Quarterly Report • Aug 6, 2010
Quarterly Report
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"In the first part of the year, the trend in our net sales surpassed expectations, with growth of 13.7% on the comparison period. Most of our net sales are still generated by liquid handling products – that is, pipettes and disposable tips. Their sales have increased, especially in Asia and North America. Our outlays on new local units in Asia have proven to be lucrative. Growth is also driven by the increased efficiency of our sales and marketing organisations in China and Japan as well as our closer cooperation in sales and marketing with our long-term partners in North America. Furthermore, we believe that the recovery of the world economy will contribute to the positive development of sales during the rest of the year as well.
In the diagnostics business, during the first half of the year we have focused not only on promoting sales of diagnostic kits, but also on the launch of the new Acetium capsule. The product has been well-received, but we must make constant outlays on consumer marketing in order to achieve our growth expectations.
That said, the Group's profitability is burdened by the substantial increase in fixed and variable costs. We have made considerable outlays on expanding our sales and marketing organisation. On the other hand, the rise in raw material costs – particularly in the case of plastics – coupled with tighter price competition is ushering in pressures to step up the efficiency of the liquid handling business going forward. The Group's liquidity has been improved by the restructuring of the convertible bond."
| 4-6/ | 4-6/ | Change | 1-6/ | 1-6/ | Change | 1-12/ | 1-12/ | |
|---|---|---|---|---|---|---|---|---|
| 2010 | 2009 | % | 2010 | 2009 | % | 2009 | 2008 | |
| Net sales, EUR million | 9.9 | 8.7 | 13.7 | 19.3 | 17.0 | 13.7 | 35.4 | 35.1 |
| Operating profit/loss, EUR million |
-0.1 | 0.2 | -131.2 | 0.0 | 0.3 | -85.8 | 1.2 | 1.3 |
| % of net sales | -0.6% | 2.2% | 0.1% | 1.2% | 3.4% | 3.7% | ||
| Profit/loss before taxes | 0.3 | 0.0 | 492.5 | 0.4 | 0.0 | 4,568.4 | 0.7 | 1.0 |
| Profit/loss for the period | 0.1 | 0.0 | 566.4 | 0.2 | -0.1 | 513.4 | 0.4 | 0.9 |
| Investments, gross, EUR million |
0.6 | 0.6 | -8.6 | 1.5 | 1.2 | 23.2 | 2.4 | 1.2 |
| % of net sales | 5.9% | 7.3% | 7.8% | 7.2% | 6.9% | 3.5% | ||
| R&D expenditure, EUR million |
0.6 | 0.7 | -6.5 | 1.2 | 1.3 | -1.7 | 2.4 | 2.0 |
| % of net sales | 6.2% | 7.5% | 6.4% | 7.2% | 6.8% | 5.8% | ||
| Average number of personnel |
399 | 365 | 9.3 | 394 | 364 | 8.2 | 370 | 369 |
| Number of personnel at end of period |
406 | 369 | 10.0 | 406 | 369 | 10.0 | 383 | 360 |
| Equity ratio, % | 44.9% | 45.4% | 44.9% | 45.4% | 46.8% | 46.5% | ||
| Earnings per share, EUR | 0.01 | 0.00 | 566.4 | 0.02 | -0.00 | 513.4 | 0.03 | 0.07 |
| Equity per share, EUR | 1.02 | 0.95 | 7.4 | 1.02 | 0.95 | 7.4 | 0.99 | 0.97 |
| Average number of shares during the period |
12,937,627 | 12,937,627 | 0.0 | 12,937,627 | 12,937,627 | 0.0 | 12,937,627 | 12,937,627 |
| Number of shares at end of period |
12,937,627 | 12,937,627 | 0.0 | 12,937,627 | 12,937,627 | 0.0 | 12,937,627 | 12,937,627 |
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 areas.
