2011-03-01 08:30:00 CET
2011-03-01 08:30:05 CET
REGULATED INFORMATION
Biohit Oyj - Financial Statement Release
THE BIOHIT GROUP'S FINANCIAL STATEMENT BULLETIN 1 JANUARY - 31 DECEMBER 2010
SUMMARY
January-December 2010
-- Net sales EUR 40.0 million (EUR 35.4 million 1-12/2009)
-- Operating profit EUR 0.5 million (EUR 1.2 million)
-- Profit before taxes EUR 0.4 million (EUR 0.7 million)
-- International operations accounted for 95.6 per cent (95.8%) of net sales
-- Earnings per share EUR 0.00 (EUR 0.03)
October-December 2010
-- Net sales EUR 11.1 million (EUR 10.2 million)
-- Operating profit EUR 0.1 million ( EUR 0.8 million)
-- Profit before taxes EUR 0.0 million ( EUR 0.7 million)
-- International operations accounted for 93.9 per cent (95.2%) of net sales
-- Earnings per share EUR 0.00 (EUR 0.05)
JUSSI HEINIÖ, PRESIDENT AND CEO:
For Biohit, 2010 was the best year in the company's history in terms of net
sales growth, and the third consecutive year of profitable operations. It was
also a year of major changes. Growing internationalisation and increasing
competition prompted Biohit to rethink and revise its strategy, operating
model, and organisation.
The demand for Biohit's products perked up at the end of 2009 and continued
throughout 2010. Market recovery also drove our performance: net sales grew by
13.2 per cent from the previous year to EUR 40.0 million. This growth could be
partly attributed to post-recession investment activity but also to a genuine
increase in demand. The diagnostics business was able to grow its sales by 23.7
per cent. The liquid handling business also saw strong sales development - 12.7
per cent.
The maintenance and calibration service business grew by 7.6 per cent during
the year. We believe the maintenance business continues to offer good growth
potential and we have therefore identified it as one of our strategic growth
areas. Maintenance also represents an important interface with end-users.
The operating result of EUR 0.5 million recorded in 2010 failed to reach the
previous year's level. Profitability was reduced by the costs arising from the
expansion of our international sales organisation, and costs from the Acetium
launch, as well as costs arising from higher freight and raw material expenses.
THE GROUP'S KEY FIGURES 10-12/ 10-12/ Change 1-12/ 1-12/ Change
1-12/
2010 2009 % 2010 2009 %
2008
---------------------------------------------------------------------------
Net 11.1 10.2 8.6 40.0 35.4 13.2
35.1
sales,
MEUR
Operat 0.1 0.8 -86.0 0.5 1.2 -57.4
1.3
ing
profit
/loss,
EUR
millio
n
% of 1.1% 8.3% 1.3% 3.4%
3.7%
net
sales
Profit 0.0 0.7 -95.1 0.4 0.7 -42.0
1.0
/loss
before
taxes
Profit 0.0 0.6 -98.8 0.1 0.4 -84.3
0.9
/loss
for
the
period
Invest 0.6 0.7 -11.3 2.6 2.4 5.3
1.2
ments,
gross,
EUR
millio
n
% of 5.6% 6.9% 6.4% 6.9%
3.5%
net
sales
R& 0.8 0.8 -2.5 2.5 2.4 4.6 2.0
D
expend
iture,
EUR
millio
n
% of 6.8% 7.4% 6.4% 6.8%
5.8%
net
sales
Averag 430 374 15.0 412 370 11.5
369
e
number
of
person
nel
Number 431 383 12.4 431 383 12.4
360
of
person
nel at
end of
period
Equity 44.5% 46.8% 44.5% 46.8%
46.5%
ratio,
%
Earnin 0.00 0.05 -98.8 0.00 0.03 -84.3
0.07
gs per
share,
EUR
Shareh 1.01 0.99 2.0 1.01 0.99 2.0
0.97
olders
'
equity
per
share,
EUR
Averag 12,937,627 12,937,627 0 12,937,627 12,937,627 0
12,937,627
e
number
of
shares
during
the
period
Number 12,937,627 12,937,627 0 12,937,627 12,937,627 0
12,937,627
of
shares
at end
of
period
The amounts presented in the summary of financial statements and notes to the
financial statements are based on the company's audited financial statements.
The Auditor's Report was issued on 28 February 2011.
