2008-08-08 08:30:48 CEST
2008-08-08 08:31:46 CEST
REGULATED INFORMATION
Biohit Oyj - Interim report (Q1 and Q3)
INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 30 JUNE 2008
BIOHIT OYJ QUARTERLY REPORT, 8 AUGUST 2008 AT 9:30 AM INTERIM REPORT OF THE BIOHIT GROUP 1 JANUARY TO 30 JUNE 2008 Biohit Oyj develops, manufactures and markets liquid handling products and diagnostic test systems for use in research, healthcare and industrial laboratories. The Group's financial trends in the January-June period of 2008: - Net sales EUR 17.1 million (EUR 16.1 million 1-6/2007) - Operating profit EUR 0.1 million (EUR -0.7 million) - Result before taxes EUR -0.3 million (EUR -1.0 million) - Earnings per share EUR -0.03 (EUR -0.06) NET SALES AND RESULT April-June The Biohit Group has seen satisfactory trends in net sales during the second quarter. Net sales growth was up 14% on the corresponding period of 2007, and total net sales rose to EUR 9.1 million (EUR 7.9 million 4-6/2007). Operating profit for the second quarter amounted to EUR 0.2 million (EUR -0.9 million) and result before taxes to EUR 0.1 million (EUR -1.0 million). Earnings per share were EUR 0.00 (EUR -0.06). During the second quarter, favourable trends in the Group's net sales have been seen in the liquid handling business in the Russian, North American and Asian market areas in particular. Due to the strong euro, growth for the Group as a whole did not, however, meet expectations. In order to improve profitability, the company began a savings and operational efficiency programme in June 2008. January-June Net sales for the reporting period rose 6% on the corresponding period of last year, totalling EUR 17.1 million (EUR 16.1 million). Operating profit amounted to EUR 0.1 million (EUR -0.7 million). The result before taxes for the reporting period was a loss of EUR 0.3 million (EUR -1.0 million). Earnings per share were EUR -0.03 (EUR -0.06). Slower than expected sales growth during early 2008 has had an adverse impact on net sales and the result for the whole of the reporting period. The result was further impacted by an increase in personnel expenses and financing costs compared to 2007. The company's result for the reporting period also contains EUR 0.2 million (EUR 0.2 million) in currency exchange losses. Key figures by segment, January-June Sales and maintenance of liquid handling products accounted for 96% of net sales during the reporting period. The net sales of the liquid handling business amounted to EUR 16.4 million (EUR 15.3 million) and the net sales of the diagnostics business to EUR 0.8 million (EUR 0.8 million). The operating profit of the liquid handling business amounted to EUR 1.3 million (EUR -0.8 million), while the operating loss of the diagnostics business totalled EUR 1.2 million (EUR -1.5 million). The impact of currency exchange rates Changes in currency exchange rates had an adverse impact on net sales growth as reported by the company. When calculated using comparable exchange rates, net sales growth for the reporting period was 12%, while the reported figure was 6%. Comparable growth during the reporting period was 12% for the liquid handling business and 3% for the diagnostics business. The reported growth figures were 7% and -2% respectively. Excluding the impact of instruments sales, growth for the diagnostics business totalled 5% when calculated using comparable currency exchange rates. BALANCE SHEET On 30 June 2008, the balance sheet total was EUR 27.2 million (EUR 29.5 million) and the equity ratio was 42.2% (42.9% on 30 June 2007). FINANCING Cash flow from operating activities during the reporting period was EUR 0.7 million (EUR 0.4 million). At the end of the period, the Group's liquid assets totalled EUR 1.2 million (EUR 1.3 million). Current ratio was 2.0 (2.0). RESEARCH AND DEVELOPMENT Research and development expenditure during the reporting period amounted to EUR 1.1 million (EUR 1.0 million). EUR 0.2 million (EUR 0.2 million) in development expenditure was capitalised during the period. INVESTMENTS Gross investments during the reporting period totalled EUR 0.6 million (EUR 1.3 million). Investments were primarily made in liquid handling production in Helsinki and Kajaani. PERSONNEL The average number of Group personnel during the reporting period was 370 (346 in the corresponding period of 2007 and 293 in 2006). Of these, 172 (176 in 2007, 158 in 2006) were employed by the parent company and 198 (171 in 2007, 135 in 2006) by subsidiaries. In June 2008, Biohit launched codetermination negotiations as part of the company's savings and operational efficiency programme. According to the initial plan, the company intends to temporarily lay-off a maximum of 21 employees. Any