In the second quarter, net sales were up 13.7% on the corresponding period of 2009, and amounted to EUR 9.9 million (EUR 8.7 million). The share of net sales accounted for by international operations in April-June was 96.5% (96.0%)
Operating loss for the second quarter amounted to EUR 0.1 million (operating profit EUR 0.2 million) and the profit before taxes to EUR 0.3 million (EUR 0.0 million). Earnings per share were EUR 0.01 (EUR 0.00).
Profitability weakened primarily due to the outlays on the launch of Acetium, which was scheduled at the end of the review period.
In the review period, the Biohit Group's net sales were up 13.7% on the corresponding period of 2009, totalling EUR 19.3 million (EUR 17.0 million). The share of net sales accounted for by international operations was 96.5% (96.1%)
Operating profit for the review period amounted to EUR 0.0 million (operating profit EUR 0.2 million) and the profit before taxes to EUR 0.4 million (EUR 0.0 million). Earnings per share were EUR 0.02 (EUR -0.00).
The trend in net sales slightly outperformed expectations during the first half of the year. Growth is 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 review period is weakened primarily by expenses on bolstering the sales and marketing organisation. The result for the review period was improved by currency exchange gains allocated to financial items.
Sales and maintenance of liquid handling products accounted for 94.5% of net sales during the reporting period. The net sales of the liquid handling business amounted to EUR 18.3 million (EUR 16.2 million) and the net sales of the diagnostics business to EUR 1.1 million (EUR 0.9 million). The liquid handling business grew by 13.2% and the diagnostics business by 23.4%.
The operating profit of the liquid handling business amounted to EUR 1.3 million (EUR 1.3 million), while the operating loss of the diagnostics business totalled EUR 1.3 million (operating loss EUR 1.1 million).
| 4-6/ 2010 MEUR |
4-6/ 2009 MEUR |
Change % |
1-6/ 2010 MEUR |
1-6/ 2009 MEUR |
Change % |
1-12/ 2009 MEUR |
|
|---|---|---|---|---|---|---|---|
| Liquid Handling | 9.4 | 8.2 | 13.7 | 18.3 | 16.2 | 13.2 | 33.6 |
| Diagnostics | 0.6 | 0.5 | 15.2 | 1.1 | 0.9 | 23.4 | 1.8 |
| Total | 9.9 | 8.7 | 13.7 | 19.3 | 17.0 | 13.7 | 35.4 |
| 4-6/ | 4-6/ | Change % | 1-6/ 2010 | 1-6/ | Change | 1-12/ | |
|---|---|---|---|---|---|---|---|
| 2010 | 2009 | MEUR | 2009 | % | 2009 | ||
| MEUR | MEUR | MEUR | MEUR | ||||
| Liquid Handling | 0.6 | 0.6 | -1.0 | 1.3 | 1.3 | 5.1 | 3.2 |
| Diagnostics | -0.7 | -0.5 | -54.1 | -1.3 | -1.1 | -21.9 | -2.0 |
| Total | -0.1 | 0.2 | -131.2 | 0.0 | 0.2 | -85.8 | 1.2 |
| Net sales, MEUR | 4-6/ | 4-6/ | Change, | 1-6/ | 1-6/ | Change, | 1-12/ |
|---|---|---|---|---|---|---|---|
| 2010 | 2009 | % | 2010 | 2009 | % | 2009 | |
| Europe | 5.2 | 4.9 | 5.2 | 10.2 | 9.7 | 5.8 | 19.4 |
| America | 2.0 | 1.6 | 31.8 | 3.9 | 3.0 | 27.2 | 6.2 |
| Asia | 1.3 | 1.0 | 29.4 | 2.9 | 2.2 | 36.2 | 4.7 |
| Other | 1.4 | 1.3 | 7.2 | 2.3 | 2.2 | 4.9 | 5.1 |
| Group, total | 9.9 | 8.7 | 13.7 | 19.3 | 17.0 | 13.7 | 35.4 |
Currency exchange rate fluctuations did not have a material impact on the Group's net sales during the review period.
On 30 June 2010, the balance sheet total was EUR 29.7 million (EUR 27.1 million) and the equity ratio was 44.9% (45.4%).
