2014-02-27 08:30:00 CET
2014-02-27 08:30:04 CET
REGULATED INFORMATION
Biohit Oyj - Financial Statement Release
BIOHIT GROUP FINANCIAL STATEMENT RELEASE 2013
Biohit Oyj Financial Statement Release 2013, on 27 February 2014 at 9:30 AM
(EET)
SUMMARY
January-December 2013:
-- Net sales grew by 69% compared with 2012
-- Net sales were EUR 3.5 million (EUR 2.0 million in 1-12/2012)
-- Operating result was EUR -5.9 million (EUR -4.6 million)
-- Operating result excluding extraordinary items was EUR -4.5 million (EUR
-4.6 million)
-- Profit before taxes was EUR -5.9 million (EUR -3.7 million), which includes
a non-recurring expense due to the stock option programme (EUR 1.3 million)
as well as other non-recurring items (EUR 0.1 million)
-- Earnings per share were EUR -0.43 (EUR -0.27)
-- International operations accounted for 88% of net sales (84%)
-- The equity ratio was 79.3% (88.7%)
October-December 2013:
-- Net sales increased by 15% on the corresponding period of 2012
-- Net sales were EUR 0.8 million (EUR 0.7 million in 10-12/2012)
-- Operating result was EUR -1.5 million (EUR -1.2 million)
-- Profit before taxes was EUR -1.6 million (EUR -0.8 million)
-- Earnings per share were EUR -0.11 (EUR -0.06)
-- International operations accounted for 84% of net sales (80%)
SEMI KORPELA, PRESIDENT & CEO:
“In 2013, Biohit's net sales saw year-on-year growth of 69%. The most important
market area was China. Operations focused on commercializing products, building
distribution channels and deepening cooperation with distributors, particularly
in Asia and Europe. During the review year, we expanded our product range and
carried out two major corporate transactions that bolstered our operational
capabilities in Europe and China.
During the last quarter, Biohit acquired the rights to UFT300, a very rapid
quick test for the diagnosis of Helicobacter pylori infection. We also ventured
into a new business area when we partnered up with a closed diagnostic system
supplier: in November, we signed a licensing agreement with an analyser
manufacturer Randox, granting Randox worldwide licensing rights to the
distribution of GastroPanel as part of its systems. In late 2013, we made an
agreement with Dynex Technologies Inc. for the distribution of analysers.
Biohit's product range will now include the Dynex automated ELISA analyser,
which will improve the availability of GastroPanel. Towards the end of the
year, we published a substantial number of research protocols on our internet
site and also started a clinical research on smoking cessation.
We took major steps forwards in 2013. At the very beginning of the year, Biohit
signed a distribution agreement with a Chinese company GrandPharma Ltd. for
marketing and distribution of Acetium in China. This agreement gives
GrandPharma exclusive rights to utilise Biohit's intellectual property rights
and know-how in the production and distribution of the Acetium capsule in
China.
We also carried out two significant corporate transactions, the first of them
in Europe. In April, Biohit and an Italian company Euroclone S.p.A. agreed on a
transaction whereby Euroclone Gastro S.r.l. became a subsidiary of Biohit,
Biohit Healthcare S.r.l., strengthening Biohit's diagnostics distribution in
Italy. The Italian subsidiary also supports the development of our distribution
in Germany and in the Mediterranean region. The second major corporate
arrangement bolstered Biohit's strategic position in China. We made a
diagnostics distribution agreement with Hefei Medicine in April. We
strengthened this new partnership in June by signing an agreement to set up a
joint venture in China.
We also launched a new rapid fingertip test for celiac disease. Our new celiac
test is simple, fast and reliable. Biohit strengthened its international
diagnostics distribution network by signing agreements with companies such as
Yumgiskor (Kazakhstan) and Medikal Sistemler (Turkey). We also signed several
other distribution agreements. In Finland, we firmed up our cooperation with
Tamro Oyj in the distribution of the Acetium product family. The new Acetium
lozenge for smokers was launched for sale at pharmacies in Finland during the
second quarter.
Biohit has decided to suspend its research on the treatment of Helicobacter
pylori infection, thereby freeing up resources for more promising research
projects. In our product development, we have continued to develop new
diagnostics products, improve our existing tests, and increase
cost-effectiveness. We started a project to standardize the GastroPanel test
kit in order to improve user-friendliness and cut manufacturing costs, we
intend to ensure uniformity in the reaction conditions and solutions of the
GastroPanel tests. With capital investments, we are boosting the efficiency of
diagnostics production in Helsinki to increase competitiveness.
