Biohit Oyj Financial Statement Release 17 February 2021 at 9:30 am local time
(EET)
SUMMARY
January-December 2020
·
Revenue EUR 7.1 million (EUR 10.1 million)
· Revenue decreased by 29.1 % compared to 2019
· Operative EBITDA EUR -1.2 million (EUR +0.6 million)
· Cash at the end of the period EUR 1.0 million (EUR 1.3 million)
· Fair value of Genetic Analysis AS investment EUR 0.8 million (EUR 3.7
million 31 December 2019)
· Revenue from international operations 96.1 % (96.0 %) of total revenue
· Equity ratio 80.8 % (83.9 %)
July-December 2020
·
Revenue EUR 4.1 million (EUR 5.1 million)
· Revenue decreased by 18.6 % compared to H2/2019
· Operative EBITDA EUR -0.2 million (EUR +0.2 million)
BIOHIT GROUP KEY FIGURES
7-12/2020 7-12/2019 1-12/2020 1-12/2019
Revenue (MEUR) 4.1 5.1 7.1 10.1
EBITDA (MEUR) -0.2 0.2 -1.2 0.6
Operative EBITDA 0.2 0.6
(MEUR) -0.2 -1.2
Operating profit/loss -1.1 -0.8 -3.2 -1.4
(MEUR)*
Profit/loss before -0.9 -0.7 -3.3 -1.2
taxes (MEUR)
Profit/loss for the -1.0 -0.8 -3.3 -1.4
period (MEUR)
Average number of 44 46 45 46
personnel
Number of personnel at 46 46 46 46
the end of the period
Equity ratio (%) 80.8% 83.9% 80.8% 83.9%
Earnings per share -0.07 -0.05 -0.22 -0.09
(EUR). Undiluted
Earnings per share -0.07 -0.05 -0.22 -0.09
(EUR). Diluted
Shareholders' equity 0.58 0.97 0.58 0.97
per share (EUR)
Average number of 15,045,593 15,045,593 15,045,593 15,005,253
shares during the
period
Number of shares at 15,045,593 15,045,593 15,045,593 15,045,593
the end of the period
* In 2017 we capitalized the patent regarding divestment of Biohit Healthcare
(Hefei) Co. Ltd. which is depreciated EUR 1.5 million annually until end of 2021
PRESIDENT AND CEO SEMI KORPELA:
Business recovered both in Europe and China in the second half of 2020
The impact of the COVID-19 pandemic on Biohit’s business in the second half of
the 2020 was more moderate than in the first half of the 2020. Our business
recovered both in Europe and in China. The Middle-East market was almost at a
standstill during the second half of the year 2020.
Our revenue decreased by 29 % compared to 2019. Our revenue on the second half
of 2020 was EUR 4.1 million and it decreased by 19 % compared to the second half
of 2019. Operative EBITDA decreased to EUR -1.2 million (EUR +0.6 million) of
which the second half of the year generated EUR -0.2 million (EUR +0.2 million).
We reached EUR 0.7 million savings in fixed costs as a result of the cost
savings actions taken by the company. We accounted EUR -0.2 million in provision
of obsolete inventory relating to products which sales stopped at the beginning
of the year due to pandemic. Our cash at the end of the period remained on a
good level EUR 1.0 million (EUR 1.3 million) due to the company’s effective
working capital management. Cash flow from the operating activities was positive
EUR +0.2 million during the second half of the year.
Comprehensive income for 2020 was very negatively impacted by the fair value
change in the investment in not listed Genetic Analysis AS shares, EUR -2.9
million. The fair value change had no impact on the cash flow. The COVID-19
pandemic created an extra challenge on the Genetic Analysis AS financing round.
The pandemic has resulted in a shortage of components in some areas and the
company has increased inventories for certain components in order to secure
deliveries to distributors at the beginning of 2021.
