BIOHIT GROUP FINANCIAL STATEMENT RELEASE 2012
SUMMARY
January-December 2012:
- Net sales of the company EUR 2.0 million (EUR 2.2 million in 1-12/2011), change -6%.
- Operating result of the company EUR -4.6 million (EUR -6.0 million). Includes a goodwill write-down of EUR 2.6 million.
- Result before taxes EUR -3.7 million (EUR 43.8 million). The 2011 figure includes a capital gain of EUR 50.3 million from the sale of discontinued operations and a goodwill write-down of EUR 2.6 million. The comparable result before taxes in 2011 was
EUR -6.5 million. - Earnings per share EUR -0.27 (EUR 2.86).
- Biohit Oyj only has a diagnostics business segment.
October-December 2012:
- Net sales EUR 0.7 million (EUR 0.7 million), change -2%.
- Operating result EUR -1.2 million (EUR -3.5 million). The 2011 figure includes a goodwill write-down of EUR 2.6 million.
- Result before taxes EUR -0.8 million (EUR 43.3 million).
- Earnings per share EUR -0.06 (EUR 2.56).
SEMI KORPELA, PRESIDENT AND CEO:
In 2012 we focused on sales and marketing, on the building of distribution channels and developing the cooperation with distributors. During the fourth quarter of 2012 we made a distributor agreement on acetaldehyde binding products with a Mexican pharmaceutical company, ProGalénika. The agreement gives ProGalénika exclusive rights to the distribution and production of the Acetium product in Mexico, Argentina, Brazil, Columbia and Venezuela. The agreement is divided into two stages: during the first stage ProGalénika operates as a distributor and during the second stage ProGalénika also produces Acetium in its area of operation. With the Canadian company, Xediton Pharmaceuticals Ltd, we concluded a distributor agreement, which gives the company exclusive rights to the marketing and distribution of the Acetium product in Canada.
During the fourth quarter of 2012 we signed diagnostics distributor agreements in the following countries: Hungary, the Netherlands and Vietnam.
Biohit’s strong balance sheet provides good conditions for business development and for exploiting the high potential of the finished products. At the end of 2012, Biohit reported an equity ratio of 88.7% (74.0%) and it had short-term assets worth EUR 30.5 million.
In January 2013 Biohit signed a distributor agreement with Chinese GrandPharma Ltd concerning the marketing and distribution of Acetium product in China. The agreement grants GrandPharma exclusive rights to use Biohit’s knowhow and immaterial property rights in the distribution and development of the Acetium product in China.
At the end of January 2013, the company decided to continue the clinical research, which aims to determine the company's new BioAcetium product’s ability to treat Helicobacter pylori infection.
In February 2013 Biohit Oyj and Tamro Oyj agreed to strengthen their cooperation related to the Acetium product portfolio.
GROUP'S KEY FIGURES
| 10-12/12 | 10-12/11 | Change | 1-12/12 | 1-12/11 | Change | |
| Net sales, MEUR | 0.7 | 0.7 | 0.0 | 2.0 | 2.2 | -0.1 |
| Operating profit/loss, MEUR | -1.2 | -3.5* | 2.2 | -4.6 | -6.0* | 1.4 |
| Profit/loss before taxes, MEUR | -0.8 | -3.5* | 2.7 | -3.7 | -6.5* | 2.8 |
| Profit/loss of discontinued operations, MEUR | 0 | 46.8 | -46.8 | 0 | 50.3 | -50.3 |
| Profit/loss for the period, MEUR | -0.8 | 37.4* | -38.3 | -3.7 | 37.8* | -41.5 |
| Average number of personnel | 35 | 36 | -1 | 35 | 36 | -1 |
| Number of personnel at the end of period | 35 | 36 | -1 | 35 | 34 | 1 |
| Equity ratio, % | 88.7% | 74.0% | 14.7 | 88.7% | 74.0% | 14,7 |
| Earnings per share, EUR | -0.06 | 2.56 | -2.62 | -0.27 | 2.86** | -3.13 |
| Equity per share, EUR | 2.6 | 3.9 | -1.3 | 2.6 | 3.9 | 1.3 |
| Average number of shares during the period | 13,615,593 | 13,615,593 | 0 | 13,615,593 | 13,163,616 | 451,977 |
| Number of shares at the end of period | 13,615,593 | 13,615,593 | 0 | 13,615,593 | 13,615,593 | 0 |
*) Includes a goodwill write-down of MEUR 2.6.