Thanks to Biohit's strong balance sheet, we are well poised to build up our
business operations and harness the great potential of our products. At the end
of 2013, our company's equity ratio was 79.3% (88.7%) and short term financial
assets amounted to EUR 15.7 million."
CONSOLIDATED KEY FIGURES
10-12/201 10-12/201 1-12/2013 1-12/2012
3 2
--------------------------------------------------------------------------------
Net sales, MEUR 0.8 0.7 3.5 2.0
--------------------------------------------------------------------------------
Operating profit/loss, MEUR -1.5 -1.2 -5.9 -4.6
--------------------------------------------------------------------------------
Profit/loss before taxes, MEUR -1.6 -0.8 -5.9 -3.7
--------------------------------------------------------------------------------
Profit/loss for the period, MEUR -1.6 -0.8 -5.9 -3.7
--------------------------------------------------------------------------------
Average number of personnel 47 35 44 35
--------------------------------------------------------------------------------
Number of personnel at end of period 47 35 47 35
--------------------------------------------------------------------------------
Equity ratio, % 79.3% 88.7% 79.3% 88.7%
--------------------------------------------------------------------------------
Earnings per share, EUR -0.11 -0.06 -0.43 -0.27
--------------------------------------------------------------------------------
Equity per share, EUR 1.6 2.6 1.6 2.6
--------------------------------------------------------------------------------
Average number of shares during the 13 802 13 615 13 727 13 615
period 278 593 251 593
--------------------------------------------------------------------------------
Number of shares at end of period 13 810 13 615 13 810 13 615
593 593 593 593
--------------------------------------------------------------------------------
REPORTING
Biohit's product portfolio consists of GastroPanel (Pepsinogen I, Pepsinogen
II, Gastrin-17 and H.Pylori), the acetaldehyde-binding Acetium products,
diagnostic quick tests and monoclonal antibodies. Due to the small sales volume
of other products such as liquid handling products, instruments and software in
relation to total sales, all business is reported under a single segment.
NET SALES AND RESULT
October-December 2013
In the review period, that is, the fourth quarter, net sales were up 15% on the
corresponding period in 2012, and amounted to EUR 0.8 million (EUR 0.7
million).
Fourth-quarter operating result was EUR -1.5 million (EUR -1.2 million). Profit
before taxes was EUR -1.6 million (EUR -0.8 million). Earnings per share were
EUR -0.11 (EUR -0.06).
January-December 2013
Net sales in the January-December period amounted to EUR 3.5 million (EUR 2.0
million), representing year-on-year growth of 69%. International operations
accounted for 88% (84%) of net sales.
Operating result was EUR -5.9 million (EUR -4.6 million). Profit before taxes
was EUR -5.9 million (EUR -3.7 million), which includes a non-recurring expense
due to the stock option programme (EUR 1.3 million). Operating result excluding
extraordinary items was EUR -4.5 million (EUR -4.6 million). Earnings per share
were EUR -0.43 (EUR -0.27).
Consolidated net sales and operating result
10-12/ 10-12/ Change 1-12/ 1-2/ Change
2013 2012 2013 2012
--------------------------------------------------------------------------------
Net sales, MEUR 0.8 0.7 0.1 3.5 2.0 1.4
--------------------------------------------------------------------------------
Change compared with the previous 15.2% 68.6%
year, %
--------------------------------------------------------------------------------
Operating result, MEUR -1.5 -1.2 -0.3 -5.9 -4.6 -1.3
--------------------------------------------------------------------------------
Change compared with the previous -25.3% -27.8%
year, %
--------------------------------------------------------------------------------
Operating result, % of net sales -192% -176% -170% -224%
--------------------------------------------------------------------------------
The impact of currency exchange rates
In 2013, exchange rates did not have a significant influence, EUR 0.0 million
(EUR 0.0 million in 2012).
BALANCE SHEET
On 31 December 2013, the balance sheet total was EUR 28.3 million (EUR 40.0
million) and the equity ratio was 79.3% (88.7%).
FINANCING
The company has a good financial position, which allows investments in building
an international distributor network as well as the development and
commercialization of new products.
