2015-02-26 08:30:00 CET
2015-02-26 08:30:04 CET
REGULATED INFORMATION
Biohit Oyj - Financial Statement Release
BIOHIT GROUP FINANCIAL STATEMENT RELEASE 2014
Biohit Oyj Financial Statement Release, 26 February 2015 at 9:30 am local time
(EET)
SUMMARY
January-December 2014
-- Net sales grew by 26.4% compared to 1-12/2013
-- Net sales EUR 4.4 million (EUR 3.5 million)
-- Operating loss, continuing operations, totalled EUR -4.5 million (EUR -5.9
million)
-- The result for the reporting period, continuing operations, totalled EUR
-4.4 million (EUR -5.9 million)
-- The result for the reporting period, discontinued operations, totalled EUR
3.3 million (EUR 0.0 million)
-- The result for the reporting period was EUR -1.2 million (EUR -5.9 million)
-- Net sales from international operations 91.5% (87.8%) of total net sales
-- Equity ratio 87.5% (82.2%)
October-December / Q4 2014
-- Net sales grew by 44.2% compared to Q4/2013
-- Net sales EUR 1.1 million (EUR 0.8 million)
-- Operating loss, continuing operations, totalled EUR -1.2 million (EUR -1.5
million)
-- The result for the reporting period, continuing operations, totalled EUR
-1.2 million (EUR -1.6 million)
-- The result for the reporting period, discontinued operations, totalled EUR
0.0 million (EUR 0.0 million)
-- The result for the reporting period was EUR -1.2 million (EUR -1.6 million)
-- Net sales from international operations 92.7% (84.3%) of total net sales
-- Equity ratio 87.5% (82.2%)
PRESIDENT & CEO SEMI KORPELA:
‘In the fourth quarter of 2014, our net sales grew by 44.2% year on year. In
terms of operational development, Biohit Oyj has focused on supporting its
international distributor network, investing in clinical research and preparing
for new product launches.
During the year, Biohit launched three new products, of which the BIOHIT
ColonView test for tracing fecal occult blood was re-launched in the last
quarter. The other new products were the BIOHIT Active B12 (Holotranscobalamin)
vitamin test and the BIOHIT Calprotectin ELISA test for the differentiation of
inflammatory bowel disease (IBD) and irritable bowel syndrome (IBS) as well as
monitoring of inflammatory bowel disease.
During the year, we continued to expand our distributor network. We also signed
a distributor agreement with the Taiwanese Giraffes Pharmaceutical Company on
sales and marketing rights to the Acetium® capsule and Acetium lozenge in
Taiwan. In addition, we signed an agreement with Eastar Pharmaceuticals LLC on
the distribution of the Acetium lozenge in China. We strengthened our
international diagnostics distribution network by beginning cooperation with
Eurobio, which acts as Biohit's diagnostics distributor in France, Morocco,
Tunisia and Algeria. In addition, we signed an agreement with Bestbion on the
distribution of quick tests in Germany.
We also entered into the following diagnostics agreements during the year: A&P
Italian Pharmaceuticals S.r.l. (Romania), Biohemed (Serbia), Biomed S.A.
(Spain), Meditecno Mèdicos e Sistemas de Diagnòstico Lda (Portugal), Polygon
Diagnostics AG (extension of scope of agreement, Switzerland), ERICON S.r.l.
(Moldova), R&D Systems China Co. Ltd. (China), MoiGen (Korea), Biospacific Inc.
(USA), Kureha trading Co. Ltd. (Japan), Laboratorios Progalénika S.A. de C.V.
(extension of scope of agreement, Argentina, Bolivia, Brazil, Chile, Columbia,
Costa Rica, Ecuador, El Salvador, Guatemala, Guyana, French Guyana, Honduras,
Mexico, Nicaragua, Panama, Paraguay, Peru, Surinam, Uruguay, Venezuela), JOLI
Medical Products Inc. (USA), Al-Misbar Medical Technology Co. (Jordan), Gulfmed
(Egypt), Aloris Vital s.r.o (Slovakia), Gulf Orlando Medical Company (Kuwait),
Youlum Biotechnology Co. Ltd. (Taiwan), Productos Weens S.r.l. (Peru) and Jolex
(Taiwan). In addition, we made the following agreements on Acetium products:
A&P Italian Pharmaceuticals S.r.l (Romania), IlDengunHoshuu (Mongolia) and
Biohemed (Serbia).