Main agreements and GastroPanel® Quick Test
Despite the pandemic we made international distribution agreements for different
product groups during the year 2020. We signed an agreement over the
distribution of GastroPanel® QuickTest with Concile GmbH in Germany. In Algeria
Hydra pharm s.a.r.l is our new QuickTest distributor. We also signed the
exclusive distribution agreement with TPX Medik for distribution of Biohit
GastroPanel® test in Malaysia. We also extended our agreement with SOK for the
distribution of Acetium lozenge in their co-operative stores. In addition we
signed an extension contract with GrandPharma for Acetium capsule production and
distribution locally in China.
An important achievement during the review period was the new manufacture and
licensing agreement with Biohit’s long term distributor Melon OOO regarding
local GastroPanel® production in Russia. The local production enables better
utilization of Russia’s Ministry of Health recommendation for early detection of
gastrointestinal diseases. Business in Russia grew compared to the previous year
despite the COVID-19 impact.
The development of the GastroPanel® Quick Test has been suspended since the
beginning of the year 2020 due to the COVID-19 pandemic. The study will continue
when the safety conditions for running the study can be secured. It is priority
for Biohit to secure the safety of both its own personnel and partners in all
operations including clinical studies. We estimate that the study will restart
in the first quarter of 2021. The product will be CE marked as soon as the
clinical trials are completed.
I want to thank all our stakeholders for good co-operation in 2020. Special
thanks to the Biohit personnel for the excellent performance during this
exceptional year.
OUTLOOK FOR 2021
Biohit expects its 2021 revenue to grow significantly comparing with 2020
(previous year EUR 7.1 million).
The COVID-19 pandemic still creates uncertainty for the 2021 outlook. More
information on the risks can be found in the section “short-term risks and
uncertainty factors”.
REPORTING
Biohit's product portfolio consists of diagnostic tests, analysis systems,
products binding carcinogenic acetaldehyde into a harmless compound, monoclonal
antibodies, as well as laboratory operations for research and development. The
entire product and service portfolio is reported under a single segment.
REVENUE AND RESULT
January-December
Consolidated revenue and operating profit
7-12/2 7-12/2019 Change 1-12/2020 1-12/2019 Change
020
Revenue MEUR 4.1 5.1 -0.9 7.1 10.1 -2.9
Change compared with -18.6% 1.5% -29.1% 1.2%
the previous year (%)
Operating profit/loss -1.1 -0.8 -0.3 -3.2 -1.4 -1.8
MEUR
Operating income -27.6% -16.4% -44.6% -14.0%
(% of revenue)
REVENUE BY MARKET AREA
EUR million 7-12/2020 7-12/2019 1-12/2020 1-12/2019
Finland 0.1 0.2 0.3 0.4
Europe. other 1.9 2.0 3.6 4.0
North and South 0.1 0.1 0.2 0.2
America
Asia 1.7 1.9 2.4 3.9
Other countries 0.3 0.9 0.6 1.6
Revenue from 4.1 5.1 7.1 10.1
contracts with
customers
ALTERNATIVE PERFORMANCE MEASURES
Bridge calculation of operative EBITDA
EUR million 7-12/2020 7-12/2019 1-12/2020 1-12/2019
Operating profit/loss -1.1 -0.8 -3.2 -1.4
Depreciation and amortization 1.0 1.0 2.0 2.0
Operative EBITDA -0.2 0.2 -1.2 0.6
BALANCE SHEET, FINANCING AND OPERATIONAL CONTINUITY
On the 31 December 2020 the balance sheet totalled EUR 10.8 million (EUR 17.4
million 31 Dec 2019). At the end of the reporting period our equity ratio stood
at 80.8 % (83.9 % 31 Dec 2019).
The balance sheet have decreased mainly due to Hefei patents amortization by EUR
1.5 million, decrease in Genetic Analysis AS fair value by EUR 2.9 million,
negative EBITDA EUR 1.2 million and decrease in the working capital EUR 1.3
million.
Biohit Oyj have relatively stable financing position despite the pandemic. On
the 31 December 2020 company’s financial assets totalled EUR 5.3 million (EUR
5.6 million) which does not include Genetic Analysis AS shares.