At the end of the financial year, the company's short term financial assets
totalled EUR 15.7 million. In addition, the company has EUR 1.0 million in
long-term investments that will be held to maturity, and EUR 6.8 million in
receivables in an escrow account following a business transaction concluded at
the end of 2011, which will be released on 31 March 2014 if no claims are made
regarding the transaction.
RESEARCH AND DEVELOPMENT
Research and development has focused on further development, improvement and
commercialization of innovations and products. Biohit also uses external
experts and subcontractors in its R&D operations. Development expenditure has
not been capitalised. Research and development expenditure during the reporting
period amounted to EUR 0.3 million (EUR 0.3 million).
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.6 million (EUR 0.3
million).
PERSONNEL
During the financial year, the average number of personnel employed by the
Group was 47 (35 in 2012) of whom 38 (29) were employed by the parent company
and 9 (6) by its subsidiaries. At the end of the year, the Group employed 47
(35) personnel, of whom 38 (29) were employed by the parent company and 9 (6)
by the subsidiaries.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit's key risks have to do with investments required for business growth.
These risk factors include success in clinical trials, selection and
development of distribution channels, employee recruitment, registration
processes and product pricing, as well as risks related to political
decision-making affecting the progress of screening programmes. Significant
short-term risks are associated with selection of new market areas, timing of
expansion into these markets, and market reception of products.
Lengths of product registration processes vary by market area and have an
impact on favourable business development. It is challenging to accurately
assess the time required to complete all registrations in the main markets and
to begin generating net sales.
When investing in liquid assets, objective is to gain a return on investment
with a minimum risk of equity loss. 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.
The company has a wide and diverse customer base. The company is not
significantly dependent on individual customers or project deliveries. The
exception to this is GastroPanel sales in China, which is currently
particularly significant to Biohit. Most of the company's business is conducted
in euro, and the indirect effects of currency exchange rate fluctuations are
considered minor.
OUTLOOK FOR 2014
Net sales development is influenced by numerous product registrations that
Biohit has in progress in several markets with its new distributors and
licensing partners. Completion of product registrations is also impacted by
external factors. In addition, negotiations to start up major screening
projects are ongoing; however, their progress is influenced by various
political risks.
Biohit's cost structure is significantly affected by the company's substantial
outlays on different kinds of research to obtain more evidence for the efficacy
of its diagnostic tests in different clinical set-ups and population-based
screenings. For instance, effectiveness of Acetium products for new clinical
indications will be assessed with double blind studies with virtual control
groups. At the same time, the GastroPanel test kit will be standardized. This
means that Biohit will ensure uniformity in the reaction conditions and
solutions of the GastroPanel tests in order to improve user-friendliness and
cut manufacturing costs. Investments will be made to increase product
efficiency in order to improve competitiveness. Additional outlays will be
required for these strategically important new projects in 2014.
We are strongly committed to carrying out measures that are vital for ensuring
the company's future profitability. We intend to grow in order to become
profitable. We expect that net sales will increase in 2014.
The company has decided to make further strong investments in developing its
long-term profit potential. The company does not make any forecasts about when
the result of its continuing operations will turn to positive. (Previously:
Under the current outlook, the company expects earnings to turn positive during
2014.)
MAIN EVENTS OF THE REPORTING PERIOD
Preparations for Biohit's joint venture in China progressing as planned
Biohit Oyj and its Chinese partner Anhui Wisdom-win Investment Co, Ltd. have
received a certificate of approval from the Chinese authorities. This
certificate is required for China-registered joint ventures involving foreign
investments. The joint venture is now registered under the name Biohit
Healthcare (Hefei) Co, Ltd. It is domiciled in the city of Hefei, Anhui
province. Applications for official permits to start production are in progress
and are expected to be completed by the end of 2014.
Biohit acquired rights to a quick test for Helicobacter pylori infection
Biohit Oyj acquired the rights to the UFT300 quick test for diagnosing
Helicobacter pylori infection. Under the agreement, the developer of the test,
an Italian company Advanced Biomedical Systems S.r.l. (ABS), surrendered its
patent and distribution rights to the test. The purchase price was EUR 350,000
and the new test was introduced into Biohit's range during the fourth quarter
of 2013.
Biohit's Acetium distribution restructured in Canada
Biohit Oyj honed its distribution channel strategy for Canada and signed a
distribution agreement for Acetium products with the Canadian company Medical
Futures Inc. The agreement entered into force immediately and replaced the
previous distribution agreement in Canada. With this agreement, Medical Futures
Inc. gained exclusive rights to distribution of Acetium capsules and lozenges
in Canada.