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 taken
for the authorities to handle registrations in these areas and for product
sales to begin. The registration of the acetaldehyde-binding capsule in Mexico
has been delayed due to organizational changes in the local register authority.
At the end of the reporting period, a reimbursement decision on the three
GastroPanel® tests (pg-l, pg-II, gastrin-17) was issued in seven Chinese
provinces: Anhui, Gansu, Henan, Shandong, Shanxi, Sichuan and Tianjin.
In August, the Chinese health associations - The Chinese Society of Digestive
Endoscopy and The Society of Ontological Endoscopy of the Chinese Anti-Cancer
Association - issued a consensus clause on the screening, endoscopic diagnosis
and treatment of early gastric cancer in China. This clause recommends serum
screening based on the pg-1, pg-2, gastrin-17 and H. pylori tests, which
combine to form GastroPanel. The consensus clause on the new GastroPanel
approach to gastrointestinal diagnostics is a clear indication of the
pioneering approach taken by Chinese healthcare organizations.
In October the partners Biohit Oyj and its joint venture Biohit Biotech (Hefei)
Co., Ltd agreed to start a feasibility study in China regarding Acetium capsule
as a potential medication to arrest the progression and even to restore
atrophic gastritis. The agreement includes an option to negotiate a licensing
deal concerning the product, in case the outcome of the feasibility study is
positive. The feasibility study will be funded by the Chinese partners of joint
venture Biohit Biotech (Hefei) Co., Ltd, in co-operation with Hefei Medicine.
In November, Niklas Nordström (B. Econ, LL.M.) was appointed as Chief Financial
Officer and a member of the Management Team of Biohit Oyj. He will also be in
charge of HR and IT management.'
THE GROUP'S KEY FIGURES
10-12/2014 10-12/2013 1-12/2014 1-12/2013
--------------------------------------------------------------------------------
Net sales (MEUR) 1.1 0.8 4.4 3.5
--------------------------------------------------------------------------------
Operating profit/loss, -1.2 -1.5 -4.5 -5.9
continuing operations (MEUR)
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -1.2 -1.6 -4.3 -5.9
--------------------------------------------------------------------------------
Profit/loss for the period, -1.2 -1.6 -4.4 -5.9
continuing operations (MEUR)
--------------------------------------------------------------------------------
Profit/loss for the period, 0.0 0.0 3.3 0.0
discontinued operations (MEUR)
--------------------------------------------------------------------------------
Profit/loss for the period, -1.2 -1.6 -1.2 -5.9
total (MEUR)
--------------------------------------------------------------------------------
Average number of personnel 50 47 50 44
--------------------------------------------------------------------------------
Number of personnel at end of 51 47 51 47
the period
--------------------------------------------------------------------------------
Equity ratio (%) 87.5% 82.2% 87.5% 82.2%
--------------------------------------------------------------------------------
Earnings per share, continuing -0.09 -0.11 -0.32 -0.43
operations (EUR)
--------------------------------------------------------------------------------
Undiluted earnings per share, 0.23
discontinued operations (EUR)
--------------------------------------------------------------------------------
Shareholders' equity per share 0.9 1.6 0.9 1.6
(EUR)
--------------------------------------------------------------------------------
Average number of shares during 14,107,125 13,802,278 13,941,286 13,727,251
the period
--------------------------------------------------------------------------------
Number of shares at end of the 14,135,593 13,810,593 14,135,593 13,810,593
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-December
Net sales grew by 26.4% compared with 1-12/2013.
The operating loss from continuing operations was EUR -4.5 million (EUR -5.9
million 1-12/2013). The result for continuing operations during the reporting
period totalled EUR -4.4 million (EUR -5.9 million).
The result for discontinued operations during the reporting period totalled EUR
3.3 million (EUR 0.0 million). In conjunction with the liquid handling business
divestment in late 2011, EUR 3.5 million of the gains on sale were not
recognized due to the terms of the sale agreement and other factors, related to
the sale, which remained open at the time. The amount was recognized on 31
March 2014 when the deal was closed.
The result for the reporting period was EUR -1.2 million (EUR -5.9 million).