The company has managed to keep its working capital on a good level and the
management believes that working capital will cover the operations for the next
12 months and the company is not dependent on external financing to be able to
guarantee the continuity of its operations. Cash flow from operating activities
was EUR -0.0 million during the review period and EUR +0.2 million during the
second half of the year. Company’s management assessment is that company’s
ability to continue its operations is good and there are no indications towards
events or circumstances that alone or together might give a significant reason
to doubt the organisation’s ability to continue its operations.
RESEARCH AND DEVELOPMENT AND CLINICAL STUDIES
R&D operations focus on innovations, as well as product development and further
improved usability. Biohit also employs external experts and subcontractors in
its R&D operations.
Development expenditure has not been capitalised. Research and development
expenditure during the 1-12/2020 reporting period amounted to EUR 1.0 million
(EUR 1.2 million) of which the second half-year accounted for EUR 0.5 million
(EUR 0.6 million).
In July 2020 the results of a clinical study conducted by the Oulu University
Hospital Gastrocenter and Outpatient Department of Internal Medicine in 2017
-2020 were published in an international scientific journal in the field of
gastroenterology. This study was focused on patients with type 1 diabetes
mellitus (DM1) and autoimmune thyroid disease (AITD), who are known to have a
markedly increased risk of contracting also autoimmune-type atrophic gastritis
(gastric mucosal atrophy and dysfunction). The result showed that atrophic
gastritis is more common in AITD and DM1 patients compared to the general
population and that the GastroPanel® is excellent test for early detection of
gastric mucosal changes and the associated risks of gastric cancer and others in
these patient groups.
The development of ColonView ELISA Test, automated screening test intended for
detection of fecal occult blood (FOB) in stool samples has continued in 2020.
The status of GastroPanel® Quick Test is reported in CEO’s comments section.
INVESTMENTS
Gross investments during the the 1-12/2020 reporting period totalled EUR 0.0
million (EUR 0.0 million).
PERSONNEL
During the review period the Biohit Group employed on average 45 (46) people of
whom 36 (37) were employed by the parent company and 9 (9) by the subsidiaries.
SHORT-TERM RISKS AND UNCERTAINTY FACTORS
Biohit’s key risks are related to to prolongation of coronavirus (SARS-CoV-2)
pandemic, the success of product registrations, the selection and development of
new market areas and distribution channels and personnel recruitment.
Significant short-term risks are associated with the normalization of Biohit’s
product demand and the success of product registration. The recent increase in
uncertainty factors associated with international politics may have an
unfavourable impact on the company's business. It is also critical in the short
-term to implement the changes in Biohit’s product portfolio and processes
according to new EU regulation, 2021 (MDR) and 2022 (IVDR), so that the sales of
the existing products can continue.
Prolongation of COVID-19 pandemic can increase bad debt risk among Biohit’s
international distribution network. The continuation of the shortage of
components due to the COVID-19 pandemic may also have a negative impact on
Biohit’s sales.
The duration of the product registration process is different in each market
area. For this reason it is not possible to accurately assess the time taken for
the authorities to handle registrations and for product sales to begin. The
distributor is responsible for the registration process.
When investing liquid assets the objective is to gain a return on investment
with a minimum risk of equity loss. The investment portfolio consists of
deposits, money market investments and corporate loans. A fundamental aspect in
portfolio management is sufficient diversification across different asset
classes, investment instruments and counterparties. The investment portfolio is
subject to interest rate risk, which is managed by adjusting the duration of the
portfolio. In addition general instability in the financial markets impacts
negatively on the value of the investment portfolio.
The Group’s investment in Genetic Analysis AS unlisted shares is subject to
changes in the terms of transactions involving the company’s shares that take
place between third parties. A negative change of 30 % in the valuation of
Genetic Analysis AS shares would have a negative pre-tax impact of EUR 0.2
million on the Group comprehensive income. Investment in Genetic Analysis AS is
also subject to changes in EUR/NOK foreign exchange rate. In addition Genetic
Analysis AS is dependent on securing external financing in its operations.
Genetic Analysis AS valuation changes have no effect on company’s cash flow.
Biohit’s customer base is widely diversified, with the exception of GastroPanel®
sales in China, which currently represents a major single business for Biohit.