Clinical research
GastroPanel screening results completed, Kazakhstan 2012-2013
Biohit Oyj and the Medical Centre of the President's Affairs Administration of
the Republic of Kazakhstan carried out a screening study in 2012-2013. The
final results were completed. A scientific report on the study was published in
a widely distributed international cancer journal: Anticancer Research,
2013;33(10). The authors concluded that in countries like Kazakhstan where the
annual incidence of gastric cancer is alarmingly high, the GastroPanel test
developed by Biohit Oyj should be the cost-effective diagnostic tool for
large-scale, population-based screening of gastric cancer.
GastroPanel and Acetium - for prevention and saving on costs
Importantly, by using the safe and cost-effective GastroPanel® examination one
can avoid the potentially serious medical problems listed here.
The 13C urea breath test (UBT), stool antigen test and antibody tests, which
have been still widely used for the diagnosis of H. pylori infection or
screening, do not detect atrophic gastritis which is caused by H. pylori
infection or an autoimmune disease. The diagnosis of in most cases asymptomatic
atrophic gastritis is important because of the associated risks, including
gastric cancer and oesophageal cancer as well as malabsorption of vitamin B12,
iron, magnesium, calcium and some drugs. Calcium deficiency may cause
osteoporosis, and vitamin B12 deficiency may cause Alzheimer's disease,
dementia, depression and polyneuropathy, as well as high homocysteine content
in the body. The latter in turn is thought to be an independent risk factor for
atherosclerosis, heart attacks and strokes.
The absorption of dipyridamole, some iron products and antifungals
(fluconazole, itraconazole), thyroxine and atazanavir is considerably impaired
in a non-acidic stomach. Atrophic gastritis in the gastric corpus and PPI
therapy cause aclorhydria of the stomach. The risk of pneumonias and, in senior
citizens, even the risk of fatal intestinal infections (such as giardiasis,
malaria, Clostridium difficile and E. coli EHEC) has been shown to increase
significantly in a non-acidic stomach. H. pylori gastritis may also develop
into antral atrophic gastritis, which increases the risk of peptic ulcer
disease and gastric cancer. If both antrum and corpus mucosa are atrophic, this
condition is the highest risk for gastric cancer known to date. Furthermore,
none of the aforementioned three H. pylori tests provides any information on
excessive gastric acid secretion, which in patients with gastro-oesophageal
reflux disease may cause complications, like ulcerative oesophagitis and
Barrett's oesophagus, which may lead to oesophageal cancer. In addition, the
UBT and stool antigen test may give up to 50 % false negative results if the
patient has a) atrophic gastritis, b) MALT lymphoma, c) bleeding peptic ulcer
disease, or d) if the patient is currently receiving antibiotics or PPIs.
GastroPanel seeks to identify those with asymptomatic or chronic stomach
complaints whose anacidic stomachs generate carcinogenic acetaldehyde, putting
them at greater risk of gastric and oesophageal cancer. Acetium capsules are
recommended - in addition to appropriate treatment - for use after the
consumption of food or alcohol by those who:
1. have an anacidic or low-acid stomach caused by atrophic gastritis resulting
from Helicobacter pylori infection or an autoimmune disease, which can be
diagnosed with GastroPanel (estimated 500 million people worldwide),
2. have a long-term need to use medications that reduce gastric acid (HCl)
secretion (PPI medication and H2 blockers); approximately 5-10% of the Western
population use these occasionally or regularly, and the number of users in
Finland is estimated at more than 500,000,
3. have an untreated chronic Helicobacter pylori infection, which can be
diagnosed with GastroPanel (conservative estimate: more than 500 million people
worldwide),
4. have undergone stomach reduction surgery (more than one million people
worldwide).
GastroPanel and Acetium innovations are a unique combination for the prevention
of gastric and oesophageal cancer
GastroPanel can diagnose atrophic gastritis and thereby ensure that those at
higher risk of gastric and oesophageal cancer can be monitored in time.
Atrophic gastritis of the corpus, which rarely heals, leads to a permanently
low-acid or anacidic stomach. Mouth and food 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 categorised acetaldehyde as a Group I
carcinogen. This group also includes asbestos, formaldehyde 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 (www.acetium.fi/test-your-acetaldehyde-exposure).
