2011-10-20 08:30:00 CEST
2011-10-20 08:30:07 CEST
REGULATED INFORMATION
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Biohit Oyj - Interim report (Q1 and Q3)
Interim report of the Biohit Group 1 January to 30 September 2011
Biohit Oyj
Interim report
20.10.2011 09:30
SUMMARY
January-September 2011:
-- Net sales EUR 30.3 million (EUR 28.9 million 1-9/2010), growth 4.8 %
-- Operating profit EUR 1.0 million (EUR 0.4 million)
-- Profit before taxes EUR 0.6 million (EUR 0.4 million)
-- International operations accounted for 96.2 per cent (96.2 %) of net sales
-- Earnings per share EUR 0.03 (EUR 0.00)
July-September Q3/2011:
-- Net sales EUR 9.8 million (EUR 9.6 million), growth 2.3 %
-- Operating profit EUR 0.3 million (EUR 0.4 million)
-- Profit before taxes EUR 0.5 million (EUR -0.1 million)
-- International operations accounted for 95.8 per cent (95.7%) of net sales
-- Earnings per share EUR 0.04 (EUR -0.01 )
JUSSI HEINIÖ, PRESIDENT AND CEO:
“In the beginning of this year we saw moderate growth in net sales; however, in
the second quarter the growth trend slowed due to the global economic situation
and weakening market outlook. During the reporting period growth was 4.8% and
in the third quarter 2.3%. The result for January-September was good due to
improved profitability.
In the liquid handling business, demand during the reporting period focused on
mechanical pipettes. This year, mechanical pipettes sales have grown by 9%,
although demand fell in the third quarter. The economic downturn affected sales
of electronic pipettes in particular.
Geographically, Europe, Russia and China saw fairly strong growth. However,
elsewhere in Asia demand weakened. In North America, where the market has
clearly softened since the first quarter, the situation is most challenging. In
addition, net sales have decreased in North America due to the weakening of the
dollar.
Growth in the diagnostics business has been slower than expected this year.
Growth figures for the diagnostics business were lowered to some degree by a
large individual transaction included in the previous year's comparison period.
During the reporting period, the diagnostics business focused on seeking new
distributor partners and strengthening the distributor network. The Acetium
capsule was launched in the German and French market during the period. Good
customer feedback has been received in Germany, while in France marketing
efforts got off to a good start in the third quarter. In Finland, the health
care companies Terveystalo and Diacor started using the GastroPanel examination
at all sites.
In August, Biohit arranged a directed share issue of Series B shares, worth two
million euros, to Sartorius, an internationally operating laboratory and
process technology provider.
Profitable growth was our key goal for the reporting period. Good results have
been achieved through streamlining of operations and cost reductions. At the
end of the third quarter, our operating profit had improved by as much as 150%
on the previous year. The operating result for the reporting period, EUR 1.0
million, is largely explained by the improvement in profitability. Forecasting
is hampered by the fact that the global economic situation is more uncertain
than in a long time.”
GROUP'S KEY FIGURES
7-9/2011 7-9/20 Change 1-9/2011 1-9/20 Change 1-12/2 1-12/2
10 % 10 % 010 009
-----------------------------------------------------------------------
Net 9.8 9.6 2.3 30.3 28.9 4.8 40.0 35.4
sales,
MEUR
Operatin 0.3 0.4 -15.6 1.0 0.4 150.2 0.5 1.2
g
profit/
loss,
EUR
million
% of net 3.1 % 3.8 % 3.2 % 1.3 % 1.3 % 3.4 %
sales
Profit/l 0.5 -0.1 704.8 0.6 0.4 60.6 0.4 0.7
oss
before
taxes
Profit/l 0.5 -0.2 339.6 0.4 0.1 575.2 0.1 0.4
oss for
the
period
Investme 0.5 0.4 8.3 3.8 1.9 71.0 2.6 2.4
nts,
gross,
EUR
million
% of net 8.3 % 4.5 % 12.4 % 6.7 % 6.4 % 6.9 %
sales
R&D 0.3 0.6 -37.9 1.6 1.8 -12.0 2.5 2.4
expendi
ture,
EUR
million
% of net 3.5 % 5.8 % 5.2 % 6.2 % 6.4 % 6.8 %
sales
Average 449 403 11.4 444 407 9.1 412 370
number
of
personn
el
Number 439 428 3.7 439 428 3.5 431 383
of
personn
el at
end of
period
Equity 46.1 % 44.3 % 46.1 % 44.3 % 44.5 % 46.8 %
ratio,
%
Earnings 0.03 -0.01 571.3 0.04 0.00 335.5 0,00 0.03
per
share,
EUR
Sharehol 1.14 0.99 15.2 1.14 0.99 15.2 1.01 0.99
ders'
equity
per
share,
EUR
Average 13 163 616 12 937 13 012 957 12 937 12 937 12 937
number 627 627 627 627
of
shares
during
the
period
Number 13 615 593 12 937 13 615 593 12 937 12 937 12 937
of 627 627 627 627
shares
at end
of
period
REPORTING
Biohit reports on its business segments, which are the liquid handling and
diagnostics businesses. In addition, the company reports its net sales by main
market areas.