SEGMENT REPORTING
Biohit reports on its business segments, which are the liquid handling and
diagnostics businesses. In addition, the company reports its net sales by main
market area.
NET SALES AND RESULT
October-December
In the final quarter, net sales were up 8.6 per cent on the corresponding
period in 2009, and amounted to EUR 11.1 million (EUR 10.2 million).
International operations accounted for 93.9 per cent (95.2%) of net sales in
October-December.
The operating profit for the final quarter amounted to EUR 0.1 million (EUR 0.8
million) and profit before taxes to EUR 0.0 million (EUR 0.7 million). Earnings
per share were EUR 0.00 (EUR 0.05).
Strong net sales growth continued in the final quarter. The comparison period,
which is the final quarter of 2009, was strong, but this year's growth was
significant in comparison with the pre-recession reference periods.
Strong organic growth of business has also contributed to a sharper rise in
fixed costs than expected.
January-December
In the reporting period, the Biohit Group's net sales were up 13.2 per cent on
the corresponding period in 2009, totalling EUR 40.0 million (EUR 35.4
million). International operations accounted for 95.6 per cent (95.8%) of net
sales.
The operating profit for the period amounted to EUR 0.5 million (EUR 1.2
million) and profit before taxes to EUR 0.4 million (EUR 0.7 million). Earnings
per share were EUR 0.00 (EUR 0.03).
The trend in net sales outperformed expectations during the period. Growth was
boosted by the fact that net sales in the comparison period were lower than
usual. Net sales have grown in all the main market areas, particularly Asia and
North America.
Profitability in the reporting period was weakened by the investments made to
strengthen the sales and marketing organisation, and the costs associated with
the launch of the Acetium capsule. The result for the period was improved by
currency exchange gains allocated to financial items.
Key figures by segment, January-December
Sales and maintenance of liquid handling products accounted for 94.4 per cent
of net sales during the reporting period. The liquid handling business
generated net sales of EUR 37.8 million during the period (EUR 33.6 million)
with maintenance services accounting for 18.1 per cent (18.9%). Net sales in
the diagnostics business totalled EUR 2.2 million (EUR 1.8 million), with
Acetium sales representing 4.3 per cent (0.0%). The liquid handling business
grew by 12.7 per cent and the diagnostics business by 23.7 per cent.
The operating profit of the liquid handling business amounted to EUR 3.4
million (EUR 3.2 million), while the operating loss of the diagnostics business
totalled EUR 2.9 million (operating loss EUR 2.0 million).
The increase in fixed costs before any net sales growth can be attributed to
the new product launches in the diagnostics business.
Group net sales by business segment
10-12/2010 10-12/2009 Change 1-12/2010 1-12/2009 Change
MEUR MEUR % MEUR MEUR %
-----------------------------------------------------------------------------
Liquid Handling 10.4 9.7 7.2% 37.8 33.6 12.7%
Diagnostics 0.7 0.5 31.9% 2.2 1.8 23.7%
-----------------------------------------------------------------------------
Total 11.1 10.2 8.6% 40.0 35.4 13.2%
-----------------------------------------------------------------------------
Consolidated operating result by business segment
10-12/2010 10-12/2009 Change 1-12/2010 1-12/2009 Change
MEUR MEUR % MEUR MEUR %
-----------------------------------------------------------------------------
Liquid Handling 1.0 1.4 -28.9% 3.4 3.2 4.2%
Diagnostics -0.9 -0.5 -64.0% -2.9 -2.0 -40.1%
-----------------------------------------------------------------------------
Total 0.1 0.8 -85.9% 0.5 1.2 -57.3%
-----------------------------------------------------------------------------
Group net sales by main market areas
10-12/2010 10-12/2009 Change 1-12/2010 1-12/2009 Change
MEUR MEUR % MEUR MEUR %
--------------------------------------------------------------------------
Europe 5.8 5.3 10.3% 20.8 19.4 7.2%
America 1.8 1.5 15.7% 7.6 6.2 23.4%
Asia 1.7 1.7 1.6% 6.2 4.7 31.6%
Other 1.8 1.8 3.9% 5.4 5.1 6.5%
--------------------------------------------------------------------------
Group, total 11.1 10.2 8.6% 40.0 35.4 13.2%
--------------------------------------------------------------------------
The impact of currency exchange rates
Net sales in the reporting period were up by 13.2%, and measured in comparable
currencies the net sales growth was 9.6%. Changes in currency exchange rates
did not have a material impact on results. Biohit reports the impact of
exchange rates on intra-Group items under financial items, which in the
reporting period included EUR 0.5 million in exchange rate changes with a
positive impact on results.