potential lay-offs would primarily affect those working in liquid handling product and diagnostics production and diagnostics R&D. Lay-offs would begin in September 2008. KEY FIGURES -------------------------------------------------------------------------------- | | 4-6/2008 | 4-6/2007 | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Net sales, MEUR | 9.1 | 7.9 | 17.1 | 16.1 | 32.8 | -------------------------------------------------------------------------------- | Operating | 0.2 | -0.9 | 0.1 | -0.7 | -0.5 | | profit/-loss, | | | | | | | MEUR | | | | | | -------------------------------------------------------------------------------- | Result before | 0.1 | -1.0 | -0.3 | -1.0 | -1.1 | | taxes, MEUR | | | | | | -------------------------------------------------------------------------------- | Investments, | 0.3 | 0.5 | 0.6 | 1.3 | 2.1 | | gross, MEUR | | | | | | -------------------------------------------------------------------------------- | As a percentage | 3.3 | 5.7 | 3.4 | 8.3 | 6.4 | | of net sales | | | | | | -------------------------------------------------------------------------------- | R&D expenditure, | 0.5 | 0.6 | 1.1 | 1.0 | 2.0 | | MEUR | | | | | | -------------------------------------------------------------------------------- | As a percentage | 5.8 | 7.2 | 6.2 | 6.4 | 6.1 | | of net sales | | | | | | -------------------------------------------------------------------------------- | Average number | 374 | 354 | 370 | 346 | 352.0 | | of personnel | | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 42.2 | 42.9 | 42.2 | 42.9 | 43.6 | -------------------------------------------------------------------------------- | Earnings per | 0.00 | -0.06 | -0.03 | -0.06 | -0.12 | | share, EUR | | | | | | -------------------------------------------------------------------------------- | Equity per | 0.88 | 0.98 | 0.88 | 0.98 | 0.92 | | share, EUR | | | | | | -------------------------------------------------------------------------------- | Average number | 12,937,627| 12,937,627| 12,937,627| 12,937,627| 12,937,627| | of shares during | | | | | | | the period | | | | | | -------------------------------------------------------------------------------- | Number of shares | 12,937,627| 12,937,627| 12,937,627| 12,937,627| 12,937,627| | at end of period | | | | | | -------------------------------------------------------------------------------- MAIN EVENTS OF THE REPORTING PERIOD Liquid handling business Biohit's liquid handling business develops, manufactures and markets laboratory equipment and accessories for the pharmaceutical, food and other industries. Biohit's products are also used in research institutions, universities and hospitals. The product range includes mechanical and electronic pipettes as well as disposable tips (www.biohit.com/liquidhandling). While the majority of products are marketed under the Biohit brand, the company also manufactures customised OEM (Original Equipment Manufacture) products that complement the diagnostic test and analysis systems of many global companies. In addition, the company offers maintenance, calibration and training services for liquid handling products through its distributor network (www.biohit.com/liquidhandling and www.pipettedoctor.com). In spite of the strong euro, the reporting period has seen favourable trends in net sales of liquid handling products in all market areas and especially in Russia, North America and Asia. The second-quarter trend in net sales substantially outperformed the first quarter. The differing sales trends during the first and second quarters were partly due to normal seasonal fluctuations in demand and partly a result of the good reception of new products launched in 2007. Growth trends in early 2008 indicate that Biohit is heading in the right direction with the strategic solutions implemented in the Asian market area, such as distribution reorganisation in Japan and investments in China's production and sales unit. The company continued to focus on product development, OEM co-operation, strengthening the Biohit brand, expansion of its maintenance business, and developing cost-effective production processes and logistics. Diagnostics Biohit's diagnostics business develops, manufactures and markets tests and analysis systems primarily for the diagnosis, screening and prevention of diseases of the gastrointestinal tract. The product range includes the GastroPanel and GastroView examinations (www.gastropanel.net, www.gastroview.com) for primary healthcare; lactose intolerance and Helicobacter pylori quick tests for specialised healthcare; and instruments and analysis systems for laboratories (www.biohit.com/diagnostics). Additionally, the company runs a service laboratory in