NET SALES AND RESULT
July-September
In the third quarter, net sales were up 2.3 per cent on the corresponding
period in 2010, amounting to EUR 9.8 million (EUR 9.6 million). International
operations accounted for 95.8 per cent (95.7%) of net sales in July-September.
The operating profit for the third quarter amounted to EUR 0.3 million (EUR 0.4
million) and profit before taxes to EUR 0.5 million (loss before taxes EUR 0.1
million). Earnings per share were EUR 0.04 (EUR -0.01). A weakening euro
contributed to the improvement in the Group's net result in the third quarter.
In the third quarter, net sales grew in Europe, Russia and China. In Japan and
the United States, net sales decreased.
January-September
In January-September, net sales were up 4.8 per cent on the corresponding
period in 2010, amounting to EUR 30.3 million (EUR 28.9 million). International
operations accounted for 96.2 per cent (96.2 %) of net sales.
Operating profit amounted to EUR 1.0 million (EUR 0.4 million) and profit
before taxes to EUR 0.6 million (EUR 0.4 million). Earnings per share were EUR
0.03 (EUR 0.00).
In the beginning of the reporting period, the company's net sales saw moderate
growth, but the growth trend slowed in the second and third quarter. In the
first quarter, growth was 9.9. per cent, 2.4 per cent in the second quarter and
2.3 per cent in the third quarter. In January-September, growth was 4.8 per
cent. Moderate growth in net sales was mainly due to a slowdown in the Asian
markets, the Japanese market in particular, and in the North American market.
Another contributing factor was the slow progress made in the diagnostics
business in international markets.
Profitability improved on the previous year due to cost savings and an increase
in sales. The result for the reporting period was EUR 0.4 million.
Key figures by segment, January-September
Sales and maintenance of liquid handling products accounted for 95.2 per cent
of net sales during the reporting period. Net sales of the liquid handling
business amounted to EUR 28.9 million (EUR 27.4 million) and net sales of the
diagnostics business to EUR 15 million (EUR 1.5 million). The liquid handling
business grew by 5.6 per cent and the diagnostics business contracted by 8,3
per cent. Growth figures for the diagnostics business were lowered to some
degree by a large individual transaction included in the previous year's
comparison period and a decrease in sales of third party instruments.
The operating profit of the liquid handling business amounted to EUR 2.7
million (EUR 2.4 million), while the operating loss of the diagnostics business
totalled EUR 1.7 million (operating loss EUR 2.0 million).
Group net sales by segment
7-9 2011 7-9 2010 Change 1-9 2011 1-9 2010 Change 1-12 2010
MEUR MEUR % MEUR MEUR % MEUR
--------------------------------------------------------------------------------
Liquid 9.4 9.1 2.9 28.9 27.4 5.6 37.8
Handling
Diagnostic 0.4 0.5 -9.0 1.4 1.5 -8.3 2.2
s
--------------------------------------------------------------------------------
Total 9.8 9.6 2.3 30.3 28.9 4.8 40.0
--------------------------------------------------------------------------------
Group operating profit by segment
7-9 2011 7-9 2010 Change 1-9 2011 1-9 2010 Change 1-12 2010
MEUR MEUR % MEUR MEUR % MEUR
--------------------------------------------------------------------------------
Liquid 0.7 1.1 -32.7 2.7 2.4 10.6 3.4
Handling
Diagnostic -0.4 -0.7 41.6 -1.7 -2.0 16.4 -2.9
s
--------------------------------------------------------------------------------
Total 0.3 0.4 -15.6 1.0 0.4 150.2 0.5
--------------------------------------------------------------------------------
Group net sales by geographical area
Net 7-9/2011 7-9/2010 Change % 1-6/2011 1-6/2010 Change % 1-12/2010
sales,
MEUR
--------------------------------------------------------------------------------
Europe 6.4 4.7 35.3 19.9 14.9 33.5 20.8
America 1.8 2.0 -9.6 5.6 5.9 -5.8 7.6
Asia 1.4 1.6 -15.8 4.2 4.5 -6.7 6.2
Other 0.3 1.2 -78.2 0.7 3.6 -80.8 5.4
Group, 9.8 9.6 2.3 30.3 28.9 4.8 40.0
total
--------------------------------------------------------------------------------
The impact of currency exchange rates
Net sales in the reporting period grew by 4.8 per cent, and by 5.6 per cent
when calculated in local currencies. Exchange rate gains amounted to EUR 0.1
million. In the corresponding period in 2010, exchange rate gains amounted to
EUR 0.4 million.