BALANCE SHEET
On 31 December 2010, the balance sheet total was EUR 29.4 million (EUR 27.4
million) and the equity ratio was 44.5 per cent (46.8%).
FINANCING
Cash flow in the reporting period was EUR -0.0 million (EUR 0.3 million). Net
cash flow from operating activities amounted to EUR 2.0 million (EUR 2.8
million). At the end of the period, the Group's liquid assets totalled EUR 2.2
million (EUR 2.0 million on 31 December 2009). The current ratio was 2.2 (1.4).
The increase in the current ratio was caused by the termination of the EUR4.05
million convertible bond, issued in 2005 and maturing in October 2010, and the
issue of a new, corresponding convertible bond. In the future, stronger efforts
will be made to use cash flows generated by the business to finance
investments.
RESEARCH AND DEVELOPMENT
Research and development expenditure during the reporting period amounted to
EUR 2.5 million (EUR 2.4 million), representing 6.4% of net sales (6.8%). EUR
0.6 million (EUR 0.4 million) in development expenditure was capitalised during
the period.
INVESTMENTS
Gross investments during the reporting period totalled EUR 2.6 million (EUR 2.4
million) or 6.4 per cent of net sales (6.9%). Investments were primarily made
in production technology in Kajaani, increasing the production capacity of
disposable pipette tips.
PERSONNEL
During the period, the average number of personnel employed by the Group was
412 (370) of whom 192 (174) were employed by the parent company and 220 (196)
by the subsidiaries. The number of personnel has increased particularly in the
Asian units due to new actions taken.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
On 27 January 2011, the Board of Directors of Biohit adopted Biohit's risk
management policy in which the Group's risks are divided into business risks
(including risks associated with business operations), financial risks
(including liquidity and interest rate risks), operational risks, and loss
risks. The company manages these risks and makes every effort to minimise their
impact as cost-efficiently as possible. The company reports the key risks
affecting the calendar year under ‘Short-term risks and uncertainty factors'.
Business operations in 2011 involve material risks: both business risks and
financial risks.
Costs arising from the Group's business growth represent the most essential
risk associated with the Group's business operations. Although the Group's net
sales grew significantly in 2010, the proportion of fixed costs has also grown
considerably. The Group's business development and new product launches require
continuous investments that also represent a challenge in terms of the Group's
financial position. In 2011, the company will pay special attention to
operational efficiency and to improving the Group's operating result.
Growth in the diagnostics business is a key requirement for strengthening the
entire Group's operating conditions. Long-term failure to meet these growth
expectations might also result in a EUR 2.6 million impairment of goodwill
associated with the diagnostics products. The company has taken determined
measures to strengthen the diagnostics business: the sales and marketing
organisations of liquid handling and diagnostics products have been combined,
product commercialisation plans have been clarified, and decisions have been
made to prioritise certain market areas. Consequently, the company estimates
that the significance of the risks associated with the diagnostics business
development and previously reported risks has not grown.
The company conducts a large part of its business in currencies other than the
euro; therefore the strengthening of the euro could have a negative impact on
the company's profitability. Exchange rate fluctuations related to intra-Group
receivables are recorded under financial items. A significant amount of these
exchange rate changes have not materialised due to the subsidiaries' weak
liquidity, which is why the strengthening of the euro could have a negative
impact on results. During the first quarter of this year, the company will take
the necessary measures to minimise the impact of this currency exchange rate
risk. The company hedges against the currency risks associated with external
receivables by making procurements in currencies other than the euro and by
making every effort to build a cost structure in which a significant proportion
of fixed costs are in non-euro currencies.
OUTLOOK FOR 2011
For Biohit's business, the previous two years have been quite exceptional. The
recession and the period of growth that followed the recession represent
uncertainty factors that complicate forecasts for market development this year.
Investment in research and development has clearly been stepped up in some
market areas.
The company expects to see sustained growth in the liquid handling business
this year, with growth being generated by the Asian units in particular.
Furthermore, the arrangements made in the North American distribution network
provide good potential for strong sustained growth in the North American
markets.