Protected by granted and pending patents, Acetium capsules are the only known
way of eliminating carcinogenic acetaldehyde in the stomach, and thereby
potentially preventing gastric and oesophageal cancer.
Study Protocols
Towards the end of the year, we started publishing a significant number of our
study protocols on our Internet site for the use of researchers
(www.biohithealthcare.com/scientific/study-protocols). We also started clinical
research on smoking cessation
(http://www.biohithealthcare.com/investors/stock-exchange-releases: Biohit Oyj
to start a clinical intervention trial with Acetium® lozenge aimed at smoking
cessation.)
In our product development, we have continued to develop new diagnostics
products, improve our existing tests, and increase cost-effectiveness. The
Barretos Cancer Hospital in Brazil is starting a clinical research project to
compare the ColonView test developed by Biohit as another alternative for the
colorectal cancer screening programme that will begin in 2015.
Administration
Biohit's financial information and Annual General Meeting in 2014
Biohit will release its financial statement for 2013 on Thursday, 27 February
2014, at 9:30 AM. Biohit Oyj's Annual General Meeting is planned to be held on
Monday, 14 April 2014 at 3 PM in Helsinki. The Annual General Meeting will be
convened later by the company's Board of Directors. The company will publish
three interim reports in 2014: interim report for January-March 2014 (Q1) on
Thursday, 8 May, interim report for January-June 2014 (Q2) on Thursday, 21
August, and interim report for January-September 2014 (Q3) on Thursday, 23
October.
Biohit Oyj's option schemes I 2013 and II 2013 - terms update and Management
Team option arrangement
On 15 October 2013, Biohit Oyj's Board of Directors decided to distribute a
total of 60,000 option rights in class I 2013A from option scheme I 2013 to the
members of the Management Team, with the exception of the CEO, as follows:
Hendolin Panu, 12,000, Mattila Jaana, 12,000, Mickels Anu, 12,000, Paloheimo
Lea, 12,000 and Syrjänen Kari, 12,000. The share subscription period with these
option rights begins on 1 June 2014 and ends on 31 May 2019.
In addition, the Board of Directors has decided to amend the terms of both
option scheme I 2013 and II 2013 such that EUR 0.17 of the subscription price
will be recorded in the company's share capital. Correspondingly, the
subscription price shall be at least EUR 0.17.
Biohit Oyj: option scheme I 2013 - option arrangement for International Sales
Management
On 16 October 2013, Biohit Oyj's Board of Directors decided to distribute
options under the I 2013 option scheme as follows: 10,000 option rights in
class I 2013B to Johnson Graham, 5,000 option rights in class 2013C to
Campolunghi Antonella and 5,000 option rights in class 2013C to Patrakka Ilari.
The share subscription period with option rights 2013B begins on 1 June 2015
and ends on 31 May 2019. The share subscription period with option rights 2013C
begins on 1 June 2016 and ends on 31 May 2019.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
Distributor agreement updates and new business areas
Biohit Oyj has signed a distribution agreement with Avantis to strengthen sales
and marketing of GastroPanel. The agreement covers exclusive sales rights to
the distribution of GastroPanel in Ukraine and Moldova. For the distribution of
Acetium products, Biohit Oyj has made the following agreements: NovaMedLine
(Belarus) and Biofem (Ghana and Nigeria) as well as Medical Futures Inc., which
started as the Canadian distributor of Acetium in January. In Finland, Biohit
and Tamro amended their agreement concerning the Acetium lozenge, whereby sales
of the product were launched on the Biohit Shop online in January 2014, in
addition to pharmacy sales. Biohit has strengthened its own retail sales in its
online shop, which sells not only Acetium lozenges, but also GastroPanel gift
cards. In the future, the online shop will also make international deliveries,
and the product range will be expanded with monoclonal antibodies used by
laboratory customers.
Registration of Biohit's Acetium delayed in Mexico
Registration of the Acetium capsule in Mexico has been delayed. The delay is
due to the official requirements, which are in part stricter than those of the
European Union, and the extension of registration to also cover the Acetium
lozenge due to the expansion of the distribution agreement made with
ProGalénika.