BALANCE SHEET
On 30 September 2011, the balance sheet total was EUR 33.7 million (EUR 29.1
million) and the equity ratio 46.1 per cent (44.3%).
FINANCING
Pursuant to the authorization granted by the AGM on 13 April 2011, the Board of
Directors decided on a share issue directed at Sartorius Lab Holding GmbH, who
subscribed for a total of 677,966 of Biohit's new Series B shares. This
accounts for approximately 4.98 per cent of Biohit shares and 0.97 per cent of
all voting rights conferred by the shares following their registration. The
subscription price was EUR 2.95 per share.
RESEARCH AND DEVELOPMENT
Research and development expenditure during the reporting period amounted to
EUR 1.6 million (EUR 1.8 million), representing 5.2 per cent of net sales
(6.2%). EUR 0.5 million (EUR 0.4 million) in development expenditure was
capitalised during the period.
INVESTMENTS
Gross investments during the reporting period totalled EUR 3.8 million (EUR 1.9
million). Biohit made a real estate acquisition in France, in order to optimise
its operations by centralising functions in one location. The acquisition
accounted for EUR 2.0 million of gross investments and was financed from
finance leasing. Due to the sale of Biohit's previous property, the net
investment in land and building was EUR 1.6 million.
PERSONNEL
During the reporting period, the average number of personnel employed by the
Group was 444 (407 in the corresponding period in 2010), of whom 198 (189) were
employed by the parent company and 246 (218) by subsidiaries.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
During the reporting period, there were no significant changes in the
short-term risks previously reported by the company. Costs arising from
Biohit's business growth and their impact on the company's profitability, as
well as changes in the currency exchange rate, remain the company's most
relevant risks.
Business development and new product launches require investments that
represent a challenge in terms of Biohit's financial position. However, due to
improved profitability and the arrangement of the directed share issue, the
company's liquidity improved during the period.
In the liquid handling business, profitability was particularly weakened by
lower-than-expected sales in North America, India and Japan. The impacts of the
March earthquake in Japan are still affecting demand and sales of liquid
handling products. During the period, the market situation deteriorated most
clearly in North America, which is an important market area for Biohit,
especially with regard to more expensive products such as electronic pipettes.
Economic development in North America therefore poses a significant risk to the
profitability of the company's business.
Growth for the period in the diagnostics business was lower than expected. In
the long term, failure to meet these growth expectations may result in a EUR
2.6 million impairment of goodwill associated with the diagnostics products.
That said, long-term development of the diagnostics business continued and
seems to be yielding results. The company thus estimates that the risk of
impairment has not grown. Investment in sales and marketing is required in
order to exploit the marked potential of the diagnostics products.
Biohit conducts a large part of its business in currencies other than the Euro.
For this reason, exchange rate fluctuations constitute a key risk to the
company's profitability. The parent company partly finances the working capital
needs of subsidiaries by granting long payment terms on accounts payables,
which results in changes in exchange rate items and thus in the financing costs
of the Group. Biohit hedges against the risks associated with exchange rate
fluctuations by making procurements and incurring fixed costs in currencies
other than the Euro.
OUTLOOK FOR 2011
Growth in net sales has been moderate this year, which is partly due to
exceptionally good sales in the previous year's comparison period. This year,
growth of the liquid handling business is mainly based on mechanical pipettes.
