2013-08-08 08:30:00 CEST
2013-08-08 08:30:03 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF BIOHIT GROUP Q2/2013
Biohit Oyj August 8, 2013 at 9:30 A.M. local time (EET)
SUMMARY
January-June / 1H 2013
-- Net sales increased by 52% from 2012
-- Net sales were EUR 1.4 million (EUR 0.9 million)
-- Operating profit was EUR -3.4 million (EUR -2.3 million)
-- Operating profit excluding non-recurring items was EUR -2.0 million (EUR
‑2.3 million)
-- Profit before taxes was EUR -3.5 million (EUR -2.0 million), which includes
a non-recurring expense due to the stock option program (EUR 1.3 million)
as well as other non-recurring items (EUR 0.1 million)
-- International operations accounted for 83.7% of turnover
-- Earnings per share were EUR -0.25 (EUR -0.15)
-- The equity ratio was 80.3% (88.1%)
-- Following an acquisition a new subsidiary in Italy joined the group: Biohit
Healthcare S.r.l.
-- Biohit set up a joint venture in China: Biohit Biotech (Hefei) Co.
-- A new Acetium lozenge was launched on the Finnish market for sale in
pharmacies
-- Biohit will no longer provide details of future prospects in its interim
reports. In future, such information will be provided only in connection
with annual financial statement releases.
April-June / Q2 2013
-- Net sales increased by 80% compared with 2012
-- Net sales were EUR 0.8 million (EUR 0.4 million)
-- Operating profit was EUR -2.4 million (EUR -1.2 million)
-- Operating profit excluding non-recurring items was EUR -1.0 million (EUR
‑1.2 million)
-- Profit before taxes was EUR -2.5 million (EUR -1.2 million), which includes
a non-recurring expense due to the stock option program (EUR 1.3 million)
as well as other non-recurring items (EUR 0.1 million)
-- International operations accounted for 86.0% of turnover
-- Earnings per share were EUR -0.18 (EUR -0.09)
-- The equity ratio was 80.3% (88.1%)
-- Following an acquisition a new subsidiary in Italy joined the group: Biohit
Healthcare S.r.l.
-- Biohit set up a joint venture in China: Biohit Biotech (Hefei) Co.
-- A new Acetium lozenge was launched on the Finnish market for sale in
pharmacies
-- Biohit will no longer provide details of future prospects in its interim
reports. In future, such information will be provided only in connection
with annual financial statement releases.
SEMI KORPELA, PRESIDENT AND CEO:"During the second quarter of 2013, net sales increased by 80% compared with
the same period last year. The most important factors for growth in net sales
were GastroPanel deliveries to China and a well started partnership with a new
Chinese distributor.
During the quarter, we also implemented two significant corporate transactions.
In April, at the beginning of the quarter, Biohit and Italian company Euroclone
S.p.A. agreed an arrangement whereby Biohit bought Euroclone S.p.A.'s
subsidiary Euroclone Gastro S.r.l., a company that focuses on gastrointestinal
diagnostics. Following the acquisition, Euroclone Gastro S.r.l. became a
subsidiary of Biohit, known as Biohit Healthcare S.r.l., to strengthen Biohit's
diagnostics distribution in Italy. The company also supports the distribution
of Biohit's development in Germany and the Mediterranean area. New subsidiary's
integration into the Group began immediately and was largely completed during
the quarter. The subsidiary employs 3 people.
During the quarter, Biohit also strengthened its position in China by signing a
distribution agreement with Hefei Medicine on GastroPanel sales and marketing
in China. Towards the end of the quarter, in June, the partnership was
strengthened and Biohit signed a joint venture agreement in China. The Chinese
partner is Anhui Wisdom-Win Investment Limited. The official name of the joint
venture is Biohit Biotech (Hefei) Co., Ltd. Biohit's stake is 40%. The joint
venture will manufacture and sell high quality GastroPanel kits for the Chinese
market area. Regulatory approval for the company registration and local
production has been requested and is expected to be granted by the end of next
year.
The company strengthened its international distribution network in other
regions by signing diagnostics distributor agreements with IBL International
GmbH (Germany), Medisis Medikal Sistemleri Ltd. Şti. (Turkey) and Al Hayat
(Saudi Arabia) as well as a distribution agreement for Acetium products with Al
Misbar for Medical Technology L.L.C. (Jordan).
During the quarter, a new Acetium lozenge for smokers was launched for sale in
pharmacies in Finland. In addition, after the reporting period Biohit released
for sale a rapid fingertip test for celiac disease.
Due to the increase in the volume of GastroPanel production, the number of
production staff in Finland has increased.
The development of new diagnostics products continued and efforts were made to
improve existing tests and boost cost efficiency.
