25.5 | 35.1 | -------------------------------------------------------------------------------- | Operating | 0.1 | 0.7 | 0.3 | 1.0 | 1.3 | | profit/loss, MEUR| | | | | | -------------------------------------------------------------------------------- | Profit/loss | -0.1 | 0.8 | -0.0 | 0.5 | 1.0 | | before taxes, | | | | | | | MEUR | | | | | | -------------------------------------------------------------------------------- | Investments, | 0.5 | 0.3 | 1.7 | 0.9 | 1.2 | | gross, MEUR | | | | | | -------------------------------------------------------------------------------- | As a percentage | 6.3 | 3.5 | 6.9 | 3.4 | 3.5 | | of net sales | | | | | | -------------------------------------------------------------------------------- | R&D expenditure, | 0.4 | 0.4 | 1.7 | 1.5 | 2.0 | | MEUR | | | | | | -------------------------------------------------------------------------------- | As a percentage | 4.9 | 4.9 | 6.6 | 5.7 | 5.8 | | of net sales | | | | | | -------------------------------------------------------------------------------- | Average number | 376 | 375 | 368 | 372 | 369 | | of personnel | | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 45.6 | 44.6 | 45.6 | 44.6 | 46.5 | -------------------------------------------------------------------------------- | Earnings per | -0.01 | 0.04 | -0.02 | 0.01 | 0.07 | | share, EUR | | | | | | -------------------------------------------------------------------------------- | Equity per | 0.94 | 0.91 | 0.94 | 0.91 | 0.97 | | share, EUR | | | | | | -------------------------------------------------------------------------------- | Average number | 12,937,627| 12,937,627| 12,937,627| 12,937,627| 12,937,627| | of shares during | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Number of shares | 12,937,627| 12,937,627| 12,937,627| 12,937,627| 12,937,627| | at end of period | | | | | | -------------------------------------------------------------------------------- SHORT-TERM RISKS AND UNCERTAINTY FACTORS During the third quarter, the company's business has been impacted not only by seasonal variations but also by the global recession, which has weakened demand for liquid handling equipment in particular. Although the risks inherent in the company's business operations - as described in the Financial Statement Bulletin dated 13 February 2009 and the interim reports released during the period - have not changed significantly, the continuing global recession has ushered in uncertainty factors concerning the development of the company's operations. These uncertainty factors increase the significance of risks related to the Group's liquidity and exchange rate trends. Correspondingly, delays in the breakthrough of the diagnostics business have a negative impact on the development of the company's liquidity. Biohit has sought to minimise the effects of the global recession especially by focusing on sales of disposable tips and maintenance services and by offering cost-effective diagnostics products to its customers. These measures are also geared towards improving the company's profitability and liquidity. During the reporting period, Biohit has tried to minimise the risks associated with the diagnostics business through measures such as increasing co-operation with partners and opinion leaders as well as strengthening the organisation of the diagnostics business. Biohit has made a concerted effort to open up the Finnish market in particular during the reporting period. Growth in the diagnostics business continued during the third quarter and, in the company's opinion, there have been no unfavourable changes in the risk level. OUTLOOK FOR 2009 The development of the Group's net sales was more moderate in the reporting period than in the previous year and it is expected that this trend will continue during the rest of the year. The global recession has led customers to push back their investments and cut costs, which will impact on sales of pipettes in particular. As before, demand is expected to focus on disposable tips and maintenance services during the rest of the year. On the whole, the net sales of the liquid handling business are expected to remain more or less at the same level as in the previous year. In the diagnostics business, continued moderate growth is expected in net sales of test kits during the last quarter. In spite of the contraction in net sales growth, the company expects that its 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 manufactures customised OEM (Original Equipment Manufacturer) 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). The global recession continued during the reporting period and led to cost cutting, especially in R&D, among Biohit's customer base, and this has had an unfavourable impact on total market trends. In all market areas, demand has centred on disposable products, such as pipette tips, and on the maintenance of customers' existing pipettes. However, favourable trends have also been seen in pipette sales in Asia. For example, Biohit received a major order from a forensics laboratory in Japan for both electronic (eLINE) and mechanical (mLINE) pipettes. Thanks to this new customer, Biohit is better poised to grow its business in Japan, particularly in the public sector. Biohit has launched new liquid handling products during the