Consolidated net sales and result for continued operations
10-12/2 10-12/2 Change 1-12/2 1-12/2 Change
014 013 014 013
--------------------------------------------------------------------------------
Net sales (MEUR) 1.1 0.8 0.4 4.4 3.5 0.9
--------------------------------------------------------------------------------
Change compared with the 44.2% 26.4%
previous year (%)
--------------------------------------------------------------------------------
Operating result, continuing -1.2 -1.5 0.3 -4.5 -5.9 1.4
operations (MEUR)
--------------------------------------------------------------------------------
Change compared with the 21.9% 23.1%
previous year (%)
--------------------------------------------------------------------------------
Operating result (% of net -104% -192% -103% -170%
sales)
--------------------------------------------------------------------------------
BALANCE SHEET
On 31 December 2014, the balance sheet total was EUR 14.5 million (EUR 27.3
million) and the equity ratio was 87.5% (82.2%).
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 10.4 million (EUR 15.7 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 1-12/2014 reporting period amounted to EUR 2.1 million
(EUR 1.1 million), of which the final quarter accounted for EUR 0.6 million
(EUR 0.3 million).
Development activities focused on the GastroPanel standardization project -
involving improvements to the usability of tests - and on the development of
new tests and their market entry. During the year, Biohit introduced three new
products onto the market, including the fourth-quarter relaunch of the BIOHIT
ColonView test which is a diagnostic quick test for early detection, screening
and diagnostics of colorectal cancer (colon cancer) now available also for
clinical use. Other new products included the BIOHIT Active B12
(Holotranscobalamin) vitamin test, as well as the BIOHIT Calprotectin ELISA
test for the detection, and monitoring during treatment, of inflammatory bowel
diseases (IBD) and the differentiation of such conditions from irritable bowel
syndrome (IBS).
CLINICAL RESEARCH
In Finland, there is 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) In addition, the study assessing the eradication of the
Helicobacter pylori infection is being continued with laboratory tests
Two comparative trials of the celiac quick test are being held abroad. In
Brazil, a comparative trial of the ColonView test, involving a sample of 500
colonoscopy patients, is in progress. Registration of the ColonView test has
begun as required for the national colorectal cancer screening programme being
planned in the country.
At the turn of the year, preparations were being made for a comparative
ColonView trial involving a sample of 300 patients, in addition to which a
screening trial is being implemented based on a population sample of 1,000
people. The comparative trial is completed and the scientific report on the
study has been accepted for publication by the international cancer journal,
Anticancer Research.
In May, new Acetium research results were introduced in the major international
meeting for gastroenterologists (Digestive Disease Week) in Chicago. The
Congress examined Acetium capsule results from the studies carried out in Japan
and Sweden, which confirmed the earlier results of Acetium studies. The studies
found that Acetium binds 60 to 80% of Group I carcinogen acetaldehyde, forming
a harmless compound that is excreted from the body. The results are clinically
highly significant, since carcinogenic DNA-changes caused by acetaldehyde
increase exponentially in increasing acetaldehyde concentrations. Based on the
results, manuscripts will be written for their publication in international
scientific journals. The results of the Japanese study have been accepted for
publication in the international journal PLOS One during 2015.
The conference also heard the results of an Italian study, which has found
Acetium capsule to improve the condition of the gastric mucosa in patients
diagnosed with anacidic stomach (atrophic gastritis) caused by a Helicobacter
pylori infection or autoimmune disease. This study involved the next stage of
an earlier trial, announced by Biohit in September 2013, with a larger number
of patients and a longer treatment period. Based on these results, Biohit will
launch a completely new controlled double-blind clinical study with a research
team consisting of Italian and German scientists. The new study will assess the
efficacy of Acetium capsules in recovering from atrophic gastritis in a sample
of 120 biopsy-confirmed patients.
In October, the partners Biohit Oyj and its joint venture Biohit Biotech
(Hefei) Co., Ltd agreed to begin a feasibility study in China regarding the
Acetium capsule as a potential medication for arresting the progression of, or
reversing, atrophic gastritis. The agreement includes an option to negotiate a
licensing deal concerning the product, if the result of the feasibility study
is positive. The feasibility study will be funded by the Chinese partner of the
joint venture Biohit Biotech (Hefei) Co., Ltd in co-operation with Hefei
Medicine.
INVESTMENTS
Gross investments during the 1-12/2014 reporting period totalled EUR 0.5
million (EUR 1.8 million), of which the fourth quarter accounted for EUR 0.2
million (EUR 0.6 million). The biggest individual investment during the
financial year, EUR 0.4 million, was made in the development of automated
production lines.
