INTERIM REPORT OF BIOHIT 1.1.-31.3.2001
BIOHIT PLC. STOCK EXCHANGE RELEASE 9.5.2001 AT 10:00 1 (6)
INTERIM REPORT OF BIOHIT 1.1.-31.3.2001
The MFIM 37.7 net sales of the Biohit Group increased by 18% compared
with the previous year. The profit for the period was MFIM 0.6 (MFIM
0.2 loss during the corresponding period in 2000). The number of
personnel was 45% higher compared with the corresponding period in
2000. During the reporting period the company continued to invest
strongly in research & development as well as international
collaboration and marketing. The clean room unit for manufacturing
diagnostic products was finished during the period.
Net Sales
The net sales of the Biohit Group for January - March totalled to MFIM
37.7 (MFIM 32.1 during the corresponding period in 2000) The net sales
continued to be generated primarily by the sales of liquid handling
products and their disposable tips.
Profit
The profit before amortization on goodwill was MFIM 3.4 (MFIM 1.8) The
operating profit was MFIM 1.9 (MFIM 0.5) and the profit for the period
MFIM 0.6 (MFIM 0.2 loss). The income taxes of MFIM 1.1 have been
accounted for on the basis of the profit for the period.
Liquidity
The liquidity of the Biohit Group continued to be good. The net cash
flow provided by operating activities was approx. MFIM 3 positive. The
Group's liquid assets at the end of the period totalled to MFIM 17.6.
The equity ratio at the end of the reporting period was 67.3%.
Investments
To gross investments of the period totalled to MFIM 4.1 (MFIM 3.0).
The clean room unit enabling the mass production of diagnostic tests
together with related equipment as well as machinery and equipment
intended for increasing other production capacity constituted the
major part of the investments.
Personnel
The average number of personnel totalled to 269 during the reporting
period (185 in 2000), of which 155 were employed by the parent company
(139 in 2000) and 114 by the subsidiaries (46 in 2000). The increase
in personnel resulted from investments made in 2000 in research &
development, production, acquisitions in the U.S. and Russia as well
as personnel increases in subsidiaries.
The purpose of these measures is to reinforce the sales and
maintenance of Biohit's current products as well as to prepare to
commence the sales of diagnostic tests, instruments and complete
analyzing systems.
2 (6)
Main Events of the Reporting Period
In the area of liquid handling Biohit began the sales of the new
electronic eLINE -pipettor range. The eLINE is a new generation of
electronic pipettors, which offers the latest technology in the field
of hand-held liquid handling devices. The range was designed to meet
the most demanding pipetting applications offering, thus, e.g., eleven
liquid handling protocols for the various needs of today's
laboratories. The microprocessor-controlled system and the novel
construction of the eLINE-pipettors enable maximum liquid handling
performance with high levels of accuracy and precision. The ergonomic
design of the eLINE together with the unique electronic tip ejection
are examples of Biohit's ability to improve further the ergonomy and
competitiveness of pipetting. The eLINE received an honorary mention
on Feb. 1, 2001 in the Pro Finnish Design 2001 competition arranged by
Design Forum Finland. The first models of the eLINE were launched in
February 2001.
In the area of diagnostics the evaluations of the test panel for
determining Helicobacter pylori -infection and atrophic gastritis as
well as screening the risk of gastric cancer and peptic ulcer
continued according to plans. During the reporting period a
multicenter study covering the cities of Helsinki, Seinäjoki, Tampere
and Vantaa was begun in Finland as well as evaluations in Ireland and
Italy. Individual evaluations were carried out in France, Germany and
Iraq. The purpose is to broaden the evaluations in both France and
Germany. Moreover, preliminary arrangements for beginning evaluations
also in Japan, China, Russia and the Philippines have been initiated.
In March the new production premises for manufacturing diagnostic
products were finished at the Helsinki office. The clean room unit
enables the manufacture of all Biohit's diagnostic tests except the
tests for determining celiac disease, which are manufactured by
Biofons Oy. As a result of the completion of the clean room unit it is
possible to enter from the pilot production of diagnostic tests to
their mass production.