reporting period. In September, the company launched new filter tips to round out its filter tip range. The unique SafetySpace™ filter tips improve pipetting safety and enable more accurate and reliable results, even when handling demanding liquids. The SafetySpace filter tips are designed to meet high quality and purity demands. This makes SafetySpace the ideal pipette tip for all researchers, especially those working in cell culture, molecular biology and microbiology applications, as well as radioactive work. Earlier this year, the company launched the user-friendly electronic eLINE Lite Dispenser for automated multiple dispensing as well as pipette maintenance and calibration software (www.quantapro.net). In line with its strategy, Biohit also continued to focus on boosting order-delivery chain efficiency, enhancing product life cycle management and comprehensive quality assurance, strengthening the Biohit brand as well as developing both new technologies and the OEM business. Diagnostics business 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 and occupational 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.com/diagnostics -> Service Laboratory) and in the UK. Although the trend in the sales of the diagnostics business was fairly good during the reporting period, it is not yet at a satisfactory level. Growth centred on sales of test kits. In order to further the spin-off of the diagnostics business, Biohit 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 and focusing on the markets in which it is first expected to make a breakthrough. In addition, Biohit has incorporated its UK diagnostics business by establishing a subsidiary, Biohit Healthcare Ltd that focuses on sales. During the reporting period, Biohit invested in increasing recognition for its GastroPanel and GastroView examinations and co-operation with commercial players, especially in Finland. For example, Yhtyneet Medix Laboratoriot and Terveystalo Group have introduced the examinations into their service range. Biohit is also marketing different-sized GastroPanel laboratories to hospitals, general practitioners, and research and service laboratories in numerous countries. The aim is to promote the effective introduction of the GastroPanel examination in order to develop safe, ethical and cost-effective diagnosis of dyspepsia (occasional or chronic pain or complaints in the upper abdomen) and related Helicobacter pylori infection and atrophic gastritis (the loss of appropriate glands and function of the gastric mucosa). The prevalence of dyspepsia in the Western population is 20-40%. GastroPanel and GastroView examinations are recommended for the primary diagnosis of dyspepsia, along with the ColonView test for revealing the risk of colorectal cancer. In the case of people over 45, upper abdominal symptoms of dyspepsia are often related to the large intestine (see Additional information). 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. Biohit has continued the commercialisation process of the Acetium capsule (formerly called BioCyst). When taken with meals, Acetium capsules inactivate carcinogenic acetaldehyde, which is produced by microbes from sugar and alcohol in an anacidic stomach. Microbes from the mouth and pharynx can live and produce acetaldehyde in an anacidic stomach, which can be diagnosed very reliably with the GastroPanel and GastroView examinations. An anacidic stomach caused by Helicobacter pylori infection or autoimmune disease is the major risk factor for stomach cancer. Use of PPIs (Proton Pump Inhibitors) also leads to excessive microbial growth in the stomach and acetaldehyde production. The GastroPanel and GastroView examinations can be used to diagnose not only an anacidic stomach caused by atrophic gastritis, but also risks of gastric and esophageal cancer and deficiency of vitamin B12, iron and calcium. Atrophic gastritis is usually asymptomatic. Slightly less than 100,000 people in Finland and about 500 million people around the world have atrophic gastritis. As from this year on, PPI medication (pantoprazol) will be available from pharmacies without prescription. In 2007, 464,000 people were reimbursed by the Social Insurance Institution of Finland (Kela) for their PPI medication. Acetium is currently scheduled to be available as an over-the-counter medicine at pharmacies in early 2010. For smokers and those who intend to quit, XyliCyst tablets and gum will be available, e.g. in pharmacies and other outlets in 2010. XyliCyst releases L-cysteine that inactivates carcinogenic acetaldehyde that dissolves into saliva during smoking. Acetaldehyde causes cancer and may also be responsible for tobacco addiction. XyliCyst products thus have considerable health benefits. For smokers who intend to quit, XyliCyst tablets and gum offer a new approach to taking care of preventative oral hygiene and dental health as well as inactivating acetaldehyde, which causes cancer and addiction. ADMINISTRATION Matthias Beuse, PhD (chem.), was appointed the new Managing Director of Biohit's German subsidiary during the reporting period. He has held managerial sales and marketing positions in the bio and health technology industry for over ten years, most recently at a company belonging to GE Healthcare. His appointment strengthens the German subsidiary's organisation and growth potential. Peter Tchernych, who started out as the director of Biohit's diagnostics business in June, resigned during the reporting period due to personal reasons. SHARES AND SHAREHOLDERS Biohit Oyj's 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 to a total of 12,937,627 shares. Series A shares confer 20 votes per share and series B shares 1 vote per share. The dividend paid for series B shares is, however, two (2) per cent of the nominal value higher than that paid for series A shares. 