Finland (www.biohit.com/palvelulaboratorio) and in the UK (www.gastroprofile.com). Sales trends in the diagnostics business did not reach a satisfactory level during the reporting period. The majority of net sales are generated by kit sales. The impact of instruments on net sales has decreased. Slow progress in obtaining approvals from the relevant authorities has posed a major challenge. At the beginning of May, the US Food and Drug Administration (FDA) requested further clarification regarding Biohit's approval application for the GastroPanel Pepsinogen I and II tests. Biohit has undertaken measures to meet the FDA's requests. However, the timetable for the authorisation process is currently difficult to estimate. The company is still preparing for marketing of the panel in the USA by, among other things, trademark protection. During the reporting period, the United States Patent and Trademark Office granted a patent for the test panel to diagnose atrophic gastritis (GastroPanel). Although the SFDA (China's State Food and Drug Administration) has already granted market authorisation for the GastroPanel tests in China, local authorities in each province must also grant separate price approvals. During the reporting period, the first price approvals were received in Shanghai, Jiangtsu and Liaoning. Biohit has begun marketing tests in these provinces in cooperation with local distributors. The focal point for research and development during the period has been improvements to existing products and the commercialisation of new products. Measures to spin off the diagnostics business continued during the period. Biohit is currently searching for suitable international partners and no final decision has yet been made on the potential incorporation. EQUITY TURNOVER AND PRICE DEVELOPMENT Biohit Oyj's shares are divided into series A and series B shares. There are a total of 3,875,500 series A shares and 9,062,127 series B shares. Supposing that the market capitalisation value for series A and B shares is equal, the total market capitalisation value at the end of the period was EUR 18.1 million. Biohit Oyj's series B shares are quoted on the Helsinki Stock Exchange in the Small cap/Healthcare group under the code BIOBV. ----------------------------------------------------- | BIOBV / OMX Helsinki | 1-6/2008 | ----------------------------------------------------- | High, EUR | 1.92 | ----------------------------------------------------- | Low, EUR | 1.33 | ----------------------------------------------------- | Average, EUR | 1.59 | ----------------------------------------------------- | Closing price, EUR | 1.40 | ----------------------------------------------------- | Total turnover, EUR | 1,265,974 | ----------------------------------------------------- | Total turnover, no. of shares | 793,551 | ----------------------------------------------------- At the end of the reporting period on 30 June 2008, the company had 3,427 shareholders (3,575 on 30 June 2007). The major shareholder groups were private households 79.69% (79.20%), companies 16.55% (16.85%) and public sector organisations 3.03% (3.03%). 0.46% (0.49%) of shares were in foreign ownership or registered in a nominee's name. Further information about the shares, major shareholders and management's shareholdings is available on the company's website at www.biohit.com. Series B share market making agreement HAS ENDED Biohit Oyj gave notice on its market making agreement with Remium AB during the reporting period. The agreement ended on 6 June 2008 in accordance with the contract. Market making began on 1 June 2007. SHORT-TERM RISKS AND UNCERTAINTY FACTORS Biohit presented the risks and uncertainty factors related to its business operations in both its 2007 Annual Report and its first-quarter interim report for 2008. The company has not detected any significant changes in these estimations. The risks and uncertainty factors for the current financial year relate to the following: Slower than expected sales growth in the diagnostics business could weaken the profitability and financing position of the Group as a whole. For example, the absence of US Food and Drug Administration (FDA) clearance for GastroPanel's Pepsinogen I and II tests and any delays in this approval process may have an adverse impact on net sales trends in the diagnostics business. Failure to meet growth expectations could also lead to a EUR 2.5 million impairment of goodwill associated with the GastroPanel examination. The company intends to minimise these risks by working in close co-operation with the FDA and making outlays to promote sales in markets outside the United States - China, Russia, Italy and the UK in particular. Currency exchange rate risks