**) Earnings per share for 2011 have been calculated from the result of both continuing and discontinued operations
REPORTING
The company’s product portfolio consists of GastroPanel (Pepsinogen I, Pepsinogen II, Gastrin-17 and H. pylori), acetaldehyde binding Acetium, diagnostic quick tests and monoclonal antibodies. The company can also sell pipettes produced by Sartorius GmbH. The company classifies all business areas into the diagnostics segment, including liquid handling products, instruments and software, due to the small sales volumes of these products in relation to the total sales. In the 2012 reporting, general administrative expenses for the comparison period 2011 will be re-allocated fully to continuing operations.
NET SALES AND RESULT
October-December
In the fourth quarter, net sales decreased 2 per cent compared to the comparison period in 2011 and amounted to EUR 0.7 million (EUR 0.7 million).
In the last quarter, the operating result without goodwill write-down was EUR -1.2 million (EUR -3.5 million).
Result before taxes was EUR -0.8 million (EUR 43.3 million). Earnings per share was
EUR -0.06 (EUR 2.56).
January-December
January-December net sales was EUR 2.0 million (EUR 2.2 million). Turnover decreased by 6% from 2011.
Operating result was EUR -4.6 million (operating result EUR -6.0 million). In the operating loss of the comparison period includes a goodwill write-down of EUR 2.6 million.
Net sales and result of the Group
| 10-12/12 | 10-12/11 | Change MEUR | 1-12/12 | 1-12/11 | Change MEUR | |
| Net sales, MEUR | 0.7 | 0.7 | 0.0 | 2.0 | 2.2 | -0.1 |
| Operating profit/loss, MEUR | -1.2 | -3.5 | 2.2 | -4.6 | -6.0 | -1.4 |
The impact of currency exchange rates
In 2012, there was no significant influence (EUR 0.0 million) of exchange rates. In 2011, net exchange rate gains amounted to EUR 0.2 million.
BALANCE SHEET
On 31 December 2012, the balance sheet total was EUR 40.0 million (EUR 71.5 million) and the equity ratio was 88.7% (74.0%).
FINANCING
Biohit Oyj’s financial position is good and it allows for a strong investment in business and product development as well as in the marketing thereof.At the end of the financial year, company’s current financial assets were EUR 30.5 million. In addition, the company has EUR 6.8 million in receivables in an escrow account from a business transaction made at the end of 2011. Funds will be released on 31 March 2014, provided no claims concerning the transaction are made.In February 2012, the company paid back the capital loan of EUR 0.6 million and the accumulated interest of 5% on the loan. During the same month, the convertible bond holders sold the convertible bond loan of EUR 4.1 million back to the company (interest rate 6.5%).
RESEARCH AND DEVELOPMENT
Business research and development is focused on innovation and product development, as well as commercialization. The company uses external experts and subcontractors in research and development operations. Development costs are not capitalized.
INVESTMENTS
Gross investments during the reporting period totalled EUR 0.3 million (EUR 0.1 million).
PERSONNEL
During the reporting period, the average number of personnel employed by the Group was 35 (422 in the corresponding period in 2011), of whom 29 (188) were employed by the parent company and 6 (234) by the subsidiaries. At the end of the period, the number of personnel was 35 (34), of whom 29 (27) were employed by the parent company and 6 (7) by subsidiaries. During the transition period, former subsidiaries continued to employ 5 members of personnel.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
The company's key risks relate to the investments required to grow its business. Such risk factors include successful selection and development of distribution channels, recruitment of personnel, registration processes and product pricing. Significant short-term risks are associated with the selection of new market areas, the timing of expansion into the selected markets and product success in these markets.