The GastroPanel screening study initiated by Biohit and the Medical Center of
the President's Affairs Administration of the Republic of Kazakhstan in autumn
of 2012 has been completed. Preliminary results are encouraging: GastroPanel
has been very successful in the Kazakhstan pilot project.”
CONSOLIDATED KEY FIGURES
4-6/2013 4-6/2012 1-6/2013 1-6/2012
--------------------------------------------------------------------------------
Net sales (MEUR) 0.8 0.4 1.4 0.9
--------------------------------------------------------------------------------
Operating profit/loss (MEUR) -2.4 -1.2 -3.4 -2.3
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -2.5 -1.2 -3.5 -2.0
--------------------------------------------------------------------------------
Profit/loss for the period -2.5 -1.2 -3.5 -2.0
(MEUR)
--------------------------------------------------------------------------------
Average number of personnel 42 36 39 36
--------------------------------------------------------------------------------
Number of personnel at the end 45 36 45 36
of the period
--------------------------------------------------------------------------------
Equity ratio (%) 80.3% 88.1% 80.3% 88.1%
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.18 -0.09 -0.25 -0.15
--------------------------------------------------------------------------------
Shareholders' equity per share 1.77 2.73 1.77 2.73
(EUR)
--------------------------------------------------------------------------------
Average number of shares during 13,692,736 13,615,593 13,654,164 13,615,593
the period
--------------------------------------------------------------------------------
Number of shares at the end of 13,795,593 13,615,593 13,795,593 13,615,593
the period
--------------------------------------------------------------------------------
NET SALES AND RESULT
January-June
Net sales increased by 52% compared with the same period in 2012, amounting to
EUR 1.4 million.
The operating loss was EUR -3.4 million (EUR -2.3 million 1-6/2012). The
company issued two stock option plans, recording a total of EUR 1.3 million in
charges. Under Stock Option Plan I, the company offered 200,000 stock options
to the CEO. Under Stock Option Plan II, the company offered a total of 420,000
stock options to Mikko Salaspuro and Martti Marvola. The costs related to Stock
Option Plan II are fully recorded in the income statement. The options were
issued to compensate for earlier contracts by which immaterial property rights
were transferred. The company is released from all other obligations.
The great potential for diagnostic and acetaldehyde-binding products, and the
related growth in the business, necessitates significant investment in
distributor and partner networks, as well as support for partners (marketing
authorization, registration, marketing) and product development.
Consolidated net sales and operating income
4-6/201 4-6/201 Change 1-6/201 1-6/201 Change 1-12/20
3 2 (MEUR) 3 2 (MEUR) 12
(MEUR) (MEUR) (MEUR) (MEUR) (MEUR)
--------------------------------------------------------------------------------
Net sales 0.8 0.4 0.4 1.4 0.9 0.5 2.0
--------------------------------------------------------------------------------
Change compared to 79.7% 52.1% -5.7%
the previous year
(%)
--------------------------------------------------------------------------------
Operating income -2.4 -1.2 -1.3 -3.4 -2.3 -1.2 -4.6
--------------------------------------------------------------------------------
Change compared to -107.6% 51.6% 23.3%
the previous year
(%)
--------------------------------------------------------------------------------
Operating income -307% -266% -254% -255% -224%
(% of net sales)
--------------------------------------------------------------------------------
BALANCE SHEET
On June 30, 2013, the balance sheet total was EUR 30.5 million (EUR 42.3
million) and the equity ratio was 80.3% (88.1%).
FINANCING
Biohit Oyj's financial position is good, enabling investment in business and
product development and commercialization. At the end of the quarter, the
company's current financial assets were EUR 18.3 million including cash worth
EUR 0.3 million. In addition, the company has EUR 6.8 million in receivables in
an escrow account, following a business transaction concluded at the end of
2011. The funds will be released on March 31, 2014, provided no claims
concerning the transaction are made.
RESEARCH AND DEVELOPMENT
Research and development has focused on the further development and improvement
of existing innovations and products. The company also uses external experts
and subcontractors in its research and development operations. The development
expenditure has not been capitalised.
Development expenditure for the reporting period totalled EUR 0.5 million (EUR
0.4 million 1-6/2012).
INVESTMENTS
Gross investments during the first half of 2013 totalled EUR 0.1 million (EUR
0.0 million).
PERSONNEL
During the reporting period, the average number of personnel employed by the
Group was 42 (36 in the corresponding period in 2012), of whom 31 (29) were
employed by the parent company and 11 (7) by subsidiaries. At the end of the
reporting period, the number of personnel was 45, of whom 34 were employed by
the parent company. The number of personnel has increased due to the
acquisition of the Italian subsidiary and due to increasing production volumes.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The company's key risk factors are related to the development of the business
environment and the demand for the company's supply. These risk factors include
financial development of the selected market areas, the ability and willingness
of various countries to improve their healthcare systems (development
priorities, reimbursement practices, import restrictions, lengths of
registration times) and requirements set by customers on the products. In the
management of short-term risk factors, it is vital to take into account the
timely selection of new market areas, as well as the selection of professional
partners for them and the marketing of the requested product supply.