In the diagnostics business, growth is being sought from the international
markets in particular. In addition to sales of diagnostic tests, Acetium,
launched on the German and French market during the period, is expected to
generate growth.
Seasonal variation traditionally affects development of the Group's net sales,
and the last quarter of the year is usually the strongest sales-wise. For this
reason, the Group's total net sales are expected to grow by more than 10% this
year in accordance with previous guidance, with the total operating result
expected to equal approximately 5% of net sales. However, the market situation
is highly uncertain, especially in North America, which is an important market
area for the company. Achieving the targets therefore depends on there being no
fundamental weakening of the market situation.
MAIN EVENTS IN THE REPORTING PERIOD
Liquid handling business
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 the products are marketed under the Biohit brand, the company also
manufactures customised OEM (original equipment manufacturer) products based on
its innovations and technologies. These products complement the diagnostic test
and analysis systems manufactured by companies such as 3M, Johnson & Johnson
and bioMérieux. In addition, Biohit offers maintenance, calibration and
training services for liquid handling products through its distributor network.
Liquid Handling 1-9/2011 1-9/2010 1-12/2010
---------------------------------------------------------------
Net sales, MEUR 28.9 27.4 37.8
---------------------------------------------------------------
Change, % 5.6 % 14.9 % 12.7 %
---------------------------------------------------------------
Operating result, MEUR 2.7 2.4 3.4
---------------------------------------------------------------
Change, % 10.6 % 28.5 % 4.2 %
---------------------------------------------------------------
Operating result, % of net sales 9.2 % 8.8 % 8.9 %
---------------------------------------------------------------
During the reporting period, sales developed favourably in the liquid handling
business for mechanical pipettes. That said, the impacts of the economic
downturn are visible, particularly in the sales of electronic pipettes, which
failed to reach the expected level. However, the company has invested in
profitable growth, leading to higher profitability than last year in the liquid
handling business.
Launched in June, the new electronic pipette eLINE 0.1-5 µl has been
well-received on the markets. The new pipette is highly suitable for dispensing
small volumes of liquid. Thanks to the pipette's patented technology, the tip
is completely emptied, making the handling of liquid contamination free, more
precise and faster than with other similar pipettes. The new pipette
complements Biohit's range of single channel pipettes. It is particularly
suitable for molecular biology laboratories, whose clientele include
laboratories conducting forensic research.
Earlier this year, Biohit launched Roboline, an automatic liquid handling
instrument, which complements and supports the diagnostics business. Roboline
is suitable for accurate, efficient and safe automatic handling of samples and
reagents, in various types of diagnostics. These include immunoassays
especially for the GastroPanel examination and several other immunoassays using
microplates and vertical photometry-based analysis instruments. During the
reporting period, Roboline was introduced to customers in France, the UK,
Germany, the United States, Russia, China and Japan, and has raised widespread
interest in the research laboratories of the pharmaceuticals industry,
diagnostics and universities. Based on feedback from customers, Roboline has
been developed during the period to achieve greater ease of use and meet the
customers' needs even more effectively. During the reporting period, Biohit
agreed with a North American company on the delivery of 81 Roboline automatic
instruments during 2011 and 2012. Customers of this company operate in the
field of product development within the pharmaceuticals industry. This contract
is an important opening for Biohit in the OEM business and shows marked
expectations regarding the instrument as an OEM product.
The Roboline based analyzer is under development. Like other microplate readers
and automated analyzing systems on the market today, this fully automated
analyzer for GastroPanel and any other microplate immunoassays is based on the
vertical measurement principle.
During the reporting period, the manufacture of mechanical pipettes was
transferred to Asia, where growth in demand for these products is strongest. In
the future, the production facility in Kajaani will focus on manufacturing
high-tech products.
Biohit's pipette calibration laboratory in Suzhou, China, was the first company
in China to be granted CNAS (China National Accreditation Service)
accreditation in July. This accreditation strengthens the company's market
position in China.
Diagnostics business
Biohit's diagnostics business develops, manufactures and markets test and
analysis systems for the diagnosis and prevention of diseases of the
gastrointestinal tract. These tests and systems are based on innovations and
research data. The product range includes GastroPanel examinations and
ColonView quick tests for primary healthcare; lactose intolerance and
Helicobacter pylori quick tests for specialised healthcare; and instruments and
analysis systems for laboratories. The company also markets GastroPanel
laboratory analysis packages. In addition to GastroPanel test kits, this
package includes liquid handling products, instruments, and software, as well
as installation, training, and maintenance services. The GastroPanel laboratory
concept is geared towards facilitating the efficient introduction of
GastroPanel examinations.