The duration of the product registration process varies by market areas and it impacts on the favourable development of the business. It is challenging to estimate precisely how much time elapses before the registration of the main market areas has been completed and the revenue generated.
The aim of the company’s liquid asset investment activity is to achieve profit at very low risk of capital loss. The investment portfolio consists of deposits, investments in the financial market and company loans. Sufficient distribution of investments between asset categories, investment instruments and counterparties is essential. The company uses at least partners in its investment operations.
The business has a wide customer base, which means company will not have significant dependencies on individual customers or project deliveries. Most of the company’s business is conducted in euro, and the indirect effects of currency exchange rate fluctuations are considered minor.
OUTLOOK FOR 2013
The company is still strongly focusing on finding foreign partners and on supporting said partners. Net sales growth depends on how quickly the existing distributors will be able to increase sales, how new distributor agreements will be accomplished, how the products will be registered in new market areas as well as how effectively new partners succeed in the sales development.
The company expects to achieve a positive result during 2013 or in the first half of 2014.
MAIN EVENTS IN THE REPORTING PERIOD
At the end of 2012, the company decided to incorporate the service laboratory activities. Starting from the beginning of 2013, Biohit Laboratory Services Oy offers analyses of tests developed by Biohit, and the determination of carcinogenic acetaldehyde in foodstuffs and alcoholic beverages. Exposure to acetaldehyde has been connected to around four million new cases of cancer every year that is globally almost 40% of all cancers. Biohit has developed products and methods that reduce acetaldehyde exposure in the gastrointestinal tract and nutrition.
| Business | 1-12/2012 | 1-12/2011 |
| Net sales, MEUR | 2.0 | 2.2 |
| Change compared to previous year, % | -6% | -6.7% |
| Operating result, MEUR* | -4.6 | -6.0* |
| Change compared to previous year, % | +23% | -66% |
| Operating result, % of net sales | -224% | -274% |
*) Operating result of the diagnostics segment includes a goodwill write-down of EUR 2.6 million
The company made an agreement with Tamro Oyj, which covers the marketing of Acetium to pharmacies in Finland in addition to the logistics. The company started cooperation with Mexican pharmaceutical company ProGalénika and Xediton Pharmaceuticals Ltd, which operates in Canadian markets. Both agreements are related to the Acetium product. The company started a project with Terveystalo, in which Biohit offers GastroPanel laboratory diagnostic services to the customers of Terveystalo. With CanAg Diagnostic, a Chinese affiliate of the Japanese company Fujirebio, a distributor agreement was concluded, which covers the sales and marketing cooperation of GastroPanel in China. Euro Diagnostica also received the exclusive rights to distribute Biohit’s GastroPanel test in Sweden, Norway and Denmark. Biohit initiated a GastroPanel screening programme in Kazakhstan.
A subsidiary was established in China. The aim of the subsidiary is to promote product awareness and provide support for building a distribution channel in China. More sales power was acquired for the UK subsidiary. The company outsourced the business in Russia to Melon Pharma.
The company's management was strengthened by recruitments and an organisation was re-organized to better support the company's strategy and goals. The company was also forced to engage statutory employer-employee negotiations in order to adjust production, product development and sales and marketing to the new situation.
Biohit Oyj was granted a U.S. patent for an invention of binding carcinogenic acetaldehyde in gastrointestinal tract and in nutrition. Patent for Biofood-invention is valid until 3rd of April 2026. The object of this Biofood-invention comprises food compositions, to which one or more acetaldehyde-binding compositions are added. The purpose of the compositions is to reduce the amount of detrimental acetaldehyde in the area of the mouth, the pharynx, the esophagus, the stomach, and the small and large intestines, and through this, to reduce the risk of developing cancers in these areas.
Biohit Oyj was granted a methods patent related to GastroPanel invention in China. The patent will protect “the method for diagnosing atrophic gastritis” and is in effect until 3rd of January 2022.
Acetium, developed by Biohit, has been granted extensive patent protection in Europe. Patents are also pending outside Europe.