For this reason the company is dependent on the success of this business in
China. Otherwise the company is not significantly dependent 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 insignificant.
BOARD’S PROPOSAL FOR DISTRIBUTIONS OF PROFIT
The parent company's distributable funds (unrestricted equity) on 31 December
2020 are
EUR 5,905,188.50 of which the period net loss is EUR 3,350,126.90. The Board of
Directors proposes to the Annual General Meeting that no dividend be paid for
the fiscal year.
MAIN EVENTS IN THE SECOND HALF OF THE YEAR (H2)
The usefulness of Biohit GastroPanel® biomarkers in diagnosis of atrophic
gastritis confirmed in a multi-center study in France
A significant confirmatory evidence to the previous studies on
GastroPanel® biomarkers in diagnosis of atrophic gastritis and related gastric
mucosal changes and associated gastric cancer and other risks was provided by a
recently published multi-center study from France. This prospective multi-center
study from a low-risk region of gastric cancer was conducted by the researches
in the University Hospital of Nantes.
Decisions of the Annual General Meeting of Biohit Oyj
The AGM resolved that seven (7) members are elected to the Board of Directors
and that professor Osmo Suovaniemi, CEO Franco Aiolfi, emeritus professor Matti
Härkönen, Commercial Counsellor Eero Lehti, Ph.D. Lea Paloheimo, CEO Liu Feng
and professor Timo Joensuu are elected as members of the Board of Directors
until the end of the next AGM.
Biohit GastroPanel® test applicability was studied clinically in patients with
autoimmune disease
This study was completed at the Outpatient Department of Internal Medicine (Oulu
University Hospital), and the report of the results was recently accepted for
publication in an international gastroenterology journal.
TPX Medik appointed as the exclusive distributor of GastroPanel® test in
Malaysia
Biohit Oyj and TPX Medik (Selangor, Malaysia) have signed a contract on the
exclusive rights for distribution of Biohit GastroPanel® test in Malaysia. This
is a major milestone in the global expansion strategy of Biohit Oyj’s
GastroPanel®.
MAJOR EVENTS AFTER THE CLOSE OF THE REVIEW PERIOD
The company's management is not aware of any material events since the balance
sheet date.
ADMINISTRATION
Biohit's financial reporting and Annual General Meeting in 2021
Biohit Oyj’s Annual General Meeting has been planned to be held on Wednesday 21
April 2021 in Helsinki. The Board of Directors will call the General Meeting at
a later date. In 2021 the company will publish the half-year financial report
for period January - June 2021 (H1) at 9:30 am on Wednesday 11 August 2021.
Biohit Oyj's Management Team
The members of Biohit's Management Team are: CEO Semi Korpela, CFO Jukka
Kainulainen, Production & Research and Development Director Minna Mäki, Sales
and Marketing Director Ilari Patrakka and Quality and Regulatory Affairs
Director Daniela Söderström.
SHARES AND SHAREHOLDERS
Biohit Oyj’s number of shares is 15,045,593 (15,045,593), of which 2,975,500
(2,975,500) are Series A shares and 12,070,093 (12,070,093) are Series B shares.
The Series B shares are quoted on NASDAQ Helsinki in the Small cap/Healthcare
group under the code BIOBV.
BIOBV/NASDAQ OMX Helsinki 1-12/2020 1-12/2019
High (EUR) 4.30 3.70
Low (EUR) 1.90 2.10
Average (EUR) 2.56 2.99
Closing (EUR) 2.48 3.36
Turnover (EUR) 14,153,206 10,047,336
Turnover volume 5,518,054 3,361,995
Shareholders
At the end of the reporting period on 31 December 2020 the company had 7,513
shareholders (6,980 on 31 December 2019). Private households held 63.3 % (63.5
%), companies 7.5 % (7.4 %) and public sector organisations 0.0 % (0.0 %).
Foreign ownership or nominee registrations accounted for 29.2 % (29.1 %) of
shares.
Further information on the shares, major shareholders and management
shareholdings is available on the company's website.