Cash flow in the reporting period was EUR 0.2 million (EUR 0.4 million). Net cash flow from operating activities amounted to EUR 1.5 million (EUR 1.8 million). At the end of the review period, consolidated liquid assets totalled EUR 2.0 million (EUR 1.7 million on 30 June 2009 and EUR 1.6 million on 31 December 2009). Current ratio was 1.4 (2.3). The current ratio declined because the EUR 4.05 million convertible bond that was issued in 2005 and which matures in October 2010 was transferred from non-current to current liabilities.
Research and development expenditure during the reporting period amounted to EUR 1.2 million (EUR 1.3 million), representing 6.4% of net sales (7.2%). EUR 0.2 million (EUR 0.2 million) in development expenditure was capitalised during the period.
Gross investments during the reporting period totalled EUR 1.5 million (EUR 1.2 million). Investments were primarily made in production technology in Kajaani, increasing the production capacity of disposable pipette tips.
The average number of Group personnel during the reporting period was 394 (364 in the corresponding period of 2009 and 370 in 2008). Of these, 182 (170 in 2009, 172 in 2008) were employed by the parent company and 212 (194 in 2009, 198 in 2008) by subsidiaries. The number of personnel has increased at the Asian units in particular.
The good development of Biohit's business operations in the first months of the year continued during the second quarter. After the first quarter, there have been no significant changes in the short-term risks reported by the company, with the exception of the impact of its convertible bond and raw material prices.
Earlier, the EUR 4.05 million convertible bond maturing in October of the present year posed the greatest risk to the Group's liquidity. However, the company restructured the bond after the end of the review period by issuing a new convertible bond of the same size. The lenders have committed to subscribing for the bond in October. The new convertible bond replaces the earlier bond. The restructuring of the bond and the Group's positive earnings trend improves the Group's liquidity, which nevertheless remains at a merely satisfactory level.
Therefore, the company's business risks still mainly concern the diagnostics business and the expectations for it. If the diagnostics business does not achieve its growth goals, this may be negatively reflected on the entire Group's profitability. 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. That said, the long-term development of the diagnostics business continued during the review period, and seems to be yielding results. The company thus estimates that this risk has not grown.
The rise in raw material prices – particularly in the case of plastics – has burdened the profitability of the liquid handling business. Insofar as the increase in costs cannot be passed on to product prices due to price competition, this will also strain the profitability of the business. The company seeks to hedge itself against this risk by means such as contractual terms.
The trend in the external value of the euro still poses a major risk to the company's business profitability. The company hedges itself against currency risks by means such as making procurements in currencies other than the euro and planning the Group's cost structure such that a significant share of fixed costs are in non-euro currencies.
The growth in the Group's net sales slightly exceeded expectations during the first half of the year. The positive trend in net sales that began in the early months of the year is expected to continue during the rest of the year. Post-recession development is expected to result in growing demand in all market areas, particularly outside Europe.
On the heels of economic recovery, demand for liquid handling products is focusing particularly on mechanical and electronic pipettes. Demand is expected to keep rising during the rest of the year. However, business profitability is unfavourably impacted by the rising prices of raw materials, especially in the case of plastics, which has an adverse effect on the Group's earnings trend.
The diagnostics business is expected to remain on a growth track during the rest of the year. However, as in the first part of the year, growth is expected to be moderate, driven by rising demand for diagnostic tests and the Acetium capsule.
The company expects that its full-year profit before taxes will be slightly better than in the previous year.
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.
The trend in the sales of the liquid handling business was favourable in all product groups during the review period. Pipette sales also continued to grow during the second quarter. Asia in particular saw further growth, but sales in North America also picked up compared with the comparison period.
Biohit focused especially on the marketing and sales of disposable pipette tips during the review period. In addition, the company expanded its own sales network in growing Asian markets.