Business development and the launching of new products require significant
investments.
The aim of the investment activities related to the company's liquid assets is
to achieve profit at very low risk of capital loss. The investment portfolio
consists of deposits, money market investments and corporate loans. Sufficient
distribution of investments between asset categories, investment instruments
and counterparties is essential. The company uses at least two partners in its
investment activities.
OUTLOOK FOR 2013
The new Securities Markets Act (SMA) entered into force at the beginning of
2013, removing the obligation to present an assessment of future prospects in
interim reports and financial statement releases. Future prospects must be
presented only in the management report by virtue of the Accounting Act. Biohit
will therefore no longer provide details of future prospects in its interim
reports. In future, such information will be provided only in connection with
annual financial statement releases. Under the current outlook, the company
expects earnings to turn positive during 2014.
MAIN EVENTS IN THE REPORTING PERIOD
Biohit acquired Euroclone Gastro S.r.l., the new Italian subsidiary Biohit
Healthcare S.r.l.
In April, Biohit announced that it had concluded the acquisition of Euroclone
Gastro S.r.l.. The new company, Biohit Italy S.r.l., acquired from Euroclone,
will operate as a Biohit subsidiary focusing on marketing and distributing the
company's diagnostic products in Italy. Biohit Gastro S.r.l. has a distribution
network in Italy and in-depth knowledge of the Italian market. The company will
also support the distribution of Biohit's products in Germany and the
Mediterranean area. The new subsidiary's integration into the Group began
immediately and was largely completed during the quarter. The subsidiary
employs 3 people.
Biohit strengthened its GastroPanel distribution in China - new partner Hefei
Medicine
Biohit signed a distribution agreement with Hefei Medicine to strengthen the
sales and marketing of GastroPanel in China. The agreement covers the
distribution and marketing of Biohit's diagnostic products in China. Biohit's
previously appointed distributor will continue to distribute GastroPanel during
the transition period.
Biohit established a joint venture in China - Biohit Biotech (Hefei) Co., Ltd.
Biohit agreed to set up a joint venture in China. The Chinese partner is Anhui
Wisdom-Win Investment Co., Ltd. The official name of the joint venture is
Biohit Biotech (Hefei) Co., Ltd., located in the city of Hefei in Anhui
province, China. The objective of the partners in forming Biohit Biotech
(Hefei) Co., Ltd is to manufacture and sell high quality GastroPanel kits in
the Chinese market.
The joint venture is consolidated in the Biohit Group using the equity method.
Biohit's 40% share of the joint venture's equity and profit or loss is
recognized in the balance sheet and profit and loss account accordingly. The
joint venture gave rise to around one million euros of deferred profit
postponed until the new company has been authorised and begun operating on the
Chinese market. During the license application process and the start-up phase,
the profit will be recognised in proportion of Biohit's share of the start-up
costs. This recording method is based on the principle of prudence, because the
company does not yet have an official license.
Biohit formed a partnership with IBL International GmbH for GastroPanel
distribution
Biohit has signed a distribution agreement with German company IBL
International GmbH to strengthen GastroPanel sales and marketing. The agreement
covers exclusive rights to distribute GastroPanel in Germany.
Biohit to partner with Ferring Pharmaceuticals
Biohit Healthcare Ltd. (UK) has acquired rights from Ferring Pharmaceuticals
Ltd. to sub-distribute the PreventID® CalScreen® rapid test developed by
Preventis to primary healthcare providers and general practitioners in the
United Kingdom and the Republic of Ireland. Biohit Healthcare Ltd. (UK) is a
subsidiary of Biohit Oyj that represents Biohit's innovations and a range of
high quality gastrointestinal diagnostic products from other manufacturers.
Biohit and BroadMed S.A.L. to partner on Acetium
Biohit has signed a licensing agreement with Lebanese company BroadMed S.A.L.
to introduce the Acetium product to their local market. The agreement covers
exclusive rights to distribute Acetium in Lebanon.
Biohit signed a distribution agreement with Yumgiskor Holding to support
healthcare sector development in Kazakhstan
Biohit has signed a distribution agreement with Yumgiskor Holding to sell
GastroPanel and other diagnostic products in Kazakhstan.
Biohit expands into the Belarusian market with Novamedline
Biohit and Novamedline OOO have signed a distribution agreement. The agreement
covers exclusive rights to sell GastroPanel and other diagnostics products in
Belarus. The two companies will also jointly implement a pilot study to
introduce GastroPanel to the local market.