associated with the strong euro also impact on overall profitability. Biohit intends to protect itself from this exchange rate risk with procurements in currencies other than the euro. In April 2008, the company also entered into a six-month derivative contract to hedge its USD receivables. If the establishment of a distribution network in China and Japan does not progress as expected, there is also a risk that the earnings targets for Biohit's Asian operations will not be met. However, Europe and North America are currently Biohit's strongest markets, and the company will continue to invest in these areas. The former negative earnings trend has weakened the company's liquidity. However, the company has taken various measures to ensure sufficient financing, such as cutting costs and launching an investigation into the feasibility of a sale and lease back system at its Kajaani factory property. Measures are still ongoing and the results should be available during the third quarter of 2008, when any potential transaction would also be made. OUTLOOK FOR 2008 The company issued a profit warning on 3 June 2008 and has forecast that its full-year result will fall short of expectations. Slower than expected net sales growth during the first quarter has been the primary factor impacting earnings trend. Currency exchange rate losses and increased personnel and financing costs during early 2008 also played their part. Satisfactory trends have been seen in net sales of liquid handling products during the second quarter, and full-year net sales growth is forecast to be positive. Earnings trends will be highly dependent on whether the net sales growth experienced in the second quarter continues for the rest of the year, and also on whether the company can successfully boost operational efficiency and cut costs. The company forecasts sales growth for liquid handling products in all main market areas, and in North America and Asia in particular. In 2008, net sales of diagnostics products are expected to increase in the Chinese, Russian and European markets. The launch of Biohit's diagnostics products in North America during the current period now appears unlikely due to a delay in the FDA's approval procedure. CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | | 1-6 | 1-6 | Change | Change | 1-12 | | | 2008 | 2008 | MEUR | % | 2007 | | | MEUR | MEUR | | | MEUR | -------------------------------------------------------------------------------- | Net sales | 17.1 | 16.1 | 1.0 | 6 | 32.8 | -------------------------------------------------------------------------------- | Other operating income | 0.0 | 0.0 | 0.0 | -9 | 0.1 | -------------------------------------------------------------------------------- | Change in inventories of | 0.0 | 0.7 | 0.7 | 105 | 0.3 | | finished goods and work in | | | | | | | progress | | | | | | -------------------------------------------------------------------------------- | Materials and services | -3.3 | -3.8 | -0.5 | -13 | -7.0 | -------------------------------------------------------------------------------- | Employee benefit expenses | -7.5 | -7.2 | 0.3 | 4 | -14.1 | -------------------------------------------------------------------------------- | Depreciation | -0.9 | -0.9 | 0.0 | 3 | -1.8 | -------------------------------------------------------------------------------- | Other operating expenses | -5.3 | -5.6 | -0.3 | -5 | -10.6 | -------------------------------------------------------------------------------- | Operating profit / -loss | 0.1 | -0.7 | 0.8 | 111 | -0.5 | -------------------------------------------------------------------------------- | Financial income | 0.0 | 0.0 | 0.0 | -66 | 0.1 | -------------------------------------------------------------------------------- | Financial expenses | -0.4 | -0.3 | 0.1 | 17 | -0.7 | -------------------------------------------------------------------------------- | Result before taxes | -0.3 | -1.0 | 0.7 | 70 | -1.1 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | 0.2 | -0.3 | -187 | -0.4 | -------------------------------------------------------------------------------- | Result for the period | -0.4 | -0.8 | 0.4 | 45 | -1.