ACCOUNTING PRINCIPLES
This financial statement release has been prepared in accordance with the
requirements of the IAS 34 Interim Financial Reporting standard. Biohit Oyj has
applied the same accounting principles in preparing this financial statement
release as for its financial statements 2019 except 2020 implemented IFRS
standard changes and interpretations. Other changes in IFRS standards and
interpretations has no material impact in this financial statement release. The
figures in the financial statement release have not been audited.
Alternative performance measures and items affecting comparability:
Biohit Group presents certain alternative performance measures to reflect the
underlying business performance and to enhance comparability between financial
periods according European Securities and Markets Authority, ESMA’s guidance.
Alternative performance measures should not be considered in isolation as a
substitute for measures of performance in accordance with IFRS. Operative
performance measures have been adjusted for certain non-operative items or non
-cash valuation items that affect comparability between periods.
Certain items that are not related to the underlying business or non-cash
valuation items that have material effect on the profit and loss for the period
are adjusted as items affecting comparability. These items can arise for example
from:
- Impairment of assets
- Sale or acquisition of asset or business
- Share based payment expences in accordance with IFRS 2
Additionally Biohit Oyj presents the following alternative performance measures:
EBITDA EBIT + depreciation and
amortization
Operative EBIT + depreciation and
EBITDA amortization – Items affecting
comparability
CONSOLIDATED INCOME STATEMENT
EUR million 7-12/ 7-12/ Change 1-12/ 1-12/ Change
2020 2019 2020 2019
Revenue 4.1 5.1 -0.9 7.1 10.1 -2.9
Change in investories of 0.0 0.1 -0.1 0.1 0.1 0.0
finished goods and work
in progress
Other operating income 0.0 0.0 -0.0 0.0 0.0 -0.0
Materials and services -1.9 -2.2 0.3 -3.3 -3.5 0.2
Employee benefit -1.5 -1.5 0.0 -3.1 -3.3 0.2
expenses
Other operating expenses -1.0 -1.4 0.4 -2.1 -2.8 0.7
EBITDA -0.2 0.2 -0.3 -1.2 0.6 -1.8
Depreciation and -1.0 -1.0 0.0 -2.0 -2.0 0.0
amortization
Operating profit/loss -1.1 -0.8 -0.3 -3.2 -1.4 -1.8
Financial income 0.1 0.1 -0.0 0.1 0.2 -0.1
Financial expenses 0.1 0.0 0.1 -0.2 0.0 -0.2
Profit/loss before taxes -0.9 -0.7 -0.2 -3.3 -1.2 -2.0
Income taxes -0.0 -0.1 0.1 -0.1 -0.2 0.1
Profit/loss for the -1.0 -0.8 -0.2 -3.3 -1.4 -1.9
financial period
Items of comprehensive
income that may later be
reclassified through
profit or loss
Translation differences 0.0 0.0 0.0 -0.0 0.1 -0.1
Items that will not be
reclassified to profit
or
loss
Changes in the fair -0.1 -0.1 -2.6 -0.1 -2.4
value of equity
investments
at fair value through
other comprehensive
income
Other comprehensive -0.0 -0.1 -0.1 -2.6 -0.1 -2.5
income total
Comprehensive income for -1.0 -0.9 -0.1 -5.9 -1.5 -4.4
the period
Earnings per share calculated from earnings attributable to the owners of the
parent company
1-12/2020 1-12/2019
Earnings per share (EUR), Undiluted -0.22 -0.09
Earnings per share (EUR), Diluted -0.22 -0.09
CONSOLIDATED BALANCE SHEET
EUR million 31.12.2020 31.12.2019
ASSETS
NON-CURRENT ASSETS
Intangible assets 1.8 3.4
Property. plant and equipment 0.3 0.4
Right-of-use assets 0.4 0.3
Other financial long-term assets 0.1 0.1
Deferred tax assets 0.0 0.0
Total non-current assets 2.5 4.2
CURRENT ASSETS
Inventories 0.9 1.0
Trade and other receivables 1.3 2.9
Other current financial assets 5.0 8.0
Cash and cash equivalents 1.0 1.3
Total current assets 8.3 13.2
TOTAL ASSETS 10.8 17.4
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity attributable
to the owners of the parent
company
Share capital 2.4 2.4
Fair value reserve -1.2 1.4
