INTERIM REPORT OF BIOHIT GROUP 1 JANUARY TO 30 SEPTEMBER 2007
The Biohit Group had total net sales of EUR 23.6 million during the reporting
period (EUR 22.7 million in Q1-Q3/2006). The operating loss for the reporting
period was EUR 0.7 million (operating loss EUR 0.0 million). The loss for the
period was EUR 1.1 million (loss EUR 0.7 million). Trends in sales of liquid
handling and diagnostics products continued to be weaker than expected in the
Asian market, which in turn weakened the result.
NET SALES
The Biohit Group's net sales rose by 4 % compared with the corresponding period
in 2006 and totalled EUR 23.6 million (EUR 22.7 million). Sales of liquid
handling products and related after-sales services accounted for 95 % of net
sales. The trend in third-quarter net sales did not meet the company's
expectations. Although vigorous sales growth has continued in Russia, building
up distribution networks in China and Japan has progressed more slowly than
expected. The exceptionally strong euro has also had an adverse effect on the
Biohit Group's net sales.
The net sales of the liquid handling business amounted to EUR 22.5 million (EUR
21.4 million) and the net sales of the diagnostics business to EUR 1.2 million
(EUR 1.3 million).
RESULT
The operating loss was EUR 0.7 million (operating loss EUR 0.0 million). The
loss for the reporting period was EUR 1.1 million (loss EUR 0.7 million).
The operating profit of the liquid handling business was EUR 1.4 million
(operating profit EUR 1.7 million), the operating loss of the diagnostics
business being EUR 2.1 million (operating loss EUR 1.7 million).
Earnings trends have been adversely affected by weaker than expected sales
growth, especially in the Asian market. Personnel and other operational costs
have risen in comparison with 2006. These cost increases, coupled with a rise in
financing expenses, have also weakened the result.
BALANCE SHEET
The balance sheet total was EUR 28.4 million (EUR 27.3 million) and the equity
ratio was 43.6 % (49.7 %) on 30 September 2007. The fall in the equity ratio was
primarily due to an increase in both current and non-current liabilities and the
loss for the reporting period.
LIQUIDITY
During the reporting period, the operating activities had a net cash flow of EUR
0.8 million (EUR 0.4 million). At the end of the reporting period, the liquid
assets of the Group totalled EUR 1.1 million (EUR 1.5 million). The company has
acquired EUR 2.4 million of new long-term financing during the reporting period.
Current ratio was 2.1 (2.5).
INVESTMENTS
Gross investments in the reporting period totalled EUR 1.8 million (EUR 1.4
million). Investments were primarily to increase production capacity and to
purchase equipment for the manufacture of liquid handling products in Kajaani.
PERSONNEL
The average number of personnel in the reporting period was 350 (305), with 179
(161) persons being employed by the parent company and 171 (144) by the
subsidiaries. The increase in personnel was mainly due to the start up of the
production facility in China.
Co-determination negotiations
In a profit warning issued in July, the company forecast that the Group's result
would fall short of the previous year's. On 17 August, Biohit decided to launch
co—determination negotiations in order to improve the Group's profitability. The
negotiations will affect a maximum of 22 employees, primarily personnel at the
Helsinki office and in the diagnostics business, which is still making an
operating loss. The preliminary plan aims to make the required savings through
lay-offs lasting until further notice. Co-determination negotiations are still
in process.
MAIN EVENTS OF THE REPORTING PERIOD
Liquid handling business area
Biohit's liquid handling business develops, manufactures and markets laboratory
equipment and accessories for the pharmaceutical, food and other industries, in
addition these products are used in research institutions, universities and
hospitals. Biohit's products are also used to complement the diagnostic test and
analysis systems of many global companies. The product range includes mechanical
and electronic pipettors as well as disposable tips
(www.biohit.com/liquidhandling). In addition, the company offers maintenance,
calibration and training services related to these products through its global
distributor network (www.biohit.com/liquidhandling, www.pipettedoctor.com).
The sales of the liquid handling business area developed according to plan
during the reporting period, except for in the Asian markets. The company
continued its focus on product development and OEM co-operation, developing
cost-effective production processes and logistics, and expanding the pipettor
maintenance services business.
During the reporting period, Biohit and VWR International entered into an
agreement concerning distribution of liquid handling products in Europe. The new
agreement further strengthens Biohit's distribution network in Europe, one of
its major market areas, and the company's position in key market segments. The
launch of Biohit products through VWR has only just begun, and therefore the
favourable impact on net sales expected from this co-operation will only be felt
next year.