PERSONNEL
During the review period, the Biohit Group employed 50 (44 in 2013) people on
average, 41 (34) of whom were employed by the parent company and 9 (10) by the
subsidiaries. At the end of the year, the Group employed 51 (47) personnel, of
whom 42 (38) were employed by the parent company and 9 (9) by the subsidiaries.
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 programs.
Significant short-term risks are associated with the successful 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 unfavorable 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 in
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 euro.
OUTLOOK FOR 2015
Together with its distributors and license partners, Biohit has several product
registrations ongoing in a number of markets. A number of such registrations
are expected to be completed in 2015. In addition, negotiations are in hand
with new partners, including on the launch of major screening projects, but a
number of political risks are affecting the progress of such projects.
Biohit's cost structure is characterized by high investment in research to
obtain further evidence on the efficacy of Biohit's diagnostic tests in various
clinical settings and in population-based screenings. Various
placebo-controlled double-blind studies assessing the efficacy of Biohit's
Acetium products in entirely new indications are expected to be completed in
2015. The project on the unification of the GastroPanel test, and production
investments in Finland, are to be concluded during 2015. These new,
strategically significant projects will require additional investments in 2015.
We aim to grow profitable and are strongly committed to taking necessary
actions in order to build a profitable future for the company. Net sales growth
is expected in 2015. The company does not assess when the result of its
continuing operations will turn to positive.
BOARD'S PROPOSAL FOR DISTRIBUTIONS OF PROFIT
The parent company's distributable funds (unrestricted equity) on 31 December
2014 are 9,132,650.85 (EUR 18,925,151.92), of which the period net loss is
550,514.94 euros (a loss of 4,353,257.22 euros).The Board of Directors proposes
to the Annual General Meeting that no dividend be paid for the financial year.
MAIN EVENTS IN THE FOURTH QUARTER
WHO prompts Helicobacter pylori screening to prevent gastric cancer
According to a recent report from the International Agency for Research on
Cancer (IARC)( JAMA. 2014;312(12):1197-1198. doi:10.1001/jama.2014.10498),
which is the specialized cancer agency of the World Health Organization,
evaluating the possibility of large population-based programs of Helicobacter
pylori (HP)-screening and treatment should be a global priority to reduce the
burden of gastric cancer. Gastric cancer is the third most common cancer
worldwide, and 80% of the 1 million new cases annually are caused by a
treatable infection, according to the report. However, despite these alarming
figures, practically no country has a public health program to prevent gastric
cancer.
The efficacy of Acetium capsule in treatment of atrophic gastritis is studied
in China
Biohit Oyj and Biohit Biotech (Hefei) Co., Ltd partners have agreed to start a
feasibility study in China regarding Acetium capsule as a potential medication
to arrest the progression and even to restore atrophic gastritis. The agreement
includes an option to negotiate a licensing deal concerning the product, in
case the outcome of the feasibility study is positive. The feasibility study
will be funded by the Chinese partners of joint venture Biohit Biotech (Hefei)
Co., Ltd, in co-operation with Hefei Medicine.
Biohit re-launches ColonView - test for colorectal cancer screening
Biohit Oyj re-launches BIOHIT ColonView which is a diagnostic quick test for
early detection, screening and diagnostics of colorectal cancer (colon cancer).
BIOHIT ColonView test has been available for research purpose only, but from
now on is available also for the clinical use. CE-marked ColonView test are
available via Biohit distributors internationally from November 2014 on.
Biohit and Doctagon to co-operation
Biohit Oyj and Doctagon have agreed to co-operate thereby Doctagon will offer
diagnostic tests by Biohit to its customers. Co-operation covers Biohit's tests
for diagnosis of digestinal diseases. Based on the test results, Doctagon
medical services offer customers tailor-made follow-up services.