Two patents for Biohit for binding acetaldehyde in foodstuffs: United States
and Japan
Biohit Oyj has been granted a US patent (application US2010239663A1) that is
valid until 21 May 2026. The patent comprises a composition and method for
binding acetaldehyde present in the stomach. A Japanese patent (JP4691312B2)
for the same method and preparation for binding acetaldehyde from the saliva
and in the stomach and large intestine is in force until 29 October 2020. The
patented invention comprises a composition including an acetaldehyde-binding
substance. This innovation is intended to reduce the concentration of harmful
acetaldehyde in the mouth, pharynx, oesophagus, stomach as well as the small
and large intestine, and thereby reduce the risk of cancer in these parts of
the body.
Indian patent for prediction of gastric condition
Biohit Oyj has been granted an Indian patent (no. 258567) that is valid until 4
March 2024. An anacidic stomach caused by atrophic gastritis is the best-known
risk factor for gastric and oesophageal cancer. The patented method enables
detection of a normal gastric mucosa and antrum atrophic, corpus atrophic and
non-atrophic gastritis.
Suspension of the research on the eviction of Helicobacter pylori
Biohit's clinical study on the ability of BioAcetium to help treat Helicobacter
pylori infection did not produce clear-cut results. A decision has been made to
suspend the BioAcetium study until further notice while Biohit prioritises
other clinical studies. The most essential reason for suspending the clinical
study is the increased resistance of helicobacter strains to different
therapies. The resistance to treatment by H. pylori strains varies
geographically, which means that the treatment results in one country are not
directly applicable elsewhere.
ADMINISTRATION
Annual General Meeting
The Annual General Meeting (AGM) held on 8 April 2013 decided to pay a dividend
of EUR 0.4964 for each series A share and EUR 0.4998 for each series B share
for the 2012 financial year, to a total of EUR 6.8 million, and a capital
repayment of EUR 0.237 for each series A and B share, to a total of EUR 3.2
million. The AGM also decided that the parent company's loss for the financial
year be transferred to retained earnings/losses.
The AGM decided that the number of members of the Board of Directors would be
five (5) and re-elected the following members to the Board until the end of the
next AGM: Professor Osmo Suovaniemi, Professor Mikko Salaspuro, Commercial
Counsellor Eero Lehti and Seppo Luode, MSc (Engineering), as well as President
and CEO Franco Aiolfi as a new member.
The AGM appointed authorised public accountants Ernst & Young Oy as the
company's auditor, with APA Erkka Talvinko as chief auditor.
Biohit Oyj's Management Team
The members of Biohit's Management Team are: Semi Korpela, President and CEO,
Jaana Mattila, CFO, Lea Paloheimo, Director of Business Development and
Quality, Panu Hendolin, Head of Research and Development, Anu Mickels, Sales
and Marketing Director, and Kari Syrjänen, Chief Medical Director.
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 10,835,093 series B shares, totalling 13,810,593
shares. Series A shares confer 20 votes per share and series B shares 1 vote
per share. In terms of dividends, series B shares receive dividends that are 2
(two) percentage points higher than series A shares in relation to the nominal
values. The total market capitalisation (assuming that the market
capitalisation for series A and B shares is equal) at the end of the period was
EUR 104.4 million (EUR 54.5 million on 31 December 2012).
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 1-12/2013 1-12/2012
-----------------------------------------------------
High, EUR 9.10 4.13
-----------------------------------------------------
Low, EUR 4.00 2.00
-----------------------------------------------------
Average, EUR 6.59 2.70
-----------------------------------------------------
Closing price, EUR 7.56 4.00
-----------------------------------------------------
Total turnover, EUR 56 629 275 15 247 556
-----------------------------------------------------
Total turnover, no. of shares 8 592 747 5 376 483
-----------------------------------------------------
Shareholders
At the end of the review period on 31 December 2013, the company had 6,126
shareholders (4,734 on 31 December 2012). Private households held 77.6%
(70.1%), companies 20.6% (27.8%) and public sector organisations 0.0% (1.5%).
Foreign ownership or nominee registrations accounted for 1.7% (0.6%) of shares.
Further information on the shares, major shareholders and the management's
shareholdings is available on the company's website at www.biohit.fi/investors.
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with the IAS 34 standard.
All business operations are presented as one segment. Biohit Oyj has applied
the same accounting principles in preparing this interim report as for its 2012
financial statements. The IFRS standards that came into effect in 2013 did not
have a material impact on the accounting principles.
All the figures in the interim report have been rounded up or down, due to
which the sums of individual figures may deviate from the totals shown.
The figures in this interim report have not been audited.