During the reporting period, Biohit launched a new mechanical mLINE pipettor for
handling large volumes (1-10 millilitres).
After the reporting period, the company launched a brand new mechanical liquid
handling product range - the Proline Plus pipettor. The new, autoclavable
pipettor range, which comprises 27 different pipettors, is primarily intended
for emerging markets and for certain segments in industrial nations. The Proline
Plus product family contains both adjustable single and multichannel pipettors
and fixed-volume single channel pipettors.
Diagnostics
Biohit's diagnostics business develops, manufactures and markets products and
analysis systems primarily for the diagnosis, screening and prevention of
diseases of the gastrointestinal tract. The product range includes GastroPanel
and GastroView examinations (www.gastropanel.net, www.gastroview.com) for
primary health care; lactose intolerance and Helicobacter pylori quick tests for
specialised health care; and instruments and analysis systems for laboratories
(www.biohit.com/diagnostics). Additionally, the company runs a service
laboratory in Finland and in the UK.
The diagnostics business has continued its focus on developing operations in
line with the strategy.
During the reporting period, the company has been systematically building up a
distribution network in China and other main market areas. However, business
development in the Asian markets has been slower than expected.
Approval for GastroPanel's Pepsinogen I and II tests is expected from the US
Food and Drug Administration (FDA) during the first half of 2008. This change to
the previously estimated timetable is due to the prolongation of studies related
to the approval application. No other company has previously received FDA
approval for these tests, and therefore Biohit has had to supplement its
original application in the United States with two extensive and time-consuming
studies. These patient studies will compare the results of Biohit's tests to the
histology of several biopsies taken through gastroscopy (a normal finding or
atrophic gastritis).
During the reporting period, Biohit's subsidiary in Great Britain began
marketing and selling the GastroView examination through the Assura Pharmacy
chain (www.gastroprofile.com). Biohit is also currently negotiating marketing of
the GastroView test with other pharmacy chains in Great Britain.
During the reporting period, Biohit also began trial marketing of its XyliCyst
chewing gum in Finland. This functional food product is being sold through, for
example, the Finnish online shop www.verkkoapteekki.fi. Trial marketing has only
just begun and product sales are not expected to have a significant impact on
2007 net sales.
The XyliCyst chewing gum eliminates acetaldehyde that dissolves in saliva during
tobacco smoking. Research studies have shown that acetaldehyde is a major risk
factor for cancers of the upper gastrointestinal tract and that it may increase
addiction to tobacco products. XyliCyst is developed and marketed by Biohit and
manufactured by Fennobon Oy.
Biohit is currently investigating the possibility of spinning out its
diagnostics business into a separate legal entity.
EQUITY TURNOVER AND PRICE DEVELOPMENT
Biohit Oyj's series B shares are listed on Helsinki Exchanges in the Small cap /
Health care group.
--------------------------------------------------------------------------------
| BIOBV / OMX Helsinki | 1-9/2007 |
--------------------------------------------------------------------------------
| Number of shares (Series B) | 9,062,127 |
--------------------------------------------------------------------------------
| Highest, EUR | 3.29 |
--------------------------------------------------------------------------------
| Lowest, EUR | 2.02 |
--------------------------------------------------------------------------------
| Average, EUR | 2.67 |
--------------------------------------------------------------------------------
| Closing price, EUR | 2.27 |
--------------------------------------------------------------------------------
| Total turnover, EUR | 7,205,057 |
--------------------------------------------------------------------------------
| Total turnover, volume | 2,698,554 |
--------------------------------------------------------------------------------
| Market capitalisation value on 30 September 2007, | 20,571,028 |
| EUR | |
--------------------------------------------------------------------------------
LIQUIDITY PROVIDING FOR BIOHIT OYJ'S SHARE
During the reporting period, Biohit Oyj and Swedish Remium AB have signed a
market making agreement that follows the guidelines set by the Helsinki Stock
Exchange on 5 April 2004. Market making has commenced on 1 June 2007. The
agreement will be in force initially for a fixed term of six (6) months and
thereafter until further notice, and the agreement's period of notice is one (1)
month.
The purpose of the contract is to secure the liquidity of Biohit Oyj shares and
to keep a narrow spread between the bids and offers for Biohit Oyj shares.