Clinical trial
GastroPanel screening in Kazakhstan yields encouraging results
The GastroPanel screening study initiated by Biohit and the Medical Center of
the President's Affairs Administration of the Republic of Kazakhstan in the
autumn of 2012 has been completed. Preliminary results are encouraging:
GastroPanel has been very successful in the Kazakhstan pilot project.
The pilot project in question is large, with more than 830 patients in a
dataset which has been carefully studied and analysed. The results show that
less than 30% of the subjects had completely normal mucosa of the stomach on
the basis of a GastroPanel test. Even more importantly, the tests showed that
more than 17% had advanced atrophy of the gastric mucosa (atrophic gastritis).
Since atrophic gastritis is the most important risk factor in gastric cancer,
these patients should urgently receive gastric endoscopy (gastroscopy) due to
the high risk of gastric cancer. This is, however, not necessary for the other
subjects (almost 83% of the sample). For them, GastroPanel provides doctors
with sufficient results to indicate that there are no worrying changes in their
gastric mucosa.
Acetium lozenge
In April, Biohit began selling its new Acetium lozenge in Finnish pharmacies.
The Acetium lozenge is intended for smokers. It binds acetaldehyde that
dissolves in the saliva during smoking. Acetaldehyde is the most important
carcinogen in cigarette smoke. In Finland, Acetium lozenge is sold in
pharmacies in packs of 15 tablets.
Following the product's launch, the Finnish Breathing Association, the Finnish
Heart Association and the Cancer Societies of Finland made a statement (April
23, 2013) drawing attention to the harm caused by smoking. Biohit responded
with the following statement:
“Biohit shares the concern expressed by the organizations and recommends
quitting smoking because of the health hazards involved. However, we are aware
that not all smokers are capable of stopping altogether due to addiction. In
this case, removing carcinogenic acetaldehyde from saliva using a lozenge can
be a sensible option. The lozenge may also help smokers to quit, as
acetaldehyde is known to increase the addiction-inducing effect of nicotine.
Already in 2008, the WHO Expert Group recommended the reduction of acetaldehyde
in cigarette smoke to be mandatory. It is also true that the currently
available filters do not remove the acetaldehyde from tobacco smoke at all.”
Biohit Oyj's CEO Semi Korpela referred to a scientific article by Talhout R et
al. (2008), in which acetaldehyde was shown to increase the addictive effect of
nicotine. Biohit's goal is to increase awareness of acetaldehyde and decrease
exposure to acetaldehyde found in alcoholic beverages, foods and tobacco smoke
with its products.
Biofood
Biohit has been granted a Eurasian Patent (no. 017831) for an invention that
binds carcinogenic acetaldehyde in the gastrointestinal tract and in nutrition.
The patent is currently valid in Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan,
Moldova, Tajikistan, Turkmenistan, Belarus and Russia. It is valid until April
3, 2026.
The object of this Biofood invention comprises food compositions, to which one
or more acetaldehyde-binding compositions are added. The purpose of the
compositions is to reduce the amount of detrimental acetaldehyde in the area of
the mouth, the pharynx, the esophagus, the stomach, and the small and large
intestines, and thereby to reduce the risk of cancers developing in these
areas. The Biofood method, invented by Biohit Oyj, is intended to reduce
dietary exposure to acetaldehyde.
Other ongoing research projects
Biohit is continuing its Biofilter research project. Biofilter is a filter
solution for smoking that efficiently absorbs acetaldehyde in cigarette smoke
and thus prevents it from entering the smoker's saliva and respiratory tract.
In addition, the company is continuing a research project to study whether
acetaldehyde binding and the neutralizing Acetium lozenge can help smokers to
quit. Based on the results of numerous animal studies it is known that
cancer-inducing acetaldehyde is also highly addictive.
Biohit Oyj has received the preliminary results of a clinical trial conducted
to determine the capacity of the company's new BioAcetium product to treat
Helicobacter pylori infections. Based on the results, Biohit will conduct
further studies using longer treatment times. In these studies, BioAcetium will
also be combined with an antibiotic that does not cause the development of
antibiotic-resistant strains of the bacteria.
Acetaldehyde measurements
During the reporting period, new acetaldehyde measurements were carried out on
quark and soy sauce. The sample included 46 different commercial products.
Sample products were randomly selected in different grocery stores in the
Helsinki area in Finland and in the Boston area in the United States. Both
product groups had high average acetaldehyde concentrations. Quark products
showed high concentrations of acetaldehyde due to the leavening process used in
production.
As a result of numerous customer requests, Biohit Oyj decided to publish a list
of foods and beverages that have been shown to contain little or no
acetaldehyde under laboratory analysis. Acetaldehyde is a chemical substance
with a mutagenic (genotoxic and capable of causing changes to a cell's DNA)
concentration of 100 micromoles per litre (µM). Accordingly, the safest
concentration of acetaldehyde is zero or under 10 micromoles per litre (0.44
mg/L). Currently, the list includes the following product categories: quark,
mulled wine, baby food, fruit juice, light beverages, mead and sparkling wine.