Biohit's service laboratory provides analyses of tests developed by Biohit, and
the determination of carcinogenic acetaldehyde in foodstuffs and alcoholic
beverages. On a global scale, exposure to acetaldehyde is linked to
approximately 4 million new cancer cases annually, or nearly 40 per cent of all
cancers. Biohit has developed products and a method to reduce exposure to
acetaldehyde in the gastrointestinal tract and food
(http://www.acetium.com/test-your-acetaldehyde-exposure).
The Acetium capsule developed by the company binds carcinogenic acetaldehyde in
the stomach. Acetium products were developed in cooperation with researchers at
the University of Helsinki and Biohit's scientific advisors.
Prescription-free Acetium capsules are recommended for use after the
consumption of food or alcohol, to prevent the possible risk of gastric and
oesophageal cancer by those who:
1. have an anacidic or low-acid stomach due to atrophy in the mucosa of the
stomach, and a functional disorder resulting from autoimmune disease or a
Helicobacter pylori infection (atrophic gastritis) (diagnosed with
GastroPanel)
2. have an untreated Helicobacter pylori infection (diagnosed with
GastroPanel)
3. use protein pump inhibitors (PPIs) or H2-receptor blockers
4. have undergone stomach surgery.
Biohit's GastroPanel and Acetium innovations form a unique pairing in the
prevention of gastric and oesophageal cancer. GastroPanel detects the
Helicobacter pylori infection or atrophic gastritis and its associated risk of
gastric and oesophageal cancer in time, while treatment is still possible.
Atrophic gastritis of the corpus, which rarely heals, leads to a permanently
low-acid or anacidic stomach. Mouth microbes are able to live in an anacidic
stomach and produce acetaldehyde from alcohol and the sugars contained in food.
In October 2009, the WHO classified acetaldehyde as a Group I carcinogen - a
group which also includes asbestos, tobacco and benzene.
Standardised ethical and legislative principles govern all Group I carcinogens,
regardless of their source. All possible methods should be used to reduce
exposure to these carcinogens in food and the organs. Protected by granted and
pending patents, Acetium capsules are so far the only way of inactivating
carcinogenic acetaldehyde in the stomach, which in turn enables the prevention
of gastric and oesophageal cancer. Biohit has applied for patents in several
countries for the BioFood method, which can be used to bind and inactivate
acetaldehyde in alcoholic beverages and foodstuffs before it enters the mouth.
The Acetium lozenge binds acetaldehyde already dissolved into saliva from
cigarette smoke. Protected by pending patents, the Acetium lozenge may also
help users to give up smoking. This will be further examined in a study on the
topic. In animal tests, acetaldehyde has been found to be addictive.
Diagnostics 1-9/2011 1-9/2010 1-12/2010
---------------------------------------------------------------
Net sales, MEUR 1.4 1.5 2.2
---------------------------------------------------------------
Change, % -8.3 % 20.2 % 23.7 %
---------------------------------------------------------------
Operating result, MEUR -1.7 -2.0 -2.9
---------------------------------------------------------------
Change, % 16.4 % -32.0 % -40.1 %
---------------------------------------------------------------
Operating result, % of net sales -120.2 % -131.7 % -127.3 %
---------------------------------------------------------------
At Group level, sales of the diagnostics business did not develop as expected
during the reporting period. Net sales developments have mainly been favourable
in Biohit's domestic market in Finland.
At the beginning of the year, Biohit combined the management of sales and
marketing for the liquid handling and diagnostics businesses. In addition, the
company has made changes to its sales organisation. In the international market
in particular, diagnostics sales have been streamlined by charting distributor
partners and strengthening the distributor network.
In Finland Terveystalo, a private healthcare company operating nationwide,
included the GastroPanel examination, developed by Biohit, in its service
offering this spring. The GastroPanel examination is now available from all of
the one hundred-plus Terveystalo sites across Finland. Health care company
Diacor has also included the GastroPanel examination in its offering. Diacor's
doctors have been trained to implement the examination, and it is available
from all Diacor sites in the capital region. In Europe, use of GastroPanel is
expected to increase, especially in Germany and Italy, where Biohit has
invested strongly in marketing.