In June, Biohit began reorganising the steering mechanism of its liquid handling business. The Liquid Handling Management Team was reorganised and responsibility areas specified in line with the company's processes in order to boost the efficiency of business control. The goal is to develop the company's business in a truly international direction by utilising the Group's own resources and extensive network of subsidiaries, as well as a matrix organisation structure. The change came into effect in July and a similar model will be implemented to the diagnostics business at a later stage.
The new Management Team includes the following members and functions: Jussi Heiniö (President & CEO), Erkki Vesanen (Product Life Cycle Management), Kalle Härkönen (Operations), Jukka-Pekka Haapalahti (Sales and Marketing), Seppo Riikonen (Quality and Risk Management), Tiina Hankonen (Finance, ICT and HR) and Josefin Hoviniemi (Communications).
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 the GastroPanel examinations (www.gastropanel.net) 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, software as well as installation, training and maintenance services. The GastroPanel laboratory concept is geared towards facilitating the efficient introduction of GastroPanel examinations. The company also engages in service laboratory operations in Finland and the UK.
The company has developed the prescription-free Acetium capsule to reduce carcinogenic acetaldehyde in the gastrointestinal tract. The International Agency for Research on Cancer (IARC), which forms part of the World Health Organisation (WHO), has classified 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) and the resulting acid-free stomach caused by a Helicobacter pylori infection or autoimmune disease as well as for users of anti-acid medication (Proton Pump Inhibitors, H2 blockers) (www.biohit.com/acetium).
The growth in the sales of the diagnostics business was 23.4% on the comparison period and focused on sales of test kits.
During the review period, Biohit started pharmacy sales of Acetium capsules in Finland. The product was launched for consumers at the end of May and its sales have as yet not had a significant impact on the net sales for the review period. In addition, launch-related costs have weakened the result for the period.
In addition to consumer advertising, the company has focused especially on the availability of the product in pharmacies during the launch stage. Acetium capsules are distributed nationwide through one of the leading pharmaceutical wholesalers, Tamro Oyj, and are already available from more than 500 pharmacies in Finland. However, if the set growth expectations are to be achieved, it is necessary to make continuous outlays on marketing targeted at both professionals (physicians, pharmacists) and consumers.
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 from 10 June 2010. Heiniö has been in Biohit's employ since 1997 and for the past six years served as VP of Administration and Legal Affairs and deputy CEO. Osmo Suovaniemi is not leaving the company. He continues to take active part in the development of business strategies and innovations in Biohit's Boards of Scientific Advisors. In addition, he will continue as a member of Biohit Oyj's Board of Directors.
The amendments to the Articles of Association of Biohit Oyj, decided by the AGM on 23 April 2010, came into effect on 14 May 2010. In accordance with the amendments, the term of Ainomaija Haarla, who was elected as new member to the Board of Directors, began simultaneously.
During the review period, the Board of Directors of Biohit Oyj named Jukka Ant-Wuorinen, M.Sc. (Econ.) vice chairman of the Board. Professor Reijo Luostarinen continues as chairman.
In May, Jukka-Pekka Haapalahti, 35, M.Sc. (biochemistry), was appointed as the new Sales and Marketing Director of Biohit Oyj's liquid handling business. Tiina Hankonen, 43, MBA, was appointed as the new Financial Director in June. Josefin Hoviniemi, 39, M.Sc. (Soc.Sc.), was appointed as Communications Director as from the beginning of July. She has been in Biohit's employ since 2005.
Yrjö E. K. Wichmann, 51, M.Sc. (Soc.Sc.), was appointed to head up Biohit Oyj's diagnostics business during the review period. In March, Terhi Lampén, 37, M.Sc. (Econ.), was appointed Nordic Sales Manager and member of the Management Team of Biohit's diagnostics business.