List of foods and drinks with low acetaldehyde concentration:
www.biohithealthcare.com/laboratory-services/determination-of-acetaldehyde/nearl
y-acetaldehyde-free-foods-and-beverages
ADMINISTRATION
Annual General Meeting
The Annual General Meeting (AGM) of Biohit Oyj, held on Monday April 8, 2013,
approved the financial statements of the parent company and the consolidated
financial statements for 2012 and discharged the members of the Board of
Directors and the President and CEO from liability.
In accordance with a proposal by the Board of Directors, the AGM decided that,
on the basis of the financial statements for the financial year that ended on
December 31, 2012, a dividend of EUR 0.4964 for each series A share and EUR
0.4998 for each series B share be paid. The dividends were paid to shareholders
who were recorded in the company's shareholder register on the record date for
the payment of dividends (April 11, 2013). The dividends were paid out on April
18, 2013.
In accordance with a proposal of the Board of Directors, the AGM also decided
that, on the basis of the financial statements for the financial year that
ended on 31 December 2012, funds from the invested non-restricted equity fund
be distributed to shareholders as a capital repayment, with the capital repaid
amounting to EUR 0.237 for each series A and series B share. Capital was repaid
to shareholders recorded in the company's shareholder register on the record
date for the repayment of capital (April 11, 2013). The capital repayment was
made on April 18, 2013.
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.
Additionally, the AGM decided that the chairman and the other members of the
Board of Directors would be paid a monthly fee of EUR 1,600 and EUR 1,500,
respectively.
The AGM elected Authorised Public Accountants Ernst & Young Oy as the company's
auditors, with APA Erkka Talvinko as the head auditor, until the end of the
next AGM.
A printed publication of Biohit Oyj's Annual Report 2012 was distributed to
shareholders at the AGM.
Biohit completed the acquisition of Euroclone Gastro S.r.l. - increase in share
capital and listing of new series B shares resulting from the Euroclone
acquisition
A total of 180,000 new series B shares in Biohit Oyj have been issued as a
result of Biohit Oyj's acquisition of Euroclone Gastro S.r.l. The corresponding
increase in the company's share capital is EUR 30,600. The increase was
registered in the Finnish Trade Register on May 16, 2013. The company has
requested NASDAQ OMX Helsinki Ltd. to list the new shares for public trading as
of May 22, 2013. In terms of shareholder rights, the new series B shares are
identical to the existing series B shares traded on the NASDAQ OMX Helsinki Ltd
stock exchange.
As a result of the share issue, the total number of Biohit shares rose to
13,795,593 (13,615,593) and the number of series B shares rose to 10,820,093
(10,640,093). The company's share capital increased from EUR 2,314,650.81 to
EUR 2,345,250.81.
Biohit Oyj's Option Plans, I 2013 and II 2013
On the basis of the authorization granted by the AGM on April 13, 2011, Biohit
Oyj's Board of Directors decided on two options plans on June 19, 2013. Option
rights are distributed to the company's management and employees to strengthen
their commitment and enhance their motivation. In addition, option rights are
distributed to Mikko Salaspuro and Martti Marvola on the basis of strengthened
commitment to product development performed for the Company and the
intellectual property rights transferred to the company. In addition, existing
contractual obligations are waived by the recipients in connection with the
receipt of the option rights. The terms and conditions of the option schemes
are available in full on Biohit Oyj's home pages:
www.biohithealthcare.com/investors/corporate-governance.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
Biohit has released for sale a new quick test - diagnosis of celiac disease
possible from fingertip blood sample
Biohit has released for sale a diagnostic quick test that enables the diagnosis
of celiac disease from a fingertip blood sample. Celiac disease is a relatively
common autoimmune disease in which rye, wheat and barley protein (gluten)
causes inflammation and damage of intestinal mucosa, which interferes with the
absorption of nutrients. The quick test developed by Biohit confirms the
diagnosis from a fingertip blood sample within ten minutes. The celiac quick
test broadens the spectrum of Biohit's diagnostic quick tests. The new test is
CE-IVD registered and is initially available in European countries.
Biohit's celiac quick test determines human tissue transglutaminase (TTG) for
all antibodies (IgA, IgG and IgM) directly from a fingertip blood sample. There
are several tests available on the market that measure only the IgA antibody,
but Biohit's test also identifies IgA-deficient celiac patients within 10
minutes. It is known that IgA-deficient people are ten times more likely to
develop celiac disease than those with normal levels of IgA. The test will
bring clear benefits in healthcare costs by reducing the number of unnecessary
endoscopies. A positive result from the celiac quick test can lead to further
diagnosis. Endoscopy and biopsy from the small bowel are needed in addition to
the actual diagnosis.