Biohit and Eurobio to sign a distributor agreement
Biohit Oyj and Eurobio have signed a distributor agreement regarding diagnostic
tests of Biohit. The agreement is effective immediately, and Eurobio gains
exclusive rights for the distribution of diagnostic tests in France, Morocco,
Tunisia and Algeria. The agreement covers the following Biohit tests:
GastroPanel, Helicobacter Pylori UFT300 Quick Test, BIOHIT Active B12 vitamin
test, BIOHIT ColonView Quick Test, Lactose Intolerance Quick Test and Celiac
Disease Quick Test.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
Biohit and Ympyrätalo Pharmacy to co-operation
Biohit Oyj and Ympyrätalo Pharmacy (Helsinki, Finland) have agreed to
co-operate thereby Ympyrätalo Pharmacy will offer diagnostic tests by Biohit to
its customers. Co-operation covers Biohit's tests for diagnosis of digestinal
diseases. Ympyrätalo Pharmacy provides nursing services and the tests as a part
of its permanent base range.
Biohit Oyj and Akeso to sign an Acetium distribution agreement in Russia
Biohit Oyj signed a distribution agreement with Akeso Pharmaceuticals. The
agreement is effective immediately and Akeso gains exclusive rights for the
distribution of Acetium capsules in Russian Federation.
BIOHIT ColonView is the best screening test for colorectal cancer on the market
An international study comparing colorectal cancer screening tests has been
completed and the scientific report has been recently accepted for publication
in an international cancer journal - Anticancer Research.
ADMINISTRATION
Biohit's financial reporting and Annual General Meeting in 2015
Biohit will release its financial statement release for 2014 at 9:30 am on
Thursday 26 February 2015. Biohit Oyj's Annual General Meeting has been planned
for 3.00 pm on Monday 20 April 2015 in Helsinki. The Board of Directors will
call the General Meeting at a later date. The company will publish three
interim reports in 2015, based on the following schedule: the interim report
for the period January-March 2015 (Q1) will be published on Thursday 7 May, the
interim report for the period January-June 2015 (Q2) will be published on
Thursday 20 August and the interim report for the period January-September 2015
(Q3) will be published on Thursday 22 October.
Biohit Oyj's Management Team
The members of Biohit's Management Team are: CEO Semi Korpela, CFO Niklas
Nordström, Director of Business Development Lea Paloheimo, Production &
Research and Development Director Panu Hendolin, Sales and Marketing Director
Anu Mickels, Quality Director Annika Astola and Chief Medical Director Kari
Syrjänen.
SHARES AND SHAREHOLDERS
Biohit Oyj's number of shares is 14,135,593, of which 2,975,500 (2,975,500) are
Series A shares and 11,160,093 (10,835,093) are Series B shares. The Series B
shares are quoted on NASDAQ Helsinki in the Small cap/Healthcare group under
the code BIOBV.
Supposing that the market capitalization for series A and B shares is equal,
the total market capitalization at the end of the period was EUR 66.2 million
(EUR 104.4 million on 31 December 2013). Shares' trade value during the period
amounted to EUR 25.9 million.
BIOBV/NASDAQ OMX Helsinki 1-12/2014 1-12/2013
-----------------------------------------------------
High, EUR 8.17 9.10
-----------------------------------------------------
Low, EUR 4.57 4.00
-----------------------------------------------------
Average, EUR 6.35 6.59
-----------------------------------------------------
Closing price, EUR 4.68 7.56
-----------------------------------------------------
Total turnover, EUR 25,927,811 56,629,275
-----------------------------------------------------
Total turnover, no. of shares 4,028,617 8,592,747
-----------------------------------------------------
Shareholders
At the end of the reporting period on 31 December 2014, the company had 6,841
shareholders (6,126 on 31 December 2013). Private households held 77.9%
(77.6%), companies 20.1% (20.6 %) and public sector organizations 0.0% (0.0%).
Foreign ownership or nominee registrations accounted for 1.8% (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 financial statement release has been prepared in accordance with the
requirements of the IAS 34 Interim Financial Reporting standard. Biohit Oyj has
applied the same accounting principles in preparing this financial statement
release as for its financial statements 2014.
The IFRS standards that came into effect in 2014 did not have a material impact
on the accounting principles with the exception of the introduction of
standards IFRS 10 and 11. 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. Joint
control specified by the new IFRS 10 standard was not fulfilled on the closing
dates of 31 December 2013 and 31 December 2014 in the way referred to in the
standard and the shareholders' agreement, and therefore the investment is not
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 was achieved during the first quarter of 2015. From
there on, the joint venture will be consolidated in Biohit's consolidated
financial statements using the equity method.
No adjustment impact on the income statement or the cash flow statement.