MAJOR EVENTS AFTER THE CLOSE OF THE PERIOD
In January 2013, Biohit signed a distributor agreement with Chinese GrandPharma Ltd concerning the marketing and distribution of Acetium product in China. The agreement grants GrandPharma exclusive rights to use Biohit’s knowhow and immaterial property rights in the distribution and development of the Acetium product in China. Grand Pharma is a modern and comprehensive enterprise, which acts as a distributor and producer in the pharmaceutical sector.
Within the distributor agreement, GrandPharma applies at the first stage for the registration of Acetium product in China. It is estimated, that the final product registration process in China will take approximately two years. However, the duration of the registration process is difficult to estimate accurately at this stage.
At the end of January, the company decided to continue the clinical research, which aims to determine the company's new BioAcetium product’s ability to treat Helicobacter pylori infection.
In addition, Biohit Oyj and Tamro Oyj agreed to strengthen their cooperation related to the Acetium product portfolio. This cooperation will include in the future the marketing and distribution of new Acetium lozenges to pharmacies in Finland. The Acetium lozenge effectively removes acetaldehyde dissolved into saliva during smoking. In 2008, WHO stated that acetaldehyde is one of the major carcinogens in cigarette smoke, and reducing exposure to these carcinogens should be mandatory. The new product is expected to be available on market in Finland at the end of the first quarter.
ADMINISTRATION
Annual General Meeting
The Annual General Meeting held on 11th April 2012 decided that the company will pay a dividend for the past financial year of EUR 2,721,410.93 and a repayment of capital EUR 10,888,000.80, and that the parent company's profit for the financial year, EUR 40,472,042.36 reduced by payment of dividend, is to be moved to the profit/loss account of previous financial years.
The Annual General Meeting decided that the number of members in the Board is seven (7) and elected the following people to the Board until the end of the next annual shareholder's meeting: Kalle Kettunen (CEO, MSc (Eng.), MBA), Professor Osmo Suovaniemi (MD, PhD), Professor Mikko Salaspuro (MD, PhD) and Eero Lehti (MP, MSc (Soc. Sc.)), Petteri Kilpinen (CEO, BSc (Eng.)), Seppo Luode (MSc (Eng.), MBA) and Saila Miettinen-Lähde (CFO, MSc (Eng.), BSc).
Authorised Public Accountants, Ernst & Young Oy, with Erkka Talvinko, APA, as the auditor in charge were elected as the auditors of the company.
Biohit Oyj’s management
Semi Korpela, M.Sc. (Econ.), was appointed President and CEO of Biohit Group as of 15 December 2011. Previously, Korpela worked as the Financial Director of Biohit Oyj from 2003 to 2006. After this, Korpela held positions as Financial Director at CPS Color Group, Medisize Group and LDR Group Oy.
Jussi Kolunen, M.Sc. (Econ.), born 1969, was appointed Head of Financials at Biohit Oyj as of 28 May 2012. From the year 2005 onwards he has been responsible for the financial administration at Bridgestone Finland Oy, worked as Business Controller at Xerox Oy from 2003 to 2005 and at Fujitsu Invia from 1999 to 2003.
Lea Paloheimo, PhD (clinical biochemistry), born 1951, was appointed Head of Development at Biohit Oyj as of 17 April 2012. Paloheimo has worked at Biohit Group since 2001. Before Biohit Group, Paloheimo has worked as a Chemist at Huslab, a Sales Manager Dasico A/S in Denmark, a Researcher at Orion Diagnostica (Orion Corporation) and a Chemist at the Clinical Chemistry department of United Laboratories Ltd. She pursued her PhD and postdoctoral research at the University of Copenhagen.
Panu Hendolin, PhD (molecular medicine), born in 1971, was appointed Head of Research and Development at Biohit Oyj as of 17 April 2012. Hendolin worked at Biohit as Research Manager and Head of Research and Development from 2007 to 2008. Previously, Hendolin worked as a Postdoctoral Researcher at the A. I. Virtanen Institute for Molecular Sciences at the University of Eastern Finland, in several product development and managerial positions at Jurilab Oy Ltd and for the last three and a half years as the Technical Manager responsible for product development at Danaher Corporation’s Innotrac Diagnostics.