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 19.7 million. Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small cap/Healthcare group under the code BIOBV. -------------------------------------------------------------------------------- | BIOBV/NASDAQ OMX Helsinki | 1-9/2009 | -------------------------------------------------------------------------------- | High, EUR | 1.90 | -------------------------------------------------------------------------------- | Low, EUR | 1.27 | -------------------------------------------------------------------------------- | Average, EUR | 1.55 | -------------------------------------------------------------------------------- | Closing price, EUR | 1.43 | -------------------------------------------------------------------------------- | Total turnover, EUR | 2,174,667 | -------------------------------------------------------------------------------- | Total turnover, no. of shares | 1,722,756 | -------------------------------------------------------------------------------- Shareholders At the end of the reporting period on 30 September 2009, the company had 3,555 shareholders (3,427 on 30 September 2008). Private households held 72.87% (79.64%), companies 23.67% (16.63%) and public sector organisations 3.03% (3.03%) of the share capital. 0.53% (0.75%) 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 After the end of the reporting period, Biohit has established a subsidiary in India, Biohit Biotech Systems (India) Private Limited. The new subsidiary focuses on sales and marketing of Biohit's liquid handling and diagnostics products in the Indian market. Venkat Rao, who has served in Biohit Oyj's international sales since 2006, has been appointed as its Managing Director. The management of the UK subsidiary also changed after the reporting period. Richard Vaughton, who served as Biohit Ltd's Managing Director since 1992, has become an independent consultant. Ian Hemmings has been appointed as the new Managing Director. Hemmings has been in Biohit's employ for almost 10 years. He has been responsible for the pipette maintenance business in the UK and, during the past year, for the Pipette Doctor concept globally. CONSOLIDATED INCOME STATEMENT January - September -------------------------------------------------------------------------------- | | 1-9 | 1-9 | Change | Change | 1-12 | | | 2009 | 2008 | MEUR | % | 2008 | | | MEUR | MEUR | | | MEUR | -------------------------------------------------------------------------------- | Net sales * | 25.1 | 25.5 | -0.3 | -1 | 35.1 | -------------------------------------------------------------------------------- | Other operating income | 0.1 | 0.1 | 0.0 | 46 | 0.2 | -------------------------------------------------------------------------------- | Change in inventories of | -0.1 | 0.1 | -0.2 | -249 | -0.3 | | finished goods and work in | | | | | | | progress | | | | | | -------------------------------------------------------------------------------- | Materials and services | -4.5 | -5.0 | -0.5 | -10 | -6.7 | -------------------------------------------------------------------------------- | Employee benefit expenses | -11.0 | -10.6 | 0.4 | 4 | -14.5 | -------------------------------------------------------------------------------- | Depreciation | -1.3 | -1.4 | -0.1 | -4 | -1.8 | -------------------------------------------------------------------------------- | Other operating expenses | -8.0 | -7.7 | 0.3 | 4 | -10.7 | -------------------------------------------------------------------------------- | Operating profit/loss | 0.3 | 1.0 | -0.6 | -65 | 1.3 | -------------------------------------------------------------------------------- | Financial income * | 0.3 | 0.3 | 0.0 | 8 | 0.4 | -------------------------------------------------------------------------------- | Financial expenses * | -0.7 | -0.8 | -0.1 | -7 | -0.7 | -------------------------------------------------------------------------------- | Profit/loss before taxes | -0.0 | 0.5 | -0.6 | -108 | 1.0 | -------------------------------------------------------------------------------- | Income taxes | -0.2 | -0.4 | -0.2 | -57 | -0.1 | -------------------------------------------------------------------------------- | Profit/loss for the period | -0.2 | 0.1 | -0.3 | -306 | 0.9 | -------------------------------------------------------------------------------- *) 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 24.9 million (EUR 25.7 million in 2008), representing a change of -3% during the reporting period. -------------------------------------------------------------------------------- | Earnings per share calculated from | 1-9 | 1-9 | 1-12 | | earnings attributable to equity holders | 2009 | 2008 | 2008 | | of the parent company | | | | -------------------------------------------------------------------------------- | Earnings per share, undiluted**, EUR | -0.02 | 0.01 | 0.07 | -------------------------------------------------------------------------------- **) The convertible bond is not dilutive in respect of earnings per share in the financial years 2009 and 2008. Taking into account translation differences of EUR -0.3 million, the comprehensive income for the reporting period was EUR -0.5 million (EUR 0.0 million). July - September -------------------------------------------------------------------------------- | | 7-9 | 7-9 | Change | Change | | | 2009 | 2008 | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales* | 8.1 | 8.2 | -0.0 | -0 | -------------------------------------------------------------------------------- | Other operating income | 0.1 | 0.1 | 0.0 | 8 | -------------------------------------------------------------------------------- | Change in inventories of | -0.0 | 0.1 | -0.1 | -132 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -1.6 | -1.7 | -0.1 | -7 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.4 | -3.1 | 0.4 | 12 | -------------------------------------------------------------------------------- | Depreciation | -0.4 | -0.4 | 0.0 | 2 | -------------------------------------------------------------------------------- | Other operating expenses | -2.5 | -2.4 | 0.2 | 6 | -------------------------------------------------------------------------------- | Operating profit/loss | 0.1 | 0.7 | -0.6 | -80 | -------------------------------------------------------------------------------- | Financial income * | 0.1 | 0.3 | -0.2 | -78 | -------------------------------------------------------------------------------- | Financial expenses * | -0.3 | -0.2 | 0.1 | 24 | -------------------------------------------------------------------------------- | Profit/loss before taxes | -0.1 | 0.8 | -0.8 | -106 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | -0.3 | -0.2 | -59 | -------------------------------------------------------------------------------- | Profit/loss for the period | -0.2 | 0.5 | -0.7 | -129 | -------------------------------------------------------------------------------- *) 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 8.1 million (EUR 8.5 million in 2008) and the change during the second quarter would have been -5%. CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | | 30 Sep 2009 | 30 Sep 2008 | 31 Dec 2008 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 2.6 | 10 | 2.6 | 10 | 2.6 | 10 | -------------------------------------------------------------------------------- | Intangible assets | 2.5 | 9 | 1.6 | 6 | 1.6 | 6 | -------------------------------------------------------------------------------- | Tangible assets | 6.0 | 23 | 6.6 | 25 | 6.5 | 24 | -------------------------------------------------------------------------------- | Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Deferred tax assets | 2.0 | 7 | 1.7 | 7 | 2.0 | 7 | -------------------------------------------------------------------------------- | Total non-current | 13.1 | 49 | 12.6 | 47 | 12.7 | 47 | | assets | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Inventories | 5.3 | 20 | 6.1 | 23 | 5.8 | 21 | -------------------------------------------------------------------------------- | Trade and other | 6.2 | 23 | 6.1 | 23 | 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 | 1.3 | 5 | 1.3 | 5 | | equivalents | | | | | | | -------------------------------------------------------------------------------- | Total current assets | 13.6 | 51 | 14.1 | 53 | 14.4 | 53 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 26.7 | 100 | 26.6 | 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 | -0.3 | -1 | 0.0 | 0 | -0.2 | -1 | -------------------------------------------------------------------------------- | Retained earnings | -2.1 | -8 | -2.7 | -10 | -1.9 | -7 | -------------------------------------------------------------------------------- | Total equity | 12.1 | 45 | 11.8 | 44 | 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 | 7.9 | 30 | 7.8 | 29 | 8.0 | 29 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0.7 | 3 | 0.8 | 3 | 0.7 | 3 | -------------------------------------------------------------------------------- | Total non-current | 8.7 | 33 | 8.7 | 33 | 8.8 | 32 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 1.4 | 5 | 1.6 | 6 | 1.3 | 5 | -------------------------------------------------------------------------------- | Total interest-bearing | 0.9 | 3 | 0.9 | 3 | 1.1 | 4 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 3.6 | 13 | 3.6 | 14 | 3.4 | 13 | -------------------------------------------------------------------------------- | Total current | 5.9 | 22 | 6.1 | 23 | 5.8 | 21 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 14.6 | 55 | 14.8 | 56 | 14.6 | 54 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 26.7 | 100 | 26.6 | 100 | 27.1 | 100 | | LIABILITIES | | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 1-9/2009 | 1-9/2008 | 1-12/2008 | | | MEUR | MEUR | EUR | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit / loss before taxes | -0.0 | 0.5 | 1.0 | -------------------------------------------------------------------------------- | Adjustments | 1.7 | 1.8 | 2.1 