The recession has not affected the diagnostics business development in the same
way it affected the growth in the liquid handling business. In 2010, Biohit
invested heavily in domestic markets and expects these investments to produce
results in 2011. Similarly, shifting the focus more towards foreign markets
gives good reason to assume that the growth in the diagnostics business will
continue this year. The majority of the net sales is expected to come from the
sale of diagnostic tests. The net sales growth generated by Acetium depends
materially on whether or not co-operation with bigger players leads to its
international distribution.
The Group's total net sales are expected to grow by more than 10% this year,
and the total operating result is expected to account for approximately 5% of
net sales. However, positive development in net sales will only emerge after
the first quarter.
STRATEGY AND OBJECTIVES
Biohit began a major strategy revision in June 2010. The cornerstones of the
strategy until 2013 are a process-driven operating model, customer focus, and
operational efficiency. Customer focus will be reflected in new product
development and will translate into a stronger market presence.
The short-term objective is to reach a profitable growth of more than 10 per
cent annually, and to raise the total operating result to approximately 5 per
cent of total net sales in 2011.
The medium-term objective is to grow total net sales to EUR 70 million in 2013.
The net sales target for the liquid handling business for 2013 is EUR 50
million, representing an annual growth of more than 10 per cent. Our objective
is to be the leading electronic pipette manufacturer in all market areas
globally. We particularly seek to gain a stronger position in the North
American, South American, and Asian markets. To reach these goals, we must
ensure the following:
-- Research and development and business development must be based on
customer-oriented, innovative solutions serving customers' real needs.
-- The product range must be renewed and expanded more quickly and
cost-efficiently.
-- OEM and service businesses will account for a larger proportion of net
sales.
Strong sales growth is sought particularly in the diagnostics business. The net
sales target for 2013 is EUR 20 million, which means an annual growth of more
than 80 per cent. Key means to achieving this target include:
-- Emphasis in the core business on key products: the GastroPanel and Acetium
products.
-- More resources allocated to product group commercialisation.
-- The current product range will be developed.
-- Effective use of the company's existing sales and marketing network to find
the right local partners.
MAIN EVENTS IN 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. While the majority of the
products are marketed under the Biohit brand, the company also manufactures
customised OEM (original equipment manufacturer) 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.
Liquid Handling 2010 2009 2008 2007 2006
--------------------------------------------------------------------
Net sales, MEUR 37.8 33.6 33.6 31.1 29.5
--------------------------------------------------------------------
Change from the previous year, % 12.7% -0.1% 7.1% 5.2% 8.9%
--------------------------------------------------------------------
Operating result, MEUR 3.4 3.2 3.7 2.5 2.2
--------------------------------------------------------------------
Change from the previous year, % 4.2% -12.0% 34.2% 11.4% -1.9%
--------------------------------------------------------------------
Operating result, % 8.9% 9.6% 10.9% 8.7% 7.5%
--------------------------------------------------------------------
In 2010, sales developed favourably in the liquid handling business in all
product groups. Net sales were up by 12.7% on the previous year. After the
recession, pipette sales showed particularly good development and the highest
year-on-year growth. Growth was particularly strong in Asia, but sales picked
up in North America, too.
During the year, Biohit placed special emphasis on the marketing and sales of
disposable pipette tips. In addition, the company expanded its own sales
network in the growing Asian markets and strengthened its distributor network
in several countries, including Turkey, Italy, Spain, and Australia. The
company also enhanced its co-operation with major partners, and focused on
marketing directed at end-customers.
Diagnostics business
Biohit's diagnostics business develops, manufactures, and markets tests and
analysis systems for the diagnosis and prevention of diseases of the
gastrointestinal tract. The tests and systems are based on innovations and
reliable research data. The product range includes GastroPanel examinations and
ColonView quick tests for primary healthcare; lactose intolerance and
Helicobacter pylori quick tests for specialised healthcare; and instruments and
analysis systems for laboratories. The company also markets GastroPanel
laboratory analysis packages. In addition to GastroPanel test kits, this
package includes liquid handling products, instruments, and software, as well
as installation, training, and maintenance services. The GastroPanel laboratory
concept is geared towards facilitating the efficient introduction of
GastroPanel examinations. In addition, Biohit's service laboratory offers
analyses of tests developed by Biohit, and determination of carcinogenic
acetaldehyde in foodstuffs and alcoholic beverages
(www.biohit.com/diagnostics/determination-of-acetaldehyde).