CHANGES IN THE BOARD OF DIRECTORS OF BIOHIT OYJ
After the reporting period, Member of the Board of Directors of Biohit Oyj,
Peter Tchernych, M.Sc. (Econ.), L.L.M., announced he will resign from his duties
as Board member due to changes in his main occupation. Peter Tchernych has been
member of the Board of Biohit Oyj since 2004.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit has invested in the Asian market by, for instance, opening a production
unit in China in September 2006 and building a distribution network in both
China and Japan. However, the development of the distribution network with the
available resources has proven slower than anticipated. Therefore, there is a
risk that the profitability of Biohit's Asian units will not yet reach the level
expected by the company for 2007, which will also weaken the whole Group's
profitability. The company intends to minimise this already partly realised risk
by increasing the efficiency of co-operation with local partners and by focusing
on product marketing for the rest of the year, especially in the Asian market.
The market penetration of Biohit's diagnostic products has taken longer than
expected. If the sales growth of these products slackens, this will weaken the
profitability of the whole Group in the future. In the USA, sales growth has
been hampered by the fact that Gastro Panel's Pepsinogen I and II tests have yet
to obtain the required Food and Drug Administration (FDA) approval. Biohit
expects this approval at the first half of 2008. Any delay in the approval
granting process or a refusal to approve the product might weaken the product's
sales prospects and have a negative effect on the net sales development of the
entire diagnostics business. The company is attempting to minimise this risk by
working in close co-operation with its US and Finnish scientific advisors and by
actively keeping in touch with the FDA.
Currency exchange rate trends have also impacted on the company's profitability.
The strengthening euro has weakened the company's earnings during the year to
date, and this trend is forecast to continue for the rest of the year. The
company intends to protect itself from this exchange rate risk by making
procurements in currencies other than the euro.
The continued negative earnings trend has weakened the company's liquidity. The
company runs the risk of insufficient financing if the Group's profitability
continues to decline. Biohit would then be unable to carry out all of its
planned investments. The company intends to minimise this risk by looking into
the feasibility of a sale and lease back system at its Kajaani factory property.
The results of this analysis should be available by the end of the 2007
financial year. If the company decides to go ahead with the system, it could
then be implemented during the financial year starting 1 January 2008. Biohit
aims to minimise the financing risk by boosting growth potential in the
diagnostics business with a number of measures. One possibility would be to hive
off the diagnostics business into a separate company and secure new equity
financing for it.
OUTLOOK FOR 2007
The company estimates that net sales for the current year will increase on the
previous year. The decline in growth that began in the second quarter will
however continue for the rest of the year.
Net sales of liquid handling products are likely to fall short of targets due to
more moderate than expected net sales growth in the Asian market and slow
progress on co-operation with VWR in Europe. Co-operation with distributors in
the Asian market has also progressed slowly and this, coupled with the
prolongation of FDA approval processes in the United States, has caused weaker
than expected trends in net sales of diagnostics products.
The company forecasts that its full-year result will fall short of the previous
year's. Earnings will be weakened by more moderate than expected trends in net
sales, as well as by an increase in fixed costs and financing expenses.
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | Change | Change | 1-12 |
| | 2007 | 2006 | | | 2006 |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR | % | MEUR |
--------------------------------------------------------------------------------
| Net sales | 23.6 | 22.7 | 0.9 | 4 | 31.4 |
--------------------------------------------------------------------------------
| Other operating income | 0.1 | 0.0 | 0.0 | 140 | 0.0 |
--------------------------------------------------------------------------------
| Change in inventories of | 0.5 | 0.9 | -0.5 | -49 | 0.9 |
| finished goods and work in | | | | | |
| progress | | | | | |
--------------------------------------------------------------------------------
| Materials and services | -5.2 | -5.5 | -0.3 | -5 | -7.4 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -10.4 | -9.3 | 1.1 | 12 | -12.7 |
--------------------------------------------------------------------------------
| Depreciation | -1.4 | -1.3 | 0.0 | 0 | -1.8 |
--------------------------------------------------------------------------------
| Other operating expenses | -7.9 | -7.6 | 0.3 | 4 | -10.6 |
--------------------------------------------------------------------------------
| Operating result | -0.7 | 0.0 | -0.7 | -2,501 | -0.1 |
--------------------------------------------------------------------------------
| Financial income | 0.1 | 0.1 | -0.1 | -58 | 0.1 |
--------------------------------------------------------------------------------
| Financial expenses | -0.5 | -0.5 | 0.1 | 12 | -0.6 |
--------------------------------------------------------------------------------
| Result before taxes | -1.2 | -0.4 | -0.8 | -222 | -0.6 |
--------------------------------------------------------------------------------
| Income taxes | 0.1 | -0.3 | -0.4 | -123 | -0.2 |
--------------------------------------------------------------------------------
| Result for the period | -1.1 | -0.7 | -0.4 | -58 | -0.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated from | 1-9/2007 | 1-9/2006 | 1-12/2006 |
| earnings attributable to equity holders | MEUR | MEUR | MEUR |
| of the parent company | | | |
--------------------------------------------------------------------------------
| Earnings per share, undiluted*, EUR | -0.08 | -0.05 | -0.06 |
--------------------------------------------------------------------------------
*) The convertible bond is not dilutive in respect of earnings per share in the
financial years 2006 and 2007.