Anu Mickels, MBA, born 1972, was appointed Head of Sales and Marketing at Biohit Oyj as of 2 May 2012. Previously, Mickels worked as a Head of Marketing at Orion Diagnostiikka Oy and was responsible for the development of international marketing and product management. From 1999 to 2008, she worked at Oy Dagmar Ab in management positions related to customer relations and marketing communications planning.
Kari Syrjänen, MD, PhD, FIAC, born 1948, was appointed Chief Medical Director and a member of the management team at Biohit Oyj as of 1st of January 2013. Syrjänen has been operating for more than 40 years in various universities and hospitals in Finland and abroad as professor of pathology and chairman of department, dean of the faculty, as well as a visiting professor at several foreign universities and research institutes.
SHARE TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's shares are divided into Series A and Series B shares. There are 2,975,500 Series A shares and 10,640,093 Series B shares, totalling 13,615,593 shares. Series A shares confer 20 votes per share and Series B shares 1 vote per share. The dividend paid for Series B shares is, however, two (2) per cent of the nominal value higher than that paid for Series A shares. The total market capitalization value (supposing that the market capitalization value for Series A and B shares is equal) at the end of the period was EUR 54.5 million. (EUR 39.9 million on 31st of December 2011).
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 | 1-12/2012 | 1-12/2011 |
| High, EUR | 4.13 | 3.96 |
| Low, EUR | 2.00 | 1.74 |
| Average, EUR | 2.70 | 2.30 |
| Latest, EUR | 4.00 | 2.93 |
| Turnover, EUR | 15,247,556 | 8,229,319 |
| Turnover, volume | 5,376,483 | 3,001,175 |
Shareholders
At the end of the reporting period on 31 December 2012, the company had 4,734 shareholders (4,238 on 31st of December 2011). Private households held 70.09% (69.23%), companies 27.77% (22.66%), and public sector organisations 1.50% (2.54%) of the shares. Foreign ownership or nominee registrations accounted for 0.64% (5.49%) of shares.
Further information on the shares, major shareholders, and management’s shareholdings is available on the company’s website at www.biohithealthcare.com/investors.
ACCOUNTING PRINCIPLES
This interim report was prepared in accordance with the IAS 34 standard.
Separate segment-based reporting will no longer be provided but the whole business will be shown as a whole entity. In other respects Biohit Oyj has applied the same accounting principles in preparing this financial statement bulletin as for its 2011 financial statements. The IFRS standards that came into effect in 2012 did not affect the accounting principles.
All 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.
CONSOLIDATED INCOME STATEMENT
| 10-12/12 MEUR | 10-12/11 MEUR | Change MEUR | 1-12/12 MEUR | 1-12/11 MEUR | Change MEUR | |
| Net sales | 0.7 | 0.7 | 0.0 | 2.0 | 2.2 | -0.1 |
| Materials and services | -0.5 | -0.6 | 0.1 | -1.3 | -1.5 | 0.2 |
| Gross margin | 0.1 | 0.1 | 0.0 | 0.7 | 0.6 | 0.0 |
| Sales and marketing | -0.8 | -0.5 | -0.3 | -2.2 | -1.3 | -0.9 |
| Administration | -0.3 | -0.3 | 0.0 | -2.2 | -2.1 | -0.1 |
| Research and development | -0.3 | -0.3 | 0.0 | -1.0 | -0.7 | -0.3 |
| Goodwill depreciation | 0.0 | -2.6* | 2.6 | 0 | -2.6* | 2.6 |
| Other operating income | 0.0 | 0 | 0 | 0.1 | 0.0 | 0.1 |
| Operating profit/loss | -1.2 | -3.6 | 2.2 | -4.6 | -6.0 | 1.4 |
| Financial income | 0.4 | 0.2 | 0.2 | 1.2 | 0.2 | 1.0 |
| Financial expenses | -0.1 | -0.3 | 0.2 | -0.3 | -0.7 | 0.4 |
| Profit/loss before taxes | -0.8 | -3.5 | 2.7 | -3.7 | -6.5 | 2.8 |
| Income taxes | 0 | -5.9 | 5.9 | 0 | -6.1 | 6.1 |
| Profit for the period, continuing operations | -0.8 | -9.5 | 8.7 | -3.7 | -12.6 | 8.8 |
| Profit for the period, discontinued operations | 0 | 46.8 | -46.8 | 0 | 50.3 | -50.3 |
| Other comprehensive income: | ||||||
| Translation difference | 0 | 0.1 | -0.1 | 0 | 0.1 | -0.1 |
| Total comprehensive income for the period | -0.8 | 37.4 | -38.3 | -3.7 | 37.8 | -41.5 |
*) Impairment of the continuing operations include a goodwill write-down of EUR 2.6 million in December 2011.