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 10,820,093 series B shares, totalling 13,795,593
shares. Series A shares confer 20 votes per share and series B shares 1 vote
per share. The dividend paid for series B shares is, however, two (2) per cent
of the nominal value higher than that paid for series A shares. The total
market capitalisation (assuming that the market capitalisation for series A and
B shares is equal) at the end of the period was EUR 86.6 million (EUR 28.7
million on June 30, 2012).
Biohit Oyj's Series B shares have been listed on NASDAQ OMX Helsinki in the
Small cap/Healthcare group under the code BIOBV.
BIOBV/NASDAQ OMX Helsinki 1-6/2013 1-6/2012
------------------------------------------------
High (EUR) 9.10 3.97
------------------------------------------------
Low (EUR) 4.00 2.08
------------------------------------------------
Average (EUR) 6.54 2.90
------------------------------------------------
Latest (EUR) 6.29 2.11
------------------------------------------------
Turnover (EUR) 45,435,364 7,006,803
------------------------------------------------
Turnover volume 6,946,721 2,199,136
------------------------------------------------
Shareholders
At the end of the reporting period on June 30, 2013, the company had 6,103
shareholders (4,734 on 31 December 2012). Private households held 98.09%
(96.05%), companies 0.07% (3.43%) and non-profit institutions 0.02% (0.12%) of
the shares. Foreign ownership or nominee registrations accounted for 1.82%
(0.4%) of all 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.
Biohit 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 affect the accounting principles.
All figures in this interim report have been rounded up or down, so the sums of
individual figures may deviate from the totals shown.
The figures in this interim report have not been audited.
CONSOLIDATED INCOME STATEMENT
4-6/201 4-6/201 Change 1-6/201 1-6/201 Change 1-12/201
3 2 (MEUR) 3 2 (MEUR) 2 (MEUR)
(MEUR) (MEUR) (MEUR) (MEUR)
--------------------------------------------------------------------------------
Net sales 0.8 0.4 0.4 1.4 0.9 0.5 2.0
--------------------------------------------------------------------------------
Materials and -0.4 -0.2 -0.2 -0.8 -0.5 -0.2 -1.3
services
--------------------------------------------------------------------------------
Gross margin 0.4 0.2 0.2 0.6 0.4 0.2 0.7
--------------------------------------------------------------------------------
Sales and -0.6 -0.4 -0.2 -1.0 -0.9 -0.1 -2.2
marketing
--------------------------------------------------------------------------------
Administration -1.9 -0.8 -1.2 -2.5 -1.4 -1.2 -2.2
--------------------------------------------------------------------------------
Product -0.3 -0.2 0.0 -0.5 -0.4 -0.1 -1.0
development
--------------------------------------------------------------------------------
Other operating 0.0 0.0 0.0 0.0 0.0 0.0 0.1
income
--------------------------------------------------------------------------------
Operating -2.4 -1.2 -1.3 -3.4 -2.3 -1.2 -4.6
profit/loss
--------------------------------------------------------------------------------
Financial income 0.0 0.1 -0.1 0.0 0.6 -0.5 1.2
--------------------------------------------------------------------------------
Financial expenses 0.0 0.0 0.0 -0.1 -0.3* 0.2 -0.3
--------------------------------------------------------------------------------
Profit/loss before -2.5 -1.2 -1.3 -3.5 -2.0 -1.5 -3.7
taxes
--------------------------------------------------------------------------------
Income taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Income for the -2.5 -1.2 -1.4 -3.5 -2.0 -1.5 -3.7
period
--------------------------------------------------------------------------------
Translation 0.0 0.0 0.0 0.0 0.0 0.0 0.0
differences
--------------------------------------------------------------------------------
Total -2.5 -1.2 -1.4 -3.5 -2.0 -1.5 -3.7
comprehensive
income for the
period
--------------------------------------------------------------------------------
Earnings per share calculated from earnings attributable 1-6/20 1-6/20 1-12/2
to the owners of the parent company 13 12 012
--------------------------------------------------------------------------------
Undiluted earnings per share (EUR) -0.25 -0.15 -0.27
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
June 30, June 30, Dec 31,
2013 (MEUR) 2012 (MEUR) 2012 (MEUR)
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Intangible assets 2.3 0.3 0.2
--------------------------------------------------------------------------------
Property, plant and equipment 0.6 0.2 0.4
--------------------------------------------------------------------------------
Receivables 7.8* 6.8* 7.8*
--------------------------------------------------------------------------------
Deferred tax assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 10.7 7.3 8.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Inventories 0.7 0.3 0.4
--------------------------------------------------------------------------------
Trade and other receivables 0.8 1.6 0.6
--------------------------------------------------------------------------------
Financial assets recognised at fair 18.0 31.0 30.2
value through profit or loss
--------------------------------------------------------------------------------
Cash and cash equivalents 0.3 2.0 0.2
--------------------------------------------------------------------------------
Total current assets 19.8 34.9 31.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL ASSETS 30.5 42.3 40.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Shareholders' equity attributable to
the owners of the parent company
--------------------------------------------------------------------------------
Share capital 2.3 2.3 2.3
--------------------------------------------------------------------------------
Invested unrestricted equity fund 1.1 3.4 3.2
--------------------------------------------------------------------------------
Translation differences 0.0 0.0 0.0
--------------------------------------------------------------------------------
Retained earnings 21.0 31.5 30.0
--------------------------------------------------------------------------------
Total shareholders' equity 24.5 37.2 35.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES
--------------------------------------------------------------------------------