--------------------------------------------------------------------------------
| | 7-9/2007 | 7-9/2006 | Change | Change |
| | | | MEUR | % |
--------------------------------------------------------------------------------
| Net sales | 7.6 | 7.5 | 0.1 | 1 |
--------------------------------------------------------------------------------
| Other operating income | 0.0 | 0.0 | 0.0 | 174 |
--------------------------------------------------------------------------------
| Change in inventories of | -0.2 | 0.4 | -0.6 | -149 |
| finished goods and work in | | | | |
| progress | | | | |
--------------------------------------------------------------------------------
| Materials and services | -1.5 | -1.9 | -0.5 | -25 |
--------------------------------------------------------------------------------
| Employee benefit expenses | -3.2 | -2.8 | 0.3 | 12 |
--------------------------------------------------------------------------------
| Depreciation | -0.4 | -0.5 | 0.0 | -1 |
--------------------------------------------------------------------------------
| Other operating expenses | -2.3 | -2.3 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Operating result | 0.0 | 0.3 | -0.3 | -106 |
--------------------------------------------------------------------------------
| Financial income | 0.0 | 0.0 | 0.0 | -49 |
--------------------------------------------------------------------------------
| Financial expenses | -0.2 | -0.1 | 0.1 | 37 |
--------------------------------------------------------------------------------
| Result before taxes | -0.2 | 0.2 | -0.4 | 204 |
--------------------------------------------------------------------------------
| Income taxes | -0.1 | -0.2 | -0.1 | -58 |
--------------------------------------------------------------------------------
| Result for the period | -0.3 | 0.0 | -0.3 | -622 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| | 30.9.2007 | 30.9.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| | MEUR | % | MEUR | % | MEUR | % |
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 2.6 | 9 | 2.6 | 10 | 2.6 | 10 |
--------------------------------------------------------------------------------
| Intangible assets | 1.7 | 6 | 1.5 | 5 | 1.6 | 6 |
--------------------------------------------------------------------------------
| Tangible assets | 7.2 | 25 | 6.8 | 25 | 6.9 | 25 |
--------------------------------------------------------------------------------
| Receivables | 0.0 | 0 | 0.1 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Deferred tax assets | 2.3 | 8 | 2.0 | 7 | 2.1 | 8 |
--------------------------------------------------------------------------------
| Total non-current | 13.8 | 49 | 13.0 | 47 | 13.2 | 48 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 6.0 | 21 | 5.6 | 20 | 5.8 | 21 |
--------------------------------------------------------------------------------
| Trade and other | 6.2 | 22 | 6.0 | 22 | 6.7 | 24 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| Financial assets | 1.2 | 4 | 1.3 | 5 | 0.9 | 3 |
| recognised at fair | | | | | | |
| value through profit or | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 1.1 | 4 | 1.5 | 5 | 0.9 | 3 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Total current assets | 14.5 | 51 | 14.4 | 53 | 14.1 | 52 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 28.4 | 100 | 27.3 | 100 | 27.3 | 100 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Equity attributable to | | | | | | |
| the equity holders of | | | | | | |
| the parent company | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 2.2 | 8 | 2.2 | 8 | 2.2 | 8 |
--------------------------------------------------------------------------------
| Share premium fund | 0.2 | 1 | 0.2 | 1 | 0.2 | 1 |
--------------------------------------------------------------------------------
| Fund for investments of | 12.2 | 43 | 12.2 | 45 | 12.2 | 45 |
| non-restricted equity | | | | | | |
--------------------------------------------------------------------------------
| Retained earnings | -2.4 | -8 | -1.1 | -4 | -1.2 | -4 |
--------------------------------------------------------------------------------
| Total equity | 12.3 | 43 | 13.5 | 49 | 13.4 | 49 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0.1 | 0 | 0.1 | 0 | 0.1 | 0 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Pension obligations | 0.1 | 0 | 0.1 | 0 | 0.0 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 7.3 | 26 | 6.5 | 24 | 6.3 | 23 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 1.8 | 6 | 1.5 | 5 | 1.0 | 4 |
--------------------------------------------------------------------------------