Moreover, in March the ISO 9001 -quality system certification of
Biohit Plc. was extended to cover also the area of diagnostics as a
result of the audit conducted by Det Norske Veritas.
Finally, the European Commission granted in March a MFIM 1.2 million
support for the development of monoclonal antibodies and test kits for
phytoestrogens.
3 (6)
Annual General Meeting
The Annual General Meeting (AGM) of Biohit Plc. decided on March 27,
2001 to approve the financial statements for 2000 of the Biohit Group
and the parent company as presented. The AGM decided that no dividends
be paid for the financial year 2000, and the loss of FIM 159.003,98
for 1.1. - 31.12.2000 will be transferred to the retained profit/loss
account.
The AGM decided to discharge the members of the Board of Directors and
the Managing Director from liability. Furthermore, the AGM decided
that the number of the members of the Board of Directors is four.
Docent Arto Alanko, M.D., Ph.D., prof. Reijo Luostarinen, Osmo
Suovaniemi, M.D., Ph.D. and prof. Mårten Wikström were appointed as
the Board members. Authorized public accounting firm SVH
Pricewaterhouse Coopers Oy was appointed as the auditor.
Finally, the AGM decided unanimously to change Article 10 of the
Articles of Association as follows: "Article 10 The shareholders must
be notified of the Annual General Meeting by an announcement published
at earliest two (2) months and at latest seventeen (17) days before
the Meeting in at least one national newspaper stipulated by the
Annual General Meeting. In order for the shareholder to participate in
the meeting he/she must notify the Company at latest on the day
mentioned in the summons, which can at earliest be ten (10) days
before the Annual General Meeting."
Equity turnover and price development
The turnover of Biohit's B-shares on the NM-list of the Helsinki
Exchanges was EUR 2,661,394 (420,322 pieces). The highest price was
EUR 7.20 and the lowest EUR 5.51. The average price was EUR 6.33.
Prospects for 2001
The net sales of the Biohit Group for 2001 are anticipated to
demonstrate a growth of approx. 20%. The major part of the net sales
will still be generated by the sales of liquid handling products. The
result for 2001 is forecast to be positive.
It is expected that in the future the sales of diagnostic tests,
instruments, new liquid handling products and analyzing systems
composed of these product groups will have a significant impact on the
growth of net sales and profitability.
4 (6)
Group Income Statement
1-3 1-3
2001 2000 Change Change 1-12 2000
MFIM MEUR MFIM MFIM % MFIM
Net sales 37.7 6.3 32.1 5.6 18 144.2
Operating expenses -32.6 -5.5 -28.4 4.2 15 -132.8
Depreciation excluding
goodwill amortization -1.7 -0.3 -1.9 -0.2 -11 -8.5
Amortization on
goodwill -1.5 -0.2 -1.3 0.2 10 -5.7
Operating profit/loss 1.9 0.3 0.5 1.4 331 -2.8
Financial expenses
(net) -0.1 0.0 0.0 -0.1 -0.6
Profit/loss before
extraordinary items 1.8 0.3 0.5 1.3 308 -3.4
Extraordinary income 0.0 0.0 0.0 0.0 1.4
Profit/loss before
taxes 1.8 0.3 0.5 1.3 290 -2.0
Profit/loss for the
period 0.6 0.1 -0.2 0.8 436 -3.7
Group Balance Sheet
31.3.2001 31.3.2000 31.12.2000
MFIM MEUR % MFIM % MFIM %
Assets
Non-current assets 68.6 11.5 46 51.9 34 67.6 47
Current assets
Inventories 24.1 4.0 16 15.1 10 22.5 15
Receivables 38.6 6.5 26 36.5 24 38.4 26
Cash and cash
equivalents 17.6 3.0 12 50.0 32 17.9 12
Total assets 148.9 25.0 100 153.5 100 146.4 100
Liabilities and
shareholders' equity
Shareholders' equity
Share capital 12.8 2.1 9 12.8 8 12.8 9
Share premium fund 88.6 14.9 59 88.6 58 88.6 61
Accumulated
profits/losses -2.7 -0.4 -2 -0.1 0 -3.7 -3
Capital loans 7.3 1.2 5 8.7 6 6.7 5