Impacts of the introduction of the amended IFRS10 and 11
standards
MEUR 1-3/20 4-6/20 7-9/20 10-12/ 10-12/ 7-9/20 4-6/20 1-3/20
14 14 14 2014 2013 13 13 13
Total assets 27.5 17.0 16.2 14.5 28.3 29.3 30.5 39.1
previously
reported
Reported "Share 1.0 0.9 0.9 - 1.0 1.0 - -
in joint
venture"
First -1.0 -0.9 -0.9 - -1.0 -1.0 - -
application of
IFRS 11
--------------------------------------------------------------------------------
Adjusted Total 26.5 16.1 15.3 14.5 27.3 28.3 30.5 39.1
assets
Total 27.5 17.0 16.2 14.5 28.3 29.3 30.5 39.1
liabilities and
shareholders'
equity
previously
reported
Reported 1.0 0.9 0.9 - 1.0 1.0 - - "Deferred gain”
First -1.0 -0.9 -0.9 - -1.0 -1.0 - -
application of
IFRS 11
--------------------------------------------------------------------------------
Adjusted Total 26.5 16.1 15.3 14.5 27.3 28.3 30.5 39.1
liabilities and
shareholders'
equity
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 the financial statement release have not been audited.
CONSOLIDATED INCOME STATEMENT
MEUR 10-12/ 10-12/ Change 1-12/2 1-12/2 Change
2014 2013 014 013
--------------------------------------------------------------------------------
Net sales 1.1 0.8 0.4 4.4 3.5 0.9
--------------------------------------------------------------------------------
Acquisition and production -0.6 -0.4 -0.2 -1.9 -1.7 -0.2
expenses
--------------------------------------------------------------------------------
Gross margin 0.6 0.4 0.2 2.4 1.8 0.7
--------------------------------------------------------------------------------
Other operating income 0.1 0.0 0.1 0.2 0.0 0.2
--------------------------------------------------------------------------------
Sales and marketing expenses -0.6 -0.7 0.1 -2.1 -2.3 0.2
--------------------------------------------------------------------------------
Administrative expenses -0.7 -1.0 0.3 -3.1 -4.3 1.3
--------------------------------------------------------------------------------
Production and development -0.6 -0.3 -0.2 -2.1 -1.0 -1.0
expenses
--------------------------------------------------------------------------------
Operating profit/loss, -1.2 -1.5 0.3 -4.5 -5.9 1.4
continuing operations
--------------------------------------------------------------------------------
Financial income 0.0 0.1 -0.1 0.3 0.2 0.1
--------------------------------------------------------------------------------
Financial expenses 0.0 -0.2 0.1 -0.1 -0.2 0.2
--------------------------------------------------------------------------------
Profit/loss before taxes -1.2 -1.6 0.4 -4.3 -5.9 1.6
--------------------------------------------------------------------------------
Income taxes 0.0 0.0 0.0 -0.1 0.0 -0.1
--------------------------------------------------------------------------------
Income for the period, -1.2 -1.6 0.4 -4.4 -5.9 1.5
continuing operations
--------------------------------------------------------------------------------
Income for the period, 0.0 0.0 0.0 3.3 0.0 3.3
discontinued operations
--------------------------------------------------------------------------------
Income for the period, total -1.2 -1.6 0.4 -1.2 -5.9 4.8
--------------------------------------------------------------------------------
Available-for-sale financial 0.0 0.1 -0.1 0.1 0.1 0.0
assets
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other comprehensive income which 0.0 0.1 -0.1 0.1 0.1 0.0
can be reclassified to profit
or loss in subsequent periods,
total
--------------------------------------------------------------------------------
Total comprehensive income for -1.2 -1.5 0.2 -1.1 -5.8 4.7
the period
--------------------------------------------------------------------------------
Earnings per share calculated from earnings attributable to equity holders of
the parent company
1-12/2014 1-12/2013
--------------------------------------------------------------------------------
Undiluted earnings per share, continuing operations (EUR) -0.32 -0.43
--------------------------------------------------------------------------------
Undiluted earnings per share, discontinued operations 0.23
(EUR)
--------------------------------------------------------------------------------
Diluted earnings per share, discontinued operations (EUR) 0.22
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
MEUR Adjusted Adjusted 31.12.2014 31.12.2013
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1.6 1.7
--------------------------------------------------------------------------------
Tangible assets 0.9 0.5
--------------------------------------------------------------------------------
Other financial long-term assets 0.0 1.0
--------------------------------------------------------------------------------
Deferred tax assets 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 2.5 3.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 0.8 0.6
--------------------------------------------------------------------------------
Trade and other receivables 0.8 7.7*
--------------------------------------------------------------------------------
Other financial short-term assets 9.8 15.2
--------------------------------------------------------------------------------
Cash and cash equivalents 0.6 0.5
--------------------------------------------------------------------------------
Total current assets 12.0 24.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 14.5 27.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Equity attributable to the equity holders of the parent
company
--------------------------------------------------------------------------------
Share capital 2.4 2.3
--------------------------------------------------------------------------------
Invested unrestricted equity fund 1.9 2.8
--------------------------------------------------------------------------------
Translation differences 0.0 0.0
--------------------------------------------------------------------------------
Retained earnings 8.4 17.3
--------------------------------------------------------------------------------
Total equity 12.7 22.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 0.2 0.2