Invested unrestricted equity fund 5.1 5.1
Translation differences -0.1 -0.1
Retained earnings 2.5 5.8
Total shareholders' equity 8.7 14.6
NON-CURRENT LIABILITIES
Lease liabilities 0.1 0.1
Deferred tax liabilities 0.0 0.4
Other liabilities 0.0 0.0
Total non-current liabilities 0.1 0.4
CURRENT LIABILITIES
Trade payables 0.6 0.9
Tax liabilities 0.0 0.1
Lease liabilities 0.3 0.2
Other liabilities 1.0 1.2
Total current liabilities 1.9 2.4
Total liabilities 2.1 2.8
TOTAL SHAREHOLDERS' EQUITY AND 10.8 17.4
LIABILITIES
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Statement of changes in consolidated shareholders' equity on 31 December 2020
EUR million Share Invested Translation Fair Retained
Shareholders'
capital unrestricted differences value earnings equity
equity fund reserve
Shareholders' 2.4 5.1 -0.1 1.4 5.8
14.6
equity
1 January
2020
Total -0.0 -2.6 -3.3
-5.9
comprehensive
income for
the
period
Shareholders' 2.4 5.1 -0.1 -1.2 2.5
8.7
equity
31 December
2020
Statement of changes in consolidated shareholders' equity on 31 December 2019
EUR million Share Invested Translation Fair Retained
Shareholders'
capital unrestricted differences value earnings equity
equity fund reserve
Shareholders' 2.4 4.9 -0.1 1.5 7.3
15.9
equity
1 January
2019
Exercise of 0.2
0.2
share
options
Adjustments -0.1
-0.1
of
translation
differences
Total 0.1 -0.1 -1.4
-1.5
comprehensive
income for
the
period
Shareholders' 2.4 5.1 -0.1 1.4 5.8
14.6
equity
31 December
2019
FINANCIAL ASSETS MEASURED AT FAIR VALUE 31.12.2020
The Group categorised Fair value through Fair value Hierarchical
its financial assets profit and loss trough OCI level
and liabilities into MEUR MEUR
the following
categories
Current assets
Other current 2.1 Level 1
financial assets
Other current 2.0 Level 2
financial assets
Other current 0.1 Level 3
financial assets
Other current 0.8 Level 3
financial assets*
Total 4.2 0.8
*In the 2020 financial statement the fair value of Genetic Analysis
share, 0.8 MEUR, was valuated based on the completed 3rd party
transaction in a share issue of Genetic Analysis AS. The Genetic
Analysis reached 3.2 MEUR financing in the share issue which decreased
Biohit’s shareholding from previous 12 % to 8 %. Biohit did not
participate in the share issue.
FINANCIAL ASSETS MEASURED AT FAIR VALUE 31.12.2019
The Group categorised Fair value through Fair value Hierarchical
its financial assets profit and loss trough OCI level
and liabilities into MEUR MEUR
the following
categories
Current assets
Other current 1.3 Level 1
financial assets
Other current 2.9 Level 2
financial assets
Other current 0.1 Level 3
financial assets
Other current 3.7 Level 3
financial assets
Total 4.3 3.7
The company has classified the hierarchies of financial assets according
to the availability of data on market terms and other price data.
In significant part, the fair values of level 2 instruments are based on
other input data than the quoted prices included in level 1, although
this data can be obtained for the assets or liabilities in question
either directly (as a price) or indirectly (as a derivative of the
price). The Group uses generally accepted valuation models to determine
the fair values of these instruments, and the input data for these
models are based in significant part on observable market data.
The level in the fair value hierarchy at which a certain item measured
at fair value is classified overall is determined on the basis of the
significant input data on the lowest level with regard to the entire
item measured at fair value. The significance of input data is evaluated
in its entirety in relation to the item valued at fair value.
The book value of trade and other receivables and payables and cash and
cash equivalents which are measured at amortised cost corresponds to
their fair value due to their short maturities.