Earnings per share calculated from earnings attributable to equity holders of the parent company
| 1-12 2012 | 1-12 2011 | |
| Earnings per share, undiluted*, EUR | -0.27 | 2.86 |
*) Convertible bond is not dilutive in respect of earnings per share in the financial years 2012 and 2011.
CONSOLIDATED BALANCE SHEET
| 31 Dec 2012 | 31 Dec 2012 | |
| MEUR | MEUR | |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Intangible assets | 0.2 | 0.3 |
| Property, plant and equipment | 0.4 | 0.1 |
| FINANCING | 7.8* | 6.8* |
| Deferred tax assets | 0.0 | 0.0 |
| Total non-current assets | 8.5 | 7.2 |
| CURRENT ASSETS | ||
| Inventories | 0.4 | 0.3 |
| Trade and other receivables | 0.6 | 6.0 |
| Investments available for sale | 30.2 | 10.0 |
| Cash and cash equivalents | 0.2 | 47.9 |
| Total current assets | 31.5 | 64.2 |
| TOTAL ASSETS | 40.0 | 71.5 |
| EQUITY AND LIABILITIES | ||
| Equity attributable to parent company shareholders | ||
| Share capital | 2.3 | 2.3 |
| Invested unrestricted equity fund | 3.2 | 14.3 |
| Retained earnings | 30.0 | 36.2 |
| Total equity | 35.5 | 52.8 |
| NON-CURRENT LIABILITIES | ||
| Other liabilities | 0.0 | 0.1 |
| Total non-current liabilities | 0.0 | 0.1 |
| CURRENT LIABILITIES | ||
| Trade payables | 0.4 | 3.0 |
| Total interest-bearing liabilities | 0.4 | 4.9 |
| Deferred tax liabilities | 0.0 | 4.5 |
| Other liabilities | 3.8 | 6.1 |
| Total current liabilities | 4.5 | 18.5 |
| Total liabilities | 4.5 | 18.6 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 40.0 | 71.5 |
*) Includes EUR 6.8 million in receivables from a business transaction; these funds are placed in an escrow account. Funds will be released from the escrow account on 31 March 2014, provided no claims concerning the transaction are made.