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CHANGE IN WORKING CAPITAL | 1.1 | -0.8 | -0.8 | -------------------------------------------------------------------------------- | Interest and other financial | -0.4 | -0.3 | -1.0 | | items paid | | | | -------------------------------------------------------------------------------- | Interest received | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Income taxes paid | -0.2 | -0.1 | -0.2 | -------------------------------------------------------------------------------- | Net cash flow from operating | 2.2 | 1.2 | 1.2 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -1.6 | -0.9 | -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 | -1.6 | -0.5 | -0.8 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Proceeds from loans | 0.0 | 0.2 | 0.6 | -------------------------------------------------------------------------------- | Repayment of loans | -0.2 | -0.7 | -0.9 | -------------------------------------------------------------------------------- | Net cash flow from financing | -0.2 | -0.5 | -0.3 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in | 0.4 | 0.2 | 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 | 1.3 | 1.3 | | end of period | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity on 30 September 2009 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for | Retained | Equity | | | capital | premium | lation | investments | earnings | | | | | fund | diff. | of non-| | | | | | | | restricted | | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on 1 | 2.2 | 0.0 | -0.2 | 12.4 | -1.9 | 12.5 | | Jan 2009 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.1 | | | -0.1 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / | | | | | -0.2 | -0.2 | | loss for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Equity on 30 | 2.2 | 0.0 | -0.3 | 12.4 | -2.1 | 12.1 | | Sep 2009 | | | | | | | -------------------------------------------------------------------------------- Consolidated statement of changes in equity on 30 September 2008 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for | Retained | Equity | | | capital | premium | lation | investments | earnings | | | | | fund | diff. | of non-| | | | | | | | restricted | | | | | | | | equity | | | -------------------------------------------------------------------------------- | Equity on 1 | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 | | Jan 2008 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.1 | | | -0.1 | | differences | | | | | | | -------------------------------------------------------------------------------- | Profit / | | | | | 0.1 | 0.1 | | loss for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Equity on 30 | 2.2 | 0.2 | -0.1 | 12.2 | -2.7 | 11.8 | | Sep 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 changes in 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 -------------------------------------------------------------------------------- | | 7-9 | 7-9 | Change | Change | 1-9 | 1-9 | Change | Change| | | 2009 | 2008 | MEUR | % | 2009 | 2008 | MEUR | %| | | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Liquid | 7.7 | 8.0 | -0.3 | -4 | 23.9 | 24.4 | -0.5 | -2 | | handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnostics| 0.4 | 0.4 | 0.1 | 16 | 1.3 | 1.1 | 0.1 | 13 | | | | | | | | | | | -------------------------------------------------------------------------------- Group operating profit (+) / loss (-) by business segment -------------------------------------------------------------------------------- | | 7-9 | 7-9 | Change | Change | 1-9 | 1-9 | Change | Change| | | 2009 | 2008 | MEUR | % | 2009 | 2008 | MEUR | % | | | MEUR | MEUR | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Liquid | 0.6 | 1.1 | -0.5 | -47 | 1.9 | 2.6 | -0.7 | -28 | | handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnostics| -0.4 | -0.4 | -0.0 | -9 | -1.5 | -1.6 | 0.1 | 6 | | | | | | | | | | | -------------------------------------------------------------------------------- RELATED PARTY TRANSACTIONS There have been no noticeable changes in related party transactions in the reporting period. COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS -------------------------------------------------------------------------------- | | 30.9.2009 | 30.9.2008 | 31.12.2008 | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | Liabilities for which | | | | | mortgages have been lodged as | | | | | collateral | | | | -------------------------------------------------------------------------------- | Loans from financial | 3.4 | 2.9 | 3.5 | | institutions | | | | -------------------------------------------------------------------------------- | 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 | 4.6 | 4.5 | 4.0 | -------------------------------------------------------------------------------- | For which collateral has been | | | | | lodged | | | | -------------------------------------------------------------------------------- | - Corporate mortgages | 0.2 | 0.2 | 0.2 | -------------------------------------------------------------------------------- Helsinki, on 6 November 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 9 countries. Biohit Oyj is headquartered in Finland. Subsidiaries are located in France, Germany, the UK, Russia, India, 