Minority interest 0.3 0.1 0 0.3 0 0.3 0
Long-term 15.7 2.6 11 15.4 10 16.6 11
liabilities
Short-term
liabilities 26.9 4.5 18 27.8 18 25.1 17
Total liabilities
and shareholders'
equity 148.9 25.0 100 153.5 100 146.4 100
5 (6)
1-3/01 1-3/00 Change Change-% 1-12/00
Investments, gross MFIM 4.1 3.0 1.1 38 42.0
Employees, average 269 185 84 45 222
Pledges given, commitments and contingencies
31.3.2001 31.3.2000 31.12.2000
Loans for which pledges MFIM MFIM MFIM
have been given
Loans from financial
institutions 15.4 19.7 16.5
Corporate mortgages 20.1 20.1 20.1
Other long-term liabilities 4.5 - 4.5
Mortgages 4.5 - 4.5
Leasing commitments, MFIM 25.1 20.6 25.2
Interest on Capital Loans
The unrecorded interest accrued on capital loans on March 31, 2001
totalled to MFIM 2.2 and on Dec. 31, 2000 MFIM 2.1.
Ratios per share
Equity ratio, % 67.3 66.2 66.9
Earnings per share, FIM 0.06 -0.02 -0.37
Shareholders' equity
per share, FIM 7.81 8.01 7.73
Average number of shares 12,643,377 12,361,587 12,573,123
Number of shares at the
end of the period 12,643,377 12,477,677 12,643,377
Derivative Contracts
The Group does not have any off balance sheet financial instruments.
The figures of the Interim Report are unaudited.
Helsinki, May 9, 2001
Board of Directors of Biohit Plc.
Overview on Biohit
Biohit, operating in the areas of biotechnology and high technology,
develops, manufactures and markets liquid handling products and
accessories as well as diagnostic test systems for use in research,
health care and industrial laboratories.
6 (6)
In the area of liquid handling Biohit's main products are electronic
and mechanical pipettors and their disposable tips. Currently,
Biohit's range of electronic and mechanical pipettors is the widest in
the world. Biohit is also the global market leader of electronic
pipettors.
In the area of diagnostics Biohit develops, manufactures and markets
test kits based on the enzyme immunoassay (EIA) -method and monoclonal
antibodies for the screening of different types of disease. Biohit's
diagnostic product range includes, e.g., a unique test panel for
diagnosing H.pylori -infection and atrophic gastritis as well as
screening the risk of gastric cancer and peptic ulcer from blood
samples, and tests for the detection of lactose intolerance, celiac
disease and systemic lupus erythematosus (SLE).
In order to be able to offer complete analyzing systems for its
customer base, Biohit's product range includes, in addition to liquid
handling products and diagnostics, instruments used for the analysis
of test results. Moreover, Biohit offers as a part of its product and
marketing strategy maintenance, calibration and training services
through the Group companies and its distributors.
Biohit's production plants are located in Kajaani and Helsinki. The
sales and marketing subsidiaries abroad are located in France,
Germany, Italy, Japan, Russia, the U.K. and the U.S. Biohit's
distributor network covers altogether approx. 450 members and 70
countries.
Moreover, many multinational companies, such as Beckman Coulter,
Becton Dickinson, bioMérieux, Johnson & Johnson and 3M complement
their diagnostic systems with Biohit's electronic liquid handling
products. As to Group net sales, 96% are generated outside of Finland,
and the degree of domestic production is approx. 95%.
Biohit Plc.
Helena Hentola
Information Management & Communications
Additional information: Osmo Suovaniemi, President & CEO, tel: +358-9-
773 861, direct: +358-9-773 86 250, mobile:
+358-50 556 5605, fax: +358-9-773 86 205.
http://www.biohit.com
Distribution: The Helsinki Exchanges
The Financial Supervisory Authority
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