The prescription-free Acetium capsule reduces the carcinogenic acetaldehyde in
the gastrointestinal tract. The International Agency for Research on Cancer, a
part of the World Health Organisation (WHO), has classified the acetaldehyde
included in and generated endogenously from alcoholic beverages as a Group I
carcinogen. The capsule was developed in cooperation with researchers at the
University of Helsinki and Biohit's scientific advisors. Acetium is recommended
for people suffering from gastric mucosal injury and a functional disorder
(atrophic gastritis) caused by a Helicobacter pylori infection or autoimmune
disease and the resulting anacidic stomach, as well as for users of anti-acid
medication (Proton Pump Inhibitors, H2 blockers) (see www.acetium.com and check
your exposure to acetaldehyde).
Diagnostics 2010 2009 2008 2007 2006
-----------------------------------------------------------------------------
Net sales, MEUR 2.2 1.8 1.5 1.7 1.9
-----------------------------------------------------------------------------
Change from the previous year, % 23.7% 20.5% -9.2% -10.8% 22.3%
-----------------------------------------------------------------------------
Operating result, MEUR -2.9 -2.0 -2.4 -2.9 -2.4
-----------------------------------------------------------------------------
Change from the previous year, % -40.1% 13.4% 19.6% -24.0% -2.9%
-----------------------------------------------------------------------------
Operating result, % -127.3% -112.4% -156.4% -176.7% -127.0%
-----------------------------------------------------------------------------
Sales in the diagnostics business grew 23.7 per cent year-on-year and consisted
primarily of test kit sales.
During the year, Biohit invested in the commercialisation of diagnostic tests.
The availability of the GastroPanel examination in Finland improved when
Terveystalo, a private healthcare company operating nationwide, included the
examination in its service offering.
Biohit also launched a new version of the faecal occult blood (FOB) test
ColonView. The new test kit includes a 2-in-1 test cassette, which makes the
analysis procedure even easier than before. ColonView can be used, for example,
for colorectal cancer screening programmes, and in healthcare centres and
private clinics.
In early 2010, Biohit announced its new innovation that helps reduce
carcinogenic acetaldehyde in the stomach. The Acetium capsule is classified as
medical equipment and it is sold in pharmacies without a prescription. The
product was launched for consumers in Finland at the end of May and its sales
have not as yet had a significant impact on the net sales for the reporting
period. In addition, launch-related costs have weakened the operating result
for the period.
In addition to consumer advertising, the company has focused especially on the
availability of Acetium in pharmacies during the launch stage. Acetium capsules
are distributed nationwide through Tamro Oyj, one of Finland's leading
pharmaceutical wholesalers, and are already available in more than 600
pharmacies around the country. However, if the set growth expectations are to
be met, it is necessary to continuously invest in marketing targeted at both
professionals (physicians, pharmacists) and consumers.
ADMINISTRATION
Annual General Meeting
The Annual General Meeting was held on 23 April 2010. A decision was made at
the AGM to amend section 5, paragraph 1 of the Articles of Association to state
that the Board of Directors consists of 5-7 ordinary members. The AGM appointed
Jukka Ant-Wuorinen, Kalle Kettunen, Eero Lehti, Reijo Luostarinen, Mikko
Salaspuro, and Osmo Suovaniemi as members of the Board, as well as Ainomaija
Haarla, whose term began after the amendment of the Articles of Association
entered into force on 14 May 2010.
The AGM appointed authorised public accountants Ernst & Young Oy as the company
auditor, with Erkka Talvinko, Authorised Public Accountant, as chief auditor.
A decision was also made to amend section 10, paragraph 1 of the Articles of
Association regarding notice of meeting to comply with the new provisions of
the Limited Liability Companies Act.
A decision was also made to authorise the Board of Directors to decide on the
extension of the convertible bond in accordance with the provisions of chapter
10, section 1 of the Limited Liability Companies Act on the granting of special
rights.