| Total non-current | 9.2 | 33 | 8.2 | 30 | 7.4 | 27 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| Trade payables | 1.9 | 7 | 2.2 | 8 | 1.8 | 7 |
--------------------------------------------------------------------------------
| Provisions | 0.1 | 0 | 0.0 | 0 | 0.1 | 0 |
--------------------------------------------------------------------------------
| Total interest-bearing | 1.8 | 6 | 0.8 | 3 | 1.4 | 5 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 3.1 | 11 | 2.6 | 9 | 3.2 | 12 |
--------------------------------------------------------------------------------
| Total current | 6.9 | 24 | 5.6 | 21 | 6.5 | 24 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Total liabilities | 16.1 | 57 | 13.8 | 51 | 13.9 | 51 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 28.4 | 100 | 27.3 | 100 | 27.3 | 100 |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 1-9/2007 | 1-9/2006 | 1-12/2006 |
--------------------------------------------------------------------------------
| | MEUR | MEUR | MEUR |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Result before taxes | -1.2 | -0.4 | -0.6 |
--------------------------------------------------------------------------------
| Adjustments | 1.8 | 1.5 | 2.2 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CHANGE IN WORKING CAPITAL | 0.6 | -0.6 | -0.9 |
--------------------------------------------------------------------------------
| Interest and other financial | -0.2 | -0.1 | -0.4 |
| items paid | | | |
--------------------------------------------------------------------------------
| Interest received | 0.0 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Income taxes paid | -0.3 | -0.1 | -0.2 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 0.8 | 0.4 | 0.2 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Investments in tangible and | -1.7 | -1.2 | -1.8 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Investments and capital gains | -0.4 | 2.1 | 2.6 |
| from investments in funds and | | | |
| deposits, net | | | |
--------------------------------------------------------------------------------
| Net cash flow from investments | -2.1 | 0.9 | 0.8 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 2.4 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Repayment of loans | -0.7 | -0.6 | -1.0 |
--------------------------------------------------------------------------------
| Net cash flow from financing | 1.6 | -0.5 | -0.9 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) in | 0.2 | 0.8 | 0.1 |
| cash and cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 0.9 | 0.7 | 0.7 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1.1 | 1.5 | 0.9 |
| end of period | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity on 30 September 2007
--------------------------------------------------------------------------------
| MEUR | Share | Share | Trans- | Fund for |Earnings | Equity |
| |capital |premium | lation |investments | | |
| | | fund | diff. | of non- | | |
| | | | | restricted| | |
| | | | | equity| | |
| | | | | | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan | 2.2 | 0.2 | 0.1 | 12.2 | -1.3 | 13.4 |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 0.0 | | | 0.0 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Result for the | | | | | -1.1 | -1.1 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Equity on 30 Sep | 2.2 | 0.2 | 0.1 | 12.2 | -2.4 | 12.3 |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
Consolidated statement of changes in equity on 30 September 2006
--------------------------------------------------------------------------------
| MEUR | Share | Share | Trans- | Fund for |Earnings | Equity |
| |capital |premium | lation |investments | | |
| | | fund | diff. | of non- | | |
| | | | | restrivted | | |
| | | | | equity | | |
| | | | | | | |
--------------------------------------------------------------------------------
| Equity on 1 Jan | 2.2 | 13.0 | 0.2 | 0.0 | -1.1 | 14.3 |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| Transfer from | | -12.8 | | 12.2 | 0.6 | 0.0 |
| share premium | | | | | | |
| fund | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -0.1 | | | -0.1 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Result for the | | | | | -0.7 | -0.7 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Equity on 30 Sep | 2.2 | 0.2 | 0.1 | 12.2 | -1.1 | 13.5 |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
NOTES
ACCOUNTING PRINCIPLES FOR THE INTERIM REPORT
This interim report has been prepared in accordance with IFRS (International
Financial Reporting Standards) using IFRS recognition and measurement
principles. This interim report does not comply with all of the requirements of
IAS 34 (Interim Financial Reporting).