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share calculated from | 1-6 | 1-6 | 1-12 | | earnings attributable to equity holders | 2008 | 2007 | 2007 | | of the parent company | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | Earnings per share, undiluted*, EUR | -0.03 | -0.06 | -0.12 | -------------------------------------------------------------------------------- *) The convertible bond is not dilutive in respect of earnings per share in the financial years 2008 and 2007. -------------------------------------------------------------------------------- | | 4-6 | 4-6 | Change | Change | | | 2008 | 2007 | MEUR | % | | | MEUR | MEUR | | | -------------------------------------------------------------------------------- | Net sales | 9.1 | 7.9 | 1.1 | 14 | -------------------------------------------------------------------------------- | Other operating income | 0.0 | 0.0 | 0.0 | -59 | -------------------------------------------------------------------------------- | Change in inventories of | -0.2 | 0.2 | 0.4 | 214 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Materials and services | -1.6 | -1.8 | -0.2 | -14 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.9 | -3.8 | 0.1 | 3 | -------------------------------------------------------------------------------- | Depreciation | -0.5 | -0.5 | 0.0 | 1 | -------------------------------------------------------------------------------- | Other operating expenses | -2.7 | -3.0 | -0.3 | -9 | -------------------------------------------------------------------------------- | Operating profit / -loss | 0.2 | -0.9 | 1.1 | 123 | -------------------------------------------------------------------------------- | Financial income | 0.0 | 0.0 | 0.0 | -68 | -------------------------------------------------------------------------------- | Financial expenses | -0.1 | -0.2 | 0.0 | -14 | -------------------------------------------------------------------------------- | Result before taxes | 0.1 | -1.0 | 1.1 | 107 | -------------------------------------------------------------------------------- | Income taxes | -0.1 | 0.2 | -0.3 | -134 | -------------------------------------------------------------------------------- | Result for the period | 0.0 | -0.8 | 0.8 | 100 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | | 30.06.2008 | 30.06.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 2.6 | 10 | 2.6 | 9 | 2.6 | 10 | -------------------------------------------------------------------------------- | Intangible assets | 1.6 | 6 | 1.7 | 6 | 1.5 | 5 | -------------------------------------------------------------------------------- | Tangible assets | 6.8 | 25 | 7.2 | 24 | 7.2 | 26 | -------------------------------------------------------------------------------- | Receivables | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.9 | 7 | 2.4 | 8 | 2.0 | 7 | -------------------------------------------------------------------------------- | Total non-current | 12.9 | 48 | 13.9 | 47 | 13.3 | 49 | | assets | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | | | -------------------------------------------------------------------------------- | Inventories | 5.6 | 21 | 6.2 | 21 | 5.6 | 21 | -------------------------------------------------------------------------------- | Trade and other | 6.9 | 25 | 6.6 | 22 | 6.4 | 23 | | receivables | | | | | | | -------------------------------------------------------------------------------- | Financial assets | 0.5 | 2 | 1.5 | 5 | 0.9 | 3 | | recognised at fair | | | | | | | | value through profit or | | | | | | | | loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash | 1.2 | 4 | 1.3 | 5 | 1.1 | 4 | | equivalents | | | | | | | -------------------------------------------------------------------------------- | Total current assets | 14.3 | 52 | 15.7 | 53 | 14.0 | 51 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL ASSETS | 27.2 | 100 | 29.5 | 100 | 27.3 | 100 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Equity attributable to | | | | | | | | the equity holders of | | | | | | | | the parent company | | | | | | | -------------------------------------------------------------------------------- | Share capital | 2.2 | 8 | 2.2 | 7 | 2.2 | 8 | -------------------------------------------------------------------------------- | Share premium fund | 0.2 | 1 | 0.2 | 1 | 0.2 | 1 | -------------------------------------------------------------------------------- | Fund for investments of | 12.2 | 45 | 12.2 | 41 | 12.2 | 45 | | non-restricted equity | | | | | | | -------------------------------------------------------------------------------- | Retained earnings | -3.2 | -12 | -2.1 | -7 | -2.8 | -10 | -------------------------------------------------------------------------------- | Total equity | 11.4 | 42 | 12.6 | 43 | 11.8 | 43 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Pension obligations | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 | -------------------------------------------------------------------------------- | Total interest-bearing | 7.7 | 28 | 8.0 | 27 | 8.3 | 30 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0.8 | 3 | 1.0 | 3 | 0.9 | 3 | -------------------------------------------------------------------------------- | Total non-current | 8.7 | 32 | 9.2 | 31 | 9.3 | 34 