--------------------------------------------------------------------------------
Other liabilities 0.0 0.0
--------------------------------------------------------------------------------
Total non-current liabilities 0.2 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade payables 0.5 0.3
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.3 0.4
--------------------------------------------------------------------------------
Tax liabilities 0.1 0.1
--------------------------------------------------------------------------------
Other liabilities 0.8 3.9
--------------------------------------------------------------------------------
Total current liabilities 1.6 4.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 1.8 4.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 14.5 27.3
--------------------------------------------------------------------------------
* Items include EUR 6.8 million in receivables from a business transaction
completed in 2011; the funds were placed in an escrow account. Funds placed in
the escrow account were released on 31 March 2014.
STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity on 31 December 2014
MEUR Share Translatio Invested Retained Shareholde
capital n unrestricted earnings rs' equity
difference equity fund
s
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 2.8 17.3 22.5
equity 1 Jan 2014
--------------------------------------------------------------------------------
Distribution of -10.0 -10.0
dividend
--------------------------------------------------------------------------------
Capital repayment 0.0
--------------------------------------------------------------------------------
Directed share 0.0
issue
--------------------------------------------------------------------------------
Share-based -1.6 2.2 0.5
payments
--------------------------------------------------------------------------------
Exercise of share 0.0 0.8 0.8
options
--------------------------------------------------------------------------------
Total comprehensive 0.0 -1.1 -1.1
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.4 0.0 1.9 8.4 12.7
equity 31 Dec 2014
--------------------------------------------------------------------------------
Consolidated statement of changes in equity on 31 December 2013
MEUR Share Translatio Invested Retained Shareholde
capital n unrestricted earnings rs' equity
difference equity fund
s
--------------------------------------------------------------------------------
Shareholders' 2.3 3.2 30.0 35.5
equity 1 Jan 2013
--------------------------------------------------------------------------------
Distribution of -6.8 -6.8
dividend
--------------------------------------------------------------------------------
Capital repayment -3.2 -3.2
--------------------------------------------------------------------------------
Directed share 0.0 1.1 1.1
issue
--------------------------------------------------------------------------------
Management 1.6 1.6
incentive system
--------------------------------------------------------------------------------
Share-based 0.0 0.0 0.0
payments
--------------------------------------------------------------------------------
Total comprehensive 0.0 -5.8 -5.8
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 2.8 17.3 22.5
equity on 31 Dec
2013
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
MEUR 1-12/201 1-12/201
4 3
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
Profit for the period -1.2 -5.9
--------------------------------------------------------------------------------
Adjustments -2.5 1.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in working capital 0.2 -0.5
--------------------------------------------------------------------------------
Interest and other financial items paid on other operating 0.0 -0.2
financial expenses
--------------------------------------------------------------------------------
Interest received 0.2 0.3
--------------------------------------------------------------------------------
Realized exchange rate gains and losses 0.0 0.0
--------------------------------------------------------------------------------
Income taxes paid -0.1 0.1
--------------------------------------------------------------------------------
Net cash flow from operating activities -3.4 -4.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTMENTS
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -0.4 -0.5
--------------------------------------------------------------------------------
Revenue from disposal of tangible and intangible assets 0.0 0.0
--------------------------------------------------------------------------------
Capital gain from the sale of liquid handling business 6.8
--------------------------------------------------------------------------------
Net investments in funds and deposits 6.5 15.1
--------------------------------------------------------------------------------
Net cash flow from investments 12.9 14.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
Rights issue 0.8 0.0
--------------------------------------------------------------------------------
Dividend payout -10.0 -6.8
--------------------------------------------------------------------------------
Repayment of capital -3.2
--------------------------------------------------------------------------------
Repayment of loans -0.1
--------------------------------------------------------------------------------
Net cash flow from financing activities -9.4 -10.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Increase (+)/decrease (-) in cash and cash equivalents 0.1 0.2
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the period 0.5 0.2
--------------------------------------------------------------------------------
Effects of exchange rates on cash and cash equivalents 0.0 0.0
--------------------------------------------------------------------------------
Cash and cash equivalents at end of the period 0.6 0.5
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
During the fourth quarter, there were no notable changes in related party
transactions.