CONSOLIDATED INCOME STATEMENT
MEUR 10-12/ 10-12/ Change 1-12/ 1-12/ Change
2013 2012 2013 2012
--------------------------------------------------------------------------------
Net sales 0.8 0.7 0.1 3.5 2.0 1.4
--------------------------------------------------------------------------------
Materials and services -0.4 -0.5 0.2 -1.7 -1.3 -0.4
--------------------------------------------------------------------------------
Gross margin 0.4 0.1 0.3 1.8 0.7 1.0
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0 0.1 0.0
--------------------------------------------------------------------------------
Sales and marketing -0.7 -0.8 0.1 -2.3 -2.2 -0.1
--------------------------------------------------------------------------------
Administration -1.0 -0.3 -0.7 -4.3 -2.2 -2.1
--------------------------------------------------------------------------------
Research and development -0.3 -0.3 0.0 -1.0 -1.0 -0.1
--------------------------------------------------------------------------------
Share of profit/loss in joint 0.0 0.0
venture
--------------------------------------------------------------------------------
Operating profit/loss -1.5 -1.2 -0.3 -5.9 -4.6 -1.3
--------------------------------------------------------------------------------
Financial income 0.1 0.4 -0.3 0.2 1.2 -1.1
--------------------------------------------------------------------------------
Financial expenses -0.2 0.0 -0.2 -0.2 -0.3 0.1
--------------------------------------------------------------------------------
Profit / loss before taxes -1.6 -0.8 -0.7 -5.9 -3.7 -2.3
--------------------------------------------------------------------------------
Income taxes 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total comprehensive income for the -1.6 -0.8 -0.7 -5.9 -3.7 -2.3
period
--------------------------------------------------------------------------------
Other comprehensive income, net of
tax
--------------------------------------------------------------------------------
Comprehensive income that will be
transferred to profit or loss
--------------------------------------------------------------------------------
Available-for-sale cash and cash 0.1 0.0 0.1 0.1 0.0 0.1
equivalents
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total comprehensive income that 0.1 0.0 0.1 0.1 0.0 0.1
will be transferred to profit or
loss
--------------------------------------------------------------------------------
Total comprehensive income for the -1.5 -0.8 -0.7 -5.8 -3.7 -2.1
period
--------------------------------------------------------------------------------
Earnings per share calculated from earnings attributable to the 1-12/ 1-12/
owners of the parent company 2013 2012
--------------------------------------------------------------------------------
Undiluted earnings per share (EUR) -0,43 -0,27
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
31 Dec. 2013 31 Dec. 2012
MEUR MEUR
--------------------------------------------------------------------------------
ASSETS
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NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 1.7 0.2
--------------------------------------------------------------------------------
Share in joint venture 1.0
--------------------------------------------------------------------------------
Property, plant and equipment 0.5 0.4
--------------------------------------------------------------------------------
Other non-current financial assets 1.0 7.8*
--------------------------------------------------------------------------------
Deferred tax assets 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 4.2 8.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 0.6 0.4
--------------------------------------------------------------------------------
Trade and other receivables *) 7.7 0.6
--------------------------------------------------------------------------------
Other current financial assets 15.2 30.2
--------------------------------------------------------------------------------
Cash and cash equivalents 0.5 0.2
--------------------------------------------------------------------------------
Total current assets 24.1 31.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 28.3 40.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Equity attributable to the equity holders of the
parent company
--------------------------------------------------------------------------------
Share capital 2.3 2.3
--------------------------------------------------------------------------------
Invested unrestricted equity fund 2.8 3.2
--------------------------------------------------------------------------------
Translation differences 0.0 0.0
--------------------------------------------------------------------------------
Retained earnings 17.3 30.0
--------------------------------------------------------------------------------
Total equity 22.5 35.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 0.2 0.0
--------------------------------------------------------------------------------
Pension obligations 0.0 0.0
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.0 0.0
--------------------------------------------------------------------------------
Other liabilities 0.0 0.0
--------------------------------------------------------------------------------
Total non-current liabilities 0.2 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade payables 0.3 0.4
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.4 0.4
--------------------------------------------------------------------------------
Deferred tax liabilities 0.1 0.0
--------------------------------------------------------------------------------
Other liabilities 3.9 3.8
--------------------------------------------------------------------------------
Unrecognised profit 1.0
--------------------------------------------------------------------------------
Total current liabilities 5.6 4.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 5.8 4.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 28.3 40.0
--------------------------------------------------------------------------------
*) Includes EUR 6.8 million in receivables from a business transaction; these
funds are in an escrow account. The funds will be released from the escrow
account on 31 March 2014, provided no claims concerning the transaction are
made.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' 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's 1.6 1.6
incentive scheme
--------------------------------------------------------------------------------
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 31 Dec.