Change of CEO in June
Professor Osmo Suovaniemi, founder of Biohit and its long-serving President and
CEO, stepped down from his position in June. The company's Board of Directors
appointed Jussi Heiniö, 48, LLM, as the new President and CEO as of 10 June
2010. Heiniö has been in Biohit's employ since 1997 and has previously served
as VP of Administration and Legal Affairs and deputy CEO. Osmo Suovaniemi has
not left the company; instead, he continues to take an active part in the
development of business strategies and innovations in his role as member of the
Board of Scientific Advisors. In addition, he continued to serve as an ordinary
member of Biohit Oyj's Board of Directors.
A new operating model introduced
During 2010, Biohit worked on devising a shared strategy for the entire Group.
In connection with this work, the company began the reorganisation of the
operating model applied in the liquid handling business in July and in the
diagnostics business in October. The composition and the roles and
responsibilities of management teams were specified in more detail to enhance
the efficiency of business control. In addition, the sales and marketing
managements of the liquid handling and diagnostics businesses were merged at
the year-end. The new business plans will be communicated and deployed across
the entire Group. The objective is to develop the company's business
cost-efficiently in a genuinely international direction, by utilising the
Group's own resources and large network of subsidiaries.
New units in Asia
Biohit's subsidiary in India and a representative office in Singapore launched
operations at the beginning of the year. The purpose of these new units is to
support Biohit product sales in the growing Asian markets.
More information on the administration of the Biohit Group in 2010 is available
in the Corporate Governance Statement 2010.
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 9,962,127 series B shares, making a total of
12,937,627 shares. Series A shares confer 20 votes per share and Series B
shares 1 vote per share. The dividend paid for Series B shares is, however, two
(2) per cent of the nominal value higher than that paid for Series A shares.
The total market capitalisation value (supposing that the market capitalisation
value for series A and B shares is equal) at the end of the period was EUR 27.2
million (EUR 19.4 million on 31 December 2009).
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 1-12/2010 1-12/2009
----------------------------------------------------
High, EUR 4.91 1.90
Low, EUR 1.50 1.27
Average, EUR 3.42 1.55
Closing price, EUR 2.10 1.50
Total turnover, EUR 32,166,841 2,599,021
Total turnover, no. of shares 9,415,015 1,996,489
Shareholders
At the end of the reporting period on 31 December 2010, the company had 4,602
shareholders (3,516 on 31 December 2009). Private households held 72.82%
(72.93%), companies 23.62% (23.60%), and public sector organisations 2.65%
(3.03%) of the shares. Foreign ownership or nominee registrations accounted for
0.86% (0.36%) of shares.
Further information about the shares, major shareholders, and management's
shareholdings is available on the company's website at
www.biohit.com/investors.
Convertible bond
On 3 August 2010, under the authorisation granted at the Annual General
Meeting, Biohit Oyj's Board of Directors decided to issue a convertible bond of
EUR 4.05 million to Finnish institutional investors. The convertible bond was
issued on 28 October 2010. The fixed coupon rate of the bond is 6.5% and it has
a maturity of five years. The bond will not be publicly traded.
This new bond replaced Biohit Oyj's earlier convertible bond in the same
amount, which matured in October 2010. The issue is part of a set of measures
aimed at optimising the company's long-term financing plan.
The issue was chiefly organised by Pohjola Corporate Finance Oy.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
After the reporting period, the sale of Acetium began in the highly-populated
German market. During the first phase, the product will be marketed mainly
through online pharmacies. In Germany, nine million pharmacy customers, or some
18 per cent of all internet users, purchase their pharmaceuticals through an
online pharmacy. Online pharmacies are allowed to sell both prescription and
non-prescription (OTC) drugs in Germany.
ACCOUNTING PRINCIPLES
This financial statement bulletin was prepared in accordance with IAS 34.
Biohit Oyj has applied the same accounting principles in preparing this
financial statement bulletin as for its financial statements of 2010. The IFRS
standards that came into effect in 2010 did not affect the accounting
principles.
All the figures in the financial statement bulletin have been rounded up or
down, due to which the sums of individual figures may deviate from the sum
total presented.