Biohit Oyj has applied the same accounting principles in preparing this interim
report as for its financial statements of 2006. New financial statement
standards, amendments and interpretations have been published and became
effective as of 1 January 2007. They are presented in detail in the financial
statements of 2006. Their adoption did not cause the kind of changes in
financial statement accounting policy that would have required a retroactive
change in the comparison information presented.
All the figures in the interim report have been rounded up or down, due to which
the sums of figures may deviate from the sum total presented.
The figures in the interim report have not been audited.
FIGURES BY BUSINESS SEGMENT
Group net sales by business segment
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | Change | Change |
| | 2007 | 2006 | MEUR | % |
| | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Liquid handling | 22.5 | 21.4 | 1.1 | 5 |
--------------------------------------------------------------------------------
| Diagnostics | 1.2 | 1.3 | -0.1 | -11 |
--------------------------------------------------------------------------------
Group result by business segment
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | Change | Change |
| | 2007 | 2006 | MEUR | % |
| | MEUR | MEUR | | |
--------------------------------------------------------------------------------
| Liquid handling | 1.4 | 1.7 | -0.3 | -16 |
--------------------------------------------------------------------------------
| Diagnostics | -2.1 | -1.7 | -0.4 | -24 |
--------------------------------------------------------------------------------
INVESTMENTS AND PERSONNEL
--------------------------------------------------------------------------------
| | 30.9.2007 | 30.9.2006 | Change | Change-% | 31.12.2006 |
--------------------------------------------------------------------------------
| Investments, | 1.8 | 1.4 | 0.4 | 30 | 1.9 |
| gross, MEUR | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 7 | 6 | | | 6.1 |
--------------------------------------------------------------------------------
| Average number | 350 | 305 | 45 | 15 | 310 |
| of employees | | | | | |
--------------------------------------------------------------------------------
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
--------------------------------------------------------------------------------
| Liabilities for which | 30.9.2007 | 30.9.2006 | 31.12.2006 |
| mortgages have been lodged | MEUR | MEUR | MEUR |
| as collateral | | | |
--------------------------------------------------------------------------------
| Loans from financial | 3.5 | 1.8 | 1.7 |
| institutions | | | |
--------------------------------------------------------------------------------
| Corporate mortgages | 1.6 | 1.8 | 1.6 |
--------------------------------------------------------------------------------
| Mortgages on real estate | 1.9 | 1.4 | 1.4 |
--------------------------------------------------------------------------------
| Other long-term liabilities | 0.4 | 0.5 | 0.4 |
--------------------------------------------------------------------------------
| Mortgages on real estate | 0.8 | 0.8 | 0.8 |
--------------------------------------------------------------------------------
| Lease agreements | 6.1 | 4.6 | 4.5 |
--------------------------------------------------------------------------------
| Corporate mortgages | 0.2 | 0.2 | 0.2 |
--------------------------------------------------------------------------------
KEY RATIOS
--------------------------------------------------------------------------------
| | 30.9.2007 | 30.9.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Equity ratio % | 43.6 | 49.7 | 49.4 |
--------------------------------------------------------------------------------
| Earnings per share, EUR | -0.08 | -0.05 | -0.06 |
--------------------------------------------------------------------------------
| Shareholder's equity per | 0.95 | 1.05 | 1.04 |
| share, EUR | | | |
--------------------------------------------------------------------------------
| Average number of shares | 12,937,627 | 12,937,627 | 12,937,627 |
--------------------------------------------------------------------------------
| Number of shares at the end | 12,937,627 | 12,937,627 | 12,937,627 |
| of period | | | |
--------------------------------------------------------------------------------
Helsinki, 2 November 2007
Board of Directors of Biohit Oyj
Further information:
Osmo Suovaniemi, M.D., Ph.D., Professor
President & CEO
Tel: +358-9-773 861
Mobile: +358-40-745 5605
Email: osmo.suovaniemi(at)biohit.com
Distribution:
Helsinki Exchanges
Financial Supervisory Authority
Press
http://www.biohit.com