Other current financial assets on level 1 and 2 consists of fixed income
funds and corporate loans. Other current financial assets on level 3
consists of the Group’s investment in unlisted shares of Genetic
Analysis AS. In addition one of the corporate loans is categorized on
level 3 in year 2020.
CASH FLOW STATEMENT
EUR million 7-12/ 7-12/ Change 1-12/ 1-12/2019 Change
2020 2019 2020
CASH FLOW FROM OPERATING
ACTIVITIES
Profit for the period -1.0 -0.8 -0.2 -3.3 -1.4 -1.9
Adjustments 0.9 1.1 -0.2 2.1 1.9 0.1
Change in working capital 0.4 0.1 0.3 1.3 -0.4 1.7
Interest paid and payments on -0.1 -0.0 -0.0 -0.1 -0.1 -0.1
other operating financial
expenses
Interest received 0.1 0.1 -0.0 0.1 0.1 -0.1
Realised exchange rate gains and -0.0 0.0 -0.0 -0.0 0.0 -0.0
losses
Income taxes paid -0.1 -0.1 0.1 -0.1 -0.1 -0.0
Net cash flow from operating 0.2 0.3 -0.1 -0.0 0.1 -0.1
activities
CASH FLOW FROM INVESTMENTS
Investments in tangible and -0.0 -0.0 0.0 -0.0 -0.0 0.0
intangible assets
Investments in funds and -1.3 -0.0 -1.3 -1.6 -1.5 -0.1
deposits
Profit from the sale of 1.3 0.0 1.3 1.5 1.5 0.1
investments in funds and
deposits
Loans 0.0 0.0 0.0 -0.1 0.1
Net cash flow from investments -0.0 -0.0 -0.0 -0.0 -0.1 0.1
CASH FLOW FROM FINANCING
ACTIVITIES
Share subscribtions with options 0.0 0.0 0.0 0.2 -0.2
Debt 0.0 0.0 0.0 -0.0
Repayment of lease liabilities -0.1 -0.2 0.1 -0.2 -0.2 0.0
Net cash flow from financing -0.1 -0.2 0.1 -0.2 -0.0 -0.2
activities
Increase (+)/decrease (-) in 0.1 -0.0 0.1 -0.3 -0.1 -0.2
cash and cash equivalents
Cash and cash equivalents at the 1.0 1.3 -0.3 1.3 1.4 -0.0
beginning of the period
Effect of exchange rates on cash 0.0 0.0 -0.0 -0.0 0.0 -0.0
and cash equivalents
Cash and cash equivalents at the 1.0 1.3 -0.3 1.0 1.3 -0.3
end of the period
RELATED PARTY TRANSACTIONS
Biohit Oyj sold EUR 2.1 million (EUR 3.6 million) worth of goods and services to
Biohit Healthcare (Hefei) Co. Ltd during the review period. Biohit Oyj’s total
renumeration for the Board of Directors was EUR 0.3 million (EUR 0.3 million)
during the review period. Renumeration for the companies under the control of
the Board of Directors, BioAir S.p.A and Biobrick, was EUR 0.1 million (EUR 0.1
million).
COLLATERAL, CONTINGENT LIABILITIES AND OTHER COMMITMENTS
EUR million 31.12.2020 31.12.2019
Collateral granted on behalf of the parent company
Guarantees 0.0 0.0
Collateral and contingent liabilities total 0.0 0.0
NEXT FINANCIAL REPORT
The half-year financial report for January - June 2021 (H1) will be published at
9:30 am local time (EET) on Wednesday 11 August 2021.
Helsinki 17 February 2021
Biohit Oyj
Board of Directors
Additional information:
CEO Semi Korpela
tel. +358 9 773 861
investor.relations@biohit.fi
www.biohithealthcare.com
Biohit Oyj in brief
Biohit is a globally operating Finnish biotechnology company. Biohit mission is
“Innovating for Health” – we produce innovative products and services to promote
research and early diagnosis. Biohit is headquartered in Helsinki, Finland and
has subsidiaries in Italy and the UK. Biohit Series B share (BIOBV) is quoted on
Nasdaq Helsinki in the Small cap/Healthcare group. www.biohithealthcare.com