In the spring, Biohit launched the Acetium capsule on the German market.
Acetium is available from all German pharmacies. During the reporting period,
the launch of Acetium in France also gathered pace. ADMINISTRATION
Authorisations of the Board of Directors
Based on a resolution of the AGM held on 13 April 2011, the Board of the
company is authorised to decide on the issue of shares and to issue the special
rights referred to in Chapter 10, Section 1 of the Limited Liability Companies
Act so that the maximum number of new Series B shares to be issued pursuant to
the special rights is 2,000,000, which corresponds to approximately 20% of the
company's Series B shares. Pursuant to this authorisation, the Board of
Directors decided to arrange a share issue directed at Sartorius in August.
According to the resolution, the Board of Directors is entitled to decide on
all terms and conditions regarding the issue of shares and the issue of special
rights. The issue of shares and the issue of special rights entitling to the
receipt of shares can occur in deviation from the subscription right of
shareholders (special issue). Such an authorisation remains valid for three
years from the resolution of the AGM.
SHARE TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's shares are divided into series A and series B shares. There are
2,975,500 series A shares and 10,640,093 series B shares, totalling 13,615,593
shares. Series A shares confer 20 votes per share and Series B shares 1 vote
per share. The dividend paid for Series B shares is, however, two (2) per cent
of the nominal value higher than that paid for Series A shares. The total
market capitalisation value (supposing that the market capitalisation value for
series A and B shares is equal) at the end of the period was EUR 30.9 million
(EUR 30.4 million on 30 September 2010).
Biohit Oyj's series B shares are quoted on NASDAQ OMX Helsinki in the Small
cap/Healthcare group under the code BIOBV.
BIOBV/NASDAQ OMX Helsinki 1-9/2011 1-9/2010
------------------------------------------------
High, EUR 3.38 4.91
Low, EUR 1.74 1.50
Average, EUR 2.52 3.49
Latest, EUR 2.27 2.35
Turnover, EUR 4,454,892 30,866,555
Turnover, volume 1,768,148 8,838,544
Shareholders
As a result of the directed share issue arranged during the reporting period,
the number of the company's shares grew by 677,966 shares.
At the end of the reporting period on 30 September 2011, the company had 4,495
shareholders (4,750 on 30 September 2010). Private households held 68.45%
(73.11%), companies 23.43% (23.25%), and public sector organisations 2.52%
(2.81%) of the shares. Foreign ownership or nominee registrations accounted for
5.60% (0.76%) of shares.
Further information on the shares, major shareholders, and management's
shareholdings is available on the company's website at
www.biohit.com/investors.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
Biohit Oyj has applied the same accounting principles in preparing this
financial statement bulletin as for its 2010 financial statements. The IFRS
standards that came into effect in 2011 did not affect the accounting
principles.
All the figures in the interim report have been rounded up or down, due to
which the sums of figures may deviate from the sum total presented.
The figures in this interim report have not been audited.
CONSOLIDATED INCOME STATEMENT
7-9 7-9 Change 1-9 1-9 Change 1-12
2011 2010 % 2011 2010 % 2010
MEUR MEUR MEUR MEUR MEUR
--------------------------------------------------------------------------------
Net sales 9.8 9.6 2.3 30.3 28.9 4.8 40.0
Other operating income 0.0 0.0 -100.0 0.0 0.1 -84.0 0.2
Increase/decrease in 0.1 0.3 72.8 0.4 -0.4 195.4 -0.4
inventories in
finished goods and in
work in progress
Materials and services -2.7 -2.0 34.8 -7.2 -5.4 33.7 -7.8
Personnel expenses -4.0 -4.0 0.1 -13.3 -12.4 7.0 -17.1
Depreciation -0.5 -0.4 -23.9 -1.4 -1.3 15.2 -1.7
Other operating -2.3 -3.1 -25.2 -7.9 -9.2 -14.0 -12.8
expenses
--------------------------------------------------------------------------------
Operating profit/loss 0.3 0.4 -15.6 1.0 0.4 150.2 0.5
Financial income 0.3 -0.1 432.5 0.3 0.6 -48.8 0.7
Financial expenses -0.1 -0.4 -77.6 -0.7 -0.6 16.6 -0.8
--------------------------------------------------------------------------------
Profit/loss before 0.5 -0.1 704.8 0.6 0.4 60.6 0.4
taxes
Direct taxes -0.1 -0.1 30.9 -0.2 -0.3 -31.3 -0.3
--------------------------------------------------------------------------------
Profit/loss for the 0.5 -0.2 339.6 0.4 0.1 575.2 0.1
period
Other items in the
comprehensive income
statement
Currency-related 0.2 -0.2 166.4 0.1 -0,0 840.0 0.2
differences
--------------------------------------------------------------------------------
Total comprehensive 0.6 -0.4 245.7 0.5 0.0 1 127.3 0.3
income for the period
--------------------------------------------------------------------------------
Biohit Oyj's earnings are attributable to the equity holders of the parent
company in their entirety, as there are no minority interests.