CONSOLIDATED INCOME STATEMENT
10-12/201 10-12/20 Change 1-12/201 1-12/200 Change
0 MEUR 09 MEUR % 0 MEUR 9 MEUR %
--------------------------------------------------------------------------------
Net Sales 11.1 10.2 8.6 40.0 35.4 13.2
Other operating income 0.1 0.0 157.5 0.2 0.2 34.0
Increase/decrease in 0.0 -0.2 109.4 -0.4 -0.3 54.7
inventories in
finished goods and in
work in progress
Materials and services -2.4 -1.9 22.5 -7.8 -6.5 20.1
Personnel expenses -4.7 -3.9 19.8 -17.1 -14.9 14.9
Depreciation -0.4 -0.4 -3.6 -1.7 -1.7 -2.8
Other operating -3.6 -3.0 20.9 -12.8 -11.0 16.3
expenses
--------------------------------------------------------------------------------
Operating profit/loss 0.1 0.8 -86.0 0.5 1.2 -57.4
Financial income 0.1 0.0 334.7 0.7 0.4 77.9
Financial expenses -0.2 -0.2 19.1 -0.8 -0.9 -12.4
--------------------------------------------------------------------------------
Profit/loss before 0.0 0.7 -95.1 0.4 0.7 -42.0
taxes
Direct taxes -0.0 -0.1 74.5 -0.3 -0.3 16.1
--------------------------------------------------------------------------------
Profit/loss for the 0.0 0.6 -98.8 0.1 0.4 -84.3
period
Other items in the
comprehensive income
statement
Currency-related 0.2 0.0 1, 0.2 -0.1 246.2
differences 763.6
--------------------------------------------------------------------------------
Total comprehensive 0.2 0.6 -65.4 0.3 0.3 -2.5
income for the
financial period
--------------------------------------------------------------------------------
Biohit Oyj's earnings are attributable to the parent company shareholders in
their entirety, as there are no minority interests.
Earnings per share calculated from earnings 1-12/2010 1-12/2009
attributable to parent company shareholders
-----------------------------------------------------------------
Earnings per share, undiluted*, EUR 0.00 0.03
-----------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2010 and 2009.
CONSOLIDATED BALANCE SHEET
31.12.2010 31.12.2009 Change %
MEUR MEUR
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 2.6 2.6 0.0
Intangible assets 3.2 2.3 35.2
Property, plant and equipment 6.5 6.5 1.1
Receivables 0.0 0.0 390.2
Deferred tax assets 1.8 1.9 -4.5
--------------------------------------------------------------------------------
Total non-current assets 14.2 13.4 6.1
CURRENT ASSETS
Inventories 5.2 5.1 2.0
Trade and other receivables 7.8 6.9 12.9
Financial assets at fair value through profit 0.5 0.4 25.0
or loss
Cash and cash equivalents 1.7 1.6 5.0
--------------------------------------------------------------------------------
Total current assets 15.2 14.0 8.4
--------------------------------------------------------------------------------
TOTAL ASSETS 29.4 27.4 7.2
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 2.2 2.2 0.0
Invested unrestricted equity fund 12.4 12.4 0.0
Currency-related differences -0.1 -0.3 58.6
Retained earnings -1.5 -1.5 4.0
--------------------------------------------------------------------------------
Total equity 13.0 12.7 2.0
NON-CURRENT LIABILITIES
Deferred income tax liabilities 0.0 0.0 100.0
Pension obligations 0.2 0.1 80.9
Total interest-bearing liabilities 8.5 3.9 121.7
Other liabilities 0.7 0.7 -5.8
--------------------------------------------------------------------------------
Total non-current liabilities 9.4 4.6 102.4
CURRENT LIABILITIES
Trade payables 1.9 1.4 31.6
Total interest-bearing liabilities 0.9 5.1 -82.0
Other liabilities 4.2 3.5 19.5
--------------------------------------------------------------------------------
Total current liabilities 7.0 10.0 -30.2
Total liabilities 16.4 14.6 11.8
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 29.4 27.4 7.2
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on 31 December 2010
--------------------------------------------------------------------------------
MEUR Share Currency-relat Invested Retained Shareholde
capital ed differences unrestricte earnings rs' equity
d
equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.3 12.4 -1.5 12.7
equity
on 1 January 2010
Total comprehensive 0.2 0.1 0.3
income
for the financial
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.1 12.4 -1.5 13.0
equity on 31
December 2010
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity on 31 December 2009
MEUR Share Currency-rel Invested Retained Shareholde
capital ated unrestricted earnings rs' equity
differences equity fund
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.2 12.4 -1.9 12.5
equity
on 1 January 2009
Total -0.1 0.4 0.3
comprehensive
income
for the financial
period
--------------------------------------------------------------------------------
Shareholders' 2.2 -0.3 12.4 -1.5 12.7
equity on 31
December 2009
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
1-12/2010 1-12/2009
MEUR MEUR
-----------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS
Profit /loss for the period 0.1 0.4