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 to a total of 12,937,627 shares. Series A shares confer 20 votes per share and series B shares 1 vote per share. However, the dividend paid for Series B shares is higher than that paid for Series A shares by two per cent (2%) of its nominal value. 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 32.9 million (EUR 18.5 million on 30 June 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 | 1-6/2010 | 1-6/2009 |
|---|---|---|
| High, EUR | 4.91 | 1.90 |
| Low, EUR | 1.50 | 1.27 |
| Average, EUR | 3.53 | 1.57 |
| Closing price, EUR | 2.54 | 1.43 |
| Total turnover, EUR | 30,173,097 | 1,836,879 |
| Total turnover, no. of shares | 8,549,176 | 1,497,952 |
At the end of the reporting period on 30 June 2010, the company had 4,789 shareholders (3,539 on 30 June 2009). Private households held 73.14% (72.68%), companies 23.25% (23.73%) and public sector organisations 2.81% (3.03%). 0.73% (0.44%) 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/investors.
On 3 August 2010, under the authorisation granted by the General Meeting, Biohit Oyj's Board of Directors decided to issue a convertible bond of EUR 4.05 million to Finnish institutional investors. Deviating from the shareholders' pre-emptive subscription right, the bond will be offered for subscription to investors chosen by the Board of Directors. The fixed coupon rate of the bond is 6.5%. The bond will be issued on 28 October 2010 and has a maturity of five years. The bond will not be publicly traded.
This new bond will replace Biohit Oyj's earlier convertible bond of the same size, which is due to mature in October 2010. The issue is part of a set of measures aimed at optimising the company's long-term financing plan. On this basis, the company takes the view that there are substantial financial reasons for deviating from the shareholders' pre-emptive subscription right.
The issue will be chiefly organised by Pohjola Corporate Finance Oy.
This interim report was prepared in accordance with the IAS 34 standard.
Biohit Oyj has applied the same accounting principles in preparing this interim report as for its financial statements of 2009. The changes in the IFRS standards that came into effect in 2010 did not affect the accounting principles of the interim report.
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.
| 4-6/ 2010 MEUR |
4-6/ 2009 MEUR |
Change % |
1-6/ 2010 MEUR |
1-6/ 2009 MEUR |
Change % |
1-12/ 2009 MEUR |
|
|---|---|---|---|---|---|---|---|
| Net sales | 9.9 | 8.7 | 13.7 | 19.3 | 17.0 | 13.7 | 35.4 |
| Other operating income | 0.1 | 0.1 | 82.1 | 0.1 | 0.1 | 44.3 | 0.2 |
| Change in inventories of finished goods and work in progress |
-0.4 | -0.2 | 69.0 | -0.7 | -0.1 | 949.5 | -0.3 |
| Materials and services | -1.7 | -1.4 | 19.5 | -3.4 | -2.9 | 14.4 | -6.5 |
| Employee benefit expenses | -4.3 | -3.8 | 14.9 | -8.4 | -7.5 | 11.1 | -14.9 |
| Depreciation | -0.4 | -0.4 | 5.5 | -0.8 | -0.9 | -5.4 | -11.0 |
| Other operating expenses | -3.2 | -2.7 | 19.0 | -6.1 | -5.5 | 12.0 | -1.7 |
| Operating profit/loss | -0.1 | 0.2 | -131.2 | 0.0 | 0.2 | -85.8 | 1.2 |
| Financial income | 0.5 | 0.2 | 151.2 | 0.6 | 0.3 | 129.8 | 0.4 |
| Financial expenses | -0.2 | -0.3 | -53.7 | -0.2 | -0.5 | -49.9 | -0.9 |
| Profit/loss before taxes | 0.3 | 0.0 | 492.5 | 0.4 | 0.0 | 4 568.4 | 0.7 |
| Income taxes | -0.1 | -0.0 | 430.5 | -0.2 | -0.1 | 181.6 | -0.3 |
| Profit/loss for the period | 0.1 | 0.0 | 566.4 | 0.2 | -0.1 | 513.4 | 0.4 |
| Other comprehensive income: | |||||||
| Translation differences | 0.1 | -0.1 | 155,0 | 0,2 | -0,2 | 207,0 | -0,1 |
| Total comprehensive income for the period |
0.2 | -0.1 | 271,0 | 0,5 | -0,3 | 277,0 | 0,3 |
Earnings of Biohit Oyj are fully attributable to the equity holders of the parent company, as there is no minority interest.