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | Trade payables | 2.1 | 8 | 2.4 | 8 | 1.4 | 5 | -------------------------------------------------------------------------------- | Provisions | 0.0 | 0 | 0.1 | 0 | 0.0 | 0 | -------------------------------------------------------------------------------- | Total interest-bearing | 1.0 | 4 | 1.6 | 5 | 0.9 | 3 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Other liabilities | 4.1 | 15 | 3.6 | 12 | 3.9 | 14 | -------------------------------------------------------------------------------- | Total current | 7.1 | 26 | 7.7 | 26 | 6.2 | 23 | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 15.8 | 58 | 16.9 | 57 | 15.5 | 57 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 27.2 | 100 | 29.5 | 100 | 27.3 | 100 | | LIABILITIES | | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 1-6/2008 | 1-6/2007 | 1-12/2007 | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Result before taxes | -0.3 | -1.0 | -1.1 | -------------------------------------------------------------------------------- | Adjustments | 1.3 | 1.2 | 2.4 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CHANGE IN WORKING CAPITAL | 0.0 | 0.5 | 0.6 | -------------------------------------------------------------------------------- | Interest and other financial | -0.3 | -0.1 | -0.5 | | items paid | | | | -------------------------------------------------------------------------------- | Interest received | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Income taxes paid | -0.1 | -0.3 | -0.4 | -------------------------------------------------------------------------------- | Net cash flow from operating | 0.7 | 0.4 | 1.1 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -0.6 | -1.1 | -2.1 | | intangible assets | | | | -------------------------------------------------------------------------------- | Investments and capital gains | 0.4 | -0.7 | -0.1 | | from investments in funds and | | | | | deposits, net | | | | -------------------------------------------------------------------------------- | Net cash flow from investments | -0.2 | -1.8 | -2.2 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Proceeds from loans | 0.0 | 2.3 | 2.5 | -------------------------------------------------------------------------------- | Repayment of loans | -0.4 | -0.5 | -1.1 | -------------------------------------------------------------------------------- | Net cash flow from financing | -0.4 | 1.8 | 1.4 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) in | 0.1 | 0.5 | 0.3 | | cash and cash equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.1 | 0.9 | 0.9 | | beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1.2 | 1.3 | 1.1 | | end of period | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY Consolidated statement of changes in equity on 30 June 2008 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for |Earnings | Equity | | |capital |premium | lation |investments | | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity on 1 Jan. | 2.2 | 0.2 | 0.1 | 12.2 | -2.8 | 11.8 | | 2008 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | 0.0 | | | 0.0 | | differences | | | | | | | -------------------------------------------------------------------------------- | Result for the | | | | | -0.4 | -0.4 | | period | | | | | | | -------------------------------------------------------------------------------- | Equity on 30 June | 2.2 | 0.2 | 0.0 | 12.2 | -3.2 | 11.4 | | 2008 | | | | | | | -------------------------------------------------------------------------------- Consolidated statement of changes in equity on 30 June 2007 -------------------------------------------------------------------------------- | MEUR | Share | Share | Trans- | Fund for |Earnings | Equity | | |capital |premium | lation |investments | | | | | | fund | diff. | of non- | | | | | | | | restricted | | | | | | | | equity | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -1.3 | 13.4 | | 2007 | | | | | | | -------------------------------------------------------------------------------- | Translation | | | 0.0 | | | 0.0 | | differences | | | | | | | -------------------------------------------------------------------------------- | Result for the | | | | | -0.8 | -0.8 | | period | | | | | | | -------------------------------------------------------------------------------- | Equity on 30 June | 2.2 | 0.2 | 0.1 | 12.2 | -2.1 | 12.6 | | 2007 | | | | | | | -------------------------------------------------------------------------------- ACCOUNTING PRINCIPLES This interim report has been prepared in accordance with the requirements of the IAS 34 standard. Biohit Oyj has applied the same accounting principles in preparing this interim report as for its financial statements of 2007. New financial