Earnings per share calculated from earnings 1-9 2011 1-9 2010 1-12 2010
attributable to parent company shareholders
--------------------------------------------------------------------------------
Earnings per share, diluted*, EUR 0.03 0.00 0.00
--------------------------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2011 and 2010.
CONSOLIDATED BALANCE SHEET
30.9.2011 30.9.2010 Change 31.12.2010
MEUR MEUR % MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 2.6 2.6 0.0 2.6
Intangible assets 3.7 2.8 32.4 3.2
Property, plant and equipment 7.9 6.7 17.7 6.5
Receivables 0.0 0.0 9.5 0.0
Deferred tax assets 1.7 1.8 -3.8 1.8
--------------------------------------------------------------------------------
Total non-current assets 16.0 14.0 14.5 14.2
CURRENT ASSETS
Inventories 6.4 5.2 23.0 5.2
Trade and other receivables 7.6 7.6 0.0 7.8
Financial assets at fair value through 1.7 0.6 208.0 0.5
profit or loss
Cash and cash equivalents 2.0 1.7 15.7 1.7
--------------------------------------------------------------------------------
Total current assets 17.7 15.1 17.3 15.2
--------------------------------------------------------------------------------
TOTAL ASSETS 33.7 29.1 16.0 29.4
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 2.3 2.2 5.2 2.2
Invested unrestricted equity fund 14.3 12.4 15.2 12.4
Currency-related differences 0.0 -0.3 93.4 -0.1
Retained earnings -1.1 -1.5 24.9 -1.5
--------------------------------------------------------------------------------
Total equity 15.5 12.8 21.0 13.0
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.1 0.0 188.5 0.0
Pension obligations 0.2 0.1 26.7 0.2
Total interest-bearing liabilities 9.8 4.5 120.3 8.5
Other liabilities 0.7 0.7 5.9 0.7
--------------------------------------------------------------------------------
Total non-current liabilities 10.8 5.3 104.2 9.4
CURRENT LIABILITIES
Trade payables 2.5 2.1 18.8 1.9
Total interest-bearing liabilities 1.2 4.8 -76.3 0.9
Other liabilities 3.7 3.9 -4.3 4.2
--------------------------------------------------------------------------------
Total current liabilities 7.5 11.0 -32.3 7.0
Total liabilities 18.2 16.3 11.9 16.4
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 33.7 29.1 15.9 29.4
LIABILITIES
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on 30 September 2011
MEUR Share Currency-rela Invested Retained Shareholde
capita ted unrestricted earnings rs' equity
l differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity on 1
January 2011
Share issue 0.1 1.9 2.0
Total -0,0 0.4 0.4
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.3 -0,2 14.3 -1.1 15.5
equity on 30
September 2011
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 30 September 2010
MEUR Share Currency-rela Invested Retained Shareholde
capita ted unrestricted earnings rs' equity
l differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.3 12.4 -1.5 12.7
equity on 1
January 2010
Total -0,0 0.1 0.0
comprehensive
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.3 12.4 -1,5 12.8
equity on 30
September 2010
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-9/2011 1-9/201 1-12/20
MEUR 0 MEUR 10 MEUR
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS
Profit /loss for the period 0.4 0.4 0.1
Adjustments 1.9 1.3 2.1
CHANGES IN WORKING CAPITAL -0.7 -0.2 0.1
Interest paid and payments on other financial -0.3 -0.2 -0.5
expenses
Interest received 0.0 0.0 0.0
Realised exchange rate gains and losses -0.1 0.5 0.4
Direct taxes paid -0.1 -0.1 -0.2
--------------------------------------------------------------------------------
Net cash flow from operations 1.1 1.7 2.0
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -1.4 -1.2 -1.8
Proceeds from tangible assets 0.4 0,0
Investments and income from the disposal of -1.2 -0.2 -0.1
investments into funds and deposits, net
--------------------------------------------------------------------------------
Net cash flow from investments -2.2 -1.4 -1.9
CASH FLOW FROM FINANCING
Share issue 2.0
Loan withdrawals 0.5 1.2 5.7
Loan repayments -1.1 -1.5 -5.8
--------------------------------------------------------------------------------
Net cash flow from financing 1.4 -0.3 -0.1
Increase (+)/decrease (-) in cash and cash 0.3 0.0 -0,0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of period 1.7 1.6 1.6
Effect of exchange rate changes 0.0 0.1 0.1