2013
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 31 December 2012
MEUR Share Translatio Invested Retained Shareholde
capital n unrestricted earnings rs' equity
difference equity fund
s
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 14.3 36.2 52.8
equity 1 Jan. 2012
--------------------------------------------------------------------------------
Change in -0.2 0.1 -0.1
convertible bonds
--------------------------------------------------------------------------------
Distribution of 0.0 -2.7 -2.7
dividend
--------------------------------------------------------------------------------
Capital repayment -10.9 0.0 -10.9
--------------------------------------------------------------------------------
Total comprehensive -3.7 -3.7
income for the
period
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 3.2 30.0 35.5
equity 31 Dec.
2012
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-12/2013 1-12/2012
MEUR MEUR
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
Profit for the period -5.9 -3.7
--------------------------------------------------------------------------------
Adjustments 1.9 -0.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CHANGE IN WORKING CAPITAL -0.5 -0.2
--------------------------------------------------------------------------------
Interest paid and payments on other operating -0.2 -0.8
financial expenses
--------------------------------------------------------------------------------
Interest received 0.3 1.1
--------------------------------------------------------------------------------
Realised exchange rate gains and losses 0.0 0.0
--------------------------------------------------------------------------------
Income taxes paid 0.1 -4.5
--------------------------------------------------------------------------------
Net cash flow from operating activities -4.4 -8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTMENTS
--------------------------------------------------------------------------------
Investments in tangible and intangible assets -0.5 -0.3
--------------------------------------------------------------------------------
Capital gains from disposal of tangible and 0.0 0.0
intangible assets
--------------------------------------------------------------------------------
Net investments in funds and deposits 15.1 -20.2
--------------------------------------------------------------------------------
Net cash flow from investments 14.6 -20.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
Dividend payout -6.8 -2.7
--------------------------------------------------------------------------------
Capital repayments -3.2 -10.9
--------------------------------------------------------------------------------
Loan repayments -4.7
--------------------------------------------------------------------------------
Net cash flow from financing activities -10.0 -18.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Increase (+)/decrease (-) in cash and cash 0.2 -47.7
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 0.2 47.9
period
--------------------------------------------------------------------------------
Effect of exchange rates on cash and cash 0.0 0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 0.5 0.2
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
review period.
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
1-12/2013 1-12/2012
--------------------------------------------------------------------------------
Collateral granted on behalf of the parent company
--------------------------------------------------------------------------------
Corporate mortgages 0.0 0.0
--------------------------------------------------------------------------------
Collateral granted on behalf of subsidiaries
--------------------------------------------------------------------------------
Guarantees 0.0 0.0
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments
--------------------------------------------------------------------------------
Due for payment in less than one year 0.1 0.0
--------------------------------------------------------------------------------
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 0.1 0.1
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payment in less than one year 0.2 0.1
--------------------------------------------------------------------------------
Due for payment in more than one year but less than five 0.3 0.3
years
--------------------------------------------------------------------------------
Due for payment in more than five years 0.0 0.0
--------------------------------------------------------------------------------
Total 0.5 0.4
--------------------------------------------------------------------------------
Total other liabilities 0.6 0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total collaterals and contingent liabilities 0.6 0.5
--------------------------------------------------------------------------------
NEXT FINANCIAL REPORT
The interim report for January - March 2014 (Q1) will be published on Thursday,
8 May 2014 at 9:30 AM local time.
Helsinki, 26 February 2014
Biohit Oyj
Board of Directors
Additional information:
CEO Semi Korpela, Biohit Oyj
tel. +358 9 773 861
investor.relations@biohit.fi
www.biohithealthcare.com
Biohit in brief
Biohit Oyj is a globally operating Finnish biotechnology company. Biohit's
mission is “Innovating for Health” - we produce innovative products and
services to promote research and early diagnosis. Biohit is headquartered in
Helsinki, Finland, and has subsidiaries in Italy and the UK. Biohit's Series B
share (BIOBV) is quoted on NASDAQ OMX Helsinki in the Small cap/Healthcare
group. www.biohithealthcare.com
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