statement standards, amendments and interpretations were published and became effective as of 1 January 2008. They are presented in detail in the financial statements for 2007. Their adoption did not cause any changes in interim reporting accounting policy that would have required a retroactive change in the comparison information presented. All the figures in the interim report have been rounded up or down, due to which the sums of figures may deviate from the sum total presented. The figures in this interim report have not been audited. FIGURES BY BUSINESS SEGMENT Group net sales by business segment -------------------------------------------------------------------------------- | | 4-6 | 4-6 |Change |Change | 1-6 | 1-6 | Change | Change | | | 2008 | 2007 | MEUR | % | 2008 | 2007 | MEUR | % | | | MEUR | MEUR | | | MEUR | MEUR | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Liquid | 8.6 | 7.6 | 1.0 | 14 | 16.4 | 15.3 | 1.1 | 7 | | handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnostics| 0.4 | 0.3 | 0.1 | 24 | 0.8 | 0.8 | 0.0 | -2 | | | | | | | | | | | -------------------------------------------------------------------------------- Group operating profit / loss by business segment -------------------------------------------------------------------------------- | | 4-6 | 4-6 |Change |Change | 1-6 | 1-6 | Change | Change | | | 2008 | 2007 | MEUR | % | 2008 | 2007 | MEUR | % | | | MEUR | MEUR | | | MEUR | MEUR | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Liquid | 0.8 | 0.0 | 0.8 | 9 992 | 1.3 | 0.8 | 0.5 | 58 | | handling | | | | | | | | | -------------------------------------------------------------------------------- | Diagnostics| -0.6 | -0.9 | 0.3 | 35 | -1.2 | -1.5 | 0.3 | 19 | | | | | | | | | | | -------------------------------------------------------------------------------- COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS -------------------------------------------------------------------------------- | | 30.06.2008 | 30.06.2007 | 31.12.2007 | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | Liabilities for which | | | | | mortgages have been lodged | | | | | as collateral | | | | -------------------------------------------------------------------------------- | Loans from financial | 3.0 | 2.3 | 3.3 | | institutions | | | | -------------------------------------------------------------------------------- | Corporate mortgages | 1.6 | 1.6 | 1.6 | -------------------------------------------------------------------------------- | Mortgages on real estate | 1.9 | 1.9 | 2.0 | -------------------------------------------------------------------------------- | Other long-term liabilities | 0.3 | 0.4 | 0.3 | -------------------------------------------------------------------------------- | Mortgages on real estate | 0.8 | 0.8 | 0.8 | -------------------------------------------------------------------------------- | Lease agreements | 4.5 | 4.7 | 4.5 | -------------------------------------------------------------------------------- | Corporate mortgages | 0.2 | 0.2 | 0.2 | -------------------------------------------------------------------------------- At the end of the reporting period, the Biohit Group's commitments for the acquisition of tangible fixed assets totalled EUR 0.1 million. RELATED PARTY TRANSACTIONS There have been no noticeable changes in related party transactions in 2008. Helsinki on 8 August 2008 Board of Directors of Biohit Oyj Further information: Osmo Suovaniemi, M.D., Ph.D., Professor President & CEO Tel: +358-9-773 861 GSM: +358-40-745 5605 Email: osmo.suovaniemi@biohit.com Distribution: Helsinki Exchanges Central storage facility (www.oam.fi) Press www.biohit.com About Biohit Oyj Biohit Oyj develops, manufactures and markets liquid handling products and diagnostic test systems for use in research, health care and industrial laboratories. Liquid handling products include electronic and mechanical pipettes and dispensers, and disposable tips, as well as pipette maintenance and calibration services. Diagnostics business comprises products and analysis systems for diagnosing, screening and prevention of gastrointestinal diseases, e.g. the blood-sample based GastroPanel and GastroView, for diagnosing diseases of the stomach and associated risks, as well as biopsy specimen quick tests for the diagnosis of lactose intolerance and H. pylori infection. Biohit Oyj is headquartered in Finland. Biohit has subsidiaries in France, Germany, the UK, Russia, China, Japan and the USA. Additionally, Biohit's products are sold by approximately 450 distributors in 70 countries. Biohit's share (BIOBV) is quoted on the Helsinki Exchanges (OMX Helsinki). Read more at www.biohit.com
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