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, Small cap/Healthcare. Further information at www.biohit.com and in the following: Examining a patient experiencing stomach discomfort (dyspepsia) in primary and occupational health care If a patient suffering from stomach discomfort or seeking a health check presents no alarming symptoms which require an immediate endoscopy (gastroscopy and/or colonoscopy), GastroView or GastroPanel examinations of blood samples are safe and cost effective choices for primary examination. In addition, an analysis of fecal calprotectin is recommended to exclude inflammatory intestinal diseases and a ColonView test (fecal blood) is recommended for the early diagnosis of a range of large bowel diseases (cancer, polyps and infectious intestinal diseases). Most cases of atrophic gastritis caused by a Helicobacter pylori infection or autoimmune disease, and of early colon cancer, represent themselves either with minor symptoms or are asymptomatic. Furthermore, the symptoms may be unspecific, providing no information on their cause. Accordingly, the aforementioned examinations should form part of routine examinations performed through occupational and primary health care for all persons over the age of 45. Regarding the treatment of dyspepsia patients, the 13C urea breath test and fecal antigen test used for the diagnosis of Helicobacter pylori infection do not provide a diagnosis of atrophic gastritis. Nor do they diagnose the related risks of gastric and esophageal cancer and the deficiency of vitamin B12, iron and calcium. Furthermore, these tests can deliver 40-50% false negative results and may fail to diagnose a Helicobacter pylori infection when this would be vital to treatment and patient safety. These false negative results can be caused, for example, by atrophic gastritis or a bleeding peptic ulcer or the use of proton pump inhibitor (PPI) medication or antibiotic treatment. GastroPanel does not diagnose esophageal cancer, but provides information on the excessive acid secretion of the gastric corpus mucosa that, for patients suffering from heartburn, can promote the creation of esophageal cancer. Another significant risk factor for esophageal cancer is the anacidic stomach caused by atrophic gastritis. This risk factor is most probably due to carcinogenic acetaldehyde, produced by microbes living in the anacidic stomach, travelling to the lower part of the esophagus. The International Taskforce for the Healthy Stomach Initiative In addition to the invaluable efforts of the International Taskforce of leading scientists and gastroenterologists from Europe, Japan, China, Russia and the USA, the turn-key GastroPanel Laboratories are also an effective way to promote the use of GastroPanel, GastroView and numerous other microplate based immunoassys as well as ColonView for the development of safe, ethical and cost-efficient diagnosis and prevention of gastrointestinal diseases (see www.biohit.com / Diagnostics / Literature and brochures / GastroPanel Laboratories). The ultimate aim of the International Taskforce for the Healthy Stomach Initiative is the early diagnosis by the affordable, non-invasive, safe and cost-efficient examinations (GastroPanel / GastroView and ColonView) those dyspepsia and H. pylori infection patients, who need to have the invasive and expensive gastroscopy due to the risk or early stage of gastric- and esophageal cancer as well as many other diseases or the invasive and expensive colonoscopy due to the risk or early stage of colorectal cancer. - It is recommended that the GastroPanel or GastroView and ColonView examinations should be used as a routine screening examination for all patients over 45, and be included in the diagnostic practice of dyspepsia-like complaints in patients of all ages (dyspepsia prevalence of 20-40% in the Western population). - To ensure patient safety, the GastroPanel examination is recommended prior to any proton pump inhibitor (PPI) therapy and H. pylori eradication therapy to reveal or exclude atrophic gastritis with related risks. Studies of H. pylori infection in adults in developed countries revealed prevalence of 30-50%. In the United States, the estimated prevalence is 20% for people younger than 30 years and 50% for those older than 60 years. In developing countries, the prevalence rates are much higher. - The serious medical and ethical problems of the “test and treat” strategy for dyspepsia and H. pylori infection can be corrected simply and economically by replacing 13C urea breath test or stool antigen test with the GastroView round-the-clock examination or with the GastroPanel examination. - Patients with autoimmune disease, such as autoimmune thyroiditis, diabetes, rheumatoid arthritis and SLE, may have autoimmune atrophic gastritis with related disease risks (e.g., gastric cancer), and, vice versa, patients with autoimmune atrophic gastritis may also have other autoimmune diseases. Therefore, it is recommended that the clinicians will take this into consideration, especially now when the GastroPanel and GastroView examinations are readily available for clinical practice, as easy and reliable screening methods to diagnose atrophic gastritis with related risks, such as gastric and esophageal cancer.
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