Deferred tax liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Pension obligations 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other liabilities 0.0 0.1 0.0
--------------------------------------------------------------------------------
Total non-current liabilities 0.0 0.1 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT LIABILITIES
--------------------------------------------------------------------------------
Trade payables 0.6 0.3 0.4
--------------------------------------------------------------------------------
Total interest-bearing liabilities 0.4 0.4 0.4
--------------------------------------------------------------------------------
Tax liabilities 0.0 0.5 0.0
--------------------------------------------------------------------------------
Other liabilities 5.0 3.8 3.8
--------------------------------------------------------------------------------
Total current liabilities 6.0 5.0 4.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 6.0 5.0 4.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND 30.5 42.3 40.0
LIABILITIES
--------------------------------------------------------------------------------
* Includes EUR 6.8 million in receivables from a business transaction; the
funds are placed in an escrow account. Funds will be released from the escrow
account March 31, 2014, provided no claims concerning the transaction are made.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on June 30, 2013
Share Translation Invested Retained Shareholder
capital differences unrestricted earnings s' equity
(MEUR) (MEUR) equity fund (MEUR) (MEUR)
(MEUR)
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 3.2 30.0 35.5
equity 1 Jan
2013
--------------------------------------------------------------------------------
Total 0.0 -3.5 -3.5
comprehensive
income for the
period
--------------------------------------------------------------------------------
Distribution of -6.8 -6.8
dividend
--------------------------------------------------------------------------------
Capital -3.2 -3.2
repayment
--------------------------------------------------------------------------------
Share issue to 1.1 1.1
Euroclone
--------------------------------------------------------------------------------
Exercise of 1.3 1.3
share options
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 1.1 21.0 24.5
equity June
30, 2013
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on June 30, 2012
Share Translation Invested Retained Shareholder
capital differences unrestricted earnings s' equity
(MEUR) (MEUR) equity fund (MEUR) (MEUR)
(MEUR)
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 14.3 36.2 52.8
equity 1 Jan
2012
--------------------------------------------------------------------------------
Total 0.0 -2.0 -2.0
comprehensive
income for the
period
--------------------------------------------------------------------------------
Distribution of -2.7 -2.7
dividend
--------------------------------------------------------------------------------
Capital -10.9 -10.9
repayment
--------------------------------------------------------------------------------
Shareholders' 2.3 0.0 3.4 31.5 37.2
equity June
30, 2012
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-6/2013 1-6/2012 1-12/2012
(MEUR) (MEUR) (MEUR)
--------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
--------------------------------------------------------------------------------
Profit for the period -3.5 -2.0 -3.7
--------------------------------------------------------------------------------
Adjustments 1.4 -0.4 -0.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CHANGE IN WORKING CAPITAL -2,0 -0.5 -0.2
--------------------------------------------------------------------------------
Interest paid and payments on other 0.0 -0.7 -0.8
operating financial expenses
--------------------------------------------------------------------------------
Interest received 0.0 0.1 1.1
--------------------------------------------------------------------------------
Realised exchange rate gains and losses 0.0 0.0 0.0
--------------------------------------------------------------------------------
Income taxes paid 0.0 -4.0 -4.5
--------------------------------------------------------------------------------
Net cash flow from operating activities -2.0 -6.5 -8.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM INVESTMENTS
--------------------------------------------------------------------------------
Investments in tangible and intangible -0.1 -0.1 -0.3
assets
--------------------------------------------------------------------------------
Revenue from disposal of tangible and 0.0 0.0 0.0
intangible assets
--------------------------------------------------------------------------------
Net investments in funds and deposits 12.1 -21.0 -20.2
--------------------------------------------------------------------------------
Net cash flow from investments 12.1 -21.1 -20.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES
--------------------------------------------------------------------------------
Dividend payout -6.8 0.0 -2.7
--------------------------------------------------------------------------------
Repayment of capital -3.2 0.0 -10.9
--------------------------------------------------------------------------------
Repayment of loans 0.0 -4.7 -4.7
--------------------------------------------------------------------------------
Net cash flow from financing activities -10.0 -4.7 -18.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Increase (+)/decrease (-) in cash and +0.1 -45.9 -47.7
cash equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the 0.2 47.9 47.9
beginning of the period
--------------------------------------------------------------------------------
Effect of exchange rates on cash and cash 0.0 0.0 0.0
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of 0.3 2.0 0.2
the period
--------------------------------------------------------------------------------
RELATED-PARTY TRANSACTIONS
During the first half of the year, Biohit Oyj and Italian company Euroclone
S.p.A. concluded an arrangement whereby Biohit acquired Euroclone's
gastrointestinal diagnostics business unit, Euroclone Gastro S.r.l. The
acquisition was carried out using a directed issue of 180,000 series B shares
in Biohit in exchange for the entire share capital of Euroclone Gastro S.r.l.