Cash and cash equivalents at the end of period 2.0 1.7 1.7
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
1-9 2011 1-9 2010 1-12 2010
MEUR MEUR MEUR
--------------------------------------------------------------------------------
Collaterals given for the parent company
Corporate mortgage 2.5 2.3 2.5
Mortgage on real estate 2.7 2.0 2.7
Guarantees 0.0 0.1 0.0
--------------------------------------------------------------------------------
Collaterals given on behalf of subsidiaries
Guarantees 0.2 0,0 0.2
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments:
--------------------------------------------------------------------------------
Due for payment before one year 0.8 0.8 0.8
Due for payment after 1 year but not later 0.9 1.1 1.1
than 5 years
Due for payment after 5 years
--------------------------------------------------------------------------------
Total 1.7 1.9 1.9
--------------------------------------------------------------------------------
Other rental commitments:
--------------------------------------------------------------------------------
Due for payment before one year 0.8 0.8 0.9
Due for payment after 1 year but not later 1.0 1.5 2.0
than 5 years
Due for payment after 5 years 0.2 0.2 2.0
--------------------------------------------------------------------------------
Total 2.0 2.4 5.0
--------------------------------------------------------------------------------
Total other liabilities 3.7 4.4 6.9
--------------------------------------------------------------------------------
Total collaterals and contingent liabilities 9.1 8.7 12.3
--------------------------------------------------------------------------------
Helsinki, on 20 October 2011
Biohit Oyj
Board of Directors
Further information:
Jussi Heiniö, President and CEO
Tel. +358 (0)9 773 861
jussi.heinio@biohit.com
Distribution:
NASDAQ OMX Helsinki Oyj
Central storage facility (www.oam.fi)
Press
http://www.biohit.com
About Biohit Oyj
Biohit Oyj is a globally operating Finnish biotechnology company established in
1988. Biohit's mission crystallises in its motto “Innovating for Health”. The
purpose of the company is to produce innovations, new technologies and analysis
systems for use in medicine, research institutions and industry, helping to
promote research and diagnostics and to improve quality of life by preventing
disease, human suffering and financial loss. Our duty is also to innovate and
develop the marketing and availability of our products and services, in order
to ensure the profitable growth of the company and its ability to pay
dividends.
Biohit works with scientific communities to produce new technologies, products,
and services based on research results and innovations that can be used to
develop safe and cost-effective liquid handling solutions for laboratory work,
as well as diagnostic tests for the early detection and prevention of diseases
of the gastrointestinal tract.
Biohit has two business segments: liquid handling and diagnostics. Liquid
handling products include electronic and mechanical pipettes, disposable tips
as well as pipette maintenance and calibration services for research
institutions, healthcare and industrial laboratories.
The diagnostics business comprises products and analysis systems for the early
diagnosis and prevention of gastrointestinal diseases, such as the blood-sample
based GastroPanel examinations for the diagnosis of stomach illnesses and
associated risks, quick tests for the diagnosis of lactose intolerance and H.
pylori infection in connection with gastroscopy, and the ColonView examination
for the early detection of intestinal bleeding that indicates a risk of
colorectal cancer. Acetium reduces the amount of carcinogenic acetaldehyde in
an anacidic stomach.
The Biohit Group employs approximately 440 people. The company is headquartered
in Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia,
India, China, Japan, and the USA. The company also has a representative office
in Singapore. Biohit's products are also sold through about 200 distributors in
70 countries.
Since 1999, Biohit's Series B share has been quoted on NASDAQ OMX Helsinki in
the Small cap/Healthcare group and is traded under the code BIOBV
(www.biohit.com/fi/sijoittajat).
Read more at www.biohit.com.
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