| Earnings per share calculated from earnings attributable | 1-6/ | 1-6/ | 1-12/ |
|---|---|---|---|
| to equity holders of the parent company | 2010 | 2009 | 2009 |
| Earnings per share, undiluted*, EUR | 0.02 | -0.00 | 0.03 |
*) The convertible bond is not dilutive in respect of earnings per share in the financial years 2010 and 2009.
| 30.6.2010 | 30.6.2009 | Change | 31.12.2009 | |
|---|---|---|---|---|
| MEUR | MEUR | % | MEUR | |
| ASSETS | ||||
| NON-CURRENT ASSETS | ||||
| Goodwill | 2.6 | 2.6 | 0.0 | 2.6 |
| Intangible assets | 2.8 | 2.2 | 29.1 | 2.3 |
| Tangible assets | 6.7 | 6.3 | 6.7 | 6.5 |
| Receivables | 0.0 | 0.0 | -22.2 | 0.0 |
| Deferred tax assets | 1.9 | 2.0 | -8.5 | 1.9 |
| Total non-current assets | 14.0 | 13.1 | 6.7 | 13.4 |
| CURRENT ASSETS | ||||
| Inventories | 5.2 | 5.5 | -4.8 | 5.1 |
| Trade and other receivables | 8.0 | 6.4 | 24.7 | 6.9 |
|---|---|---|---|---|
| Financial assets recognised at fair value through profit or loss |
0.6 | 0.5 | 11.3 | 0.4 |
| Cash and cash equivalents | 2.0 | 1.7 | 18.9 | 1.6 |
| Total current assets | 15.7 | 14.0 | 12.0 | 14.0 |
| TOTAL ASSETS | 29.7 | 27.1 | 9.4 | 27.4 |
| EQUITY AND LIABILITIES | ||||
| Equity attributable to the equity holders of the parent company |
||||
| Share capital | 2.2 | 2.2 | 0.0 | 2.2 |
| Fund for investments of non-restricted equity | 12.4 | 12.4 | 0.0 | 12.4 |
| Translation differences | -0.1 | -0.4 | 72.1 | -0.3 |
| Retained earnings | -1.3 | -2.0 | 35.1 | -1.5 |
| Total equity | 13.2 | 12.2 | 8.0 | 12.7 |
| NON-CURRENT LIABILITIES | ||||
| Deferred tax liabilities | 0.0 | 0.0 | 100.0 | 0.0 |
| Pension obligations | 0.1 | 0.1 | 46.1 | 0.1 |
| Total interest-bearing liabilities | 4.7 | 8.0 | -41.1 | 3.9 |
| Other liabilities | 0.6 | 0.7 | -7.6 | 0.7 |
| Total non-current liabilities | 5.5 | 8.8 | -37.4 | 4.6 |
| CURRENT LIABILITIES | ||||
| Trade payables | 2.1 | 1.5 | 46.1 | 1.4 |
| Total interest-bearing liabilities | 4.8 | 0.8 | 463.3 | 5.1 |
| Other liabilities | 4.0 | 3.8 | 6.7 | 3.5 |
| Total current liabilities | 11.0 | 6.1 | 80.2 | 10.0 |
| Total liabilities | 16.5 | 14.9 | 10.6 | 14.6 |
| TOTAL EQUITY AND LIABILITIES | 29.7 | 27.1 | 9.4 | 27.4 |
| MEUR | Share capital |
Trans lation diff. |
Fund for investments of non-restricted equity |
Retained earnings |
Equity |
|---|---|---|---|---|---|
| Equity on 1 Jan 2010 | 2.2 | -0.3 | 12.4 | -1.5 | 12.7 |
| Total comprehensive income for the period |
0.2 | 0.2 | 0.5 | ||
| Equity on 30 June 2010 | 2.2 | -0.1 | 12.4 | -1.3 | 13.2 |
| MEUR | Share capital |
Trans lation diff. |
Fund for investments of non-restricted equity |
Retained earnings |
Equity |
|---|---|---|---|---|---|
| Equity on 1 Jan 2009 | 2.2 | -0.2 | 12.4 | -1.9 | 12.5 |
| Total comprehensive income for the period |
-0.2 | -0.1 | -0.3 | ||
| Equity on 30 June 2009 | 2.2 | -0.4 | 12.4 | -2.0 | 12.2 |
| 1-6/2010 MEUR |
1-6/2009 MEUR | 1-12/2009 MEUR |
|
|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Profit/loss before taxes | 0.4 | 0.0 | 0.7 |
| Adjustments | 0.4 | 1.1 | 2.2 |