Biohit Oyj B-shares subscribed with stock options I and II 2013 during the
1-12/2014 reporting period
A total of 100,000 new Biohit Oyj B-shares were subscribed for with stock
options I 2013 during 2014, and at total of 225,000 new Biohit Oyj B-shares
were subscribed for with stock options II 2013. These shares have been entered
into the trade register and establish equal shareholder rights with the
company's existing B-shares. New shares' are subject to public trading on the
NASDAQ Helsinki together with the existing B-shares.
The share subscription price for the stock options in question was either EUR
2.2766 or EUR 3.00 per share, depending on the timing of the subscription. The
entire subscription price was EUR 227,660 for the I 2013 option scheme and EUR
533,937 for the II 2013 option scheme, totalling EUR 761,597. Of this, EUR
759,047 was entered in the invested non-restricted equity fund and EUR 2,550 in
the share capital. Due to these share subscriptions, the company share capital
rose in value to EUR 2,350,350.81 from EUR 2,347,800.81.
After the 2014 subscription (325,000 shares), the total number of Biohit Oyj's
shares increased to 14,135,593 shares (13,810,593 shares 31.12.2013) and
B-shares to 11,160,093 shares (10,835,093 shares 31.12.2013). The new shares
will correspond to a percentage of 2.3% of Biohit Oyj's total number of shares
and 0.5 % of the voting rights after registration.
The share subscription period for stock options I 2013 began on 1 June 2014 and
will end on 31 May 2019. The share subscription period for stock options II
2013 began on 1 July 2013 and will end on 30 June 2015. These schemes are based
on the Biohit Oyj board resolution of 19 June 2013 and the Annual General
Meeting authorization of 13 April 2011. The terms and conditions of the option
schemes and additional information are available on Biohit Oyj's website at
www.biohithealthcare.com.
To exercise their stock options, holders must have paid the subscription price
in accordance with the option scheme (EUR 3 or EUR 3 less the dividend
depending on the timing). Holders exercising their stock options are liable to
pay income tax on the stock option income.
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
1-12/2014 1-12/2013
--------------------------------------------------------------------------------
Collateral granted on behalf of the parent company
--------------------------------------------------------------------------------
Corporate mortgages 0.0 0.0
--------------------------------------------------------------------------------
Collateral granted on behalf of the subsidiaries
--------------------------------------------------------------------------------
Guarantees 0.0 0.0
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments
--------------------------------------------------------------------------------
Due for payment in less than one year 0.1 0.1
--------------------------------------------------------------------------------
Due for payment in more than one year but less than five 0.1 0.1
years
--------------------------------------------------------------------------------
Due for payment in more than five years 0.0 0.0
--------------------------------------------------------------------------------
Total 0.2 0.1
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payment in less than one year 0.2 0.2
--------------------------------------------------------------------------------
Due for payment in more than one year but less than five 0.7 0.3
years
--------------------------------------------------------------------------------
Due for payment in more than five years 0.1 0.0
--------------------------------------------------------------------------------
Total 1.0 0.5
--------------------------------------------------------------------------------
Total other liabilities 1.2 0.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total collaterals and contingent liabilities 1.2 0.6
--------------------------------------------------------------------------------
NEXT FINANCIAL REPORT
The interim report for January-March 2015 (Q1) will be published at 9:30 am
local time (EEST) on Thursday 7 May 2015.
Helsinki, 25 February 2015
Biohit Oyj
Board of Directors
Additional information:
CEO Semi Korpela
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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