Franco Aiolfi, member of Biohit Oyj's Board of Directors, is a major
shareholder in Euroclone S.p.A. and, at the final stage of the acquisition, he
was also member of the Biohit Oyj's Board of Directors.
In July 2013, the number of shares of Osmo Suovaniemi, Biohit Oyj's Chairman of
the Board, increased by 10 of series A shares and 10 of series B shares. The
shares were transferred from an estate.
ACQUIRED BUSINESSES
Biohit Oyj acquired Euroclone Gastro S.r.l. from Euroclone S.p.A. through a
direct share issue, whereby Biohit Oyj transferred 180,000 series B shares to
Euroclone S.p.A.
The purchase price amounted to EUR 1,126,800.00, of which EUR 1.0 million is
allocated for existing customer relationships, some amounts for machinery,
plant and inventories, and some cash, as stated in the acquired company's
balance sheet.
The balance sheet values related to customer relationships are depreciated
using a 10-year cycle.
Acquisition costs are recognized at fair value.
Fair values used in acquisition (MEUR)
-----------------------------------------------------------
Intangible assets 1.0
-----------------------------------------------------------
Tangible assets 0.0
-----------------------------------------------------------
Inventories 0.0
-----------------------------------------------------------
Cash 0.0
-----------------------------------------------------------
Total assets 1.1
-----------------------------------------------------------
-----------------------------------------------------------
Total liabilities 0.0
-----------------------------------------------------------
-----------------------------------------------------------
Net worth 1.1
-----------------------------------------------------------
-----------------------------------------------------------
Acquisition costs 1.1
-----------------------------------------------------------
-----------------------------------------------------------
Impact on cash flow 0.0
-----------------------------------------------------------
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
1-6/2013 1-6/2012 1-12/2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collateral granted on behalf of the parent
company
--------------------------------------------------------------------------------
Corporate mortgages 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Collateral granted on behalf of subsidiaries
--------------------------------------------------------------------------------
Guarantees 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other liabilities
Leasing commitments
--------------------------------------------------------------------------------
Due for payment in more than 1 year 0.1 0.1 0.0
--------------------------------------------------------------------------------
Due for payment in more than 1 year but less than 0.1 0.1 0.0
5 years
--------------------------------------------------------------------------------
Due for payment in more than 5 years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.2 0.1 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other rental commitments
--------------------------------------------------------------------------------
Due for payment in more than 1 year 0.2 0.2 0.2
--------------------------------------------------------------------------------
Due for payment in more than 1 year but less than 0.3 0.5 0.3
5 years
--------------------------------------------------------------------------------
Due for payment in more than 5 years 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.6 0.7 0.4
--------------------------------------------------------------------------------
Total other liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total collaterals and contingent liabilities 0.8 0.8 0.5
--------------------------------------------------------------------------------
NEXT FINANCIAL REPORT
The third interim report for 2013 will be published on Thursday October 24,
2013 at 9:30 a.m. local time.
Helsinki August 8, 2013
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 established in
1988. Biohit's mission is "Innovating for Health". The purpose of the company
is to take social responsibility and produce innovation, new technologies and
analysis systems for use in medicine, research institutions and industry,
helping to promote research and diagnostics and to improve the quality of life
of people by preventing disease, human suffering and financial loss. We are
committed to social responsibility and it is our duty to spread knowledge about
the Group I human carcinogen, acetaldehyde, and innovate and develop the
marketing and availability of our products and services. Biohit is
headquartered in Helsinki, Finland and its subsidiaries are located in China,
Italy and the United Kingdom. Since 1999, Biohit's series B shares (BIOBV) have
been listed in the NASDAQ OMX Helsinki Oy Small cap/Healthcare sector.
www.biohithealthcare.com
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