| CHANGE IN WORKING CAPITAL | 0.3 | 1.1 | 0.6 |
| Interest and other financial items paid | -0.1 | -0.3 | -0.5 |
| Interest received | 0.0 | 0.0 | 0.0 |
| Realised exchange rate gains and losses | 0.5 | -0.0 | 0.2 |
| Income taxes paid | -0.1 | -0.1 | -0.4 |
| Net cash flow from operating activities | 1.5 | 1.8 | 2.8 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Investments in tangible and intangible assets | -0.9 | -1.2 | -2.0 |
| Investments and capital gains from investments in funds and deposits, net |
-0.2 | 0.0 | 0.1 |
| Net cash flow from investments | -1.1 | -1.2 | -1.9 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Proceeds from loans | 1.2 | 0.0 | 0.0 |
| Repayment of loans | -1.4 | -0.2 | -0.6 |
| Net cash flow from financing activities | -0.2 | -0.2 | -0.6 |
| Increase (+) / decrease (-) in cash and cash equivalents | 0.2 | 0.4 | 0.3 |
| Cash and cash equivalents at beginning of period Effects of exchange rate changes |
1.6 | 1.3 | 1.3 |
| on cash and cash equivalents | 0.1 | -0.0 | -0.0 |
| Cash and cash equivalents at end of period | 2.0 | 1.7 | 1.6 |
There have been no noticeable changes in related party transactions in the reporting period.
| 30.6.2010 MEUR |
30.6.2009 MEUR |
31.12.2009 MEUR |
|
|---|---|---|---|
| Liabilities for which mortgages have been lodged as collateral |
|||
| Loans from financial institutions | 3.4 | 3.4 | 3.4 |
| For which collateral has been lodged |
|||
| - Corporate mortgages | 2.3 | 2.3 | 2.3 |
| - Mortgages on real estate | 2.0 | 1.9 | 2.0 |
| Other liabilities | 0.1 | 0.2 | 0.1 |
| For which collateral has been lodged | 0.8 | 0.8 | 0.8 |
| - Mortgages on real estate | |||
| Rental and lease agreements | 4.4 | 3.9 | 5.0 |
| For which collateral has been lodged | |||
| - Corporate mortgages | 0.2 | 0.2 | 0.2 |
The third interim report for 2010 will be published on Friday, 5 November 2010, at 9:30 am.
Helsinki on 6 August 2010
Board of Directors of Biohit Oyj
Jussi Heiniö, President & CEO Tel: +358-9-773 861 Email: [email protected]
NASDAQ OMX Helsinki Oy Central storage facility (www.oam.fi) Press www.biohit.com
Established in 1988, Biohit Oyj is a Finnish biotechnology company, acting on the global market. Biohit's operations are based on a goal-oriented 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 as well as pipette maintenance and calibration services for research institutions, healthcare and industrial laboratories.
The diagnostics business comprises products and analysis systems for the 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 acid-free stomachs.
The Biohit Group employs around 390 people. The company is headquartered in Helsinki, Finland, and has subsidiaries in France, Germany, the UK, Russia, India, China, Japan and the USA, as well as a representative office in Singapore. Additionally, Biohit's products are sold by approximately 450 distributors in 70 countries.
Biohit's series B share (BIOBV) is quoted on NASDAQ OMX Helsinki, Small cap/Healthcare since 1999.
Read more at www.biohit.com
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