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Statement of changes in consolidated shareholders’ equity on 30 December 2012
| MEUR | Share capital | Invested unrestricted equity fund | Retained earnings | Total shareholders’ equity |
| Shareholders’ equity 1 Jan 2012 | 2.3 | 14.3 | 36.2 | 52.8 |
| Change in the share of convertible bonds | -0.2 | 0.1 | -0.1 | |
| Dividend distribution | 0.0 | -2.7 | -2.7 | |
| Repayment of capital | -10.9 | 0.0 | -10.9 | |
| Total comprehensive income for the period | -3.7 | -3.7 | ||
| Shareholders’ equity 30 Dec 2012 | 2.3 | 3.2 | 30.0 | 35.5 |
Statement of changes in consolidated shareholders’ equity on 30 December 2011
| MEUR | Share capital | Translation difference | Invested unrestricted equity fund | Retained earnings | Total shareholders’ equity |
| Shareholders’ equity 1 Jan 2011 | 2.2 | -0.1 | 12.4 | -1.5 | 13.0 |
| Share issue | 0.1 | 1.9 | 2.0 | ||
| Total comprehensive income for the period | 0.1 | 37.7 | 37.8 | ||
| Shareholders’ equity 30 Dec 2011 | 2.3 | 0.0 | 14.3 | 36.2 | 52.8 |
CASH FLOW STATEMENT
| | 1-12/2012 MEUR | 1-12/2011 MEUR |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit for the period | -3.7 | 37.8 |
| Adjustments | -0.8 | -35.0 |
| CHANGE IN WORKING CAPITAL | -0.2 | 2.8 |
| Interest paid and payments on other operational financial expenses | -0.8 | -0.8 |
| Interest received | 1.1 | 0.0 |
| Realised exchange rate gains and losses | 0.0 | 0.4 |
| Income taxes paid | -4.5 | -0.2 |
| Net cash flow from operating activities | -8.9 | 5.0 |
| CASH FLOW FROM INVESTMENTS | ||
| Investments in tangible and intangible assets | -0.3 | -4.1 |
| Capital gain from sales of business | 0.0 | 56.5 |
| Capital gain from investments | 0.0 | 0.4 |
| Investments and capital gain from investments in funds and deposits, net | -20.2 | -9.5 |
| Net cash flow from investments | -20.5 | 43.4 |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Share issue | 0.0 | 2.0 |
| Dividend payout | -2.7 | 0.0 |
| Repayment of capital | -10.9 | 0.0 |
| Proceeds from loans | 0.0 | 0.5 |
| Repayments of loans | -4.7 | -4.6 |
| Net cash flow from financing activities | -18.3 | -2.1 |
| Increase (+) / decrease (-) in cash and cash equivalents | -47.7 | 46.2 |
| Cash and cash equivalents at the beginning of the period | 47.9 | 1.7 |
| Effect of exchange rates on cash and cash equivalents | 0.0 | 0.0 |
| Cash and cash equivalents at the end of the period | 0.2 | 47.9 |
RELATED PARTY TRANSACTIONS
There have been no noticeable changes in related party transactions during the reporting period.
PLEDGES, CONTINGENT LIABILITIES AND OTHER LIABILITIES
| 1-12 2012 MEUR | 1-12 2011 MEUR | |
| Collateral given for the parent company | ||
| Corporate mortgages | 0.0 | 0.0 |
| Mortgages on real estate | 0.0 | 0.0 |
| Guarantees | 0.0 | 0.0 |
| Collateral given on behalf of subsidiaries | ||
| Guarantees | 0.0 | 0.0 |
| Other liabilities | ||
| Leasing commitments: | ||
| Due for payment in one year | 0.0 | 1.2 |
| Due for payment in over 1 year but less than 5 years | 0.1 | 0.1 |
| Due for payment in more than 5 years | ||
| Total | 0.1 | 1.3 |
| Other rental commitments: | ||
| Due for payment in one year | 0.2 | 0.1 |
| Due for payment in over 1 year but less than 5 years | 0.3 | 0.1 |
| Due for payment in more than 5 years | 0.0 | 0.0 |
| Total | 0.5 | 0.3 |
| Total other liabilities | 0.5 | 1.6 |
| Total collaterals and contingent liabilities | 0.5 | 1.6 |
Helsinki, 25th of February 2013
Biohit Oyj
Board of Directors
Further information:
Semi Korpela, President and CEO, Biohit Oyj
tel. +358 9 773 861
semi.korpela@biohit.fi
www.biohithealthcare.com
Biohit in brief
Biohit Oyj is a globally operating Finnish biotechnology established in 1988. Biohit’s mission is “Innovating for Health”. The purpose of the company is to take social responsibility and produce innovation, new technologies and analysis systems for use in medicine, research institutions and industry, helping to promote research and diagnostics and to improve the quality of life of people by means of preventing disease, human suffering and financial loss. We are committed to responsibility and it is our duty to innovate and develop the marketing and availability of our products and services. Biohit is headquartered in Helsinki and its subsidiaries are located China and UK. Since 1999, Biohit’s Series B shares (BIOBV) have been listed in the NASDAQ OMX Helsinki Oy Small cap/Healthcare sector.