Adjustments 2.1 2.5
CHANGES IN WORKING CAPITAL 0.1 0.6
Interest paid and payments on other financial expenses -0.5 -0.5
Interest received 0.0 0.0
Realised exchange rate gains and losses 0.4 0.2
Direct taxes paid -0.2 -0.4
-----------------------------------------------------------------------------
Net cash flow from operations 2.0 2.8
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets -1.8 -2.0
Investments and income from the disposal of -0.1 0.1
investments into funds and deposits, net
-----------------------------------------------------------------------------
Net cash flow from investments -1.9 -1.9
CASH FLOW FROM FINANCING
Loan withdrawals 5.7 0.0
Loan repayments -5.8 -0.6
-----------------------------------------------------------------------------
Net cash flow from financing -0.1 -0.6
Increase (+)/decrease (--) in cash and cash equivalents -0.0 0.3
-----------------------------------------------------------------------------
Cash and cash equivalents at the beginning of period 1.6 1.3
Effect of exchange rate changes 0.1 -0.0
Cash and cash equivalents at the end of period 1.7 1.6
-----------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the
reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
2010 2009
-------------------------------------------------------------------
Collaterals given for the parent company
Corporate mortgage 2.5 2.5
Mortgage on real estate 2.7 2.7
Guarantees 0.0 0.0
-------------------------------------------------------------------
Collaterals given on behalf of subsidiaries
Guarantees 0.2 0.0
-------------------------------------------------------------------
Other liabilities
Leasing commitments:
-------------------------------------------------------------------
Due for payment before one year 0.8 0.7
Due for payment after 1 year but not later than 5 years 1.1 1.2
Due for payment after 5 years
-------------------------------------------------------------------
Total 1.9 1.9
-------------------------------------------------------------------
Other rental commitments:
-------------------------------------------------------------------
Due for payment before one year 0.9 1.0
Due for payment after 1 year but not later than 5 years 2.0 1.9
Due for payment after 5 years 2.0 0.2
-------------------------------------------------------------------
Total 5.0 3.1
-------------------------------------------------------------------
Total other liabilities 6.9 5.0
-------------------------------------------------------------------
Total collaterals and contingent liabilities 12.3 10.2
-------------------------------------------------------------------
Helsinki, 1 March 2011
Biohit Oyj
Board of Directors
Further information:
Jussi Heiniö, President and CEO
Tel: +358 9 773 861
jussi.heinio@biohit.com
Distribution:
NASDAQ OMX Helsinki Ltd.
Central storage facility (www.oam.fi)
Press
www.biohit.com
About Biohit Oyj
Biohit Oyj is a globally operating Finnish biotechnology company that was
established in 1988. The company's mission is to improve human health and
quality of life. Biohit follows a goal-directed and long-term innovation and
patenting strategy.
Biohit works with scientific communities to produce new technologies, products,
and services based on research results and innovations that can be used to
develop safe and cost-effective liquid handling solutions for laboratory work,
as well as diagnostic tests for the early detection and prevention of diseases
of the gastrointestinal tract.
Biohit has two business segments: liquid handling and diagnostics. Liquid
handling products include electronic and mechanical pipettes, disposable tips,
and pipette maintenance and calibration services for research institutions,
healthcare, and industrial laboratories.
The diagnostics business comprises products and analysis systems for the
prevention and early diagnosis of gastrointestinal diseases, such as the
blood-sample based GastroPanel examinations for the diagnosis of stomach
illnesses and associated risks, quick tests for the diagnosis of lactose
intolerance and H. pylori infection in connection with gastroscopy, and the
ColonView examination for the early detection of intestinal bleeding that
indicates a risk of colorectal cancer. The Acetium innovation reduces
carcinogenic acetaldehyde in an anacidic stomach.
The Biohit Group employs around 400 people. The Group is headquartered in
Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia,
India, China, Japan, and the USA. The company also has a representative office
in Singapore. Biohit's products are also sold through about 200 distributors in
70 countries.
Since 1999, Biohit's Series B share (BIOBV) has been quoted on NASDAQ OMX
Helsinki in the Small cap/Healthcare group and is traded under the code BIOBV
(www.biohit.com/investors).
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